02/13/1995
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DATE
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l~'3-'95
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CITY COMMISSION MEETING
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ACTION AGENDA - CLEARWATER CITY COMMISSION MEETING
Monday, February 13, 1995 - Chambers
following CRA which begins at 1 :00 P.M. but no later than 2 P.M.
Welcome. We are glad to have you join us. If you wish to speak please wait to be recognized, then
state your .!lSl.!!!!'- and address. Persons speaking before the City Commission shall be limited to 3
minutes. No person shall speak more than once on the same subject unless granted permission by the
City Commission. ANY PERSON WITH A DISABILITY REQUIRING REASONABLE ACCOMMODATION
IN ORDER TO PARTICIPATE IN THIS MEETING, SHOULD CALL 813/462-6684.
1. Invocation
2. Pledge of Allegiance
3. Service Awards
1. Assistant City Manager William C, Baker.
2. Mayor.
3. 6 awards presented.
02/95 Employee of the Month, Catherine
Yellin, Marine Department
3a Oath administered by Clerk.
3b Oath administered to 1 5 members by Clerk.
3a Swearing-in of 11 Police Officers
3b Swearing-in of Americorps members
4. Approval of Minutes - Regular Meeting
01/30/95 & Special Meeting 1/23/95
(strategic planning) & two Special Meetings
of 01/30/95 (attorney/client)
:So PRESENTATIONS - None.
4. Approved as submitted.
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Convene as Pension Trustees - 1 :31 p.m.
Reconvene as Commission - 1 :34 p.m.
6. Citizens to be heard re items not on the Agenda - None.
CITY MANAGER REPORTS
CONSENT AGENDA (Items #7-9) - Approved as submitted.
The following items require no formal public hearing and are subject to being approved in a single
motion. However, any City Commissioner or the City Manager may remove an item from the Consent
Agenda to allow discussion and voting on the item individuaJly.
7. Contract for Harbor Drive Storm Drainage R&R Improvements to MTM Contractors, Inc., Pinellas
Park. FL, for $104,952.50 (EN)
8. Drainage and utility easement. lying southerly of and adjacent to Lot 25. Blk E, Avondale Sub.
(Lafferty & DeLarlo)(CA)
9. Drainage and utility easement - lying northerly of and adjacent to Lot 25, Blk E, Avondale Sub.
(A,lene & Clifford SmithHCA)
2/13/95
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OTHER ITEMS ON CITY MANAGER REPORT
10. Beach Town Meeting Follow Up -
Redevelopment Plan/Streetscape -
Mandalay & Baymont
11. Discussion re LED signs (CP)
12. Approve ranking of engineering firms for
the City's "Engineer of Record": 1) Post,
Buckley, Schuh & Hernigan, Inc.; 2) HDR
Engineering, Inc.; 3) Tampa Bay
Engineering, Inc.; 4) McKim & Creed, Inc.:
authorize negotiations with top ranked firm
(EN)
13. Sailing Center Business Plan
14. Res. #95-18 - Awarding sale of
$10,720,000 Improvement Revenue Bonds,
Series 1995, to William R. Hough & Co.
(FN)
15. Res. #95.15 - authorizing execution of
railroad reimbursement agreement with.
FOOT and CSX Transportation, Inc. (EN)
16. Appointment of Commission member to
represent the Commission as the
Canvassing Board for the 3/14f95 General
& Special Election (eLK)
168 Confirm time of 3/15/95 Canvassing Board
meeting
1 7. Other Pending Matters
a) Status Report & direction re Tower,
Pavilion & Life Guard Station
10. Continued to 02/27/95.
11. Direction given.
12. Approved/Authorized.
13. Plan presented.
14. Res. #95-18 adopted.
15. Approved. Res. #95-15 adopted.
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16. Appointed Commissioner Fitzgerald.
16. a) Set for 12:00 noon.
17. a) Continued to 02/16/95.
CITY ATTORNEY REPORTS
18. Other City Attorney Items
a) Discussion re proposed ordinance
prohibiting solicitation of property posted
with "no solicitation" signs
b) Discussion ra proposed ordinance
, prohibiting possession of alcoholic
beverages on park property and creating a
new definition of alcoholic beverages
2/13/95
18.
a) Direction given to bring Ordinance
forward.
b) Direction given to bring Ordinance
forward.
Commission approved handling the salary
adjustments for the Assistant City
Attorneys in the same manner as
Department Directors until a new pay pion
can be developed and established.
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The Commission approved outside legal ,
counsel for cable negotiations regarding the \'
proposed transfer of Vision Cable's
ownership not to exceed $10,000 in cost.
19. , City Manager Verbal Reports ,19. The City Manager referred to the Clearwater
Free Clinic request that the City remove
trees from their parking lot. The
Commission expressed concern a precedent
not be set and denied the request.
A Special Closed Meeting for bargaining
was scheduled for 02/16/96 at 4:00 p.m.
20. Commission Discussion Items 20. None.
21. Other Commission Action 21. Deeaan noted a request by the PST A board
that locsl municipalities discuss a possible
increase in the local gas option tax to fund
PST A and municipalities' unfunded ADA
mandates. The majority of the Commission
supported reviewing an increase in the tax t
for this purpose. I
Deeoan referred to complaints re speeding
on landmark Boulevard. Staff is to
investigate options including: a stop sign ,
being installed on the 2~lane section on a
trial basis; installation of guard rails; and
increased Police patrols.
Fitzaerald noted business community
members expressed concern regarding the
appearance and attractiveness of City
gateways.
Fitzgerald referred to concerns regarding
evacuation plans during repairs on Memorial
Bridge. It was indicated a crane will be
available to lower the bridge in case of
emergency.
Garvev questioned when Gulf to Bay Blvd.
would be resurfaced. It was indicated the
section east of Court St. will be resurfaced
next year. The section from Court St. to
Sky Harbor is scheduled for FY 1997/98, A
proposal has been sent to FOOT regarding
interim repairs.
22, Adjournment 22. 4:06 p.m.
2/13/96 3
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CLEARWATER CITY COMMISSION
Agenda Cover Memorandum
Meetln~e~al~:G;t3i95) &
2/16/95
Subject:
I,
SERVICE A WARDS
Recommendation/Motion:
The following employees be presented with service awards for their length of service in the
employment of the City of Clearwater.
o and that the appropriate officIals be authorized to execute same.
BACKGROUNO:
6 Years:
Donald Greene Engineering
Daniel Qtte Information Management
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10 Y ears~
Antoinette Oemitn
'Rosalie Backus
Engineering
Finnnce/UCS
15 Years:
,Chris Menendez
Yacub Bilal
Edward Turnbull
Barbara Metzger
20 Yea r s :
Terry L. O'Neill
Robert Fernandez
Fire
Engineering
General Services
Information Management
Fire
Engineering
25 Yen r s :
Freddie S, Dixon
Ruben Green
Purks & Rccrcmion
Solid Wustc
Reviewed by: OrlglnaUng Dopt: Costs: Commlsalon Action:
Human Resources Total
legal 0 Approved
Budgel 0 Approved w/condlllons
Purchasing U.er Dept.: Curront FY 0 Denied
Risk Mgml. 0 Conllnued to:
CIS Funding Source:
ACM Advertised: o Capt, Imp,
Olher Dalo: o Operatlng
Paper: o Olher Attachments:
o Not required
Submitted by: Affected parties Approprlellon Code:
o Nolllled
o Nol roqulred o Nann
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Mayor Rita Garvey
Betty J. Blunt, Confidential Clerk Receptionist
city Commissioners, Betty Deptula, Cyndie Goudeau,
FROM:
COPIES:
BUBJEC'1': Presentation at the February 13, 1995 city commission
Meeting
DATE:
February 13, 1995
The following presentation will be made at the February 13, 1995
city commission meeting.
SERVICE AWARDS
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10 years
Antoinette Demita, Engineering (letter of appreciation and desk
clock)
Michael Holmes, Economic Development (letter of appreciation and
wall clock)
15 years
Edward Turnbull, General services (letter of appreciation and a
plaque)
Barbara Metzger, Information Management (letter of appreciation and
a plaque)
~o years
Robert Fernandez, Engineering (letter'of appreciation an~ a watch)
25 years
Freddie nixon, Parks and Recreation (letter of appreciation, day
off with pay, dinner certificate)
Employee of the Month for February, 1995 is catherine Yellin,
Marine Department
SWEARING-IN OF POLICE OFFICERS
'SWEARING-IN OF AHERICORPS MEMBERS
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'CITY OF CLEARWATER
Interdepartment Correspondence Shee~
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TO:
Kathy Rice, Deputy City Manager
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FROM:
Deputy Chief Dewey Williams, Services
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Cindie Goudeauf City Clerk; Ofc. Griffith, Police Personnel
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SUBJECT: Swearing In of New Police Recruits
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DATE: . January 24, 1995
;.
. Ofc. Griffith has made arrangements with the City Clerk to have 11 new Police Recruits swom-
, in at the February 13, City Commission meeting at 1:00 p.m. The Clerks Office requested that
the Managers Office be notified of same. Ofc. Griffith will ensure that the Oath of Office forms
are given to the City Clerk the day of the meeting. If there is any conflict, please let me know~
I have attached a brief synopsis of each of the 11 recruits. Thank you.
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Daniel Alicea, 25, single, originally from New York, now residing in
Tampa. Dan put himself through the Pinellas Police Academy. Dan
was working for Continental Airlines in Cargo prior to starting his
employment on February 6, 1995. ~ 3<0
Steven Baginski, 22, single, originally from Michigan now residing in
Palm Harbor. Steven put himself through the Pinellas Police Academy.
Steven worked as a Police Aide for the City for over one year prior to
being hired by the police department. Steven begins his employment on
February 6, 1995.
Scott M. Ballard, 29, single, originally from Illinois, now living in
Largo. Scott is working toward his AS Degree at SPJC. Scott was
employed by the Treasure Island Police Department. Scott put himself
through the Pinellas Police Academy. Scott begins his employment on
February 6, 1995.
Jeffrey T. DiVincent, 23, single, originally from New Jersey and now
residing in Palm Harbor . Jeffrey put himself through the Tampa Police
Academy and was working as a Reserve Deputy for the Pinellas County
Sheriff s Office. Jeff begins his employment on February 6, 1995.
Joseph A. Falcone, 27, married, one daughter, originally from New
York now residing in Largo. Joe has a AA Degree from SUNY in
Business Administration. Prior to taking employment with the
Clearwater Police Department, Joe was employed as a Deputy with the
Pasco County Sheriff's Office. Joe put himself through the
Hillsborough Police Academy. Joseph begins his employment on
February 6, 1995.
Roy J. Heinz, 29, single, originally from Pittsburgh, Pennsylvania, now
residing in Clear\vater. Roy has a Bachelors Degree in Criminology
from the University of South Florida and is currently working toward
his Master's. Roy was employed as a Police Officer at the Tampa
International Airport. Roy begins his employment on February 6,
1995.
Bryon L. Kelly, 27, single, originally from Illinois, now residing in
Palm Harbor. Bryon served in the U.S. Army and is now is the Army
Reserves. Bryon put himself through the Pinellas Police Academy. He
begins his employment on February 6, 1995. Qe :: ~)
Leonard W. Merritt, IV, 28, married, one boy and one girl. Leonard
lives in Oldsmar. Lenny served 4 years in the Army. Leonard has
worked for the City of Dunedin Police Department since 1991 and was
a member of the K -9 Unit. Leonard begins his employment on
February 6, 1995.
Richard F. Nestor, 28, single, originally from New York, now residing
in Spring Hill. Richard has a Bachelors Degree in Criminology from
, St. Leo College. He also has an AA and AS degree in Criminal Justice
from Pasco-Hernando Community College. Richard was previously
employed by the Pasco County Sheriff s Department and the Sumter
Correctional Institute as a Probation/Corrections Officer. Richard
begins his employment on February 6, 1995.
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Steven Squillante, 23, single, originally from New York now living in
Palm Harbor. Steven has his AS Degree from SPJC and was a member
of the first Academy Track program at SPJC. He was employed by
Jiffy Lube. Steven begins his employment on February 6, 1995.
Christopher N. White, 24, married, two boys, originally from
Clearwater and currently lives in Clearwater. Chris put himself
through the Pinellas Police Academy. Chris was employed by the
Seminole Indian Tribe Police Department. Chris will begin his
employment on February 6, 1995.
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AmerlCorps National Service CORPORATION
FOR NATJONAL
DS E R V J C E
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AMERlCORPS PLEDGE
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1 will get things done for America-to make our people
safer, smarter, and healthier.
1 wiU bring Americalls together to strengthen our
... communities.
Faced with apathy, I wiU take action. Faced with
conflict, 1 will seek common ground. Faced with
adversity, I wiU persevere.
I will carry this commitment' with me this year and
beyond
I am an AmeriCorps Member. And I'm going to get
things done.
lloo Vmnonl AW'IIuc, 1M'
WuhllII\DII, DC Z\I.'U$
Tllfphoftl 202-606WJO
Fill 202-"106
IitaIFlll n111C1 DonI.
AmrrlCorJll. N.u-I $rrIIct
Lranl u4 StfYt Amrr\CI
N.\laflaI $r1Ilof Srmn Corpe
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AMERICORPS - PROJECT NUCOPS OATH
I,
, do
solemnly swear that I will support
professional, community-oriented police
services, delivered by courteous,
competent, dedicated members of the
AmeriCorps. I will well and faithfully
perfo~ the duties, of an AmeriCorps Member
on which I am about to enter, and I will
carry this commitment with me this year and
beyond, SO HELP ME GOD.
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FEB-13-1995 09121
a-lIEF'S CFFICE'
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LIST or NlMBIRS PORSNZAR%NQ-XN CEREMONY K~NDA~ 2Jl~/'s
~ f.. ,~
Uat:ban1el Bell
Kevin Blaokburn
Pat:J:,iok,C:on.
John 1'.J.3.-=aUlll
SOOl:t Qal1ey
Qh.ryl Goodr..u
lte:L tb HCDeb.:r:ry
'Jeremy Lew1.
Davia Mar.hall
ADthony Monte
suaa:""pen.:Lilger
Chri'. Trapnell
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CLEARWATER CITY COMMISSION
Agenda Cover Memorandum
Heetlng Dote
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SUBJECT: HARBOR DRIVE STORM IMPROVEMENTS (94-10)
RECOMMENnATION/MOTION: Award a contract for HARBOR DRIVE STORM DRAINAGE R & R
IMPROVEMENTS (94-10) to KTM CONTRACTORS, INC. of PINELLAS PARK, FLORIDA for the
sum of $104,952.50 which is the lowest responsible bid received in accordance
with plans and specifications,
au and that the appropriate officials be authorized to execute same.
BACKGROUND:
This storm drainage improvement proj ect, as designed, will greatly reduce
flooding within the Avondale Subdivision. The existing drainage system for this
area consists of a single 12" vitrified clay pipe which drains directly into
stevenson's creek just west of the Douglas Avenue Bridge. The existing storm
pipe which is in poor condition structurally and vastly undersized, drains
approximately six acres during storm events resulting in street and property
flooding. It was reported on August 26, 1993, that storm water overflowed Harbor
Drive just north of Fairmont street and drained into three homes. This storm
sewer construction project will include the installation of 1,040 linear feet of
new storm drainage pipes, ranging from 15" to 24" in diameter along with the
construction of eight new storm catch basins.
The two (2) necessary drainage easements from the adjoining property owners have
been signed, allowing the project to proceed.
This project will start on or about March, 1995, and is scheduled to be completed
within 75 calendar days.
The available balance in the storm Drainage Renewal and Replacement capital
improvement project is sufficient to provide funds for this contract.
RevIewed by:
LegBl N/A
Budget ~
Purchasing ~A
Risk Hgmt. UtA
IS
ACH
ENG.
OTHER
submitted by:
Clty~F
......I.Iot-.,..
I Origill3ting Dept.
IEngineerlng Depart
I User Dcpt.
I
IEnglneering Dep rtm t
I Advertised: I
lpaper:st. P~rcrsburg Tlm~sl
IDDte : 08/09/94 & 08/15/941
I Not required I
(~ Affected parties
1 notified
Not required X
Costs: $104.952.50
(Current FY)
Approved
Approved
w/condltlons _____
Commis&;on Act;on
Funding Source:
Copt. 1/T'4l. X
Operating
Other
Appropriation Code(s)
315.96104'563700.539.000
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E A S E MEN T
,
FOR AND IN cONSInERATIoN of the sum of One Dollar ($1.00) cash in hand
paid to them, the receipt of which is hereby acknowledged, and the benefits
to' be derived therefrom,
patricia A. Lafferty, an unmarried woman, and
Mary DeLario, an unmarried woman, as
joint tenants with full rights of survivorship
1707 Harbor Drive
Clearwater, Florida 34615-1826
(herein "Grantor") do hereby grant and convey to the CITY OF CLEARWATER,
FLORxnA (herein "Grantee") an easement over, under and across the following
described land, lying and being situate in the County of Pinellas, state, of
Florida, to wit:
A 7.5 FOOT DRAINAGE AND UTXLITY EASEMENT LYING SOUTHERLY OF
ANn ADJACENT TO THE FOLLOWING DESCRIBEn LINE:
From the Northwest corner of Lot 25, Block E, AVONDALE
SUBDIVISION, as recorded in Plat Book 7, page 40 of the
Public Records of Pinellas county, Florida, and run
Southeasterly along the westerly boundary of'said lot,
also being the Easterly right-of-~ay line of Harbor Drive,
a distance of 10.00 feet to the POINT OF BEGINNING; thence
run Northeasterly a distance of 153.75 feet to a point in
the easterly boundary of said Lot, which lies 27.29 feet
Southeasterly of the Northeast corner of said Lot 25;
thence continue along the Northeasterly extension of the
aforesaid line 92.0 feet MOL to the High Water Mark of
stevenson creek and the POINT OF ENDING.
This easement is for drainage and utility installation and maintenance.
The CITY OF CLEARWATER, FLORIDA, shall have the right to enter upon the
above-described premises and to construct, install and maintain thereon any
drainage and utility facilities and to inspect and alter such drainage and
utility facilities from time to time.
Grantor's conditional and restricted consent creates privileges in the
Grantee to use the Easement Area only insofar as compliance with the
conditions herein is continued, and for no other purposes whatsoever.
Any portion of the Easement Area surface disturbed by Grantee
installation and maintenance activities as allowed herein shall be restored
by Grantee to its equivalent preconstruct ion condition promptly upon
completion of such activities.
In the event that Grantee should permanently remove or abandon its
improvements within the Easement Area, then the rights and privileges herein
granted to Grantee shall cease and terminate" and such rights and privileges
shall'revert fully to Grantor.
IN WITNESS WHEREOF, the partiep.pe~e~o h~ve caused these presents to be
duly executed this 7...iJp....day of ..J.-bt1J J trlL'-\ , 1995. '
led and delivered
I nce of:
t/'7J~D~~
STATE OF FLORIDA )
COUNTY 'OF PINELLAS )
(~The foregoing instrument was acknowledged before me this '~b'~ay ~f
....J.l\tJ V A-ruJ , 1995, by patricia A. Lafferty and Mary DeLario, who are
personal1~wn to me or who have produced --
as ident' ~~1
Notary,Publ~c
Print/type name ROSERT.1\. t. Gll'C:!~l
NOT.\!tY rUnJ.lc. STATE OF FLOn1ll,\.
MY COM:'IU5SWN EXl'I,RF.S! Arrll ~. 19!)~.
DOl'1UED 'mnU!IID r,\lW rt;IlLlC UNUEltWIUfEI!S,
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NOTE: This is Not 0 Survey I
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DRIVE
t'IW Corn. of lot 25
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AFFIDAVIT OF NO LIENS
STATE OF FLORInA )
COUNTY OF PINELLAS )
BEFORE ME, the undersigned authority, personally appeared patricia A.
Lafferty and Mary DeLario, as joint tenants with full rights of suvivorship,
who, being first duly sworn, depose and say:
1. That they are the owners of legal and equitable title to the
following described property in pinellas County, Florida, to-wit:
Lots 25 and 26, Block "E", AVONDALE SUBDIVISION, as recorded
in Plat Book 7, Page 40, of the PUblic Records of Pinellas
County, Florida; LESS AND EXCEPT THAT PART OF LOT 25 DESCRIBED
AS: Begin at the Northwest corner of said Lot 25 and run thence
southeasterly along the Westerly boundary of said Lot a distance
of 10.0 feet; run thence-Northeasterly to a point in the Easterly
boundary of said Lot which lies 27.29 feet Southeasterly of the
Northeast corner of said Lot 25; run thence Northeasterly along
said Easterly boundary a distance of 27.29 feet to the Northeasterly
corner of said Lot 25; run thence Southwesterly along the Northerly'
boundary line of said Lot 25 a distance of 172.0 feet to the POINT
OF BEGINNING.
TOGETHER WITH: That land lying between the extension of the
southerly line of the above described parcel of Lot 25 and a
line running Northeasterly from the Southeasterly corner of
said Lot 26 through an agreed point lying 145.61 feet North-
easterly of said southeasterly corner of said Lot 26 and
along the said extension of the Souhteasterly line of the
above described part of said Lot 25.
Also known as 1707 Harbor Drive, Clearwater, Florida
2. That said property is now in the possession of the record owner.
3. That there has been no labor performed or materials furnished on
said property for which there are unpaid bills for labor or materials
against said property, except:
NONE
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4. That there are no liens or encumbrances of any nature affecting the
title of the property hereinabove, described, except:
'1'ha~ cer~ain Note and Mortgage in favor of Sun Bank dated
March 18, 1993 as recorded in Official Record Book 8211,
Page 2392, and re-recorded to include the legal description
in Official Record Book 8217, Page 2150, of the pUblic
Records of Pinellas county, Florida, and
That certain Note and Mortgage in favor of the city of
clearwater, Florida, dated March 18, 1993 as recorded in
Official Record Book 8212, Page 0001, of the PUblic Records
of pintillas county, Florida.
5. That it is hereby w~rranted that no notice has been received for any
public hearing regarding assessments for improvements by any government, and
it is hereby warranted that there are no unpaid assessments against the above
property for improvements thereto by any government, whether or not said
assessments appear of record.
6. That there is no outstanding sewer service charges or assessments
payable ~o any government.
7. That the representations embraced herein are for the purpose of
inducing CITY OF CLEARWATER, its agents, successors and assigns to rely
thereon.
~7W~.ib-~
ary DeLario
n, ~,'~ tJ1L~- DuI'k--*4/
Witness Pr nted Signature
Sworn to and subscribed before me this
of J 'l>\-IJ J A-fL.L, 1995.
~J~
person tak~ng acknowledgment
"~"'~f=:r:.T~. i I":' ..-",
Type/print/stamp name, of acknowledger
NO,Hltl' rIJDI.lC. STAn: m' fLORID \
Ml, CO:\IMI.~S:O:"l f.XI'Jj(r;,~; /\prJl 4 1'.195
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E A S E MEN T
Fon AND IN CONSIDERATION of the sum of One Dollar ($1.00) cash in hand
paid to them, the receipt of which is hereby acknowledged, and the benefits
to be derived therefrom,
. Arlene Walker Smith and Clifford A. smith, her husband
i 1717 Harbor Drive
Clearwater, Florida 34615-1826
do hereby grant and convey to the CITY OF CLEARWATER, FLORIDA an easement
over, under and across the following described land, lying and being situate
in the County of Pinellas, state of Florida, to wit:
A 7.5 FOOT DRAINAGE AND UTILITY EASEMENT LYING NORTHERLY OF
AND ADJACENT TO THE FOLLOWING DESCRIBED LINE:
From the Northwest corner of Lot 25, Block E, AVONDALE
SUBDIVISION, as recorded in Plat Book 7, Page 40 of the
PUblic Records of Pinellas county, Florida, and run
Southeasterly along the westerly boundary of said lot,
also being the Easterly right-of-way line of Harbor Drive,
a distance of 10.00 feet to the POINT OF BEGINNING; thence
run Northeasterly a distance of 153.75 feet to a point in
the easterly boundary of said Lot, which lies 27.29 feet
southeasterly of the Northeast corner of said Lot 25;
thence continue along the Northeasterly extension of the
aforesaid line 113.73 feet MOL to the High Water Mark of
stevenson Creek and the POINT OF ENDING.
This easement is for drainage and utility installation and maintenance.
The CITY OF CLEARWATER, FLORIDA, shall have the right to enter upon the
above-described premises and to construct, install and maintain thereon any
drainage and utility facilities and to inspect and alter such drainage and
utility facilities from time to time.
~t" Jo 4
I,
Page 2 of that Easement between ARLENE WALKER SMITH & CLIFFORD A. SMITH,
her husband, and the CITY OF CLEARWATER, FLORIDA, over, under and across a
portion of Lot 25, Block liE", AVONDALE SUBDIVISION.
IN WITNESS WHEREOF, the parties hereto have
duly executed this II~ day of Aug~et, 19~4.
J~)/ fi9S:
caused these presents to be
Signed, sealed and delivered
in the presence of:
w~~
e;,.,/LC ~lT
1JJ,~h1;/ h Ja ~ - kltlo
Arlene Walker smith
&#-J -4 f~.{?
Clifford A. smith
WI N S
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Witnes · Printed Signature
"
STATE OF FLORIDA )
COUNTY OF PINELLAS )
Xi~~~~hT ~egoing instrument was ac~nowledged ~efore
:b;I:'''' I ;~ , by Arlene Walker 8ml. th and Cllfford
persona lly known to me. or who l!a v e );)1:: oLluc.ed ' ICIfl9-
~~
. Notary r'u- 1 ~cn . _ I> . _ /r-
Print/type name ~-L-?"O: ~47
me this / I!!' day of
A. smith, who are
a.~ ; dQt:ltif ioatiQn~
~t-9.V PUo. o"rCIAl NOTARY SEAL
o ~ IA"L W "'AAITT
~ ll~lf ~ COUMIS,tON NUNBE"
l;J. 'l~. ~ CC203656
71- ~ ocR "Y CO....ISSION I!XP.
OF F\,; MA Y 26 1996
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AFFIDAVIT OF NO LIENS
STATE OF FLORIDA
COUNTY OF PINELLAS
, BEFORE ME, the undersigned authority, personally appeared Arlene Walker
smith and Clifford A. smith, husband and wife, who, being first duly sworn,
depose and say:
1. That they are the owners of legal and equi table ,title t:.o the
following described property in Pinellas County, Florida, to-wit:
That part of Lot 23 in Block "E", AVONDALE SUBDIVISION, as
recorded in Plat Book 7, Page 40 of the Public Records of
pinellas County, Florida, described as: Beginning at the
southwest corner of said lot and run thence Northwesterly
along the Southwesterly boundary 30.00 feeti thence North-
easterly parallel to the southeasterly boundary of said lot
to its Northeasterly boundarYi thence southeasterly along
this boundary to the most Easterly corner of said lot;
thence southwesterly along its southeasterly boundary to
the POINT OF BEGINNING; and all of Lot 24, and that part of
Lot 25 described as: Beginning at the Northwest corner of
said Lot 24; thence southeasterly along its Westerly line
10.00 feet; thence Northeasterly parallel to the Northerly
line of said Lot to the Easterly line of said lot; thence
Northeasterly to the Northerly line of said Lot; thence
southwesterly along said line to the POINT OF BEGINNING.
Also known as 1717 Harbor Drive, Clearwater, Florida
2. . That said property is now in the possession of the record owner.
3. That there has been no labor performed or materials furnished on
said property for which there are unpaid bills for labor or materials
against said property, except:
NONE
4. That there are no liens or encumbrances of any nature affecting the
title of the property hereinabove described, except:
That certain Note and Mortgage in favor of Barnett Bank of
Pinellas county dated May 18, 1992 as recorded in Official
Record Book 7927, Page 328, and re-recorded to include the
notary page in Official Record Book 7934, Page 157, of the
Public Records of pinel1as County, Florida.
:~,....-:~~~~.
5. That it is hereby warranted that no notice has been received for any
public hearing regarding assessments for improvements by any government, and
it is hereby warranted that there are no unpaid assessments against the above
property for improvements thereto by any government, whether or not said
assessments appear of record. '
6. , That there is no outstanding sewer service charges or assessments
payable to any government.
7.' ,That the representations embraced herein are for the purpose of
inducing CI~Y OF CLEARWATER,' its agents, successors and assigns to rely
thereon;
OAivnuiiJ~- ku~
Arlene Walker smith
WITN S
w~~ ~:i~flJ;:~~ture
~~
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liffdrd ~ Smith
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Sworn to and subscribed before me this I/:?!:- day Ofr~99'(. '
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signa~~~ person taking acknowledgment
E#nLCo: ~q-
Type/print/stamp name of acknowledger
~'f' PtJ OFfiCIAL HOTARYmSEAL
~t' 8( EARL W 'ARA
~!1J1f ~ Co"..ISS\O" HUMBER
11_ ': CC203656
~ 'I ~ S MV co....ISSION ElCP.
"Y...~ off. MAY 26 1996
OFf\';
Title or rank, and Serial No., if any
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G I T Y 0 F C LEA R WA T E R
Interdepartmental correspond'Emce
, Due to Commissioner Thomas's absence from the February 13, 1995 Commission meeting
Item #17a, Status Report and direction re Tower, Pavillion and Life Guard Station will be continued
to Thursday, February 16, 1995. Item #10. Beach Town Meeting Follow Up - Redevelopment'
Plan/Streetscape, Mandalay and Baymont is being continued tQ. Monday, February 27, 1995.
'I
.
If you have any questions, please do not hesitate to call me.
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C I T Y
o F C lEA R W ATE R~
Intlnflplrtrnlnt Corrnpond.ncl ~
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.TO:
Betty Deptula; City Manager
Pam Akin, City Attorney
Sc~tt Shuford, Central Permitting Direclor0S
~. ('3.95
FROM:
SUBJECT:
COPIES:
LED Signs
Kathy Rice, Deputy City Manager
Bill Baker, Assistant City Manager
Cyndie Goudeau, City Clerk
November 16. 1994
DATE:
This is an update to the Commission's request for additional information concerning LED signs:
As I found that the National Electric Sign Association (NESA) Conference in Atlanta last month, LED signs are
becoming more common. However, I have attached information from the Countywide Sign Code which
indicates that these types of signs would' not be allowed (under the Countywide sign Code) except for temporary
signage to accomplish a particular purpose. Consequently, should the Commission wish to follow the intent and
letter of the Countywide Sign Code, LED signs would not be allowed, unless they were restricted to a fairly
, infrequent change of message.
Consequently. I continue to recommend that we permit LED signs, either as freestanding or attached signage.
so long as the message for these signs does not change more frequently than eight times a day.
Should you have questions or comments, please contact me,
SS/db
LBDSlOIl5.1l$
RECEIVED
NOV 1 G 1994
CITY CLERK DEPT.
t ~ . I
Cau IV .,. 'i tJ I DE.. 5 IG/fJ COb&-:.
,
14. tem~orir, window .Itn'. Sltn' Ihtl1 bA 'llow~d in It... I
~ll,'ltled .s multi-rAmily re.id~ntill. 6rriet. ~bmM~~~iAl.
indu.triAl. and public/semi-public. rb~ mtJim~ lttl ot ~Aia
Aitn' in treat clalsified .~ of rice. c6~ereial, i6du.trial.
and public/aemi-public shall be twentt-five pere~n~ (2S\) ot
~irido~ ~'ne area or one hundred (100) squAr~ reet. whichev~r
It 1~". In multi-family reSidentiAl Are'a. the 'r~A or
~empo~lfy window ~itns shall not eJceed twenty-ritt ~2S)
I~Uir6 teet. The permitted duration ot t te~por'rt ~i~d6U
, 8itft ,thll1 be AS authorized by the locAl tOferdm&ht.
H. lJarninl Altn'. Shn. shall not elceed Ul- (6) sgu'rt~ rut Ih
Arel pet aitn face.
~ SEctIoN ti. Pt{OHIB!TED SIGNS
A. th6 tollow!n! types or sitns are prohibitedt
(-sa.. qJ: IIf
bel~w )
1. Ab'ndon~d sitns.
~. 8ua shelter sitns and bench sitns except when approved by a
loeAl tovernment. pursuant to Chapt~r 337.407{2)(1). F16rida
St'tut~_. This prohibition shall not be coni trued to includA
th6 idAntiricatlon of the transit company or its rout6
!e:.hl!dule.
3. Orr-premise sitns, except for public/semi-public directional
Aitna. per section IV-A.13.. where sp6cifically provid~d fOr
~ljewb're in thia ordinance and in industrial
clts.itlcationa. per section VI-G.l.C).
4. Pavement markints. except orricial traffic control mar~in&s
or At authorized by the locil tovernment.
~. Pennants. stre&mers. banners and cold air iotlatables. elcept
for special occasions for limited tim' and frequency as
iuthorlzed by the local tovernment.
6. Port'ble sitn. elcept as provided in paratraph 5. Abbv~.
1. loof 41&08. except Intetral roof ~itn8 iri nonresidential
dhtHcts.
A. Stndwich board Sitn8.
~~. Sltrt. ~ttAched to or paintod on pier. or aeaw'lll. oth6r thAn
6ueb ofticial retulatory or warnint sitne as authorized by
the loctl &OV6rnment.
10. Sltni in or upon dny river. bay. lake. or other body of wat6r
within the limits of Pinelli4 County. unless authorlz~d by
.thA loe'l iovernment.
ii. Sitn' that Are erected upoh or project over public
rithta-or-way or prelent a potential trarric or pade.triafi
haz'~d. rhI. include. sitn. whieh ob.truct ,i.lbillty.
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1~. titn. thAt emit sound. vapor. smok' , odor. ~.rtiel", or
,.ll.oOOI ~'tter.
1~1 ~ltni thtt have un.hielded. 111umlnatlnt device..
..".",. 14.
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Sltn' that move. revolve. twirl. rotAte. flatb. ineludlnt
'nimAt~d ti&n;. multi-prism litn'. and beAcon litht. elcept
~h'h required by the Federal Aviation Atency or other
&6t'rNmifttll atency.
1~. Sitn. that ob.truct. conceil, hide. or oth~~i'e ob.eur6 Cr6m
t16w 'ny bteiei'l trafeic or tovernment sitn. sitnll. or
lilttHe. .
stctIOU vt. PERftltIED SIGNS AND STANDARDS BY LAND USE CLASSIFICATIONS
Al Purpot' lnd Procbdure
1. It is th& intent of this section to retulAt~ altns con~lst~ht
~it& thA lAnd use classification which e8tabli9h~s the
chl~let6r bt the area in Which th6 sitn. Are Ioeated.
2. Loeal tovernlnt bodies shill ~'t'blish a dACinitive
cAtetorizatlon. by the respective local tovernment land use
plln or %onln& diltrict. to corr61.te luch loell d~81tn'ti6n'
~ith the mAjor land use ClA8.1!lcatloni of th& County wid~
" Fut.bre l..U,a UUt Plan d listed h~['4dn.
3. Uithld th6 'mAj6r Commereill Land Use clt!.irlcition. th6
dltt6rentittloD. it any, between the commereiil aubcAt6torie.
of N61&hb6rhood Commercial. General Comm&reial. And Hith~at
C6Na.t~i'1 .hall be At the dl.eretion of, tnd b.j'd Opon thlt
.t.t~~ 6t clta6itie!tion aete~in~d mott a~ptopri.t6 by, th6
16eal t6ternmeot.
a. G~ft.tal R6quirement.
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11 Sl&nt jhtll not be loeltad on ~ubliely-own6d linn or 6l.t~.~t
. 6t !n.ldt atr..t ritbt.-~C-w.y tleept .ltD' ~.Quir.d or
.r'tttd b, p.ml..lon ot an authorl..d &o..~nm.nt.l alene,.
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L6e'1 Government: Local tovernment aha11 m6An th& Plh6111.
COuntr tovernmeot And th6 municipAlities within th6 Count,.
Klint6nlnce: The repla~lnt. repairint or repAlrttint or A
~6~tiob of , 8itD atructure. periodieally chAntin& ehAn&oAbl.
eopt o~ renewint copy Which ha. be~n mld6 unu.lble by ordinAry
wilt 6f weather or Aceid6nt.
Multio16 DW6llint: Any buildint comptiA~d ot mbrl thlh 6h~
(1) r~ily dwellint unit.
Auiti-Ten'ht 8uildlh~: A buildin& ~h~r6 more thin 6he
bUline.. is serviced by a eommon entrlnc6. And where ;ueh
bu.i6".ei may bi located lbove th6 Cir't stort 6~ 6th~rwi.e
be ~itbout frontat6 on A public ritht-of-wa,.
~ei-.ori: Any individual. corporAtion. aUocUtloh. 'tim.
~&rtn.r~hip. and ~h6 like. bintulat br plurAl.
PennAnt: Any serie. of small flat-lIke or ~tre~er-lik6
~iec6' of cloth. plastic or paper. or himilar m.t~riAl
lttl~fiid in i row to any ~t'fr. cord. buildint. O~ At 6hly bne
or t~6-edtei. the ~~mAind6r hantint 166.e1,.
Proo~rty: The overall area repre8ent~d by the out!idQ
boundariet of A parcel of land or dev~lopment.
Sltft: Any device. flJture. placard or strueture thAt ua68 any
eolor. Corm. graphic. illumination. Arehiteetural 8ttlo 6t
de.itn or writint to advertise. attract attention. annbbfte'
the purpode of. or identify the purpose of a parson o~ entity.
or tb.communicat6 inrormttion or any kind to th~ public.
"~ltb" iriclud~8 *i&h structure.
a) A-Frame or Sandwich Si~n: A portabl~ sitn which Is
ordinarily in the shape of an "A" or some viriation
thereof.
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b) Abindoned Si~nl: Sitn. on which is advertised a bUJih~I'
that 11 no lonter licensed. no lonter ha. & c~rtirle't6 of
oeeupaney. or ia no lOnter doln& bu!lne'8 at that 1o~.tloh
And such cireumitanc6. hAv' cObtlhued for a p~riod of tim.
,. established by the locAl tov~rn~ent.
A6imated Si~a.: Any iita which include! actIon. mb~ion.
tbt optical i11u.ion or action Or ~otioa or eo16~ ehlftttt
at '11 or Anf pArt or the .ith rteint. requitint
616etrle61 en&rty or t6t in motion bf movemont of the
~~o~~her' Or a .itn made up or a 8erie. ot jeetl6n. thAt
turn And ato~ to ,how two or ~br6 ~letui-ta or M~'.'&e. in
tb6 copt lr6l. eJctpt tl~' And t6m~6r'tur6 .1&^1.
A~imAt~d ~itb. .hall Inelud~ e16ttrohlt rtldtr b6'rd..
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Att'ched Sitn.: Any 8itn Attaehed to. on. or 8upporttd bl
'ny part of . bulldtnt (e.t. walll. intetral rooC. &wntn&.
~lndow., or einopf) which entlo... or cover. u'lbl* .pic..
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Item #
CLE~WATER CITY COMMISSION
Agenda Cover Memorandum
\oIeet\ng Date
\d
;;).13.Cf5
SUBJECT; SELECTION OF CONSULTANT FIRM TO FULFILL THE CITY'S ENGINEER OF RECORD
RECOMMENDATION/MOTION: Approve the Consultant Selection Committee's ranking of
prospective engineering firms for the city I s "Engineer of Record": 1) Post,
Buckley, Schuh & Jernigan, Inc.; 2) HDR Engineering, Inc. i 3) Tampa Bay
Engineering, Inc.; 4) McKim & Creed, Inc.; and authorize negotiations with the
top ranked firm in accordance with the Consultants competitive Negotiation Act,
DG and that the appropriate officials be authorized to execute same.
BACKGROUND:
The city1s current "Engineer of Recordlt contract with Camp Dresser & McKee
expired on October 1, 1994. The city had advertised under a Request for
Qualifications (RFQ) for a full service professional engineering consultant firm
versed in all aspects of civil/mechanical engineering and able to meet the City'S
growing engineering related needs. Prior to the closure date for the Request for
Qualifications, the city Manager's office received fifteen (15) response
qualification packages from a diverse group of consultants. These packages were
evaluated in accordance with the RFQ guidelines which included an analysis of
individual firm technical ability, fullness of resources, experience, permitting
expertise and availability.
The analysis culminated in a "short-listing" of four consultants: (1) Post,
Buckley, Schuh & Jernigan, Inc.; (2) HDR Engineering, Inc.; (3) Tampa Bay
Engineering, Inc.; and, (4) McKim & Creed, Inc. On January 13, 1995 the short-
listed firms made oral presentations to the selection committee (comprised of the
Assistant City Manager, Managing Director of Clearwater Gas systems, Director of
General Services, Representative from the Finance Department, and the city
Engineer) . The aforementioned ranking is a direct result of the selection
committee's decision based on the respective firm's oral presentation.
Upon the City Commission's approval of the Committee's ranking, staff will
initiate negotiations and bring forth a separate agenda item outlining suggested
contract concepts for city commission approval prior to any furtherance on this
item. The city commission will, of course, be presented with a contract
comprised of these commission approved concepts at a later date.
Reviewed by:
Legal NfA
Budget N/A
Purchasing N/A
Risk Mgmt. N/A
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Commission Action
UsC!r DC!pt.
Funding Source~
Approved
Appro....ed
II/conditions
Oenied
Advertised:
Capt. Inlp.
Opcrllt Ing
Other
Cont Id to
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OTHER
Sutmltted :~p
City ~cV
engrccrd.ogn
Date:
Pllper:
Not required
Affected parties
oatH1 cd
Appropriation Codc(s)
Attachments:
"'A
Not required
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Clearwater
Community
Sailing
Center
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BUSINESS PLAN
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DECEMBER 1, 1994
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CITY OF CLEARWATER
MARINE DEPARTMENT
25 CAUSEWAY BLVD.
CLEARWATER. FLORIDA 34630
(813) 462-6954
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TABLE OF CONTENTS
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EXECUTIVE SUMMARY ..................... it .. I- .. .. . .. , , .. , " .. .. .. . I- . .. . . . . . .. .. .. 2
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PREser-.-'T SITUATION ......................................... 6
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OBJECTIVES ..... II . . . . . .. .. . 'II . . . . . . . . .. .. .. . .. .. .. . .. ~ . . . .. . . .. .. . . .. . . .. .. .. 8
MANAGEMENT .....................;............. I- . . . . . .. .. . .. " .. .. .. .. .. .. . . . .. .. . .. .. 12
SERVICE DESCRIPTION . . . t . . . . . . . . . . ... . . . . . . . . . . . .,. . . . . . . . . . . 15
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MARK~ ANALYSIS "............~'.........".. I- . .. . I- .. .. .. .. .. .. , , . .. . .. .. . . .. .. . .. I- . 18
Customers
Competition
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MARKET'ING STRATEGY ......... 01- 01- .. . . . . .. .. .. .. ," .. . I- .. I- . . .. .. . "I' . I- t- .. .. .. .. " .. .. 23
PrJclng & Profitability
Selling Tactics
Distribution
Advertising & Promotion
Public Relations
Relationships
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FINANCIAL PROJECTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
FY 94/95 Budget
Projected S.Vear Program Statement
Balance Sheet
CONCLUSIONS AND SUMMARY,. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
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APPENDIX . .. . .. . . . . . . . .' I- I- . . . . . , , .. . . I- . . ., . . . . . . . . . . .. .. .. .. . .. .. .. . . I- 36
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Club Membership Program
Resolutions 91-47 and 93-47
Organizational Chart
Sailing Center Committee
Past Building Rental Customers
Salling Center Pamphlet
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EXECUTIVE SUMMARY
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The Clearwater Community Sailing Center was officially opened on November
17, 1991. The sailing center was established to better serve the salling
community of Clearwater, take advantage of waterfront property belonging to
the city and to fill the void for an upscale sailing facility in the area.
The Mission Statement for the Marine Department. which operates the salling
center is:
I1MAINTAIN THE MARINE DEPARTMENT AS A REVENUE-PRODUCING
DEPARTMENT WITH A DEDICATED STAFF THAT PROVIDES HIGH QUALITY
MARINE-RELATED SERVICES WITH EXCELLENT CUSTOMER SATISFACTION
TO CITIZENS AND CUSTOMERS.II
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The sailing center is now at a point where plans can be made for the growth
and development of the facility over the next five (5) year period.
Background
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For many years, boat owners and operators of small sail boats of less than 20
feet did not have a suitable facility from which to launch and retrieve their
vessel(s) within the city limits of Clearwater. Operators of small sail boats
sometime's launched and retrieved their vessels off property without boat
ramps. They also operated at facilities that were not desirable or safe for
launching and retrieving. Before the sailing center. teaching and instructing of
salling classes was limited.
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Concept
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The most successful year yet has just been completed at the salling center.
Through hard work and creativity, 292 students have been instructed In sailing
classes, 5 students in Resort Sail Classes. 264 Watercolor Painting class fees
were collected, 584 Yoga class fees were collected. 240 Une Dancing class
fees were collected. additionally, a membership program was established and
the hours of the facility were extended without an increase In staff. Our strategy
for meeting the growth demands at the sailing center is to provide excellent
customer service and to increase the marketing of the facility.
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In addition to our existing services, plans are being developed to Increase
revenue/donations and to "Close the Gapu between revenue/donations and
expenditures. Donations to the saillng center from the Windjammers of
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Clearwater. other organizations and local citizens are anticipated to continue on
a regular basis. Users of the salling center indicate that our customer service Is
enjoying an excellent reputation. Relationships with the sailing center
Committee have Improved and are expected to continue to do so.
Objectives
Our objective Is to propel the sailing center Into a prominent position within the
salling community. We believe that within the five years of this plan. the salling
center will be in a position for further expansion. To accomplish our objectives.
we have developed a comprehensive plan to intensify and accelerate our
activities and customer service. Our plans would require:
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Continuing an extensive campaign to promote the sailing center
and take full advantage of the facility.
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Doubting the present sailing center fleet that is used for instruction
and the membership program by FY 99/2000.
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Increasing the number of contract instructors to meet the
demands created by the influx of new students and classes.
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Increasing the sailing center staff by one additional part-time
employee to support and sustain prolonged growth under our
business plan. which will include more room rental revenue and
classes.
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Increasing sailing center revenue from $29.000 in FY 94/95 to
$53.000 in FY 99/2000 and increase donations from $6.000 In FY
94/95 to $8.500 In FY 99/2000. which wlll"Close the Gap" from
31.6% to 47.2%
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Developing plans for a floating dock at the salling center and
determlng whether it can be permitted.
Management
The sallfng center Is under the direct management of the Harbormaster. who is
assisted by the Assistant Harbormaster.
The on-site management employees of the salling center consist of the Salling ,
Center Coordinator and a Recreational Leader. both with backgrounds In
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sailing and dealing with the public. Each employee Is capable of Instructing
basic salling and providing excellent customer service.
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Marketing
The boating industry projects a steady Increase in boating activity.
Conservative estimates suggest that the sailing center, with an intensified and
accelerated marketing plan, will Increase customer service each year of the plan
and generate an increase in total revenue each year.
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The thrust of our marketing strategy consists of increasing sailing students, '
appealing to building rental customers, reaching sailing organizations, and
demonstrating that we can provide a quality facllity with excellent customer
service. We Intend to reach possible students for classes throughout each year
of this plan, by word of mouth from prior students, summer activity flyers,
placing a variety of notices on activities, using the City's Video Bulletin Board,
using Parks & Recreation Publications, and supplying a variety of organizations
and activities with the sailing center pamphlets detailing activities and classes.
Contact a television station for the purpose of doing a story on the center and
classes.
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Overall, the salling center can be characterized as a multipurpose facility used
for marine events, safety classes, meetings, receptions, weddings. and other
special events. A partial list of actual customers of the sailing center Includes:
Owners & operators of sail boats
Salling class students
, Building rental customers
Other city departments
Students for other activities
Sailing organizations
Community and civic groups
Federal and state officials
Other organizations
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Finance
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In FY 94/95, the projected revenue is $29,000. donations are projected at
$6,000 and projected expenditures are $1101680, leaving a difference of
$75,680.
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Annual growth of revenue with donations, is projected to increase from $35,000
in FY 94/95 to $62,000 in FY 99/2000. The sailing center will never pay for Itself
entirely: however, by diVersifying activities, Increasing sources of
" revenue/donations and implementing the objectives within this Business Plan
we will help to "Close the Gapu from 31.6% to 47.2% between the expenditures
and revenue/donations for the salling center. The difference between the
revenue line, without donations, and the expenditure line Is directly funded by
the City of Clearwater General Fund. Recreational Impact fee funds will be
requested for any new construction at the sailing center.
Conclusion
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The sailing center enjoys a track-record of excellent customer service. The
expressions of satisfaction and encouragement are numerous. Our Intention is
to continue growth by increasing revenue, classes, activities and taking
advantage of as many opportunities as possible with this facility.
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PRESENT SITUATION
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The sailing center currently provides educational and recreational opportunities
to people of all ages in the constructive and safe use of sailing equipment and
non-motorized craft of less than 20 feet. The sailing center is open to the
boating public seven days a week from 8:00 am until 4:30 pm. Boat ramps are
open until sunset. Due to the limited number of assigned personnel, there are
days when the sailing center is not staffed. On those days the ramps are still
available to the boating public. The sailing center building is used for a variety
of functions Including group activities, meetings, classes, parties, receptions,
and wedding receptions. During the past three years, the sailing center has
researched and developed social and instructional activities. The following
salling activities are currently being conducted at the sailing center:
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Boat launching & retrieving
Boat storage
Club membership program (See Appendix 1)
Basic sailing classes
Resort sailing program
Intermediate sailing classes
Advanced sailing classes (planned)
Scholarship program
Junior Jammer program
Regattas
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The following non.sailing related activities are currently being conducted at the
salling center:
Watercolor painting
Yoga
Une dancing
Meetings & seminars for city departments
Meetings & seminars for non.clty organizations
BUilding rentals for meetings, parties and receptions
Market Environment
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The economy and boating Industry Is undergoing a slow improvement after
being stagnant for some years. We are poIsed now to grow steadily within the
next five years.
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Services and Equipment
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The current salling center fleet is:
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14 Optimist Training Prams
4 Sunfish
2 Lasers
1 Puffer
1 International Optimist Pram
2 Mini-Fish
1 Sun bird
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The salling center also has two Avon infiatable vessels that are used for chase.
Instruction and rescue.
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Pricing and Profitability
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Pricing for the salllng center building rental is controlled under Resolutions 91-
47 and 93-47 which is Appendix 2. Current pricing at the sailing center is
considered to be reasonable and revenue has Increased from $9,168 in FY
91/92 to $22.523 in FY 93/94. Pricing for the sailing center will be reviewed
each year with adjustments made based on a survey of charges by other rental
estabJishments.
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Customers
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Current and past customers of the sall1ng center Indicate they are satisfied with
the facilities.
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Management
Management for the facility is In place; however, we will request an additional
part-time employee, with City Commission and City Manager approval, In FY
95/96. This additional employee will help generate more revenue In room
rentals, salling classes, maintenance on a larger fleet of vessels and reduced
contractual cleaning costs.
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Financial Resources
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The sailing center Facility was constructed using Impact fees. recreational
Impact fees and donations. The facility was completed In two phases, costing
over $478,700. The estimated cost of the sailing center property Is
$515,625.00. The only fund maintaIned at the site Is the petty cash fund of
$75.00. Monies collected at the salling center are forwarded to the Marina
office each week.
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OBJECTIVES
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The primary objectives of the sailing center are to:
Continuing an extensive campaign to promote the salling center
and take full advantage of the facility.
Doubling the present salling center fleet that is used for Instruction
and the membership program by FY 99/2000.
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Increasing the number of contract instructors to meet the
demands created by the Influx of new students and classes.
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Increasing the salling center staff by one additional part~tlme
employee to support and sustain prolonged growth under our
business plan, which will Include more room rental revenue and
classes.
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Increasing salling center revenue from $29,000 In FY 94/95 to
$53,000 In FY 99/2000 and increase donations from $6.000 in FY
94/95 to $8,500 in FY 99/2000, which will UClose the Gapll from
31.6% to 47.2<'k
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Developing plans for a floating dock at the sailing center and
determing whether it can be permitted.
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Goal.
The sailing center goals for FY 94/95 are:
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To improve customer satisfaction at the uexcellenr' level by 5%
over the previous fiscal year survey (i.e., from 73% to 78%) by
September 30, 1995, as measured by a customer satisfaction
survey and to implement at least one customer suggestion at a
cost within the approved budget level and staffing.
To Increase revenue for the salling center by 5% over FY 93/94
level (FY 93/94 totals will be available 10/94) by September 30,
1995, at a cost within the approved budget level and staffing.
The salling center must be treated as a long term facility for the CIty of
Clearwater. Strategies to meet our objective goals are:
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STRATEGY #1: Continue growth of classes, activities and usage of the sailing
center on a yearly basts. this will allow for the continuing growth of the sailing
center for a five year period with the addition of classes and activities. The
target Increase of revenue for classes will be $2,000 over the previous years
actual revenue.
STRATEGY #2: Double the sailing center fleet so that more classes and water
activities can take place.
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The present and projected fleet used for instruction and the membership
program is:
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VESSELS
Optimist Training
Pram
Int'l Optimist Pram
Sunfish
MlnlFlsh
Lasers
SunBlrd
Day Saller
Subtotal
Grand Total
Now
14
94/95 95/96
1 1
96/97 97/98
1 1
98/99
1
99/2000
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4
2
2
1
1
25
25
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3
28
1
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33
1
6
39
1
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44
4
48
2
50
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STRATEGY #3: Increase revenue/donations each year In the business plan.
This, calls for revenue/donations at the salling center to increase from $35.000 to
$62,000. Once in each year of this plan, the Marine Department will conduct at
least one fund raising activity at the salling center. See projected s.year
program statement In financial projections.
STRATEGY #4: Increase customer satisfaction using yearly surveys to insure
excellent customer service.
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It should be noted that 100% of the salling center goals were met in FY 93/94.
Ratlonale
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Based on our experience with the sailing center operation for the past three
years, we feel that all our goals can be met because:
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The sailing center Is becoming more well known with the surrounding
community and our customer satisfaction survey (73% excellent in FY 93/94)
shows that a large majority of our customers are satisfied with our service.
Revenue has Increased each year the sailing center has been operated. The
revenue, without donations, for the past three years is:
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FISCAL YEAR
FY 91/92
FY 92/93
FY 93/94
REVENUE
$9,168
$18,626
$22,523
% INCREASE
103%
21%
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We anticipate that revenue will continue to increase. The staff has become
more experienced in the operation of the facility and are prepared for any
increase In activities.
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Return on Investment
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Based on the FY 94/95 budget, the sailing center shows revenues at $29,000
donations at $6,000 and expenditures at $110,689. With this projected budget,
revenue and donations are expected to pay 31.6% of the total expenditures.
We are confident that with our goals and objectives we can Increase the
percentage of revenues and donation to expenditures from 31.6% to 47.2%
over the next five years.
Financial Objectives
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To better understand the financial objectives for the sailing center, we need to
look back over the past three fiscal years at revenues, donations and
expenditures. Usted below are actual revenue, donations and expenditure
amounts for the last three fiscal years:
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Revenue FY91/92 FY 92/93 FY 93/94
Launch fees-Sailing 799 1,179 735
Instructor Fees 1,745 1,230 3.220
Room Rental 5,945 15,091 12.954
Concession 679 1.126 1,232
Boat Storage Fees 0 0 2,572
Membership Fees 0 0 1,810
Revenue Totals $9,168 $18.626 $22,523
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Donations $3,813 $5,954 $5,385
Total Revenue
and Donations $12,981 $24,580 $21,908
Expenditures
Personal Service 32,578 46,680 50,865
Other Operating Exp. 20,951 20,153 22,219
Intemal Expense 1,423 960 9.579
Capital 0 5,000 0
Debt Service 0 0 0
Transfer 0 0 0
Expenditures Totals $56,417 $72,193 $82,122
Revenue and Donations!
of Total Expenditures 23% 33% 33%
Financial Goal
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Our financial goal is to Increase sailing center revenue in each year of operation
and to Increase revenue and donation to expenditure percentage from 31.6% to
47.2%.
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This goal will be met by increasing donation money and equipment, increasing
revenues at the sailing center and only Slightly increasing expenditures. To
assist with donations each year of this plan. the Marine Department will have at
least one fund raising activity. See projected 5~year program statement in
financial projections.
Position for Growth
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Our position for growth is good, and can be accomplished with the following in
mind:
Understand our customers.
Understand the sailing community.
Provide more classes.
Balance goals and objectives.
Operate with more contract instructors.
Develop more experience with the facility.
Hire the best Instructors.
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MANAGEMENT
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How We Started
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The salling center was opened in 1991 and originally staffed with a Sailing
Center Coordinator (full-time employee) and Recreational Leader (part-time
employee). The sailing center is supervised by the Harbormaster and Assistant
Harbormaster. In 1991. the sailing center had only one contract instructor. In
1993. the part-time position of Recreation Leader was changed to full-time.
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Sailing Center Team and Responsibilities
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Harbormaster
As Department Director for the Marine Department. supervise the operation of
the sailing center.
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Approve new innovations for the sailing center.
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Identify areas for future growth with the sailing center.
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Assistant Harbormaster
As Assistant Department Director for the Marine Department, forward with
endorsements. suggestions and recommendations on the operation of the
sailing center.
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Submit suggestions for new innovations for the sailing center.
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Assist with the identification of areas for future growth with the sailing center.
Sallina Center Coordinator
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Oversee the daily operation of the sailing center.
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Coordinate all the classes for the facility and insure that it is maintained at the
highest acceptable standard.
Insure that the facility is promoted and all revenue resources are aggressively
researched.
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Research and develop future growth.
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Recreation Leader
Assist the Sailing Center Coordinator with the dally operation of the sailing
center.
Assist with the sailing classes and supervise the contract Instructors and fill-in
for salling classes as needed. '
Assist with research and development of future growth.
Appendix 3 contains the organizational chart for the sailing center.
Contract Instructors
At the present time, the sailing center has the following contract Instructors and
volunteers:
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5 - Sailing Instructors.
6 - Sailing Aides (volunteers).
1 - Yoga Instructor.
1 - Watercolor Painting Instructor.
1 - Une Dance Instructor.
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Each salling instructor has met the qualifications under Red Cross or the U. S.
Sailing Association. The sailing instructors are key members of the Salling
Center Team with a combined 12 years of experience Instructing sailing
classes.
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Samna Center Aides
Each year approximately six ex-students volunteer to become Sailing Center
Aides. They assist the instructors with sailing classes.
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Sailing Center Committee
A Sailing Center Committee made up of highly qualified members of the sailing
community act as advisors for the operation of the sailing center. They assist
the Sailing Center Team in making appropriate decisions and in taking the most
effective action. Appendix 4 lists the current members of the Sailing Center
Committee. The Harbormaster and Sailing Center Coordinator meet with the
Sailing Center Committee each month.
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The strength of the Sailing Center Team stems from the combined expertise In
both management and technical areas. This has produced excellent results
over the past three years. The leadership and alignment characteristics of the
Sailing Center Team have resulted in broad and flexible goal setting -- to meet
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the demands of the salling community and our customers. This Is evident
.when the team responds to situations requiring new and Innovative capabilities.
Peopleffalent Reaulred
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The Sailing Center Team recognizes that an additional part-time employee Is
needed to properly carry out the goals and objectives of this business plan.
Currently I the sailing center staff is composed of two full-time employees; an
additional part-time employee will be required to meet the demands for growth
over the next five years. Some of the projected demands are:
Additional Room Rentals.
Instruction for Sailing.
Increased Customer Relations.
Increased Regattas.
Repair and maintenance of larger fleet of vessels.
Assist with marketing of the sailing center.
Assist with supervision of sailing center instructors:
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SERVICE DESCRIPTION
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For the past three years, we have increased service to customers In the
operation of a seven day a week multipurpose facility with an excellent attitude
by employees and awareness of what customers want from the salling center.
The sailing center currently offers launching & retrieving of vessels, sailing
classes, instructional classes, boat storage racks and room rentals.
Development of additional services are planned. All services from the sailing
center will be strongly customer related. This capability for exceUent customer
service Is a feature enjoyed by the salling center.
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Current Customer Services:
Sailing Classes
Non-Sailing Classes
Room rentals
Boat Storage
Membership Program
Regattas
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The first sailing classes offered were basic, but during the last three years we
have expanded to include intermediate sailing classes. Advanced sailing
classes will be offered in the future. The sailing center is fast becoming a
facility that is highly desirable for room rentals for all types of receptions.
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Also, as a result of requests by customers of the salling center an 18 rack boat
storage facility was installed in 1994.
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Pay Back
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For the most part. the salling center will never entirely pay for itself. It wlll.
however. have a pay back in high customer satisfaction and the fact that it
provides a valuable service to the community of Clearwater.
Revenue/donations are projected to be between 31.6% and 47.2% of total
expenditures throughout the years of this plan.
Useful Purpose And Benoflts
The salling center provides a useful purpose and benefit to the sailing and non-
salling community. It is a facUity that provides a safe and enjoyable location to
launch and retrieve boats and it can be enjoyed by boaters. room rental
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customers and students of non-sailing related classes. These combined
capabilities provide a great atmosphere for customers. This, In turn, can be
used to further the growth of the sailing center and meet customers demands.
Features Highlights
The facility is extremely attractive and, again, provides a valuable service to the
community. For example, it is used for monthly meetings of the Sand Key Civic
Association. tt is also used by the City Commission and various city
departments for meetings and seminars. It has also been used by local, state
and federal agencies for meetings. The sailing center building has the
capability to serve several functions at one time. Because of Its extreme
versatility, it can be used for both a salling activity and non-salling activity at the
same time.
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Key Benefits of All Services
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The major benefit of the sailing center is that it is a multipurpose facility which is
an asset to the City of Clearwater.
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Customer satisfaction survey
A customer satisfaction survey was completed in 1994. The survey showed
67% of all customers rated the sailing center as "Excellent", 31 % rated it as
"Good II and 2% rated it neutral.
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Customer Satisfaction is Defined as:
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Customer Service - the dependability and overall quality of execution of our
programs, maintenance and customer support functions.
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Customer Programs and Services - the ongoing identification of external
customer needs and the development of new programs and services to meet
those needs.
Organizational Effectiveness - the maximum utilization of organizational
responses and the reduction of operational obstacles to efficient and effective
customer service execution.
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Emptoyee Quality - the development of quality service through training and
education of our employees.
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Planned Services
The sailing center plans to continually develop new methods to Increase
revenue and enhance customer service. Concepts for the planned services
include: '
Developing plans for a floating dock at the sailing center and determining
whether it can be permitted.
Increasing the amount of sailing regattas from 1 to 3.
Increase the amount of revenue for instructional classes by $2tOOO per year
over the previous years actual revenue.
Conduct at least one fund raising activity each year (other than Carlisle Classic).
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Doubling the fleet of sailing center vessels used for instruction and the
membership program by FY 99/2000. -
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MARKET ANALYSIS
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At the present time, the only sailing centers within Plnellas County are the St.
Petersburg Sailing Center and Clearwater Community Sailing Center.
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Market Definition
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Key points in defining the market segment for sailing centers Is the ability to
provide a facility that meets the concerns of both the beginning sailor and the
advanced sailor. Currently, the sailing center market is shared by only two
facilities; Clearwater's and St. Petersburg. The St. Petersburg Salling Center
has been in operation for many years and is much larger than the salling center
In Clearwater. Sailboat owners and operators are looking for safe facilities to
launch & retrieve their vessels and students are looking for a well-run,
professional staff to learn the art of sailing.
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The sailing center's ability to operate and provide a service to the boating
community is a positive feature of the facility.
Recent review of the salling center shows:
Strong record of customer service.
Increased revenue.
Increased sailing classes.
Increased non-sailing classes.
'Request for more activity by the sailing community.
Boating trends increasing.
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The stability of the sailing market segment is steady,' and based on past years
trends, should continue over the next five years. Florida Marine Patrol
projections agree that the trend for boating will increase in the future. The area
of greatest growth in the sailing center market Is in the area of new students,
who become Interested in sailing and will become a regular user of the sailing
center.
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Strengths
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In terms of strengths, the salling center has several distinct advantages, such
as:
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Nearly new facility, fully air conditioned with a beautiful view.
Ideal location, with easy access to gulf and bay.
Excellent customer service.
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Attractive room rentals and rates.
Vessels in excellent condition and well maintained.
In marketing, our most powerful assets are:
Facility .
Location.
Management.
Reasonable Costs.
Hours ,of operation.
Cooperation.
Weaknesses
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Small size of facility.
Fleet of old vessels.
Small complement of employees for a seven day a week facility.
Non-avaUabllity of floating dock.
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In terms of weakness, the sailing center has the following:
The size of the sailing center limits or restricts the amount of large regattas that
can be supported. New vessels will be added to the fleet of the sailing center
each year, which will help overcome the fleet of old vessel weakness.
The limited number of assigned personnel at the sailing center in the operation
of a seven day a week multipurpose facility is a weakness. The sailing center is
presently open from 8 a.m. until 4:30 p.m., 8 1/2 hours a day, 364 days a year
for a total of 3,094 hours. 315 staff hours were devoted to building rentals after
4:30 p.rn.last fiscal year. The two full time employees have a total of 4,160
hours per year available. Because of the limited staff, building rentals are
restricted to Friday and Saturday nights only and there are times when the
facility in not staffed at all. The additional part time employee will provide an
additional 1,040 hours per year, increasing total staff hours available per year to
5.200 hours. This will allow building rentals seven nights a weak. increase
Instructional revenue and provide much needed assistance In the maintaining of
the fleet of vessels at the sailing center. The addition of a part-time employee
(with City Manager & City Commission approval) in FY 95/96 will help to
overcome the small complement of employees weakness.
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Opportunities
A major opportunity exist with the Windlass Sailing Organization. We can
negotiate an agreement which would allow them to operate from the sailing
center. The upside potential for the sailing center in each of the next five years
Is good. '
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Based on existing conditions. Introduced In the present situation section and
strengths/weaknesses analysis. it is apparent that the sailing center has many
opportunities as outlined in this plan.
Unexplolted Opportunities
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Explore the opportunity for State and boating organization grants for the sailing
center and develop a plan for increased usage by local hotels. Further.
opportunity may also exist in allowing commercial vendors to demonstrate sail
boats at the facility for a charge.
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CUSTOMERS
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The most typical customer for basic sailing classes is a young person between
8 and 12 years of age during the summer months. We have adult customers
throughout the year for non~saillng and other activities. It is likely that potential
sailing class customers will not be familiar with sailing and will enjoy the classes
offered. New students for nonsailing and sailing instruction mayor may not be
familiar with the classes,
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Principal users of the salling center are satisfied customers because:
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Classes meet their needs and demands.
Facility is attractive and practical.
Excellent accommodations for launching and retrieving sailboats.
Professional and knowledgeable staff.
Reasonable priCing for rentals & classes.
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A clear understanding of all of our customers and a balanced commitment to
serve the needs of each of these constituencies Is vital to our long term
oblectives. Usted below is the definition of our customers:
THE EXTERNAL CUSTOMER is our daily service focus. It Is our objective to
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meet and exceed all reasonable needs of our external customers and to make
possible expanded/enhanced services through a bigger. more professional and
cost effective operation.
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OUR EMPLOYEES AND STAFF are the key to our success. It is our objective
to select the best personnel. provide the best training. communicate our goals
and objectives, and build them into a cohesive team capable of meeting the
demands of the facility and new challenges.
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THE CmZENS OF THE CITY OF CLEARWATER are our owners and the body
we answer to ultimately. The City Commission serves as their trustees and as
the Board of Directors. It is our objective to provide a safe, professionally run
facility that our citizens can be proud of.
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OUR INTERNAL CUSTOMERS are a vital element in the successful execution of
our mission to external customers. Other city departments play an important
role in assuring our daily and long term success. It is our objective to
effectively communicate our needs, build healthy relationships, and demand
excellence in all our services.
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Communication Is the link between customer groups. It is the key to
understanding and a successful execution of our business plan. Only when all
customer groups understand the differing view points and reasonable needs of
others can a balance be reached which meets the objectives of all Involved.
Quality is a fundamental commitment of the sailing center and to provide it in all
our services to customer groups.
A customer satisfaction survey is planned in each year of this business plan.
The objective of the survey is to identify the demands of our customers and to
respond to them. On each survey, at least one suggestion will be adopted by
the Salling Center Team.
Customer Ust
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Appendix 5 is a list of past building rental customers of the salling center. In
the Mure, detailed lists of all customers, including ages for salling classes, will
be maintained.
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COMPETITION
SAILING CENTERS:
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The only other sailing center In Plnellas County Is located In 5t. Petersburg.. St.
Petersburg Sailing Center accommodates large sailboats and is a much larger
facUlty when compared with Clearwater Community Salling Center, which Is
limited to boats under 20 feet. It Is not considered to be a threat to our
operation. In fact. It Is a help In the overall promotion of sailing within the
communities.
BUILDING RENTALS:
The sailing center Is In competition with several hotels In the area for building
'rentals. Our prices are reasonable, and the hotels have referred rental
customers to us. Our relationship with the hotels is very good.
COMMUNITY CENTERS:
The only centers located on Clearwater Beach are the Memorial Civic Center
and the Clearwater Beach Recreational Center, cooperation between the
centers Is excellent.
LAUNCHING FACILITIES:
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The only launching facilities In the area are Seminole Launch Ramp. Clearwater
Beach Recreation Center Ramp, and Belleair Causeway Launch Ramp. With
the Increase In boat owners, all these ramps are heavily used on weekends and
holidays.
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MARKETING STRATEGY
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The sailing center marketing strategy is to enhance, promote and support the
fact that our facility Is unique in the Clearwater area and that it provides a
service to the community.
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Comprehensive Plan
The overall marketing plan for the sailing center is based on the following:
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The facility will be multipurposet serving the diverse needs of the community.
The segments of the markets we plan to reach are both sailing and non-
salling groups and individuals.
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The distribution channels we plan to use to reach the market segment are:
mailing, local newspaper advertising. word-of-mouth. caterers and Parks &
Recreation Publications.
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We plan to capture a large share of the beginning sailboat market by
aggressively promoting salling and other classes.
To prove the value of the sailing center we can:
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Promote the facility as much as possible, within present budget restraints.
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Demonstrate its effectiveness to students and visitors.
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Operate it as effectively as possiblet within budget restraints.
The need for sailing facilities in the local area is demonstrated by the fact that
there are only two facilities within Pinellas County.
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Positioning
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The sailing center is seen by the general public as a real asset to the City of
Clearwater. It can not be compared to the sailing center in 51. Petersburg,
which Is seen as a national sailing center. Users of the sailing center have the
perception that the facility is well run and ideally located for many activities. Its
unique advantages can be exploited. In terms.of marketing advantages, the
facility can be used to satisfy customers to arrive at a high approval position.
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Rlpolltlon the Competition
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There Is no need to reposition the competition. due to the distance between the
facilities and the size of the 5t. Petersburg Sailing Center compared to the
Clearwater Community Sailing Center.
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Marketing Responsibilities
Marketing the salling center will be the responsibility of:
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Harbormaster
, Assistant Harbormaster
Sailing Center Coordinator
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Each position will pursue the measures of this plan in marketing the sailing
center.
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PF3fCING Ie PROFITABILITY
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Charges for the room rental of the sailing center building are set by Resolutions
91-47 and 93-47. Prices for other activities are set administratively and are:
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Competitive.
Reasonable.
Based on standard markups.
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The prices for services are determined by surveys of what other facilities are
charging and on records from the Parks & Recreation Department. Compared
to the competition on building rentals, our prices are reasonable. There are no
Increased seasonal charges for the sailing center prices, they are the same
year round. Customers will pay the existing charges because of the quality
that Is provided.
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Margin Structure
Discounts
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Under Resolutions 91-47 and 93-47 city-related groups pay no charge, co-
sponsored groups pay $1.00 and pUblic/civic/church (Clearwater based only)
pay only the hourly rate. Purchases for concession sales at the sailing center
will be paid on time, so that discounts can be taken advantage of. Cooperative
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advertising with the Marine Department and Parks and Recreation Department
will be used to help reduce the costs for advertising to the sailing center.
Pricing for the sailing center will be reviewed each year. If justified. a
recommendation for an increase in room rental rates will be submitted to the
City Commission for approval.
Charges
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Current charges for activities at the sailing center are:
(R is Resident - NR is Non-Resident)
Basic Sailing Class - R $40.00. NR $60.00, Books $29.00.
Intermediate Sailing Classes - R $50.00. NR $75.00.
Advanced Sailing Class - R $50.00. NR $75.00. .
Resort Sailing Classes - $25.00 per person. per day.
Membership Club
Single Resident - $100.00 per year.
Single Non Resident - $150.00 per year.
Single Junior Resident - $50.00 per year.
Single Junior Non Resident - $75.00.
Additional Family Member. A $25.00, NR $30.00.
Instructional Classes
Yoga - $3.25 per class.
Watercolor Painting - $7.00 per class.
Une Dance - $2.50 per class.
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Launch Fee - A $2.00. NR $3.00 per day.
Boat Storage - $30.00 per month. plus tax.
Daily Temporary Boat Storage - R$4.00, NR $6.00.
NOTE: The city receives 20% of the collected instructional fees for classes at
the salling center. The remaining 80% is paid to the instructor.
Basic rental fees:
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Room rental - $200.00 per use x number of days.
Dance floor rental - $90.00 per use, plus tax.
Utilities charge - $1 O.OO/hour x number of days.
Personnel - $10.00/hour per employee straight time.
Personnel - $15.00/hour per employee overtime.
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Equipment' - $5.00 for each piece or equipment used.
Cleaning deposit - $50.00 (refundable).
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Concession
T-shirts
Golf Shirts
Snacks
Soda
Cost
4.75
9.75
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Selling
7.00
14.00
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SELLING TACTICS
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Current Selling Methods
Current activities that are used in marketing the sailing center are direct calling,
telephone, advertising in local newspapers, mail, radio and television.
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Telemarketing
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The telephone directory will be used for providing information on the salling
center. The following will also be used:
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Video Bulletin Board
Follow-up calls
Inquiry response on activities
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DISTRIBUTION
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The sailing center will use several different distribution channels.
The determining factors in choosing these channels are:
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Customer profiles.
location.
Seasonal concerns (with sailing classes).
Efficient use of budgeted funds.
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Method
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The primary means of distribution will be through hand delivery and mailing.
Pamphlets will be placed at:
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Chamber of Commerce Welcome Centers.
Parks & Recreation Community Centers.
Local Schools.
Local Businesses.
Clearwater Municipal Marina.
Ubraries.
Hotels/Motels.
City Expo's.
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Additional Information is distributed to the Sand Key Civic Association and Sand
Key Condo Associations. By using several methods, the sailing center will have
more options with which to respond to special needs and circumstances from
groups.
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Coverage
Target areas are Clearwater and Sand Key, which have the highest interest in
the facility. Because our distribution network is already set up and in use,
customers can enjoy our services now. This, in turn, increases customer
satisfaction.
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Customer Service
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Sailing center staff emphasize that support is one of their major concerns.
They are appreciative of the strong support from the Windjammers of
Clearwater. The sailing center phone is on a recording to take messages from
customers and phone calls are returned within 24 hours.
City vans are available for pickup and delivery of some students for special
classes. The purpose for this service is to assure student satisfaction and
loyalty, and to Increase the number of students in the classes, plus give
opportunities to students without transportation.
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Technical support to the sailing center is currently supplemented by the Sailing
Center Committee. They respond to suggestions, comments and items of
concern for the sailing center.
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ADVERTISING AND PROMOTION
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The Sailing Center Team recognizes that the key to success requires extensive
promotion. This must be done aggressively and on a wide scale. To
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accomplish our goals. we require an extremely capable staff for advertising.
We plan to advertise in Parks & Recreation publications. local newspapers and
Southwinds Sailing Magazine. Advertising will be accomplished within the
approved budget for the sailing center.
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Advertising and Promotion Objectives
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The advertising and promotion objectives of the sailing center are:
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Position the sailing center as the leading sailing facility in the area.
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Increase awareness of sailing center as well as name recognition among
customers and the sailing community.
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Generate qualified leads for possible students for classes.
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Develop significant information for immediate and long-term marketing plans.
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Create product advertising supporting the "YES, YOU CAN SAIL" motto.
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Coordinate literature, material. programs. and direct response promotions in
order to Improve our overall promotional campaign.
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Media Objectives
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Gain awareness of the sailing center among sailing groups. local nonsailing
residents, sailboat owners, and the general public.
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Establish an image for the sailing center as a facility that is run in a very
professional, completely reliable, and highly responsible manner.
Maximize efficiency in selection and scheduling of publications that cover the
sailing center in several markets.
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Media Strategy
Position the sailing center in quality publications that are consistent with our
objectives.
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Select primary business publications with high specific market penetration.
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Schedule adequate frequency to impact the market with messages and
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stories on the sailing center.
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Select specific media to reach several markets.
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Position advertising at welcome centers and community centers.
Utilize editions of U. S. Sailing,
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Note special high-interest sailing issues.
Maximize ad life with monthly and weekly publications.
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To get the most out of our promotional budget, our media coverage will be to
focus on customers of all ages.
An advertising campaign will be built around how great the facility is, beginning
with a "who we are" position and supporting it with ads that reinforce a positive
message. Importantly, a consistent reach and frequency will be sustained
throughout all the years of this plan.
Advertising Campaign
The best way to reach potential customers is to develop and continue an
intense advertising campaign promoting our basic premise that sailing is fun
and everyone should give it a try.
To maintain our image, the delivery and tone of our statements will be to get on
the water and get a "slice.of-Iife".
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Ads will convey the look and feel of a relaxed "get away from it aWl image, while
learning a skill that can used for a lifetime.
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The customer mindset, as described in IIMarketing Strategies" is to get the best
bang for their buck, while using a great facility.
IdeallYt atter becoming familiar with the sailing centert the customer will:
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Attend one of the sailing classes, become interested in sailing ~nd
become a frequent user and supporter of the sailing center.
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Assist with volunteer service or donated money or equipment to the
salling center.
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Because the salling center is so unique. it is Important to develop a promotional
campaign that Is consistent and easy to understand. Accordingly, we have
created a system of research and response to insure the maximum benefit of
our advertising dollars. We will develop an advertising history that measures
publication effectiveness and counts the number of inquiries for a particular ad.
Ad sizes will be varied. measured for effective differences and calculated by the
number of responses per investment in advertising.
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Preliminary Media Schedule
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Our printed media budget is $1000. Due to the seasonal nature of our sailing
customers. ads will be increased during the spring months.
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Promotion
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In addition to standard advertising practices, we will gain considerable
recognition through public service announcements. Reports and papers will be
submitted to trade journals and sailing conferences.
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Incentives
The sailing center advertises with every sale of T-shirts and golf shirts using its
unique logo.
Direct Mail
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Direct mailing to possible students who have completed basic and intermediate
sailing classes will be done whenever possible. 1 J I
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Sailing Center Pamphlet
Appendix 6 is the current pamphlet on the sailing center.
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Objective:
To portray the sailing center as a leading multipurpose facility with many
activities.
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Contents include:
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Launch ramps.
Salling classes.
Room rentals.
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Regattas.
Picture of facility.
Location chart.
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Investment In AdvertisIng And Promotion
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For the first three years of operation, $70.00 was spent on advertising. The
advertising budget has been increased to $1,000 in FY 94/95 and will be
maintained at $1,000 throughout the years of this plan. These planned
advertising expenditures are necessary to meet the specific goal of promotion
of the sailing center.
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The cast of advertising is very reasonable when compared to projected
revenue. Advertising expenditures are on the law side when compared to the
industry average because we want to hold down costs as much as possible.
The sailing center can also take advantage of public service messages and free
announcements.
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PUBLIC RELATIONS
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Goals
Position the sailing center at the leading edge of providing a multipurpose
facility for the community.
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Increase awareness and recognition among customers in the area.
Strategies
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STRATEGY #1: Develop a sustaining public relations effort, with ongoing
contact between newspapers and sailing clubs.
STRATEGY #2: Develop a regular and consistent update program for the
major target medias, keeping personnel abreast of all programs and new
salling introductions.
STRATEGY #3: Continue providing information to the Parks & Recreation
nCommunlque" that is distributed throughout the city's community centers.
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STRATEGY #4: Develop a minimum of four articles for the sailing center (one
each quarter) written by sailing center staff and distributed as a city news
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release.
Sailing Center Backgrounder
We plan to produce a complete backgrounder on the salling center to be used
as the primary public relations tool for all target media contact. This document
will also be used for Inclusion in press kits and Informational packages. The
backgrounder would include sections on the following broad subjects:
Overview of the sailing center with size and characteristics of the facility.
Classes and activities that are available.
Sailing center history.
Special events.
Press Releases
Develop a series of regular press releases on the sailing center and prepare
special press releases for each new activity Introduction, major event, donation
presentation or awards and recognition for performance. etc. A photo of the
event will be included with the press release, when possible.
Newspaper Staff Visitations
Each year. invite newspaper and local television reporters to visit the sailing
center for a story on the facility. During the visit. each of the reporters will
receive a complete facility tour and an opportunity to interview the
Harbormaster. Assistant Harbormaster and/or Sailing Center Coordinator. If
possible. sailing demonstrations or activities will be coordinated with the visit.
RELATIONSHIPS
The sailing center has formed some very important relationships with sailing
clubs and organizations. The following is a list of existing relationships:
Sailing Center Committee
Windjammers of Clearwater
Clearwater Yacht Club
The Sheraton Sand Key Resort
Radisson Suite Resort on Sand Key
Sand Key Civic Association
Island Estates Yacht Club
U. S. Coast Guard Auxiliary
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U. S. Power Squadron
Fleet 12 Sailing Organizati9n
Local caterers '
Local 'media
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A strong spirit of cooperation will be, continued'~ith these groups and
expanded to Include other groups and organizations.
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FINANCIAL PROJECTIONS
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Sailing Center FY 94/95 Budget is attached:
This budget shows a projected revenue of $29.000, projected donations
of $6.000 and projected total expenditure of $110.680, The budget
Includes a projected increase in total revenue of $6,000 from last fiscal
year. The increase in expenditures includes the cost of total maintenance
of the building by the Building & Maintenance Division. increased costs
for contractual cleaning services. increased garage service charges and
the purchase of a new avon boat.
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Projected 5-Year Program Statement is attached:
The projected 5~year program statement projects revenue. expenses and
donations for each of the five years of the Sailing Center Program. The
increase in FY 95/96 includes an additional part~time employee working
1040 hours. There is an off~set of $3.000 in contractual services. These
projections are based on our "best guessU and past experience on where
we anticipate to be within the next five years. Also included is the
percentage of revenue and donations vs. expenses for the sailing center.
This shows what percentage of the total expenditures is being funded
through revenue and donations. The remainder of the expenditures
costs is paid by the City of Clearwater General Fund for the Sailing
Center Program.
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Balance Sheet is attached:
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The balance sheet lists the assets and liabilities of the sailing center.
Equipment (boats) amounts include boats restored. donated and
depreciation. DepreCiation and appreciation on the buildings and
property is not included.
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MARINE/Sailing Center OperatIon,
Sailing Center Operations
DESCRIPTION OF SERVICES
Sailing Center Operations include the responsi~ility of a multipurpose facility used for marine events. safety
classes, meetings, receptions. parties, weddings, and other special events. The second floor of the facility has
a large room of approximately 1,500 square feet. The Sailing Center is designed for use of non~motorized vessels
of less than 20 feet, has three launch ramps, and parking for vehicles with boat trailers.
The Sailing Center offers a variety of leisure services and instruction for all ages including sailing, boating,
fitness, yoga, Hne dance, and bridge classes. Staff ce]]celS launch fees. building and watercraft rental fees.
instruction fees, membership fees, boat rental storage' fees, and sells concession items.
.
The Sailing Center Operations Program includes no additional cost centers.
GOALS
To improve customer satisfaction at the "excellenC. level by 5 % over the previous fiscal year survey
(i.e, from 73% to 78%) by September 30, 1995, as measured by a customer satisfaction survey and to
implement at least one customer suggestion at a cost within the approved budget level and staffing.
To increase revenue for the sailing center by 5% over FY 1993/94 level (FY 1993/94 totals will be
available 10/94) by September 30, 1995, at a cost within the approved budget level and staffmg.
INDICATORS
,::' (,,'INDICATOR'
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SPECIFIC MEASURE
RE5UL T5'"
" TARGET
100%
100%
Timeliness
percentage of employee performance eVlIluallons
completed on time
percentage of phone calls Bnd messages responded 100%
to (as reponed on II one week IIIImpling each month)
100%
Responsiveness
Responsivenelllf
Effectiveness
percentage of class panicipants who comptete 95%
classes utlsf actorlly
revenue for current flscal periOd as compared to lut 90%
vear's revenue for seme period
100%
Effectivene.c
94%
Effectiveneas
vesnl Itorege rack rental collected compered to 100%
possible revenue 11 B ricks X $30/month .. $540
monthlvl
55% lonlv 10 out of
1 B rentedl
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City of Clllrwater AnnulI Budget 1994/915
MARINEfSlIlIlng Center Operations
PERSONNEL
PosmON TITLE
ACTUAL
92/93 '
ADJUSTED RECOMMENDED APPROVED
93/94 94/95 94/9&
BUDGETED
93/94
SlImng Center Coordlnlltor
Recroatlon leader
TOTALS
2
2
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PROGRAM REVENUES AND EXPENDITURES
.. .... ACTUAl , ' BUDGET ADJUSTED ESTIMATED ' PERCENT
'PROGRAM REVENUES' ,
92193 '>' 93/94 ' 93/94" , 94/95 ' CHANGE,
General Fund 56,400 60,970 81,860 34%
Charges for Current Service 22,000 21,000 29,000 38%
TOTAL REVENUES 78,400 81,970 110,6BO 35%
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PROGRAM 'EXPENDITUn'ES '" ACTUAl ': ' , , , BUDGET , ,ADJUSTED, RECOMMENDED " APPROVED PERCENT,
92193 ' ,,:,' ' ',93/94 : , , 93/94 : " .. ' 94/95.. ': .... , 94/95 CHANGE,
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Personal Services 46,680 49,780 49,780 50,810 50,810 2%
Other Operating Expense 20,1 53 22,440 22,440 32,400 32,400 44%
Internal Services 960 6,180 9,750 22,470 22,470 130%
Cllpital 5,000 0 0 5,000 5,000 nla
Dllbt Service 0 0 0 0 0 nla
Transfer 0 0 0 0 0 n/s
TOTAL EXPENDITURES 72,793 78,400 81,970 110,680 110,680 35%
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MARINE/S.lIIng Center Operation.
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PROGRAM BUDGET HIGHLIGHTS
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Total revenue projected for the sailing
center is 529,000. This is an increase of
$8,000 over the revised revenue for fiscal
year 1993/94,
Contractual service expenditure of $9,150
reflects an increase of cleaning services for
the Sailing Center building.
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Operating supplies expenditure of 53,000
reflect an increase of supplies needed to
maintain the Sailing Center vessels.
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Garage service expenditure reflects the
charge for the tractor used to
launch/retrieve sailing center boats and for
insurance on the boats.
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Machinery & equipment expenditure of
$5,000 reflect the cost to replace the Avon
(rubber) boat used for sailing classes and
instruction.
Building &' maintenance expenditure of
$16,450 reflect the costs to maintain the
building by the Building & Maintenance
Division.
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DEPARTMENT: MARINE
MAJOR
CLASSIFICATlOM
INTERNAL SERVICE
401 Glr.ge Service.
40Z DocWlllnt R~roduct(on
403 Telephone Syc/V.rlable
406 Telephone Servh:e.Fllced
409 Insurance Acilln
. 4'0 tnfo....Uon SYc.fb.~
411 Building M.lntenance
'413 Print Shop
"6 Bldg & M.lnt-V.rlable
420 &pIg..... Btntf\ta
TOTAL
CAPITAL
, '640 M.chl....ry & Equtplllnt
642 'Furnl tur. & Equlplent
658 COItructfon Matl & Svca
TOTAL
**PROGUM TOTAL
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I'ROGRAM: SAiliNG C~~TER OPERATIONS CODE: 010-01375
Percent
ActuaL Budget Adjuated Recornnended X' CClIIII\lulon Change
92/93 93/94 93/94 94/95 Change Approv.d to Adl
II....... .....IIi.~... ........---- .........
86 0 1 ,430 4,270 ,m 4.270 ,m
,Q 100 100 100 OX 100 OX
0 200 200 200 0% 200 OX
365 480 4BO 320 -33% 320 -33X
290 370 370 390 5% 390 5X
0 200 zoo 0 - 100"' () -'OOX
0 2.910 2,910 16.450 465" 16,450 465X
113 100 100 100 OX 100 ox ,I
26 1,700 3,840 500 -!l7X SOD -B7X
eo 120 120 140 1n 140 1n
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960 6,180 ' 9.750 22.470 130% 22,470 130X i
4,920 0 0 5,000 nIl ,5,000 nI'
80 0 0 0 nI. 0 nle
0 0 0 0 nIl 0 nI.
5,000 0 0 5,000 niB 5,000 nI.
72,793 78,400 81,970 110,680 35% 110.680 35%
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92/93 93/U 93/94 94/95 Adjusted
l'rA'l'E (COH'r) I
335230 Fire Incentive 29,090 27,240 26,120 29,040 11\
335410 Hotor Refund 59,081 57,000 57,000 58,000 2'
335122 State H.ng Incentive 0 0 0 · 8,000 n/a
SUBTOTAL 2,834,332 2,615,800 2,574,160 2,667,950 4'
comr.rr I
369536 County ~lanning Grant 0 0 0 0 n/a
381107 COunty/Human Relation. 95,500 95,500 95,500 95,500 0'
381188 eRA 129,262 50,000 50,000 50,000 0'
338220 Occupational Lic.n.e 132,799 120,000 120,000 120,000 0\
338910 Fire Tax 1,183,681 1,147,300 1,147,300 1,163,000 1\
338911 ZHS Tax 2,211,150 2,211,150 2,211,150 2,211,150 0' .....i
381:225 Pinella. Library COop 0 0 0 504,810 n/a
SUB'1'O'1'AL 3,752,392 3,623,950 3,623,950 4,144,460 14' '1
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~, nr.ra.GOVEIUIII 6,767,991 6,449,750 6,413,640 7,320,410 14'
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LIUtID un IIODIPICM:ION I
341210 Annexation Pe.. 975 0 0 0 n/a
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341230 Appeal Fe.. 1,600 3,000 3,000 3,300 10'
341240 Site Plan Review 26,454 16,000 16,000 26,500 ,
66' .-.
341250 Vacation ROW 2,350 2,000 2,000 2,400 20'
341262 variance/cond UB. 92,325 101,560 84,000 95,000 13' .....\
341263 Zone/Plan Amendment. 9,100 5,000 3,300 6,500 97\ !
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341264 Concurrency Review 1,490 1,000 400 390 -3\
341266 Develop Agreement R.v 365 0 200 0 -100' · 'I
341267 Adult D.e Application. 0 0 0 200 n/a
341301 other Fee./Planning 121 250 200 110 -45' to...,.
341302 Engine.ring F.../Hap. 15,424 17,500 13,000 18,000 38\
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341401 ~.eaam.nt Search 6,302 6,000 6,000 6,000 0\
341402 Verify Petition 192 0 0 0 n/a t...
341403 COd./supplemental Sale 247 0 0 0 n/a
341404 X.rox Copi.. 3,502 2,000 2,500 2,500 0'
341405 Hi.c P.../Building Bye 400 1,500 1,200 1,200 0'
SOB'l'OT~ 160,847 155,810 131,800 162,100 23'
PUIILIC SAI"!:tT I
342101 Police service 22,149 21,000 18,100 22,500 24'
342105 School Re.ourc. Office 21,464 51,260 102,000 55,000 -46'
342110 Police-Vehicle In.p 1,885 2,200 1,080 1,500 39'
342201 Fire Service/EMS In.t 11,522 12,000 24,450 12,000 -51\
342202 Fire Training Facility 1,26j' 1,200 1,200 600 -SO,
SOB'1'O'1'AL 58,283 87,660 146,830 91,600 -38'
-
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347281 salling Launch F.e. 1,179 2,000 2,000 2,000 0\ .....
347282 sailing Inatr Pe.. 1,230 3,000 2,000 2,000 0'
347283 Sal11ng center Rental . 15,09-1 15,000 15,000 16,000 7' f
341284 V.nding Machlne comm 1,126 2,000 2,000 2,000 0'
341215 Boat Storag. P.. 0 0 0 5,000 n/_ tool
347286 Member.hip r.e. 0 0 0 2,000 n/_
SUBTOTAL 18,626 22,000 21,000 29,000 38\ ' I
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CONCLUSIONS AND SUMMARY
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The Clearwater Community Sailing Center will' continue to be an asset to the
City of Clearwater. It will be recognized for professional service and
responsiveness to customers. citizens and the community.
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Sailing center employees and instructors will be highly trained. motivated.
safety conscience. and instructed to provIde excellent customer service.
The sailing center team will work towards meeting all the objectives and
strategies of the plan.
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Customers of the sailing center are our most important asset. and we will
take all steps necessary to satisfy their needs. We plan on going the extra mile
and then some to meet every reasonable request and suggestion.
This business plan should carry the sailing center through the next five
y~ars. We will do our best to follow all the plans objectives and strategies.
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APPENDIX
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APPENDIX 1 . Club membership program.
APPENDIX 2 .'Resolutlons 91-47 and 93-47.
APPENDIX 3 . Organizational chart.
" APPENDIX 4 - Ust of members of the sailing center committee.,
.APPENDIX 5 . Ust of past building rental customers.
APPENDIX 6 - Sailing center pamphlet.
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APPENDIX 1
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CLEARWATER COMMUNIlY SAILING CENTER MEMBERSHIP PROGRAM
PURPOSE
This program will allow qualified sailors the use of the city owned Sailing Center boats
when they are not being used for sailing classes. Revenue collected from the membership
program will be used to help offset Sailing Center expenditures.
MEMBERSHIP FEE
$100.00 for Residents, $50.00 for spouse, $25.00 for each additional family member.
$150.00 for Non-Residents, $75.00 for spouse, $30.00 for each additional family member.
-l Membership fees will not be prorated during the year. Members of the Windjammers will
, ,} receive a $35.00 deduction from the membership fee. This deduction does not apply to
spouse or additional family member fees.
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MEMBERSHIP PERIOD
Membership period will be from June 15th to June 15th each year.
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MEMBERSHIP FEE INCLUDES
Use of the Sailing Center boats during normal staffed hours from gam until 4pm, seven
days a week and until sunset on Tuesday, Wednesday and Thursday nights during
daylight saving times from April through October. Members should call in advance for
boat availability, which will be on a first-corne first-serve basis and no boat reselVations
will be accepted. Hours and days are subject to change because of staff availability, so
members should also check in advance to insure that the Sailing Center is staffed for that
day. Scheduled sailing classes, sailing clinics and group sails have priority on the use of
the boats. Boats that are not being used in the classes and clinics will be available for
use with this program. Parking at the Sailing Center is included in the membership fee.
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MEMBERSHIP QUALIFICATIONS
To become a member, the person will be required to take a basic sailing class at the
Sailing Center or demonstrate competent sailing skills to Sailing Center Staff. Members
must be 10 years of age or older to participate in this program. Members from the age
of 10 through 17 must have a parent or guardian accompany them and remain at the
Sailing Center while the member is sailing.
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MEMBERSHIP RESPONSIBILI1Y AND SAILING LIMITS
Sailing Center Staff will determine boat availability and if weather conditions are
favorable for sailing. The sailing area limit is from the north buoys at the Sailing Center,
east to compass island and south to the Clearwater city limits. Boats will be sailed as is
and should be returned one-half hour before dark. Set up, break down, cleaning of the
boat after use and major damage repairs is the responsibility of the member. Failure to
comply with rules will result in termination of membership, with no refund of the
membership fee.
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eta 31993
APPENDIX 2
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n~SOLUTI0H "0. 93-71
^ RESOLUTION OF tllE CITY OF CLEARWATER I FlOR lOA,
AMENDING tHE IMSIC IlEN'rAl rH r:on rUE cl~MW^TEr~
cOt~HUNITY SAIL1NG CENTER I AND ESTAaUslIING FEES rOR nOAT
STORAGE AND FOR itENTAL OF TilE DANcE FLOOR AT TUE SAILING
CENTER: AMENDING ftESOlurtoN 90-49, AS M"E~IDED: pnOVIDING
AN EFFECTIVE DATE.
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" ,WlIEnEAS. on Oecember 20, 1990, the CHy Commission adopted Resotution 90-
~9, as ~mended by nesol~tion 91-47, eslabltsh~ng fees to be charged for the
rental of certain municipal bulldlnus and other fac~lities~ and '
HIIEnEAS, the CHy Commhsion finds it necessary to amend Sectlon 2(a) to
increase the bas ic ren la 1 fee and to i hc ll.lde a fee for boat storage and for
rental of the dance floor al the c1earwater Sailing Center; now, therefore,
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BE IT ntsolVEO by ritE' CITY coMMISStON OF TilE CITY OF
CLEARWATER, FLORIDA!
Section 1. Section 2(a) of nescilution 91-47 is amended to read!
, SecHon 2. There ~s hereby establhhed the following fees and charges
relating to lhe rental of publ1c boildings, the bandshell, athletic fields and
swimmihg pools. .
(a) Public buildings (~arlin Luther king Center, Memoriat Civic Center,
City Hall Annex, Sailing Center) and the bands~ell:
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Basic rental fees
a. S~ i 1 i ng Cen ~er - 1wo. 00 .t.l.;g.,.gg, per use x number of days
b. other pubHc bUl1d~ngs - ~70.00 per Use x number of days
h Boat storaCle - bo.od Der month plus tax
~ Dance ftoor renta1 - $90.00 per use plus tax
~ect~on 2. This resolution shall lake eftect on January 1, 1994.
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PASSED AND ADOpt~O th~s
AHest:
29 th day of
November
, 1993.
1 a Garvey
Hayor-Commissioner
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hESOLUTION No. 91-47
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLoll J DA, AMEND I NG THE PERSONNEL ClIARGES FOR
THE RENTAL OF PUBLl C BU J L DINGS ^ND THE BANOSlIEll, AND
THE FEES AND CH^RGES FOR THE RENTAL OF THE CLEARWATER
COMMUNITY SAtL!NG CEHTER BUILDING, INCLUDING A CLEANING
DEPOSIT: AMENDING RESOLUTION NO. 90-49: PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the CHy Commission adopted Resolution No. 90-49 on December 20, '
1990, ,establishing fees to be charged for the rental of certain municipal
'buildings, bandshell, athletic fields and swimming pools: and
WHEREAS, the CHy Commission finds that it is proper and adv-isable tol
revise the fees for the Use of the Clearwater Community Sailing Center Building
as set forth herein in order to recover the direct costs for the bu i lding,
personnel, utilities and suppliesj now, therefore,
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BE IT nESOLVED BY THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLoRIDA~
Section 1. Resolution 90"49 is amended to read:
Section 1. There is hereby established the following categories of user.
groups upon which rental fees will be based for Parks and Recreation rental
facilities, including public buildings (Martin Luther King Center, City Hall
Annex, Memorial Civic Center, Sailing Center), the bandshell, swimming pools and
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athletic fields:
(a) City related group: No charge
.
(b) Co-sponsored group: $1.00
\ (c) Outside group:
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Clearwater based groups treated as private).
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Private - Basic rental charge, hourly charges, and equipment charges.
Commercial - Basic rental charges, hourly charges, equipment charges,
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and ten percent (10%) of gross.
Sect ion 2. There is hereby estab 1 ished the fo llowing fees and charges
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relating to the rental of public buildings, the bandshel1, athletic fields and,
swimming pools.
(a) t'ub1ic buildings (Martin Luther King Center, Memorial civic Center,
City IIa 11 Annex I Sa i 1i ng Center) and the bandshe 11 :
1. Basic rental fees
~ Sai1ina Center - $150.00 oer use x number of davs
~ Other oublic bUildinQs - $70.00 per use x number of days
Hourly charges
a. 'Utilities $10.00 per hour x number of hours
b. rersonne1 - $10~00 per hour per employee x number of
employee hours for strtlight time
$15.00 per hour per employee x number of
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employee hours for overtime
-citv rate for off-duty police officer
( if necessary)
Equipment charges - $5.00 charge for each piece of equipment used per
day (inc1udina. bot not limited to. oiano. public address system. and sDotliahts)
(b), Athletic fields
1. Hourly charges
a. Utilities - $9.00 per hour x nUmb~r of hours
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b. Personnel - ill.50 per hour ~er employee x number
.
of employee hours for straight time
$17.25 per hour per employee x number
of employee hours for overtime
Reservation fee - $6.00 per hour (2-hour minimum)
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(c) Swimming pools
1.. Basic rental fee - t60.QO per use
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2. Hourly charges
a. Utilities $8.00 per hour x number of hours
b. Personnel - $7.50 per hour per employee x number
of employee hours
Section 3. A cleanlna deoosit in the amount of $50.00 shall be oaid in
advance for the rental of the Sailina Center to assure that the oremises and
equipment are returned in a clean and undamaaed condition. as determined bv the
city.
Section ~~. The fees and charaes established here;n shall be paid to the
City of Clearwater and shall be credited ~ to the Parks and Recreation
Department. excent that fees for the Sailina Center shall be credi!ed to the
Mar;ne Department.
Section ~ 4. When applicable, a deposit of $30.00 shall be required to
reserve any building (other than the Sailina Center), bandshell or pool, m:.
JSO.OO to reserve the Sailina Center. and $12.00 to reserve an athletic field.
Said deposits shall be submitted with the application and will be refunded only
if the application is not approved.
Section Ai. Those organizations or agencies which have current separate
facility agreements with the City of Clearwater shall be exempt from this
reso lut ;on.
Attest:
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CLEARWATER COMMUNITY S~ILING CENTER COMMITTEE MEMBERS Appendix 4
stu Smith
P.O. Box 656
ozona, Florida 34660
Don Cochran
1878 stevenson Ave.
Clearwater, Florida 34615
Alder Allensworth
200 180th Ave E
Redington Shores, FI 33708
Geri Espy
1250 Gulf Blvd 1501
Clearwater, Florida 34630
Sharla Fields
P.o. Box 9201
Treasure Island, Fl 33740
Linda Tremblay
12289 Elden Dr.
Largo, Florida 34644
Paul & Elsa Tuggle
, 2804 Longleaf Lane
Palm Harbor, Florida 34684
Ted & Janet O'Brien
3376 Ferncliff Lane
Clearwater, Florida 34621
Pat VanLeuvan
P.O. Box 6735
Ozona, Florida 34660
Judy Carter
121 Wall Street
Redington Shores, Florida 33708
scott Norman
'5817 Fairfield Ave S #1
Gulfport, Florida 33707
Joe Verfaillie
11332 Nature Trail
Port Richey, Florida 34668
cheryl Twining
441 Palm Isle SE
Clearwater, Florida 34630
Liz Phillips
3, Ambleside Drive
Belleair, Florida 34616
Leslie Collins
10900 Oakhurst Rd
Largo, Florida, 34644
Jay Stagg
1400 Gulf Boulevard #305
Clearwater, Florida 34630
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APPENDIX 5
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PAST BUILDING RENTAL CUSTOMERS OF THE SAX LING CENTER
(11/1/94)
Island Estates Yacht Club Party
Calvary Baptist Church Pastors' Sunday School Class Event
Tampa Bay Area Fire Marshall's Dinner
Fleet 12 Regatta
Florida Chapter Infantry Division Reunion
Morton Plant Christmas Party
Financial Seminars
Family Reunions
Birthday Parties
Retirement Parties
Anniversaries
Engagement Parties,
Sue Davis
Gloria Bailey
William Schauer
Erika Lauser
Jackie Beckwith
Laurie Dennis
Belinda Angell
Elaine Fessler
Sheila Smith
Rose Fitsirnmons
Joyce Best
Glenna French
RayAnn Favata
Catherine Geiger
Wendy Young
Joe Hara
Callie Gray
Jennifer Sullivan
Nicole Valentin
Jeff Grossman
Kevin Ewing
Kara Barron
Justine Smith
Mike Donovan
Joe Laughun
Bruce Fancher
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Weddings, Wedding Receptions:
Therese Neade
Chris Corino
Ruben Perez
Beverly cottril
Tammy Haynes
Patrice Stockdale
Aimee Benson
Darenda Crisp
Barbara Kellard
Linda Critoph
Robert Bennington
Jennifer Robinson
John Cagle
Rebecca Askwith
Deborah oittirnar
Angela Daugherty
Kim Fitz
William Bryan
Robin Page
Becky Parra
Kevin Woods
Randy Cohen
Theresa Robbins
Sheryl Goodell
Diana Schmitt
Dorene Douglas
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Nicole Conner
Nancy Burridge
Laura Veghte
Doreen Shaw
Cara Masn
Marry Quinn
Rory McCann
Christine Noguere
Greg Wright
Joyce Paradise
Deane Hartman
Victoria Young
Ellie Geier
Mark Work
Stuart Johnson
Randy Cohen
Bob Gallo
Christine Fogel
Jane Pederson
Keri Allen
Lynn Stanford
Lauri Dacey
Emelia Timberlake
John Andreasen
William Walker
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The sailing center has 34 building rental deposits for late 1994
and all of 1995.
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(8
Clearwater City Commission
Agenda Cover Memorandum
Ii
Item f#
Heetlng Date: 2/13/95
SOBJECT: ~
Resolution 95-18 Awarding the sale of $10,7~O,000 Improvement Revenue Bonds,
series 1995
RECOMMENDATXON/KOTION: ~
Adopt Resolution 95-18 Awarding the sale of $10,7~0,000 Improvement Revenue
Bonds, series 1995, to William R. Hough & Co. who submitted the best bid in
accordance with the terms of the Notice of Bond Sale
II and that the appropriate officials be authorized to execute same.
BACkGROUND:
Improvement Revenue Bonds, Series 1995, will finance the construction and
related furniture and equipment needs of the police station portion and one-
half of the parking facility of the municipal services/public safety and police
complex. This issue was validated in the circuit court of the sixth Judicial
circuit on October 6, 1994 and was affirmed by the Supreme Court of Florida on
January 9, 1995. This issue was advertised for competitive public sale
scheduled for 2:00 p.m. on February 13, 1995. Closing on this series is
scheduled to be finalized on Thursday, February 23, 1995.
The attached draft resolution has been prepared by Bond Counsel and could
cllange significantly depending on decisions that will be made by the winning
bidder with regard to purchase of bond insurance (Sections 5 and 6) and by the
City with regard to purchase of a debt service reserve surety bond (Sections 7
and 8). Each bidder has the option to bid insured or uninsured bonds. The
winning bidder is determined by taking this option (cost of bond insurance if
elected) into account. The city has the option of funding out of the bond
proceeds a debt service reserve in the amount of approximately $BBO~OOO or
purchasing a debt service reserve surety bond and reducing the size of the bond
issue. This decision will be made with the assistance of our Bond Counsel and
Financial Advisor and will be based upon many factors including requirements
imposed by the surety bond issuer, arbitrage regulations, interest rate
projections, the possibility of refunding at a future date, etc.
The final resolution will be provided to you at the commission Meeting on
February 13, 1995 along with copies of the bids received and copies of the
Preliminary Official statement.
IW'..s bi:
Leg.t
Budg.t
I Purchasfng
Risk "IiJIlIt.
CIS
ACH
, Other
J/4-
~
NIA
~UJ
Orlatnatin; Dcpt:
FINANCE
togts: MIA
Total
NIA
Current Fiscal Yr.
C~is.ion Action:
o Approved
[] Approved w/condltlons
[] Denied
[] Continued to:
User Dept:
finance
flJ'lding Source:
o Copl tal I lip.
o Operating
o Other
Att8C/wcnt.:
Resolution 95-18
[] None
W.lt~~
Cf MZ~
Advertised:
Date:
r' Paper: T~ Trlbone; The Bond
r.- I Buyer
C Not Requl red
Affected Partl~
[] Notified
1m Not Requl red
Approprfation Code:
RESOLUTION NO. 95-18
A RESOLUTION AWARDING THE SALE OF $10,720,000 CITY OF
CLEARWATER, FLORIDA, IMPROVEMENT REVENUE BONDS, SERIES
1995; RATIFYING PREVIOUS ACTIONS TAKEN BY THE FINANCE
DIRECTOR AND THE MAYOR-COMMISSIONER IN CONNECTION
THEREWITH; APPROVING THE MATURITIES AND OTHER TERMS OF
SUCH BONDS; AUTHORIZING THE PURCHASE OF BOND INSURANCE
AND FURTHER AUTHORIZING THE PURCHASE OF A DEBT SERVICE
RESERVE FUND SURETY BOND; AUTHORIZING THE EXECUTION OF
A FINANCIAL GUARANTY AGREEMENT WITH MUNICIPAL BOND
INVESTORS ASSURANCE CORPORATION; PROVIDING CERTAIN OTHER
MATTERS IN CONNECTION THEREWITH; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, on August 18, 1994, the city commission of the City
of Clearwater, Florida (the "City" or the "Issuer") enacted
Ordinance No. 5659-94 (the "0rdinance") to provide for the issuance
of not to exceed $12,500,000 city of Clearwater, Florida,
Improvement Revenue Bonds, Series 1994 (Municipal Services/Public
Safety and Police Complex Project) payable from the City'S Public
Service Tax (as defined therein); and
WHEREAS, pursuant to Resolution No. 95-8, the city
redesignated the initial series of Bonds issued under the Ordinance
to be Series 1995 (the "1995 Bonds") and provided for the public
sale of the 1995 Bonds pursuant to an Official Notice of Bond Sale;
and
WHEREAS, Resolution No. 95-8 delegated certain responsibili-
ties in connection with the award and issuance of such 1995 Bonds
to the Mayor-Commissioner and the Finance Director and the city
wishes to ratify the actions taken; and
WHEREAS, the Ordinance authorized the City to supplement the
terms thereof to provide additional covenants regarding
requirements for municipal bond insurance and a debt service
reserve account surety bond;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF CLEARWATER, FLORIDA, as follows:
SECTION 1. In accordance with the provisions of Resolution
No. 95-8, the city published a Summary Notice of Sale in the Tampa
Tribune, the Clearwater Gazette, the Beach Views, and in The Bond
Buver and distributed an Official Notice of Bond Sale calling for
bids to be received by 2:00 p.m., E.S.T. on February 13, 1995.
Such action is hereby ratified and confirmed.
SECTION 2. In accordance with the provisions of Resolution
95-8 the Finance Director accepted the bids submitted pursuant to
the Official Notice of Bond Sale, and at the hour stated in said
'Official Notice of Bond Sale, bidding was closed and the bids
attached as Exhibit A to this Resolution were found to have been
filed and to comply in all respects with the terms of the said
Notice of Bond Sale. The Official Notice of Bond Sale set forth
the maturities, subject to adjustment as provided therein, and
redemption provisions for the 1995 Bonds, and such maturities, as
may have been adjusted, and redemption provisions, are hereby
ratified and approved.
SECTION 3. The bid offering to purchase said 1995 Bonds at
the lowest true interest cost in accordance with the Notice of Bond
Sale was the bid of William R. Hough & Co. (the "Purchaser")
offering to purchase the 1995 Bonds for $10,513,140.20, plus
accrued interest. The bid of William R. Hough & Co. is hereby
accepted and $10,720,000 city of Clearwater, Florida Improvement
Revenue Bonds, Series 1995 are hereby awarded to William R. Hough
& Co. at the price offered for the 1995 Bonds, bearing interest at
the rates set forth in the bid attached hereto as part of Exhibit
A.
SECTION 4. In accordance with the provisions of Resolution
No. 95-8, the Mayor-Commissioner and Finance Director deemed the
Preliminary Official statement final as of February 1, 1995. Such
action is hereby ratified and confirmed. The Preliminary official
statement attached hereto as Exhibit B is hereby ratif ied and
approved. The Mayor-commissioner and Finance Director are
authorized and directed to execute and deliver an Official
statement in SUbstantially the form attached as Exhibit B, with
such changes, insertions and omissions as shall be approved by the
Mayor-commissioner and Finance Director.
SECTION 5. Pursuant to Section 10 of Resolution No. 95-8,
Municipal Bond Investors Assurance corporation (the "Credit
Facility Issuer") has been selected as the Credit Facility Issuer,
and, pursuant to the Purchaser's bid, the Purchaser has elected to
insure the 1995 Bonds. Selection of the credit Facility Issuer is
hereby ratified and confirmed and payment for such insurance is
hereby authorized from proceeds of the 1995 Bonds in accordance
with the Commitment for Municipal Bond Insurance from the Credit
Facility Issuer attached hereto as Exhibit C, and the terms,
conditions and agreements relating to the City set forth in such
Commitment for Municipal Bond Insurance are hereby accepted and
incorporated herein. A statement of insurance is hereby authorized
to be printed on or attached to the 1995 Bonds for the benefit and
information of the holders of the 1995 Bonds.
SECTION 6. In addition to the covenants and agreements of the
city previously contained in the Ordinance regarding the rights of
the credit Facility Issuer which are hereby incorporated herein,
the city hereby makes the following additional covenants and
agreements for the benefit of the Credit Facility Issuer and the
2
Holders of the 1995 Bonds while the Bond Insurance Policy insuring
the 1995 Bonds is in full force and effect:
(A) The following procedures shall apply to the 1995 Bonds
regarding payment thereof from the Bond Insurance Policy:
(1) In the event that, on the second Business Day, and
again on the Business Day, prior to the payment date on the
1995 Bonds, the Paying Agent has not received sufficient
moneys to pay all principal of and interest on the 1995 Bonds
due on the second fallowing or following, as the case may be,
Business Day, the Paying Agent shall immediately notify the
Credit Facility Issuer or its designee on the same Business
Day by telephone or telegraph, confirmed in writing by
registered or certified mail, of the amount of the deficiency.
(2) If the deficiency is made up in whole or in part
prior to or on the payment date, the Paying Agent shall so
notify the credit Facility Issuer or its designee.
(3) In addition, if the Paying Agent has notice that any
Bondholder has been required to disgorge payments of principal
or interest on the 1995 Bonds to a trustee in Bankruptcy or
creditors or others pursuant to a final judgment by a court of
competent jurisdiction that such payment constitutes a
voidable preference to such Bondholder within the meaning of
any applicable bankruptcy laws, then the Paying Agent shall
notify the Credit Facility Issuer or its designee of such fact
by telephone or telegraphic notice, confirmed in writing by
registered or certified mail.
(4) The paying Agent is hereby irrevocably designated,
appointed, directed and authorized to act as attorney-in-fact
for Holders of the 1995 Bonds as follows:
a. If and to the extent there is a deficiency in
amounts required to pay interest on the 1995 Bonds, the Paying
Agent shall (i) execute and deliver to state street Bank and
Trust Company, N.A., or its successors under the Bond
Insurance Policy (the "Insurance Paying Agent"), in form
satisfactory to the Insurance Paying Agent, an instrument
appointing the Credit Facility Issuer as agent for such
Holders in any legal proceeding related to the payment of such
interest and an assignment to the Credit Facility Issuer of
the claims for interest to which such deficiency relates and
which are paid by the Credit Facility Issuer, (li) receive as
designee of the respective Holders (and not as Paying Agent)
in accordance with the tenor of the Policy payment from the
Insurance Paying Agent with respect to the claims for interest
so assigned, and (ill) disburse the same to such respective
Holders; and
:3
b.' If and to the extent of a deficiency in amounts
required to pay principal of the 1995 Bonds, the Paying Agent
shall (i) execute and deliver to the Insurance Paying Agent in
form satisfactory to the Insurance Paying Agent an instrument
appointing the Credit Facility Issuer as agent for such Holder
in any legal proceeding relating to the payment of such
principal and an assignment to the Credit Facility Issuer of
any of the 1995 Bonds surrendered to the Insurance Paying
Agent of so much of the principal amount thereof as has not
previously been paid or for which moneys are not held by the
paying Agent and available for such payment (but such
assignment shall be delivered only if payment from the
Insurance paying Agent is received), (ii) receive as designee
of the respective Holders (and not as Paying Agent) in
accordance with the tenor of the Bond Insurance Policy payment
therefor from the Insurance Paying Agent, and (c) disburse the
same to such Holders.
(5) Payments with respect to claims for interest on and
principal of 1995 Bonds disbursed by the Paying Agent from
proceeds of the Bond Insurance Policy shall not be considered
to discharge the obligation of the Issuer with respect to such
1995 Bonds, and the Credit Facility Issuer shall become the
owner of such unpaid 1995 Bonds and claims for the interest in
accordance with the tenor of the assignment made to it under
the provisions of this subsection or otherwise.
(6) Irrespective of whether any such assignment is
executed and delivered, the Issuer and the Paying Agent hereby
agree for the benefit of the Credit Facility Issuer that:
a. They recognize that to the extent the Credit
Facility Issuer makes payments, directly or indirectly (as by
paying through the Paying Agent), on account of principal of
or interest on the 1995 Bonds, the Credit Facility Issuer will
be subrogated to the rights of such Holders to receive the
amount of such principal and interest from the Issuer, with
interest thereon as provided and solely from the sources
stated in the Ordinance and the 1995 Bonds; and
b. They will accordingly pay to the Credit Facility
Issuer the amount of such principal and interest (including
principal and interest recovered under subparagraph (ii) of
the first paragraph of the Bond Insurance Policy, which
principal and interest shall be deemed past due and not to
have been paid), with interest thereon as provided in the
Ordinance and the 1995 Bonds, but only from the sources and in
the manner provided herein for the payment of principal of and
interest on the 1995 Bonds to Holders, and will otherwise
treat the Credit Facility Issuer as the owner of such rights
to the amount of such principal and interest.
4
(B) In connection with the issuance of Additional Parity
Obligations, the Issuer shall deliver to the Credit Facility Issuer
a copy of the disclosure document, if any. circulated with respect
to such Additional Parity obligations.
(C) Copies of any amendments made to the documents executed
in connection with the issuance of the 1995 Bonds which are
consented to by the credit Facility Issuer shall be sent to
Standard & Poor's Corporation.
(D) The Credit Facility Issuer shall receive notice of the
resignation or removal of the Paying Agent and the appointment of
a SUccessor thereto.
(E) The Credit Facility Issuer shall receive copies of all
notices required to be delivered to Bondholders and, on an annual
basis, copies of the Issuer's audited financial statements and
Annual Budget.
(F) Any notice that is required to be given to a holder of
the 1995 Bonds or to the Paying Agent pursuant to the Ordinance
shall also be provided to the Credit Facility Issuer. All notices
required to be given to the Credit Facility Issuer under the
Ordinance shall be in writing and shall be sent by registered or
certified mail addressed to Municipal Bond Investors Assurance
corporation, 113 King street, Armonk, New York 10504 Attention:
Surveillance.
SECTION 7. The Issuer shall fund the Reserve Subaccount for
the 1995 Bonds in the Reserve Account in the sinking Fund with a
surety bond (the nsurety Bondn) purchased from Municipal Bond
Investors Assurance corporation (UMBIA")., The Mayor-Commissioner,
Finance Director, and/or City Manager are authorized to execute and
the city Clerk is authorized to attest a Financial Guaranty
Agreement in substantially the form attached to the Commitment
attached as Exhibit C hereto, with such changes, insertions and
omissions as may be approved by such Officers. Pursuant to the
Financial Guaranty Agreement, the Issuer shall grant to MBIA a
pledge of and lien on the Pledged Funds, junior, inferior and
subordinate to the lien on the Pledged Funds in favor of the
holders of the Bonds. Such pledge is hereby approved and ratified.
SECTION 8. In addition to the covenants and agreements of the
city previously contained in the Ordinance regarding the rights of
the provider of a reserve subaccount surety bond which are hereby
incorporated herein, the city hereby makes the following additional
covenants and agreements for the benefit of MBrA and the Holders of
the 1995 Bonds while the surety Bond is in full force and effect:
(A) For purposes of Section 16 (C) (4) of the Ordinance,
selection of a credit enhancement rather than cash to fund all or
a portion of the Reserve Subaccount for any Series of Bonds issued
5
thereunder shall be limited to a "qualified surety bond" which
shall mean a surety bond issued by an insurance company rated in
the highest rating category by standard & Poor's and Moody's, and,
if rated by A.M. Best & Company, shall also be rated in the highest
rating category by A.M. Best & company.)
(B) In any event where the Reserve Subaccount for the 1995
Bonds contains both the Surety Bond and cash, the cash shall be
drawn down completely before any demand is made on the Surety Bond.
In any event where the Reserve Subaccount for the 1995 Bonds
contains a surety bond from another entity And the Surety Bond,
demands for payment under the surety bonds shall be pro-rata from
each of the surety bonds.
(C) If a disbursement is made from the Surety Bond, the
Issuer shall first reinstate the maximum limits of such Surety
Bond, second deposit into the Reserve Subaccount for the 1995
Bonds, from moneys available under the ordinance, funds in the
amount of any disbursement made therefrom, and third pay MBIA any
interest due on amounts advanced under the Surety Bond.
(D) Any revenues available for debt service on the 1995 Bonds
and any Additional Parity Obligations issued under the Ordinance
shall be distributed between the 1995 Bonds and such Additional
Parity Obligations on a pro rata basis without regard to the
existence of a funded Reserve Subaccount ,~r a surety bond therein.
(E) The Paying Agent shall deliver a Demand For Payment at
least three days prior to the date on which payments of principal
and interest on the 1995 Bonds are required.
(F) It will be the responsibility of the Paying Agent to
maintain adequate records, verified with MBIA, as to the amount
available to be drawn at any given time under the surety Bond and
as to the amounts paid and owing to MBlA under the terms of the
Financial Guaranty Agreement.
(G) No optional redemption of 1995 Bonds, distribution of
funds to the Issuer pursuant to Section 16(C) (6) of the Ordinance,
defeasance of the 1995 Bonds or termination of the rights of the
holders of the 1995 Bonds or MBlA under the Ordinance shall be made
unless all amounts owed to MBlA under the terms of the Financial
Guaranty Agreement or any other documents have been paid in full.
SECTION 9. The Mayor-Commissioner, Clerk, Finance Director,
City Manager and City Attorney or any other appropriate officers of
the city are hereby authorized and directed to execute any and all
certifications or other instruments or documents required by the
Ordinance, Resolution No. 95-8, the Official Notice of Bond Sale or
any other document referred to above as a prerequisite or
precondition to the issuance of the Series 1995 Bonds and any
6
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representation made therein shall be deemed to be made on behalf of
the city.
, SECTION, 10. This resolution shall take effect immediately
upon its adoption.
Passed and adopted by the city Commission of the city of
clearwater, Florida, this 13th day of 'February, 1995.
..I
Rita Garvey
Mayor-commissioner
Attest:
"
, cynthia E. Goudeau
city Clerk
1"'<
Approved as to form
and legal sufficiency:
;,
Pamela K. Akin
city Attorney
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City or Clearwater, Florida
$10.720,000 Improvement Revenue Bonds
Series 1995
(Municipal Services/Public Safety and Police Complex Project)
IE. BIDDER CHECK OR INSURANCE
SURETY
,., t6), Jl )~ .:5 ('1\ \~ +- ~ /!Ja.." ~ e. y A ~ 'f
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PROPOSAL FOR
510,720,000.
CITY OF CLEARW A'I'E~ FLORIDA
IMPROVEMENT REVENUE BONDS, SERIES 1995
FWUlce Director
City Hall. ..
112 South Osceola Avenue. 3rd Floor
Clearwater, Florida 34616
Ladies and Geptlemen:
For the City of Clearwater. Florida.lmprovemcnt Revenue Bonds, Series 1995 (the -Series 1995 Bonds-).
dated February 1, 1995 and maturing on February 1,.1996 through Fcbruary 1, 2025, in the principal amount of
$10,720,000., descn'bcd in the Official Notice of Bood Sale, which is hereb~r.tdC a part of this Pro~ we will
'pay you in immediately availab~al ~rv~ds -re..n. M., \h ~ . t. ~".h'\d("'f"A -tVMi:::eef\ ;~. .
~ Me..~..,,,arQo. ",\.1 ' . Dollars(S 10)'513 1yO.QlO .:'),plus
accrued interest to the date of delivery' of the Series 1995 Bonds. This bid price may iriclude an underwriters
discount and an original issue discount, the total of which do not exceed 2% of the principal amount of the Series
. 1995 Bonds. '
We do ~ or do not _ wish to have the Series 1995 Bonds insured. We understand that the Series
1995 Bonds will be insu:~ by Municipal Bond Investors Assurance Corporation if the election to purchase
insurance is made, and the bond insurance premium will be paid by the City of Clearwater.
Said Series 1995 Bonds shall bear intcrest at thc rates and shall bc rcoffered at prices or yields specified
below.
Principal Interest Price Principal Interest Price
Maturity Amount. Rate or Yield Maturhv Amount. Rate or Yield
1996 $140,000 '-1:50 IDO 2011 $320,000 5'. '75 ~,g5
1997 145,000 ~"O (00 2012 340,000 6.15 ~
1998 155,000 1..I.li?D 100 2013 360,000 5./'5 ~
1999 160,000 L..\,c\D (DO 2014 385,000 6.,5 .3::1ffD
2000 170,000 5,DD 100 2015 405,000 5",'" '5" ~
2001 180,000 :; DfS 1 DC:::> 2016 430,000 5.'7'5 .J..a:.EP
2002 190,000 -5.10 \DO 2017 460,000 6,,5 .k.f2Q
2003 200,000 ..J,"5.15 lQ.Q 2018 490,000
2004 210,000 6,~o 100 2019 520,000
2005 225,000 ~. (;)5' !52;P 202D 555)000 5.g15" c:r7. S7S
2006 240,000 ~.~D ~ 2021 , 590,000 r...OD ~5"
2007 250,000 5,lID ~ 2022 625,0CXl
2008 265,000 5..~ fLJs2g 2023 665,000
2009 285,000 t).CcQ 5.'70 2024 710,000 3.L
2010 300,000 5.~5 ~ 2025 750,000 ~.OD
· Prc\iminarv subiect to cbange as stated in Official Notice of Sale.
"~t
Tenu Bonds OnttoD. The interest rate or reoffering price or yield for any Term Bonds shall be
indicated in the table above ooly in the )'car of final maturity. The annual Principal Amounts so indicated shall
be applied Cor the mandatory retirement of one or more Tenn Bonds maturing in the years and amounts and
bearing interest as Collows:
$ ~ ,51c6.(X)D Term Boods maturing on February 1, ~ at 5~fJ!P!o per annum to yield4..ClIJ% per annum.
S~ ?50J 000 Tcnn Bonds maturing on February 1, ~ at ~ % per annum to yield4.o1s% per annum.
$ Term Bonds maturing on February 1, _ at _ % per annum to yield _ % per annum.
$ Term Bonds maturing on February 1, _ at _ % per annum to yield _ % per annum.
$ Tenn Bonds maturing 00 February 1, _ at _ % per annum to yield _ % per annum.
[If additional space is needed to specify additional Term Bond marurities, please attach a separate sheet to this
proposal, setting forth such additional Term Bond maturities in the form set forili above.)
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We will accept delivery of said Series 1995 Bonds through The Depository Trust Company, with the
closing occurring at the office of the rmance Director of the City of Clearwater. 112 South Osceola Avenue,
Clearwater. Florida 34616 on or about February 23, 1995, unless another date or place shall be mutually agreed
upon, it being understood that the City sball furnish to us, free of charge at the time of delivery of said Scries
1995 Bonds, the opinion of Bryant, Miller and Olive, P A., Bond Counse~ Tallahassee, Horida, approving the
validity thereof.
In accordance with the Official Notice of Bond Sale, we enclose herewith either (i) a Cashier's or
Certified Checlc for S107,200 payablc to the ordcr of the City of Clearwater, Florida, to be returned to the
undcrsigoed upon the award of said Series 1995 Bonds provided this Proposal is not accepted, or (ii) provided
for a Financial Sure~ Bond ;n ~r.;cordance with the Official Notice of Sale. The check is to be cashed and the
amount of the check retained by the City until the delivery of said Series 1995 Bonds and payment therefor, and
is to be applied to the payment of the Series 1995 Boods or retained as and for liquidated damages in case of
the failure of the undersigned. to make payment as agreed.
This proposal is not subject to any couditions not expressly stated herein or in the annc.xcd Official
Notice of Bond Sale. Receipt of the PreliminaIy Official Statement relating to these Serics 1995 Bonds is bereby
acknowledged. The names of the underwriters or membcrs of the account or joint bidding accoUDts, if any, who
are associated for f!1e purpose of this Proposal are listed either below or on a separate sheet attached hereto.
. :\': ,;~
.'~\i\~~ t2:"\\ouCjh \ Co.
~ame of rmn 'W'd kc.oo,J(\t
100 ~COf\r\ Pw.e..r..UQ
Address
"Z:ol...d=h. 'SJ;U ~O
.
St.. pk.I5b.;rC;
Ciry ~
FL
State
3'373J
Zip
(~13 )~6 - g83~-~
Telepbooe Number
2
Par Amount
s /O,?:)D,DOD
$ /L)8, I g,9.
$ tof/. {gf)/p. m
.
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The, following is our computation made in accordance \vith the Official Notice of Bond Sale of thc trUe
interest cost to the City oC Clearwater, Florida, UDder terms of our Proposal Cor Series 1995 Bonds, which is for
informational purposes only and is subject to veri.fication prior to award:
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Less Original Issue Discount
Less Underwriters' Discount
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Plus Orlginallssue Premium
(the Original Issue Discount and
Underwriters' Discount net of
Original Issue Premium should not
exceed 2% of the principal amount
of the Series 1995 Bonds)
Amount Bid Before' Accrued Interest
(This amount should match the price
bid on page 1)
s
$ IDJ5/8} 14D.;)0
Less Bond Insurance Premium (if applicable)
Bid For Purposes of Calculating
True Interest Cost
$ 101,1DO.01;
AcctUed Interest
s 10, q:) IJ lflfo,;;}D
S 51} [)f)8,~
'"
True Interest Cost Rate (To February 23. 1995
and lDclusive of Insurance Premium costs and
accru~d interest, if any)
(P.O;{1<1 %
(No addition or alteratioD is to be made to this Official Bid Form, and it must be submitted with the
Official Notice of Bond Sale.)
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PROPOSAL FOR
$10,720,000.
em OF CLEARWATER, FLORIDA
IMPROVEMENT REVENUE BONDS, SERIES 1995
,<) J' ~
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F"1nance Director
City Hall
112 South Osceola Avcnue, 3rd F100r
Clearwater, Florida 34616
Ladies and Gentlemen:
For the City of Clearwater, Florida, Improvement Revenue Bonds, Series 1995 (the "Series 1995 Bonds-),
dated February 1. 1995 and maturing on February 1, 1996 through February 1, 2025, in the principal amount of
$10,720,000., described in the Official Notice of Bond Sale, which is hereby made a part of this Proposal, we will
pay you in immediately available federal reserve funds
Dollars(S 10,5'11 '834 r IS ),plus
accrued interest to the date of delivery of the Series 1995 Bonds. This bid price may include an underwriter's
discoUDt and an original issue discoUDt, the total of which do not exceed 2% of the principal amount of the Series
1995 Bonds. .
We do'i.. or do not _ wish to have the Series 1995 Bonds insured. We understand that the Series
1995 Bonds will be insu.:-cd by Municipal Bond Investors Assurance Corporation if the election to purchase
insurance is made, and the bond insurance premium will be paid by the City of Clearwater.
Said Series 1995 Bonds sball bear interest at the rates and shall be rcoffered at prices or yields specified
below.
Principal Interest Price Principal Interest Price
Maturitv Amount" Rate or Yield Maturitv Amount" Rate or Yield
1996 $140,000 5,00 ~ 2011 $320,000 S..W ?~'5
1997 145,000 ,..of) ~ 2012 340,000 5li5 S 80
1998 155,000 5,()D 2013 360,000 sAS ?~~:z.S
1999 160,000 r:;u aD ,5 2014 385,000 ?/~lS $. s
2000 170,000 5.0D ~ 2015 405,000 "5. 'iJi> ~'75
2001 180,000 5/10 5'. i D 2016 430,000 "'5',~15" :3i= J Ie{ JA1
2002 190,000 .,., IS t),IS 2017 460,000 6.~ '75
2003 200,000 ~, 7..0 ~.'2..0 2018 490,000 '7/ ~"75 ...9!i... -!r \
2004 210,000 5, )..5 ?,Z5 2019 520,000 ~,OO 'l~~ '1 ~ I~rlV\
2005 225,000 5/35 ~ 2020 555,000 (.,/00
2006 240,000 ?,I.{D ..2.i2 2021 590,000 /P,OO
2007 250,000 '7.$0 ~ 2022 625,000 ~.oQ ~ J'" ..... """
2008 265,000 .; . (,;0 5, G:-S 2023 665,000 le.bb l '" ::,
2009 285,000 5.70 21S 2024 710,000 ~.OO
2010 300,000 ?7S ..!2.:J.P 2015 750,000 ( _ , au
· PreliminarY subieCI 10 chanl!e as slated in Orncial Notice of Sale:.
TeMD Bonds ODtlon. The interest rate or reofferiDg price or yield for any Term Bonds shall be
indicated in the table above only in the year of fmal maturity. The annual Principal Amounts so indicated shall
be applied Cor the mandatory retiremeot of ooc or more Term Bonds maturing in thc years and amounts and
bearing interest as follows:
$...l "3.g010l>>Te~ Bonds maturing 00 February 1, :).O~ at 1j~1S% per annum to yield~P~ per annum.
S !JI075~ DQ')Term Bonds maturing 00 February It (}.O'Ulat t,,~o % per annum to yield",c'3?% per annum.
S ~. ::I'tOIOC() Term Bonds maturing 00 February 1, ';2.1).5'at G"t:>> % per annum to yield~% per annum.
S . Term Boods maturing 00 February 1, _ at _% pcr annum to yicld _% per annum.
S Term Boods maturing 00 February I, _ at _% per annum to yield _% per annum.
[If additiooal space is needed to specify additional Term Bond maturities, please attach a separate sheet to this
proposal, setting forth such additional Term Bood maturities in the form set forth above.]
We will accept dclivery of said Series 1995 Boods through The Depository Trust CompanYt with the
closing occurring at the office of the Fmance Director of the City of Clearwater, 112 South Osceola Avenue,
CleaIWater, Aorida 34616 on or about February 23, 1995, unless anothef date Of place shall be mutually agreed
upon, it being understood that the City shall furnish to us, free of charge at the time of delivery of said Series
1995 Bonds, the opinion of Bryant, Miller and Olive, P .A., Bond Counsel, Tallahassee, Aorida; approving the
validity thereof.
In accordance with the Official Notice of Bond Sale, we enclose herewith either (i) a Cashicrts or
Certificd Check for S107,200 payable to the order of the City of Clearwatcrt Florida, to be returned to the
undersigned upon the award of said Series 1995 Bonds provided this Proposal is not accepted, or (il) provided
fOf a Financial Surety Bond in accordance with the Official Notice of Sale. The check is to be cashed and the
amount of the check retained by the City until the delivery of said Series 1995 Bonds and payment therefort and
is to be applied to the payment of the Series 1995 Bonds or retained as and for liquidated damages in case of
the failure of the undersigned to make paymeot as agreed..
This proposal is not subject to any conditions not expressly stated herein or in the annexed Official
Notice of Bond Sale. Receipt of the Preliminary Official Statement relating to these Series 1995 Bonds is hereby
acknowledged. The names of the undenvrlters or membcrs of the account or joint bidding accountst if anYt who
are ass..?ciated for the purpose of this Proposal are listed either below or on a separate sheet attached hereto.
:GIG, ~w~S+Sa-t"5~,k qJoO
Name ofFJrin )J3ii'C)~~s B'Ot.r\c- ,; Address
s~':i-~ M("lcke((
fJ-e oN~~7.e r:;.h"l
By: ~ S
Namc:
TItle:
./J. LJesls~o"~ 8( vt9.,
T'dAtvl Del FL-~
City ~] State
d-.8'~ - 0 "31 D
'3 ? bO 9
Zip
2
s
6/, 700
~ f1ol';'f'U"...... ~ '~-.>. '.
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The following is our computatioo made in a~rdance with the Official Notice of Bond Sale of the true
interest cost 'to the City of C!eanvatct, Florida, under terms of our Proposal for Series 1995 Bonds, which is for
inrormatiooal purposes only and is subject to verific:tioD prior to award:
Par Amount
s ( 0 I "1 2.0 rOO 0" 0 0
S . 1'? 01-r). 05
I
s (p '3 I I '10 I 'i 0
F
S ---
Less' Original Issue Discount
Less Underwriters. Discount
Plus Orlginallssue Premium
(the Original Issue Discount and
Underwriters' Discount net of
Original Issue Premium should not
exceed 2% of the principal amount
of the Series 1995 Bonds)
Amount Bid Before Accrued Interest
(This amount should match the price
bid on page 1)
Less Bond Insurance "Premium (if applicable)
Bid For Purposes of Calculating
True Interest Cost
s /0/57/, ~ 3'1,15
.
s
/0)" I{) J /3 V , 15
.311 75~"iO
.
Accrued Interest
$
True Interest Cost Rate (To February 23, 1995
and Ioclusivc of Insurance Premium costs and
accrued int~rest, if any)
4:>,037Q_%
(No addition or aJteration is to be made to this Official Bid Form, and it must be submitted with the
Official Notice of Bond Sale.)
By:
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PROPOSAL FOR
$10,720,000.
Crn' OF CLEARWATER, FLORIDA
IMPROVEMENT REVENUE BONDS, SERIES 1995
Fmance Director
City Hall ,
U2 South Osceola Avenue, 3rd Floor
Clearwater, Florida 34616
Ladies and Gentlemen:
, For the City of Clearwater, ~orid.a.lmprovemeot Revenue Bonds, Series 1995 (the .Series 1995 Bonds"),
dated February 1, 1995 and JJlaturing on February I, 1996 through February 1, 2025, in the principal amount of
S10,720,OOO., described in the Official Notice of Bond Sale, which is hereby made a art of this Propo~ we .
pay u in imme 'atelyavailable federal r serve funds ~ ,.'," . ,,' "fIU ~
- .- Pi IJ DoUirs(S 1t1;$'~V$;J6, 9t!J ),plus
acaued interest to the date of delivery of the Series 1995 Bonds. This bid price may include an underwriter's
cUscOWlt and an original issue discount., the total ofwhicb do not exceed 2% of the principal amount of the Series
1995 Bonds. .
We do .6r do Dot _ wish to have the Series 1995 Bonds insured. We understand that the Series
1995 Bonds will be insu:cd by Municipal Bond Investors Assurance Corporation if the election to purchase
insurance is made, and the bond insurance premium will be paid by the City of Clearwater.
Said Series 1995 Bonds shall bear interest at the rates and shall be reoffered at prices or yields specified
below.
Principal Interest Price Principal Interest Price
Matuntv Amount'" Rate, or Yield Maturitv Amount'" Rate or Yicld
1996 $140,000 'I. S" 0 ~Sf) 2Dll 5320,000 -<". '7 r .s:i.li
1997 145,000 ~. 7 S- t',/.,~ 2012 340.000 "5'.F.:. ...z..lr
1998 155,000 l/. 7' t/ !ill 2013 360,000 5:Yc ~
1999 160,000 5",00 ~ 2014 385,000 5: J' cj ..s~. S; 5"
2000 170,000 ~.IO t;;IO 2015 405.000 s:: (I ?C ~o;.
2001 180,000 ,~-.,t) S. J S- 2016 430,000 "l7 r'?\ 6.0b
2002 190,000 - s: ...ltl 2017 460,000 Co. C h ~
t)" I ~.,
I 2003 200,000 5": ?>f) ~;).) 2018 490,000 . (,~.:;. ~.cr
I
I 2004 210,000 .;,;)c:;- !J7.;J C, 2019 520,000 C...C'Cc /L:.e.r"
, 2005 225,000 ~3() 5.Jld 2020 555,000 6,& c> .kt!L
I 2006 240,000 S'". +'0 s-. 5" () 2021 590,000 L;.#trO 6.10
7JjJ7 250,000 cro "'0 2Q?.2 625,000 (;r. ~d" .L:...!JL
2008 265.000 57btJ ..s::.Er 2Q?...3 665,000 Co... r ~ 6,IC
-
2009 285,000 !::to i})-.? 0 2024 710,000 t.. ('" i:) t. I d
-
2010 300,000 <:: ?O ~ 2025 750,000 c-.. D 0(..1 ~.I()
- Preliminarv 5ubiecl 10 change as slaled in Official Notice of Sale.
Tenn Bonds ODtlon. The interest rate or reoffering price or yield (or any Term Bonds shall be
indicated in the table above only in the year of fmal maturity. Tbe annual Principal Amounts so indicated r.ball
be applied for the mandatory rctiremenl of one or more Term Boods maturing in the years and amounts and
bearing interest as fonows:
s
S
$
$
S
Term Bonds maturing on February 1, _ at_ % per annum to yield _ % per annum.
Term Bonds maturing 00 February 1, _ at _ % per annum to yield _ % per annum.
Term Bonds maturing on February 1. _ at _ % per annum to yield _ % per annum.
Term Boods maturing on February 1, at % per annwn to yield % per annum.
Term Bonds maturing on February 1. == lit === % per annum to yield == % per annum.
{If additional spacc is nccded to spccify additional Term Bood maturities, please attach a separate sheet to this
proposal, setting forth such additional Term Bood maturities in the form set fortb above.]
We will accept delivery of said Series 1995 Bonds through The Depository Trust Company, with the
closing occurring at the office of the rmancc Director of the City of Clear\1r'ater, 112 South Osceola Avenue.
Clearwater, Florida 34616 on or about Febt1laI)' 23, 1995, unless another date or place shall be mutually agreed
upon, it being understood that the City shall furnish to us, Cree of charge at the time of delivery of said Series
1995 Bonds, the opinion of Bryant, Miller and Olive. P A., Bond Counse~ Tallahassee, Aorida, approving the
validity thereof.
In accordance with the Official Notice of Bond Sale. we enclose herewith either (i) a Cashier's or
Certified Checlc for $107,200 payable to the order of the City of Clearwater, Florida, to be returned to the
undersigned upon the award of said Series 1995 Bonds provided this Proposal is not accepted, or (ll) provided
for a Fmancia1 Surety Bond in accordance with the Official Notice of Sale. The check is to be cashed and the
amount of the check retained by the City until the delivery of said Series 1995 Bonds and payment therefor, and
is: to be applied to the payment of the Series 1995 Bonds or retained as and for Uquidated damages in case of
the failure of thc undcrsigned to make payment as agrccd.
This proposal is not subject to any conditions not expressly stated herein or in the annexed Official
Notice of Bond Sale. Receipt of the Preliminary Official Statcment relating to these Series 1995 Bonds is hereby
acknowledged. The namcs of the underwriters or membcrs of the account or joint bidding accounts, if any, who
are associated for the purpose of this Proposal arc listed cither below or on a separate sheet attached hereto.
SmitlJ BArn~y Tnt"
Name of Ftrm
lnn Nnrth TAmpA ~trp~t
Address
I:
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Smith Bat:ney
By. ~ue Ann Gortigan
Name:
Title: Vice President
Tamua
City
813-229-2277
Telephone Number
Florida
State
'11701
Zip
2
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,
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The !ollowing is our computation madc in accordance with thc Official Notice of Bond Sale of the true
interest cost to the City of Clearwater, Florida. under tenns of Out Proposal for Series 1995 Bonds, which is for
informational purposes only and is subject to verification prior to award:
Par Amount
s lv, "7 .:)1) CCtJ. t:' &
, ;
S l&v~S&7.S-o
,
Less Original Issue Discount
Plus Original Issue Premium
(the Original Issue Discount and
Underwriters' Discount net of
Original Issue Premium should not
exceed 2% of thc principal amoWlt
of the Series 1995 Bonds)
s c.:~ /t's-. ioO
..
S 0
, Less Underwriters' Discount
Amount Bid Before Accrued Interest
(This amount should match the price
bid on pagc 1)
s 1~S-5S;~G' "f'(J
"
Less Bond Insurancc Prell1ium (if applicable)
Bid For Purposes of Calculating
True Interest Cost
$ 6t 7.!?t? EJO
Accrued Interest
$/~#3Jb~.90
. ..
$ 31h,Pf.. ~ J.-
True Interest Cost Rate (To February 23, 1995
and Inclusive of Insurance Premium costs and
accrued interest, if any)
c: ..~S')7t'8'%
(No addition or alteration is to be made to this Official Bid Form, and it must be submitted with the
Official Notice of Bond Sale.)
','
By:
Corrigan
t'~' :
t~ ~.
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3
~\;:.: ':':""
l~};j~" ~'.
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SlMJ+O'qs7-
/1$'t:'\
PROPOSAL FOR
510,720,000.
CITY OF CLEARWATER, FLORIDA.
lMPROVEME~ REVENUE BONDS, SERIES 1995
.
I
I
rmance Director
CitY Hall
112 South Osceola Avenue, 3rd Floor
Clearwater, Florida 34616
Ladies and Gentlemen:
For the City of Clcarwater, Florida. Improvement Revenue Bonds, Series 1995 (the ~Series 1995 Bonds~),
dated February 1, 1995 and maruring on February 1, 1996 through February 1, 2025, in the principal amount of
\ $10,720,000., descn'bed in the Official Notice of Bond SaljJYhich is hereby made a part. of this Proposal, we will
r pay 9u in immediately available federal reserve funds }..p VI Jo;,., : J I ; ~ "" '-f, J <t- }...t.,)O .II' of. f
IV.e. .)u.J",... J: J,/AII ,'1~J "....( --I"~ DoUars(SIO,SOS ,(..(50 .o-c),plus
acciued interest to the date of delivery of the Series 1995 Bonds. This bid price may iocluae an underwriters
discount and an original issue discount, the total of which do nc:>t exceed 2% of the principal amount of the Series
1995 Bonds.
We ~ or do Dot _ wish to have the Series 1995 Bonds insured. We understand that the Series
1995 Bonds . be insu:ed by Municipal Bond Investors Assurance Corporation if the election to purchase
insurance is made, and the bond insurance premium will be paid by the City of Clearwater.
Said Series 1995 Boods shall bear interest at the rates and shall be reoffered at prices or yields specified
below.
Principal Interest Price Principal Interest Price
Maturitv Amount* Rate or Yield Maturitv Amount- Rate or Yield
1996 S14O,ooo 'l.C;C l{ .5 C: 2011 $320tOOO
1997 145,000 Lf.1i" D.5... 2012 340,000
1998 155,000 't, 7 J t./.c,o 2013 360,000
1999 160,000 ,.cu S cD 2014 ' 385tOOO
I . (..bO G ./ 'Q
2000 170,000 ff? S I\;) 2015 405,000
2001 180,000 t;, I J:.:..l5- 2016 430,000
2002 190,000 S:-.lO ~ 2017 460,000
2003 200,000 (. ~~ $1(" 2018 490,000
2004 210,000 . 5.3 0 5". .3 \) 2019 520,000
2005 225,000 S.1;- $'.35 2020 555,000
,
2006 240,000 S.'frJ S IylO 2021 590,000
2007 250,000 5.1"0 5,S C) 2022 625,000
2008 265,000 s. t.. lJ J'. L D 2023 665,000
2009 '285,000 57u f.1() 2024 710,000
2010 300,000 S. bU s. go 20" ..s 750,000 c,. eO 1:..:.J.i
· preliminarv $ubiecI 10 ch;mge as sla{ed in Official Nacke or Sale,
. ~...;.
Term Bonds Ootion. The interest rate or reofferiug price or yield for aoy Term Bonds shall be
indicated in the table above only in the year of final maturity. The annual Principal Amounts so indicated shall
be applied for the mandatory retirement of one or more Term Bonds maturiDg in the years and amounts and
bearing interest as follows:
: ~~~~ ~
S
$
$
Term Bonds maturing on February l~li 15 at (. CO % per annum to yield b.1 D % per annum.
Term Bonds maturing on February 1,::1 0 205 at 1...BL % per annum to ~eld~ .IS % p~r annum.
Term Bonds maturing on February 1. _ at _ % per annum to )'Jeld _ % per annum.
Term Bonds maturing on February 1, _ at _ % per annum to yield _ % per annum.
Term Bonds maturing on February 1, _ at _ % per annum to yield _ % per annum.
[If additional space is needed to specify additional Term Bond maturities, please attach a separate sheet to this
proposal, setting forth such additiooal Term Bood maturities in the form set forth above.]
1
We will accept delivery of said Series 1995 Bonds through The Depository Trust Company, with the
closing occurring at the office of the Fmance Director of the City of Clearwater. 112 South Osceola Avenue,
Clearwater, Florida 34616 on or about February 23, 1995, unless another date or puce shall be mutually agreed
upon, it being understood that the City shall furnish to us, free of charge at the time of delivery of said Series
1995 Bonds, the opinion of Bryant. Miller and Olive, P A.. Bond C011DSe~ Tallahassee, Florida, approving the
validity thereof.
In accordance with the Official Notice of Bond Sale, we eoelose herewith either (i) a Cashier's or
Certified Checlc for $107,200 payable to the order of the City of Clearwater, Florida, to be returned to the
undersigned upon the award of said Serics 1995 Bonds provided this Proposal is not accepted, or (U) provided
for a F'mancia1 Surety Bond in accordance with the Official Notice of Sale. The check is to be cashed and the
amount of the checlc retained by the City until the delivery of said Series 1995 Bonds and payment therefor. and
is to be applied to the payment of the Series 1995 Bonds or retained as and for liquidated damages in case of
the fail~e of the undersigned to make paymeot as agreed.
..;~:;~~~.~ ::~ ~~ "'i'Jili proPosaI is not subject to any conditions Dot expressly stated herein or in the anncxed Official
.._~_ Notice of Bond Sale.. Receipt of the Preliminary Official Statement relating to these Series 1995 Bonds is hereby
.::.-_ acknowlCdged. The names of the underwriters or members of the account or joint bidding acco~ if any, who
". arc'asSoci:u:cd for the purpose of thiS Proposal 'are listed either below or 00 a separate sheet attached hereto.
'. .
Sun'Irust Capital Markets, Inc. 25 Park Place, 4t..~ Fl=or
'~N. or~.l~~;;;ta. Gevr9iaS1at:U303
ame~
Title: vice Pr.:siYeni: (404) :>Ba-79~2
Telephone Number
Zip
2
!,.~l~J:rf;'-.~~'~.'.-'ri.~..-,... n. ~, ~~..._~ ~
The fonowing is our computation made in accordance with the Official Notice of Bood Sale of the true
interest cost to the City of Clearwater. Florida, under terms of our Proposal for Series 1995 Bonds. which is for
informational purposes only and is subject to verificatioo prior to award:
Par Amouot
S I', rtz...:; r;n;
,
S I:J.Cj '-I ;~. ,,$
,
s '74 ~ f., 1. '35
s C
Less Original Issue Discount
Less Underwriters' Discount
, I
Plus Original Issue Premium
(the Originallssue Discount and
Underwriters' Discount net of
Originallssue Premium should not
exceed 2% of the principal amount
of the Series 1995 Bonds)
, ;
AmOUDt Bid Before Accrued Interest
(This amount should match the price
bid OD page 1)
s /iJ St5 6 /71::
" ...
Less Bond Insurance Premium (if applicable)
Bid For Purposes of Calculating
True Interest Cost
G I, "7 n:
.
s
Accrued Interest
S/I,) 44{ 'ia
S/~ ,'Ii:. Ii"5
" I
True Interest Cost Rate (To February 23, 1995
and Inclusive of Insurance Premium costs and
accrued interest, if any) &,. I '12 ? '1 D
J...
%~
, !
i
i
I
)
I
,
.
(No addition or alteration is to be made to this Official Bid Form. and it must be submitted with the
Official Notice of Bond Sale.) ,
~ . '. I-
By:
" A:-
'. .
[) ~ 1\ ~( y.e. '" r :. ..{' (l) ,V' d G T.( v~
d 4 rc. ..J--e ...( " ,11.: I m ~\-+ '" ( ...J..\
.e 1)"''11 s ,. :J.1I1, tJ,5 b.Il';":'.:!
0'" c.e...v~rJ...-f/c"" \..0'.+1-
V u ,,' " ,,'f -rJ" c t ..., +u ,.. ,
.
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71
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Pf1'4dk"J +,'C()..
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PROPOSAL FOR ~~ _~ ::r:..-:-:o .......-:;.-
510,720,000. . _, .... ,
CITY OF CLEARWATER, FLORIDA c' ..":......::;. ..:: ':..; I~..' .
IMPROVEMENT REVENUE BONDS, SERIES 1995 .... -.. ~~'::.'.. ..'
- ,
r j if.;:- ft.-
.1..-}
rmancc Director
City Hall
112 South Osceola Avenue, 3rd Floor
Clearwater, Florida 34616
........ -.. .. ,.'
. .
.... ...-.-..
~ .
--
01
I
I
,
Ladies and Gentlemen:
. i
For the City of Clearwater, Aorida, Improvement Revenue Bonds, Series 1995 (the -Series 1995 Bonds-).
dated Febroarj' 1, 1995 and maturing On February 1, 1996 through February 1, 2025, in the principal amount of
$10,720,000", dcsaibed in the Official Notice of Bond Sale which is he~e lX!ade a art of . Proppsa!, e will
pay you in ' ediately available federal ese c ~4s ~ . . ~
."..,...-: , I< V. ~ t/cIf;4i.-:r. D A1=S{$ . - '=<: I ,plus
accrucP'interest to the date of delivery of the Series 1995 Bonds. This bid price may in ude an underwriter's
discount and an original issue discount, the total of which do not exceed 2% of the principal amount of the Series
1995 Bonds. .
.
We do ~ do not _ wish to have the Series 1995 Bands insured. We understand that the Series
1995 Bonds will be insu:ed by Municipal Bond Investors Assurancc Corporation if the election to purchase
insurance is made, and the bond insurance premium will be paid by the City of Clearwater.
Said Series 1995 Bonds sball bear interest at the rates and shall be reoffered at prices or yields specified
below.
Principal Interest Price Principal Interest Price
Maturitv Amount'" Rate Or Yield Matuntv Amount. Rate or Yield
1996 $140,000 ..y. ':';-0 ~, 2011 S32O,OOO \. ""'7D $,'7S-
1997 145,000 q.'7C .!:L2-" 2012 340,000 l>- ." '7C. .5 St)
1998 155,000 if.9C !:L!:5:.' 2013 360,000 .~'7~- ~
1999 160,000 6-.00 ~ 2014 385,000 ,5. gO ...,-:9C'
2000 170,000 S.fX; ~,(15 2015 405,000 ~-;. r;n-;- . ~-; c;, S-
2001 180,000 ,&:;~ io ...<.10 2016 430,000 f,-hCO ~O
2002 190,000 j.. c:;,; < .s..dS 2017 460,000 I'J'co
2003 200,000 . . <;, I.~ $.:.2,0 2018 490,000 t....CC'
2004 210,000 5~2D .c;-: 7~ 2019 520,000 1...00
2005 225,000 .~-. z.s' ..s:aO 2020 555,000 .(... .r.() ti9~25
2006 240,000 ,.c;, '5"'1$ , 5: '10 2021 590,000 L,..,ClD
2007 250,000 <, It't.' s.:sP 2022 625,000 &&Q
-
2008 265,000 ~-. .;-'0 ~, 2Q'>..3 665,000 ~."cc'
2009 285,000 \. SO; i:C) <:: ct:r 2024 710,000 (....ee,
2010 300,000 ,~ ?-7$" &29 2025 750,000 (;...CC' 9W. ~'75'
· Prelimin3rv subject lO chan~e as staled in Official NOlice of Sale.
~ .. .1
, .
". '
Sl,DZ.~/O?>_p'Tenn Boods maturing on February 1,zo,?D at '.2,00% per annum to yiel~% per annum.
s~.. . iferm Bonds maturing on February 1, z at ~ % per annum to yieldh-dtl .% per annum.
S Term Bouds maturing on February 1, at % per annum to yiel~dO per annum.
$ Term Bonds maturing on February 1, % per annum to yield % per annum.
S Term Bonds maturing on February 1, at _ l:l per annum to yiel _ per annum.
Term Bonds Otltlon. The interest rate or n:offerlng price or yield {or any Term Bonds shall be
indicated in the table above only in tbe year of flJ)al maturity. The annual Principal Amounts so indicated sball
be applied for the mandatory retirement of one or more Term Bonds maturmg in the years and amounts and
bearing interest as foUows:
[If additional space is needed to specify additional Term Bond maturities, please attach a separate sheet to this
proposal, setting forth such additiooal Term Bond maturities in the form set forth above.)
We will accept delivery of said Series 1995 Bonds through The Depository Trust Company, with the
closing occurring at the office of the rmance Director of the City of Clearwater. 112 South Osceola Avenue,
Clearwater, Florida 34616 on or about February :2.3, 1995, unless another date or place shall be mutually agreed
upon, it being understood that the City shall furnish to us, free of charge at the time of delivery of said Series
1995 Bonds. the OpiJliOD of Bryan~ Miller and Olive, P .A.. Bond Counsel, Tallahassee, Florida, approving the
validity thereof.
In accordance with the Official Notice of Bond Sale, we enclose herewith either (i) a Cashier's or
Certified Check for Sl07,200 payable to the ordcr of thc City of Clearwater, Florida, to be rcturned to the
undersigned upol1 the a"'ard of said Series 1995 Bonds provided this Proposal is not accepted, or (ii) provided
for a FInancial Surety Hood in accordance with the Official Notice of Sale. The check is to be cashed and the
amount of the check retained by the City until the dclivery of said Series 1995 Bonds and payment therefor, and
is to be applied (0 the payment of the Series 1995 Bonds or retained as and for liquidated damages in case of
the failure of the undersigned to make payment as agreed..
..
This proposal is not subject to any conditions not expressly stated herein or in the annexed Official
Notice of Bood Sale. Receipt of the Preliminary Official Statement relating to these Series 1995 Bonds is hereby
acknowledged.. The names of the underwriters or members of the account or joint bidding accounts, if any, who
are associated for the purpose of this Proposal are listed either below or on a separate sheet attached hereto.
By. ~~ ~. fie1k1A
Name: ~R~\..\l~. .€.\ t\\\..t."'R
Titlc: 'J\ f... PR~~\ d~nt
~~~ RmQ~ ~\.9i\~
City State
T'1'P~Yum2~~. h\J5a
?:>348 !o
Zip
?("~dtrtUnJ l)~~.uf,ti~ )J1(9r~rate.d ~~'5S \D\NN \1..'i\tR R\). \\~\~~ \\c:()
Name of F'IIID Address
~
,..
.
2
_.
""'?:
.'
-......
The following is our computation made in accordance with the Official Notice of Bond Sale of the trUe
interest cost to the City of Clearwater, Florid<lt under terms of our Proposal for Series 1995 Bonds, which is for
informational purposes ollly and is subject to verification prior to award:
.~..
....-
Par Amount
s /O/720/0co",ao
S '?J'1.3~8,So
,
s 1/'1/11':1.. CO
.
s 0
;..-........
.....',.......
--'"
...~........
'!':"'"'~. ~..
-.
Less Original Issue Discount
.....
_0.
.;~'
Less Underwriters' Discount
J".........
L'_ .._,
.~.~....
-"'
~::.::.
.~-:
-_.
Plus Original Issue Premium
(the Original Issue Discount and
Underwriters' Discount net of
Original Issue Premium should not
exceed 2% of the principal amount
of the Series 1995 Bonds)
I.
. .....'.'= .,... ~
~. ., .
Amount Bid Before Accrued Interest
(This amount should match the price
bid on page 1)
Less Bond Insurance Premium (if applicable)
Bid For Purposes of Calculating
, True Interest Cost
S /0/ jZ3, 713, iC
,
s (;;,1, 700,00
I
Accrued Interest
$ JO/~~Z./C'/3, 10
s ~~7..:s...17
True Interest Cost Rate (To February 23, 1995
and Inclusive of Insurance Premium costs and
accrued interest, if any)
~~,()705- %
(No addition or alteration is to be made to this Official Bid Form, and it must be submitted with the
Official Notice of Band Sale.)
By:
3
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,
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PROPOSAL FOR
$10,720,000.
cm OF CLEARWATER, FLORIDA
IMPROVEMEl'a" REVENUE BONDS, SERIES 1995
, )
. t1", ; I L.J" e ~ ..,. Co .
Finance Director
City Hall
112 South Osceola Avenue, 3rd Floor
Clearwater, Florida 34616
Ladies and Gentlemen:
For the City of Clearwater, Florida, Improvcment Revcnue Bonds, Series 1995 (the .Series 1995 Bonds-),
dated February 1, 1995 and maturing on February 1. 1996 through February 1. 2Cr'...5, in the principal amount of
$10,720,000., descnbcd in the Official Notice of Bond Sale, which is hereby made a part oC this Proposal, we will
pay you in immediatel~vai1able federal reserve fun~ T?n ft;,'/iJilY1 -hV~ hr..lI"dre;/'
~vel\ -fhov-s.tnA ,r bul'(1nJ. Alk'I-Y-/llh Dollars(S It?, 5D:?-, €/~7, 00 ),plus
accrued interest to the date of delivery of me Senes 1995 Bonds. This bid price may include an underwriter's
discount and an original issue discount, the total of which do not exceed 2% of the principal amount of the Series
1995 Bonds. .
We do Lor do not _ wish to have rhe Serics 1995 Bouds insured. We understand that the Series
1995 Bonds will be insu:ed by Municipal Bond Investors Assurance Corporation if the election to purchase
insurance is made, and the bond insurance premium will be paid by the City of Clcarwater.
Said Series 1995 Bonds sball bear interest at the rates and shall be reoffered at prices or yields specified
below.
Principal Interest Price PriDcipal Interest Price
Maturitv Amount- Rate or Yield Maturitv Amount- Rate or Yield
$140,000 , f../,60 2011 $120,000 =ffi {(<{
1996 ~ .D,'
1997 145,000 '( nt) t./ "1t) 2012 340,000 Hi:
1998 155,000 ;'lJ,"' L{ q(~ 2013 360,000 -:J-f"
1999 160,000 5. C,) ~ 2014 385,000 j%i LaY.
2000 170,000 r' 0 ..J.:..l!1 2015 405,000 ~
2001 180,000 ~ f 1;1 2016 430,000
fI'~ ~ ~i(
2002 190,000 .., . "20 2017 460,000
2003 200,000 Ii "z.t; 2018 490,000
2004 210,000 (;z.~, ~ 2019 520,000
2005 225,000 -fti ( 3tt 2020 555,000 ? K~.:) (.0'1
2006 240,000 ~~ .i.':ii. 2021 590,000
2007 250,000 ~ i~ 2022 625,000
200S 265,000 2023 665,000
2009 285,000 (.G0 ~ 2024 710,000
2010 300,000 ~ Gn ~ 2025 750,000 6,QD 6.10
· Prellminnrv ~lIhjccl to chMse n~ sl:ll~d in Official Notice or Siller
Par Amouot
S IOA20.00b.bv
r ,
S I 52, '11 { , 00
I
S '-A q ~IJ. l.':
I
S - 0-
. Iv1 ~ ~v" ',' -,-/... r t.. Y- Cc .
I
J
~
. The following is our computation made in accordance with the Official Notice of Bond Sale of the true
interest cost to the City of CleaIWater, Florida, under terms of our Proposal for Series 1995 Bon~ which is for
informational purposes only aJ?d is subject to verificatioD prior to award:
Less Original Issue Discount
, I
\
I
i
'I
,
!
I
I
,
I
I
I
. !
i
I,
Less Undervnitcrs' Discount
Plus Original Issue Premium
(the Original Issue Discount and
Underwriters' Discount net of
Original Issue Premium should not
exceed 2% of the principal amount
, of the Series '1995 Bonds)
Amount Bid Before Accrued Interest
(This amount should match the price
bid on page 1)
$ ID. '501 itt'l. ();;)
. (
Less Bood Insurance Premium (if applicable)
$ CI.' .:tOO; Dr.)
Bid For Purposes of Calculating
True Interest Cost
Accrued Interest
S {V,. 44?'L:t(/t. t)O
$ 31-/f,lj.QO
True Interest Cost Rate (To February 23. 1995
and Inclusive of Insurance Premium costs and
accr:ued interest, if any)
G.056'f %
,
I
!
(No addition or alteration is to be made to this Official Bid Form, and it must be submitted with the
Official Notice of Bond Sale.)
By:
3
::"i.\ ~'/, \';',
MERRILL LYNCH AHD CO.
Name of F1I'II1
2..l=)O~~~(' k~ 'ff)~ Q+ Dr I Su ',-\-<: l1 0 0
Address
Me,~:,1 L.'1~e~ f ~ .
Term Bonds Option, The interest .rate or reoffering price or yield for any Term Bonds shall be
indicated in the table above only in tbe year of fmal maturity, The annual Principal Amounts so indicated shall
be appUed (or the mandatory retirement oC one or more Term Bonds maturing in the years and amounts and
bearing interest as follows:
S 1..,4 '{[ otJ 0
S ')"4 ,000
S I
$
S
Term Boods maturing on February 1, 2010 at ,. ~1" % per annum to yield t.O l' % per annum.
Term Bonds maturing on February 1,1.Q1!f.. at L~ % per annum \0 yield ~ % pcr annum.
Term Bonds maturing on February 1, at % per annum to yield % per annum.
Term Bonds maturing on February 1, == at === % pcr annum to yield % per annum.
Term Bonds maturing on February 1, _ at _ % per annum to yield _ % pcr annum.
[If additional space is Deeded to specify additional Term Bond maturities, please attach a separate sheet 10 this
proposal, setting forth such additional Term Bond maturitics in the form set forth above.}
We will accept delivery of said Series 1995 Boods through The Depository Trust Company, with the
dosing occurring at the office or the Fmance Director of the City of Clearwatcr, 112 South Osceola Avenue,
Clearwater, Florida 34616 on or about February 23. 1995. unless another date or place shall be mutually agreed
upon, it being understood that tbe City shall furnish to us, free of charge at the tiJ::o.e of delivery of said Series
1995 Bonds, the opinion of Bryant. Miller and Olive, P A., Bond Counse~ Tallahassee, Florida, approving the
validity thereof.
In accordance with the Official Notice of Bond Sale, we enclose herewith either (i) a Cashier's or
Certified Check for 5107,200 payable to the order of the City of Clearwater. F1orid~ to be returned to the
undersigned upon the award of said Series 1995 Bonds provided this Proposal is not accepted, or (ii) provided
for a Fmancial Surety Bond in accordance with the Official Notice of Sale. The check is to be cashed and the
amount of the check. retained by the City until the delivery of said Series 1995 Bonds and payment therefor, and
is to be applied to the payment of the Series 1995 Bonds or rctained as and for liquidated damages in case of
the failure of the undersigned to make payment as agreed.
This proposal is not subject to any conditions not expressly stated hcrein or in the annexed Official
Notice of Bond Sale. Receipt of the Preliminary Official Statement relating to these Series 1995 Bonds is hereby
acknowledged. The names of the underwriters or members of the account or joint bidcllng accounts, jf any, who
are associated for the purpose of this Proposal are listed either below or 00 a separate sheer attached hereto.
--
APfL~~ ~/ , ',E1h'\pA- ) \=lDR\OL;
By: ~/~~ City State
N~:C.1\~o.t"J.. ~. ~~~~f\V\o.~r , '\
Title:)).: ~ o(.~'1"~""'", '1.fYJ t b......~ 'N\o........~;eQ. ~ \ ~) .:} g 8 - t{-).Oo
Te cphooe Number
=?, :, to () '1
Zip
2
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-
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PROPOSAL FOR
$10,120,000-
CllY OF CLEARWATER, FLORIDA
IMPROVEMEI\'T REVENUE BONDS, SERlES 1995
rmance Diredor
City Hall
, 112 South Osceola Avenue, 3rd Aoor
Oearwater, Florida 34616
Ladies and Gentlemen:
For the City of Clearwater, Florida, Improvement Revenue Bonds, Series 1995 (the -Series 1995 Bonds"),
dated February 1, 1995 and maturing on February 1, 1996 through February 1, 2025, in the principal amount of
$10,720,000., described in tbe Official Noticc of Bond Sale, which is hereby made a part of this Proposal. we will
pay )'ou in immediately availab!e federal reserve funds-:JCn rv1tl'.'fY\ J/ve.. "........cl"uL bl~w "'t'f\t ~~('",,-L
:5>, ~ ~ u.......Q..~d;r~~ e..~>,<< ~ J\IT-f:l. ~ c":> I, r:b -- Doll ($ {O rS 0.5 ft, 4-~. 06),plus
8caued interest to date of etivcry of the Series 1995 Bonds. This bid price may include an underwriter's
discount and an original issue discount, the total of which do not exceed 2% of the principal amount of the Series
1995 Bonds. .
We do ...,lor do not wish to bave the Series 1995 Boods insured. We understand that the Series
1995 Bonds will be msu:cd by Munidpal Bond Investors Assurance Corporation if the election to purchase
insurance is made, and the bond insurance premium will be paid by the City of Clearwater.
Said Scries 1995 Bonds shall bear interest at the rates and shall be reoffcred at prices or yields specified
below.
Principal Interest Price Principal Interest Price
Maturitv Amount'" Rate or Yield Maturity Amount'" Rate or Yield
.j
1996 $140,000 5.55 ~ 2011 S320,000
1997 145,000 5.55 ~ 2012 340,000
1998 155,000 6,55 :.:LQ.c 2013 360,000
1999 160,000 6,.65 :5:s..1S) 2014 385,000
2000 170,000 .5 .65 ~2..0 2015 405,000
2001 180,000 !5.55 B-~ 2016 430,000
2002 190,000 6.!5S -!...:2 tJ 2017 460,000
2003 200,000 Q.S5 ~G' 2018 490,000
2004 210,000 5.55 ~O 2019 520,000
2005 225,000 .5.55 5, ~.s 20"..0 555,000
2D06 240,000 L.FJ.SS' ~ 2021 590,000
71:IJ7 250,000 .c;. t..o 5. ldS"' 2022 625,000
2008 265,000 5."70 5, rS- 2023 665,000
2009 285,000 5,"70 ..5~ 2024 710,000
2010 300,000 15 , ,S .5 , 8'6 2025 750,000
· Preliminarv 5ubiecr 10 cb3nae as Slated in Official Norice of Sale.
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Term Bonds ODtlon. The intcrcst rate or reoffering price or yield for any Term Bonds sball bc
indicated in the table above only in tbe year of fUlal maturity. The annual Principal Amounts so indicated shall
be applied for the mandatory retiremcnt of oDe or more Term Bonds maturing in the years and amoWlts and
bearing interest as follows:
S 1,8~a:o'Term Bonds maturing on February 1,;;>0'5 at5,8'U% per annum to yield ~/OS% per annum.
S.;;:?, q .{'L:V\..-'ferm Boods maturing on February loZo Wat to, 00% per annum to yieldb.,S % pcr annum.
S_::J~lIO;cov-rerm Boods maturing on February l~at~% per annum to yieldt'aJlt% per annum.
S I Tcrm Boods maturing on February 1, _ at _ % per annum to yield _ % pcr annum.
S Term Bonds maturing on February 1. _ at _% per annum to yield _% per annum..
[If additional space is needed to specify additiooal Term Bond maturities, please attach a separate sheet to this
proposal, setting forth such additiooal Term Bond maturities in the fonn set forth above.]
We will accept delivery of said Series 1995 Boods through The Depository Trust Company, with the
closing occurring at the office of tbe rmance Director of the City of ClealWater, 112 South Osceola Avenue,
Clearwater, Florida 34616 00 or about February 23, 1995, unless another date or place shall be mutually agreed
upon, it being understood that the City shall furnish to us, free of charge at the time of delivery of said Series
1995 Bonds, tbe opinion of Bryant, Miller and Olive, P A., Bond Counsel. Tallahassee, Florida, approving the
validity thereof.
In accordance with the Official Notice of Bond Sale, we enclose herewith either (i) a Cashier's or
Certified Check for $107,200 payablc to the order of the City of Clearwater, F1orida, to be returned to the
undersigned upon the award of said Series 1995 Bonds provided this Proposal is not accepted. or (ll) provided
for a Fmancial Surety Bond in acccrdancc with the Official Notice of Sale. The check is to be casbed and the
amount of the check retained by the City until the delivery of said Series 1995 Bonds and payment therefor, and
is to be applied to the payment of the Series 1995 Bonds or retained as and for liquidated damages in case of
the failure of the undersigned to make payment as agreed.
This proposal is not subject to any conditions Dot expressly stated herein or in the annexed Official
Notice of Bond Sale. Reccipt of the Preliminary Official Statemeot relating to these Series 1995 Bonds is hereby
acknowledged. The names of the underwriters or members of the account or joint bidding accounts, if any, who
are associated for the purpose of this Proposal are listed either below or on a separate sheet attached hereto.
.1^,*~f)~fTla.J.ili~. 7,01 ~ CU~QS~
Name of Fu-m Address
&..cu~m ;J c-
City
B;)U W~tt. o.1tL1Xa~
Nam~~tf~ 1\ "~mAtJ
Title- G . t I ; It. . '1 Q xrt.
State
~g~8
Zip
~oo-32a - 44-~3
Telephooe Number
2
,c;; If t(...,~'
The' following is our computation made in accordance ",ith the Official Notice of Bond Sale of the tnle
interest 'cost to the City oC Clearwater, F1orida,.UJlder terms of our Proposal for Series 1995 Bonds, which is for
informational purposes only and is subject to verificatiOD prior to award:
Par Amouot S
Less Original Issue Discount S
Less Underwriters' Discount S
Plus Original Issue Premium S
(the Original Issue Discount and
Underwriters' Discount net of
Original Issue Premium should not
exceed 2% of the principal amount
of the Series 1995 Bonds)
Amount Bid Before Accrued Interest S
(Thi.s amount should match the price
bid. on page 1) .
Less Bond Insurance :rremium (if applicable) S
, Bid For Purposes of Calculating
True Interest Cost S
Accrued Interest S
True Interest Cost Rate (To February 23. 1995
and Inclusive of Insurance Premium costs and
accrued interest, if any)
(011373 %
(No addition or alteration is to be made to this Official Bid Form, and it must be submitted with the
Official Notice of Bond Sale.)
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NEW ISSUE
Rallngs: (See "Ralings" herein)
Preliminary Official Statl'JIlenl Datccl February J, J 995
In .he opInIon 1'1 Bond Counsel under cxbUn~ lan's, rtgulaUons and jur/lrlal decisIons, Inlrrcs' on .he 5alts 1995 Bonds Is excluded flOIl1
groH Income for purpostS offedt'lel/lnClltl1e 'lUallon elnd .he Serlts 1995 Donrls are CXell1prfllltl1 aU prestnr hUllngl/llt personal pn1pcrly IlUes
Impllsed pursuanl ro Chapltr 199, rlmldel 5laru'rs, Ste, 11rIwn..er .TclX Exempllon" herrIn for a descrlpUon .'J errlaln fedwll mInimum [md
o.her specfal.axes rhlll may affert .he lax Irrarmenr oJ Inlelts'utl Ille Sales /995 Bonds,
CITY OF CLEARWATER, FLORIDA
$10,720,000*
IMPROVEMENT REVENUE BONDS
SERIES 1995
(Municipal ServiceslPublic Safety and Police Complex Project)
Dated: February 1. 1995 Due: February 1, as shown below
The CIIY of Clearwater, Florida, Improvement Revenue Donds, SerIes 199:5 (Municipal ServlceslPubllc Safety and Pollee Complex
Project) (rbe .Series 1995 Donds") win be Issued as fully reglsrered bonds In principal denominations of 55.000 or any Integral mul.
Ilples thereof. Inlerest on the Series 1995 Bonds Is payable semi-annually, commencing August 1, 1995, and each February I and August
I thereafter by check or draft of First Union Nallonal Bank of Florida, Jacksonvllle, Florida, as PayIng Agent and Bond Reglstmr, mailed
to the Registered Owner Ihereof al Ihe address shown on Ihe Reglstmllon Dooks kepr by the Bond Registrar on the fihecOIh (1 :5lh) day
of the monlh next preceding each Inlerest payment dale (the "Record Dale.); provided, however, thai al lhe wrllten requesl of any Reg-
Iste~d Owner of at least SI,OOO,OOO aggregate principal amount of Ihe Series 1995 Donds, Interest may be payable by wire lmnsfer to
the bank account on file whh the PayIng Agent on the applicable Record Dale. Principal of the Series 1995 Bonds and redempllon pre-
mium, If any. will be payable upon presenlallon ami surrender of the Series 1995 Bonds atlhe designated cotpoTllte lrust ollice of the
Paying Agent,
The Series 1995 Donds are subJect 10 optlunal redempllon, and 10 mandarory sinking fund redemption if so determined by rhe win-
ning bidder, prior to their slated maturity under the terms and conditions described herein.
The Series 1995 Donds will be Issued by the City of Clearwater, Florida (the .Clty.) 10 (I) finance Ihe poUce slatlon ponion of lhe
COSlS of aequlring, constructing, and equipping a municipal services/publlc safely and pollee complex: (II) finance a ponion of a park-
Ing facillly for lhe use of the lenanlS of the complex (collecrlvely m and (II), the .ProJect"); (Ill) purchase a debt service reserve fund
surely policy, as described herdn; and (Iv) pay Ihe cosl5 of Issuance of Ihe Series 1995 Bonds,
The Series 1995 Bonds arc limited obllgallons of the Chy, payable solely from and secured solely by a pledge of and junior ilen
upon the Pledged Funds (which primarily conslsl of the proceeds of the Clty's Public Service Tax deposited In the Revenue Fund).
5ubjectlo the prior lien of Ihe Clty's Public Service Tax and Bridge Revenue nonds, Series 1985, lI.5 herein described (Ihe "Prior Lien
Bonds"). The Series 1995 Bonds IInd the Interestthereoll shall nOI be and shall nol conslltule an Indebtedness of the Clly or of Ihe
Stale of Florida or IIny political subdivision Ihereof within the meaning of any Conslllutlonal, stalulory, charier or other limitation
of Indebtedness, and neither the full faith and credll nor the talllng powers of Ihe State of Florida or the City are pledged liS secU-
rity for the payment of Ihe prlnclpal of, redemption premium, If any, or Inleresl on the Series 1995 Bonds and no holder or holders
of any Bonds shall ever have Ihe right to compel the uerclse of the ad valurem taxing powers uf Ihe Clly, or lalearlon In any form
of any real proper1y .herdn 10 pay the Bonds or the interest thereon.
Should the successful bidder for rhe Series 1995 Bonds electro insure lbe Series 1995 Bonds, payment of the I'rlnclpal of and imer-
est on the Series 1995 Bonds wllJ be guamnteed und~r a polley of munlc::lpJI bond Insurance to he I~sued slmuhaneously wllh the dellv.
ery of rhe Series 1995 Donds by the Municipal Bund [nveslors Assumnce Corporallon,
For a discussion of the terms IInd provisions of such policy, including Ihe IImltallons, see "MUNICIML nOND INSURANCU"
herein.
Thbl cover page conlalns ccnaln Informallon for quick rderence ollly. Ills nol II summary of Ihe Issue, Investors must r('lId Ihe
entire Official Stalement to oblaln Information rssenllalto milking an In fanned Investmrnl decision,
MATURITIES, AMOUNTS, INTEREST RATES, PRICES AND YIELD
$ Serial Bonds
Principal lnlereM Principal lnlefelt\
Maturity Amount Rate !'rice Yield Malurl'y Amount Rate Price ~
1996 20()4
1997 2005
1998 2006
1999 2001
2000 2008
2001 2009
2002 20iO
2003
S % Term Dond~ due I, al '1("
Sealed hlds for the Serlrs 11J95 !londs will IH: rectl,'ed at Ihe olflCe of Ihe I'lllallre I>hcctllt. 112 SlIulh ()~l'I~llla ""rlllle, 3nll'IIlUl.
Clearwalet, Hurld.1, until 2.00 p,m, {Easlern Slllndau.llimd olll'ehruary 13, lqqS, 1'lr+lloC rda 10 Iht Oflklal NlIlkr uf S;tle whkh lIul.
lines the lerms and condlrlolls for the suhmi~slull of unrrs 10 f1urcha!ol" lhe Scrir~ 111'15 1l0llt!s,
The Serits 1995 Uonds wll\ he offered whrn, as ",nd \( l!osucd ami dellveRd \0 the Underwriters, 1>uhjru III appnn'al oll\t}'ant, MI\lrr
and Ollve, r.A" Tallahassee, Fturida, lIund C.llIl1\c1 to thl' City, and certain Ulher cOlldllluns, Cetlalll legalmOlllets will b~ fla~~etl un fur
the City by Its City AlIorney, Pllmela 1(, Akin, Esquire, II is rlepected thallhe Srrles 199~ Uonds In drfinlli\'c furrn will hc avallahle hIt
dcllvery In New Ynri<, New York, DII or aboul F~hruat). 23, 19Y5,
Daled February ,1 QQ5
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CITY OF CLEARWATER, FLORIDA
112 South Osceola Avenue
Cloarwater, Florida 34616
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CITY COMMISSION
,
Rita J. Garvey, Mayor-commissioner
,sue Berfield, commissioner
Arthur X. Deegan, Commissioner
Fred Thomas, commissioner ,
Richard A. Fitzgerald, commissioner
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CITY OFFICl:ALS
Eliz~beth Deptula, city Manager
Margaret Simmons, CPA, Finance Director,
'cynthia E. Goudeau, City Clerk
CITY ATTORNEY
Pamela K. Akin, Esquire
BOND COUNSEL
Bryant, Miller and Olive, P.A.
Tallahassee, Florida
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FINANCIAL ADVISOR
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Raymond James & Associates, Inc.
st. Petersburg, Florida.
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OFF1CIAL NOTICE OF BOND SALE
$10,720,000.
em OF CLEARWA'TE~ FLORIDA
IMPROVEMENT REVENUE BONDS, SERIES 1995
Scalcd proposals will be rcccived by the City of Clearwater, Florida (thc -City") at the offices of the
F'mance Director of the City, 112 South Osceola Avenue, Third Floor. Clearwatcr, Florida 34616 by 2:00 p.m.
(Eastern Standard Time) on February 13, 1995 for the purchase of the City of Clearwater, Florida, Improvement
Revenue Bon~ Series 1995 (the -Series 1995 Bonds-). Each proposal, together with the good faith deposit
. described below, should be enclosed in a sealed envelope marked RProposal for $10,720,000' City of Clearwatcr.
Florida, Improvcmcnt Revenue Bonds. Scries 1995; Do Not Open Until 2:00 p.m. (Eastern Standard Time),
February 13, 1995-, or such similar legeod which appropriately identifies the contents thereof.
Form of Series 1995 Bonds
The Scries 1995 Bonds will bc issued in fully registered form, without coupons, and in deoommatioDS
of $5.000 or any integral multiples thereof. Principal of and any redemption premium on the Series 1995 Bonds
shall be paid to the registercd owners at the principal corporate trust office of rust Union National Bank of
Florida, Jacksonville, Florida (the MPayingAgentR and -Registrar-), upon prescntment and surrender of the Series
1995 Bonds. Interest on the Series 1995 Bonds shall be paid to the registered owners as shown on the
registration books maintained by thc Registrar, by check or draft mailed to each such owner's address as shown
on the registration books maintained by thc Registrar as of the fifteenth (15th) day of the calcndar month
preceding such interest payment date. Interest will be payable each February 1 and August 1, commencing
August 1, 1995. Interest will be calculated on the basis of a 360-day year of twelve 3O.day months.
Maturity Schedule
The Series ~995 Bonds will mature on February 1 of the following years in the following principal
amounts~
Principal Principal
Maturity Amount' Maturity Amount ·
1996 $14Otooo 2011 $320,000
1997 145,000 2012 340,000
1998 155,000 2013 360,000
1999 160,000 2014 385,000
2000 170,000 2015 405,000
2001 180,000 2016 430,000
2002 190,000 2017 460,000
2003 200,000 2018 490,000
2004 210,000 2019 520,000
2005 225,000 2020 555,000
2006 240,000 2021 590,000
2007 250,000 2022 625,000
2008 265,000 2023 665,000
2009 285,000 2024 710,000
2010 300,000, 2025 75OtOOO
'Preliminary, subject to change.
RedemDUOD ProvisIons
The Series 1995 Bonds maturing on or after February 1, 2004 are subject to redemption at the option
of the City prior to maturity 00 or after February 1, 2003, in whole at any time, or in part on any interest
payment date, in such manner as shall be determined by the City at the redemption prices expressed as a
percentage of the principal amount of the Series 1995 Bonds to be redeemed, as set forth below, together with
accrued interest to the date fIXed for redemption.
Redemotion Period
Redemotion Price
February 1, 2003 through January 31, 2004
February 1,2004 through January 31,2005
February 1, 200S and thereafter
102%
101
100
Adjustment of Prindoal Amount
After final computation of the bids, to achieve desired debt service levels, the City reserves the right
either to increase or decrease any Principal Amount of the Series 1995 Bonds (or any Amortization Installment
in the case of a Term Baud) shown on the schedule of Principal Amounts set forth above (the -Maturity
Schedule-), by an amount not to exceed five percent (5%) of the stated amount of each such Principal Amount
on the Maturity Schedule and correspondingly adjust the issue size, all calculations to be rounded to the nearest
$5,000.
In the event of any such adjustment, no rebidding or recalculation of the bid submitted will be required
or permitted. If necessary, the total purchase price of the Series 1995 Bonds will be increased or decreased in
direct proportion to the ratio that the adjustment bears to the aggregate principal amount of the Series 1995
Bonds specified herein; and the Series 1995 Bonds of each maturity, as adjusted, will bear interest at the same
rate and must have the same initial reoffenng yields as specified in the bid of the Successful Bidder. However,
the award will be made to the bidder wbose bid produces the lowest true interest cost, calculated as specified
belowt solely on the basis of the Series 1995 Bonds offered pursuant to the Bid Maturity Schedule, without taking
into account any adjustmeot in the amount of Series 1995 Bonds set forth in the Bid Maturity Schedule.
Deslpation o( Tenn Bonds
Bidders may specify that the annual Principal Amounts of the Serics 1995 Boods coming due in any two
or more consecutive years may be combined to form one or more maturities of Term Bonds scheduled to mature
in the last of such years with the preceding annual Principal Amounts for such years constituting mandatory
Amortization Installments to be selected by lot and redeemed at a price of par plus accrued interest, without
premium, in accordance with the Ordinance.
Basis of Award
Proposals must be unconditional and only for all the Series 1995 Bonds. The purchase price bid for the
Series 1995 Boods may include a discount (including underwriters' discount and original issue discount net of
original issue premium, but excluding any municipal bond insurance premium) not to exceed two percent (2%)
of the principal amount of the Series 1995 Bonds and shall specify how much of the discount is original issue
discount. No more than one (1) Proposal from any bidder will be considered. Tbe City reserves the right to
determine the Successful Bidder (as dermed below), to reject any or all bids and to waive any irregularity or
informality in any bid.
The Series 1995 Bonds will be awarded to tbe bidder (herein referred to as the "Successful Bidder-)
offering such interest rate or rates and purchase price which will produce the lowest true interest cost to the City
2
ovcr the life of the Series 1995 Bonch. True interest cost for the Series 1995 Bonds (expressed as an annual
interest rate) will be that annual interest rate bcing twice that factor of discount rate, compounded semiannually,
which when applied against each semiannual debt service paymcot (interest, or principal and interest, as due)
for the Series 1995 Bonds will equate tbe sum of such discounted semiannual payments to the bid price (inclusive
of accrued interest). Such semiannual debt scrvice payments begin on August 1, 1995. The true interest cost
shall be calculated from the closing date of the Series 1995 Bonds (February 23, 1995) and shall be based upon
the principal amounts of each serial maturity set forth in this Notice of Bond Sale and the bid price set forth in
each Proposal for the Series 1995 Bonds submitted in accordance with the Notice of Bood Sale. If the bidder
elects to have the Series 1995 Bonds insured, the bid price will be reduced by the cost of the bond insurance
premium solely for the purpose of calculating the true intercst cost. The City of Clearwater will pay the bond
insurance premium, if the successful bidder has elected to have the Series 1995 Bonds insured. In case of a tie,
the City may select the Successful Bidder by lot. It is requested that each Proposal for the Series 1995 Bonds
be accompanied by a computation of such true interest cost to the City under the term of the Proposal for
Boods, but such computation is not to be considered as part of the Proposal for Boods.
Interest Rates Pennltted
The Series 1995 Bonds shall bear interest expressed in multiples of one-eighth (1/8) or one-twentieth
(1/20) of one percent. No interest rate specified for any maturity may be lower than any interest rate specified
for an earlier maturity. There shall not be a diffcrence greater than four hundred basis points (400 b.p.) betweeo
the lowest interest rate and highest interest rate. Should an interest rate be specified which results in annual
interest payments not being equally divisible betweeo the semiannual payments in cents, the flrst semiannual
payment will be reduced to the next lower ceot and the second semiannual paymeot will be raised to the next
higher cent.
It shall not be necessary that all Series 1995 Bonds bear the same rate of interest, provided that all
Series 1995 Bonds maturing on the same date sball bear the same rate of interest. A rate of interest based upon
the use of split or supplemental interest payments or a zero rate of interest will not be considered.
PannI! A2ent and Re2Istrar
The Paying Agent and Registrar for the Series 1995 Bonds is First Union National Bank of Florida,
Jacksonville, Florida.
Security
Principal of and interest on the Series 1995 Bonds to be issued pursuant to Ordinancc No. 5659-94 and
all required sinking fund, reserve and other payments shall be payable solely from the City's Public Service Tax
revenues, together with the earnings on the funds and accoUDts held pursuant to the Ordinance thereon derived
from the investment thereof in the Funds and Accounts established in the Ordinance (other than the Rebate
Fund) (collectively, the -Pledged Funds") and as more fully described in the Preliminary Official Statement. The
lien of the Series 1995 Bonds upon the Public Service Tax revenues is junior and subordinate to the lien thereon
for the City's outstanding $7,155,000 Public Service Tax and Bridge Revenue Bonds, Series 1985.
The Series 1995 Bonds shall not constitute an indebtedness, liability, general or moral obligation, or a
pledge of the faith, credit or taxing power of the City, the State of Florida, or any political subdivision thereof,
within the meaning of any constitutional, statutory or charter provisions. Neithcr tbe State of Florida, nor any
political subdivision thereof, nor the City shall be obligated (1) to Icvy ad valorem taxes on any property to pay
the principal of the Series 1995 Bonds, tbc interest thereoo, or other costs incidental thereto or (2) to pay the
same from any other funds of the City except from the Pledged Funds, in the manner provided in the Ordinance.
The Series 1995 Boods shall not coostitute a lien upon any property of the City, but shall constitute a lien only
on the Pledged Funds in the manner provided in the Ordinnoce.
3
Puroose
Pursuant to the Ordinance, the Series 1995 Bonds arc being issued to fmance the portion of the cost
of the Municipal Services/Public Safety and Police Complex (the -Project"), which consists of and is related to
the Police Headquarters, to purthase a debt service reserve fund surety policy, from Municipal Bond Investors
Assurance Corporation to fund the subaccount of the Reserve Account for the beoefit of the Series 1995 Boods
and to pay thc cost of issuance of the Series 1995 Bonds.
I~suanc-e or Series 1995 Bonds
The Series 1995 Bonds will be issued and sold by the City of Clearwater, Florida, a municipal
corporatioo organized and c,dsting under the laws of the State of Florida. The Series 1995 Bonds arc being
issued pursuant to Ordinance No. 5659.94 enacted August 18, 1994 (the -Ordinance-) by the City of Clearwater,
Florida, and pursuant to the provisions of Chapter 166, Florida Statutes, and other applicable provisions of law.
The Series 1995 Bonds were validated by judgment of the Circuit Court for Pinellas County, f1orida, rendered
on the 6th day of October, 1994. The Final Judgment was appealed to the Florida Supreme Court on November
4, 1994, and the validation judgment was affirmed by the Court on January 9, 1995.
Municlpal Bond Insurance Pollcv
A commitment to issue a municipal bond insurance policy guaranteeing pa)'D1ent of principal and interest
on the Series 1995 Bonds has been obtained from Municipal Bood Investors Assurance Corporation. Bidders,
at their option, may elect to utilize this bond insurance commitmeot in their bid. Alternatively, bidders may rely
upon published ratings on thc Series 1995 Bonds reccivcd from Moody's Investors Service and Standard & Poor's
Corporation of Al and A +, respectively. If bond insurance is used, the price bid for purchase of the Series 1995
Bonds, as set forth on the Official Bid Form, will be reduced by the amount of the bond insurance policy
premium. solely for the purpose of calculating the true interest cost rate of the bid. The City of Clearwater will
pay the insurance premium. if the Successful Bidder has elected to have the Series 1995 Bonds insured.
Information regarding the bond insurance commitment, including the amount of the premium, may be obtained
from David Thornton of Raymond James & Associates, Inc., Fmancial Advisor to the City (813) 573-8282.
Proposals
Proposals are desired on forms which will be furnished by the City, and envelopes, containing Proposals
should have cndorsed thereon ~Proposal for $10/720,000. City of Clearwater, Florida, Improvement Reveoue
Bonds, Series 1995j Do Not Open UntU 2:00 p.m. (Eastern Standard Time), February 13, 1995", or words of
equivalent import, and should be addressed to the City at the above address.
Each proposal must be accompanied by the sum of $107,200 in the form of either (i) a Cashier's or
Certified Cbeck drawn upon an incorporated bank or trust company, payable to the City of Clearwater, Florida,
as evidence of good faith, or (ii), a Financial Surety Bond from any insurance company licensed to issue such
a surety bond in the State of Florida and approved by the City (as of the date hereof only Capital Guaranty
Insurance Company has been so approved) and submitted to the City prior to the opeoing ofthe bids, identifying
each bidder whose deposit is guaranteed by the Financial Surety Bond, which sball evidence good faith on the
part of the bidder. If a check is delivered the check of the successful bidder may be cashed by the City and the
proceeds will be held as security for performance of the bid. If a Financial Surety Bond is provided by the
successful bidder the good faith deposit shall be delivered by wire transfer to the City by 3:00 p.m., Eastern
Standard Time, on the next business day. If the Successful Bidder shall fail to comply promptly with the terms
of its Proposal, the amount of such check will be forfeited to said payee as liquidated damages. The checks of
.Preliminary, subject to change.
4
unsuccessful biddcrs will be rcturncd to such bidders by registered mail at the addresses stated in their Proposals,
or delivered to III represcntative of such bidder immediately aftcr the award of thc Series 1995 Bonds to the
Successful Bidder. The proceeds of the good faith check of the Successful Bidder will be applied to the paymeot
of the purchase price of the Series 1995 Bonds. Prior to the delivery of the Series 1995 Bonds, the City may cash
and invest the proceeds from the good faith check. No interest will be paid to any bidder upon any good faith
check.
Delivery and PaYment
It is anticipated that the Series 1995 Bonds in fully registered form will be available for delivery on
February 23, 1995 in New York, New York at The Depository Trust Company, or some othcr date and place
to be mutually agreed upon by the Successful Bidder and the City against the payment of the purchase price
therefor including accrued interest calculated on a 360-day year basis. less the amount of the good faith check,
in immediately available Federal Reservc funds without cost to the City.
Clos(nll. Documents
The City will furnish to the Successful Bidder upon delivery of the Series 1995 Bonds the foUowing
closing documents in a form satisfactory to Bood Counsel: (1) signature and no-litigation certificate; (2) federal
tax certificatej (3) certificate regarding information in the Official Statement; and (4) seller's receipt as to
payment. A copy of the transcript of the proceedings authorizing the Series 1995 Bonds will be delivered to the
Successful Bidder of the Series 1995 Bonds upon request. Copies of the form of such dosing papers and
certificatcs may be obtained from the City.
Information Statement
Section 218.38(1) (b) 1, Florida Statutes, as amended, requires that the City me, within 120 days after
delivery of the Series 1995 Bonds, an information statement with the Division of Bond Fmance of the State of
Florida (the "Division-) containing the foUowing information: (a) the name and address of the managing
underwriter, if any, connected with the Series 1995 Bonds; (b) the name and address of any attorney or fInancial
consultant who advised the City with respect to the Series 1995 Bonds; and (e) any fee, bonus, or gratuity paid,
in connection with the bood issue, by an underwriter or fmancial consultant to any person not regularly employed
or engaged by such underwriter or consultant and (d) any other fee paid by tbe City with respect to the Series
1995 Bonds, including any fee paid to attorneys or financial consultants. The Successful Bidder will be required
to deliver to the City at or prior to [he time of delivery of the Series 1995 Bonds, a statement signed by an
authorized officer containing the same information mentioned in (a) and (e) above. The SuC'.cessful Bidder shall
also be required, at or prior to the delivery of the Series 1995 Boods, to furnish the City with such informatioo
concerning the initial prices at which a substantial amount of the Series 1995 Bonds of each maturity were sold
.to the public as the City shall reasonably request.
Pursuant to Section 218.385(2) and (3) of the Florida Statutes, as amended, a truth-in-bonding statement
will be required from the Successful Bidder at closing substantially in the following form:
"The City of Clearwater, Florida is proposing to issue $10,720,000. original aggregate principal
amount of Improvement Revenue Bonds, Series 1995 for the purpose of (i) fmancing a portion
of the cost of lhe City's Municipal Services/Public Safety and Police Complex Project,
(ii) purchasing a debt service reserve fund surety policy, and (ill) paying the costs of issuing the
Series 1995 Boods, all as further described in Ordinance No. 5659-94 (the -Ordinance-). The
.Preliminary, subject to change.
5
final maturity date of the Series 1995 Bonds is February 1, 202S, and the Series 1995 Bonds are
expected to be repaid over a period of thirty (30) years. At a forecasted average interest rate
of _ % pcr annum, total interest paid over the liCe of the Series 1995 Boods will be
$ . The source of repayment or security for this proposal is the Citts Pledged
Funds, including the citts Public Service Tax and moneys and investments held in the funds
created under the Ordinance. Authorizing the Series 1995 Bonds will result in
$ not being available to fmance other capital projects ofthe City. This truth.in.
bonding statement prepared pursuant to Section 218.385(2) and (3) of the Florida Statutes, as
amended, is for informational purposes only and shall not affect or control the actual terms and
conditions of the Series 1995 Bonds:
Le2aIODlnion
The Successful Bidder will be furnished, without cost, the approving opinion of Bryant, Miller and Olive,
P .A., Tallahassee, Florida, to the effect that based on existing law, and assuming CI:lmpliance by the City with
ccrtain covenants and requirements of the Internal Revenue Code of 1986, as amended (the "Code-), regarding
use, expenditures, investment of proceeds and the timely payment of certain investment earnings to the United
States Treasury, the interest on the Series 1995 Bonds is not includable in tbe gross income of individuals,
however, interest on the Series 1995 Bonds will be included in the calculation of the alternative minimum tax
and environmental tax liabilities of corporations. The Code contains other provisions that could result in tax
consequences, upon which Bond Counsel renders no opinion, as a rcsult of ownership of the Scries 1995 Bonds
or the inclusion in certain computations (including, without limitatioo, those related to the corporate alternative
minimum tax and eovironmental tax) of interest that is excluded from gross income.
Offielal Statement
The Preliminary Official Statement, copies of which may be obtained as described below, is in a form
"deemed fmal- by the City for purposes of SEe Rule 15c2-12(b)(1) (except for certain permitted omissions as
described in such rule) but is subject to revision, amendment and completion in a [mal Official Statement. Upoo
the sale of the Series 1995 Bonds, tbe City will publish a floal Official Statemeot in substantially the same form
as the Preliminary Official Statement. Copies of the [mal Official Statement will be provided, at tbe Citts
expense, on a timely basis in such quantities as may be necessary for the Successful Bidder's regulatory
compliance.
CUSIP Number
It is anticipated that CUSIP identification numbers will be printed on the Series 1995 Bonds, but neither
the failure to print such number on any Series 1995 Bonds nor any error with respect thereto shall constitute
cause for failure or refusal by tbe Successful Bidder to accept delivery of and pay for the Series 1995 Bonds in
accordancc with its agreement to purchase the Series 1995 Bonds. All expenses in relation to the printing of
CUSIP numbers on the Series 1995 Bonds shall be paid for by the City; provided, however, that the CUSIP
Service Bureau charge for the assignment of said number shall be the responsibility of and shall be paid for by
the Successful Bidder.
Co~les or Documents
Copics of the Preliminary Official Statement, this Official Notice of Bond Sale and the Official Bid Form
and further information which may be desired, may be obtained from the City:s Financial Advisor, Raymond
James & Associates, Ioc., 880 Carillon Parl-way, St. Petersburg, Florida 33716, telephone (813) 573.8282.
6
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Amendment'and Notices,
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Amendments hereto and noticeS. if any. pertaining to this offering shall be made by the Munifacts News
Service. .
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CITY OF CLEARWATER, FLORIDA
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/s/ Rita J. Garvev
Mayor-Commissioner
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PROPOSAL FOR
510,720,000.
CITY OF CLEARWATER, FLORIDA
IMPROVEMENT REVENUE BONDS, SERIES 1995
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F'mancc Director
City HaIl
112 South Osceola Avenue, 3rd Floor
Clearwater; F10rida 34616
Ladies and Gentlemen:
We do or do not wish to have the Serics 1995 Bonds insured. We understand that the Series
1995 Bonds will be insured by Municipal Bond Investors Assurance Corporation if the election to purchase
insurance is made, and the bond insurance premium will be paid by the City of Cleanvatc:r.
Said Serics 1995 Bonds shall bear interest at the rates and shall be reoffered at prices or yields specified
below.
Principal Interest Price Principal Interest Price
Maturity Amount* Rate or Yield Maturitv Amount. Rate or Yield
1996 $140,000 2011 $320,000
1997 145,000 2012 340,000
1998 155,000 2013 360,000
1999 160,000 2014 385,000
2000 170,000 2015 405,000
2001 180,000 2016 430,000 -
2002 190,000 2017 460,000
2003 200,000 2018 490,000 -
2004 210,000 2019 520,000
2005 225,000 2020 555,000
2006 240,000 2021 590,000 -
2007 250,000 2022 625,000
2008 265,000 2023 665,000 -
2009 285,000 2024 710,000 -
2010 300,000 2025 750,000
* Preliminary subiect to change liS stilted in Official Notice of Stile,
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Term Bonds Qntion. The interest rate or reoffering price or yield for any Term BondA shall be
indicated in the table above only in the year of final maturity. The annual Principal Amount. 10 indicated Ihnll
be applied for the mandatory rctiremeot of oDe or more Term Bonds maturing in thc yeors nnd amounts ond
bearing interest as follows:
$
$
$
$
$
Term Bonds maturing on February 1, _ at _ % per annum to yield _ % per annum,
Term Bonds maturing on February 1, _ at _ % per annum to yield _ % per annum,
Term Bonds maturing on February 1, _ at _ % per annum to yield _ % per annum,
Term Bonds maturing on February I, _ at _ % pcr annum to yield _ % pcr annum,
Term Bonds maturing on February I, _ at _ % per annum to yield _ % per annum.
[If additiooal space is needed to specify additional Term Bond maturities, please attach a separate sheet to thla
proposal. setling forth such additiooal Term Bond maturities in the form set forth above,]
We will accept delivery of said Series 1995 Bonds through The Depository TrUAt Company, with the
closing occurring at the office of the F'mance Director of the City of Clearwater, 112 South Osccola Avenuc.
Clearwater, Florida 34616 on or about February 23, 1995, unless another date or place shall be mutuolly agreed
upon, it being understood that thc City shall furnish to us, free of charge at the time of delivery of said Series
1995 Bonds, the opinion of Bryant, Miller and Olive, P A., Bond Counsel, Tallahwee, F1orldo, appTOving the
validity thereof.
In accordance with the Official Notice of Bond Sate, we enclose herewith either (i) a Cashier's or
Certified Check for $107,200 payable to the order of the City of Clearwater, F1orido. to be returned to the
undersigned upon the award of said Series 1995 Bonds provided thIs Proposalla not accepted, or (II) provided
for a FUlancial Surety Bond in accordance wilh the Official Notice of Sale. The check Is to be cashed and the
amount of the check retained by the City until the delivery of said Serics 1995 Bonds and paymcntthcrcror, bnd
is to be applied to the payment of the Series 1995 Boods or retaincd as llnd for Iiquidatcd domages in CllSC of
the failure of the undersigned to malee payment as agreed.
This proposal is Dot subject to any conditions nol expressly stated hercin or in the annexed Omclnl
Notice of Bond Sale. Receipt of the Preliminary Official Statcment relating to these Series 1995 Dondals hereby
acknowledged. The names of the underwritcrs or members of the account or joint bidding accounts. if pny, wbo
are associated for the purpose of this Proposal are listed either below or on a Iicpnrllte sheet nUnched hereto.
Name of Firm
Address
By:
Name:
Title:
Cily
State
Zip
Telephone Number
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The following is our computation made in accordance with the Official Notice of Bond Sale of the true
interest cost to the City of Clearwater, Florida, under terms of our Proposal for Series 1995 Bonds, which is for
iriforma~ona1 purposes only and is subject to verification prior to award:
Par Amount $
Less Original Issue Discount $
Less Underwriters' Discount $
Plus Original Issue Premium $
(the Orlginallssue Discount and
Underwriters' Discount net of
Original Issue Premium. should not
. exceed 2% of the principal amount,
of the Series 1995 Bonds)
Amount Bid Before Accrued Ioterest $
(This amount should match the price
bid on page 1)
Less Bond Insurance Premium (if applicable) $
Bid For Purposes of Calculating
True Interest Cost S
'"
Accrued Interest $
True Interest Cost Rate (To February 23, 1995
and Inclusive of Insurance Premium costs and
accrued interest, if any) %
(No addition or alteration is to be made to this Official Bid Form, and it must be submitted with the
Official Notice of Bond Sale.)
By:
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OFFICIAL NOTICE OF BOND SALE
$10,720,000.
cm OF CLEARWATE~ FLORIDA
IMPROVEMENT REVENUE BONDS, SERIES 1995
Sealed proposals will be received by the City of Clearwater. Florida (the "City") at the offices of the
F'mance Director of the City, 112 South Osceola Avenue. Third Floor, Clearwater. Florida 34616 by 2:00 p.m.
(Eastern Standard Time) on February 13, 1995 for the purchase of the City of Cleanvater, Florida, Improvement
R,evenue Bonds, Series 1995 (the "Series 1995 Bonds-). Each proposal, together with the good faith deposit
described below, should be enclosed in a sealed envelope marked -Proposal for $10,720,000. City of Clearwater,
Florida, Improvement Rcvenue Bonds. Series 1995; Do Not Open Until 2:00 p.m. (Eastern Standard Time),
February 13, 1995", or such similar legend which appropriately identifies the contents thereof.
Fonn of Series 1995 Bonds
The Series 1995 Bonds will be issued in fully registered form, Vlithout coupons, and in denominations
of $5,000 or any integral multiples thereof. Principal of and any redemption premium on the Series 1995 Bonds
shall be paid to the registered owners at the principal corporate trust office of FIrst Union National Bank of
Florida, Jacksonville, Florida (the -Paying Agent- and -Registrar-), upon presentment and surrender of the Series
1995 Bonds. Interest on the Series 1995 Bonds shall be paid to the registered owners as shown on the
registration books maintained by the Registrar, by check or draft mailed to each such owner's address as shown
on the registration books maintained by the Registrar as of thc fifteenth (15th) day of the calendar month
preceding such interest payment date. Interest will be payable each February 1 and August 1, commencing
August 1, 1995. Interest will be calculated on the basis of a 360-day year of twelve 3O-day months.
Maturity Schedule
The Series 1995 Bonds will mature on February 1 of the following years in the following principal
amounts:
Principal Principal
Maturitv Amount. Maturitv Amount ·
1996 $140,000 2011 $320,000
1997 145,000 2012 340,000
1998 155,000 2013 360,000
1999 160,000 2014 385.000
2000 170,000 2015 405,000
2001 180,000 2016 430,000
2002 190,000 2017 460.000
2003 200,000 2018 490,000
2004 210,000 2019 520,000
2005 225,000 2020 555,000
2006 240,000 2021 590,000
2007 250,000 2022 625,000
2008 265tOOO 2023 665,000
2009 285,000 2024 710,000
2010 300,000 2025 750,000
.Preliminary, subjccl to change.
RedemDtloD Provisions
The Series 1995 Bonds maturing on or after FeblUary I, 2004 are subject to redemption at the option
of the City prior to maturity 00 or after February I, 2003, in whole at any time, or in part on any interest
payment date, in such manner as shall be determined by the City at the redemption prices expressed as a
percentage of the principal amount of the Series 1995 Bonds to be redeemed, as set forth below, together with
accrued interest to the date fIXed for redemption.
Redemption Period
Redemption Price
February I, 2003 through January 31,2004
February I, 2004 through January 31, 2005
February I, 2005 and thereafter
102%
101
100
Adlustment or Principal Amount
After fmal computation of the bids, to achieve desired debt service levels, the City rcserves the right
either to increase or decrease any Principal Amount of the Series 1995 Bonds (or any Amortization Installment
in the case of a Term Bond) shown 00 the schedule of Principal Amounts set forth above (the "Maturity
Schedule-), by an amount not to exceed five percent (5%) of the stated amount of each such Principal Amount
on the Maturity Schedule and correspoodingly adjust the issue size, all calculations to be rounded to the nearest
$5.000.
In the event of any such adjustment, no rebidding or recalculation of the bid submitted will be required
or permitted. If necessary, the total purchase price of the Series 1995 Bonds will be increased or decreased in
direct proportion to the ratio that the adjustment bears to the aggregate principal amount of the Series 1995
Bonds specified herein; and the Series 1995 Boods of each maturity, as adjusted, will bear interest at the same
rate and must have the same initial reoffering yields as specified in the bid of the Successful Bidder. However,
the award will be made to the bidder whose bid produces the lowest true interest cost, calculated as specified
below, solely 00 the basis ofthc Series 1995 Bonds offered pursuant to the Bid Maturity Schedule, without taking
into account any adjustment in the amount of Series 1995 Bonds set forth in thc Bid Maturity Schedule.
Deshmation or Term Bonds
Bidders may specify that the annual Principal Amounts of the Series 1995 Bonds coming due in any two
or more consecutive years may be combined to form oDe or more maturitics of Term Bonds scheduled to mature
in the last of such years with the preceding annual Principal Amounts for such years constituting mandatory
Amortization Installmeots to be selected by lot and redeemed at a price of par plus accrued interest, without
premium, in accordance with the Ordinance.
Basis or Award
Proposals must be unconditional and only for aU the Series 1995 Bonds. The purchase price bid for the
Series 1995 Bonds may include a discount (including underwriters' discount and original issue discount net of
original issue premium, but eltc1uding any ~unicipal bond insurance premium) not to cltcced two percent (2%)
of the principal amount of the Series 1995 Bonds and shall specify bow much of the discount is original issue
discount. No more than oDe (1) Proposal from any bidder will be considered. The City reserves the right to
determine the Successful Bidder (as defined below)1 to reject any or aU bids and to waive any irreguk.rity or
informality in any bid.
The Series 1995 Bonds will be awardcd to thc bidder (hcrcin rcferrcd to as the -Succcssful Biddcr-)
offering such intercst rate or ratcs and purchase price which will produce the lowest truc interest cost to thc City
2
ovcr the life of the Serics 1995 Bonds. True interest cost for the Series 1995 Bonds (expressed as an annual
intcrcst rate) will be that annual interest rate being twice that factor of discount rate, compounded semiannually,
which whcn applied against each semiannual debt service paymeot (intercst, or principal and interest, as due)
for the Series 1995 Bonds will equate the sum of such discounted semiannual payments to thc bid price (inclusive
of accrued interest). Such semiannual debt service paymcnts begin on August 1, 1995. The true intcrest cost
shall be calculated from the closing date of the Series 1995 Boods (February 23, 1995) and shall be based upon
the principal amounts of each serial maturity set forth in this Notice of Bond Sale and the bid price set forth in
each Proposal for the Series 1995 Bonds submitted in accordance with the Notice of Bond Sale. If the bidder
elects to have the Series 1995 Bonds insured, the bid price will be reduced by the cost of the bond insurance
prem.ium solely for the purposc of calculating tbe true interest cost. The City of Clearwater will pay the bond
insurance premium, if the successful bidder has elected to have the Series 1995 Bonds insured. In case of a tie,
the City may select the Successful Bidder by lot. It is requested that each Proposal for the Serics 1995 Bonds
be accompanied by a computation of such true interest cost to the City under the term of the Proposal for
Boods, but such computation is not to be considered as part of the Proposal fot Bonds.
Interest Rates Permitted
The Series 1995 Bonds shall bear interest expressed in multiples of one-eighth (1/8) or one-twentieth
(1/20) of one percent. No interest rate specified for any maturity may be lower than any interest rate specified
for an earlier maturity. There shall not be a difference greater than four hundred basis points (400 b.p.) between
the lowest intercst rate and highest interest rate. Should an interest rate be specified which results in annual
interest payments not being equally divisible between tbe semiannual payments in cents, the fltst semiannual
payment will be reduced to the next lower cent and the secood semiannual paymeot will be raised to the next
higher cent.
It shall not be necessary that all Series 1995 Bonds bear the same rate of interest, provided that all
Series 1995 Bonds maturing on the same date shall bear the same rate of interest. A rate of interest based upon
the use of spUt or supplemental interest payments or a zero rate of interest will not be considered.
Payine. A2ent and Retds!m!
The Paying Agent and Registrar for tbe Series 1995 Bonds is First Union National Bank of Florida,
Jacksonville, Florida.
Security
Principal of and interest on the Series 1995 Bonds to be issued pursuant to Ordinance No. 5659-94 and
all required sinking fund, reserve and other paymeots shall be payable solely from the City's Public Service Tax
revenues, together with the earnings on the funds and accounts held pursuant to the Ordinance thereon derived
from the investment thereof in the Funds and Accounts establisbed in the Ordinance (other than the Rebate
Fund) (coUectively; tbe -Plcdged Funds") and as morc fuUy described in tbe preliminaTy Official Statement. The
lien of the Series 1995 Bonds upon the Public Service Tax revenues is junior and subordinate to the lien thcrc:on
for tbe City's outstanding $7,155,000 Public Service Tax and Bridge Revenue Bonds, Series 1985.
The Series 1995 Bonds shall not constitute an indebtedness, liability, general or moral obligation, or a
pledge of the faith, credit or taxing power of the City, the State of Florida; or any political subdivision thereof,
within the meaniog of any constitutional, statutory or cbarter provisions. Neither the State of Florida; nor any
political subdivision thereof, nor the City shall be obligated (1) to levy ad valorem taxes on any property to pay
tbe principal of the Series 1995 Boods, the interest thereon; or other costs incidc:utal thereto or (2) to pay the
same from any other funds of the City except from the Pledged Funds, in the manner provided in the Ordinance.
The Series 1995 Bonds shall not constitute a lien upon any property of the City, but shall constitute a lien only
on the Pledged Funds in the manner provided in the Ordinance.
3
Purpose
Pursuant to the Ordinance, the Series 1995 Boods are being issued to finance the portioo of the cost
of the Municipal Services/Public Safety and Police Complex (the -Project"), which consists of and is related to
the Police Headquarters, to purchase a debt service reserve fuod surety policy, from Municipal Bond Investors
Assurance Corporation to fund the subaccount of the Reserve Accouot for the benefit of the Series 1995 Bonds
and to pay the cost of issuance of the Series 1995 Bonds.
Issuance or Series 1995 Bonds
The Series 1995 Bonds will be issued and sold by the City of Clearwater, Florida, a municipal
corporation organized and existing under the laws of the State of Florida. The Series 1995 Bonds are being
issued pursuant to Ordinance No. 5659-94 eoacted August 18, 1994 (the -Ordinance") by the City of Clearwater,
Florida, and pursuant to the provisions of Chapter 166, Florida Statutes, and other applicable provisions of law.
The Series 1995 Bonds were validated by judgment of the Circuit Court for PineUas County, Florida, rendered
on the 6th day of October, 1994. The Final Judgment was appealed to the Florida Supreme Court on November
4, 1994, and the validation judgment was affirmed by the Court on January 9, 1995.
Municipal Bond Insurance Polley
A commilmeot to issue a municipal bond insurance policy guaranteeing payment of principal and interest
on the Series 1995 Bonds has been obtained from Municipal Bond Investors Assurance Corporatioo. Bidders,
at their option, may elect to utilize this bond insurance commitment in their bid. Alternatively, bidders may rely
upon published ratings on the Series 1995 Bonds received from Moody's Investors Service and Standard & Poor's
Corporation of Al and A +, respectively. If bood insurance is used, the price bid for purchase of the Series 1995
Bonds, as set forth on the Official Bid Form, will be reduced by the amount of the bood insurance policy
premium, solely for the purpose of calculating the true interest cost rate of the bid. The City of Clearwater will
pay the insurance premium if the Successful Bidder has elected to have the Series 1995 Bonds insured.
Information regarding the bond insurance commitment, including the amount of the premium, may be obtained
from David Thorntoo of Raymond James & Associates, Inc., Fwancial Advisor to the City (813) 573-8282.
ProDosals
Proposals are desired on forms wbich will be furnished by the City, and envelopes, containing Proposals
should have endorsed thereon "Proposal for $10,720,000' City of Clearwater, Florida, Improvement Revenue
Bonds, Series 1995; Do Not Open Until 2:00 p.m. (Eastern Standard Time), February 13, 1995", or words of
equivalent import, and should be addressed to the City at the above address.
Each proposal must be accompanied by the sum of $107,200 in the form of either (i) a Cashier's or
Certified Check drawn upon an incorporated bank or trust company, payable to the City of Clearwater, Florida,
as evidence of good faith, or (ii), a Financial Surety Bond from any insurance company licensed to issue such
a surety bond in the State of Florida and approved by the City (as of the date hereof only Capital Guaranty
Insurance Company has beeo so approved) and submitted to the City prior to the opening of the bids, identifying
each bidder whose deposit is guaranteed by the Financial Surety Bond, wbicb shall evidence good faith on the
part of the bidder. If a check is delivered the check of the successfuJ bidder may be cashed by the City and the
proceeds will be held as security for performance of the bid. If a rwancial Surety Bood is provided by the
successful bidder the good faith deposit shall be delivered by wire transfer to the City by 3:00 p.m., Eastern
StllDdard Time, on the next business day. If the Successful Bidder shall fail to comply promptly with the terms
of its Proposal, the amount of such check will be forfeited to said payee as liquidated damages. The checks of
.Preliminary, subject to changc.
..
unsuccessful bidders will be returned to such bidders by registered mail at the addresses stated in their Proposals,
or delivercd to a reprcseotative of such bidder immediately after the award of the Series 1995 Boods to the
Successful Bidder. The proceeds of the good faith check of the Successful Bidder will be applied to thc payment
of the purchase price of the Series 1995 Bonds. Prior to the delivery of the Series 1995 Bonds, the City may cash
and invest the proceeds from the good faith check. No interest will be paid to any bidder upon any good faith
check.
Delivery and Pavrnent
It is anticipated that the Series 1995 Bonds in fully registered form will be available for delivery on
February 23,1995 in New York. New York at The Depository Trust Company, or some other date and place
to be mutually agreed upon by the Successful Bidder and the City against the payment of the purchase price
therefor including accrued interest calculated on a 360-day year basis, less the amount of the good faith check,
in immediately available Fedcral Reserve funds without cost to the City.
ClosfnR Documents
The City will furnish to the Successful Bidder upon delivery of the Series 1995 Bonds the following
closing documents in a form satisfactory to Bood Counsel: (1) signature and no.litigation certificate; (2) federal
tax certificate; (3) certificate regarding information in tbe Official Statement; and (4) seller's receipt as to
payment. A copy of the transaipt of the proceedings authorizing th~ Series 1995 Bonds will be delivered to the
Successful Bidder of the Series 1995 Bonds upon request. Copies of the form of such closing papers and
certificates may be obtained from the City.
Information Sratement
Section 218.38(1) (b) 1, Florida Statutes, as amended, requires that the City me, within 120 days after
delivery of the Series 1995 Bonds, an information statement with the Division of Bond F'mance of the State of
Florida (the "Division-) containing the following information: (a) the name and address of the managing
underwriter, if any, connected with the Series 1995 Bonds; (b) the Dame and address of any attorney or fmancial
cousultant who advised the City with respect to the Series 1995 Bonds~ and (c) any fee, bonus, or gratuity paid,
in connection with the bood issue, by an underwriter or fmandal consultant to any person not regularly employed
or engaged by such underwriter or consultant and (d) any other fee paid by the City with respect to the Series
1995 Bonds, including any fee paid to attorneys or fmancial consultants. The Successful Bidder will be required
to deliver to the City at or prior to the time of delivery of the Series 1995 Bonds, a statement signed by an
authorized officer containing the same information mentioned in (a) and (c) above. The Successful Bidder shall
also be required, at or prior to the delivery of the Series 1995 Bonds, to furnish the City with such information
concerning the initial prices at which a substantial amount of the Series 1995 Bonds of each maturity were sold
to the public as the City shall reasonably request.
Pursuant to Section 218.385(2) and (3) of the Florida Statutes, as amended, a truth-in-bonding statement
will be required from the Suceessful Bidder at closing substantially in the following form:
"The City of Clearwater, Aorida is proposing [0 issue $10,720,000. original aggregate principal
amount of Improvement Revenue Bonds, Series 1995 for the purpose of (i) rmaocing a portion
of the cost of the City's Municipal Services/Public Safety and Police Complex Project,
(ii) purchasing a debt service reserve fund surety policy, and (ill) paying the costs of issuing the
Series 1995 Bonds, all as further described in Ordinance No. 5659-94 (the -OrdinanceM). The
.Preliminary, subject to change.
5
fmal maturity datc of the Series 1995 Bonds is February 1, 2025, and the Series 1995 Bonds are
expected to be repaid ovcr a period of thirty (30) years. At a forecasted avcrage interest rate
of _ % per annum, total interest paid over the life of the Series 1995 Bonds will be
$ , The sourcc of repayment or security for this proposal is the City's Pledged
Funds, including the City's Public Service Tax and moneys and investments held in the funds
'crcated under the Ordinance. Authorizing the Series 1995 Bonds will result in
$ not being available to fmance other capital projects of the City. This truth.in-
bonding statement prepared pursuant to Section 218.385(2) and (3) of the Florida Statutes, as
amended, is for informational purposes only and shall Dot affect or control the actual terms and
conditions of the Series 1995 Bonds:
Le2aIOplnlon
The Successful Bidder will be furnished, without cost, the approving opinion of Bryant, Miller and Olive,
P .A., Tallahassee, Florida, to the effect that based on existing law, and assuming compliance by the City with
certain covenants and rcquirements of the Internal Revenue Code of 19861 as amendcd (the "Code"), rcgarding
use, expenditures, investment of proceeds and the timely payment of certain investment earning<j to the United
States Treasury, the interest on tbe Series 1995 Bonds is not includable in the gross incomc of individuals,
however, interest 00 the Series 1995 Bonds will be included in the calculation of the alternative minimum tax
and environmental tax liabilities of corporations. Tbe Code contains other provisions that could result in tax
consequences, upon which Bond Counsel renders no opinion, as a result of ownership of the Series 1995 Bonds
or the inclusion in certain computations (including, without limitation, those related to the corporate alternative
minimum tax and environmental tax) of interest that is excluded from gross income.
Official Statement
The Preliminary Official Statement, copies of which may be obtained as described below, is in a form
"deemed final" by the City for purposes of SEC Rule 15c2-12(b)(I) (except for certain permitted omissions as
described in such rule) but is subjcct to revision, amcndment and completion in a fmal Official Statement. Upon
the sale of thc Series 1995 Bonds, the City will publish a fmal Official Statement in substantially the same form
as the Preliminary Official Statement. Copies of the fmal Official Statement will be provided, at the City's
expense, on a timely basis in such quantities as may be oeccssary for the Successful Bidder's regulatory
co~pliance.
CUSIP Number
It is anticipated that CUSfP identification numbers will be printed on the Series 1995 Bonds, but neither
the failure to print such number 00 any Series 1995 Bonds nor any error with respect thereto shall constitute
cause for failure or refusal by the Successful Bidder to accept delivery of aDd pay for the Series 1995 Bonds in
accordance with its agrecment to purchase the Series 1995 Bonds. All expenses in, relation to the printing of
CUSIP numbers 00 the Series 1995 Bonds shall be paid for by the City; provided, however, that the CUSIP
Service Bureau charge for the assignment of said number shall be the responsibility of and shall be paid for by
the Successful Bidder.
Copies of Documents
Copies of the Preliminary Official Statement, this Official Notice of Bond Sale and the Official Bid Form
and further information which may be desired, may be obtained from the City's Financial Advisor, Raymond
James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, telephone (813) 573.8282.
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Amendments hereto and notices, if any, pertaining to this offering shall be made by the Munifacts News
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CITY OF CLEARWATER, FLORIDA
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/s/ Rita J. Garvev
. Mayor-Commissioner
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PROPOSAL FOR
$10,720,000.
CITY OF CLEARWATER, FLORIDA
IMPROVEMENT REVENUE BONDS, SERIES 1995
rmance Director
City Hall
112 South Osceola Avenue, 3rd Floor
Clearwater, Florida 34616
Ladies and Gentlemeo:
We do or do not wish to have the Series 1995 Bonds insured. We understand that the Series
1995 Bonds will be insured by Municipal Bond Investors Assurance Corporation if the election to purchase
insurance is made, and the bond insurance premium will be paid by the City of Clearwater.
below.
Said Series 1995 Bonds shall bear interest at the rates and sball be reoflered at prices or yields specified
Principal
Maturity Amount.
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Interest
Rate
Price
or Yield
Principal
Maturity Amount.
Price
or Yield
$140,000
145,000
155,000
160,000
170,000
180,000
190,000
200,000
210,000
225,000
240,000
250,000
265,000
285,000
300,000
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
.2023
2024
2025
Interest
Rate
$320,000
340,000
360,000
385,000
405,000
430,000
460,000
490,000
520,000
555,000
590,000
625,000
665,000
710,000
750,000
/.
· Preliminary subiect 10 chnnJ!c as Slaled in Official NOlice or Sale.
.',
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Term Bonds OPtion. The interest rate or reoffering price or yield for any Term Bonds shall be
indicated in the table above only in the year of fmal maturity. The annual Principal Amounts so indicated shall
be applied for the mandatory retiremeot of one or more Term Boods maturing in the years and amounts and
bearing interest as follows:
$
$
$
$
$
Term Bonds maturing on February 1, _ at _ % per annum to yield _ % per annum.
Term Bonds maturing aD February I, _ at _ % per annum. to yield _ % per annum.
Term Bonds maturing on February 1; _ at _ % per annum to yield _ % per annum.
Term Bonds maturing on February 1; _ at _ % per annum to yield _ % per annum.
Term Bonds maturing on February 1, _ at _ % per annum. to yield _ % per annum.
(If additional space is needed to specify additional Term Hood maturities, please attach a separate sheet to this
proposal, setting forth such additional Term Bond maturities in the form set forth above.]
We will accept delivery of said Series 1995 Bonds through The Depository Trust Company, with the
closing occurring at the office of the Fmance Director of the City of Clearwater, 112 South Osceola Avenue,
Clearwater, Florida 34616 on or about February 23, 1995, unless another date or place shall be mutually agreed
upon, it being understood that the City shall furnish to us. free of charge at the time of delivery of said Series
1995 Bonds; the opinion of Bryant, Miller and Olive, P A., Bond Counsel, Tallahassee, Florida, approving the
validity thereof.
In accordance with the Official Notice of Bond Sale. we enclose herewith either (i) a Cashier's or
Certified Check for SI07,200 payable to the order of the City of Clearwater. Florida, to be returned to the
undersigned upon the award of said Series 1995 Boods provided this Proposal is not accepted, or (il) provided
for a Fmancial Surety Bond in accordance with the Official Notice of Sale. The check is to be cashed and the
amount of the check retained by the City until the delivery of said Series 1995 Bonds and payment therefor, and
is to be applied to the payment of the Series 1995 Bonds or retained as and for liquidated damages in case of
the failure of the undersigned to make payment as agreed.
This proposal is not subject to any conditions not expressly stated herein or in the annexed Official
Notice of Bond Sale. Receipt of the Preliminary Official Statement relating to these Series 1995 Boods is hereby
acknowledged. The names of the underwriters or members of the account or joint bidding accounts, if any, who
are associated for the purpose of this Proposal are listed either below or on a separate sheet attached hereto.
Name of Firm
Address
By:
Name:
Title:
City
State
Zip
Telephooe Number
2
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The {allowing is our comp\ltation made in accordlJncc with the Official Notice of Bond Sale of the true
interest cost to the City of Clearwater, Florida, under terms of our Proposal for Series 1995 Bonds, which is for
informational purposes only and is subject to verification prior to award:
Pat Amount
$
Less Original Issue Discount,
$
Less Underwriters' Discount
$
$
Plus Original Issue Premium
(the Original Issue Discount and
Underwriters' Discount net of
Original Issue PremiunJ. should not
exceed 2% of the principal amount
of the Series 1995 Bonds)
. I
AD10unt Bid Before Accrued Interest $
(This amount should match the price
bid 00 page 1)
Less Bond Insurancc Premium (if applicable) S
Bid For Purposes of Calculating
True Interest Cost $
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Accrued Interest $
True Interest Cost Rate (To February 23, 1995
and Inclusive of Insurance Premium costs and
accrued interest, if any) %
(No addition or alteration is to be made to this Official Bid Form, and it must be submitted with the
Official Notice of Bond Sale.)
By:
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No dealer, broker, salesperson or other person has been authorized by the
City or the Underwritera to give any information or to make any representations
other than aa contained herein, and, if given or made, such information or
repre.entations rnu.t not be relied upon as having been authorized by any of tho
foregoing. This Official Statement is not to be construed as a contract with the
purchasers of the Series 1995 Bonds. This Official Statement does not constitute
an offer to sell or the solicitation of an offer to buy, nor shall there be any
sale of the Series 1995 Bonds by any person to make such offer, solicitation or
sale. The information set forth herein has been obtained from the City,
Municipal Bond Investors Assurance Corporation, public documents, records,and
other sourc.. which are believed to be reliable but is not guaranteed as to
accuracy or completeness by, and is not to be construed as a representation of
the City with respect to information provided by Municipal Bond Investors
Assurance Corporation or the Underwriters. The information and expressions of
opinion stated herein are subject to change without notice, and neither the
delivery of this Official Statement nor any sale made hereunder ahall create,
under any circumstances, any implication that there has been no change in the
affair. of the City since the date hereof or the earliest date as of which such
information is given.
IN CONNECTION WITH THIS OFFERING, THE UNDERWRITERS MAY OVERALLOT OR EFFECT
TRANSACTIONS THAT STABILIZE OR MAINTAIN THE MARKET PRICE OF THE SERIES 1995 BONDS
AT LEVELS ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH
STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME.
All summaries herein of documents and agreements are qualified in their
entirety by reference to such documents and agreements, and all summaries herein
of the Series 1995 Bonds are qualified in their entirety by reference to the form
thereof included in the aforesaid documents and agreemente.
NO REGISTRATION STATEMENT RELATING TO THE SERIES 1995 BONDS HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION (THE "COMMISSION") OR WITH ANY STATE
SECURITIES COMMISSION. THE SERIES 1995 BONDS HAVE NOT BEEN APPROVED OR
DISAPPROVED BY THE COMMISSION OR ANY STATE SECURITIES COMMISSION, NOR HAS THE
COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR
ADEQUACY OF THIS OFFICIAL STATEMENT. ANY REPRESENTATION TO THE CONTRARY MAY BE
A CRIMINAL OFFENSE.
TABLE OF CONTENTS
Page
INTRODUCTION
1
PURPOSE OF SERIES 1995 BONDS
........
2
2
PROJECT .
ESTIMATED SOURCES AND USES OF FUNDS .
2
DESCRIPTION OF THE SERIES 1995 BONDS
General . . . . . . . . . .
Negotiability, Registration and Cancellation
Transfer and Exchange
Redemption Provisions . .
Notice of Redemption
2
2
3
3
4
4
SOURCE OF PAYMENT AND SECURITY
FOR THE SERIES 1995 BONDS
General . . . . . .
Covenant Concerning Public Service Taxes
. . .
5
5
5
i
Reserve Account ....
No Additional Prior Bonds . .
Flow of Funds . . . . . .
Additional Bonds . .
. . . . . . . . . .
. .
6
7
7
8
9
12
12
14
15
16
17
17
17
. .
. II . . . . . . . .
. .
. .
. . . .
. .
. .
. . . .
...... ..
. .
PUBLIC SERVICE TAXES
HI~TORlCAL DEBT SERVICE COVERAGE TABLE . . . .
MUNICIPAL BOND INSURANCE
.....\.'
.......
. .
DEBT' SERVICE RESERVE ACCOUNT SURET~ BOND
. . . . . . . . . . . .
THE CIT~
COMBINED DEBT SERVICE REQUIREMENTS
RATINGS . .
..,..........
. .
LEGALIT~
. . . .
TAX EXEMPTION . .
. '" . III .. >* .
UNDERWRITING
19
19
ENFORCEABILITY OF REMEDIES
LITIGATION
VALIDATION
19
. ." .
19
20
GENERAL PURPOSE FINANCIAL STATEMENTS
FINANCIAL ADVISOR
20
20
MISCELLANEOUS
AUTHORIZATION OF AND CERTIFICATION
CONCERNING OFFICIAL STATEMENT . . .
20
APPENDIX A --
GENERAL INFORMATION RELATING TO THE CITY OF CLEARWATER,
FLORIDA
APPENDIX B --
CIT~ OF CLEARWATER, FLORIDA GENERAL PURPOSE FINANCIAL
STATEMENTS AND OTHER INFORMATION FOR THE FISCAL ~EAR ENDED
SEPTEMBER 30, 1994
SUMMARY OF CERTAIN PROVISIONS OF THE BOND ORDINANCE
APPENDIX C
APPENDIX D
FORM OF BOND COUNSEL OPINION
APPENDIX E
SPECIMEN BOND INSURANCE POLICY
ii
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OFFICIAL STATEMENT
$10,720,000*
The City of clearwater, Florida
Xmprovement Revenue Bonds, Series 1995
(Munioipal Servioes/publio Safety and Police complex project)
I1rrRODUC'UON
The purpose of this Official Statement, which includes its cover page and
certain enclosed Appendices, is to furnish information with respect to the
issuance by the City of Clearwater, Florida (the "city") of l.te Improvement
Revenue Bonds, Series 1995 (Municipal serViceS/Public Safety and poll.ce Complex
Project) (the "Series 1995 Bonds") in the aggregate principal amount of
$10,720,000*.
The Series 1995 Bonds are being issued under the authority of and in full
compliance with the constitution and laws of the State of Florida, including
Chapter 166, Part II, Florida Statutes, as amended and supplemented, Article III
of Chapter 44 of the coda of Ordinances of the City, as amended and supplemented,
and other applicable provisions of law. The Series 1995 Bonds are being issued
more specifically pursuant to Ordinance No. 5659-94, as supplemented, enacted by
the city Commission of the City (the "Commission") on August 18, 1994, (the
"Ordinance"), and supplemental resolutions adopted by the commission on January
19, 1995 and February 13, 1995 (collectively, the "Series 1995 Resolution"). The
Ordinance and the Series 1995 Resolution are collectively referred to as the
"Bond Ordinance". The issuance of t.he series 1995 Bonds was validated and
confirmed by a judgment of the Circuit Court of the Sixth Judicial Circuit of
Florida, in and for pinel1as county, rendered on October 6, 1994. An appeal was
filed with the Supreme Court of the state of Florida on November 4, 1994, which
court affirmed the validation judgment on January 9, 1995.
The Series 1995 Bonds are special, limited obligations of the City payable
solely from and secured solely by a pledge of and junior lien upon the Public
Service Tax revenues levied and collected by the City and deposited in the
Sinking Fund created and established pursuant to the terms and provisions of the
Bond Ordinance (sometimes hereinafter referred to as the "Pledged Funds") subject
to the prior lien of the City's Public Service Tax and Bridge Revenue Bonds,
Series 1985 of which $4,230,000 remains outstanding (the "Prior Bonds"), all as
further described under the heading "Public service Taxes" herein.
capitalized terms not otherwise defined in this Official stat.ement shall
have the same meanings assigned to such terms in the Summary of the Bond
Ordinance, which is set forth in Appendix "C". The description of the Series
1995 Bonds, the Bond Ordinance, and certain statutory provisions as well as the
information from various reports and statements contained in this Official
Statement are not comprehensive or definitive. All references to such documents,
reports and statements are qualified by the actual content of such documents,
reports and statements, copies of which may be obtained by contacting the Finance
Director, City of Clearwater, Florida, 112 south Osceola Avenue, Clearwater, FL
34616, or during the offering period of the Series 1995 Bonds from Raymond James
& Associates, Inc., financial advisor to the City, 880 carillon Parkway, st.
petersburg, Florida 33716, (813) 573-8282.
*
Preliminary; subject to change.
1
PURPOSE OF SERIES 1995 BONDS
The Series 1995 Bonds shall be issued by the city to (i) finance the police
station portion of the costs of acquiring, constructing, and equipping a
municipal services/public safety and police complex, (ii) finance a portion of
a parking facility for the use of the tenants of the complex (collectively (i)
and (ii), the "project"), (iii) purchase a debt service reserve account surety
bond; and (iv) pay the cost of issuance of the Series 1995 Bonds.
PROJECT
A portion of the proceeds from the sale of the Series 1995 Bonds will be
utilized by the City to acquire, construct, operate and maintain a police station
facility as part of a municipal services/public safety and police complex which
will consist of a 70,000 square foot City office building, an 84,000 square foot
Police Department headquarters building, a SOD-car parking facility for the use
of the tenants of the complex, and related equipment. The Project also includes
minor renovations of the existing City Hall building and the demolition of the
existing police building. The estimated cost of the portion of these
improvements is $10,352,400 which will be gross funded from Series 1995 Bond
proceeds and the remaining project costs will be funded from other City funds.
ES~IMATED SOURCES AND USES OF FUNDS
The proceeds to be received from the sale of the Series 1995 Bonds are
expected to be applied as follows:
Source. of Funds
Principal Amount .of Series 1995 Bonds
Less: original Issue Discount
Accrued Interest
s
(
Total Sources of Funds
$
Uaes of Funds
Deposit to the Construction Fund (1)
Deposit to Interest Account (2)
Purchase of Surety Bond for Reserve Account
Underwriter's Discount
Costs of Issuance (3)
Total Uses of Funds
$
s
(1)
(2)
(3)
A portion of the funds deposited may be used for capitalized interest for
the Bonds.
Accrued interest.
Includes the premium for the Municipal Bond Insurance Policy.
DESCRIP~ION OF THE SERIES 1995 BONDS
General
The Series 1995 Bonds shall be issued in fully registered form in
denominations of $5,000 and integral multiples thereof and shall be dated, shall
bear interest (payable semi-annually on February 1 and August 1 of each year
commencing August 1, 1995) at the rates per annum and shall mature on the dates
and in the amounts, all as set forth on the cover page of this Official
Statement.
2
Interest on the series 1995 Bonds will be payable by First Onien National
Bank of Florida having its primary corporate trust office in Jacksonville,
Florida, as paying Agent, by check or draft mailed to the registered owner at the
address shown on the registration books of the City maintained by the Paying
Agent, acting as Registrar, on the fifteenth (15th) day of the month prior to
each Interest Payment Date or on the fifteenth (15th) day prior to the date
notice of redemption is given, whether or not Buch day is a business day ("Record
Date" ), provided that, at the request of any registered owner of at least
$1,000,000 in aggregate principal amount of Series 1995 Bonds, interest may be
payable by wire transfer to the bank account number on file with the paying Agent
as of the applicable Record Date. The principal of and premium, if any, on the
Series 1995 Bonds are payable at maturity or earlier redemption to the registered
owner upon presentation and surrender at the designated corporate trust office
of the Paying Agent.
Negotiability, Registration and Cancellation
At the option of any registered owner of one or more Series 1995 Bonds and
upon surrender at the principal corporate trust office of the Bond Registrar with
a written instrument of transfer satisfactory to the Registrar duly executed by
the registered owner or his or her duly authorized attorney, the Series 1995
Banda may be exchanged for Series 1995 Bonds of the same maturity of any other
authorized denominations.
The Registrar shall keep books for the registration of the Series 1995
Bonds and for the registration of transfers of the Series 1995 Bonds as provided
in the Bond Ordinance. The Series 1995. Bonds shall be transferable by the
registered owner thereof in person or by his attorney duly authorized in writing
only upon the registration books of the City kept by the Registrar and only upon
surrender thereof together with a written instrument of transfer satisfactory to
the Registrar duly executed by the registered owner or his or her duly authorized
attorney. Upon the transfer of any such Series 1995 Bonds, the City shall issue
in the name of the transferee a new series 1995 Bond or Series 1995 Bonds.
The City, the paying Agent and the Registrar shall deem and treat the
person in whose name any Series 1995 Bond shall be registered upon the books kept
by the Registrar as the absolute owner of such Series 1995 bond, whether such
Series 1995 Bond shall be overdue or not, for the purpose of receiving payment
of, or on account of, the principal of and interest on such Series 1995 Bond as
the same becomes due and for all other purposes. All such payments so made to
any such registered owner or upon his order shall be valid and effectual to
satisfy and discharge the liability upon such Series 1995 Bond to the extent of
the sum or sums so paid, and neither the city, the paying Agent, nor the
Registrar shall be affected by any not1ce to the contrary.
TrAn.fer and Exchange
In all cases in which the privilege of exchanging Series 1995 Bonds or
transferring Series 1995 Bonds is exercised, the City shall execute and the
Registrar Elhall authenticate and deliver Series 1995 Banda in accordance with the
provision of the Bond Ordinance. All Series 1995 Bonds surrendered in any such
exchanges or transfers shall forthwith be delivered to the Registrar and canceled
by the Registrar in the manner provided by the Bond Ordinance. There shall be
no charge for any such exchange or transfer of Series 1995 Bonds, but the city
or the Registrar may require payment of a sum sufficient to pay any tax, fee or
other governmental charge required to be paid with respect to such exchange or
tran8fer. Neither the City nor the Registrar shall be required (a) to transfer
or exchange series 1995 Bonds for a period from the Record Date to the next
ensuing payment dato on such series 1995 Bonds or 15 days next preceding any
selection of Series 1995 Bonds to be redeemed or thereafter until after the
mailing of any notice of redemption; or (b) to transfer or exchange any Series
1995 Bonds called for redemption.
3
R.d.mp~ion Provisions
Op~ional Rede.p~ion. The Series 1995 Bonds maturing on or after February
1, 2004, are subject to redemption at ~he option of the city prior to maturity
on or after February 1, 2003, in whole at any time or in part on any intereat
payment date, in such manner as shall be determined by the City at the redemption
prices (expressed as percentages of the principal amount of such Series 1995
Bonds to be redeemed) as set forth below, together with accrued interest to the
redemption date:
Redeaotion periods (Both Dates Inclusive)
Red emotion Price
February 1, 2003 through January 31, 2004
February 1, 2004 through January 31, 2005
February 1, 2005 and thereafter
102%
101
100
Mandatory Sinking Fund Redemption of the Series 1995 Bonds. The Series
1995 Bonds maturing on 1, ____ are subject to mandatory sinking fund
redemption prior to maturity in part, by lot at a redemption price equal to their
principal amount and the accrued interest on each 1 in the years and
amounts set forth below at a redemption price equal to 100\ of the unpaid
principal amount of such Series 1995 Bonds being redeemed plus accrued interest
thereon to the date fixed for redemption, without premium:
Principal
Amount
Year
$
---- *
* Final Maturity
Notice of Redemption
Notice of redemption will be given by the Registrar (who shall be the
paying Agent for the Series 1995 Bonds, or such other person, firm or corporation
as may from time to time be designated by the Issuer as the Registrar for the
Series 1995 BOnds) by mailing a copy of the redemption notice by first-class mail
(postage prepaid) not more than thirty (30) days and not less than fifteen (15)
days prior to the date fixed for redemption to the Registered Owner of each
Series 1995 Bond to be redeemed in whole or in part at the address shown on the
registration books. Failuro to give such notice by mailing to any Registered
OWner of Bonds, or any defect therein, shall not affect the validity of any
proceeding for the redemption of other Bonds. All Series 1995 Bonds or portions
thereof so called for redemption will cease to bear interest after the specified
redemption date provided funds for their redemption are on deposit at the place
of payment at that time.
Upon surrender of any Series 1995 Bond for redemption in part only, the
Issuer shall issue and'deliver to the Registered Owner thereof, the costs of
which shall be paid by the Registered OWner, a new Series 1995 Bond or Series
1995 Bonds of authorized denominations in aggregate principal amount equal to the
unredeemed portion surrendered.
Whenever any Series 1995 Bonds shall be delivered to the Bond Registrar for
cancellation, upon payment of the principal amount thereof, or for replacement,
transfer or exchange, such Series 1995 Bonds shall be canceled and, upon request
of the Issuer, destroyed by the Bond Registrar. Counterparts of the certificate
of destruction evidencing any such destruction shall be furnished to the ISBuer.
4
Notice of call for redemption of the Serios 1995 Bonds shall be mailed,
po8tage prepaid, by the Registrar at least fifteen (15) days and not more than
thirty (30) days, before the dat.e fixed for redemption to all registered owners
of the Series 1995 Bonds (or any portions thereof) to be redeemed, to their
addresses as they appear on the registration books for the series 1995 Bonds or
to such other address as shall be furnished to the Registrar by such Bondholder.
Failure of any registered owner of Series 1995 Bonds that are to be redeemed to
receive auch notice of redemption, or any defect in such notice, shall not affect
the validity of the proceedings for such redemption of any other Series 1995
Bonds for which proper notice has been given.
When notice of redemption is given, the Series 1995 Bonds called for
redemption will become due and payable on the redemption date at the redemption
price stated in the notice. Interest on any Series 1995 Bonds duly called for
redemption will cease to accrue after the date fixed for redemption if funds
sufficient for payment of the redemption price has been deposited with the Paying
A9~nt.
SOURCE OF PAYMENT AND SECURITY
FOR ~ SERIES 1995 BONDS
General
The principal of, redemption premium, if any, and interest on the series
1995 Bonds are payable from the Pledged Funds equally and ratably with each other
and on a junior and subordinate basis to the Prior Bonds. The Series 1995 Bonds
are secured by (i) a junior lien on and pledge of the Public Service Taxes, which
are the proceeds of the Public Service Tax deposited in the Revenue Fund created
and eotablished under the Bond Ordinance which are deposited after all payments
required for the Prior Bonds have been made, and (ii) until applied in accordance
with the provisions of the Bond Ordinance all moneys, including investments
thereof, in the funds and accounts established under the Bond Ordinance, other
than the Rebate Fund.
The Series 1995 Bonds shall Dot be and sball not constitute an indebtedness
of the Cit.y or t.he St.at.e of Florida or any political subdivision thereof within
the aeaniDg of any Constitutional, statutory, charter or other liMitation of
iDdebtedness, and neither the full faith and credit nor the taxing power of the
City, the state of Florida, or any political subdivision thereof, are pledged or
obligated AS security for the payment of the principal of or interest on any
Series 1995 Bonds. The holders of the Series 1995 Bonds shall have no right. to
compel t.he exercise of thB ad valorem taxing power of the City or taxation in any
'form of real property therein to pay the Series 1995 Bonds or the interest
thereon.
The proceeds of the sale of the Series 1995 Bonds shall be and constitute
trust funds for the purposes provided in the Bond Ordinance and there is a lien
upon such money, until so applied, in favor of the Holders of the Series 1995
Bonds.
Covenant concerning public service ~axes
The City covenants under the Bond Ordinance that, so long as any of the
Series 1995 Bonds remain Outstanding including any other bonds issued on parity
therewith under the Bond Ordinance (collectively, the Series 1995 Bonds and any
pari pass~ additional bonds issued pursuant to the terms of the Bond Ordinance
are collectively referred to as the "Bonds"), it shall take all lawful action
necessary or required to continue to entitle the City to receive the Public
Service Tax proceeds and will not take any action which would impair or adversely
affect its receipt of such proceeds. The city further covenants under the Bond
Ordinance (i) that the Public Service Tax and the pledge of the proceeds thereof
made in the Bond Ordinance to the payment of the Bonds are, and shall continue,
5
irrevocable until all Bonds are paid or provision for the payment thereof is duly
made hereunder; (il) that the provisions of the ordinances of the City
authorizing the imposition I,I.nd collection cf the Public Service Tax are confirmed
to and for the benefit of the holders of any of the Bonds, and the City will not
repeal such ordinances and will not reduce the rates of such taxes below the
rates in effect on the date of the Bond Ordinance, (iii) that it will not issue
any obligations payable from the money in the Revenue Fund other than Bonds
within the limitations and restrictions prescribed by the Bond Ordinance, and
will at all times maintain the Revenue Fund by paying into the Revenue Fund all
proceeds of taxes received, collected and derived under such ordinance, without
deduction therefrom of any charge or expense for the collection or receipt
thereof, and will at all times administer the same as provided, and will not use
any money in the Revenue Fund for any purpose other than the purposes permitted
by the Bond Ordinance; and (iv) that it will punctually pay the Bond Service
Requirement in each Bond Year (as set forth in the Bond Ordinance).
Re.erve Account
The Bond Ordinance provides for the establishment and maintenance of a debt
service reserve account ("Reserve Account ") . An amount equal to the Reserve
Requirement shall be deposited in the Reserve Account for each series of Bonds
issued under the Bond Ordinance. The debt service Reserve Requirement for the
Series 1995 Bonds shall be in an amount equal to the lesser of (a) the maximum
amount of the principal of and interest on the Series 1995 Bonds becoming due in
any succeeding fiscal year, (b) one hundred twenty-five percent (125') of the
average annual amount of principal of and interest on the Series 1995 Bonds
becoming due in any succeeding fiscal year, or (c) ten percent (10%) of the "net
proceeds" (as such term is defined under the Codla for such purpose) of the Bonds.
The debt service Reserve Requirement with respect to the Series 1995 Bonds will
be satisfied in full at the time of issuance of the Series 1995 Bonds. Please
review the information under the section entitled "Debt Service Reserve Account
Surety Bond". The debt service Reserve Requirement for any other series of Bonds
shall be determined by subsequent proceedings of the City.
To the extent the City determines pursuant to a subsequent resolution to
fund a subaccount within the Reserve Account for a respective Series of Bonds,
the City may provide that the difference between the amounts on deposit in such
subaccount and the Reserve Requirement for such series of Bonds shall be an
amount covered by obtaining bond insurance issued by a reputable and recognized
municipal bond insurer, by a surety bond, by a letter of credit or any
combination thereof or by such other form of credit enhancement as shall be
approved by a resolution of the City adopted prior to the issuance of the series
of Bonds for which such subaccount is established. Such resolution as may also
provide for the substitution of such credit enhancement may in the future be
deposited in the subaccount in the Reserve Account for the Series 1995 Bonds as
shall be approved by subsequent reoolution of the City, provided that the
provider of such credit enhancement is then rated in one of the two highest
rating categories (without regard to gradation) by Standard & Poor's corporation
and Moody's Investors service, Inc.
Any withdrawals from any subaccount in the Reserve Account shall be
subsequently restored from the first moneys available in the Revenue Fund on a
pro rata basis as to all Bubaccounts in the Reserve Account after all required
current payments for the Sinking Fund (including all deficiencies in prior
payments to those Funds) have been mado in full. For a description of the
restrictions and requirements relating to such Reserve Account credit facility
substitutes, please refer to the Sununary of Certain provisions of the Bond
Ordinance contained in Appendix C hereto.
6
No Additional Prior Bonds
Under the Bond Ordinance the city has covenanted and pledged to the
registered owners of the Bonds from time to time that it will not, for so long
as any Bonds are outstanding thereunder, issue any debt payable on a parity with
the Prior Bonds from the Public Service Tax, other than obligations refunding the
Prior Bonds which have an annual debt service requirement equal to or less than
the debt service requirement on such refunded Prior Bonds.
Flaw of Funds
A brief summary of the deposits required to be made to the various funas
and accounts established under the Bond Ordinance is provided below. For a more
detailed description of such deposits, reference should be made to the Summary
of Certain provisions of the Bond Ordinance contained in Appendix C attached
hereto.
After the payments required by the ordinance authorizing the Prior Bonds
have been made, all of the Public Service Tax proceeds collected by the City each
month will be deposited in the Revenue Fund in the following manner and amounts
(such Public Service Tax proceeds deposited in the Revenue Fund are referred to
herein as the "Pledged FUnds") on or before the fifteenth (15th) day of each
month, beginning with the month following the date of issuance of any Series of
Bonds, the amounts in the following order of priority:
(1) Such Pledged Funds shall first be used for deposit into the
Interest Account, such sums as will be sufficient to pay one-sixth (1/6)
of all interest becoming due on the Bonds on the next semiannual interest
payment date.
(2) Such Pledged Funds shall next be used for deposit into the
principal Account, in any bond year in which a Serial Bond matures, such
sums as will be sufficient to pay one-twelfth (1/12) of the prinCipal
maturing on Serial Bonds in such year.
(3) Such Pledged Funds shall next be used for deposit into the
Bond Amortization Account, in any bond year in which an Amortization
Installment is due, such sums as will be sufficient to pay one-twelfth
(1/12) of the Amortization Installment required to be made in such year.
Such payments shall be credited to a separate special account for each
series of Term Bonds outstanding, and if there shall be more than one
stated maturity for Term Bonds of a series, then into a separate special
account in the Bond Amortization Account for each such separate maturity
of Term Bonds. The funds and investments in each ouch separate account
shall be pledged solely to the payment of principal of the Term Bonds of
the series or maturity within a series for which it is established and
shall not be available for payment, purchase or redemption of Term Bonds
of any other series or within a series, or for transfer to any other
account in the sinking Fund to make up any deficiencies in required
payments therein.
Upon the sale of any series of Term Bonds, the City ahall, by
resolution or ordinance, establish the amounts and maturities of such
Amortization Installments for each series, and if there shall be more than
one maturity of Term Bonds within a series, the Amortization Installments
for the Term Bonds of each maturity. In the event the moneys deposited
for retirement of a maturity of Term Bonds are required to be invested, in
the manner provided below, then the Amortization Installments may be
stated in terms of either the principal amount of the investments to be
purchased on, or the cumulative amounts of the principal amount of
investments required to have been purchased by, the payment date of such
Amortization Installment.
.,
Moneys on deposit in each of the separate special accounts in the
Bond Amortization Account shall be used for the open market purchase or
I the redemption of Term BondS, pursuant to the Bond Ordinance, of the
series or maturity of Term Bonds within a series for which such separate
special account is established or may remain in said separate special
account and be invested until the stated date of redemption or maturity of
the Term Bonds. The resolution or ordinance establishing the Amortization
Installments for any series or maturity of Term Bonds may limit the use of
moneys to anyone or more of the uses set forth in the preceding sentence.
The required deposits to the Principal Account, Interest Account and
Bond Amortization Account shall be adjusted in order to take into account
the amount of money currently on deposit therein.
(4) Pledged Funds shall next be applied by the City to maintain in
each subaccount in the Reserve Account a sum equal to the Reserve
Requirement, if any, for all subsequent years on each series of Bonds,
which sum shall initially be deposited therein from the proceeds of the
sale of the Bonds and other funds of the City.
Notwithstanding any provision of the Bond Ordinance to the contrary,
moneys in each subaccount in the Reserve Account shall be used only for
the purpose of the payment of maturing principal of or interest or making
Amortization Installments on the Bonds for which such subaccount was
established when the other moneys in the Sinking Fund are insufficient
therefor, and for no other purpose, including the payment of any other
series of Bonds.
In the event of the refunding of any series of Bonds, the City may
withdraw from the subaccount within the Reserve Account for such series of
Bonds, all or any portion of the amounts accumulated therein with respect
to the Bonds being refunded and deposit such amounts as required by the
resolution authorizing the refunding of such series of Bonds.
(5) The City shall not be required to make any further payments
into the Sinking Fund when the aggregate amount of money in the Sinking
Fund is at least equal to the total Bond service Requirement of the Bonds
then outstanding, plus the amount of redemption premium, if any, then due
and thereafter to become due on such Bonda then Outstanding by operation
of the Bond Amortization Account.
(6) The balance of any moneys remaining in the Revenue Fund after
the above required payments have been made may be used by the City for any
lawful purpose.
Additional Bonds
The City is authorized under the Bond Ordinance to issue pari passu
additional Bonds, payable and secured equally and ratably with the Series 1995
Bonds ("Additional parity Obligations"), for any lawful purposes. Each such
aeries of Additional Parity Obligations, payable on a parity from the Public
Service Tax with the series 1995 Bonds (except as to any debt service Reserve
Account established solely for anyone or more series of Bonds), may be issued
after the issuance of any Series 1995 Bonds, for the construction and acquisition
of additions, extensions and improvements to capital projects of the City or for
refunding purposes and upon the following conditionsl
(1) The city Finance Director shall certify at the time of the
issuance of the Additional parity Obligations that the City is not in
default of any of the provisions, covenants and agreements of the Bond
Ordinance, and that there is no deficiency in the Sinking Fund.
8
(2) The City Finance Director shall certify at the time of the
issuance of the Additional Parity obligations that the Public Service Tax
pledged for payment of any outstanding Bonds, the Prior Bonds and the
Additional Parity obligations proposed to be issued, received by the City
during any twelve (12) months out of the eighteen (1B) months immediately
preceding the date on which the Additional parity Obligations are issued
shall have been equal to not less than 1.35 times the Maximum Bond Service
Requirement on the outstanding Bonds, the prior Bonds and the proposed
Additional parity Obligations during any Fiscal Year in which the
Additional Parity Obligations to be issued will be outstanding.
The City need not comply with the provisions of the preceding
paragraph in the issuance of Bonds if and to the extent the Bonds to be
issued are refunding bonds, if the city shall cause to be delivered a
certificate of an independent certified public accountant setting forth
the Average Annual Bond Service Requirement ( i) for the Bonds then
OUtstanding and (ii) for all Bonds to be immediately Outstanding
thereafter and stating that the Average Annual Bond Service Requirement
pursuant to (ii) above is not greater than that set forth pursuant to (i)
above.
(3) The Public Service Tax for the twelve month period selected
pursuant to paragraph (2) above may be adjusted to include the estimated
amounts from such taxes that the City would have received from areas that
the city has annexed prior to the issuance of the Additional Parity
Obligations and not fully reflected in such Fiscal Year.
(4) The Public Service Tax for the twelve month period selected
pursuant to paragraph (2) above may be adjusted to include the estimated
amounts from such taxes that the City would have received during such
twelve month period due to any increase in the rate or rates of such taxes
during such twelve month period and not fully reflected in such twelve
month period.
(5) The Ordinance authorizing the issuance of the Additional Parity
Obligations shall recite that all of the covenants contained herein will
be applicable to such Additional Parity Obligations.
PUBLIC SERVICE TAXES
Section 166.231, Florida Statutes, as amended, authorizes any Florida
municipality to levy a tax on the purchase within such municipality of
electricity, metered or bottled gas (natural, liquid petroleum gas, or
manufactured), water service, as well as other services defined by ordinance
competitive with thODe specifically enumerated above. currently, the tax on the
foregoing services may not exceed ten percent (10\) of the payments received by
the sellers of such utilities service from purchasers (except in the case of fuel
oil for which the maximum tax is four cents per gallon). In addition,
municipalities may levy a tax on purchases within the municipality of
telecommunications service which originate and terminate in the State of Florida,
at a rate of not to exceed seven percent (7' ) of the total amount charged.
"Telecommunications service" includes telephone, telegram or telegraph, pagers,
"beepers," and any other form of mobile communication.
The purchase of gas or fuel oil by a utility for resale or tor use as a
fuel in the generation of electricity or the purchase of fuel oil or kerosene for
use in aircraft or internal combustion engines are exempt from the levy of such
utilities tax, as are fuel adjUstment charges and purchases by any recognized
church in Florida for use exclusively for church purposes.
A municipality may exempt from the public service tax up to the first 500
kilowatts of electricity per month purchased for residential uee. In addition,
9
a municipality may exempt 50\ of the purchases subject to the public service tax
for businessee located within an enterprise zone. A municipality may also exempt
purchases by the United states Government, the state, or other public bodies from
the levy of such tax as well as c;:ertain nonprofit corporations, cooperative
associations and churches.
Public service taxes must be collected by the seller of the utilities
service -from purchasers at the time of sale and remitted to the taxing
, municipality as prescribed by ordinance of the municipality. Municipalities
levying public service taxes must provide written notification to the respective
utility companies of any change in the boundaries of the municipality or the rate'
of taxation levied on such utilities services.
As used in the Bond Ordinance and herein, the term "Public Service Tax"
means the t~ces imposed and levied by the City as authorized by Section 166.231,
Florida statutes. The city has covenanted in the Bond Ordinance that it will
take all action permitted by law to collect the Public service Tax proceeds in
the amount necessary to meet the requirements under the Bond Ordinance.
Article III entitled "Public Service Tax" is found at Chapter 29 in the
City.s COda of ordinances, as amended (the "City Code"). This article contains
the terms of the City'S levy of its Public Service Tax. The city currently
levies the Public Service Tax at the rate of ten percent (10\) of payment
received by seller on sales of electriCity, gas, and water service, four cents
per gallon of every gallon on the sale of fuel oil, and seven percent (7\) on
sales of telecommunication services within the city. Exempted from the City'S
Public Service Tax are: (a) Federal, state and local governments, agenciea
thereof and Churches, (b) purchase of telecommunication service for hire or
resale, (c) purchases of fuel oil for aircraft; and (d) various other
miscellaneous exemptions listed in Section 29.76 of the City Code. The City
Commission is solely responsible for setting or revising the Public Service Tax
it levies within the limits of Section 166.231, Florida Statutes, which it
accomplishes through the ordinances relating to the Public service Tax.
(Remainder of page intent~onally left blank.)
10
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BIn'ORICAL DEBT SERVICE COVERAGE TABLE
1994 1993 1992 1991 1990
Total
Public Service
Tax Collec-
tions (1) $11,831,565 $10,740,616 $9,954,853 $9,530,674 $9,085,217
Less Maximum
Annual Pebt
Service on
Prior
Lien Bonds (2) ($830,513) ($830,513) ($830,513) {$830,S13 {$830,S13)
Public Service
Tax Revenues
Net of
Maximum Prior
Lien Bonds
Re irernent $11,001,052 $9,910,103 $9,124,340 $8,700,161 $8,254,704
Projected
Maximum Annual
Debt Service
on 1995
Bonds (3) $803,040 $803,040 $803,040 $803,040 $803,040
Projected
Coverage 13.70x 12.34x 11.36x 10.83x 10.28x
( 1)
(2)
Audited city Financials.
Maximum Annual debt service, net of interest earnings and maturing
principal of $1,085,000 par amount of 8.25% Treasury Bonds due May 15,
2005 with a par call on any interest payment date in years 2000 through
2004 in Sinking Fund Account. Maximum annual debt service on prior Bonds
would otherwise be $1,233,113.
Based upon an assumed $10,720,000 par amount of bonds issued with level
debt service over thirty years with a true interest cost of 6.43\.
(3)
MUNICIPAL BOND INSURANCE
The following information has been furnished by Municipal Bond Investors
Assurance corporation (the "Insurer") for use in this Official statement.
Reference is made to Appendix E for a specimen of the Insurer'S policy.
The Insurer's policy unconditionally and irrevocably guarantees the full
and complete payment required to be made by or on behalf of the city to the
paying Agent or its successor of an amount equal to (i) the principal of (either
at the stated maturity or by an advancement of maturity pursuant to a mandatory
sinking fund payment) and interest on, the series 1995 Bonds as such payments
shall become due but shall not be so paid (except that in the event of any
acceleration of the due date of such principal by reason of mandatory or optional
redemption or acceleration resulting from default or otherwise, other than any
advancement of maturity pursuant to a mandatory sinking fund payment, the
payments guaranteed by the Insurer's policy shall be made in such amounts and at
such times as such payments of principal would have bean due had there not been
12
~i.",._;'.L
any such acceleration); and (11) the reimbursement of any such payment which is
subsequently recovered from any owner of the Series 1995 Bonds pursuant to a
final judgment by a court of competent jurisdiction that such payment constitutes
an avoidable preference to such owner within the meaning of any applicable
bankruptcy law (a "Preference").
The Insurer's policy does not insure against loss of any prepayment premium
which may at any time be payable with respect to any series 1995 Bond. The
Insurer's policy does not, under any circumstance, insure against loss relating
to: (i) optional or mandatory redemptions (other than mandatory sinking fund
redemptions); (il) any payments to be made on an accelerated basis; (iii)
payments of the purchase price of Series 1995 Bonds upon tender by an owner
thereof; or (iv) any Preference relating to (i) through (iii) above. The
Insurer's policy also does not insure against nonpayment of principal of or
interest on the Series 1995 Bonds resulting from the insolvency, negligence or
any other act or omission of the Paying Agent or any other paying agent for the
Series 1995 Bonds.
Upon receipt of telephonic or telegraphic notice, such notice subsequently
confirmed in writing by registered or certified mail, or upon receipt of written
notice by registered or certified mail, by the Insurer from the Paying Agent or
any owner of a Series 1995 Bond the payment of an insured amount for which is
then due, that such required payment has not been made, the Insurer on the due
date of such payment or within one business day after receipt of notice of such
nonpayment, whichever is later, will make a deposit of funds, in an account with
State Street Bank and Trust Company, N.A., in New York, New York, or its succes-
sor, sufficient for the payment of any such insured amounts which are then due.
Upon presentment and surrender of such Series 1995 Bonds, or presentment of such
."other proof of ownership of the Series 1995 Bonds, together with any appropriate
instruments of assignment to evidence the assignment of the insured amounts due
on the Series 1995 Bonds as are paid by the Insurer, and appropriate instruments
to effect the appointment of the Insurer as agent for such owners of the series
1995 Bonds in any legal proceeding related to payment of insured amounts on the
Series 1995 Bonds, Buch instruments being in a form satisfactory to State street
Bank and Trust Company, N.A., state Street Bank and Trust Company, N.A. shall
disburse to such owners or the Paying Agent payment of the insured amounts due
on such Series 1995 Bonds, less any amount held by the Paying Agent for the
payment of such insured amounts and legally available therefor.
The Insurer is the principal operating subsidiary of MBIA Inc., a New York
Stock Exchange listed company. MBIA Inc. is not obligated to pay the debts of
or claims against the Insurer. The Insurer is a limited liability corporation
rather than a several liability association. The Insurer is domiciled in the
State of New York and licensed to do business in all 50 states, the District of
columbia and the Commonwealth of Puerto Rico.
As of December 31, 1993, the Insurer had admitted assets of $3.1 billion
(audited), total liabilities of $2.1 billion (audited), and total capital and
surplus of $978 million (audited) determined in accordance with statutory
accounting practices prescribed or permitted by insurance regulatory authorities.
As of September 30, 1994, the Insurer had admitted assets of $3.3 billion
(unaudited), total liabilities of $2.2 billion (unaudited), and total capital and
surplus of $1.1 billion (unaudited) determined in accordance with statutory
accounting practices prescribed or permitted by insurance regulatory authorities.
copies of the Insurer' B year end financial statements prepared in accordance with
statutory accounting practices are available from the Insurer. The address of the
Insurer is 113 King street, Armonk, New York 10504.
Moody's Investors Service rates all bond issues insured by the Insurer
"Aaa" and short term loans "MIG 1," both deeignated to be of the highest quality.
13
standard & Poor's Ratings Group, a division of McGraw Hill ("Standard &
Poor's"), rates all new issues insured by the Insurer "AAAtI Prime Grade.
The Moody's Investors Service rating of the Insurer should be evaluated
independently of the Standard & Poor's rating of the Insuror. No application has
been made to any other rating agency in order to obtain additional ratings on the
Series 1995 Bonds. The ratings reflect the respective rating agency's current
assessment of the creditworthiness of the Insurer and its ability to pay claims
on its policies of insurance. Any further explanation as to the significance of
the above ratings may be obtained only from the applicable rating agency.
The above ratings are not recommendations to buy, sell or hold the Series
1995 Bonds, and such ratings may be subject to revision or withdrawal at any time
by the rating agencies. Any downward revision or withdrawal of either or both
ratings may have an adverse effect on the market price of the Series 1995 Bonds.
The insurance provided by the Municipal Bond Insurance Policy is not
covered by the Florida Insurance Guaranty Association created under Chapter 631,
Florida Statutes.
DEBT SERV7CE RESERVE ACCOUNT SURETY BOND
Application has been made to the Municipal Bond Investors Assurance
Corporation (the "Insurer") for a commitment to issue a surety bond (the "Debt
Service Reserve Account Surety Bond"). The Debt Service Reserve Account Surety
Bond will provide that upon notice from the Paying Agent to the Insurer to the
effect that insufficient amounts are on deposit in the Sinking Fund to pay the
principal of (at maturity or pursuant to mandatory redemption requirements) and
interest on the Series 1995 Bonds, the Insurer will promptly deposit with the
paying Agent an amount sufficient to pay the principal of and interest on the
Series 1995 Bonds or the available amount of the Debt Service Reserve Account
surety Bond, whichever is less. Upon the later of: (i) three (3) days after
receipt by the Insurer of a Demand for Payment in the form attached to the Debt
Service Reserve Account Surety Bond, duly executed by the Paying Agent; or (ii)
the payment date of the Series 1995 Bonds as specified in the Demand for Payment
presented by the Paying Agent to the Insurer, the Insurer will make a deposit of
funds in an account with state Street Bank and Trust Company, N.A., in New York,
New York, or its successor, sufficient for the payment to the paying Agent, of
amounts which are then due to the paying Agent (as specified in the Demand for
Payment) subject to the Surety Bond Coverage.
The available amount of the Debt Service Reserve Account surety Bond is the
initial face amount of the Debt Service Reserve Account surety Bond less the
amount of any previous deposits by the Insurer with the Paying Agent which have
not been reimbursed by the City. The City and the Insurer have entered into a
Financial Guaranty Agreement dated as of February 1, 1995 (the "Agreement").
Pursuant to the Agreement, the city is required to reimburse the Insurer, within
one year of any deposit, the amount of such deposit made by the Insurer with the
Paying Agent under the Debt Service Reserve Account surety Bond. Such
reimbursement shall be made only after certain other required deposits have been
made.
Under the terms of the Agreement, the paying Agent is required to reimburse
the Insurer, with interest, until the face amount of the Debt service Reserve
Account surety Bond is reinstated before any deposit is made to the General Fund.
No optional redemption of Series 1995" Bonds may be made until the Insurer's Debt
Service Reserve Account surety Bond is reinstated. The Debt Service Reserve
Account Surety Bond will be held by the Paying Agent in the Sinking Fund and is
provided as an alternative to the City depositing funds equal to the Debt Service
Requirement for outstanding Series 1995 Bonds. The Debt Service Reserve Account
surety Bond will be issued in the face amount equal to Maximum Annual Debt
service for the Series 1995 Bonds, will be non-cancellable and the premium
14
therefor will be fully paid by the city at the time of delivery of the series
1995 Bonds.
'XBE CITY
The City is a municipal ccrporation organized and existing under the laws
of the State of Florida. The City is located 1n the middle of the west coast of
Florida on the Gulf of Mexico and has a population of 108,000 as of January 1,
1995. Its City limits comprise approximately 26.3 square miles of land and 8.5
square miles of waterways and lakes.
The City is governed by a City Commission and operates under a commisBion-
Manager form of government. The city Commission appoints a full-time city
Manager And a full-time City Attorney. A full-time Director of Finance has the
responsibility for all internal auditing and financial record keeping operations
of the city, and is appointed by the City Manager. Alao, an internal audit
directo~ is appointed by the city Manager and serves full tLme.
The City is primarily a resort and residential community. The City has
many recreational facilitiea including tennis, golf, boating, fishing, water
sports, and recreational paths. During the winter months, the hotels, motels,
and restaurants fill with visiting tourists and winter residents. The City
offers over 42 acres of public beach front.
The City of Clearwater is located in pinellas county, Florida. Pinellas
county is the second smallest'county in the state in land mass, but is the fourth
mOst populated r:ounty in Florida and the most densely populated with nearly
865,000 residents. Major private employers in Pinellas County include an
electric utility holding company, a television merchandiser, several hospitals,
a newspaper publisher, and a retailer's corporate headquarters. Tourism is the
largest industry in Pinellas County.
Further information on the City is contained in Appendix A - "GENERAL
INFORMATION RELATING TO THE CITY OF CLEARWATER, FLORIDA."
[Remainder of page intentionally left blank.]
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RATINGS
Moody's Investors Service, Inc. and Standard & Poor's corporation have
assigned the Series 1995 Bonds ratings of "AI" and "A+", respectively. such
ratings do not reflect the presence of the municipal bond insurance policy which
will be issued by the Insurer if eo designated by the winning bidder. Such
ratings reflect the views of the rating agencies and an explanation of the
signif icance of such ratings may be obtained only from the rating agencies
furnishing,the same. There is no assurance that such ratings may be continued
for any given period of time or that they will not be revised downward or
withdrawn entirely by such rating agencies, if in its judgment, circumstances so
warrant. Any such downward revisions or withdrawal of such ratings may have an
adverse effect on the market price of the Series 1995 Bonds. If the successful
purchaser in the competitive bidding on the Series 1995 Bonds elects to cause the
issuance of the Municipal Bond Insurance Policy referred to herein, then Standard
& Poor's Corporation and Moody'S Investor Services, Inc. will assign their
municipal bond ratings of "AAA" and "Aaa", respectively, to the Series 1995 Bonds
with the understanding that upon delivery of the Series 1995 Bonds, a policy
insuring the payment when due of the principal of and interest on the Series 1995
Bonds will be issued by the Insurer. For any additional description of ratings
and their meanings, Moody' a Investors Service, Inc. and Standard & Poor's
Corporation should be contacted.
LEGALITY
Certain legal matters in connection with the issuance of the Series 1995
Bonds are subject to the approval of Bryant, Miller and Olive, P.A., Ta1lahaasee,
Florida, Bond Counsel, whose Bond Counsel opinion will be available at the time
of delivery of the Series 1995 Bonds. The proposed form of such opinion of Bond
Counsel is attached to this Official Statement as Exhibit D. Certain legal
matters will be passed upon for the City by Pamela K. Akin, Esquire, City
Attorney.
TAX EXEMPTION
The Internal Revenue Code of 1986, as amended (the "Code") establishes
certain requirements which must be met subsequent to the issuance and delivery
of the Series 1995 Bonds in order that interest on the Series 1995 Bonds be and
remain excluded from gross income for purposes of federal income taxation. Non-
compliance may cause interest on the Series 1995 Bonds to be included in federal
gross income retroactive to the date of issuance of the Series 1995 Bonds,
regardless of the date on which such non-compliance occurs or is ascertained.
These requirements include, but are not limited to, provisions which prescribe
yield and other limits within which the proceeds of the Series 1995 Bonds and the
other amounts are to be invested and require that certain investment earnings on
the foregoing must be rebated on a periodic basia to the Treasury Department of
the United States. The Issuer has covenanted in the Ordinance to comply with
such requirements in order to maintain the exclusion from federal gross income
of the interest on the Series 1995 Bonds.
In the opinion of Bond Counsel, assuming compliance with the aforementioned
covenants, under existing laws, regulations, judicial decisions and rulings,
interest on the Series 1995 Bonds is excluded from gross income for purposes of
federal income taxation. Interest on the Series 1995 Bonds is not an item of tax
preference for purposes of the federal alternative minimum tax imposed on
individuals or corporations; however, interest on the Series 1995 Bonds may be
subject to the alternative minimum tax when any Bond is held by a corporation.
'rhe alternative minimum taxable income of a corporation must be increased by 75\
of the excess of such corporation'S adjusted current earnings over its
alternative minimum taxable income (before this adjustment and the alternative
tax net operating loss deduction). "Adjusted Current Earnings" will include
interest on the Series 1995 Bonds. The Series 1995 Bonds are exempt from all
17
present intangible personal property taxes imposed pursuant to Chapter 199,
Florida Statutes.
Except as described above, Bond Counsel will express no opinion regarding
the federal income tax consequences resulting from the ownership of, receipt or
accrual of interest on, or disposition of Series 1995 Bonds. Prospective
purchasers of series 1995 Bonds should be aware that the ownership of Series 1995
Bonds may result in collateral federal income tax consequences, including (i) the
denial of a deduction for interest on indebtedness incurred or continued to
purchase or carry Series 1995 Bonds, (ii) the reduction of the loss reserve
deduction for property and casualty insurance companies by 1S\ of certain items,
including interest on the Series 1995 Bonds, (iii) for taxable years beginning
before January 1, 1996, the inclusion of interest on Series 1995 Bonds in
"modified alternative minimum taxable income" for purposes of the environmental
tax imposed on corporations, (iv) the inclusion of interest on the Series 1995
Bonds in earnings of certain foreign corporations doing business in the United
States for purposes of a branch profits tax, (v) the inclusion of interest on
Series 1995 Bonds in passive income subject to federal income taxation of certain
subchapter S corporations with Subchapter C earnings and profits at the close of
the taxable year, and (vi) the inclusion of interest on the Series 1995 Bonds in
"modified adjusted gross income" by recipients of certain Social security and
Railroad Retirement benefits for purposes of determining whether such benefits
are included in gross income for federal income tax purposes.
PURCHASE, OWNERSHIP, SALE OR DISPOSITION OF THE SERIES 1995 BONDS AND THE
RECEIPT OR ACCRUAL OF THE INTEREST THEREON MAY HAVE ADVERSE FEDERAL TAX
CONSEQUENCES FOR CERTAIN INDIVIDUAL AND CORPORATE BONDHOLDERS. PROSPECTIVE
BONDHOLDERS SHOULD CONSULT WITH THEIR TAX SPECIALISTS FOR INFORMATION IN THAT
REGARD .
During recent years legislative proposals have been introduced in Congress,
and in some cases enacted, that altered certaln federal tax consequences
resulting from the ownership of obligations that are similar to the Series 1995
Bonds. In some cases these proposals have contained provisions that altered
these consequences on a retroactive basis. Such alteration of federal tax
consequences may have affected the market value of obligations similar to the
Series 1995 Bonds. From time to time, legislative proposals are pending which
could have an effect on both the federal tax consequences resulting from
ownership of Series 1995 Bonds and their market value. No assurance can be given
that legislative proposals will not be introduced or enacted that would or might
apply to, or have an adverse effect upon, the Series 1995 Bonds.
Tax Treatment of original Issue Discount
Under the Code, the difference between the maturity amounts of the Series
1995 Bonds maturing in the years through , inclusive, and in the year
, and the initial offering price to the pUblic, eXCluding bond houses,
brokers or similar persons or organizations acting in the capacity of
underwriters or wholesalers, at which price a substantial amount of Series 1995
Bonds of the same maturity was sold is "original issue discount." Original issue
discount will accrue over the term of such Series 1995 Bonds at a constant
interest rate compounded periodically. A purchaser who acquires such Series 1995
Bonds in the initial offering at a price equal to the initial offering price
thereof to the public will be treated as receiving an amount of interest
excludable from gross income for federal income tax purposes equal to the
original issue discount accruing during the period he holds such series 1995
Bonds, and will increase his adjusted basis in such Series 1995 Bonds by the
amount of such accruing discount for purposes of determining taxable gain or loss
on the sale or other disposition of such Series 1995 Bonds. The federal income
tax consequences of the purchaser, ownership and redemption, sale or other
disposition of Series 1995 Bonds which ara not purchased in the initial offering
at the initial offering price may be determined according to rules which differ
18
from those above. OWners of such Serias 1995 Bonds should consult their own tax
advisors with respect to the precise determination for federal income tax
purposes of interest accrued uFon sale, redempl:ion or other disposition of series
1995 Bonds and with respect to the state and local tax consequences of owning and
dieposing of series 1995 Bonda.
um>ERWRI':rIN($
The Saries 1995 Bonds are being purchased by the Underwriters from the City
at an aggregate purchase price of $ (the face amount of the Series
1995 Bonds less underwriter's discount and original issue discount on certain of
the Series 1995 Bonds), plus accrued interest on the Series 1995 Bonds. The
Underwriters are obligated to purchase all the Series 1995 Bonds if any are
purchased. Following the initial pUblic offering, the public offering prices may
be changed from time to time by the Underwriters.
The Series 1995 Bonds may be offered and sold to certain dealers (including
underwriters and other dealers depositing such Bonds into investment trusts) and
othera at prices lower than the public offering prices set forth on the cover
page of this Official Statement.
ENFORCEABILITY OF REMEDIES
The remedies available to the owners of the series 1995 Bonds under the
Bond. Ordinance and any policy of municipal bond insurance referred to herein are
in many respects dependent upon judicial actions which are often subject to
discretion and delay. Under existing constitutional and statutory law and
judicial decisions, including specifically Title 11 of the united states Code,
the remedies specified by the Federal Bankruptcy COde, the Bond Ordinance and any
policy of municipal bond .,insurance referred to herein may not be readily
available or may be limited. The various legal opinions to be delivered
concurrently with the delivery of the Series 1995 Bonds (including Bond Counsel's
approving opinion) will be qualified, as to the enforceability of the various
legal instruments, by limitations imposed by bankruptcy, reorganization,
inSOlvency, or other similar laws affecting the rights of creditors or by such
principles of equity al3 the court having jurisdiction may impose with respect to
certain remedies which require or may require enforcement by a court of equity.
LITIGATION
There is no litigation or controversy of any nature now pending or
threatened (i) to restrain or enjoin the issuance, sale, execution or delivery
of the Series 1995 Bonds or (ii) in any way questioning or affecting the validity
of the Series 1995 Bonds, the Bond ordinance, any proceedings of the City taken
with respect to the authorization, sale or issuance of the Series 1995 Bonds or
the pledge or application of any moneys provided for the payment of the Series
1995 Bonds.
The City is a party from time to t~e in various law suits involving the
City generally, and believes that none of the actions currently pending will have
a material effect upon the finances of the City.
VALIDATION
The Circuit Court of the Sixth Judicial Circuit in and for Pinellas County,
Florida, by final judgment dated October 6, 1994, validated the series 1995
Bonds. An appeal was filed with the Supreme Court of the State of Florida on
November 4, 1994, and the supreme court affirmed the lower court's decision on
January 9, 1995.
19
GBNBRAL PURPOSE FINANCIAL S!rATEMEH'rS
The General Purpose Financial Statements and other information of the City
for the fiscal year ended September 30, 1994, are included in Appendix B to this
Official statement. Such excerpts from the City' s comprehensive Annual Financial
Report, including the auditor's report thereon, have been included in this
Official Statement as public documents and consent from the auditors was not
requested. The auditors have not performed any services relating to, and are
therefore not associated with, the issuance of the Series 1995 Bonds.
FINANCIAL ADVISOR
The city has retained Raymond James & Associates, Inc., St. Petersburg,
Florida, as financial advisor (the "Financial Advisor") to the city in connection
with the preparation of the City's plan of financing and with respect to the
authorization and issuance of the Series 1995 Bonds. Although the Financial
Advisor assisted in the preparation of this Official statement, the Financial
Advisor has not undertaken to make an independent verification or to assume
responsibility for the accuracy, completeness or fairness of the information
contained in this Official Statement.
MISCELLANEOUS
All information included herein has been provided by the City, except where
attributed to other sources. The summaries of and references to all documents,
statutes, reports and other instruments referred to herein do not purport to be
complete, comprehensive or definitive, and each such reference or summary is
qualified in its entirety by reference to each such document, statute, report or
other instrument. Copies of all such documents referred to herein are on file
with the City Clerk of the City at 112 South Osceola Avenue, Clearwater, Florida
34616. The information herein has been compiled from official and other sources
and, while not guaranteed by the City, is believed to be correct. As far as any
statements made in this Official Statement and the appendices attached hereto
involve matters of opinion or of estimates, whether or not expressly stated, they
are set forth BS such and not as representatives of fact and no representation
is made that any of the estimates will be realized.
AUTHORIZATION OF AND CERTIFICATION
CONCERNING OFFICIAL STATEMENT
The delivery of this Official statement has been authorized by the City
conunission. concurrently with the delivery of the Series 1995 Bonds, the
undersigned will furnish their certificate to the effect that, to the beat of
their knowledge, this Official Statement did not as of its date, and does not as
of the date of delivery of the Series 1995 Bonds, contain any untrue statement
of a material fact or omit to state a material fact which should be included
therein for the purpose for which this Official Statement is to be used, or which
is necessary in order to make the statements contained therein, in the light of
the circumstances in which they were made, not misleading.
CITY OF CLEARWATER, FLORIDA
By:
Mayor
By:
City Manager
20
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APPENDIX A
GENERAL INFORMATION
RELATING TO THE CITY OF CLEARWATER, FLORIDA
Location
The City of Clearwater (the ~City")t tbe COUDty seat ofPineUas County (the fourth most populous county
in Florida), is geographically located in the middle of tbe west coast of Florida on the Gulf of Mcxico. It is
situated approximately 22 miles west of Tampa and 16 miles north of St. Petersburg. Standing on the highest
coastal elevation of the State, the City limits comprise approximately 26.3 square miles of land and 85 square
miles of waterways and lakes.
Clearwater Beach, a corporate part of the City, is a beach community connected to the mainland by
Memorial Causeway, a four-lane, toU-free drive stretching almost two miles across Clearwater Harbor. Business
on Oearwater Beach is mainly tourist oriented. with hotels, motels and gift shops. Many rUle homes, apartments
and condominiums offer pleasant, semi-tropical island accommodations to permanent residents and winter and
summer visitors.
History
The area now known as Clearwater was rust explored in 1528 by panflle de Narvaez, a Spanish explorer
who encountered a large tribe of Indians, which his army drove out. The Indians rccaptured their territory and
held it until the Seminole Wars of 1835-42. The Indians who inhabited this area are said to have called it
~Pocotopaug,. meaning "clear water: for the many springs of clear, fresh water that bubbled along the shore and
even below the waterline at low tide.
Settlers began moving into the area around tbe time of the Seminole Wars. After the wars ended, the
territory was opened by the Federal government for homcsteading under the Armed Occupation Act. The rust
land title was granted in 1842. The early settlement, oamed ~Clear Water Harbor,. was incorporated in 1897.
.Clear Water- later became one word and "Harbor" was dropped in 1906 when Pinellas County was created by
an act of the State Legislature. In May 1911, Clearwater became the County Seat and Clearwater was chartered
as a municipality on May 27, 1915.
Government and Administration
Clearwater has a commission-city manager form of government. Four commissioners and a mayor-
commissioner are elected at large to serve overlapping three.year terms. They appoint the city manager and the
city attorney. All other administrative and professional positions are appointed by the city manager in
accordance with the City's Civil Service System.
The City has approximately 1,600 employees, covered by the City's Civil Service law relating to
recruitmeot, promotion, evaluation and discipUoe based on merit principles. Four employee unions represent
the CitYs civil labor force: two units of the Fraternal Order of PoUce; one of the International Association of
rue Fighters; and oDe from the Communications Workers of America.
Transportation
PineUas County and Clearwater arc served by three major causeways and bridges over Tampa Bay, by
U.S. 19 and 1.275 to the north and south, by 1.4 and U.S. 60 to the east. State Roads 590,686 and 55 also afford
access to the City.
Tampa International Airport, located approximately twenty miles from downtown Clearwater, provides
.air travel access with approximately 260 national and international nights daily. Limousine and taxi service to
and from the airport is available from Clearwater and throughout Pinellas County. St. Petersburg/Clearwater
Iotemational Airport, five miles from downtown Clearwater, offers regularly scheduled passenger service and
charter and special group flights. on a more limited basis to both domestic and foreign destinations, particularly
to Canada, Mexico, and Central and South America. The Executive Airpark, which is slightly over a mUe from
the downtown business section, provides service and maintenance for private plane owners. The airport has one
3,000 (oot hard-surface runway and facilities for visiting and locally based planes.
The Port of Tampa (22 miles to the east) is the closest deep water port. The port is serviced by a
variety of steamship agents and operators. The United States Coast Guard maintains an air station at the St.
Petersburg/Clearwater International Airpor[, and a search and sea rescue cutter station on Clearwater Harbor
opposite Sand Key.
GuU Coast Motor Lines provides service daily betweeo Clearwater, St. Petersburg and Tampa and makes
connections with Greyhound and Trailways Bus Lines in Tampa. Scenic tours are available via Gray Line out
of Clearwater and St. Petersburg. and both Gray Line and Gulf Coast have buses for charter. Pinellas SUncoast
Transit System maintains S4 routes in 19 municipalities in Pinellas County.
Utilities, Public Service and Community Facilities
The City owns and operates its own water, sewer, gas and solid waste systems. Water is obtained from
18 deep weUs owned and operated by the City and from wholesale purchases from the PineUas County Water
System. Sewage is treated at three pollution cootrol sewage treatment plants with a total capacity of 29 million
gallons per day. Natural gas, purchased under wholesale agreements with Florida Gas Transmission Company,
is distributed through 475 miles of gas mains to approximately 13,935 connections. It is the policy of the City
to set rates and charges for utility and other public services so that each enterprise activity is self-sustaining. The
Public Service Departmeot maintains approximately 302 miles of paved streets, 11 miles of unpaved streets, 9
miles of alleys, 120 miles of storm sewers, 35 miles of drainage ditches and 37 ponds or lakes. Solid waste is
collected City-wide 00 a regular basis and transported to the resource recovery plant in Pinellas County.
Electric power is provided by Florida Power Corporation and telephone service is provided by General
Telephone Company. Vision Cable of Pinellas, Ine. provides cable television service under a franchise with the
City. Local editions of the daily Sr. Petersburg Times and The Tampa Tribune, plus weekly newspapers from
adjacent Dunedin, Largo, Seminole and Clearwater Beach are widely distributed.
The Cleanvater Public Library System consists of a main library and four branches which are spread
evenly throughout the community for easy access. The City offers over 42 acres of public beach front, parks,
playgrounds, athletic courts and fields, pools, a 7,350 scat baseball and softball stadium, golf course, civic and
recreational centers,S miles of recreational paths, boat ramps and a 210 slip yacht basin and marina. The
Philadelphia Phillies conduct spring training at the municipal baseball stadium and have a long-term contract for
farm club training OD Clearwater's specially constructed facilities during the Winter Instructional League
Program. Clearwater is the home of the Clearwater Bombers, a national amateur fastpitcb softball team.
Tourism
The State Divisioo of Tourism reported that approximately 41,000,000 tourists came to Florida during
1993. Approximately 3,857,118 of them visited the Clearwater/St. Petersburg area. Clearwater's Fun 'N Sun
Festival each spring attracts thousands of visitors.
2
o;.~i-"'" ... - , . ..
EdUcatlOD
The Pinellas County School System operates 79 elementary schools, 21 middle schools and 15 high
schools and 5 exceptional. 19 alternative and 11 vocational schools within the County which are attended by over
126,668 students in kindergarten through the Uth grade. Private schools and academies are also located within
or near the City limits. The Pinellas County School System offers vocational and adult education at facilities in
or adjaccnt to the City. In addition, St. Petersburg Junior College has a Clearwater campus. Eckerd College
in St. Petersburg. Beacon College in Largo, Stetson University College of Law in Gulfport, the University of
South Florida and the University of Tampa in Tampa offer nearby college and post-graduate education
Industry, Commerce and Labor
Light, clean industry is encouraged in Clearwater. In 1957, the City of Clearwater developed a 100 acre
industrial park adjacent to the Clearwater Airpark (Executive Airport) and to the CSX Transportation Company.
There is a1.sc a privately owned, 35 acre industrial park. Large industries located near Clearwater include
Honeywell. General Electric, UNlSYS, Concept and Hercules Defense Electronics Systems, Ine.
Pension Plan
The Employees' Pensioo Plan and the Fireman's Pension Plan are self.administered by the City. Both
plans had unfunded liabilities as of September 30, 1994, the funding of which is being amortized over a 35 year
period for the rJreman's Plan, and over a 40 year period for the Employees' Plan (except for a portion of net
actuarial deficiency resulting from Plan amendments approved in December 1978, and from changes in actuarial
assumptions which arc being funded over 30 year periods). City contributions for fIScal year 1993-1994 were
~883,630 to the Employees' Plan and $786,823 to the Fireman's Plan, and were in accordance with actuarially
determined funding requirements.
In addition, supplemental pensions exist for eligible Police and Fire employees, funded from excise taxes
on gross receipts from premiums on certain insurance policies covering property in Clearwater, collected by the
State and remitted to the City. Neitber the City nor the employees contribute under these plans. Both plans
require benefits to be adjusted to equal funds assets provided by the defmed contributions.
~
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Demographic Information
Last Ten Fiscal Years
(8) (b) (e) (d) I, (c)
Permanent Per Capita Median School Unemployment
Ycar PODulation Income Aile Enrollment Rate (%)
1985 95,330 15,902 453 10,432 5.7
1986 97,882 17,039 Not avail. 10,494 S3
1987 99,124 17,947 Not avail. 10t797 5.0
1988 100,202 19,317 Not avail. 10,912 4.7
1989 101,082 21,255 Not avail. 10,796 5.3
" 1990 98,784 21,881 Not avail. 10,732 4.8
1991 99,612 22.059 ' 42.1 11.572 6.1
1992 99,856 22,958 423 11.921 ' 5.4
1993 100,857 24,480 423 11,584 6.1
1994 100,548 26,473 42.9 10,043 5.6
:.' ~ ~ .
(a) 1985-1989, U.S. Bureau of Census estimate; 1990 Census; 1991-1993: University of Florida, Bureau of
Economic and Business Research.
(b) Data is for PineUas County, but should also approximate Clearwater levels. 1985-1989, U.S. Department
of Commerce, Bureau of Economic Analysis; 1990-1994" Florida Trend Magazine.
(e) , ' Pine-lias County level data, but should also approximate Cleanvater levels. 1985, 1993, St. Petersburg
Times' Research Bureau; 1991~1992, U.S. Bureau of the Census; 1994, Sales and Marketing
ManQ2ement. Survey of Buying Power.
(d) 1985-1990, Oearwater Planning Department population pro rata estimate of PineUas County School
Board County level data for public schools; 1991-1994, Pinellas County School Board.
(e) Data is for the Tampa/St. Petersburg SMSA. Published by the Florida Department of Labor and
Employment Security.
NOTE~ Data is for an unspecified point in each year, not specifically Scptember30.
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Property Values, ConstrucUon, and Bank Deposits
Last Ten FIscal Years
Commercial Constntction Residential Construction Miscellaneous Construction(a)
FIScal Number Number Number Bank Deposits(b)
Year of Permits V~lue of Permits Value of Permits Value (in thousands)
1985 S69 $ 51.469,008 1,267 $ 54,011.436 4,005 $ 5,934,005 $13,082,104
1986 597 61,726,247 1,244 83,486,m 3,005 6,766,508 13,685,840
1987 626 42,649,623 1,378 46,939,249 4,454 9,198,587 14,981,795
1988 731 45,510,427 1,385 42,150,294 3,411 13.219,492 15,480,740
1989 70S 121,554,308 1,127 37,140,105 4,326 22,579.744 17,120,300
1990 782 47,382,330 1,018 74,169,490 4,991 16,983,323 18,646,122
'1991 626 24,250.916 1,260 34,937,357 5,906 17,452,664 20,432,162 1
~ ' ,
1992 557 32,765,807 1,137 25,956,314 5,940 18,020,294 2O,476,9'n
1993 1,693 42,051,081 3,885 29,296,168 6,799 20,113,175 24,346,948
1994 1,831 37,164,437 3,882 49,950,413 6,063 17,922,023 23,639,293
(a)
(b)
locludcs institutions, churches, seawalls, pools and non-valued building permits.
Includes balances in commercial, savings, savings and loan, and buildiog and loan banking institutions
for Pmellas County. Data from the St. Petersburg Times Research Bureau.
Ten Largest Employers
In Pinellas County
1994
Name of EmDlover
Type of Business
Number
of Emplovees
1. Pinellas County School System
2. Home Shopping Network
3. Jack Eckerd Corp.
4. City of St. Petersburg
5. PineUas County Government
6. Honeywell Space Systems
7. Florida Power Corp.
8. St. Petersburg/Clearwater Int'l. Airport.
9. Times Publishing Co.
10. MortOD Plant Hospital
Public educatioo
Merchandising
Pharmaceutical
City government
Government services
Aerospace, avionics
Utility
Airport
Newspaper publishing
Hospital
15,186
4,000
3,374
3,241
3,140
3,100
2,645
2,500
2,312
2,078
.Includes employees at 38 businesses.
"
5
Assl$sed and Estimated Actual Property Valuations
Last Ten Fiscal Years
Assessed Valuadons(a)
F"tscal Non-Exempt Personal Other Total Total
Year Real Estate Propertv PropertyCb) Taxable Exempt(c) Total All
1985 $2,446,057,910 $269,949,700 $944,907 $2;736,952,517 $ 923,634,695 $3,660,587 ~12
1986 2,724,424,890 289,744,250 586,416 3,014,755,556 977,758,085 3,992,513,641
1987 3,080,652,280 313,835,680 817,629 3,395,305,589 1,001,043,393 4,396,348,982
1988 3,270,695,390 349,895,280 545,157 3,621,135,827 1,081,534,811 4,702,670,638
1989 3,388,838,210 352,914,960 484,002 3,742,131,172 1,148,090,371 4,890,327,543
1990 3,48S,3~470 370,827,590 484,376 3,856,684,436 1,192,855,361 5,049,539,803
1991 3,745,222,768 378,841,070 500,188 4,124,564,026 1,232,097,193 5,356,661,219
1992 3,799,734,064 379,338,740 509,202 4,179,582,006 1,296.139,766 5,475,72l,m
1993 3,800,740,889 386,831,160 532,486 4,188,104,535 1,317,255,941 5,505,360,476
1994 3,789,902,836 390,841,880 569,338 4,181,314,054 1,391,537,453 5,572,851,512
(a) Valuation is established by the County Property Appraiser as of December 31 of the calendar year
preceding the beginning of the applicable FIScal Year of the City that begins October 1 of the following
calendar year.
(b) Railroad and Telegraph Companies.
(c) Includes governmental, educational, qualified religious,literary, scientific.. and health care properties and
special exemptions for individual property owners. Qualified property owners are entitled to a $25,000
homestead exemption based on residency requirement.
Property Tax u.vies and Collec:tions
Last Ten Fiscal Years
Pef1:ent Percent oC
or TOlal D<:Unquent
Cunent Percent DC Delinquent Collc:ctions Outstanding Taxes to
FISCal Total Tax Levy Tax Total Tax To Current Delinquent Current
Year Tax Levy Collections. Collected Collections Collections Levv Taxes l.evv
19&5 Sll,766.901 $11,605,379 98.63% S 25,761 Sn,631,14O 98.85% S 440,864 3.75%
1986 13,442,331 13,259,621 98.64 12,On 13,271,698 98.73 611,497 4.55
1987 15,104,352 14,842,656 98.27 6,252 14,848,908 9831 866,941 5.74
1988 18,093,427 17,855,707 98.69 77,643 17,933,350 99.12 1,027,018 5.68
1989 18,999,668 18,818,443 99.05 189,760 19,008,203 100.04 1,018,483 5.36
1990 19,676,174 19,474,315 9M7 35,223 19,509,548 99.1.5 1,185,109 6.02
1991 21,336,807 21,145,636 99.10 95,735 21,241,371 9955 1,280,545 6.00
1992 21,369,980 21,075,554 98.62 109,316 21,184,870 99.13 1,387,456 6.49
1993 21,408,489 20,301,860 94.83 199,638 20,501,498 95.76 1,438,116 6.72
1994 21,281.744 20,504,005 96.35 603,226 21.107,231 99,18 946.874 4.45
· CoUections are reported at the gross amount before any discount aUowances.
6
, ..." . ~ '"
Property Tax Rates. All Direct aod Overlapping Governments
(Per $1,000 of Assessp,d Value) .
Last Ten Fiscal Years
Downtown Counry Emergency
flstal Develop- School Transit Medical
Year .Qtt ment(lI) ~ CounlY ~ Se rvices Othe,.{D) ,!g!!!
1985 4.3030 1.000 6,8994 4.093 3295 .9J2 .7452 ,18.3021
1986 4.4558 1.000 7.2450 4.139 .4315 .886 ,6955 IB.8528
1987 4.4558 1.000 7.5020 4.2SB .4536 .931 .7013 19.3017
1988 5.??oo 1.000 7.3370 4.915 .4987 .931 1.2933 20.9750
1989 5.1000 .250 7.6S00 4.909 .513S .931 l.3n5 20.7310
1990 5.1000 .860 8.5330 5.280 . .5743 1.060 .9617 22.3690
1991 5.2037 1.000 8,7660 5.234 .5743 :100 1.0964 22.5744
1992 5.1158 1.000 8.6260 5.495 .5893 :700 1.1560 22.6821
1993 5.1158 1.000 9.??oo 5.417 .5B93 .850 1.1820 23.1541
1994 5.1158 1.000 9.0920 5.429 .6697 .872 1.4221 23.5906
(a) A separate taxing district established by refetendum wbich affects only downtown properties.
(b) Other includes Pmcllas County Planning Council (.0286); Juvenile Welfare Board (.6274); SW f10nda
Water Management District (.3220); Pincl1as Anclote River Basin (.2040).
Ten Largest Taxpayers
Year Ended September 30, 1994
Taxuavcrs
Tvoe of Business
Assessed
Value
Percentage
to Total
Assessed
Value
Bellwether Prop. LP Ltd.
MacLean. Aubrey
John S. Taylor, III
, Church of Scientology
Sand Key Association Ltd.
Sylvan Abbey
Equhel
John Hancock Mutual Life
Insurance Company
Fast Florida Bank
MAS One LTD Partnership
Shopping Center
Shopping Center
Landowner
Conglomerate
Hotel
Adult Coogregatc Facility
Motels
$ 75,074,500
60,646,600
34,226,700
24,366,700
18,700.800
17,370,100
16,722.300
1.98%
1.60
0.90
0.64
0.49
0.46
0.44
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Apartment Complex
Hotel
Office Building
13,735,800
13,631,400
13.542,(]()()
$288.016.900
0.36
0.36
~
7.60%
-
Total
Source: PineUas County Property Appraiser
7
\ '
City of Clearwater, Florida
Ratio of Net General Bonded Debt to Taxable Assessed Value
and Net Bonded Debt Per Capita
Last TeD Fiscal Years
Ratio of Net Net
Taxable Net General General
Assessed General Booded Debt Bonded
FIScal Value Bonded To Assessed Debt
) , Year .Population (000) DebUt) Value Per Cal3ita
1985 95,330 S2, 736,953 $4,250,761 .16% 44.59
1986 97,882 ' 3,014,756 3,657,278 .12 37.36
1987 99,124 3,395,306 3,037,117 .09 30.64
1988 100,202 3,621,136 2,395,290 .07 23.90
1989 101,082 3,742,'237 . 1,723,137 .05 17.05
1990 98,784 3,856,684 1,036,234 .03 10.49
1991 99,612 4,124,564 . 567,950 .01 5.10
1992 99,856 4,179,582 452, m .01 4.53
1993. 100,857 4,188,105 348,478 .01 3.46
1994 101,548 4,181,314 242,700 .01 2.39
(1): . Gross general bonded debt less amounts on deposit in sinking funds or debt service funds.
City of Clearwater, Florida
Computation or Direct and Overiapping Debt
September 30, 1994
City of Clearwater,
Series 1978
Principal City
Amount Share of
Outstandin~ Percent Debt
$ S45,OOO 100 $ 545,000
7,378,027 14.28* 1.053.582
$1,596,582
General Obti~ation Debt
PinelIas County School Board
Total .
· AppUcable Net Debt Percentage is based on ratio of City to County Taxable values
($3,789,902,836/$26,547,437,039).
8
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City of Clearwater, Florida
ComputatIon of Legal Inbt Margin
September 3D, 1994
Assessed Valuation of Non.Exempt Real Estate(lI)
Times: Twenty Percent Limitation per City Charter
EqualS Legal Indebtedness Limitation
$ 3,789,902,836
x .20
$ 757.980.567
Debt Outstanding Subject to City's Legal Debt Margin
September 30, 1993
Gross Debt
Less Sinking
Fund Assets
Net Debt
Subject to
Limitation
General Obligation Bonds:
'1978 Series
$ 545,000
$ 302,300
$ 242,700
Revenue Bonds:
1985 Public Service Tax and
Bridge Revenue Bonds
1988 Water and Sewer Revenue Bonds
4,740,000 ' 2,460,266 2,279,734
2,265,000 2,265,000 0 'n
26,565,063 5,318,663 21,246,400
52,655,000 5,601,833 47,053,167
64,000 0 64,000
380,000 321,837 52,163
7,680,000 721,030 6,958,970
8,110,000 1,076,443 7,033,557
1,615,000 574,771 1,040,229
450,000 288,345 161,655
9.041.565 685.434 8.356.131
$114.110.628 $19.621.922 $ 94.488.706
$663.491.861
1984 Water and Sewer Revenue Bonds
1993 Water and Sewer Revenue Bonds
1984 Capital Improvement Revenue Bonds
1983, Parking Revenue Bonds
1991 Gas System Revenue Bonds
1994A Gas System Revenue Bonds
1985 Community Redevelopment Agency
Tax Increment and Lease Revenue Bonds
1987 Community Redevelopment Agency
Tax Increment Revenue Bonds
Notes, Mortgages and Cootracts
Totals
Legal Iodebtedness Margin
(a) Valuation listed is Crom 1993 tax year for 1994 collections.
9
~ ~ \., '.,\ ~\:,
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FIScal
Year
1986
1987
1988
1989
1990
1991
1992
1993
1994
FIScal
Year
1986
1987
1988
1989
1990
1991
1992
1993
1994
(a)
(b)
(c)
(d)
Note:
Cltb of Clearwater, Florida
Public Senice Tax and Bridge Revenue Bonds Coverages
Net Brid~e Revenues
Utilities Net Reveoues
Service Gross Available for
Taxes Revenues(a) ExDenses(b) Debt Service
$ 8,148,166 $1.366,395 $ 952.140 S 414,255
8,337,2S9 1,079,802 929,555 150,247
8,285,147 1,195,699 1,087,193 108,506
8,556,679 1,609,712 979,m 629,935
9,085,217 1,645,002 955,656 689,346
9,530,674 1,762.075 984,424 m,651
9,954,853 1,722,322 719,416 1,002,906
10,740,616 1,774,796 622,657 1,152.139
11,831,565 1,733,215 753,963 979,252
Debt Service Reauirements
Principal/
Sinkinlt Fund(d) Interest
Bridge
Percentage
Limitation(c)
Total Pledged
Revenues
Available
for Debt
Service
'>
$ 415,000
440,000
230,000
340,000
365,000
385,000
410,000
440,000
475,000
$ 482,060
578,473
578,473
568,273
546,438
521,569
493,729
462,898
428,266
$462.472
S2S,064
416,800
468,251
469,883
467,373
465,908
465,480
465,670
S 8,562,421
8,487,506
8,393,653
9,024,930
9,555,100
9,998,047
10,420,761
11,206,096
12,297,235
Includes interest earnings and gross revenues of Toll Causeway Bridge Fund.
Excludes depreciation (and similar noncash expenses), amortization of bond discount and issue costs,
bond interest and sinking fund and reserve requirements.
Bridge Net Revenues are pledged for debt service requirements ooly to the extent of the -Bridge
Percentage- of requirements pursuant to Section 16, Subsection A(2)(c) of Ordinance No. 3932-85
(51554% of total debt service requiremeots for each year).
Reflects par value amounts of sinking fund investmeots as well as serial principal retirements.
Total Coverasze
$ 897,060 954
1,018,473 833
808,473 10.38
908,273 9.94
911,438 10.48
906,569 11.03
903,729 11.53
902,898 12.41
903,266 13.61
In August, 1985, the City issued $7,155,000 Public Service Tax and Bridge Revenue Bonds, Series 1985,
to fmance the cost of refunding $3,290,000 Utilities Tax Bonds, Series 1977 and $6,060,000 Utilities Tax
and Bridge Revenue Bonds, Series 1977, and to provide funds for land acquisition and of a city-owned
and operated parking garage.
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~ ~t ,. .' '? .~, I t' F:,\' i~ d (0
~>, ",.,. '.' l, i\,~J\"d1~'I":\
'h cH,',,'p l'{~t".'..~'<!~V"... \
"~It' "<I:'~:I; i . " <,.f '.' 4", 't. '"
~ '~i \ 'h ,."J ~~'-' .
~lt;f.""A 'J' "l,{'~' :'~'~'.~
1t{-'-W1'11:?!" ;'j~ .'~ ..;',: .- f
'tqJ;.:f)"',t~~:1 'II' . . . '." '
~~.l;;.')'\. ,i.:~, ';; f: '
.~~~t.';>' ~'<.~,t,\t,
Coopers .
&LYbrand
Coopers & Lybrllnd L.L.P.
a plofes~ onal selVlces film
Report of Independent Accountants
The Honorable Mayor-Conunissioner
City Commissioners, and City Manager
City of Clearwater, Florida
We have audited the accompanying general purpose financial statements and the combining and individual fimd
and account group financial statements of the City of Clearwater, Florida, as of and for the year ended
September 30, 1994. These financial statements are the responsibility of the City's management. Our
responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require
that we plan and perfonn the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present fairly. in all material respects,
the financial position of the City of Clearwater, Florida, as of September 30, 1994, and the results of its operaM
tions and the cash flows ofits proprietary fund types and nonexpendable trust funds for the year then ended in
conformity with generally accepted accounting principles. Also, in our opinion, the combining and individual
fund and account group financial statements referred to above present fairly, in all material respects, the finan.
cia! position of each of the individual funds and account groups of the City of Clearwater, Florida, as of
September 30, 1994, and the results of operations of such funds and the cash flows of individual proprietary
fund types and noncxpendable trust funds for the year then ended in conformity with generally accepted ac-
counting principles.
Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements
taken as a whole and on the combining and individual fund and account group financial statements. 'The reM
quired supplementary infonnation for the defined benefit pension plans is not a required part afthe general pur-
pose financial statements, but is supplemental information required by the Governmental Accounting Standards
Board, We have applied certain limited procedures, which consisted principally of inquiries of management reM
garding the methods of measurement and presentation of the supplemental information. However, we did not
audit the information and express no opinion on it. The supplemental schedules listed in the table of contents
and the information presented in the statistical section are presented for the purposes of additional analysis and
are not a required part of the general purpose financial statements. Such infonnation has not been subjected to
the auditing procedures applied in the audit of the general purpose combining and individual fund and account
group financial statements, and accordingly, we express no opinion on it,
Tampa, Florida
January 25, 1995
too~'T' ~rA. LL P
1
Coopers & IoVDIMO L L p. a '!lgtlWed htrllea IIBD:I,!'/, pa'l~!l"h,p. 1$ a member flIrT' 01 COOPllr, & l~p'a~C1 (Inlernallo~,1')
cnv OF Cu:ARWATER. FLORIDA
COMBINED BALANCE SHEET - ALL RJND 1YPES. ACCOUNT GROUPS. "
AND DISCRETELY PRESENTED COMPONENT UNIT
SEPTEIIDER 30. 10M WITH COMPARATIVE TOTAL FIGURES FOR 1DG3
Ganmn.ntaJ Fund Typo Pro....Wy Fund Types
S....... Debt CapbJ Internal
G_aI Aevenu. Service ProjKta Ent1Npri.. Selvlce
. ASSETS AND OTHER DEBITS'
CMtI on HInd Met In 8Ink. . 2O,seo ~ " 23,425 1.845
Ecply In ~ CUhMd Inveltmlnla* " 15,020,321 ' 4,703,145 1,523,35 as,l &5,423 15,577,31S2 12,fIIi>>,440
Cah... &crow AgInt 3,408
~ 2&4,geg
...t.... (NIItWhwe ~....
~ AIowIl_ tar EIIImeIIIcI
UJill~ AInr:MdIJ:
AccounII Md eo.ncta 1,117,215 371 5,745,838 437
............ Md 0Itw lDIna 48,252
. Acarued RwInUn 1.<$80,gs 5,0CXI 7,852
,
....... Met DMcIIndI '
~ton""'lCe'
, DeIncpnt PropIrtyT... 2ee,117 25,820
Obr" S85,0CXI
Due tom 0fIW FtnII 15.0CXI 14,475,441 1,tU6.421
CUI tom OIW FundI (Ddctt In ~ CUh) 5,071.100
Due tom OIW GcMrn. .lM'IlII EntIIe, 4D4,215 1,422,Be1 24,804 417,e04
~.... at eo.t *,054 151,448
AwpIicIDpenee~..
WICl 0Iw AMelI IG,I56 13.175 31G,7OG
~AIMtI:
~ In Pol*d CUh I.nd Invellmenta 31,187,240
,Due tom 0IhIr FundI 7.731,5eO
. "
Due tom '*- Go\III ,...**1 EntItIH
~At eo.tor
Aml:IftIz8d Colt 6.782.383 525,:!60
~~ 188,803 5,743
AcMnon to OIl.- FundI 30.~4 ~,071 4,257.75
c.tImtd a... 1.G40,OU'
~,PIInt Met EquipmInt (NIt
of AacunIMId Depnddon) 200.130,100 11,317,425
Amount AVIIIIbIiIIn o.bt BefVIcI fundi
Amount to be fIrovkIed tar RIIhmInt
of a.r.rallDng- r.-m 0IbI:
Arnount to be f\'ovided tor eo."..nMted AbMncel
. le,eoe.(1B7 G,20!5.e:JS . 1,151 g.718 40.2151 ,~7 2I55,151Q23C!1 31,3S0.15157
*1ncIUde. ~ WIt fund cuh and cash '~"'ntI 01 SM4.72a lor IIlG4 Md $81,812101 lGD3.
8M ~ nota, to FinIndal Sta"mem..
2
~,i~': (, : "
" ,"
.., ~
. ,
"'a- 1 of 2
Component
RebUry Prlmuy Unit
FuIHI Type Aooount Groupe Government a......, Reipot1Ing Entity
General o.n.aI TotaIa Downtown Total.
T..... ..d ADd lDng- lean (MwnorMdum Dwelopment (MemorMdum Only)
~ Aa..a OIbt 0nIr) &o.rd 1'NM 1'108
14'- eo,ees eo,ees 158e.343
S.ote5.8IID · 88.174.040 · 103,t\11S4 e8,278.e04 * 78,7Q2.l105 *
3,400 3.<<18 4,211
222.5111.487 222,M6,436 222'-" . 2m,l57,024
8,e83.85IiI e,tl83,as 8,5Q15,243
3.450,_ 3,4lI8,721 3,488,721 3.5042,817
1.483,011 1,483,011 1,471,2515
2,480,844 2,480,844 2.4WIO.M4 2.540,1Gt
.,2114 eg,2M S,284 21.751
312,048 312,048 534.0e8
20,_ 4115,483 415,483 535.ee2
1 B.l oe,flB2 18,106,eB2 14.271,440
5.071.100 5,071.100 3,ol7.384
2,ssa,514 2,35Q,1514 2,403,0Gli!
1,147,502 1.147.502 1,103.824
475,040 475.040 57,517
31.181,240 31.187~ 22,$44,012
7.731,5<<) 7.731 ,see 7,248,033
7ee
7,317,7~ 7.317,133 7,$18.311
182,846 102.&48 182.&47
4,810,134 4,<<510,134 3.1 l54,5S
1 >>40,018 1,Q4O,018 1.eoo,-
1 De.l5tJ8,m 318,078,388 318,078,sse 3Oe..S47
1,818,718 1,818,71B 1,818.718 1.878,475
4,S1.m 4,381.779 4,3'31 .778 4.&e2,SSi!
3.eee,735 3.eee,7:!J5 3,eee,735 3.108.875
~.oes.3152 108.!C58.m 0.8711,232 732.:ms.724 103,e&4 732,417,:sae 8711.542.283
3
8M ~ natt. to FInMcIal StatllrYMntl.
4
,
':~ ~:' .:~ ;~.:~,.'
I;' .
.,
.'
PaQl2012
CompOI..m
RdIdIry fIt-'-Y Unit
Fwtd Tn- Account GIouDI: GcPMmnwnt CINrwdK BIportirIQEnttty
e.n... GelwaJ TaIa\s Dolltntu... TcaJ.
,.... ..aI Fb8d lang- T..... (MenIorMdum DewIopment (u.mormKklm Only)
~ AAIIIa Debt Only) Board 1884 100s
222.5S2 3,082.4Q2 3.CIliI2._ 4.438.7158
13,48lil,842 13,4e8,842 13.48lil,842 12,281,SJQ2
3,078,052 3.078.052 2.elilO.075
3.ee8.735 Ull6,735 3.888,735 3,11>>,875 ,\
11 uetl 113.eae 120,748
7.84Q,7t18 7.84Q,78S e,855,1eB
23,838,42:2 2S.a.42:2 21.520,S7S
5m1,1oo 5.071,11:1) 3.a17 ...
32C),S1S 320,s13 183,.
. 52,711 81.087 81 ,QIS7 D8,4ClO
177 .MG 177 ,ego
74#17 74#17 74m7 a1,481
8.l58:S.353 8,583,:!$3 7,5e2.7l2O
4.810,134 4.810,134 3.154_
54s.ooo 545,OClO 545.000 SSS.OOO
3.S32ZT1 1 D7 ,1S3,Q20 107 .183.D20 102.075,745
2.034.220 9,024.571 8.024.571 8$3,5(1)
1,083,2SII5
1,401.4$ 1.401.455 1.44D.eas
1S,81D,518 a.878.232 1Q2.2e2.004 1 D2.26aOO4 180.451.1$1
1~777 1oe.see.777 100,5ti8,777 100,478,782
V1,047,an rn >>47.an D3.Q22.lID8
2O.4SD,51!1; 20,458,5S 17,224.136
eo,447.'7DO 6O,447,7eO 5e,1&4,IIM
142,158 142,156 14,877
5.e04,227 5.e04,227 . 2.'"
1.5Q6,447 1,5Q6,447 1.788.481
S,s1s,578
SO,S24 30,324 45.324
34_ 304_ 48,252
214.417,372 214.417,312 214.417.372 1 D8.1M3.18S
tlD1.127 511.127 tI4llI,sss
rna,188 rn8.185 1.DGO.4S7
22U71 223,271 21>>,884
12,eoe.478 12.eCl8,478 e.1D1,144
3,848.481 18.202.Cl82 103.864 18.$05.728 14.22Q,885
21e.28S.833 336.435.836 103.884 :sse.S3D.tIOO 304._488
218.283.1133 1oe.see.m 540.051.720 103.864 540.155.384 ....0D1.14e
232.083.:11S2 108.5e8. 777 a.878.232 732.313.724 103.664 732.417.3&8 878,1542.283
I'
5
CnY OF CLEARWATER. F1.DRlOA
COMBINED STATEMENT OF REVEMJES, EXPENDITUIEB, AND ~8 IN RJND BAlANCES -
ALL GOVERNMENTAL FUND TYPES ANa DISCRETELY PRESENTED COUPONENT UNrT
YEAR ENDED 8EP'TEHBER aD. 11M WITH COUPARATlVE TOTAL FIGURES F01!..!.!U
Special Debt
GenerftI RnwMJ. s.rvIce
~:
T... S 36,875,330 1.582.1 ge
~,~....r:.. 2.155.244 892.S7D
IIl1i1rgl:Mmm11" ~ 10.124,823 7.850.586
a.v-tar~:
AdnW"~..... ctwo- to Ohr Rnia 4,487.105
0It.- awu- 1.026,439
FNI, FortIltul-.. ... F'-....... 1.seo.6&4 241.760
r.u.c _II..... ~ 1.266.643 2.121 ,803 110_
TaW ........ 51.528.348 12.694,7/l1 110_
0cI*.....:
e CW'*1t
0...1 Ga...l...enl 6.683.522 260,791
PubIc s.JIty 90.101.833 246.967
~ EnWOIIiI'I.... 1.446.603 14.742
T..~IIiI6.., 4.485,318
J:DGIICII1lic EtM 0... lent 252.013 693.906
...,., ...... 6S7.7S9
aanlnd~ 12.142.056 48.493
CIIpIW 0UIIay 123.430
Debt BeMce:
Prine/pili Rlhmn 1,008.061
"*'-t Ind FiIcIiI ctwgea 77 P10 471.528
TaW~ 55.826.434 1.388.329 1.479.589
e.-. (DelIc/eI1CY) of ~
o.r~ 1.689.914 11.306.398 (1'-.297)
~ AI _lOIfig &oIlr.- (\.Ieee):
PrOOMdI of 1ndebtIIdt_
~llil T,."..1n 4.148.161 422,266 1.210,540
0penIMng T...... out (3.025.186) (14,443.454)
1.122.975 (14.021.11l8) 1.210.540
exoe. ~1ClY) of Rtwn&M Wld Other
FMIOiIg ecuo.. o.w r:.p......
... ~ fIMncina u.. 2.822.eav (2.714.780) (158.757)
,
F\nf 8eIInoeI. Beginning of Y.. 0.164.318 0,825,010 1.878.475
RIeIduII Equltya T....1n 3,787,75'1 3,473.513
FWIckIIfII EqlJty T~ OUt ~.12~ (6.752.855)
Fund WIl 1OeI. End of Y., , 15,239,844 3.830.878 U19.718
-
8ee1CCOmpeny!ng ,... to Rnlncl-' s....,....
6
.,lee, .
. , I
.1. .
CompoMnt
PrIIMry Unit
Gavwnnient c.... ....r RepcriIG Entity
Teal. Downtown TaUk
c.pM.J (IhmoreIldum o.v.I....nt (Uemcnndum Only)
PraIK1I Only) IkMud t884 tas
38,457,52& 232,433 38...861 36.502.57
3,047,814 9.W.814 3.010.048
t35.845 18,118..364 18.118,364 17.533.919
4,487,105 4.497.105 4.883.Al
1.026,439 1.026.439 842.1.
1.822.424 1.822.-424 , .7fSJ1J1
127.736 3.826.274 6.688 9.6S2.862 3.158.785
".!II 70,585,948 239.121 70.835.069 67.478..
6.944.319 6.944.319 7,043.042
:sQ.:M8.eoo 30.348.800 28.743.633
1.481,345 1,461,34S 1,428.177
4.485.318 4.<NlS.318 4.625,720
lMS,919 158,342 ~.104.261 704.023
aT,m 637,73SI 65S.016
12.190,549 12.180,549 11.941,403
liI.171.844 9.as.274 1,730 9,29T.OO4 7_,099
1,oae.oe1 1.008.061 918,.675
548,878 548.878 001.626
8.171.144 tr1 .868.186 160,072 68.026,_ 6:S,Sl57,414
(UOT,2a) 2.729.752 79,049 2.808.801 9,519,552
S71.7'DS S78.70S m.7D3 830,676
15,121,447 20.102.414 20.102.414 13,387,867
(17.46&,640) (17.~.64O) (11.078.753)
15.500.1150 3,812.477 3.112.477 9.15.580
8,S2.U7 6.542.229 79.049 6.621.278 6'-.142
8'" ,421 30,749.230 24,615 30,773,&45 32.&41.~
7.261.270 7,281,270
(1,287'.875) (7,287,975) (8,7215. 7S5)
16.574.314 S7.264.7S4 103.664 S7 .see.418 3O.m.&15
7
CITf OF CLEARWATER. FLORIDA
COMBINED OTATEIIEHT OF AEVEMJES. EXPENDITURES. AND CHANGES IN
RJND BAl.AHCE - aJDGE1' AND ACTUAL (NON-OMP BUDGETARV BASIS) -
GENEIW.AND 8PECIAL REVENUE RJND 1YPES
YEAR ENDED m:DTA.IBeR 10. 10M
AEYENJES:
T_
~,..... _ r=..
11I_....-,., ...lIIlI
~"'aerw:-z
AdmilM.IIII.. ctwgea to at.- Ftnta
01.- a.g.
FnI. FaWt&na.8nd p.,.....
.. 1111.. IIIQa Rawn&-.
GenemI Fund.
V....
F~
BucIa.e A.c:m.I (Untavar.bae)
$ 37.10$1,630 36.875,330 (2l58,!DO)
2.183,500 2.155.244 (38.256)
9,857.610 10,120$,823 167,313
4.485,0<40 ",4W.105 12,085
1.071.130 1 ,026.... (.....881 )
1.1lM.06O 1.5l1D.6&4 (113,s&)
1 .3ll2.O70 1.266.64S (125.427)
57 .9S5.040 57 ,526.S48 (408.e92)
160,.830 144.283 16,537
1.Q.56,900 1,782.0$94 74,4&6
1.157,80$8 1,203.199 (.cs.851 )
551,570 540,433; 11.137
1.696.440 1.636.363 6IJ,tf17
860,470 827,323 $5,1ofT
1:JS7 .532 1,<tS7 ,551 (89,819)
19.637.970 19.184.91" 453.056
8.530,1 DO 9.528,843 1.757
6.250.NO 5,955,485 295,4Gi5
9,464.520 9,269,555 194,865
2.731.158 2.7Ol5.061 25.097
1.s07.610 1,477,S83 30,217
451,S2D <IS9,399 (8.079)
57.225.248 56.152.546 1.072.702
709.792 1.373.802 15&4.010
4,078.580 ",1-48,161 . 89,581
(3.718.538) CS.025.1861 75S,S52
~.042 1.122.975 1!22.8SS
1,009,834 2.0$96,m 1.-486,1MS
TCIIII ~
EXPENJITUREB:
CwIWlt
ell)' Con. Tllnlm
Admil......,
....
ClWa.k
Admi-...... ~
HwIwI~
Nan-o..,.il\WtIIII
Pdice
FiN
~WGrb
PIrIca _ RIcreIIol,
Unry
. c.*tII ,.....Ig
ECClI..... 0. FillaprMl d
CclmmunIly Rlct.J11IDflmR ~
c.pIIII 0IAIay
TClIIIII e.p..... (94~ SMa)
e.::..cI AMnue 0Wr Exp....
(BI1dlI*Y s-k)
OTHER FlNANCCNG SOURCES ~ES):
~... 'If T..... In
~...IQ T..... out
e.:... ~q) 01.....,... _ 0IMr AI ..1ICiI1g SowOlIIS
Ovw tllpIl.... _ at.- FiI-a1g u.. (Bl1dgftIry e.sIs)
o.Ic*lC)' of...... Met otw ~ ICing Sources 0Wr &pencfiI&ns
... otw fi.. gig UMa tor Ncn- BudfIIId fVlda
EncurnbeNd ~0nIers, Begll.lillg at v_
Encl.mbeNd ~OnIers, &IIi of V_
&c.u (DtIIc:iMlCly) of ~ and oat. F"ldng Sou-c. 0Wt
r:.-~ _ ohr A..1CIng u... (GAM' a-is)
Fund ~. BegIl..... fA V_
fWJduIf EquIty r......1n
rwldl. EquIty T..w OUt
Fund elllA"lCea. End cI V..
(1'''.372) (114,372)
440... 440.4&4
1.009,834 2.822.888 1.813,055
9.164,318 9,164,318
535,121 3;"f1.7~ 3.252.636
(535.120) (535.120)
S 10.709.273 15.239.~ 4.s"o.571
· s.",* 1G
8M ~ ,.. to FinIr'IcJ.I Statllmel1tl.
8
,.
"
"
,
: ,. ~
ToWa
8pedaJ ...,.... Fund T~. (Uem~um Only)
VuiMce VariMce -
Favor'" Favor__
Budget ActlMI t\Jnfaar.tJle} Budget A.ctu.J {Unfawwllble}
1.sa.CWO 1 ,!S82, 188 53,158 38,S70,870 38,457.528 (213.142)
770.-.00 8Q2,570 122.170 2.963,800 3.CM7,814 83.914
e,S2Sli.1 SS 6,710.800 381.467 16.286,743 16.835.523 548,780
4,485,040 4.497.105
1,071,130 1.026,439
1.54,060 1.580,664
1 ,135.285 1.8S1O.837 755.552 2.527.355 3.157,480 630,125
8,783.858 11.076.205 1.312.347 67,6;8,898 68.602,553- 903.655
160,830 144,293
140.000 IJ7 ,805 42.185 1,996,900 1.680,239 116.661
1.157.~ 1.203,1 Q9
551.570 540.433
1.696,440 1,636,363
860,470 827.323
1.367.582 1.437,351
19.637,970 19,184,914
9.530,100 9,528,343
6.250.980 5,955.485
9,4&4.520 9,269.555
2.731.158 2,706,061
1,507.610 1,4",393
451,320 459,399
111MS2 153.:579 15,753 169.132 153,379 15.753
3.000 2,7'0 273 S,OOO 2,7'0 273
312.132 253.811 58,221 57.537.380 56.406.457 1.190.923
8,451.726 10.822,294 1.370.568 10,161.518 12.196,096 2,034.578
172,100 212.100 40,000 4,250.680 4,360.261 109.581
(14,301.. (13.728.S75) 572,421 (18.079,634) (16,753,881) 1,325.773
(14.128 .SI88) (13.516,575) 612.421 (13.828,954) (12.393,600) 1,435.354
(4,cm.27O) (2.684,281 ) 1,982.989 (3.667.436) (197.~) 3.469.932
(20.509) (20,509) (20,509) (20,509) ! '
(114,372)
440.484
(4,677.270) (2.714.700) 1.962,480 (3.1567.436) 108.099 3,m,535
7,l5G1.<<e 8,825.010 16,755.764 18,789,328
3,l508.870 3.473,513 4,043,791 7.261,270
(8,152,S55l (e.7~.855) (1,2217,975) (1,287,W5)
e.4~ 3.830.878 . (4.m.37m 17.132.119 18,870.722 rs.!S12.44O)
9
i',
i,
CI1Y OF CLEARWATER. FLORIDA
COUIUNED STATEMENT OF REVENUES. EXPENSES. AND CHANGES IN
RETAINED EARNINGSIFUND BAlNICE8 - ALL PROPRIETARY FUND lYPES AND 81MllAR TRUST lYPE8
YEAR ENDED SEPTEMBER 80. 19M WJTH COMPARATIVE TOTAL FIGURES FOR 1I"IS
Pro~ Fund Typn
1'*"-1
Enterprin SeMce
OperIIllg .......:
s-. to CUdarnera
s.mc. ctwv-ID cunm.r.
u.. ctwgee to CUIbners
B111nga to~
FIInIIk
CcriibuIIona from ~
CcriibuIIona tram ~
&mil.. on 1nwAI.. ,
.,..... on a...a..
8tIIII Tax on ....... PNmu.
IrllilfgaM'l..lM'lIIII ~
~~
s
58.946.811
1.213.856
3,fSe,471
19.988,687
~,407
Income (UJu) EWcn Op<<atlng Transftn
Opet1diIlg T......1n
ep....1g Trwwfn OUt
Net Income (LoP) s.a. Extrw:mfinary him
Elcnordlrwy him - Lau on Eaty ExtIngulahmGnt of Deb1
65.052.545 19.98l!I,687
13,817,887 5,310.571
10.877,693 1,707,608
2.063,439 427,549
2,564,913 116,838
1,433,265 zn,735
3,671.845
6,491.523 2,666.767
6,1 <46,453 135,1560
4,520.912 10,244,708
51,587.930 20,807,336
13.464.615 (918.649)
3,068,694 874.289
(5.289.213) (434.S58)
(173,835) (9.691)
5,209 129,a65
(18,554) (23.BSe)
251,960
885.417 36.195
(1.270.322) 572,542
12.194.293 (M8.107)
21,000 53.658
(3.735.915)
(3.714.915) 53,658
8,479.378 (~.44U)
0pwIIIl1Cl &per..:
. Pw'IClnIII s.rw:.
fl'wd..- for ,..
0peMIl1Q .,....... Met 8uppIea
.... F'Irfn**
~
T~n
UIlIy Berke
8dId w.- Dumping ~
~
INIrfund Admll.II..... ct.a-
Of.- CUrNnt awa-
~lglncome (Lau)
NoIlOp<<IIIfng ~ (ExpeNeI):
&mi.. on 1mMm**
Ir-..a &penN Met ~a..;.
Amcfbdon of Bond DIKount.oo .... Coats
GIIIn on Elcdwlge of AIMta
t.au. tom WrlIIdowna.m RepIactImWl'lS of F1ud AsMtG
RIeycIng ProgIWn ~ Grwrt
Oller
Net Income (Leu)
8.479,378
(292.44&)
R.W led &mk'lgtIFUlCI a.nce. Beginning of V..
64,701.809
8,.7,131
RIPiuIII Eql.ity TrInIfn Cui
(668,12i)
(4in
Rdlned e.nIng./FLrd e.Ance. End of VMS
s
72.513.158
8.>>4.1 i1
See ccanf*lYlng not. to FNncilll S~.
10
\\,1" "i.' ~ .
; .' , .
"
. ,1_
:-. ,(',
TOIU
RcIucI-.y Fund Typea (IIemcnIld.., Only)
......, Non-EIIpencMbIe
Tnat Trud 1H4 1813
58.846,811 58.415,078
1,219,856 1.072.852
9.188,471 S,8M,e56
1V,888,887 18.511.780
893,407 1.488.404
2.101.150 2.601.150 9.088,147
U7D.4!S 3,670,453 4,041,7a6
18,088._ 7.440 18,074.295 2O,sss,048
23,789 23.7'1S8 25,120
151. 951,939 187 .DOS
200,596 200'- 108,778
21.m S2.450 54.180 4O,sss
2!5.312. 127 264.255 110,817.814 111 ,831 ,(l85
19.128,458 17.83S,V72
12.585,301 12.828.758
2.490,988 2,S76.,5OO
1.535,424 6,535.424 5,837,711
S4U65 342,365 329,485
2.681,751 2.755.128
1.131.000 1 ,760,554
9,671,845 9,817,BS6
9,158,290 8,711.201
6.282.013 6,eo1,483
_.149 ' 128.697 15.854.466 16.521.542
7 ,IJ!S1 ,rn/J 128.897 80.461.901 79.575.220
17.474.189 1 S5.558 30.155.713 32.S55.175
3.942.983 4.144.2iS
(5.723,571) (6.2t1.458)
(183.526) (174,516)
135.174 217,571
(42.412) (218,184)
251,950 .,-
921.812 886.550
(897,780) (UI07.26O)
17.474.189 135,5!58 29.457,S133 90.748.815
227.483 302,141 484.144
(3.735,915) (2.78!.0!5Bl
227.483 (3.433.774) (2.S08.914)
, 17.474,1ee 3&3,041 26.024.159 28.4S,701
(S.145.5S6)
17.474,189 363.041 26,024.159 23,2g4,165
1f1e,MS.1113 3,483,420 273.815,643 250.521.478
cetl8.620)
214.417.312 3.846,461 299,171.182 2'73.815.643
11
.:..,.......a.""
.' T J-;': k ~ , ,~
,t'l
cnv OF CLEAIlWATER. FlORIDA
COIIBINB) 8TATEIIENT OF CASH FLOWS -
AU. PROPRIETARY RJt&, lYPE8 AND 81M1LAM TRUST RINDS
YEAR ENDED SEP'tEUBER aD. 11M WITH COMPARATIVE TOTAL RGURE8 FOR 1eas
PropMt.ry F.... TVMeo
.........
s.w.
Ent....,,..
c.h ReM. fran 0peNlII1g AcMIeI:
c.h "-'at.t tam CUItal:,....
CellI AIe.Ned tam 0INr FundI
, PriIC/plll CohctiId an t.a.w WId ~
GrInt RI'tw1ue
~ &mil.. an t.a.w WId ........,..
c.h 0iIbc.I'..t b AddIlIaI. LaIrw .... ~
c.h~tD~
CIIh~to~
CMh ~tDOIIw Fank
Obr ....,.
NIt c.h Pn:Il.tiId by Opel" '" AcIvIIIn
CMh FIo:w tam NancIIpIIlII Fil.lCinQ AchW..:
Opelllliug T.....1n
0,..-.18 T..... OUt
"11':"'" EquItf T..... Out
. Mm of Cclnd:IuIIona
GIn RIwnIe
~ PIIid
AIceIpt of c.h en L.o.rw b'from 0Itw Fwds
ftIwmIntol c.h en t.a.. tnJIram 0Itw Funds
, Nltc.h PnMded (Ueed) by NoIapa.1 FirwlCillQ ActivIti_
c.h Ro. tam CIIpIII n RIIIIIiId Fil_.Qng ActMti_:
MIdpIlI ~ an Debt
~ PIIid
~Monof R*-...
ProoeD tam ... of AaIIIa
PraoMca tam llel:rrnee of Debt
c.h c.p ~.~ ... &crow AgInt tor Band OIf'I:I~
fwlmRoI Bend __Colts
'c...-~ Br-
OIler Fank
Ohr Gawrrl/'Ml.... EnIiIiea
Property Owlwa
!Wi. .Iop...
NIt c.h Ueed tor c..- WId ReIIIIId FiMncJng ActMtl_
c.h Ro. tam 1rMd1g~:
Pu1lt-.of ~,oMt~
.......anln......**
c.h AIe.tu.t en RK.t..
PI D [ . I Ifl tern .. .w.... MIiIldiee 011"....11 ,..nta
.......~tD.. U.s. T..-uy
NIt CeIh ProvIded In IrMdIlQ ~
NIt Incn.~ (Deer.. .) In ~tllnd c.h EquMHntl
CeIh WId c.h Equt.iW..... d Beglnnng of V_
c.hWld c-h ~ III End of V..
~ T"'W1d~ fundi c.h end c.h Eql.Mlentl
ToW FiduciIry FwId Type c.h n c.h EquNMnll
CMh end c.h Equi\lllnl:
c.h an HInd md In a.nka
EquIey In Pooled c:.h end I"....menta
....1ctId Equity In PoaIed CMh rid Inwnn.ntI
s
65.222.Sl!I3
119,313
na.9lI8.250
(22.3S2.57B)
(13,29S.aJ)
(10,051.434)
734.352
2O.378.t187
2f ,000
(3,7S5.915)
(66S,129)
(6,643.597)
285."10
(1.893)
5,586.855
(5.481,170)
(10.637 .499)
(3.422, 9S3)
(",500,004)
(16.202.898)
6,48),796
8.598,660
(280.917)
7,312,366
312.700
122.254
814.195
(845.801)
(2.670)
3,069,095
3.&47
(1.083.295)
1.986.971
10,1580,<434
35.887.593
S oi6.768.027
(11.032,124)
(5.307.201)
(1,080,153)
38.185
2.59S,480
51,981
(46.013)
731.521
(1,836. SI3!)
(1,099,<448)
(2.210,363)
(396,557)
(574,132)
129,965
(3.051.087)
87..,289
87....
(682.716)
13.3&4.071
12.701.285
S 23,425 1.&45
15.577.362 12.688,+40
31.1157,240
S 46,768.0zt 12.701.285
See ~ nae. tD Firw1ciAI S1IdItnentI.
12
.'~;., , ~.
,It"! .
Ptve 1 en
RducIIrr
Fund TwDe To..
Ncn- (llemcnndum Only)
~
Tnat 11KN 1"'
65.222.383 64.544.364 ,
20.107.563 1e,eoe.55Q
240,238 240,_ 1 :!6,285
S5S,445 353,44S 37'-
31.209 31,209 21,074
(453,3e5) (453,$85) (307 ,.3OS)
(131S,07 4) (33,521 ,476) (30.978.459)
(18,602,547) (17.872.128)
(11.142,ss7) (t1,522,186)
770,547 721.508
S5.43S 23,005.580 23.401!1._ ' .
227.483 301),464 484,144
(3.735,915) , (2.7IS.05B)
(868.128)
(&,I43.1S97)
285.410 70,026
(47 .i06) (11.055)
6.318,S76 S,1SS.7S3
(7.s1 8.107) (3.813,.
221.4Il3 (11.509,404> (2._.578)
:
(5.63:J,316) (5.227.235)
(4,-,561) (....,3.274)
(16.777 ,030) (18,087"10) -
6,9lO.761 218.200
8,5S8,860 53.263,494
;. (53.210.440)
(280,917) (173,498)
7.312,H6 8.7215.735
312.700 .t05,022
1~ . 76-"6
81".195 208.458
(3.896.. l1U23.(32)
(2.570) (265.218) i .
1
S,lM3.* 4,148,435 ,
72.S4O
3.847 euso
(1.ClSS,2i5)
2..1 ,2M 4.038,8OC1
282,&16 10,4C5Q,5&4 6, 122,H1 i.
,
81.812 . 49.S53.478 43.230._
344;nS 59.814.040 4S1.S53.47tS
3.136.097
,
3..00.825
25.270 21.825
344,728 28.621.1530 2e,SI7.639
31.167.240 22.044.012
344.728 69.814.040 49,553.476
13
'\, "':!";" I
.
., .
CrTY OF R,LEARWATER. R.ORSOA
~NED 8TATBIENT OF CASH FlOWS -
. AU. PROPRIETARY' RJND TYPES AND S"ILU TRUST RJfGS :
WAR ENDED IlEPTEUBER 80. 11M WITH COMP~TIVE lOTAL FIGUREB FOR 1110S
ProIMIeWY Fund Typea
........
s.mc.
Enterpriu
At 1:1:1 rw:lII..CII. cf 0pelwIr1G Income " NIt
c.h ~ by ep......1G Act\IIIM:
0penlIk 118 Incame 0.0-)
Ad....." Alcane" Oper.llnG Inccme (Loa)
to Nltc.h PrcMdId bv 0pendIt1Q ~
0It.- ..... tan NalqMnlllllg
8ecIan at Incame 8~ ,1er'It
DtpNciIIIon
ProwWan far lit -c CIIIt.. Acocu1III
~~
MIle .n. ... [xpel..
ca.wg.n.......... ~:
0....111 . ~) n AcccunIs RK.m.bIe
, (Incn. .) n LaII &crow
~IOI"'. .) n MortgIIge ...... Ale It...
. ~lCfII.l) n Emergency Ha&aq u.. AK.11JWbIe
Decf... (llllonl..)., ~ tan 0IhMs
0Icn.1~) In~Duefrom
01.- Gowirrol.*iW ~
o.cr.. I (loCI. .) In .". iIclI ~
D~I:H' ~) In PNpIid exp._
Decf_. ~) In F'rq.-ty I-Wd far AtuIe
Incr 1 U 1 (Def.. .) in Acccu'* _ CcIr*w:tI PayIIbkt
.lIcrlll.. (DKf...) In RIhIIlIWm AdwnceI PapbIe
Incrrrrr .,~
(Dcaa..)n~ ~
. IncII m I r In A/:::cr1ad PayrcIl
$
13,464.615
. ,(918,648) .
885,417
6.491.523
66.696
..195
2,666.766
:n ,'1tJ7
(250.342)
18,997
104,096
(59,074)
1.493
15.196
, (25t1,737)
(859.577)
1.063,329
287.663
(2.301 )
2D9Z19
3.363
TCIIII Ad'"
NIt c.h PnwIded by OpMIIiv kMlM
6.012,082
3.512.109
s
20.376. fit17
2.583.480
Mal... 1rMdlg, c.piW n F"....ldnG AcIiviIin:
DulIng IIcII y.- 18M. .. ~ n.d Aneta Acccutt Group 1J.~ lend end ~ to the IWboIIIiN
c.n. 1:1...... FLnI wIh . coat 01 $1.826.223. In.xiillon leasehoId'lmpl'OWnWltS wi:h a coat of $360,000 ....
aonrIUId bot .. dewlllF* to eM ~ CantIr EtarpriH Rnl. Also dwlng ~ 1994, the Galwge Ir1IiIrMI s.w:.
fI.ncI,.lItInwd UMd whicIeI to the AM:ycJin; Utiity FtI'ld whl1 a coat of $251 ,orsr.
..~....to ~ StdMwItI.
14
"
"
'.
.'
I,
"
, ,
t'
~~''''''~'.'''''':""-''''''';'
"I.~~".d.~.;~'.'..'I.'", .'.
. .
.".\.., :.~ _ w-r~:f ,......~,~...:".I.~.
, ",i,'J,
.! ... ~ .
, ,
Ptige 2 of 2
~ ;
, TaI.I.
Fund T,... i
Nan- ('''mcalldum Only) . I
~ I
" Trud 1884 1 tJIS
I
, i
! '
"
I
135.558 12.681,524 11.132.129 !
j I
. ,\
.., , ,
; . t
., . 921.612 SB6,55O
i' , .. 9.158.289 8,7t1.201
, . 1!l6.&98 ' 154.857 I
i' ( ,
,. ,. S$7 s;!J91 3.822
' . I
,,:,<;, :rT :2D1 591.429
" .
';
" , . (231.345) (399,695) t
,. , , (255.000)
; ,1
. . .t, (172,814) (172,6U) (142.678) 'j
, (47.533) , (47,533) (21.5UI) ..
'. !
120..- 120,399 (105.1190)
.' ~
104,086 (64.158) .i
(43.871) 101,429 3
. 'I ;~'. (2510.244) 173.54S ~
7Jm 7.000 (7.000) f
, (6,CR7) 197.67S 2.671:wJ
\, (4.897) (4,697) 42.910 t
j 'l ~ . 287.663 34.235 i
(2,901) I
~ 212.642 115.163
~ ,. .
. , ' ,
; .', (100.125) 10.324.066 12.276.454 ~
, .
, "
; ; S5.<4SS 29.005.!90 23,ot08.5SS
'1'.<1.
"
, .
I.
I, I'
.. ,
I
I
i
i
1
1
I
I
., ,\
~
.
1.' !~
,
"
"
i ~
f<
.
,
15
.~ "
,~ ".:. . I..~
~(V '
)~. . ',}V ~;,
l, I~~l~.\~.t
,.f,':;~n~:'l;" '.
"fI....it ";il!'
i~/:}' .." ~
.. ,.....
~~,Ir:':..;
.' t.~,..1, ,:.~.~t..' : .;
~~, '~'~;t "'\I,.ll\'-;'-
. .~~~;l'~.'~~~:; ~.
.~ I~~; ..I->~'.\'l. ~.
, w ~ ~. : . .
.
Note 1.
Nelle 2.
',1
Note 3.
Note 4.
Note 5.
Note 6.
" .C
CITY OF CLEARWATER, FLORIDA
INDEX TO NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30.1994
SUmmary 01 SIgnIIIcant Accounting Policies
It.. Reporting Erdy .. . ..
B. FlIld Accounting . . . .
GcMmmentaI Foods .
Proprietary Funds
Fiduciary Funds . .
Accol.nt Groups . .
Pooled Cash and Investments
18
18
18
18
20
21
21
21
24
24
24
24
26
26
Z1
ZT
2:1
2:1
C.
D.
E.
F.
G.
H.
I.
J.
K
L
M.
1- . . . . . .. '" . .. . .. . . .. .
General FLIld AdmInistJ alWe Charges. . . . . . . .
Accrued Vacation and Sick Leave
Budgets and Budgetary Accou~ng
Sellnsurance Progr8ln ..
Statements of Cash Flows .......
~2inr1 of r...arest .. . . .. . .. .
Application of FASB Pronouncements to Proprietary Funds
t'".lVl'V"'laratiuc Data
............"..-......... . III . . .. . '" .. . .
Combined Financiar rnfonnation
Long.Tenn Debt
A Summary of Transactions in L.ong.Tenn Debt
B. SUmmary of Debt Service Requirements . . . .
C. Obligations Under Lease Purchase Agreements
D. Long-Term Debt, General Government . . . . . . .
E. Long-Term Debt, Proprietary FlI'lds ...
F. Ad'Iance Refunding of Bonds . . . . . . .
G. Sinking Fund for Term Bond Maturities .
H. a.mg.. Term Debt. Debt SeMce Funds
2:1
28
28
28
31
37
37
38
RMIrtcted A8aeta, Proprietary Funds
A
B.
c.
D.
E.
F.
G.
H.
I.
J.
K
Water and Sewer Ub1ily Fund
Gas Utility Fund .. . .. .
SOlid Waste UtIlity Fund
Stonnwater Utiity Fund
Tal Causeway and Bridge Fund .
Yacht Basin and Marina
Parking System ......
Pier 60 Fund ........
HarboMew Center Fund
. . . '.. ..
38
.39
.40
.40
.40
41
41
41
41
42
.42
GlIr'age- Fund , . . III . . ,.. '" .
CLrrent LJa.biWes Payable from Restricted Assets
Retirement Commitments
A. Defined Benefit Pension Plans .......
B. Police Supp4emental Pension Fund
C. Firemen's Supplemental Pension Fund
D. Deferred Compensation Fund ......
E. Post Retirement Benefits
42
.47
48
49
49
Fixed AuetI . .
.. 49
Propl'rty' Tax.. . I I . . . . . . . . , . .. . . It . .. . , .. . .. '" I . .. . , .. . It . . II . . . . . . ,.. .. . . . .. . . . . .. . . .so
16
..c 11'
Jt
CITY OF CLEARWATER. FLORIDA
INDEX TO NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1804
Hale 7.
Segment Information for Emerprlse Funds
.......................
"...........
51
Note ..
Interfund ~
...................,,,.... ......
. .1.. . . . . . . . . .. , . ..
........
52
j
!
I
I
i
.
i
I
i
1
NoItI t.
~ and CommItmenla
...........
................
..... ~.
NcM 10.
lndIvIdua1 Fund HolM
A. CIIpitaIImpnMment FLmd
B. W"1R1 Sewer UtiIky Fund
C. RecyclIng Utiity FLmd . . . . ..
O. Tal Causeway and Bridge Fund
E. AII'Itm1 FUflCI .. . . . . I- .. . . . . .. ",
F. HMKw'-liBw Fund
. .
I
. . . . .
. . .
53
54
54
54
:54
.55
. . . .
. ,
. . .. oil . . .
Nota 11. Fund DeIIcIta
..... ........................
..............
'.'j'.'
55
Nate 12.
Re*luaJ Equity Tranafera Between Funds
................... ss.
Note 13. ContItbuWd CapItal . Proprietary Funda
..... ........... ........
. . .. ss.
NcU 14.
SUba.quent Eventa
. .. . .. . . . . . .. . . . . .. . . I- .. . ., I-
...............
56
Hole 16.
PendIng UUaadoO
.... .......... .... ....
.......................
, . . ,sa:
f
i
i
t
I
r
t.
I
~
..
. "
c;
17
.,
I' '-".
f" .
{~.~c.: ~'::~ j~:; '.
~"... ~ t 'J
.-. ' , \. ~.'
~, ; t ,. ..
'. 1'"""
,~.;"~ .
'\~.':/,:.~;;:::.
,."j>
CITY OF CLEARWA7ER. FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1994
Nate (1) Summary or Slgnlftcant Accountlng Policies
The &CCOlfting and reporting po\icies of the City of Cl9arwater, Florida, 'the City', relating to the funds
included In the financiaJ statements conform to generally accepted accounting principleS of state and local
governments. The following represent the more significant accounting and reporting policies of the City:
Note (1 A) Aepo.'1Ing Entity
The City d Clearwater is a municipal corporation governed by an elected five-member board. As required
by generally accepted accounting principles, these financial statements present the City of ClearNater (the
primaly government) and Its component units. Component units are Included in the City's reporting entity
because d the significance of their operational or financial relationships with the City.
The CIy has adhered to the standards set forth In Statement No. 14 of the Governmental Accounting
Standards Board In reporting the primary government (lOOIuding blended component units), discretely
presened component unitS, the reporting entity and related organizaUons.
Blended Comoonent Units. The Clearwater Redeve!opment Agency (CRA), ahhough It is legally separate,
is reported as if It were part fA the City (blended component unit) due to the City Commission serving as
the gowming board fA the ORA. Separate financiaJ statements for the ORA are not available. However
financial statements for the CRA have been Incorporated into the City's comprehensive financial report.
Discretely Presented Comoonent Units. The Clearwater Downtown Development Board (DDB) is created
by my Ordinance but legally separate from the City and governed by a separate bOard. The DOB is
accordingly reported in a separate column in the combined financial statements as a discretely presented
component unit fA the financial reporting entity. Since separate financiaJ statements are not available for
the 0cMnt0wn Development Board, the ODB's financial statements have been incorporaled into the
combined and individual fund sections of the City's comprehensive annual financial report.
Related Oraanizations . Related organizations are those whose governing bocfleS are appointed by the
City, but the City's accountability for these organiZations does not extend beyond making the
appointments. The Clearwater Housing Authority is a public housing authority created under Section
0421.04 of the Florida Statutes. The agency receives the bulk of its funding from the Federal Department
of Housing and Urban Development (HUD), and reports in accordance with policies and procedures
prescribed b'f HUD. The City has no financial interdependency or accountability for fiscaJ matters. Even
though the CHA Board members are appointed by the Mayor of Clearwater, this process does not involve
the other elected City officials. Furthert there is no evidence fA ability to significanUy influence opercltions
of the mhority. Based on the above, management believes oversight responsibility is insufficient to justify
~ ISion In the reporting entity.
NOIe (18) Fund Accounting
The accounts cI the City are organized on the basis of funds and account groups, each of which is
considenKt to be a separate accounting entity. The operations of each fund are accounted for by
prDYiding a separate set of self-b31anclng accounts which comprise its assets, liabilities, fund equity,
revenues and expenditures, or expenses as appropriate. The various funds are grouped by generic type
and three broad fund categories in the financial statements. The types of funds maintained by the City
are as follows:
Govemmenhll Funds
The City accounts for those tradltlonal govemmental activities financed primarily from tax
revenues through the use of various governmental funds. The basic distinctions 01
governmental funds are:
18
CITY OF CLEARWATER, FLORIDA
NOlES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1 eM
.....urement Focua: GovemmentaI funds are accounted for on a spending or -rinanciaJ fta.V'
rneast.nment focus. Thus, only current assets and current liabilities are generally Included on
their balance sheets. Tho reported fund ba!ance representing net current assets reftects
-available spendable resources" at the balance sheet date. The operating statements of
govemmeruJ funds report the changes In net current assets (available spendable resources)
dIri1g a period of time, the Increases consisting of revenues and other financing sources and
the decmases consisting of expenditures and other financing uses. Accordingly, long-term
debt and fixed assets are segregated from the accounts r:A these funds and shown separatefy
In the General Long. Term Debt and the General Fixed Assets Account Groups.
AdvancM To Other F~~ Long.-tenn advances receivable from other funds are reported on
the baR1ce sheets of goyemmentaI funds even though they do not constitute current assets.
In order to exclude such assets from considerat1on as .available spendable resources,. an
equivalent amount of fund balance is designated as reserved.
Encum~: Governmental funds employ the use of encumbrance accounting wherein
purchase commitments are I'8COfded as they are made in order to reserve that portion of the
applicable appropriations. Encumbrances remaining outstanding at yoar-end do not constitute
expenditures or Iiabinties. Fund balances are resmved in an amount equal to the total of
cxatanding encumbrances. As describecl In Note 1 (G), the budget comparisons of certain
foods are presented on the budgetary basis, which differs from generally accepted accounting
principles. In these presentations, encumbrances are treated as expenditures in the year when
the cornmibnent is made rather than the year of liquidation.
DeorecIatIon: There is no depreciation recorded for the use of fixed assets In governmental
funds.
BaIa Of Accountlna: Governmental Funds use the modified accruaJ basis of accounting,
whereby expenditures, ether than unmatured principal and interest on generallong.tenn debt,
we recognized In the accounting period when the liability is incurred, if measurable, and
revenues and other resources are recognized In the accounting period when they become
available and measurable. Revenues are considered to meet the availability test If they are
c011ectibie within the CUTet1t period or soon enough thereafter for use in payment of liabilities
of the current period. Certain grantS are recognized prior to receipt of the monies where
appropriate under the terms of the agreement with the grantor. General Fund accrued
revenues consist primarily of utiitIes service taxes and franchise taxes. .
R...",..: Reserves have been established tor open encumbrances at year-end, for debt
service requirements. In accordance with applicable bond Indenture covenants, for long.term
interfund advances, and In other cases to reflect legal restrictions which limit the City's
spending discretion.
The following are the City's governmental fund types:
Genet.1 Fund: The General Fund is the general operating fund of the City. All financial
transactions and special assec>sments not property accounted tor In other funds are accounted
for in the General Fund.
Specl.1 Revenue Funds: Special Revenue Funds are used to account for revenues derived
from specific sources. Such revenues are usually required by 1aw or regulation to be
accounted for separately and spent for particular purposes.
19
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAl STATEMENTS
SEPTEMBER 30. 10M
Debt 8ervfce FIft1dI:: Debt SeMce Funds are used to account for the accumulation of
reIOLI'C8S for, and the payment of, Interest and principal on the City's General L.ong- Term Debt,
which Is not the liability d Proprietary Funds.
Ca*1 ProIecta Funda: CapItal projects Funds 81'8 used to account for the acquisltJon and
construCIion of capital facilities and other fixed assets.
ProDrIeterv Fund8
Proprietary Funds are used to account for the Cttys organizations and activities which are
simJ1ar to those found in the private sector. The basic distinctions of proprietary funds are:
s.... of AccountIna: Proprietary Funds use the full accruaf basis of accounting. Revenues
are recognized in the period in whiCh they are earned. and expenses are recognized In the
period in which the liabilities are incUrred.
MllMUrement F~: Proprietary funds are accounted for on a cost of services or -capital
~ measurement focus. Therefore, all assetS and liabilities, regardless of Whether
they 8'8 current or noncurrert. are presented on the balance sheet. Fund equity, consisting
of neI total assets, is segregated into contributed capital and retained earnings segments. The
operating statementS of these funds reflect revenues, expenses, and other sources and uses
which account for changes In net total assets during the period.
Valuation Of fixed Aueta: Property, plant and equipment owned by Proprietary Funds are
stated at cost except for certain water and sanitary sewer flOSS of the Utility System which were
donated to the City by contractors and subdivision developers. These tines are stated at their
estimated cost to the contractors and subdivision deveklpers which shoWd approximate fair
market value at the date of donation. Depreciation is recorded over the estimated usofullives
using the straight-line method. (See Note 5.) For all assets. depredation expense includes
.amortization of assets recorded under capital leases. When property is disposed, the related
cost and accumulated depreciation are ref1lQWd from the accounts with gains or losses on
disposition being reflected as non-operating revenue or ~.
Reserves: Retained Earnings have been reserved for debt service requirements. Reserves
have atso been established to reflect legal restrictions which limit the City's spending discretion.
The foIowing are the Cky's proprietary fund types:
Enlerorlse Funds: Enterprise Funds are used to finance and account for the acqulsition.
operation and maJntenance of govemrnemaJ facilities and services that are supported primarily
by user charges.
Interna' Servtce Funds: Inlemal Service Funds are utilized to finance and account for service
and commodities furnished by a designated department to other departmentS within the City
or to other governments on a cost-reimbursement basis.
20
CIlY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER :;0.1994
Flduclllrv Funda
Trust and Agency Funds are utiUzed to account for resources that are managed in a trustee
capacity or as an agent tor other parties and/or other funds. These include NonexpendabIe
Trust, Pension Trust, and Agency Funds. NonexpencIabIe Trust and Pension Trust Funds are
ac::courHd for substantially in the same manner as proprietary funds with a -capital
nlU1tenance" measurement focus and employment of the accrual basis of accounting. Agency
Foods In not concemed With measurement of operating results, being essentially concemed
with a custodial responsibility; assets and liabilities are measured on the modlfied accruaJ
basis.
Reserves for R8tirernem; have been established for the payment of future benefits. Reserves
for Retirements for defined contribution plans are equivalent to the net assets of the plan, and
for defined benefit plans they are equivalent to the net assets of the plan, not to exceed the
actuarial determined liability of such plans.
Account Gr'CXJN. General Fixed Assets and General Lana-Term Debt
General Fixed Aueta Account Group: This,,~ccour:n group accounts for all fixed assets of
the City's Govemmental Funds. Assets purcnasea are recorded as expenditures in the
General Fund, Special Revenue Funds and Capital Projects Funds and are capitalized at cost
in the General Fixed Assets account group. Generally accepted accounting principles provide
an option whether infrastructure improvements such as streets, bridges and drainage systems
are capitalized in the General FIXed Assets account group. The City has elected to capitalize
these improvements. No interest capitaJization or depreciation is recorded on General Fixed
Assets. Contributed assets are stated at estimated faJr market value on the date contributed,
or in the case of assets contributed by develOpers, at estimated cost to the developer which
should approximate faIr market value.
General Lona- Term Debt Account Group: This account group accounts for Long.. Term Debt
and COmpensated Absences which are liablIities of Governmental Funds but not payable from
currently available expendable financial resources.
Note (1 C) Pooled Cash and Inveatmenta
The City utilizes a consolidated cash pool to account for cash and investmentS of all City funds other than
thaee which are required by ordinance to be physicaJly segregated. The consolidated cash pool concept
allows each participating fund to benefit from the economies of scale and improved yield which are
Inherent to a Wger investmem pool Formal accounting records detail the Individual equities of the
participMing funds. 1he cash pool utilizes a single checking account for all City receipm and
disbursements.
AR individual fund cash equity In a deficit (overdraft) position with respect to the consolidated cash pool
are reclassified at year-end to shofHenn interfund payables to the Capital Improvement Fund, the fund
sef9cted by management to reflect the offsetting Interfund receivables in such cases.
1he City has an agreement with its deposhory bank to provide that all excess cash is swept dally and
SlAomaticaUy Into an overnight repurchase agreement which pays Interest at Y4% less than the daily
federal funds rate (5.44%) at September 30, 1994, with no requirement for a minimum compensating
balance. The ~lateraJ for this continuing repurchase agreement as of Septembef 30, 1994 was
$9,230,000 ci United States Treasury NOles at 4.625% due 2/29/96. ThIs collateral security is being held
by the Federal R8S8fV8 Bank of Jacksonville Jointly in the name of the depository bank and the City so
that approwI of both parties is required to liquidate or otherwise dispose of the securities. Market value
of the collateral securities was $ 9.063.471 on September 30, 1994.
21
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1994
Under Clly Charter and related resolutions, consolidated cash pool Investments are limited to the
following: United States Govemment ~ Certificates of Deposit In Local Banks, Repurchase
AgreemenlS, savings Account In Local Banks, FederaJ Government Agency Securities, Municipal bonds
(Other than City 01 Clearwater issues), State of Florida Bonds, and County Bonds issued by CountIes in
Florida.
The Cky utilizes a very conservative investment philosophy when it Invests its pooled cash funds in that
the I'8tum ~ the principal is more Important than the return 2!! the principal. The City has no Investments
in deriY8Iiv8s or in coIbIeraIiz8d mortgage obligations (CMO's). The City does not actively trade Its
portfolio and generaIy holds inYestments until maturity, Through the use of a Iaddered approach to
maturities and by timing matldies to cash needs, it does not articipate having to seU irN8$bIRdltS to meet
cash flow.
Irr.esb .Iaflts being held outside of the consolidated cash pool are escrowed debt service invesb..ems and
employee retirement investments. Permissible escrowed debt service investments are specificalJy defined
in each individual debt instrument, but generaUy follow the same Umltations which apply to consolidated
cash pool tnvestments. The City malntains five different employee retirement programs, and each one
has lis own 1st of permkted invesbl tents. Genera1Iy, each plan allows the same type of investments as
the consoidaIed cash ~ but additionally allows some portion of its assets to be invested In stocks.
bonds, and notes of corporations which are listed on one or more of the recognized national stock
exchanges. "'
Governmental ~ Standards Board (GASB) Statement Number 3 requires certain disclosures for
deposits and investments, induding management's determination of custodial credit risk, defined as
follows:
For deposits, the bank balance must be categorized as follows:
Category 1: Insured or coUateraJized with securities held by the City or its agent in the City's name.
Category 2: CoUateralized with securities held by the pledging financial institution's trust
department or agent in the City's name.
Category 3: UncoIIaleraIized
For ~. Iai1tS other than deposits, the following categories apply:
Category 1: Insured or registered, or held by the City or its agent in the City's name.
Category 2: Uninsured and unregistered, held by the counterparty's (purchasing agent's) trust
department or agent in the City's name.
Category 3: Uninsured and unregistered. held by the counterparty Its trust department or agent.
but not In the City's name.
As described above, the City's depositoty banking agreement provides for the Investment of all excess
cash dally lnIo a COUateraIized repurchase agreement, whereby all deposhs deemed to be collected are
automatically deposited. City deposits cons1st of relatively small cash balances held by Debt Service
Trustees and Employee Retirement Custodians. The bank balances equal the carrying amount for these
deposits, and management's classification of custodial credit risk is indicated In the table below. Because
these amounts are part of the trustee's and custodian's composite account, they are classified along with
inveStmentS on the baJance sheet.
22
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 31). 1 H4
M~ Mutual Funds and thQ leMA and PESSCO Retirement Trust Section 4S7 IrlVestInent Pool
IrriMb.MN'Ita and guaranteed investment contracts are not susceptible to being cIassffied by risk category,
80d .. not required to be cIassIied by GASB Statement 3. Management has classified all other
~...... into Category 1, wth the exception of certaJn employee retirement lnvestments which are
being held by the finanCial institUtion which Is also serving as Investment manager, and certain escrowed
debt service investments which are being held by the flnanciai institution from which they were purchased.
The carrying value for an inVestmentS is cost or amortized cost. except for investments in the ICMA
Retirement Trust Section 457 Investment Pool, which are reported (and recorded) at market value my.
The En1pIo'fses' Pension Fund has invested In flxed rate guaranteed investment contractS (GlC's) which
.-e backed solely by the full faith and credit of issuing companies. totaling $41,750.000 as of September
30, 1994. Included in this totaJ is $4,000,000 ... GIC's issued by the American subsidiary of Confederation
lie 1ns&nnc8 Company. Confederation Life Insurance Company was seized by Canadian regulators anc:I
by Michigan regulators on August 1, 1994, due to an apparent insolvency and a desire en the pan of
NgUIators to preserve the assets of the company. An association of Confederation Ute contract holders,
including City representaIion, has been formed to represent the interests of the COIlb act holders with
industry and regulalory parties. It is the opinion of City staff and the City's Pension Advisor that the risk
cI pf.-,cipaI1oss is l'8I1'IClte. The City has stopped accruing interest income as of August 1, 1994, for these
GlC's.
The $4,000.000 In Confederation Ute GIC's represents 9.58% of the total Gte's and 2.01% of the total
asseIS in the Employees' Pension Fund. The City does not believe that the Confederation ute Insolvency
will have a material impact upon the results of operations or financial position of the Empklyees' Pension
Fund.
Summary of deposits and investments, Induding management's assessment of custodial credit risk,
faIows:
InVeItnlent
Canylng Market: Ooposlt Credit CNdlt
~ ~ Risk CatBQorv Risk Cateaorv
L ConIoIid-.cI CMh Pool Oepceb and lnveItrnenb:
aw.night ReputcNN AgNement $ 8,241.471 $ 8.241,471 1
FecNnI Honw Loen Bank NotM 38,856,035 37,250,734 1
F.-.a fiWloMI MoctoIIOe A8e0d1ltion NatIIe 19,963,373 18,890,662 1
F.-.a Fwm Cndit SInk ,.,.. 2,994,038 2,819,751 1
u.s. TrMUY HolM end Bond8 42,016.665 41,022,238 1
FHI.MC 8,104,243 7.781,439 1
Accrued IraNet on 1rN~ 1,504,935 1,504,935 NtA
lMe 0utItMdlng Chfcb at 9/30194 (2,234,916) (2.234,916) N/A
Total Cab Pool EquIty 119,<<5.844 115.276.31'-
.. ConItructiOn Fund and Debt ServIce o.po.lIa
Md 1rNeIarroenII:
~ c.h ManagelMl'lt Fund 1,527.970 1,58:3,647 N1A
U,S, TNMUIY Nolle, and Bonds 6,074,732 6.121.523
Total ConIotNctIon Fund and Debt SeNlce
0ep0IIb _ In\-..tmera 7,602,702 7.705,170
23
CITY OF CLEARWAlER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER :JO. 1994
In\.Mtment
c.nylng Marieet Depoelt Credit Credit
Value Y!!!!!.. Risk CateaOfV Rille CattIaory
It EmflIov.. FWItement DepOIiII and 1rmetrner1tt:
c.h on 0ep0IIt with CuItodIu1 3;3,563 33,563 1
Monert ..... AccounIa 17,662,266 17,862,2&5 1
~ 1m 1*"-4 eor..cta 41,750,000 41,750,000 N/A
Corponlte EquIty SecurtIiee 80,759,728 111,042.206 1
U.s. T,....y .. and .... 23,504,801 22,009,404 1
Cofponlte Bondt 14,821,147 13~,ffT7 2
~ MuIuIiI Funck 5,614,012 5,933,905 NlA.
u.s. F--.J AQencM 14.095,153 13,384,053 2
MunidpIII BondI 995,920 939,350 1
ICMA FIItnIMnl Trwt SecIIon 4S7 lnvMl:nwIt 11,838,398 11,838,398 N/A
PEBSCO ~ Irr.aetment Pool 1,631,,," 1,631,,," N/A
ToW I:mpIoyM AItirement InwItrner1b 222.596.432 240.290.267
T* DIpOIII end 11'I\,_......, All Funds $349.644.978 $363271,751
NeD (1D) Inventories
II'IV8dOries of proprietary funds are stated at cost and valued on the first.in first-out (FIFO) basis. In
governmental funds, inventory Items such as materialS and supplies. are accounted for under the
JUChaSes method. whiCh provides that expenditures are recognized when the Inventory item is
pc.wchased.
Hole (1 E) General Fund Admlnlatnrtlve Charges
The General Fund charges Proprietary Funds for their proportionate share of the costs of general
gcMNml8r1t operations. The amounts charged to theSe Proprietary Funds are based on relative net
expencItwes (after deducting aU interfund transactions).
Note (1 F) AccruecI Vacation And Sick Laave
FlJI.time permanent empkJyees earn a paid vacation period of two calendar weeks after one year of
service. Incr8asing on a graduated scale to a maximum vacation period of four calendar weeks per year
after 16 years of service. Employees may accumulate unused vacation not exceeding one current year
of vacation credit. Sick leave is accumu1ated at approximately 10 hours per month. Upon retirement from
City S8IVice an employee may, under certain circumstanCeS, be paid one-haIf of his accumulated unused
sick leave.
It is the City's policy in its Proprietary Funds to reflect. on an accrual basis tOO amounts of eamed but
t.nJS8d vacation leave and that portion of earned but unused sick leave estimated to be payable upon
~
Wdl respect to the cummt fiscal year. management has determined that no material amounts at
accumulated unpaid vacation and sick leave at the close of the year will be liquidated with expendabk!
available resources; therefore the entire liability for such leave pertaining to the Governmental Funds is
reflected in the GeneraJ Long.Tonn Debt Accoum Group.
The City's reporting of accrued vacation and sick leave has been recorded In accordance with Statement
No. 16 of the Govemmental Accou~ng Standards Board. The implementation of the Statement did not
have a significant Impact on the City's reporting of accrued vaca1lon and sick leave,
Note (1 G) Budgets And Budgetary AccountJng
AmuaI budgets are legally adopted for the City's General Fund and for the Special Development Fund,
and the Community Redevelopment Agency Fund.
24
ellY OF CLEARWATE~, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1994
The City cI Clealwater observed the folla.Ning procedures In establishing the budgetaly data for the
General Fund and Special Development Fund, as reflected In the financla1 statements:
On June 30, 1993, the City Manager submitted to the CleaJwater City Commission proposed budgets for
the fiscal year commencing October 1. 1993 and ending September 30, 1994. Public Hearings were held
on September 2, 1993 and September 16, 1993 at the Clearwater Commission Chambers to obtain citizen
comments. On September 16, 1993 official budgets were legally adopted by Ordinance No. 5457-93.
Subsequent quarterty budget amendments were adopted on March 17,1994 (Ordinance 5552-94) and
June 16, 1994 (Ordinance 5628-94). The finaJ amended budget was adopted September 15, 1994,
(~5676-94). The budget for the Special Development Fund is adopted on a basis consistent
wtth aMP, and appropriations lapse at year<<1d. Appropriations for open encumbered purchase orders
at year-end In the General Fund do not lapse, but raIher continue until liquidated or otherwise canceled
by City Commission action. On the GeneraJ Fund budgetary comparison statements, actual expenditures
have been adjusted to include end of year encumbrances and to exclude beginning of year
encumbrances to pn:Mde for a meaningful comparison. Except for the treatment of encumbrances and
certain transactions relating to interfund loans, the General Fund Budget is adopted on a basis consistent
wIh GAAP, and all non-encumbered appropriations lapse at year-end.
The IeYeI of budgetary control established by the legislative body, that is the level on which expenditures
may not legally exceed appropriations, is the individual fund. In accordance with provisions of Ordinance
5025-90 and wtiI Section 2.519(4) of the Clearwater Code, the City Manager may tranSfer part or all of
any unencumbered appropriation balance among programs within an operating fund, provided such
action does not result in the discontinuance of a program. Such transfers must be included in the next
budget review presented to the City Commission. Upon detailecl written request by the City Manager, the
City Commission may by exdinance transfer part or all of any unencumbered appropriation balance from
one fund to another.
As established by administrative policy, department directors may transfer money from one operating
code to another withln a program without a fonnal written amendment. Formal requests for budget
amendments from department directors are required for transfers in capitaJ expenditures, transfers and
reserves. Thus, certain object classifications within departmental and/or program budget appropriations
are subject to administratively imposed controls in addition to the Iega1 controls Imposed by City
Commission action described above. .
The annual budget for the Community Redevelopment Agency is adopted annually by the trustees of that
agency In accordance with state law. For the current year, this budget was officially adopted on
September 16, 1993, foUcMing a public hearing on that date. This budget is adopted on a basis
consistent with GAAP. and the level of budgeta1y contrOl is the total fund.
Budget amounts presented in the accompanying financial statement reflect all amendments adopted by
the City Commission and the governing boards of component units. All amendments were adopted in
conformance with IegaJ requirements. Individual amendmentS, as well as the net effects of all
amendments during the fiscaJ year, were not material in relation to the original appropriations for the
governmental funds In the aggregate.
Budgets are also adopted annually by the Clearwater City Commission for the Enterprise Funds, all
IntemaJ Service Funds, the Capital Improvement Fund and the Special Programs Fund. Budgetary
comparisons for the Enterprise and Internal Service funds are not required by NCGA Statement No. 1 for
the general purpose financial statements and are not included In this report. Budgets for the Capital
Improvement and Special programs Fund are adopted on a multi-year completed program basiS, where
budgetary appropriations do not lapse at year-end, but may extend across two or more fISCal years. A
comparison of annual results with these budgets would not be meaningful and is therefore not Included
25
CIlY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBEP. 30. 1994
In this report. The excess c:A revenues and other sources over expenditures and other uses for the
SpeciiI Programs Fund is shown as a reconciling item near the bottom of the combined budgetary
comparison statement (pages 8 and 9 of this report).
AU City Commission adopted budgets are integrated into the formal accounting system to allow for
monthly comparison d projected and actual experience in all funds for which budgets are adopted.
The annual budget for the Clearwater DowntO'Nll Development Board Fund, a discretely ~ed
component unit of the City, is adopted annually by the members of thai board in accordance with _e
law. Forthe current year, this budget was officially adopted on September 28,1993, following a public
heali.1Q on that deb. This budget is adopted on a basis consistent with GAAP, and the IeYeI of budgetary
ccnroI is the total food.
Note (1 H) Self lnaurance Program
The City is self instnd within certain parameters for losses arising from claims for property damage,
generaJ JiabIity, "0 Rability and physical damage and workers' compensation. Insurance COY8f1Ige ts
curndIy maiIUined to indemnify the City for losses In excess of certain specific t1lt8rtion8 and up to
specified maximum limits In the case of claims for property damage and workers' compensation. In
addition, prior to July 1, 1988, a layer of Insurance coverage (most recently In the amount of $1,000,000)
was in effect that prDYides reimbursemenl to the City whenever cIalm payments within the specified
retained risk levels exceed, in the aggregate for the year to which coverage applies, an annual amount
specified in the relevant Insurance policies. This coverage applies to all categories of claims for which
the Cky is partially self insured provided the event giving rise to the claim occurred prior to July 1, 1988.
The transactions relating to the self insurance program are accounted for In the Central Insurance Fund,
an Internal Service Fund. The billings by the Central Insurance Fund to the varioUs openIting funds (the
irterfund premiums) are reflected as quasi-extemaJ transactions In the accompanying financial statements.
Based upon the criteria provided In FmanciaJ Accounting Standards Board Statement No.5, a liability has
been established with an offsetting charge to appropriate expense accounts for estimated losses due to
cIakns arising out of events that have occurred and been reported to the City's representatives as of the
close of the fiscal year. In a similar manner, provision has been made for estimated losses resulting from
claims incurred but not reported.
During fiscaJ year 1988-89, the City Commission authorized the establishment of a speciaJ heatth
Insurance stabilization fund to guard agalnst future substantial increases in heatth care costs. The current
accumulated balance in this fund is $2.3&4,756 which represents $558,102 refunded from Insurance
carriers and $1,806,654 contributed by departmentaJ billings during the current and four immediately
preceding fiscaJ years in excess of insurance premium expense actually Incurred during those four years.
This food is a component of the unreserved retained earnings balance of the CentraJ Insurance Fund at
September 30, 1994. The City is not currently seff-insured with respect to major medical coverage.
Note (11) Statements of Cash Flowa
For purposes of the statements of cash flows, investments with original maturities of three months or less
are considered to meet the definition of cash equivalents. The majority of the Investments in which the
City's proprietary and nonexpendabIe trust funds have an equity are held by the City's consolidated pool
of cash and Investments. Since fund equities In this cash management pool have the general
characteristics of demand deposits In that additional funds may be deposited at any time and also funds
may be witJ'.ldrawn at any time without prior notice or penalty, each fund's equity account is considered
a cash equivalent regardless of the maturities of Investments held by the pool. Those funds which have
deficit (overdraft) positions with the pool treat such deficits as Interfund payables to the City's Capital
Improvement Fund as explained in Note 1 (C).
26
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, '804
Note (1") CapIIIIIzIrtIon of Inter_
In cornpIiIM1ce wth the reqLir8ments ~ Financial Accounting Standards Board Statement No. 62, It is the
poley of the City to capitaIile .. Interest costs of tax exempt borrowings, the proceeds of which are
IIJCl8maIIy I'8Itrtct8d to the financing of the acquisition of specified qualifying assets, less any Interest
8M18d on the temporary inyestrueR of the proceeds of such borrowings until the specified quallfyjng
aBlMIts acqui'ed with the borrowings 81'8 ready for their intended use. For other profects, the City follows
the provisions of FinancIaf AccoLning Standards Board Statement No. 34 and capftaIizes Interest costs
Inctm8d cUing the constrUCtion period. TNs policy is applicable to the proprtetary funds: It is not applied
to general fixed ..... During the fiscal year, $6,564.118 of interest cost was Incurred In the proprtetary
fund typeS. IrUr8st capbJi7Atf, net of earnings on related investments, was $523,696.
Hole (1K) AppIIcaIIon of FASB Pronouncementa to ProprleWy Funde
The City has 8I8ct8d to implement the provisions of GASB Statement 20 with regard to the appIlcatlon
of FASS Pronouncements to its proprietary funds. In accordance with the provisions of GABB Statement
20, the City h8s elected to not apply theM FASB 1tat8lTl8fllS and Interpretations Issued after November
30, 1989.
Hale (1 L) Comparative o.ta
Wherever ~sibIe. the accompanying financlaI stat8f1'l8fD Include comparative total data for the prior
V-- In order to provide a better understanding of changes in the City's overall financial position and
rwuIts 01 opet'1IIjor.. Certain prior year baJances have been reclaSstfied to confonn with current year
~
Note (1M) CombIned FInIIncIaIlnforrndon
The total coIunns IrD Ided in the combined fina.nclal statements whlc:h are captioned -Memorandum Only"
represent a IUr1'1I'I8Ion of the amounts presented in the columns by fund type and accOunt group. Such
tat81a do not eIirnin&te irUrM1d transactions, and are :ncluded for lnformatJonaJ purposes only. They are
not IrUnded to present financial position. results of operations or cash flows for the governmental unit
as a whole In corIcx'mwlCe wti1 genenJlIy accepted accounting principles.
Note (2) Long-Term Debt
Note (2A) Summary of Tw.actIons In Long-Term Debt
General
Obltgation Revenue
Bonds Bonds
Notes,
Mortgages,
Loan Pool Accrued
Agreements Compensated
& Contracts Absences
Total
General Lona- Term Debt Account
SJmI.IR
Debt PlIYabIe . October 1.
1993-
New o.bt Iuued:
L.uIe Purchue ContractS
for Equipment Acqulsltlon
Net Change In Accrued Compensated
AbMnCeS
Debt Retired
Debt Payable at September 30, 1994
$635.000 $3,929,336 52.276,521
$3,109,875 $9.950,732
378,703
378.703
'90.000) '297.059) (621.004)
S 545.000 $3.632.2n f2.034,22Q
556,860 556.860
(1.008.063)
$3.666.735 59.878.232
27
CITY 0' CL!ARWATlR, 'LOAIDA
NOlD TO fiNANCIAL aTAT!MENTI
SEPTEMBER ~. 11M
0utItMding debt In the prior achedule III not ~U8t1d for ImOUrD accumulltld In aInkng funda for term
mItIdIM of ..... bondI <P- value 1238,280).
NaN (211) ......, of Debt .... Requlremen18 (au OlDtMdq IndebIedneM .. 01 September
30, 11M, Including Interlll P-rmenta of '11~, 121 ,010)
Not_,
MoIt~,
GenIrIII loin Pool
0bI1gItion Revwlue Agtwrnenta
Year EncIna Sect. 30 BondI. BondI & Conncta .ImIL
1. '123,457 . D.eM, U'5 S 3,48&,702 . 13,277,324
1 SMa8 118,114 D.713,1MS 2,SJ03,883 12,735,045
1887 117,1580 9,719,018 2,389.GI 12.226.096
,. 131,280 9,634,011 821,330 10,1586,621
1_ 138,8H5 D,S38,2e3 387,831 10,043,009
TherUftIf 170...30;} - 170.289.303
..~ ~lISJ.78t '10.012.184 S229.1~
NoIee (2e) 0bIpU0ne Under l.HH PurchaH Agr..menta
Future ntinum .... paymII'D Wlder leaN purchaIe agreements are as foilaNs:
Year Endlna Sect. 30
1W5
111I6
1887
19GB
19Sa9
DeductIon of the Amooot of Imputed
InhIrIIt N...II)' to ~ Nit
MlnimLm LeaH payments to Prwent Value
Amount
$2.431,921
1,858,019
1,344,661
7T1,8S4
332.745
6,745.200
666.510
$6.078.~~
0bUgIId0nI under capUaI ...... are Inofuded .. a component of the balance under the caption
Man,.,..... Not... Loan Pool Aareement8 ao9 Acaulatl:lon Contracts Pavable on the City's CombIned
ISIIIInce ShHt.
Note (20) Long-TIlt'fn Debt, OeMral Ocw.rnment
Accrued CmlDenaated AbHnceI
Long-term portion of accrued vacation and I!ck pay tor govemmental funds, as
rwqufred by OASB Statement No. 18.
S 3.668.735
28
CITY OF ClEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTeMBER 30.1994
Serial Bonds PavabIe
General Obligation Bonds, 1978 Series, interest and principal payable from ad
valorem taxes, maturing serially from Januaty 1, 1995 to January 1, 1999, interest
rates 5.55% to 5.80%.
545,000
Pubic Service Tax and Bridge Revenue Bonds, Series 1985, maturing serially from
December 1, 1994 to December 1, 1998, with interest rates varying from 7.75% to
8.75%. The amount shown here represents 33.065% of the serial portion of the total
issue. The 8I'1'ICXD representing 33.065% of the term portion of the total issue is
IncIlIded In the balance of term bonds payable within the general Iong-tenn debt
8CCOIrt group. The nmainder of this issue, both term and serial portions. is
I'8IIect8d In the Tal C.-fNRf and Bridge FLIld (40.541 %) and in the Parking System
FlRi (26.394%). The bonds have serial maturities ranging from $475,000 at 7.75%
due December 31. 1994 to. $700,000 at 8.75% due December 1,1998, and term
bonds tOlaling $1,740,000 al9.125% due December 1, 2005. Funds are being held
In a linking fund as described in Note (2G) to assist in the 2005 maturity.
Cornrrullty Redevelopment Ager'Cf of the City of Clearwater Tax Increment and
Lease Revenue Bonds. Series 1986, maturing seriaHy from October 1, 1994 to
October 1, 2000, with interest rates varying from 7.4% to 8.4%. Interest and principal.
payable from tax incfement revenues and from lease revenues.
- Cornrrullty Redevelopment Agercf of the City of Cklarwater Tax Increment Revenue
Bonds, Series 1987, maturing ~ from September 1, 1995 to September 1, 1997,
witt irmr8st rates varying from 7.75% to 8.30%. Interest and principal payable from
tax increment revenJes.
991,947
425,000
450.000
Total Seriaf Bonds Payable
2.411.947
Term Bonds PavabIe
Pubic Service Tax and Bridge Revenue Bonds, Series 1985, maturing December 1,
2005 with irterest at 9.125%. The amount shown here represents 33.065% of the
term portion d total issue. The remainder of the issue is reflected In the Toll
Causeway and Br1dge Food (40.541%) and in the Paltdng System Fund (26.394%).
The bonds have serial maturlies ranging from $475,000 at 7.75% due December 31,
1994 to $700,000 at 8.75% due December 1, 1998, and tenn bonds totaling.
$1,740,000 at 9.125% due December 1, 2005. FUlCIs are being held in a sinking fund
as described in Note (2G) to assist In the 2005 malurity.
Community Redevelopment Agency of the City of Cleatwater Tax Increment and
Lease Revenue Bonds. Series 1986, with interest and principal payable from Tax
Increment Revenues and Lease Revenues, maturing October 1, 2006, with Interest
at 8.50%.
Tot2I Term Bonds payable
575,330
1.190.000
1.765.330
29
crrv OF CLEARWA'!ER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 11M
Notes. Mortaaaes. ContracIs and Loan Pool Aareement Pavable
PInl81t to certain Master Lease Agreements, the City has entered Into Lease
PLI'Chase Agreemera for the purchase of automotive and other types of equipment
for the use by the operating departments of the General Fund. These agreements
prrMde for 20 quarttMty payments ranging In amount from $378 to $25,437. The cost
of the equipmen! at the inception of the leases was $G314,478 With interest imputed
thereon of $390,715, the effective rates ranging from 5.03% to 8.60%.
Pool Loan Agreement with First Florida Governmental FInancing Commission
auIhorized by the ~ COmmiSSion on July 2, 1987 through adoption of Ordinance
4437-87; provides for repayment of principal in annual instaUmeru ranging from
$40,000 to $55,000 from July 1, 1992 to July 1, 1997; interest on installments ranges
from 5.75% to 6.70% and Is payable semiannually; City is further obligated to pay
certain additional payments, including Its proportionate share of the fees of the
CommIssIon as well as those of the Trustee, Registrar and Paying Agent created
pursuant to the terms of the Revenue Bonds Issued by the Commission to provide
the funds for making the pool loans, and In addition all fees and expenses of the
Commission or Trustee that relate to this Loan Agreement; collateralized by non-acI .
valorem ~ or other legally avaUabIe funds of the City. Loan was obtalned to
finance the purchase of an advanced multi-purpose fire fighting vehicle.
Pool Loan Agreement with City of Gulf Breeze Florida LocaJ Government Loan
Program authorized by the City Commission on December 15, 1988, through
adoption of 0rtInance 4728-88; provides for repayment of principal in 120 monthly
payments of $8,167 from FebruaJy 1, 1989 to Janwuy 1, 1999; Interest is payable
morthIy at the floating rate determined by the Loan Program Financial Advisor
SfA6cient to pay the proportionate share of program interest, costs and expenses
(4.55% at September 30, 1994): the Interest rate shall not exceed twenty-five percent
(25"') per annoo1, exctusive of amounts charged for costs and expenses of the loan
program; coUateraIized by proceeds of the local government half-cent sales tax. Loan
Was obtained for the financing (or refinancing) of the cost of acquisition of the Vogel
Property tract for park purposes.
Pool Loan Agreement with City of Gulf Breeze Florida LocaJ Government Loan
Program authorized by the City COmmission on December 15, 1988, through
adoption of 0rtInance 4729-88; provides for repayment of principal In 120 monthly
payments of $3,458 from February 1, 1989 to January 1, 1999: Interest is payable
rncnhIy at the floating rate determined by the Loan Program Financial Advisor
SlAficient to pay the proportionate share of program interest, costs and expenses
(4.55% at September 30. 1994); the Interest rate shall not exceed twenty.flVe percent
(25%) per annumt exclusive of amounts charged for costs and expenses of the loan
program; collateralized by proceeds of the IocaJ govemment haIf-cent sales tax. Loan
was obtained for the financing (or refinancing) of the cost of acquisition of
environmentally sensitive Coopers Point trad for park purposes.
Total Notes, Mongages, Contracts and Loan Pool Agreements Payable
Total General Long-Term Debt Payable
30
.. t.... _t-." ..
,
1,286,345
155,000
416,500
176,375
2.034.220
9.878,232
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30L 1994
Hole (2E) Long-Term Delllt Proprietary Fund8
w.. pod Sewer UtItv Fund
W... .m Sewer Revenue Bonds, Series 1984; 9.00%. Current Interest Bonds
maturing December 1, 1994 with a final principal Installment of $2.265,000; final
i.... pII'fI1I8nt due . maturity, net of unamortized discount and Issue costs of
$1,058, coIaIeraIized by net revenues of the Water and Water Pollution ControJ
System.
Water .xl Sewer Revenue Bonds, Series 1988; 6.50 . 7.60%. Current Interest Bonds
with s.iaJ matuities due In annual principal installments rangJng from $460,000 to
$2,885,000 on December 1 at in the years 2005. 2006. 2008, and 2010 through 2013;
CIIpItaI AppreciaIion Bonds wti1 an approximate yield to mabdy ranging from 7.45 .
7.75% and having serial maturities doe in annual installments (original principal
II'nOtD plus irterest earned 10 date of rnatwity) ranging from $625,000 to $6,840,000
from December 1. 2004 to December 1, 2018; Intsrest is payable semiannually on
CUrr8rt lruresa Bonds and at maturity (or prior redemption date) on Capital
Appreciation Bonds; net of unamortized discount of $880,320 and in the case of the
C8pItaI Appreciation Bonds, unearned interest included in the maturity amount
outstaucing at September 30. 1994 of $57,618.317 collateralized by net revenues of
the War and Water Pollution Control System.
Water and Sewer Refunding Revenue Bonds, Series 1993; 3.000 - 5.625%. Current
Irterest Bonds with serial matwitIes due in annual principallnsta1lments ranging from
$140,000 to $5,715,000 from December 1, 1994 to December 1, 2018; interest is
payable semiannually, net d unamortized discount and issue costs of $191,257,
c011ateraiized by net revenues at the Water and W8I.fK Pollution Control System.
Ptnuant to a Master Lease Agreement, the City has entered into a lease Purchase
~tor the plrChase of automotive equtpmentfor use by an operating division
of the WBI.er and Sewer Utility F~ providing for paymentS of $1,168 for 20 quaners
commencing September 30, 1992. The cost of the automotive equipment at the
inception at the lease was $20,654 with interest imputed thereon of $2,702, with an
eftective rate of 5.1 %.
Less CLIn'8I'<< Portion d Long-Tenn Debt
Lcng-Tenn Debt, Excluding Current Pcxtion
Cash has been restricted and reserves established in the Water and Sewer Revenue
Bonds Debt Service Fund pursuant to the ordinances authorizing the four outstanding
series of Water and sewer Revenue Bonds. Amounts restricted are In compliance
with the ordinances.
9r Utllltv Fund
Gas System Revenue Bonds, Series 1991, 5.6% to 6.5% Serial Bonds due in annual
principal InstaJJments ranging from $150,000 to $380;000 from September 1, 1995 to
September 1, 2004; 6.5% Tenn Bonds in the princlpaJ amount or $2,325,000 maturing
on Sept.mber 1, 2009 and 6.5% Term Bonds In the principal amount of $2,455,000
maturing on September 1,2013: Interest Is payabkt semiannually; net of unamonized
discount of $158,618, collateralized by net revenues or the Gas Division.
31
2,263,942
33,291,363
52,463,743
11.915
88,030,963
3.763.084
84.267.879
7;521,382
cnv OF CLEARWATER. FLORIDA
NOlES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1994
Gas System Revenue Bonds, Series 1994A, 6.0% SeriaJ Bonds due In annual
pr'.1CipaIInstallmera ranging from $645.000 to $770,000 from September 1, 2017 to
September 1, 2020; 6.0% Term Bonds in the principal amount of $1,715,000 maturing
on September 1, 2016 and 6.1% Term Bonds in the principal amount of $3,575.000
maturing on September 1, 2024; Interest is payable semiaMuaJly; coUateralized by
net revenues of tile Gas Division.
8,110,000
Loan payable to the Water and Sewer Fund for the transfer of ownership of property
from the Wt1I.er and Sewer fund to the Gas Fund. Payment of the loan is to be
IIbr8Il free, in five equal installments beginning 9/30/93 and ending 9/30/97.
0bIIgali0i1s under lease purchase agreement, relating to purchase d vehicles and
~ original prii1cipaI amount of $187.217. payable over 5 years with an
8ftective rate of 5.1 to 5.525%, quarterty payments of $10,583.
31~796
106.922
16,051,100
Less Current Portion d Long-Term Debt
l.Dng- Term Debt, Excluding Current Portion
299.315
15.751.785
Cash has been restricted and reserves established in the Gas System Revenue
Bonds Debt Service Food pursuant to the ordinance authorizing the 5.6 . 6.5% Gas
System Revenue Bonds. Amounts restricted are in compliance with the ordinance.
Solid Waste UtiIJty Fund
Pod Loan Agreement with First Florida GoYemmentaJ Financing Commission
8UIhorized by the City Commission on July ~ 1987 through adoption of Ordinance
4437-87; provides for repayment of principal in annual Installments ranging from
$70,000 to $85,000 from July 1, 1994 to July 1, 1997; interest on installments ranges
from 6.15% to 6.70% and is payable semiannually; City is further obligated to pay
certain 8ddltionaI payments, including its proportionate share of the fees of the
ConvniSSion as well as those of the Trustee and the Registrar and Paying Agent
created pursuant to the terms of the Revenue Bonds Issued by the Commission to
provide the funds for maklng the pool loans, and in addition all fees and expenses
of the Commission or Trustee that relate to this Loan Agreement; collateralized by
non-ac:I valorem revenues or other legally ava1IabIe funds of the City. Loan. was
obtained to finance the construCtion of a facility to be used by the Solid Waste
Division (also finances improvements to real property and acquisition of equipment
unrelated to the UtilIty System); net of unamortized discount and Issue costs of
$1,753.
238.246
Capftallmprovement Revenue Bonds, Series 1984, 9.50%, final prlncipallnstallment
of $64,000 due' on November 16, 1994; Interest is payable quanerty; net of
unamortized issue cost of $39 collateralized by an Irrevocable lien upon guaranteed
erdIement portion of state revenue sharing trust funds. proceeds of IocaJ government
haIf-cert sales tax and aJllnvestment Income derived from Investment of funds held
U1der the authortzlng ordinance; in addition, the bonds are collateralized by a
suborctinate Den on public service tax revenues. .
63,961
32
CIlY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1994
An lntemaJ twenty year construction loan from the City's Central Insurance Fund for
the constructicxl DC 8dn'Mnistn11ive, coruIner manenance and truck wash facilities and
a pIW8d yIWd for use by 81 cost centers of the Solid Waste Fund. The loan provides .
for 20 annual payments of $82,474 together with Interest at the castrpool rate, due
on September 30 of each year, commencing September 30, 1994. The cost of the
constructicxl to-dMe m $1,550,933, and m still in process of completion as of
September 30, 1994. '
Leae Pwchase Agreement for the purchase of data processing equipment for the
use by the operatil tg division or the Solid Waste UtiJily Fund. The agreement
provides for 20 quarterty payments of $1,055. The cost of the equipment at the
inception of lease was $18,554 with interest imputed thereon of $2.539, with an
eIfective rate of 5.1 %.
Less CtMT8f1t Portion of Long-Term Debt
l..onIr Term Debt, Excluding Current Portion
Certain assets on deposit with an escrow agent ptJJSUant to the requirement to
establish and mai1laIn a Debt Service AccoLrd: contained In the loan Pool Agreement
wiIh the FISt Florida GovemmertaJ Financing Commission have been classified as
I'8SIriCt8d assets and a reserve has been established In the Solid Waste Utility Fund.
AmcM.rds restriCted are in compUance with the ordinance and the Loan Pool
Agr8emert.
RecvcIna Utifitv Fund
An internal construction loan from the City's Central Insurance Fund for the purchase
of a baling system and the construction of a recycling processing building for use by
all the cost centers of the Recycing Fund. The loan provides for annual interest
p8y8bIe on September 30 each year, commencing on September 30, 1994, at the
cash-pooi rate, for fI.nds actually borrowed as they are borrowed. Periodic principal
payments on October 1 of various fiscal years as provided in the proforma financial
IIal8n1BrU starting October 1, 1995. The total cost of the baling system at the
inception of the loan totaled $129.836. The cost of constructing the processing
building through September 30,1994 is $127,604 and is still in process of
completion.
Lease pwchase agruements for the purchase of eight new recycling vehicles for use
by the ResicIer'$I Recycling cost center of the Recycling Fund. The agreements
provide for 20 quarterty payments of $27 ,213 commencing September 30, 1994. The
combined total cost of the vehicles at the inception of the leases was $466,020 with
interest Imputed thereon of $78,230. with effective Interest rates of 6.4% and 6.8%
respectJvefy.
Less Current Portion of Long-Term Debt
Long-Tenn Debt, excluding Current Portion
33
1,567,000
10.761
1.879.968
225.175
1.654.793
269.936
428.660
698,596
112.720
585.876
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30.1994
Toll Causewav and Bridae
~.541" of the Public Service Tax and Bridge Revenue Bonds, Series 1985. Bridge
Re\wnues are pledged to collateralize this portion of the total bond issue. Uability
shown Is net of unamortized discocn and Issue costs (Bridge Fund share only)
tataing $50,150.
Less Current Portion of Long-Term Debt
Long-Tenn Debt, ExcIudhg Ct.mmt Portion
Cash has been restricted and reserves established pursuant to the ordinance
8UIhoriziI ig the Public Service Tax and Bridge Rovenue Bonds, Series 1985. Amounts
I'8Itrict8d are in compliance with the ordinance.
Yacht BasIn and Marina
5% Uncollateralized loan payable to the General Fund; $15.000 of the advance is
scheduled for repayment during the foJloINing fiscal year.
1,871,492
206.759
1.664.733
45,324
Pwsuant to a Master Lsase Agreement. the City has entered Into a Lease Purchase
~forthe purchase of computer equipment for use by the operating division
of the Y8Ctt Basin and Marina F~ providing for 20 quarterty payments of $1,401,
convnencing on June 1, 1990: the cost of the equipment at the Inception of the Lease
Agreement was $23,555 with interest imputed thereon of $4,456. an effective rate of
7.345%.
Poof Loan Agreement with First Florida Govemmental F'mancing Commission
authorized by the City Commission on Juty 2, 1987 through adoption of Ordinance
4437-87; provides for repayment of principal in annual Installments ranging from
$40,000 to $50,000 from July 1, 1992 to Juty 1, 1997; Interest on installments ranges
from 6.15% to 6.70% and is payable semiannually; City is further obligated to pay
certain additional payments, Inc!udlng its proportionate share of the fees of the
Commission as well as those of the Trustee and the Registrar and Paying Agent
creaed pursuant to the tenns of the Revenue Bonds issued by the Commission to
provide the finis for making the pool loans, and in addition all fees and expenses
of the CommIssion or Trustee that reia!e to this Loan Agreement; coUateraJized by
non-ad valorem revenues or other legally available funds of the City. Loan was
obIak1ed to finance the SemInole Boat Launch dredging and the renovation of the
Marina BuiIcIng (also finances improvements to real property and acquisltlon of
equipment unrelated to the Marina Fund); net of unamortJzed discount and Issue
costs of $1,024.
'n
2,726
138.976
187,026
Less Current Portion of Long.Tenn Debt
Long- Tenn Debt, Excluding Current Portion
62.726
124.300
34 .
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAl STATEMENTS
SEPlEMBER 30" 1994
Parkina Svstem
9.1 - 9.5% PartmQ System Revenue Bonds, Series 1983, due in annual installments.
IWlgIng from $80,000 to $110,000 plus semiannual interest, through January 1, 1998,
net d unamortized discount and issue costs of 53,339 collateralized by net revenues
01 the PMdng System.
26.394% of the Public ServIce Tax and Bridge Revenue Bonds, Series 1985, net of
W1MIOI1iz8d discoln ;nj issue costs (Parkilg Fund share only) d $25,675.
Lea CU1W1t Portion of tong.. Term Debt
Long-Term Debt, Exduding Current Portion
Cash has been restricted and reserves established pursuant to the ordinances
&lM1oriZI1g the 9.1 % to 9.54)(, Parking Revenue Bonds and the Public Service Tax and
Bridge Revenue Bonds. Amounts restricted are in compliance with the ordinances.
Garaae
Plnuant to certain Master Lease AgreementS, the City has entered into Lease
PlRhase Agreements for the purchase of automotive and other types of equipment
for the use by the operating divisions of the City. These agreements provide for 20
ql8t8fty payments ranging in amount from $991 to $38,065. The cost of the
equipment . the inception of the leases was $6,110,652 with interest imputed
thereon of $979,462, the effective rates ranging from 4.7063% to 8.5997%.
Pool Loan Agreement with First FJorida Governmental Financing Commission
IUhoriZ8d by the City Commission on July 2, 1987 through adoptJon of Ordinance
4437-87; provides for repayment of principal in annual installments ranging from
~OOO to $650,000 from JUy 1, 1995 to JU)i 1, 1997; interest on installments
ranges from 6.15% to 6.70% and is payable semiannually; City is further obligated to
pay certain additioI iaI paymsnts, InchJding its proportionate share of the fees of the
Commission as weU as thosE! of the Trustee and the Registrar and Paying Agent
CI8M8d p&nuant to the terms of the Revenue Bonds issued by the CommisSion to
provide the funds for making the pool loans, and In addition all fees and expenses
of the CommIssion or Trustee that relate to this Loan Agreement; collateralized by.
nan-ad vaIor8m revenues or other legally available funds of the City. Loan was
obtained to finance the construction of a radio communications system for use by all
Ciy Departments, including two radio towers, sateUite and microwave receivers, and
radios (also finanCeS improvements to real property and acquisition of equipment
unre!aled to the Garage Fund); net of unamortized discount and issUe costs of
$14,217.
leis Current Portion or Long-Tenn Debt
Long-Term Debt, Excluding Current Portion
35
376,661
1.~;406
1,602,067
214.610
1.387.457
3,820,311
1.820.783
5,641,094
1.872.723
3.768.371
cnv OF CLEARWATERt FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 19M
Mmlnisb46te SeMces
Plnuant to certain Master Lease Agreements, the City has entered into Lsase
Pwchase AgreemenIs for the purchase of automotive and other types or equipment
for the use by the operaliug divisions d the Administrative ServIces Fund. One of
tt-. agreemer ItS provides for 84 monthly payments ranging in amount from $1 0,283
to $14,588. NinP of these agreernera provide for either 20 or 2S quanerty payments
ranging In amount from $1,618 to $25,925. The cost of the equipment at the
inception of the leases was $1,607,019 with interest imputed thereon of $447,219, the
effectiye .... rmgIng from 5.03% to 8.9%. 403,356
Less Current Portion of Long-Term Debt 269.223
Long.Term Debt. ExcIudilg Current Portion 134.133
General Services
Plnuant to certain Master Lease Agreements, the City bas entered Into a Lease .
Pwchase Agreement for the purchase of computer equipment for use by the
operIting divisions of the General Services Fund. The agreement provides for 20
quarterly payments In the amount or $1.449. The cost of the equipment at the
Inception of the lease was $24,160 with interest Imputed thereon of $4,812 the
elective nD at 7.558%. 5,531
Less Current Portion of Long- Tenn Debt 5.531
Long. Term Debt. Excluding Current Portion 0
Central Insurance
Ptnuant to a Master Lease Agreement, the City has entered into a Lease Purchase
Agreement for the purchase of equipment for use by the Central Insurance Fund
(also finances the acquisition of equipment unrelated to the Central Insurance Fund),
providing for 20 quarterly payments of $1,113 commoncing June 30, 1990; the cost
of the equipment at the Inception of the Lease Agreement was $18,711 with interest
Imputed thereon of $3,540, an effective rate of 7.345%. 2, 165
Less Current Portion of toog.Tenn Debt 2.165
Long. Tenn Debt, Excluding Current Portion 0
TOTAL PROPRIETARY FUNDS - LONG-TERM DEBT,
EXCWDlNG CURRENT POR110N 109.339.327
TOTAl.. LONG-TERM DEBT, AlL FUNDS EXCLUDING
CURRENT PORTION FOR PROPRIETARY FUNDS $119.217.559
The oI'fidaI statements and commissJon resolutions authorizjng the Issuance of the revenue bonds
described above contain certain restrictive covenants. The City has covenanted ~ on a monthly basis,
It wtIl deposit specified amounts derived from specific revenue sources Into accounts and funds
established by the resolutions. The deposits Into these accounts and funds are used to repay principal
and Interest coming due on the bonds and to provide sinking funds established for the purpose of retiring
term bonds due in future years. CenaJn of the covenants also require maintenance ot specified coverage
ratios. The City is In compliance with bond covenants.
36
CRY OF CLEARWATER, FLORIDA
NOlES TO FINANCIAL STAlEMENTS
SEPlCMBER 30. 19M
Nace (2F) Advance Refunding of Bonds
In prior fiscal year&; the City entered b.o various advance refunding transactlons related to certain of its
bonded debt. A portion of the proceeds of the refunding bond issues was placed In trust and used to
pwchase securities of the United Stales Government and related agencies at various InteIest rates and
matLdies sufficient to meet all debt service requirements of the refunded debt, of which $106,417,145 was
~ Iding . SeplBmber 30. 1994, aI of which relate to enterprise funds. These assets are administered
by trustees and are restricted to use for retirement of the refunded debt. The liabUity for the refunded
bonds ~ the reIaIed securities and escrow accounts are not Included in the accompanying financial
stalements as the City defeased Its obflgallon for payment of the refunded bonded debt upon completion
of the refoodlng transactioils.
Bond issues which have been refunded and are payable from escrow accounts are:
Amount OutstandJng
at Seotember 30. 1994
W" and Sewer Revenue Bond, Series 19888
WII.er and Sewer Revenue Bond, Series 1988A
UtilIty Revenue Certificates. 1975
Utility Revenue Certificates, 1972
Special Obligation Bonds, Series 197M
UtiIty Revenue Bonds, Series 1978
Water and Sewer Revenue Bonds, Series 1987
WtJI.er and Sewer Revenue Bonds, Series 1984 (partial refunding)
Utilities Tax and Bridge Revenue Bonds, Series 19n
Utilities Tax Bonds, Series 19n
$ 20,657~ 145
26.635,000
5,275,000
4.750,000
2.145,000
23,560,000
16,430,000
2,265,000
2,320,000
2.380.000
$106.417.145
\
HOle (20) Sinking Fund for Term Bond MaturfUes
Public Service Tax And Bridae Revenue Bonds
On August ZTt 1985, SinIdng fLI'lCIs for the 1977 UtiJities Tax and Bridge Revenue Bonds and for the 1977
UIiIIties Tax Bonds were liquidated with the proceeds being placed into escrow as part of an advance
I'8flI1ding d both of these issues. These amounts, plus $4.149,699 from the 1985 Public Service Tax and
Bridge A8Yenue Bonds were used to plKChase United States Government Securities which wjIJ matUre
in sufficient amounts to make all required principal and interest payments on both 1sn issues. Under
8gIWI1l8rU dated NoYembet. 1, 1977 and amended March 14, 1978. the City exercised an option
obligating It to pun:hase securities from Barnett Bank through December 1, 1987 for both of the original
1977 sinking funds.
M part of the refunding plan, all securities purchased subsequent to the refunding date became part of
the sinking fund for the term maturity of the 1985 bonds. As of September 30, 1994, securities totaling
$1,090,391 (at amortized cost, maricet value $1,118,737) were being hekt by Barnett Bank for this purpose.
All securitieS will matUre May 5, 2005 and will be applied toward the final payment on the 1985 bonds due
on December 1, 2005.
37
CITY OF CLEARWAi'ER, FLORIDA
NOTES TO FINANCIAl STATEMENTS
SEPTEMBER 30. 1994
Hea (2H) Long-Term Debt, Dobt ServIce Funda
Debt Service Reserves . General Lona-Tonn Debt
The reser.J8S have been established in compliance With the ordinances authorizing the debt and are equal
to the amounts requDd by the ordinances.
Reserves estabIbihBd to provide for the next succeeding maturities of principal and interest are as ~Jows:
Princioal Interest
General Obligation Bonds:
1978 Issue
Indebtedness of the Community Redevelopment
AfJency (ncIudes Tax Increment and Lease
R8'.8I.. Bonds. Series 1986 and Tax Increment
Revenue Bonds. Series 1987)
Public Service Tax and Bridge Revenue Bonds,
(this represerU 33.065% or the total Issue -
see Note (2F))
$ 71,250
$ 7,779
140,000
173,020
140.526 45.173
$351.776 $225.972
A sinking f1.n:t reserve has been established to provide for tenn maturity of the Public Service Tax and
Bridge Revenue Bonds. The General Long-Term Debt ponlon of this reselVe, based on the original
aIIoc3ion of bond proceeds, is $240,449 as of September 30, 1994.
A contingency resecve has been established pursuant to the authorizing bond ordinance to meet principal
.-.d IrUrest requirements for the PubUc Service Tax and Bridge Revenue Bonds should other resources
be 1.I18V8iIabIe. The General Long-Tenn Debt portlon of this reserve is $183,145 as of September 30,
1994.
A contingency reserve has been established pursuant to the authorizing bond resolution to meet principal
and interest requirements of the Tax Incremant Revenue Bonds. Series 1987 should other resources be
unavailable. The reserve balance at September 30, 1994 is $550,096, which exceeds the maximum
required balance of $116,700 required by the authorizing resolution.
A Debt Service Reserve Account has also been established pursuant to the Loan Pool Agreement with
First Florida GovenvnentaI Financing Commission to pay the City's proportionate share of the principal
and intereSt requfremenIs of the underlying revenue bonds should an insufficiency 01 funds exist due to
the Ciiy's failure to make a loan repayment in the fuU amount or because of an event of default under the
Loan Pool Agreement. The General Long- Tenn Debt reserve balance at September 30, 1994 is $45,009,
which represents or 6.6% the total required reselVe account. The remaining balance of the required
rOse.ve (93..% of the tCJtaI) is reflected in the Garage and SoUd Waste Utility Funds.
Hale (3) ReatrIcted Aaaeta, Proprietary Funds
Note (3A) Weter and Sewer UtIlity Fund
Assets in the Water and Sewer Utility Fund restricted for constructlon consist of the following:
Proceeds of Utility Revenue Bonds, 1978 Series, and Water and Sewer Revenue
Bonds, 1987, 1988A and 19886 Series, the use of which is restricted to construction
of water and sewer improvements authorized by the relevant ordinances; assets
remaining at September 30, 1994 are:
Equity In Pooled Cash and Investments
5,216,115
38
CIlY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 10M
W.. Irnprowment charges, the use of which is restricted by the ordinance
...,amlng the coIectJon of such charges to the constructJon of additions and
Irnprovernerts to the water system; assets remaining at September 30, 1994 are:
EquIty in Pooled Cash and Investments
Due from Other FlIlds
458,173
216,799
Sewer I~ charges. the use of which is restricted by the ordinance
aJthoriZing the collection rl such charges to the constructJon of additions and
irnprov8merm to the sewer system; assets remaining at September 30, 1994 are:
Equity in Pooled Cash and Investrner'ts
Due from Other Foods
1,341,852
690,731
Proceeds of the Local Option Sales Tax designated as .Penny for Pineua&-, which is
I'llItricted by vater I eferendtm and the tenns of the Interlocal agreements between
PiI.... Cotny and the municipalities receiving the tax to the construction of specific
Infrastructure capital improvements; assets remaining at September 30, 1994 are:
Due from Other Funds
Assets of the Water and Sewer Utility Fund restricted under the provisions of the
orc:inances authofizing the issuance of revenue bonds consisted of the following at
September 30, 1994:
124,847
Water and Sewer Revenue Bonds
Debt Service:
Equity in Pooled Cash and Investments
InV8stmenIs (U.S. GaYemment Securities)
Accrued Interest Receivable on Investments
Renewals and Rep&acements:
Equity in Pooled Cash and Investments
Due from Other Funds
$ 9,137,449
5,075,936
143,055
2.644,515
2.465.366
$19.466.321
Assets c:I the Water and Sewer Utilly Fund representing CustOl1'lefS' Deposits and therefore restricted,
amourted to $1,811.031 at September 30, 1994, consisting entirely of Equity in Pooled Cash and
Investments.
Note (38) Gaa UtJUty Fund
Assets of the Gas Utility Fund restricted under the provisions of the ordinance authorizing the issuance
rl revenue bonds consisted of the following at September 30, 1994:
~ Svstem Revenue Bonds
Debt SeMce:
Equity in Pooled Cash and Investments
Investments (U.S. Government Securities)
Interest Receivable
Renewals and Replacements:
Investments (U.S. Govemmem Securities)
Construction:
Equity In Pooled Cash and Investments
$1,376,000
458,347
16,295
300,000
39
6.207.982
58,358,624
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER ~O. 1994
Assets d the Gas UtMy Fund representing Customers' Deposits and therefore restricted, amounted to
$718,851 . Sepc8mber 30,1994, COIlSisting enlirefy of Equity in Pooled Cash and Inv~..tri1ts.
Hole (3C) SolId w.... UtIlIty Fund
R8Itrtcted assets in the Soid Waste Ublity Fund designated for construction consist of the ~Jowing:
'-"111I d the Sold Wasto UtiIlIy Fund restricted under the provisions of the Loan Pool Agreement with
the First Florida GovernmerUI Financing CommissJon CO! tSisted of the following at September 30, 1994:
t..o;w, Pool Aar8ement
Debt Service:
1m~1" Held by Escrow Agent (Primarily AIachua
Ccunty, Florida Revenue Bonds)
Accrued lrarest Receivable on 11'1\oestl.1&l1tS
$67,800
736
~.536
Assets 01 the Sold Waste Utility Food ~)Q customer deposits, and therefore restricted, amcu1ted
to $442.075 at September 30, 1994, and consisted entirely of Equity in Pooled Cash and Investments.
Note (30) Stonnwater UUIIty Fund
ReIUiclad assets contributed to the Stormwater Utility Fund by the Special Development Fund consist of
the foIowing:
Drainage Impact Fees restricted by City Code Section 43.24 to increasing the
capecity of the Clty's drainage system; assets remaining at September 30, 1994 are:
Due from Other Funds
$ 16,005
Proceeds of the Local Option sales Tax designated as .Penny for PinelJas", which is
restricted by voter referendum and the tenns of interlocaJ agreements between
PineIas Cou1ty and the municipaities receiving the tax to the construction of specific
infrastructtn capiIaJ imprc:Nements; assets remaining at September 30. 1994 are:
Due from Other Funds
Development Impact Fees restricted by City Code Section 183.03 to the construction
of roads, public transit facilities and storm drainage in the City; assets remaining at
September 30, 1994 are:
Due from Other Funds
2,850,669
305.593
$3,172.2fi7
Note (3E) Toll Causeway and Bridge Fund
Assets of the Toll Causeway and Bridge Fund restricted under the provisions of the ordinances
authorizing the issuance of revenue bonds consisted of the folJONing at September 30, 1994:
Debt Service:
Equity in Pooled Cash and Investments
tnvestrnents (U.S. Government Securities)
AccnJed Interest Receivable on Investments
$ 992,692
562,1~2
17.447
$1.572,281
40
... l . ,_
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1 eM
Note (3F) YHId Baaln and Marina
Aaa8ls of the Yacht Basin and Marina restricted under the provis5ons of the Loan Pool Agreement with
First F10rtda Governmental Financing Commission consisted of the following at September 30, 1994:
Loan Pool Aar8ement
Debt S8Mce:
Il'WIbdenta Held by Escrow Agent (primarily AJachua
CCKny, Florida Revenue Bonds)
Acaued lrurest Receivable on Investments
$ 40,359
437
$ 40.796
NoCe (30) Partdng Syatem
Aa8Is In the Parking System restricted under the provis5ons of the ordinances authorizing the issuance
of I'8Y8I1U8 bonds consisted of the foIowing at September 30, 1994:
Par;dna SYStem Revenue Bonds
Debt SeMce:
Equity In Pooled Cash and Investments
Renewals and Replacements:
Equity in Pooled Cash and Investments
$ 327,837
135.035
Public SeNice Tax and Brldae Revenue Bonds
Debt SeMce:
Equity In Pooled Cash and Investmerts
Irwestrnera (U.S. Government Securities)
Accrued Interest Receivable on Investments
351,633
287,799
8.933
$1.111.237
Note (3H) PIer 60 Fund
Resbicted assets contributed to the Pier 60 Fund by the Special Development Fund consist of the
following:
Proceeds of the Local Option sales Tax designated as -Penny for Pinellas-, which is restricted by voter
r8felW'lCkn1 and the terms of intertocaJ agreements between PineUas county and the municipalities
receiving the tax to the construction of specific infrastructure capital improvements; assets remaining at
September 30, 1994 are:
Due tram Other Funds
Noe. (31) Harbor.... Center Fund
Restricted assets cortr1buted to the Ha.rborview Center Fund consist of:
S 11.316
contributions by the Special Development Fund Include proceeds of the LocaJ Option
Sales Tax designated as -Penny for PinellaS", which is restricted by voter referendum
and thetenns of nenocaJ agreements between PlneUas COUnty and the municipalities
receiving the tax to the construction of specific infrastructure capttallmprovements;
BIS8tS remalnIng at September 30. 1994 are:
Due from Other Funds
$ 176,634
41
em OF CLEARWAiER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1994
Contributions by the Special Development Fund include proceeds restricted by City
Convnission policy to be used for the renovation of a fanner department store
building, assets remaining at Sepf.ember 30, 1994 are:
Due from Other FlM1ds
723,600
Contributions by the Community Redevek)pmenl Agency include proceeds restricted
I:rt a 1981 City Commission Resofution. Proceeds to be used for the renovation of
a former department store building, assets remaining at September 30, 1994 are:
Due from Other FlM1ds
150.000
,$1.050.234
Hole (3J) Garage Fund .
Assets of the Garage Fund restricted under the provisions of the Loan Pool Agreement with the First
Florida GcMmmental Rnancing commission consisted of the following at September 30. 1994:
Loan Pool Aareement
Debt Service:
ll1\,asbll&l'1lS Held by Escrow Agency (primarily Alachua
Cc:u1ly, Florida Revenue Bonds)
Acaued I,.erest Receivable on Investments
$ 525,350
5.743
$ 531.093
Note (3K) Current LIabIlities Payable from Restricted Aaaeta
As of September 30, 1994 with comparalive figures for 1993, the current liabilities payable from restricted
assets of the ErUrprise Funds were a follows:
Accot.r1tsPayable
Construction Contracts Payable
Accrued Interest Payable
Current Portion of Long-Term Debt (Revenue Bonds)
CLIItOmef' Deposits
September 30. 1994
$ 24,835
555,979
1,374,275
3,636,307
2.971.957
$8.563.353
September 30. 1993
$
543,014
1,710.467
2.642.198
2.667.041
$7.562.720
Note (4) RetIrwment CommIIrnenta
Note (.tA) DefIned aen.nt PenaIon Plana
The cay contributes to two single-employer, self-administered pension plans covering approximately three-
fourths of aU City employees. The Employees' PensJon Plan covers all ponnanent, full-time City employees
who aucceslfully pass the required physical examlnation, except for firemen employed prior to Jutt 1,
1963, and certain nonclassified (primarily managerial) employees. The Firemen's Relief and Pension Plan
covers all firemen hired prior to July 1, 1963, who othefwise met eligibility requirements.
lhe Employees' Pension Plan is authorized by and operates under the provisions of Chapter 26, Article
III, Sections 26.30 through 26.49 of the Municipal Code of the City of Clearwater. Plan provisions have
been duly approved as required by the weers in referendums, the most recent of which was held on
November 8, 1988. The normal retirement benefit Is a monthly benefit equal to 2.1/2% of average monthly
compensation for the final 5 years of service multipUed by the number of years of service to date of
retirement. The minlmum benefit under the plan Is $300 per month. Eligibility 'or normal retirement
occurs upon completJon of at least 20 years of service and the attalnmem of age 55 or compmtlon of 30
years d NrvIce for employees engaged In non.hazardous duty. For those engaged In hazardous duty,
eUglblllty occurs upon com~etJon of 20 years of aervice. The monthly benefits are payable 'or the life of
42
CITY OF CLEARWATER. FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1994
the paniclpard and continue, after the participant's death, to be paid at the same amount for 5 years to
eligible survMng beneficiaries; after 5 years, the survivor annuity is reduced to 50% of the original amount.
The plan also provides for disability and death benefits, vesting after completion of 10 years of service
-.d the refund of employee contributions in case of a l'lOf'lovested termination. There is no provision for
pc:c reti1Iment adjusb .lfW1tS of benefits. Covered employees contribute 6% of their compensation. It is
1he dty"s obligation to provide a sufficient adcfltionaJ contribution to maJntajn the actuarial soundness of
the food but, in any event, not less than the amooot contributed by the participating employees. There
are no other contributors to the plan.
The Fir8men's Relief and Pension Plan is authorized and operated under the provisions of Subpart B,
Article I (Laws 01 Florida, Chapter 30658, 1955 and amendments), SectIons 1 through Z1 d the municipal
ChIrter and Related Law of the City of Clearwater and Chapter 26, Article III, Sections 26.50 through 26.52
of the MLDcipaJ COde of the City of Clearwater. The normal retirement benefit is a monthly benefit In the
8I1'lOUd of 50% of the prevailing wage at the dale of retirement of the lowest rank held by the participant
cUing the three years ImmedialeIy preceding retirement plus 2% of such prevailing wage for each year
of ..-vIce in excess of 20 years up to a maximum of 60%. Participants retiring at the age of 65 years are
erdIed to a benefit of 60% d the prevailing wage of the lowest rank held by the participant during the
three years immediately preceding retirement. The ending rate of pay specified above may not exceed
1he highest rate of pay for the rank of Captain. Eligibility for norma! retirement occurs upon completion
of 20 years of seMce or attainment of age 65. The monthly benefits are payable for the life of the
particfpan and continue, after the participant's death, to be paid to certain eligible survMng benefidaries
8l an an10Ult that is ooe.haIf of the amount received by the participant. Benefits are aJso provided for
children of ~ deceased participant who are under 18 years of age subject to certain limitations as to
~ The plan aJso provides for disability and death benefits and for vesting upon completion of at
least 12 years of service. The plan provides for post retirement cost of IMng increases equal to the
increase in the prevailing wage for the rank at which the participant retired with a limitation for those
retir'1lI1Q on or after January 1, 1972 of 100% of the Initial pension benefit for total cost of liVing Increases.
PmidpatJng employees are required to contribute 6% of their salaries up to the equivaJont of the salary
at a fir8man holding the rank of Captain. The Clcy is requtred to contribute a sufficient additional amount
to maintain the actuarial soundness of the plan for a period of 3S years conunenclng January 1, 1972;
this contribution is based upon, but not limited to, the amount that a levy of 6/10 of one mUl of ad valorem
tax would produce assuming assessed values of taxable propeny equal to the values of January 1, 1972.
As of the date c:A the most recent actuaria.I valuations, January 1, 1994, the current membership of the
.... is as follows:
Employees' Firemen's Relief
Pension Fund and Pension Fund
Retirees and Beneficiaries Currently
Receiving BenefitS
Tenninated Empklyees Entitled to Benefits
But Not Yet Receiving Them
ActIve Employees:
Fully Vested
NOfWested
Total Number of Participants
355
53
7
598
J.gQ
1.680
1
54
-
For the fiscal year ended September 30, 1994, the covered payroll for the Employees' Pension Fund and
the Firemen's Relief and Pension Fund Is $43,258,952 and $42,835 respectively; the City's total payroU
for the same period is $50,730,188.
43
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1914
Each pension ft.nc:I is accounted for as a pension trUst fund: therefore each is accounted for in
.. "'1tiaIIy the same manner 8S proprietary funds with a -capital maintenance- measurement focus and
empIafmerd of the accrual basis of accounting. Fund assets, primarily InvestmerD, are valued at cost
or, In the case or certain credit instruments, at cost adjusted for the amortization of premium or the
8CCUII1UIaIIon of disccu1t for ba81ce sheet purposes. GaIns and losses on saJes and exchanges of
sectdies 11I'8 recognized on the transaction date.
As of September 30, 1994, neither the Emplo'Jees' Pension Fund nor the Firemen's Relief and Pension
fLIld held 1rr.asb...nIs (other than U.S. Government or U.S. Government guaranteed obligations) in any
one argrRzatIon comprising 5% or more of the net assets avaUabIe for benefits. As rI September 30.
1994, neIIher pension fund had irwesbnlMt type or similar relationships with any reaated party, including
afticera BnCI ~88S of the Pension Plan, the sponsoring City of Clearwater, and organizations inctudecl
In the reporting entity.
In ac:corcB1ce WIh the requRments of GoYemmentaJ AccountIng Standards Board Statement No.5, the
most AIC8I1t acb.aiaI valuations as of January 1, 1994, utiize the actuarial present value of credited
projected benefits In detenninklg the pension benefit obligation at that date. This representS a
standardized discIosI n meastn of the present value of pension benefits which takes into account the
eftects of projected future salary Increases mld any step.rate benefits that result from employee service
to date. This measan Is intended to assist In the assessment, on a going concem basis, of the funding
status 01 the pension plan. incIudJng an indication of the progress being made in accumulating sufficient
assets to pay benefits as they become due: it also facilitates making comparisons among employers. This
measure is not required to be utilized in determining the contributions to fund the pension plan.
Slgnific:ant actuarial assumptions Utilized in the actuarial valuations as of January 1, 1994. in the
determinatiOn of the pension. benefit obligation are as follows.
Employees' Pension Fund
(1) Assumed rate of 1'8tUm on irJvestrnerU of 7% per annum.
(2) projected salary increase at a rate or 5% per year. including both cost-of.Jiving adjustments of
SCK. and merit or seniority increases at 2%.
(3) MoItaHty based on the 1983 Group Annuity Monafrty Table for Males with female ages set back
6 years.
(4) PnH'8tirement withdrawals assumed to occur In accordance with standard scales of moderate
turnover rates (Scale 255) for males and heavy turnover rates (Scale 355) for females.
(5) Pre-retlrement incidence of disability assumed to occur 'n accordance with a standard scale
of moderate disability rates (Class 1. 1952lnter.company): rates for females assumed to be
twice that for maleS.
44
CRY OF CLEARWATER, PLORIDA
NOTES TO FINANCIAL STAlEMENTS
SEPTEMBER 30, 1994
fhemen's Relief and Pension Fund
(1) Asslmed rate of retool on Investments of 6.5% compounded annually for both pre. and post-
r8ti18I11Id.
(2) Assumed nIaries graN at amuaUy compounded rate of 4% related to cost-aC-living adjustments
only.
(3) Mortality baSed on the 1983 Group Annuity Mortality Table for both active and retired
pMicipant; asamed disabled participants wll experience ~ity according to PBGe Tables
3 lOt 4 for males and females, respectiVely.
(4) Asswned no withdrawals will occur.
(5) Assumed probability of an active participant becoming disabled is zero.
(6) Assumed value of one mil of ad valorem tax will increase at rate of 5% per year.
As of JcnJary 1, 1994, the pension benefit obIigatlon based on the actuarial valuations is as ~Iows:
Employees' F1r8men's Relief
Pension Fund and Pension Fund Totals
Retirees and Beneficiaries
C~ Receiving Benefits $ 52,326,236 $11,601,164 $ 63,927,400
TennillIted Employees Entitled to
Benefits But Not Yet Receiving
l11em 556,901 556,901
Cunw't Employees:
Aca.InU8Ied Employee Contributions 24,350,931 36,563 24,387,494
EmpIoyer-Financed Vested 75,668,036 387,660 76,055,696
EmpIoyer..financed Nonvested 18.192. 789 18.192.789
Total PensiOn Benefit Obligation 171.094.893 12.025.387 183.120.280
Net As88ts Available for BenefitS
as of January 1, 1994 at Cost
or kCleted Cost 188.636.035 2.914.603 191.550.638
UrNlded (Assets in Excess of)
Pension Benefit Obligation $(17.541.142) $ 9.110.784 , {8.430.3581
Net Assets AvaUabIe for Benefits
as of January 1, 1994 at
Market Value S216.TJa.770 $ 3.252.665 $219.991.435
There were no changes in either benefit provisionS or In actuarial assumptions affecting the actuarial
valuations as of January 1, 1994 of either the Employees' Pension Fund or the Firemen's Relief and
Pension Fund.
45
CITY OF CLEARWA.CER. FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER ~. 1994
It is the Cly's policy to fund pension costs accrued as determined on an actuarial basis. Required
contributkJns for the Employees' pension Fund are caJculated using the Entry Age Normal with Frozen
InIdaI UabiIIIy method. The initial unfooded actuarial accrued liability cletennined at July 1,1963 is being
8I11OItIz8d over a 4O-year petiocI: changes made In 1979 and subsequent years which have had the effect
of either increasing or decreasing the actUarial liability are being amortized over a 3O-year period from
thlir eIfective dIus In accordance with su.e law. Required contributions to the Firemen's Relief and
Pension Fund In based on a variation of the aggregate actuarial cost method, under which the unfunded
portion of the present value of the projected benefits is allocated CN8( the present value of a 6.0% per year
lncr8.ulg 8MUIty for thel'8f1Wining years In the 35-year funding period which begin January 1, 1972.
~ to ., agreement between the City and the Plan partiCipants. For this purpose, the unfunded
actuariaIliabRy is determined after consIderatiOn of the available assets at the vaJuation date. The
incr'eaSi1g fiIced schedule produced by this method was estabUshed in 1988 and will be modiiied in the
fubn only to the extent that a current valuation indicates a higher required cost level, or r the resulting
cost level exceeds 60CJb of a mill in a current year.
The significant actuarial assumPtions that are used in computing actuarially detennJned contrilUlon .
requirements are the same as those used in computing the pension benefit obligation. The actuariaIly
determined contribution requirements for the City's fiscal year ended September 30, 1994, are based on
actU8riaI valuations as of January 1, 1993. Since the City's contributions are made during its fiscal year,
which commences nine months after the dale or the actuarial valuations, the City, with approval of State
regt tIaIory authorities. is foIlaNing the practice of adding interest to Its required contributions at the
assumed ral8 of return on investments for a period of one year in the case of the Employees' pension
food and for nine months in the case of the Firemen's Relief and Pension fund. InformatJon relative to
contributions Is as followS:
Employees' Firemen's Relief
Pension Fund and Pension Fund
% of Current % d Current
Year Covered Year Covered
Pavroll Amount PavroIl Amount
Required Contributions per
Actuarial VaIllStion of
January 1, 1993:
Amoont to CoYer Normal Cost
(Includes) Estimated Expenses
Which Are Paid from Pension Fund) 8.27% $3,576,038 1,751.48% $750,248
Amount to Amortize Unfunded Frozen
Initial UabiIity 2.52% 1,089,828 N/A
IntereSt Adjustment to Compensate for
Payments during Fiscal Year
Beginning October 1, 1993 0.32% 138,997 85.39% 36.575
11.11% $4,804,863 1.836.87% $786.823
ActU8J Contributions during F.Y.E.
September 30, 1994:
Employer's ContributionS Incfuding
Interest Adjustment 6.67% $2,883,630 1,836.87% $786,823
Employees' Contributions 6.00% 2,598,580 6.00% 2,570
State Insurance Premium Tax 5.84% 2.500
12.67% $5.482,210 1 r848.71 % 5974,865
46
"'j'"
CITY OF CLEARWATER 1 FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1994
Cenain ttno..year historical trend infonnation is required to be disclosed by Governmental Accounting
SbrIc8ds Board Statement No.5.
Employees' Firemen's ReJlef
Pension Fund and Pension Fund
Net AIa8ts Available for BenefitS Expressed
as a Percerage of the Pension Benefit
Obligation as of:
JInl*Y 1, 1992
JIr1l8y 1, 1993
JIr1l8y 1, 1994
Unfunded (Assets in Excess of) Pension
Benefit Obligation Expressed as a
P8fC81ltage of Annual Covered Payroll
as of:
105.13%
106.83%
110.25"
24.73%
23.30%
24.24%
JInJ8Iy 11 1992
Jau8y 1, 1993
JaooaIy 1, 1994
(19.78)%
(27.84)"
(45.31 )%
23,502.98%
22,740.83%
21,732.70%
For the three most ~ fiScal years,
Employer ConbibuIions, which have
been made in accanSance with actuariaIly
deterr1*18d reqt.Rments. represent the
following percentages ~ Annual Covered
Payroll:
FisCal Yew Ended
~30.
1992
1_
1994
9.11%
8.03%
6.67%
1,606.05%
1,729.25%
1,836.87%
GcNemmeraI Acccu1tIng Standards Soard Statement No.5 requires the presentation, as supplementary
IIl1onn1tiori, r:l certU11 o.year historical trend information. Since the required standardized measure of
the pell1ion benefit obligation was not determined prior to the actuarial valuation as of January 1, 1988,
the hiItoricII trend data that is dependent upon the amount of the pension benefit obligation is presented
for only seven years. 1l1e prescribed disclosures relating to revenues by source and expenses by type
.. pnIl1rud for the mast recent ten years. These disclosures are presented on pages 118 -120 of the
Cly'a COmprehensIve Annual Financial Report. .
Note (41) PolIce 8uppktmental Pension Fund
A .1ppIernerUJ defined contribution pension pWl exists for all eligible policemen which is funded by
8M1Wtced ,........ received from the State. These revenues, which comprise the plan c:ontributions of
1558,887 In the year ended September 30, 1994, are obtained from an eighty..five one hundredths of one
percent (.85)% excise tax on the gross receipts from premiums collected on casuahy insurance poUcies
CCMIring property within the City's corporate limits. The contributions represent 5.60% of current year
cowred payroll.
47
CliY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1994
The Police SUpplemental PensJon Fund is authorized by and operates under the provisions of Chapter
26, Article V, Sections 26.65 and 26.70 through 26.78 of the Municipal Code of the City r:I Clearwater and
Chapter 185 of Florida Statutes. Under the pan provisions, the total monies received during each fiscal
year, after payment or provision for all costs and expenses of management and operation of the plan, are
allocated to J*ticlpanIs on the t)ags of the total number of shares to which each participant is entitled
at the close of the fiscal year. Each participant is entitled to one share or a fractional share in "the fund
for each fuI year or a portion of a year of service as a police officer of the City. with fractional shares
being determined by the number of days of service in each calendar year, assuming a 365-day year.
All poUce ofticers as defined in Section 26.7O(g) of the Code of Ordinances of the City of Clearwater who
are elected, appoirUd, or employed full-time by the City are eligible to participate in the plan. There are
no empIcJIJ8e contributions to the suppIen1efaI plan. Benefits are fully vested for a lump sum dlstrituion
after twerty years from the date of hire, with provision for partial vesting after ten or more years under the
plan. Accu'nuIaled benefits are payable in full in case of death while empklyed by the City or in case of
total and permanent jol>reIated disabiUty. Non-vested participants' account values upon termination of
employment during &rrI fiscal year are added to the monies received during that fiscal year for allocation
to the remaining participants In the plan.
For the fiscal year ended September 30, 1994, the covered payroll is $9,983,748; the City's total payroll
for the same period is $50,730.188. During this period, there were no changes in plan provisions. As of
September 30, 1994, the pension fund had no investment type or similar relationships with any related
party incIucIng officers and employees of the Pension Plan, the sponsoring City of Clearwater and
organizations Included in the reporting entity.
Since the erdIIement to benefits is based entirely upon the allocation of monles received by the plan to
the participanIs' share acc:ouru, there is no actuarial liability on the part of either the State or the City.
Nate (4C) firemen'. Supplemental PenaIon Fund
A SlIppIementaI defined contribution plan existS for all eligible firemen, which is funded by earmarked
I'8Y8I1U8S received from the State. These revenues, which comprise the plan contributions, amoumed to
$390,542 in the year ended September 30, 1994. and are obtained from a one and eighty.five one
hundredths percent (1.85%) excise tax on the gross receipts from premiums collected on propeny
insurance poUcies covering property within the City's corporale limits. The contributions represent 5.87%
of current year covered payroI.
As the plan Is described as a money purchase pension plan whereby contributions ar aUocaled based
on the number of days worked during the fiscal year ended September 30, and interest earnings aUocated
based on the beginning balances In each participant's account, there is no actuarial liability on the part
of the Stale or City. The investments of the Pension Fund are managed by the NationsBank Trust
Department
The Firemen's Supplemental Pension Fund is authorized by and operates under the provisions of Chapter
26, Article IV, Sections 26.53 through 26.62 of the Municipal Code of the City of Clearwater: and Chapter
175 of Florida Statutes. Eligibility requires two years of credited calendar year service as a firefighter wih
concurrent participation in the Employees' Pension Plan. There is no employee contribution to the
supplemental plan, and benefits are vested for a lump sum distribution at ten years unless there is early
retirement, disability or death. Non-vested participants' account values upon termination of employment
are reallocated among the remaJnlng participants.
48
CIlY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30.1994
For the fiscal year ended September 30, 1994, the coverecI payroll is $6,655,107 the City's total payroll
for the ume period is $50,730.188. During this period, there were no changes in plan provisions. As of
September 30, 1994, the penIion fund had no investment type or simUar relationships with any related
pMy, Inck.dng ofticers and employees of the Pension Plan, the sponsoring City of Clearwater and
organiDIions IncllIded In the reporting erdy.
.... (40) Deferr.d CompenaatIon Fund
The City afters lis employees a deferred compensation pIan'created in accordance with Internal Revenue
Code Section 457. The plan, available to ail City employees, pennits them to defer a portion of their
salary lM1tiI ftm'8)'BS. The defen8d compensation is not available to employees until termination,
....ement, death. or UlforeSBSable emergency.
AI amounts of compensation deferred under the plan, all property and rights purchased with those
&1IOUrD, and aU income altributable to those amounts, property, or rights are (until paid or made
IMIiIabIe to the employee or other beneficiaJy) solely the property and rights of the City (without being
r8IbicbId to the provisions d benefits under the plan), subject only to the claims of the City's general
creditors. Participants' rights under the plan are equal to those of generaJ creditors of the City in an
anotrt equal to the faJr market value d the deferred account for each participant.
It is the City's opinion that it has no liability for losses under the plan, but does have the duty of due care
that would be required of an ordinary prudent investor. The City believes that it is unlikely that it will use
the assets to satisfy the claims or general creditors in the future.
In accordance with the requirements of GASB Statement No. ~ the operations of the plan are accounted
far In an Agency Fund In the accompanying financial statemefltS, with the invested assets being reflected
therein at market value.
Note (4E) Poll RetIrecnent BeneIIm
The City pn:Mdes no material post retirement benefits to retired employees or to'their beneficiaries other
than those described in preceding Notes (4A) through (40).
NoCe (5) Fixed Aaeta
General Fixed Assets:
A summary of changes in General FD(ed Assets follows:
".
Balance Balance
Oct. 1. 1993 Additions Deletions SePt. 30. 1994
lMId $31,036,914 $ 2,735,118 $1,924,223 $ 31,847,809
Buildings 15,447,625 703,712 16,151.337
Improvements Other Than
Buildings 33,904,632 3.448,757 ~OOO 37,351,389
Equipment 19,023.415 1,344,911 111,726 20,256,600
ConsIruction In Progress 1.066.206 961.642 1.056.206 961.642
~100.478,792 ~ 9.194.140 $3.104.155 $106.568. Tn
49
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30.1994
00naIed Land: La1cl accourted for In the General Fixed Assets Account Group includes a number of
parcels that have been donated to the City. With respect to certain parcels. the Instrument conveying title
to the CIty contains restrictions as to the purpose for which the land may be used by the City, with the
provision that title shan r8V8ft to the donor of such restrictions are not followed. Land subject to such
restrictions is carried at estimated fair market value In the hands of the donor Immediately prior to the
donation: thetefGf'8, the vaktation used does not reflect the Impact the restrictions a; to use might have
on the f&ir mmket value of such land in the ownership of the City.
ProPnetarv Funds:
A.......-.y of cost and accumulated depreciation of fixed assets at September 30, 1994 of the Proprietary
Funds foIows:
Land
Buildings
Impn:wements Other 'Than Buildings
Machinery and Equipment
Construction in Progress
Less Ac:curooIated Depreciation
Net
Entemrise
$ 7,714,276
6,000,035
228,766,606
8,037,376
13.383.806
263,902,099
63.771.933
$ 200.130.166
IntemaJ
Service
$ 680,197
2,918,975
442,249
26,496,103
179.212
30,716,735
19,339,311
$11.377.425
Estimated
Useful ute
(Years)
1 ()..4()
5-50
1-33
Contributed Prooertv: As of September 30, 1994, water lines having an estimated cost of $4,244,548,
Sall1ta1y sewer lines having an estimated cost of $7,204,465, and storm sewers having an estimated cost
of $3,832.365 are reflected in the balances of the proprietaIy fixed assets.
Assets Recorded Under CaDltal leases: Assets recorded under capital leases and the accumulated
depreciaIion thereon (for proprietary fund assets) have been Included under the appropriate categories
in the summaries and schedules presented previously in this note in combination with simiar information
for owned assets.
Hole (&) property Tax..
Property tax revenue is recognized in the fiscaJ year for which the taxes are levied provided the avaDabIity
test is met. in ccriDrmance with NCGA. Interpretation #3. Property taxes for the following fiscal year c:ve
levied by commission action in September of each year. This levy Is apportioned to property owners
based on the previous January 1 assessed values. Tax bills are mailed out on or about November 1, and
the coIection period runs from NO\Iember 1 through March 31, resutting in almost 99% of the taxes being
collected In the fiscal year for which they are levied. On AprU 1 unpaid property taxes become delinquent
and become a lien. Tax certificates are sold in June for real property with delinquent taxes.
Since taxes are not coUected prior to November 1, the City does not record deferred tax revenue for
advance collections. Uncollected taxes receivable at year<<ld are recorded, wi1h an appropriate
aIk:Iwance for estima1ed uncolJectible amounts. The net amount deemed to be collectible but not current,
Le., not mcpected to be collected within sixty days after the cfose of the fiscaJ year, is shown as a deferred
I'1W8OU8 In the appropriate fund.
AU delinquent property taxes, except those levied specifically for the restricted purposes of financing
activkJes accounted for In the Special Development Fund, are recorded In the General Fund. This is
appropriate, since for several years the budgetary and accounting treatment has been to recognize the
tax revenues In the General Fund and to reflect the required transfers to the appropriate debt service or
pension fund as operating transfers from the General Fund to the appropriate fund.
50
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30.1994
The City is permiIted by State law to levy ten mills without referendum. Additional mllJage not subject to
the ten millimItItion is authOriz8d if approved by referendum. The tax rate for the year ended September
30, 1094 W8I 5.1158 mils, of which .0316 mills represent the levy for general obfigatJon bond debt S8IVice
as IIppI'OV8d In vater referendums in prior years. The non-voted tax rate of 5.0842 miUs is well below the
~ ten m111im1ation.
NoIe (7) Beg..... Information for Enterprlae Funds
The CIty ma\ntai1S eleven ErUrprise funds which provide utilities (water and sewer, gas. sotid waste,
recycling, and 1torn1INater), tal bridge, marina, parking, pier fishing, office rental, and a combined retail
cecur and cocwertion cerMlr. Segment information for the year ended September 30. 1994 was as
follows:
Depreciation Net
and Operating Operating Net
Operatillg Amortization Income Transfers Income Contributions
Revenue ExDense (loss) In (OuO (Loss) Durina Year
Wiler and Sewer $30.239,804 $4.030.892 $ 8,509,564 $ (1,263,680) $4,959,640 $ 1,304,036
Gas 12,949,292 591.451 2.167,103 (1,548,608) 501,763 19,504
Sold Waste 12,265,828 315,418 1,528,497 (499,327) 1,290,603
Recycling 292,496 47.560 (87,108) 253,340 251.057
Storrrwtaler 3,402,910 756,715 958,409 (424,300) 709,350 3,330,870
ToI Brtdge 1,591,208 484,498 362,652 325,181
M8ina 1,551,392 90,704 (81,035) 70,007
PiRi'lg System 2,300,651 148,469 291.220 21.000 271,459
Pier 60 161,210 144 (43,023) (41,272) 41,985
AIrUn 292,001 199.507 (144.157) 136,814
Harborview 5.753 2.493 2.493 5.971.343
$65.052.545 56.665.358 $13.464.615 $(3.714.915) $8.479.378 '10.918.795
Unre-
Additions Deletions Long-Term stricted
to to Debt Net
Proporty Property Outstanding Working
Plant and Plant and Total and Other Capital Fund
Eauioment EguiDment Assets Uabilitles (Deficit) EQUity
Wstsr and Sewer $ 5,617,941 $ (65,395) $202,835,741 $ 84,267,879 $20,145,567 $110.355,096
Gas 2,790,141 (779) 30,081,894 15,751,785 332, 146 10,504,786
Solid Waste 1,878,061 (14,050) 9,696,569 1.654.793 4,029,066 6,768,997
Recycling 1,139,588 1,353,045 585,876 (1,755) 504,397
Stormwater 1,456,830 18,685,233 3.989,403 18,611,570
Toll Bridge 120,205 7,385,225 1,664,733 1.094.086 5,403,431
Marina 277,174 (4,452) 1,723,014 124,300 254,894 1.464,784
PRing System 3,679 (10,920) 5,200,737 1,387,457 606,133 3,494,252
Pier 60 1,145.464 2,203,035 (63,485) 2, 139,150
AtrkJm (6,444.090)
H.oorvtew 4.562.728 6.354.743 117.699 681.780 5.973.836
$18.991.811 $(6.539.68Q) $285.519.236 $105.554.522 $31.067.835 $165.220.299
51
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENlS
SEPTEMBER 30. 1894
Hole (I) InIeIfund 8aIancee
,.. ~ In Nate (10), individual fund deficits In the consolidated cash pool have been recIass1fled
. 01 September 30, 1994 as irUrfund loans from the Capitallmproyement Fund, which wa selected by
............... for thiI fUpOIe. This recIassIication resub in a corresponding reduction In the cash equity
In 1M CIIpItaIIrr.provernent Fund, offset by an Increase In Interfund receivables. The amounts of the
Net.llned ~ pool deficits, as welles other individual fund interfund payable and receivable balances
(CUR*t), . SepIember 30, 1994 were as follows:
Due from Other Funds Due to Other Funds
Deficit In Other Deficit in Other
B!os! Pooled Cash Receivables P~ Cash Pavabfes,
General Ftn:I $ $ 15,000 $ $ 142,258
CIpbI Prqects Fund:
CIlpbIImpr'cMment 5,071,100 23,464,424
~ Funds:
W" and Sewer UtiIky 11,024,977
GlIB UtIly 1,165,361 2,091,817 104,266
Solid Waste UtIity 1,379,944 82.474
Recycling 126,388 108,736 30,000
Stornwiater Utility 5,999,181
ToI CaI: tsf1WtI/ and Bridge 212,533
Y.:It BaU1 and Marina 152,385 15,000
Parkhg System 346,354
Pier 60 11,316 48,427
HarbaMew 1,788,562
IrtemaI Service Funds:
GmIge 1,288,398 2,350,714
Adn*~ SeMces 19,000
General Services 162,830 471,406
Cemallnsurance 146.193
$5.071.100 $23.838.422 $5.071.100 $23.838.422
Individual irmrfund advances (Iong-tenn) at September 30, 1994 follow:
General Food
SpeciaJ Revenue Fund:
Special Development
EtUrprise Foods:
WtJI.er and Sewatr Utility
Gas Utility
Sold Waste UtiUty
Recycling
Yacht BasIn and Marina
Partdng System
IrUmaI Service Funds:
Grnge
Certrallnsurance
Advances to
Other Funds
$ 30,324
Advances from
Other Funds
$ 487,539
2, 159,278
208,530
208,530
1,4&4,527
239,936
30,324
113,541
306,561
3.951.178
$ 4.610.134
" $ 4.610.134
52
" ,
"'",J
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1994
Note (8) ContJngencIM and Commltmenta
UtitJes Services Tax Revenues
Utilities Services Tax Revenues of the General Fund are pledged as security for the Public Service Tax
and Bridge Revenue Bonds, Series 1985.
PACT. Inc.
PACT, Inc. is a nonprofit corPoration formed In 1978 for the purpose of financing, constructing, and
~ng a performing arts center. The City subsequently guaranteed $1,000,??oo plus accumulated
irterest on a 1981 $5,500,000 mortgage note for PACT, Inc.t used for the construction of Ruth Eckard
Hal. As of September 30, 1994, the remaining principal balance on the mortgage was $4,377,700, and
thell11OUf1l of the Cly's guarantee, including interest, was approximately $2,281,017.
City management does not considGr it probable that this guarantee will be called, and, accordingly, no
amounts haYe yet been accrued or otherwise recorded on any of the accompanying financial statements
to r8IIect this possibility.
Continaent Loan Guarantee
On March 30, 1992, the City Commission approved a contingent loan glJSJ'al1tee of $1.000,000 on a
12t500,ooo note for the Chi Chi Rodriguez Youth Foundation, Inc. The proceeds of the note were used
to rBfinance existing foundation debt Incurred to construct a golf course on a parcel of City owned land.
The r'8n'l8Ir*lg principal balance on the note as of June 30, 1994 totaled $2.295,464.
In the event of default, the City is obligated to contribute $1 million out of legally available non-ad valorem
I'8Y8I1U8S. In addition, the City has the option to retire the entire unpaid balance and assume ownership
and operation of the golf course factlity. The foundation is currently operating the course at a profit and
expectS to be able to meet all debt service payments. At the present time, management does not
consider It likely that the City's guarantee Will be invoked.
AIrium Partdna Garaae ODtion
In NoYember, 1993, the City sold the office ta.ver and the top two floors and aJr rights above the Park
Street pMdng ~ it had purchased in March, 1993, to Atrium At Clearwater Umiled (Atrium), a Florida
limited partnership. The builcfang and parking facilities sold for the original purchase price of $6.45 million.
Ths originaJ irUnded use for this property was as a consolidated city hall facility. Changes In the
composition of the City Commission reversed this decision and the property was sold. At the time of the
property sale, the Community Redevelopment Agency of the City of Clearwater Florida (CRA) granted to
Atrium the option to purchase the first two floors of the Park Street parking garage from the CRA before
NoYember 30, 1995. Atrium notified the eRA of its intent to exercise the option at a purchase price of
$380,000, per ~ independent appraisal of the property. The CRA subsequently notified AtrIum that the
appraisal was not perfonned in accord with terms of the option and offered to proceed with the closing
on the property at a purchase price of $1,313,800. currentty the City and the CRA are engaged in good
faith negotbOHls to reach an option price satisfactory to both parties. As of September 30, 1994 a total
d $1,615.000 In Tax Increment and Lease Revenue Bonds are outstanding and must be retired prior to
a sale of the property.
Note (10) Ind1vkIual Fund Notea
Nate (10A) Capital Improvement Fund
The Capital Improvement Fund was created administratively to provide for combined accounting
presentation of all capital prefects from the City's various fund sources, except those projects financed
from bond proceeds where bond ordinance provisions require the segregation of bond proceeds In
separate funds. The majority of the resources of the Capital Improvement Fund are provided by transfers
of capital project appropriations from source funds. The appropriations are held and Invested for the
53
CITY OF CLEARWA.TER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1994
benefit of the source funds until the projects are compJeted or canceled, at which time the asset values
are transferred back to the source fund or to the General FIXed Assets Account Group, as appropriate.
and any lM1Sp8f1t monies are returned to the donor fund.
Transfers from the Proprietary Funds and expenditures for capital projects of such funds are not reflected
in the Combining Statement of Revenues, Expenditures and Changes in Fund Balances of the Capital
IrnprtIWment food, but are reflected when expended as fixed assets in the respective proprietary Funds.
NOIe (108) Water and Sw:er UtIlity Fund
Co.lbcdual Commftment
Under the tenns of a 3O-year contract between the City and Pinellas County which is effective through
September 30, 2005, the Cky is required to purchase a minimum of 4 milUon gallons of water per day on
an anooaI average basis from the County within each calendar year, with a maximum amount d water
available to the City of 10 million gallons per day on an annual average basis. The current rate at
September 30, 1994 charged by the County, which is set by the Board of County Commissioners. is
$1.3254 per 1,000 gallons, including a $.30 per 1,000 gallons surcharge designated by the supplier for
funding capital projects. The cost of water purchased from the County during fiscal years 1994 and 1993
was $5,148,591 and $5,901,265. respectively.
NOIe (10C) RecycUng UtIlIty Fund
During fiscal year 1994 the City created a new Enterprise fund, the Recycling Utility Fund. This fund wJ1l
be used to account for the financing, processing, operation and maIntenance of the City's recycling
service from charges made to users of the services and funds received from the sale of recyclable
commodiIies processed to meet market requirements.
Note (100) Toll Cauaeway and Bridge Fund
During the 1988 fiscal year, the City engaged the engineering finn of David Volkert & Associates to
perform a comprehensive analysis and recommendation regarding the future of the Clearwater Pass
Bridge. Their report, dated August 1988, recommended replacement of the existing bridge with a high
level, fbc8d bridge, cooentIy estimated to cost $17 mlllion. The City applied to the State of Florida for
fundi1g assistance, and this project is Included in the state's five-year capita/Improvement program. The
City cooentIy -*ipates the new bridge opening to traffic in September 1995. Since state funding will
I'8qt*e no tolls and no debt on the new bridge, the City adopted toll Increases effective October 1, 1988.
which Mt projected to generate funds sufficient to defease all remaining bridge debt before the new
bridge Is open to trarfic.
The CIy anticipates termination of operation of the existing toll bridge in June 1995. Depreciable lives
on all assets have been shortened as necessary to accomplish full depreciation during fiscaJ 1995. It is
curentIy expected that nondepreciable assets, consisting of bridge approaches (cost $170,943) and
constructed jettie& (cost $3,051,366) will be transferred to the General Fixed Asset Account Group, at cost,
on the date the existing Bridge ceases operations.
Note (10E) AtrIum Fund
The Atrium Fund represented an office tower in downtown Clearwater, acquired by the City in fiscal 1993
as a potential city hall facility, operating on an interim basis as an enterprise fund leasing space to
numerous clients. In November, 1993, the City sold the office tower to Atrium At Clearwater Umited, a
Florida limited partnership. The Atrium Fund was subsequently closed during fISCal year 1994 with the
remaining fund equity transferred to the General Fund ($3,781,757) and the Special Development Fund
($3,473,513).
54
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1994
Note (10F) HarborvIew Fund
During fiscat y.. 1994, the CIty was Involved in the renovation of a former department store building to
create a combined retail and convention center. An enterprise fund was created and space was leased
for retail openltions. The lease agreement is for ten years and contains a cancellation option under
certain conditions after 42 months. Minimum Mute rentals as of September 30, 1994 are ~ follows:
Year Endina Seat. 30
1995
1996
1997
1998
$90,000
90,000
92,301
75,000
initial MId eqtMty resulted from the following residual equity transfers: General Fund, $535,120; Special
Development Fund, $3,180,000; Community Redevelopment Agency Fund, $150,000; and General FIXed
Assets, $1,926.223.
Note (11) Fund DefIcIta
The General Services IntemaJ Service Fund had an unreserved accumulated deficit of $280.684. This
deficit results primarily from differences between the projected costs of services rendered by this fund
upon which departmental billings are based and the actual costs of such services: adjustments In future
~ wIU evertuaIly eliminate the defiCit. The Pier 60 Enterprise Fund has an unreserved accumulated
deficit of $640,672.
Note (12) Realdual Equity Transfers Between Funds
Residlllll equity transfers for all funds consisted of a net $695,325 transfer out This includes a total of
$2,594,992 net contributions to Proprietary Funds with credits being made directly to contributed capital
8CCOlI1tS in the appropriate funds, offset by a net transfer out of the General Fixed Assets Account Group
of $1.899,667.
Nate (13) cOnIrtbuted Capital. Proprietary Funds
The changes In contributed capital of the City's proprietary funds during fiscaJ year 1994 were as follows:
W.r and
SWIer
UtIlity
Fund
Gas RocycIing Stonnwtder
UtIRty Ub1ity Utility
Fund ~ ..f!:!!!L
Pier 60
-f!mst
Atrium HarboMew
..f!m!L Fund
GaNge
~
AddlIionI:
Cot*IbuIioM from:
Other Funde
OwtIQpeta
Propefty 0WnerI
Other 00wmmentaI Entitiee
T ClCIII Addltione
Tranefer of V~ to
Reoydlng Utility Fund
sa of Atrium mid RlCum of
Cor*ibuttd Capital to Fundt
NIt Adc:l~ (Reductione)
ContribMd c.pICaI.
October 1, 1 SI83
Con\riblDd CapItal,
September 30, 11194
$ S9,wr. 1",694 $251,057 $ 3,330,870 S 41,985 $
514,195
117,444 ".810
312.700
1,304,03C5 19.504 251,057 3,330,870 41,985
$5,791.343 $
180,000
5,971,343
(251.057)
(6,643,597)
1.304,036 19,504 251,057 3,330,870 41,985 (6,&43,597) 5,971.343 (251,057)
63,543.922 636.259
12,817.442 2.ro.~ fi.643,597
3.856,0:58
064.847.958 1655.763 $251,057$16.148,312 12.779,&22 $
o $5,971 .343 $3,605,001
The City'S other proprietary funds had no change In contributed capital during fISCal year 1994,
55
. .
,
CRY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1994
Hole (14) Sub..quem Event
A class actiOn suit brought by approximatefy 130 current and former employees alleging violations of the
Federal Age DiIcrirnhation In Employment AD. was settled and paklln the amount of $1,750,000 on
December 7, 1994. The settlement amourit was fully accrued in the Central Insurance Fund, an IntemaI
SeMce Fund, as of September 30, 1994.
Hole (15) PendIng UtIgatIon
.In the normal course of operaIions the City is a defendant In various legal actions, the ultimate resolution
of which is not expected to have a material effect on the financial statements. other than for amounts
which have aAady been IUS8IY8d and recorded as liabilities In the Central Insurance Fund. '
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CRY OF CLEARWATER. FLORIDA
GENERAL FUND
BAlANCE SHEET
SEPTEMBER aD. ,.... WITH COMPARATlVE FIGURES FOR ,..
IBM 11111S
A88ETB
c.h en HInd end In .... $ 20'- 2O,m5
fquIIr In ~ c.h end Irr.-b,.... 15.020,m 9,Q82.171
fhc"'",'
Aocauna 1,117.215 8404.227
ADauId~ 1,480,858 1,458.S03
DtInqun PrapertyT_. N.t of ~IC>>
bU.~T_~S556,432 ~ 1894
..s1l11.M11n ,. . 2fJ6.117 48S.02O
2.884.291 2.11S,s!!iO
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Ow tram Gawm..... EntIIl.- 494.215 517.869
~ eq....... 142.156 14.877
...... tr>> at. Funda 30-'24 4S.~ .,
S 18.606.e&7 12.591.086
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LlABlLnES AN) RIM> BAlANCE ~' i
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McaurlIiI..s Ccrbl:\ ~ S 33.586 92.127
Aacrwd PatiroII 1,310,036 1,1~,O315
0..>> ~ Funck 142,258 129.184 .!
o..tDot.r~ enn.. 12.736 5,308 -/
~ ~ 5.312 "
~ tan 0hIr Fl.n:i8 <187,539 637.141 ~'
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D.....:I AIwnue 1.S75.526 1.407.858 (.
TaIII LWl.. 5.367.04S 5.426.7. ,.
Fund nn). ICe.
Ruuwd b:
fNpIid ElIp-.... 142.156 14.877
EncunInI... 440,~ 114,372
~ SO-'24 45~
612.964 174.573
Ut..._-~ 14.626.880 8M8.745
T" Fund EWInce 15.239,844 8,1&4,318
S 18.606.887 12.591.086
..~noe.ta ~ StdImentI.
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CrYY OF CLEARWATER. FLOAIQA
GENERAL fUND
SCHEDULE OF REVENUES. EXPEtJOlTURES AND
CHANGE8 .. FUND BAU-..HCE - aJDGE1' AND ACTUAL (NON-QAAP BUDGETARY BASIS)
YEAR ENDED ~"'lblBER so. t... wrrH COUPAAAT1VETOTAL FIGURES FOR 181S
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IIucIa-t
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10.560.510
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10.183.2150
4,425.sao
1,061.2C1O
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1.571.400
55,2DB.270
168.100
1.&tt .410
103.100
568.530
1.737,320
800.170
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e- p.IdIIlCy) of ~ CMr ~ (BucigGfy BasIs)
ot.r F'L_a.; ~ ~) (Budgetsy Basla):
0peniIr'G T......1n
OpInIng T....... Out
~err FIiMrl&.- _ Ohr AJ.lCillQ ~ o...r
DIpeI...1nd Ofw Fi.lCWIg u.. (Bude*y e.Is)
EncunberId ~ QrrdIrI, 8IglrlilillQ err V..
~ Pwct.-0rdIrI, End of V..
Exoe-. err n.wn-Iftd 0I1Ir FiMndllQ SourctlI.
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Fund 1IIIInceI, End err v..
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Va.ricIce
FlRtelid Actual FaYOIlIbIIt Actu.I
...... (U~)
11.547,_ . 11,1521,033 (22.507) 18.867,101
IJ,IZS.OClO 8.518,732 (104,218) 5,11S..see
11.871.CIOD 11,8St,G6!5 (1S.4S!l 10,740,81&
87,141,ao .. 3lS.875,S30 C28lUiOO) 94.821.085
2, 11S.5OO 2.155.244 (38.256) 2. 14'.737
1,151.110 10.124,123 187.313 10.130.427
4,4111S.04O 4,487.105 12.066 4,&63,&8'
1,D71,13O 1,026,438 (44.891) 842.168
,....DID 1 _,8&4 (113,se) 1.543.066
1.s:2.07D 1.2166.643 (t25A27) 1.232.64
67'-'040 57.528._ (408.812) 55.375.1158
1eo.ao 144,293 1S,537 182.833
1.-..00 1.782.434 74.<M6 1.595,562
1,187.848 1.203.119 (45,351 ) SI01.
e, .510 54O,4SS 11.137 525.737
'_,440 1.aB.363 <<J.an 1.722.87'
_,470 127,323 33.'47 805.117
',387 ,B32 1.437,351 t!9.1'I) 1.513.249 "
11$.WO 1S1.1114,814 453,056 18,144.737
1,530.100 9,l521.S43 1.757 1.oD2.I64 .,
8.250,180 5JI55.4e5 295.495 5.142.770
1....520 1,289,555 194.Q6S ems.971
2.731.158 2.708,0Gt 25.097 2.5T9.66l5
1,5a1.610 1,477,313 80,217
451,320 4S8M8 (8,079)
U12,915
57,225,248 5&,152.5t6 1.072,702 54.187.079
_.782 1,373,802 684,010 1,188,079
",D'1I,!SIO 4,141,161 m,581 3.220.211
(3,778,5315) C3.025.1l!18) 753,352 (3.sos.23O)
300.042 1.122,975 822.933 cas,018) .,
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1 ,CIOlI.1S4 2._.777 1,488.943 1.102.060
(114,912) (114,372) ('74,903)
440,414 440,Q4 1 14.972
1,ooe.8M 2.822,889 1,8'3.055 1,041,529
1.1oUtta 1iI.1G4,3,a 1 1 ,065,!i63
535,121 3,7rI7,757 3,252.636
(5!5,120) (535,120) (2.1W2. 77")
10.7Oe.m 15,239,844 ".!530.571 9.164.318
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APPENDIX C
SUMMARY OF CERTAIN PROVISIONS OF THE ORDINANCE
The following Is a sumJDary of certain provisions of Ordinance No. 5659-94 (the .Ordinance"), cnacted
on August 18, 1994t as amcnded and supplemented (the .Ordinance"). The statements contained herein do not
purport to be complete and this summary Is qualIfied In its enUrely by reference to the Ordinance, copies oC
"hlch . may be obtaJned from the City.
DennlUODS
"Additional Parity Obligations" shall mean additional obligations issued in compliance with the termst
conditions and limitations contained in the: Ordinance and which shall have an equal lien upon the Revenue~
and tank equally in all respects with the 1995 Bonds.
"Amortization Installments~ with respect to any Term Bonds of a series, shall mean an amount so
designated which is established for the Term Bonds of such series, provided that (i) each such installment shall
be deemed to be due on such interest or principal maturity date of each applicable year as is flXCd by subsequent
ordinance or resolution of the Issuer and shall be a multiple of $51000, and (ii) the aggregate of such installments
for such series shall equal the aggregate principal amount of Term Bonds of such series authenticated and
delivered on original issuance.
"Authorized Investments" shall mean any investment authorized under applicable Florida and United
States law.
"
"Bond Registrar" or "Registrar" shall mean the officer of the Issuer or the bank or trust company which
the Issuer may from time to time designate to perform the duties set forth for the Registrar of the 1995 Bonds.
"Bond Service Requirement" for any Fiscal Year, as applied to the Bonds of any series., shall mean the
sum of:
(1) The amount required to pay the interest becoming due on the Bonds of such series during
such Fiscal Year, except to the extent that such interest shall have becn provided by payments into the Sinking
Fund out of bond proceeds for a specified period of time.
(2) The amount required to pay the principal of Serial Bonds of such series maturing in such
Fascal Year.
(3) The Amortization Installment for the Term Bonds of such series Cor such FIScal Year. In
computing the Bond Service Requirement for any FIScal Year. the Issuer shall assumc that an amount of the
Term Bonds of such series equal to the Amortization Installment far the Term Bonds of such series for such
f'JSCal Year will be retired by purchase or redemption in such Fiscal Year. When determining the amount of
principal of and interest on the Bonds which mature in any year, for purposes of the Ordinance or the issuance
of any Additional Parity Obligations, the stated maturity date of Term Bonds shall be disregarded, and the
Amortization Installment, if anYt applicable to Term Bonds in such year shall be deemed to mature in such year.
"Bonds" sball mean the 1995 Bonds and all Additional Parity Obligations. "1995 Bonds. shall mean the
obligations of the Issuer authorized to be issued pursuant to the Ordinance.
.Code. shall mean the Internal Revenue Code of 1986, as amended, and the regulations nnd rules
thereunder in effecl or proposed.
.Credit Facility" or .Credit Fadlities~ shaU menn either individuaUy or collectively, as appropriate, any
bond insurance policy. surety bond. Jotler of credh. line of credit, guaranty or olher inslrument or inslruments
that would enhancc the credit of the Bonds. The term Credit Facility shall not include any bond insurance,
surety bond or other credit enhancement deposited into or allocated to a subaccount in the Reserve Account
in the Sinking Fund.
"Credit Facility Issuer" shall mean the provider of a Credit Facility.
"Federal Securities" shall mean direct obligations of the United States of America and obligations the
principal of and interest on which are fully guaranteed by the United States of America, none of which permit
redemption prior to maturity at the option of the obligor, and interest on obligations of the Resolution Funding
Corporation.
"FIScal Year" shall mean the period commencing on October 1 of each year and continuing to and
including the succeeding September 30, or such other annual period as may be established by law as the Issuer's
fISCal year.
"Holder of Bonds" or "Bondholders" or any similar term shall mean any person who shall be the
registered owner ("Registered Owner") of any registered 1995 Bond, as shown on the Bond Register. The Issuer
may deem and treat the person in whose name any 1995 Bond is registered as the absolute owner thereof for
the purpose ofreceiving payment of, or on account of, the principal or redemption price thereof and interest due
thereon, and for all other purposes.
"Issuer" shall mean the City of Clearwater, Florida.
"Maximum Bond Service Requirement" shall mean. as of any particular date of calculation, the greatest
amount of aggregate Bond Service Requirement for the then current or any future Fiscal Year.
"Ordinancc" shall mean the ordinance of the Issuer as hereafter amended and supplemented from time
to time in accordance with the provisions thereof.
"Outstanding" or "Bonds Outstanding" means all Bonds which have been issued pursuant to the
Ordinance, except:
(1) Bonds canceled after purchase in the open market or because of payment at or redemption
prior to maturity;
(2) Bonds for the payment or redemption of which cash funds or Acquired Obligations or any
combination thereof shall have been theretofore irrevocably set aside in a special account with an Es~ow Agent
(whether upon or prior to the maturity or redemption date of any such Bonds) in an amount which, together
with earnings on such Acquired Obligations, will be sufficient to pay the principal of and interest on such Bonds
at maturity or upon their earlier redemptionj provided that, if such Bonds arc to be redeemed before the
matwity thereof, notice of such redemption shall have been given according to the requirements of the
Ordinance or irrevocable instructions directing the timely publication of such notice and directing the payment
of the principal of and interest on all Bonds at such redemption dates shall have been given to the Escrow Agentj
and .
(3) Bonds which are deemed paid pursuant to the Ordinance or in lieu of which other Bonds
have been issued thereunder.
"Paying Agent- shall mean the officer or the Issuer or the bank or trust company which the Issuer may
from time to time designate to serve as paying agent.
C-2
"Pledged Funds" shall mean (1) the Public Service Tax and (2) until applied in accordance with the
provisions of the Ordinance, all moneys, including investments thereof, in the funds and accounts establisbed
thereunder, other than the Rebate Fund.
"Prior Bonds" shall mean the remaining bonds outstanding of the Issuer's $7,155,000 City of Clearwater,
Florida Public Service Tax and Bridge Revenue Bonds, Series 1985 issued pursuant to Ordinance No. 3932-85.
"Public Service Tax" shall mean the taxes (formerly called "Utilities Services Tax") levied and collected
within the area of the Issuer on the purchases of utilities services pursuant to Section 166.231, FIorida Statutes,
and Article m, Public Service Tax, of Chapter 44 of the Code of Ordinances, City of Clearwater. Notwithstanding
the foregoing. the term "Public Service Tax" shall only include the Public Service Tax: which is legally available
after all deposits have been made therefrom as required pursuant to the ordinances of the Issuer authorizing the
Prior Bonds.
"Registered Owners" shall mean those persons whose names and addresses appear on the registration
books, at the point in time when registered ownership is to be determined unless a contrary intent is clearly
indicated by the context, maintained by the Bond Registrar.
"Reserve Requiremcnt" for each series of Bonds shall be as determined by subsequent resolution of the
Issuer. The Reserve Requirement for the 1995 Bonds and for each series of Bonds issued under the Ordinance,
as subsequently determined, shall equal the lesser of (i) the Maximum Bond Service Requirement of the 1995
Bonds, (ii) 125% of the average annual Bond Service Requirement of the 1995 Bonds, or (iii) 10% of the net
proceeds of the 1995 Bonds.
"Serial Bonds" shall mean the Bonds of a series which sball be stated to mature in annual installments.
"State" shall mean the State of Florida.
"Term Bonds" shall mean the Bonds of a senes all of which shall be stated to mature on one date and
which shall be subject to retirement by operation of the Bond Amortization Account.
Ordinance To Constitute Contract
In consideration of the acceptance of the 1995 Bonds authorized to be issued under the Ordinance by
those who shall hold the same from time to time, the Ordinance shall be deemed to be and sball constitute a
contract between the Issuer and such Holders. The covenants and agreements set forth in the Ordinance to be
performed by the Issuer shall be for the equal benefit, protection and security of the legal Holders of any and
all of the Bonds, all of which shall be of equal rank and without preference, priority or distinction of any of the
Bonds over any other thereof, except as expressly provided therein and in the Ordinance.
Registration BDd Transfer
There shall be a Bond Registrar for the 1995 Bonds which sball be a bank or trust company located
within or without the State of Florida. The Bond Registrar shall maintain the registration books of the Issuer
and be responsible for the transfer and exchange of tbe 1995 Bonds. The Issuer shall, prior to the proposed date
of delivery of the 1995 Bonds, by resolution designate the bank to serve as a Bond Registrar and Paying Agent.
The Bond Registrar shall maintain the books for the registration of the transfcr and exchange of the Bonds in
compliance with an agrcement to be executed bctween the Issuer and such bank as Bond Registrar on or prior
to the date of delivery of the 1995 Bonds. Such agreement shall set forth in detail the dulies; rights and
responsibilities of the parties thereto.
C.3
The 1995 Bonds may be transferred upon the registration books, upon delivery to the Registrar, together
with written instructions as to the details for the transfer of such 1995 Bonds. along with the social security or
federal employer identification number of such transferee aud, if such transferee is a trust, the name and social
security or federal employer identification numbers of the settlor and beneficiaries of the trust, the date of the
trust and the name of the trustee. No transfer of any 1995 Bond shall be effective until entered on the
registration books maintained by the Registrar.
In aU cases of the transfer of the 1995 Bonds, the Registrar shall enter the transfer of ownership in the
registration books and sball authenticate and deliver in tbe name of the transferee or transferees a new fully
registered 1995 Bond or 1995 Boods of authorized denominations of the same maturity and interest rate for the
aggregate principal amount which the Registered Owner is entitled to receive at the earliest practicable time in
accordance with the provisions of the Ordinance. Any 1995 Bond or Bonds shall be exchangeable for a 1995
Bond or Bonds of the same maturity and interest rate, in any authorized denomination., but in a principal amount
equal to the unpaid principal amount of the 1995 Bond or Bonds presented for exchange. Bonds to be
exchanged shall be surrendered at the principal office of the Registrar, and the Registrar shall deliver in
exchange therefor the 1995 Bond or Bonds which the Bondholder making the exchange sball be entitled to
receive. The Issuer or the Registrar may charge the Registered Owner of such 1995 Bond for every such transfer
or exchange an amount sufficient to reimburse them for their reasonable fees and for any tax, fee, or other
governmental charge required to be paid with respect to such transfer or exchange, and may require that such
charge be paid before any such new 1995 Bond shall be delivered.
All 1995 Bonds delivered upon transfer or exchange shall bear interest from such date that neither gain
nor loss in interest shall result from the transfer or exchange.
All 1995 Bonds presented for transfer, exchange, redemption or payment (if so required by the Issuer),
shall be accompanied by a written instrument or instruments of transfer or authorization for exchange, in form
and with guaranty of signature satisfactory to the Issuer and the Registrar duly executed by the Registered Owner
or by his duly authorized attorney.
Bonds Mutilated, Destroyed, Stolen or Lost
In case any Bond shall become mutilated, or be destroyed, stolen or lost, the Issuer may in its discretion
issue and deliver a new Bond of like tenor as tbe Bond so mutilated, destroyed, stolen or lost, in exchange and
substitution for such mutilated Bond upon surrender and cancellation of such mutilated Bond or in lieu of and
substitution for the Bond destroyed, stolen or lost, and upon the Holder furnishing the Issuer proof of his
ownership thereof and satisfactory indemnity and complying with such other reasonable regulations and
conditions as the Issuer may prescribe and paying such expenses as the Issuer may incur. All Bonds so
surrendered shall be canceled by the Registrar for the Bonds. If any of the Bonds shall have matured or be
about to mature. instead of issuing a substitute Bond, the Issuer may pay the same, upon being indemnified as
aforesaid, and if such Bonds be lost, stolen or destroyed, without surrender thereof.
Any such duplicate Bonds issued pursuant to the Ordinance shall constitute original, additional
contractual obligations on the part of the Issuer whether or not the lost, stolen or destroyed Bonds be at any
time found by anyone, and such duplicate Bonds shall be entitled to equal and proportionate benefits and rights
as to lien on the source and security for payment from the funds, as hereinafter pledged. to the same extent as
all other Bonds issued thereunder.
Establishment of Funds Dnd Accounts
The Ordinance creates the following Funds and Accounts: the Construction Fund, tbe Revenue Fund,
tbe Sinking Fund (with the Interest Account, Principal Account, Reserve Account and Bond Amortization
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Account therein). A separate subnccount shall be maintained in the Reserve Account for each series of Bonds
issued under the Ordinance.
Construction Fund
Moneys in the Construction Fund shall be used only for payment of the cost of the Project, which shall
include the payment of interest, and if due, principal, on the Bonds prior to the date on which the Project is fully
placed in service. Moneys in the Construction Fund, until applied in payment of any item of the cost of a
Project, shall be held in trust by the Issuer and shall be subject to a lien and charge in favor of the Holders of
the Bonds and for the further security of such Holders.
The Issuer shall establish within the Construction Fund a separate account in the Construction Fund
for each series of Bonds.
The Issuer covenants that the acquisition, construction and installation of the Project will be completed
without delay and in acrordance with sound engineering practices. The Issuer shall make disbursements or
payments from the Constroction Fund only to pay the cost of a Project, including interest, and if due, principal
on the Bonds.
Notwithstanding any of the other provisions of the Ordinance, prior to the date the Project is placed in
service, and thereafter to the extent that other moneys are not available therefor, amounts in the Construction
Fund shall be applied to the payment of principal and interest on the Bonds when due.
Promptly after the date of the completion of a Project, as determined by the City Manager, and after
paying or making provisions for the payment of all unpaid items of the cost of such Project, the Issuer sball
deposit in the following order of priority any balance of moneys remaining in the Construction Fund in (1) the
Reserve Account, to the extent of any deficiency therein, and (2) such other fund or account establisbed under
the Ordinance as shall be determined by the City Commission of the Issuer, provided the Issuer has received
an opinion of Bond Counsel to the effect that such transfer shall not adversely affect the exclusion, if any, of
interest on the Bonds from gross income for federal income tax purposes.
Flow or Funds
After all payments required by the ordinance authorizing tbe issuance of the Prior Bonds have been
made, all Public Service Tax, except the income from investments (hereinafter provided for). shall upon receipt
thereof be deposited in the Revenue Fund. The Revenue Fund shall constitute a trust fund for the purposes
provided in the Ordinance, and shall be kept separate and distinct from all other funds of the Issuer and used
only for the purposes and in the manner provided in the Ordinance.
All Public Service Tax receipts at any time remaining on deposit in the Revenue Fund shall be disposed
of on or before the fifteenth (15th) day of each month., commencing in the month iIDmediately following the
delivery of the Bonds only in the following manner and in the following order of priority:
(1) Revenues shall rust be used for deposit into the Interest Account, such sums as will be
sufficient to pay one.sixth (1/6) of all interest becoming due on the Bonds on the next semiannual
interest payment date.
(2) Revenues shall next be used for deposit into the Principal Account, in any bond year in
which a Serial Bond matures, such sums as will be sufficient to pay one-twelfth (1/12) of the principal
maturing on Serial Bonds in such year.
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(3) Revenues shall next be used for deposit into the Bond Amortization Account, in any bond
year in which an Amortization Installment is due, such sums as will be sufficient to pay one-twelfth
(1/12) of the Amortization Installment required to be made in such year. Such paymcnts shall be
credited to a separate special account for each series of Term Bonds Outstanding, and if there shall be
more than one stated maturity for Term Bonds of a series, then into a separate special account in the
Bond Amortization Account for each such separate maturity of Term Bonds. The funds and
investments in each such separate account shall be pledged solely to the payment of principal of the
Term Bonds of the series or maturity within a series for which it is established and shall not be available
for payment. purchase or redemption of Term Bonds of any other series or within a series, or for
transfcr to any other account in the Sinking Fund to make up any deficiencies in requircd payments
thercin.
Upon the sale of any series of Term Bonds, thc Issuer shall, by resolution or ordinance,
establish the amounts and maturities of such Amortization Installments for each series. and if there shall
be more than one maturity of Term Bonds within a series, the Amortization Installments for the Term
Bonds of each maturity. In the event the moneys deposited for retirement of a maturity of Term Bonds
are required to be invested, in the manner provided below, then the Amortization Installments may be
stated in terms of either the principal amount of the investments to be purchased on, or the cumulative
amounts of the principal amount of investments required to have been purchased by, the payment date
of such Amortization Installment.
Moneys on deposit in each of tbe separate special accounts in the Bond Amortization Account
shall be used for the open market purchase or the redemption of Term Bonds, of the scries or maturity
of Term Bonds within a series for which such separate special account is established or may remain in
said separate special account and be invested until the stated date of redemption or maturity of the
Term Bonds. The resolution or ordinance establishing the Amortization Installmcnts for any series or
maturity of Term Bonds may limit the use of moneys to anyone or more of the uses set forth in the
preceding sentence.
The required deposits to the Principal Account, Interest Account and Bond Amortization
Account shall be adjusted in order to take into account the amount of money currently on deposit
thercin.
(4) Revenues shall next be applied by the Issuer to maintain in each subaccount in the Reserve
Account a sum equal to the Reserve Requirement, if any, for any subsequcnt year on each series of
Bonds, which sum shall initially be deposited therein from the proceeds of the sale of the Bonds and
othcr funds of the Issuer.
To the extent the Issuer determines pursuant to a subsequent resolution to fund a subaccount
within the Reserve Account for a respective series of Bonds, the Issuer may provide that the difference
between the amounts on deposit in such subaccount and the Reserve Requircment for such series of
Bonds shall be an amount covered by obtaining bond insurance issued by a reputable and recognized
municipal bond insurer, by a surety bond, by a letter of credit or any combination thereof or by such
other form of credit enhancement as shall be approved by a resolution of the Issuer adopted prior to
the issuance of the series of Bonds for which such subaccount is established. Such resolution may also
provide for the substitution of such credit enhancemcnt. Bond insurance, a surety bond, a letter of
credit or any combination thereof or such other form of credit enhancement may in thc future be
deposited in the subaccount in the Reserve Account for the 1995 Bonds as shall be approved by
subsequcnt resolution of tbe Issuer, provided that the provider of such credit enhancement is then rated
in one of the two highest rating categories (without regard to gradation) by Standard and Poor's
Corporation and Moody's Investors Service, Inc.
C.6
Any withdrawals from any subaccount in tbe Reserve Account shall be subsequently restored
from the flJ"st moneys available in the Revenue Fund on a pro rata basis as to aU subaccounts in the
Reserve Account after aU required current payments for the Sinking Fund (including all deficiencies in
prior payments to those Funds) have been made in full.
Notwithstanding any provision of the Ordinance to the contrary, moneys in each subaccount in
the Reserve Account shall be used only for the purpose of the payment of maturing principal of or
interest or making Amortization Installments on the Bonds for which such subaccoUDt was established
'Nhen the other moneys in the Sinking Fund are insufficient therefor, and for no other purpose, including
the payment of any other series of Bonds.
In the event of the refunding of any series of Bonds, the Issuer may withdraw from the
subaccount within the Reserve Account for such series of Bonds, aU or any portion of the amounts
accumulated therein with respect to the Bonds being refunded and deposit such amounts as required
by the resolution authorizing the refunding of such series of Bonds.
(5) The Issuer shall not be required to make any further payments into the Sinking Fund when
the aggregate amount of money in the Sinking Fund is at least equal to the total Bond Service
Requirement of the Bonds then Outstanding, plus the amount of redemption premium, if any, thcn due
and thereafter to become due on such Bonds then Outstanding by operation of the Bond Amortization
Account.
(6) The balance of any moneys remaining in tbe Revenue Fund after tbe above required
payments have been made may be used by the Issuer for any lawful purpose.
(1) The Sinking Fund, the Revenue Fund, and all accounts therein and any other special funds
established and created in the Ordinance sball constitute trust funds for the purposes provided therein
for such funds. All such funds shall be continuously secured in the same manner as city deposits are
authorized to be secured by the laws of the State of Florida.
Moneys on deposit in the Revenue Fund, and the Sinking Fund (except the Reserve Account
therein) may be invested and reinvested in the manner provided by law provided such investments either
mature or are redeemable at not less than par at the option of the Issuer not latcr than the dates on
which the moneys on deposit therein will be needed for the purpose of such fund. The moneys in the
Reserve Account in the Sinking Fund may be invested and reinvested only in Authorized Investments,
in the manner provided by law. All income on such investments shall be deposited into the Revenue
Fund; provided, however, that investment income eamed in the Bond Amortization Account shall
remain therein or be transferred to the Principal Account or the Interest Account and used to pay
maturing principal, Amortization Installments and interest on the Bonds.
The cash required to be accounted for in each of the foregoing funds and accounts may be
deposited in a single bank account. and funds allocated to the various accounts established in the
Ordinance may be invested in a common investment pool, provided that adequate accounting records
are maintained to reflect and control the restricted allocation of the cash on deposit therein and such
investments for the various purposes of such funds and accounts as therein provided.
The designation and establishment of the various funds and accounts in and by the Ordinance
shall not be construed to require the establishment of any complctely independent, self-balancing funds
as such term is commonly dcflOed and used in government accounting, but rather is intended solely to
constitute an earmarking of certain revenues for certain purposes and to establish certain priorities for
application of such revenues as provided in the Ordinance.
C-7
Operation of BODd Amortization Account
Money held for the credit of the Bond Amortization Account shall be applied to the retirement of term
obliga~ons as follows:
(1) Moneys in the Bond Amortization Account shall be used to purchase or redeem Term
Bonds and for no other purpose. The Issuer shall adjust the amount of the deposit into the Bond
Amortization Account not later than the month immediately preceding any date for payment of an
Amortization Installment so as to provide sufficient moneys in the Bond Amortization Account to pay
the Amortization Installments on the Bonds coming due on such date. Payments to the Bond
Amortization Account shaD be on a parity with payments to the Principal Account.
(2) Amounts accumulated in the Bond Amortization Account with respect to any Amortization
Installment (together with amounts accumulated in the Interest Account with respect to interestt if any,
on the Term Bonds for which such Amortization Installment was established) may be applied by the
Issuer, on or prior to the sixtieth (60th) day preceding the due date of such Amortization Installment
(a) to the purchase of Term Bonds of the Series and maturity for which such Amortization Installment
was established, at a price not greater than the Redemption Price at which such Term Bonds may be
redeemed on the first date thereafter on which such Term Bonds shall be subject to redemption, or (b)
to the redemption at the applicable Redemption Pricc of such Term Bonds, if then redeemable by their
terms. The applicable Redemption Price (or principal amount of maturing Term Bonds) of any Term
Bonds so purchased or redeemed shall be deemed to constitute part of the Bond Amortization Account
until such Amortization Installment date, for the purposes of calculating the amount of such Account.
As soon as practicable after the sixtieth (60th) day preceding the due date of any such Amortization
Installment, the Issuer shall proceed to call for redemption on such due date, by causing notice to be
given as provided in the Ordinance, Term Bonds of the Series and maturity for which such Amortization
Installment was established (except in the case of Term Bonds maturing on an Amortization Installment
date) in such amount as shall be necessary to complete the retirement of the unsatisfied balance of such
Amortization Installment. The Issuer shall payout of the Bond Amortization Account and the Interest
Account to the appropriate Paying Agents, on or before the day preceding such redemption date (or
maturity date), the amount required for the redemption (or for the payment of such Term Bonds then
maturing), and such amount shall be applied by such Paying Agents to such redemption (or payment).
The Issuer shall pay from the Sinking Fund all expenses in connection with any such purchase or
redemption.
Covenants of the Issuer
Operation and Ma;nttnance - The Issuer will maintain the Project and all parts thereof in good condition
and will operate the same in an efficient and economical manner making such expenditures for equipment and
for renewals, repairs and replacements as may be proper for the economical operation and maintenance thereof.
No Repeal of Public Service Tax Ordinances - The Issuer has covenanted with and for the benefit of the
holders of the Bonds (i) that the Public Service Tax and the pledge of the proceeds thereof made in the
Ordinance to the payment of the Bonds aret and shall continue, irrevocable until all Bonds are paid or provision
for the payment thereof is duly made under the Ordinance; (ii) that the provisions of the ordinances of the Issuer
authorizing the imposition and coUection of the Public Service Tax are confl.rmed to and for the benefit of the
holders of any of the Bonds, and the Issuer will not repeal such ordinances and will not reduce the rates of such
taxes below the rates in effect on the date of the Ordinancc; (ill) that it will not issue any ohligations payable
from the money in the Revenue Fund other than Bonds within the limitations and restrictions prescribed by the
Ordinance, and will at all times maintain the Revenue Fund by paying into the Fund all proceeds of taxes
received. coUected and derived under such ordinance, without deduction therefrom of any charge or expense for
c-s
the collection or receipt thereof, and will at all times administer the same as provided in the Ordinance, and will
not use any money in the Revenue Fund for any purpose other than the purposes permitted thereby; and (iv)
that it will punctually pay the Bond Service Requirement in each Bond Year.
Amendment of Public Service Tta Ordinances. The Issuer will not amend or modify tbe ordinances
pursuant to which the Public Service Tax is levied, in any manner, so as to impair or adversely affect the power
and obligation of the Issuer to levy and collect such taxes or impair or adversely affect in any manner the pledge
of such taxes made in the Ordinance or the rights of the holders of the Bonds. The Issuer YIiU do all things
necessary to ensure its eligibility to receive the Public Service Tax. The Issuer shall be unconditionally and
irrevocably obligated, so long as any of the Bonds or the interest thereon are Outstanding and unpaid, to levy
and collect the Public Service Tax. at rates not less tban tbose rates currently in effect.
Pledged Funds not Subject to Repeal - The Issuer has full power to irrevocably pledge the Pledged Funds
to the payment of the principal of and interest on the Bonds, and the pledging of such Pledged Funds in the
manner provided in the Ordinance shall not be subject to repeal or impairment by any subsequent ordinance,
resolution or other proceedings of the governing body of the Issuer or by any subsequent act of the Legislature
of Florida.
Enforcement 01 Collections - The Issuer will diligently enforce and collect the Public Service Tax pledged
in the Ordinance; will take steps, actions and proceedings for the enforcement and collection of such Public
Service Tax as shall become delinquent to the full extent pcmlitted or authorized by law; and will maintain
accurate records with respect thereof. All such Public Service Tax pledged in the Ordinance shal~ as collected,
be held in trust to be applied as tberein provided and not otherwise.
Books and Records - The Issuer shall also keep books and records of the Public Service Tax which sball
be kept separate and apart from all other books, records and accounts of tbe Issuer. and the Holders shall bave
the right at all reasonable times to inspect all records, accounts and data of the Issuer relating thereto.
Annual Audit - The Issuer shall also, at least once a year, within six months after the close of its FIScal
Year, cause the books, records and accounts of the City to be properly audited by a recognized independent fl.J'D1
of certified public accountants and shall make generally available the report of such audits to any Holder or
Holders of Bonds. Such audits shall contain a complete presentation of fmancia1 statements in accordance with
generally accepted accounting principles. A copy of such annual audit shall regularly be furnished to any
nationally recognized bond rating service which, upon application of the Issuer prior to the issuance of the Bonds,
shall have published a rating on tbe Bonds and to any Holder of any Bonds who shall have requested in writing
that a copy of such reports be furnished him, provided that the cost of reproducing and mailing such reports shall
be borne by the Holder requesting such reports.
Insurance - For so long as any of the Bonds are Outstanding, the Issuer will carry adequate fire and
windstoml insurance on all buildings and structures of the works and properties of the Project which are subject
to loss through fire or windstorm, and will otherwise carry insurance of aU kinds and in the amounts normally
carried in the operation of similar facilities and properties in Florida; provided, however, that in lieu of such
insurance the Issuer may establish a qualified plan of self-insurance. Any such insurance shall be carried for the
benefit of the Holders of the Bonds. All moneys received for losses under any of such insurance, except public
liability, are pledged by tbe Issuer as security for the Bonds, until and unless such proceeds are used to remedy
the loss or damage for which such proceeds are received, eilher by repairing the property damaged or replacing
the property destroyed as soon as practicable.
Issuance of Other Obligations - The Issuer will not issue any other obligations payable from the Public
Service Tax nor voluntarily create or cause to be created any debt, lien, pledge, assignment, encumbrance or
other charge having priority to or being on a parity with the lien of the 1995 Bonds and the interest thereon upon
C-9
said Public Service Tax except under the conditions and in the manner provided in the Ordinance. AJ:J.y
obligations issued by the Issuer other than the 1995 Bonds authorized in the Ordinance and Additional Parity
Obligations provided far therein, payable from such Public Service Tax, shall contain an express statement that
such obligations are junior and subordinate in all respects to the 1995 Bonds. as to lien on and source and
security for payment from such Public Service Tax.
No Issuance of Additional Prior Lien Obligations - The Issuer has covenanted and pledged to the
registered owners of the Bonds from time to time that it will not, for so long as any Bonds are Outstanding
under the Ordinance, issue any debt payable on a parity with the Prior Bonds from the Public Service Tax, other
than obligations lefunding the Prior Bonds which have an annual debt service requirement equal to or less than
the debt service requirement on such refunded Prior Bands.
Issuance of Additional Parity Obligations - Additional Parity Obligations. payable on a parity from the
Public Service Tax with the 1995 Bonds, may be issued after the issuance of any 1995 Bonds, for the construction
and acquisition of additions, extensions and improvements to capital projects of the Issuer or for refunding
purposes and upon the following conditions:
(1) The City rmance Director shall certify at the time of the issuance of the Additional Parity
Obligations that the Issuer is not in default of any of the provisions, covenants and agreements of the
Ordinance, and that there is no deficiency in the Sinking Fund.
(2) The City rmance Director shall certify at the time of the issuance of the Additional Parity
Obligations that the Public Service Tax pledged for payment of any Outstanding Bonds. the Prior Bonds
and the Additional Parity Obligations proposed to be issued, received by the Issuer during any twelve
(12) months out of the eighteen (18) months immediately preceding the date on which the Additional
Parity Obligations are issued shall have been equal to not less than 135 times the Maximum Bond
Service Requirement on the Outstanding Bonds, the Prior Bonds and the proposed Additional Parity
Obligations during any Fiscal Year in which the Additional Parity Obligations to be issued will be
Outstanding. Any funds or revenues of the Issuer used to pay debt service on the Prior Bonds shall be
considered Public Service Tax pledged for the payment thereof.
The Issuer need not comply with the provisions of the preceding paragraph in the issuance of
Bonds if and to the extent the Bonds to be issued are refunding bonds, if the Issuer shall cause to be
delivered a certificate of an independent certified public accountant setting forth the Average Annual
Bond Service Requirement (i) for the Bonds then Outstanding and (ii) for all Bonds to be immediately
Outstanding thereafter and stating that the Average Annual Bond Service Requirement pursuant to (ii)
above is not greater tban tbat set forth pursuant to (i) above.
(3) The Public Service Tax for the twelve month period selected pursuant to (1) above may
be adjusted to include the estimated amounts from such taxes tbat the Issuer would have received from
areas that the Issuer has annexed prior to the issuance of the Additional Parity Obligations and not fully
reflected in such Fiscal Year.
(4) The Public Service Tax for the twelve month period selected pursuant to (1) above may
be adjusted to include the estimated amounts from such taxes that the Issuer would have received during
such twelve month period due to any increase in the rate or rates of such taxes during such twelve
month period and not fuUy renected in such'twelve month period.
(5) Tbe ordinance authorizing the issuance of tbe Additional Parity Obligations shall recite thnt
all of the covenants contained in the Ordinance will be applicable to such Additional Parity Obligations.
C-IO
Defaults and Remedies
Events of Default - The following events shall each coDstitute an "Event of Default":
(1) Default sball be made in the payment of the principal oft Amortization Installment,
redemption premium or interest on any Bond when due.
(2) There sball occur the dissolution or liquidation of tbe Issuer, or the filing by the Issuer of
a voluntary petition in bankruptcy, or the commission by the Issuer of any act of bankruptcy, or
adjudication of the Issuer as a bankruptt or assignment by the Issuer for the benefit of its creditorsl or
appointment of a receiver for the Issuer, or the entry by the Issuer into an agreement of composition
with its creditorst or the approval by a court of competent jurisdiction of a petition applicable to tbe
Issuer in any proceeding for its reorganization instituted under the provisions of tbe Federal Bankruptcy
Act, as atnended, or under any similar act in any jwisdiction which may now be in effect or hereafter
enacted.
(3) The Issuer shall default in the due and punctual performance of any other of the covenants,
conditions., agreements and provisions contained in the Bonds or in the Ordinance on the part of the
Issuer to be performed, and such default shall continue for a period of thirty (30) days after written
notice of such default shall have been received from the Holders of not less than twenty-five percent
(25%) of the aggregate principal amount of Bonds Outstanding or the Credit Facility Issuer of such
amount of Bonds. Notwithstanding the foregoing, the Issuer shall not be deemed in default under the.
Ordinance if such default can be cured within a reasonable period of time and if tbe Issuer in good faith
institutes curative action and diligently pursues such action until the default has been corrected.
Remedies - Any Holder of Bonds issued under the provisions of the Ordinance or any trustee or receiver
acting for such Bondholders may either allaw or in equity, by suit, action. mandamus or other proceedings in
any court of competent jurisdiction, protect and enforce any and all rights under the laws of the Statet or granted
and contained in the Ordinance, and may enforce and compel the performance of all duties required by the
Ordinance or by any applicable statutes to be performed by the Issuer or by any officer thereof.
The Holder or Holders of Bonds in an aggregate principal amount of not less than twenty-five percent
(25%) of the Bonds then Outstanding may by a duly executed certificate in writing appoint a trustee for Holders
of Bonds issued pursuant to the Ordinance with authority to represent such Bondholders in any legal proceedings
for the enforcement and protection of the rights of such Bondholders and such certificate shall be executed by
such Bondholders or their duly authorized attorneys or representatives, and shall be fLIed in tbe office of the City
Clerk. Notice of such appointment. together with evidence of the requisite signatures of the Holders of not less
than twenty-five percent (25%) in aggregate principal amount of Bonds Outstanding and the trust instrument
under which the trustee shall have agreed to serve shall be fLIed with the Issuer and the trustee and notice of
appointment shall be given to all Holders of Bonds in the same manner as notices ofredemption are given under
the Ordinance. After the appointment of the fITst trustee thereunder, no further trustees may be appointed;
however, the Holders of a majority in aggregate principal amount of all the Bonds then Outstanding may remove
the trustee initially appointed and appoint a successor and subsequent successors at any time.
Upon the occurrence of an Event of Default, a trustee may, and shallt at the direction of 25% of the
Bondholderst by written notice to the Issuer, declare the principal of the Bonds to be immediately due and
payable, whereupon that porlion of tbe principal of the Bonds thereby coming due and the interest thereon
accrued to the date of payment shall, without further action, become and be immediately due and payable,
anything ill the Ordinance or in the Bonds to the contrary notwithstanding.
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Directions to Trustee as to Remedial Proceedings - The Holders of a majority in principal amount of the
Bonds then Outstanding (or any Credit Facility Issuer insuring any then Outstanding Bonds) have the right. by
an instrument or concurrent instruments in writing executed and delivered to the trustee, to direct the method
and place of conducting all remedial proceedings to be taken by the trustee, provided that such direction shall
not be otherwise than in accordance 'tYith law or the provisions of the Ordinance. and that the trustee shall have
the right to decline to follow any such direction which in the opinion of the trustee would be unjustly prejudicial
to Holders of Bonds not parties to such direction.
Remedies Cumulative - No remedy conferred upon or reserved to the Bondholders is intended to be
exclusive of any other remedy or remedies, and each and every such remedy shall be cumulative, and shall be
in addition to every other remedy given under the Ordinance or existing at law or in equity or by statute.
Waiver of Default - No delay or omission of any Bondholder to exercise any right or power accruing
upon any default shall impair any such right or power or shall be construed to be a waiver of any such default,
or an acquiescence therein; and every power and remedy given by the Ordinance to the Bondholders may be
exercised from time to time, and as often as may be deemed expedient.
Application of Moneys after Default - If an Event of Default shall happen and shall not have been
remedied, the Issuer or a trustee or receiver appointed for the purpose shall apply all Pledged Funds as follows
and in the following order:
(1) To the payment of the reasonable and proper charges, expenses and liabilities of the trustee
or receiver, Registrar and Paying Agent under the Ordinance; and
(2) To the payment of the interest and principal or Redemption Price. if applicable, then due
on the Bonds, as follows:
(a) Unless the principal of all the Bonds shall have become due and payable, all such moneys
shall be applied:
FIRST: to the payment to the Persons entitled thereto of all installments of interest
then due, in the order of the maturity of such installments. and, if the amount available shall
not be sufficient to pay in full any particular installment, then to the payment ratably, according
to the amounts due on such installment, to the Persons entitled thereto, without any
discrimination or preference;
SECOND: to the payment to the Persons entitled thereto of the unpaid principal of
any of the Bonds which shall have become due at maturity or upon mandatory redemption prior
to maturity (other than Bonds called for redemption for [he payment of which moneys are held
pursuant to the provisions of Section 21 of the Ordinance), in the order of their due dates, with
interest upon such Bonds from the respective dates upon which they became due. and, if the
amount available shall not be sufficient to pay in full Bonds due on any particular date. together
with such interest, then to the payment first of such interest, ratably according to the amount
of such interest due on such date, and then to the payment of such principal, ratably according
to the amount of such principal due on such date, to the Persons entitled thereto without any
discrimination or preference; and
THIRD: to the payment of the Redemption Price of any Bonds called for optional
redemption pursuant to the provisions of the Ordinance.
C-12
(b) If the principal of all the Bonds shall have become due and payable, all such moneys shall
be applied to the payment of the principal and interest thea due and unpaid upon the Bondst
with interest thereon as aforesaid, without preference or priority of principal over interest or
of interest over principaJ, or of any installment of interest over any other installment of interest,
or of any Bond over any other Bon~ ratably, according to the amounts due respectively for
principal and interest, to the Persons entitled thereto without any discrimination or preference.
Control by Credit Facility Jssu~r - Upon the occurrencc and continuance of an Event of Default, the
Credit Facility Issuer, if such Credit Facility Issuer shall have honored all of its commitments under its bond
insurance policy, shall be entitled to direct and control the enforcement of all rights and remedies with respect
to the Boads it shall insure.
Amending and Supplementing of Ordlnance
mahout Consent of Holders of Bonds
The Issuer, frum time to time and at any time and without the consent or concurrence of any Registered
Owner of any Bond, may adopt an ordinance or resolution amendatory to the Ordinancc or supplemental
thereto, if the provisions of such supplemental ordinance or resolution shall not adversely affect the rights of the
Registered Owners of the Bonds then Outstanding, for anyone or more of the following purposes:
(A) To make any changes or corrections in the Ordinance as to which the Issuer shall have been
advised by counsel that are required for the purpose of curing or correcting any ambiguity or defective or
inconsistent provision or omission or mistake or manifest error contained in the Ordinance. or to insert in the
Ordinance such provisions clarifying matters or questions arising under the Ordinance as are necessary or
desirable;
(B) To add additional covenants and agreements of the Issuer for the purpose of further securing the
payment of the Bonds;
(C) To surrender any right, power or privilege reserved to or conferred upon the Issuer by the terms
of the Ordinance;
(D) To confirm as further assurance any lien. pledge or change, or the subjection to any lien. pledge
or change) created or to be created by the provisions of the Ordinancei
(E) To grant to or confer upon the Registered Owners any additional right, remedies, powers, authority
or security that lawfully may be granted to or conferred upon them;
(F) To assure compliance with Federal "arbitrage" provisions in effect from time to time;
(G) To bring all or a portion of the Project into compliance with applicable state or federal laws; and
(H) To modify any of the provisions of the Ordinance in any other respects provided that such
modification shall not be effective until after the Bonds Outstanding at the time such supplemental ordinance
or resolution is adopted shall cease to be Outstanding. or until the Holders thereof consent thereto pursuant to
the Ordinance, and any Bonds issued subsequent to any such modification shaU contain a specific reference to
the modifications contained in such supplemental ordinance or resolution.
C-13
Ameadmeat of OrdJnBnct with Consent or Holders or Bonds
Except as provided above, ho material modification or amendment of the Ordinance or of any ordinance
amendatory thereof or ordinance or resolution supplemental thereto may be made without the CODSent in writing
of the Registered Owners of ftfty-one percent or more in the principal amount of the Bonds of each Series so
affected and then Outstanding; provided, however, that no modification or amendment sball permit a change in
the maturity of such Bonds or a reduction in the rate of interest thereon or in the amount of the principal
obligation thereof or affecting the promise of tbe Issuer to pay the principal of and interest on the Bonds as the
same shall become due from the Public Service Tax or reduce tbe percentage of the Registered Owners of the
Bonds required to consent to any material modification or amendment of the Ordinance without the consent of
the Registered Owner or Registered Owners of all such obligations. For purposes of this paragraph, to the
extent any Bonds are secured by a Credit Facility and such Bonds are then rated in one of the two highest rating
categories (without regard to gradation) by either Standard & Poor's Corporation or Moodys Investors SelVice>>
Ine., or successors and assigns, then the consent of the Credit Facility Issuer sball be deemed to constitute the
consent of the Registered Owner of such Bonds and in such case no consent of the Registered Owners of such
Bonds shall be required; provided. however>> a copy of such amendment shall be provided to such rating agencies
not less than thirty (30) days prior to the effective date tbereof.
Defeasance
If, at any time, the Issuer shall have paid, or sball have made provision for payment of, the princip~
interest and redemption premiums, if any, with respect to the 1995 Bonds, then, and in that event, the pledge
of and lien on the Public Service Tax in favor of the Holders of the 1995 Bonds shall be no longer in effect. For
purposes of the preceding sentence, deposit of Federal Securities or bank certificates of deposit fully secured as
to principal and interest by Federal Securities in irrevocable trust with a banking institution or trust company,
for the sole benefit of the Bondholders, in respect to which such Federal Securities or certificates of deposit, the
principal of which, together with the income thereon, will be sufficient to make timely payment of the princip~
interest, and redemption premiums>> if any>> on the Outstanding 1995 Bonds, shall be considered "provision for
payment." Nothing in the Ordinance shall be deemed to require the Issuer to call any of the Outstanding 1995
Bonds for redemption prior to maturity pursuant to any applicable optional redemption provisioDS>> or to impair
the discretion of the Issuer in determining whether to exercise any such option for early redemption.
Governmental Reorganization
Notwithstanding any other provisions of the Ordinance, the Ordinance shall Dot prevent any lawful
reorganization of the governmental structure of the Issuer, including a merger or consolidation of the Issuer with
another public body or the transfer of the Project to another public body, provided that any reorganization which
affects the Project or any transfer of the Project shall pro\ide that the Project shall be continued and that any
public body which succeeds to the ownership and operation of the Project shall also assume all rights, powers,
obligatioDS>> duties and liabilities of the Issuer under the Ordinance and pertaining to all Bonds.
Tax Covenants
(A) The Issuer has covenanted with the Registered Owners of each series of Bonds that it shall not use
the proceeds of such series of Bonds in any manner which would cause the interest on such series of Bonds to
be or become includable in the gross income of the Registered Owner thereof for federal income tax purposes.
(B) Tbe Issuer has covenanted with the Registered Owners of each series of Bonds that neither the
Issuer nor any person under its control or direction will make any use of the proceeds of such series of Bonds
(or amounts deemed to be proceeds under the Code) in any manner which would cause such series of Bonds
to be "arbitrage bonds" within the meaning of Section 148 of the Code and neither the Issuer nor any other
C-14
person shaU do any act or fail to do any act which would cause the interest on such series of Bonds to become
includable in the gross income of the Registered Owner thereof for Cederal income tax purposes.
(C) The Issuer has covenanted with the Registered Owners of each series of Bonds tbat it will comply
with all provisions of the Code necessary to maintain the exclusion oC interest 00 the Bonds from the gross
income of the Registered Owner thereof for federal income tax purposes, including, in particular, the payment
of any amount required to be rebated to the U.S. Treasury pursuant to the Code.
Covenants with Credit FaclHty Issuer
The Ordinance provides that the Issuer may make such covenants as it may, in its sole discretion,
determine to be appropriate with any Credit Facility Issuer that sball agree to provide a Credit Facility that shall
enhance the security or the value of the 1995 Bonds. Such covenants may be set forth in a resolution adopted
prior to or simultaneously with the sale of the 1995 Bonds and shall have the same effect as if such covenants
were set forth in full in the Ordinance.
Covenants Regarding Reserve Subaccount Surety Bond
Pursuant to certain supplemental resolutions, the Issuer has agreed with the Municipal Bond Investors
Assurance Corporation ("MBJA"), as issuer of a surety bond (the "Surety Bond") for the Reserve Subaccount
for the benefit of the 1995 Bonds to the following additional provisions and covenants far the benefit of MBIA
and the Holders of the 1995 Bonds while thc Surety Bond is in full force and cffect:
(A) For purposes of selecting a further credit enhancement to fund the Reserve Subaccount for the
1995 Bonds, a "qualified surety bond" shall mean a surety bond issued by an insurance company rated in the
highest rating category by Standard & Poor's and Moody's, and, if rated by A.M. Best & Company, must also
be rated in the highest rating category by A.M. Best & Company.)
(B) In any event where the Reserve Subaccount for the 1995 Bonds contains both the Surely Bond and
casb, the cash shall be drawn down completely before any demand is made an the Surety Band. In any event
where the Reserve Subaccount for the 1995 Bonds contains a surety bond from another cntity and the Surety
Bond, demands for payment under the surety bonds shall be pro-rata from each of the surety bonds.
(C) If a disbursement is made from the Surety Bond, tbe Issuer shall fust reinstate the maximum limits
of such Surety Bond second deposit into the Reserve Subaccount for the 1995 Bonds, from moneys available
under tbe Ordinance, funds in the amount of any disbursement made therefrom, and third pay MBLA any
interest due on amounts advanced under the Surety Bond.
(0) Any revenues available for debt service on the 1995 Bonds and any Additional Parity Obligations
issued under tbe Ordinance shall be distributed between the 1995 Bonds and such Additional Parity Obligations
on a pro rata basis Vlithout regard to tbe existence of a funded Reserve Subaccount or a surety bond therein.
(E) The Paying Agent shall deliver a Demand For Payment at least three days prior to the date on
which payments of principal and interest on the 1995 Bonds are required.
(F) It will be the responsibility of tbe Paying Agent to maintain adequate records, verified witb MBIA,
as to the amount available to be drawn at any given time under the Surety Bond and as to the amounts paid and
owing to MBIA under tbe terms of the Financial Guaranty Agreement.
(G) No optional redemption of 1995 Bonds, defeasance of the 1995 Donds or distribution of funds to
the Issuer pursuant to Section 16(C)(6) of the Ordinance shall be made unless allnmounls owed to MBIA under
the terms of the Financial Guaranty Agrecmenl or any other documents have been paid in full.
C-tS
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APPENDIX D
Upon delivery of the Series 1995 Bonds In definitive form, Bryant, Miller and Olive, PA, Bond
Counsel, proposes to render its final approving opinion in substantially the following form:
[Date of Delivery of Series 1995 Bonds]
City Commission
City of Clearwater
CleaJWater, Florida
$
CITY OF CLEARWATER, FLORIDA
IMPROVEMENT REVENUE BONDS, SERIES 1995
(MUNICIPAL SERVICES/PUBLIC SAFETY AND POLICE COMPLEX PROJECT)
Ladies and Gentlemen:
We have acted as bond counsel in connection with the issuance by the City of Clearwater, Florida (the
-IssuerR), of its $ Improvement Revenue Bondsl Series 1995 (Municipal ServicesfPublic Safety and
Pollee Complex Project) (the -Series 1995 Bonds"), pursuant to the Constitution and laws of the State of Florida,
Chapter 166, Part n, Florida Statutes, and other applicable provisions of law, Ordinance No. 5659-94, enacted
by the City Commission of the Issuer on August 18, 1994 (the ROrdinanceR), as amended and supplemented. Any
capitalized undefined terms used herein shall have the meanmg set forth in the Ordinance.
As to questions of fact material to our opinion, we have relied upon representations of the Issuer
contained in the Ordinance and in the certified proceedings and other certifications of public officials furnished
to us, without undertaking to verify the same by independent investigation. We have not undertaken an
independent audi~ examination, investigation or inspection of such matters and have relied solely on the facts,
estimates and circumstances described in such proceedings and certifications. We have assumed the genuineness
of signatures on all documents and instruments, the authenticity of documents submitted as originals and the
conformity to originals of documents submitted as copies.
We have not been engaged or undertaken to review the accuracy, completeness or sufficiency of any
offering material relating to the Series 1995 Bonds. This opinion should not be construed as offering material,
an offering circular, prospectus or official statement and is not intended in any way to be a disclosure statement
used in connection with the sale or delivery of the Series 1995 Bonds. Furthermoret we are not passing on the
accuracy or sufficiency of any CUSIP numbers appearing on the Series 1995 Bonds. In addition, we have not
been engaged to and; therefore, express no opinion as to compliance by the Issuer or the underwriter with any
federal or state statutet regulation or ruling with respect to the sale and distribution of the Series 1995 Bonds.
In rendering this opinion, we have examined and relied upon the opinion of even date herewith of
Pamela K. Akin, Esquire, Counsel for the Issuer, as to the due creation and valid existence of the Issuer, the due
enactment of the Ordinance, the due authorization, execution and delivcry of the Series 1995 Bonds and the
compliance by the Issuer with all conditions precedent to the issuance of the Series 1995 Bonds. In addition,
we further rely on the fmal judgment of the Circuit Court in and for the Sixth Judicial Circuit validating the
issuance of the Bondsl and the affllmance of such judgment by the Florida Supreme Court on January 9t 1995.
The Serics 1995 Bonds are payable from and secured by a lien upon and pledge of the Public Service
Tax, which Uen is junior and subordinate to the lien thereon pledged for the remaining bonds outstanding of the
Issuer's $7,155tOOO Public Service Tax and Bridge Revenue Bonds, Series 1985. Pursuant to the terms, conditions
and limitations contained in the OrdinlUlce, the Issuer has reserved the right \0 issue obligations in the future
which shall have a lieD on the Public Service Tax equal to that of the Series 1995 Bonds.
The Series 1995 Bonds do not constitute a general obligation or indebtedness of the Issuer within the
meaning of any constitutional, statutory or other limitation of indebtedness and the holders thereof sball never
have the right to compel the exercise of any ad valorem taxing power of the Issuer or taxation in any form of
any real or personal property for the payment of the principal of or interest on the Series 1995 Bonds.
The opinions set forth below are expressly limited to, and we opine only with respect to, the laws of tbe
State of Florida and the federal income tax laws of the United States of America.
Based on our examination, we are of the opinion, as of the date of delivery of and payment for the
Series 1995 Bonds, as follows:
1. The Ordinance has been duly enacted by the Issuer and constitutes a valid and binding obligation
of the Issuer enforceable upon the Issuer in accordance with its terms.
2. The Series 1995 Bonds have been duly authorized, executed and delivered by the Issuer and arc valid
and binding special obligations of the Issuer enforceable in accordance with their terms, payable solely from the
sources provided therefor in the Ordinance.
3. The Internal Revenue Code of1986, as amended (the "Code"), establishes cenain requirements which
must be met subsequent to the issuance and delivery of the Series 1995 Bonds in order that interest on the Series
1995 Bonds be and remain excluded from gross income for purposes offederal income taxation. Non-compliance
may cause interest on the Series 1995 Bonds to be included in federal gross income retroactive to the date of
issuance of the Series 1995 Bonds, regardless of the date on which such non-compliance occurs or is ascertained.
The Issuer has covenanted in the Ordinance to comply with such requirements in order to maintain the exclusion
from federal gross income of the interest on the Series 1995 Bonds.
Subject to compliance by the Issuer with the aforementioned covenants, (a) interest on the Series 1995
Bonds is excluded from gross income for purposes of federal income taxation, and (b) interest on the Series 1995
Bonds is not an item of tax preference for purposes of the federal alternative minimum tax imposed on
individuals and corporations; however, with respect to corporations (as defmed for federal income tax purposes),
such interest is taken into account in determining adjusted current earnings for the purpose of computing the
alternative minimum tax imposed on such corporations. We express no opinion regarding other federal tax
consequences arising with respect to the Series 1995 Bonds.
4. The Series 1995 Bonds are exempt from intangible taxes imposed pursuant to Chapter 199, Florida
Statutes.
It is to be understood that the rights of the owners of tbe Series 1995 Bonds and the enforceability
thereof may be subject to the exercise of judicial discretion in accordance with general principles of equity, to
the valid exercise of the sovereign police powers of the State of Florida and of the constitutional powers of tbe
United States of America and to bankruptcy, insolvency, reorganization, moratorium and other similar laws
affecting creditors' rights heretofore or hereafter enacted.
Our opinions expressed herein arc predicated upon present law, facts and circumstances, and we assume
no affumative obligation to update the opinions expressed herein if such laws, facts or circumstances change after
the date hereof.
Very truly yours,
BRYANT, MILLER AND OLIVE, PA.
0-2
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MBIA
FINANCIAL GUARANTY INSURANCE POLICY
Municipal Bond Investors Assurance Corporation
Armonk, New York 10504
Polley No. [NUMBER]
Municipal &nd In~ As9JI'mCx: CarpcnIion (the "lnsum"), in coosidcr.sIioo of the payment of the premium and subject to the tams of thls
policy, hereby uncmditiona1Iy md irrevocably guanI1ler::S to any ~, as ~inaftcr defined, of the following desaibcd obligadoos, the full and
canpIete payment requRd to be made by or em. bcbalf orb: Issuer to {INSERT NAME OF PA YrnG AGENT] or Is ~ (cbc "Paying Agcm")
of II1I1DOt1Jl ~ k) (i) the piq.J of (eiIha' 1Il1be .m IM1Dy or by any advmcancd of 1!JSlDy pnlIIDt to a IDIDdmy smki1g fund
pi)mrD) md. ir:arest 00, the CJbIig;De (as thal tam is defixld below) IS such pIj'DleIIIs shall beccme cb: but man not be 80 pUi (except tb2ll in 1bc
eyed of my ~ oflbe due dire of such ~ by Jason ~~ IX opciouaI ~"IM1 or acccknDoo rzsukiJg fi'lXD detBult or
dbswDe, 0Iber1bm lit)' 8dvmccmaX oCmamrty pnumt to. ~ siokmg fi.IId J8)'IIICD.1be pl)'IDCIIIS !'-~ badJy sball be made in
su:.:b -ncPft Di . SIdI ci:Dcs m sJCb pI}'lDCDIS of ~ would baYe been We bad tb:re not been My $UCh aa:denIXm); lIJd (D) Ibc
reinbInemsJt army sud1 pI)'IDS \Wid1 is sW-:p.-.mty I'CIClCJYered from my owner pIDBIllD a fioal,judgJnlnt by a oourt of cxxnpctS jumdictjoo
_u::b pB)'IDCD~1@!eS 111 aYOidIbIe ..~~ IDsuch owncrMbi1lbe~ oflD)' ~ ~ law. The mklIDrcferred to in
dues (i) Ri (a) oflbe ~ :II"'......1! dJaIl be rdcmd to herem coUcctiYdy as tbc "Iml.Rd Amcxmls." "ObIigD:m" sball mean:
(PARI
[LEGAL NAME OF ISSUE)
UpcnnlCll:iptof~ortelegrapbi:nrD:e.suchnatice ~OW1finnM m. WtDIgCy l~OO or=tificdmail. orupcn~ofwriuJ:n
DDIb by ....edcrc:ati6ed mail, bytbc IDsurcrfian cbc Paymg AtpI. or my OWDl:I'ofmObliglDm tbe ~ of_ Jm\nd AmotI::t firwbich
is Ibm cU., MIlICh ~ pl)'maJtbas DOt been made. the Imum'CI11be We dare ofSldl paynxdorMfm one bSles:s day" RlOeiptofnotice
oflUCb. ~ymcD, whicheYcr is _. will make a deposit offunlk, D 111 acauJl will SIIte Street BUt md Tnm Compmy. N.A., m New Ycrk,
New York. cr its snCICleS!lor. 5t~ fir the p8)111CIJt of., such Io:s1nd A1ncJtds ~ II'C Ibm cb:. Upon ..cSeDluaCDt md sureoder of such
nhlpw-. cr p.:aca~ of such od1cr pool of CM1JC'IShip of the 0bI.igzlIicm, togdher with my "I+'utA;'" mrn..nam of assigrm:D kJ evidence
the ~lIaed of the Insl.Rd AmounIs <kJe 00 d1c Ob1igaDoos as lR paid by the Insum', and CllJlAClpW insIJumc:uIs to effect the ~lti.UQ;4 of the
Insura' as egatt fer such owners ofdJc OJ"~ in S1)' legal poot.eding reIalcd to pa)'Il'lCnt ofImured AmOUI1IS m me Obl~ such i1sIruments
being in a fmn. ~y to State SIrcct Balk and TJUSt Ccmpmy. N.A., State Strcd Bank and Trust QmpBny, N.A. sbaJ.I disbI.ne to m::h owners,
or Ibe hying Agent. pI1')'11l9 of chc Inslnd Amoums me 00 SJCh 0bI~ Sess my IIIIJCUJt heid by the Paying AgerJt fir me pa:ymatt of sud1
In:SlI'ed Amcu1ls lmd Jega1Jy avaiWJIetbcrefi:r. This policy does not eure against loss of any p-cpayment panium which may at any time be pl)'able
. mpcct to mry ObUgmon.
usod helm, the tl:m1 wCNIJXl" sball JI)C31Ibe i~ed 0WDCr of cmy ObligZoo as ~ in the books JTIllintUJrrl by the Paying Agc:nt. the
. or EY ~ of chc Issuer fir such purpose. The lam owner sbalI not D:Judc the Issuer or any party whose agreement with the Issuer
. tbe tmdertyW1g security fir !be Obligatioos.
savicc ofpoc:css 00 the Insurer may be made to the Insura' at its offices located at 113 King Street. Annook, New Yark 10504 and such service
fprocess shall be valid;md binding.
. policy is non-canocllab1e for any reason. The panium 00 this policy is ~ refundable for any reason including the payment prior to maturity of
Obligations.
i1suno:c provided by ~ policy is not covatd by !be Florida ~ Guaranty ~ ~ under chaptt:r 631, Florida Statutes.
WITNESS WHEREOF,Ibc Insurer haci C3lJSIIld this policy to be c:x~ in fucsimi1c on its behalfby its duly m.tthori2r.d offio:fs, Ihis [DAY] day of
ONlH. YEAR].
Liccnsc:d Agent.
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GUARANTY INSURANCE POLICY FOR BONOS AND SURETY'BOND FOR
RESERVE. FUND
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.MElIA
COMMITMENT TO ISSUE A
FINANCIAL GUARANTY INSURANCE POLICY
Application No.: 94~07~6204
Sale Date: January, 1995
Program Type: Competitive ABP
Re: $11,000,000 (est.) City of Clearwater, Florida, Improvement Revenue Bonds, Series
1995 (Municipal Servicesl Public Safety and Police Complex Project)
(the "Obligations")
This commitment to issue a financial guaranty insurance policy (the "Commitment")
dated January 18, 1995, constitutes an agreement between CITY OF CLEARWATER,
FLORIDA the (ItApplicant") and MUNICIPAL BOND INVESTORS ASSURANCE
CORPORATION (the "Insurer"), a stock insurance company incorporated under the laws of the
State of New York. . .
Based on an approved application dated November 8, 1994, the Insurer agrees, upon
satisfaction ofthe conditions herein, to issue on the earlier of (i) 120 days of said approval date
or (ii) on the date of delivery of an payment for the Obligations, a financial guaranty insurance
policy (the "Policy") for the Obligations, insuring the payment of principal of and interest on the
Obligations when due. The issuance of the Policy shall be subject to the following tenns and
conditions:
1. Payment by the Applicant, or by the Trustee on behalf of the Applicant, on the date
of delivery of and payment for the Obligations, the following payments:
a. a nomefundable premium in the amOWlt of .258% of total debt service,
premium rOWlded to the nearest thousand. The premium set out in this paragraph shall be the
total premium required to be paid on the Policy issued pursuant to this Commitment;
b. Standard & Poor's Ratings Group rating agency fees in an amount to be billed
directly by Standar4 & Poor's Ratings Group, based on the final par and other factors as
determined by Standard & Poor's Ratings Group; and
c. Moody's Investors Service rating agency fees in an amount to be billed directly
by Moody's Investors Service, based on the final par and other factors as determined by Moody's
Investors Service.
2. The Obligations shall have received the unqualified opinion of bond counsel with
respect to the tax~exempt status of interest on the Obligations.
3. There shall have been no material adverse change in the Obligations or the
Resolution, Bond Ordinance, Trust Indenture or other official document authorizing the issuance
of the Obligations or in the final official statement or other similar document, including the
financial statements included therein.
4. There shall have been no material adverse change in any information submitted to
the Insurer as a part of the application or subsequently submitted to be a part of the application
to the Insurer.
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~BIA
'5. No event shall have occurred which would allow any underwriter or any other
purchaser of the Obligations not to be required to purchase the Obligations at closing.
. .
6. All documents. executed in connection with the issuance of the Obligations, shall
cont8~n a provision which requires copies of any amendments to such documents consented to
by the Insurer to be sent to Standard & Poor's.
. 7. A Statement of Insurance satisfactory to the Insurer shall be printed on the
Obligations. .
. .
8. Prior to the delivery of and payment for the Obligations, none of the infonnation or
documents submitted as a part of the application to the Insurer shall be determined to contain
any untrue or misleading statement of a material fact or fail to state a material fact required to
be stated therein or necessary in order to make the statements contained therein not misleading.
9. No material adverse change affecting any security for the Obligations shall have
occurred prior to the delivery of and payment for the Obligations.
10. This Commitment may b'e signed in counterpart by the parties hereto.
. Dated this 18th day of January, 1995.
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By
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6.'f.... ~;7V' .' ( l.---
Assistant Secretary
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MUNICIP AL BOND INVESTORS ASSURANCE CORPORATION
CITY OF CLEARWATER, FLORIDA
By:
Title:
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A1BIA
COMMITMENT TO ISSUE A
DEBT SERVICE RESERVE SURETY BOND
Application No.: 94-07-6218
Sale Date: JanuaI1't 1995
Program Type: Negotiated OP
RE: $1 t200tOOO (est.) Debt Service Reserve Fund for the $11,OOOtOOO (est.) City of
Clearwater, Florida, Improvement Revenue Bondst Series 1995 (Municipal Services!
Public Safety and Police Complex Project)
(the "Obligations")
This commitment to issue a debt service reserve surety bond (the UCommitment")
constitutes an agreement between CITY OF CLEARWATER, FLORIDA, (the HApplicant"),
and MUNICIPAL BOND INVESTORS ASSURANCE CORPORATION (the Hlnsurer"), a
stock insurance company incorporated under the laws of the State of New York.
Based on an approved application dated November 8, 1994, the Insurer agrees, upon
satisfaction of the conditions herein, to issue on the earlier of (i) 120 days of said approval date
or (ii) on the date of delivery of and payment for the Obligations, a debt service reserve surety
bond (the "Surety Bond"), for the Obligations, guaranteeing the payment to the issuer of up to
$1,200tOOO (est.) on the Obligations. The issuance of the Surety Bond shall be subject to the
following terms and conditions:
1. The Applicant, or by the Trustee on behalf of the Applicant, on the date of delivery
of and payment for the Obligations, will make the following payments:
a. a nonrefundable premium in the ,amount of 2.5% of surety amount, premium
rounded to the nearest thousand. The premium set out in this paragraph 1.a. shall be the
total premium required to be paid on the Surety Bond issued pursuant to this
Commitment;
b. Standard & Poor's Ratings Group rating agency fees will be billed directly by
Standard & Poor's Corporation, in an amount based on the final par and other factors as
determined by Standard & Poor's Ratings Group.
c. Moodyts Investors Service rating agency fees in an amount to be billed directly
by Moodyts Investors Service, based on the final par and other factors as detennined by
Moody's Investors Service.
2. The Obligations shall have received the unqualified opinion of bond counsel with
respect to the taxwexempt status of interest on the Obligations.
3. There shall have been no material adverse change in the Obligations or the
Resolution, Bond Ordinance, Trust Indenture or other official document authorizing the issuance
of the Obligations or in the final official statement or other similar document, including the
financial statements included therein.
4. There shall have been no material adverse change in any infonnation submitted to
the Insurer as a part of the Application or subsequently submitted to be a part of the Application
to the Insurer.
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S. ' No event shall have occuned which would anow any underwriter or any other
purchaser of the Obligations not to be required to purchase the Obligations at closing.
6. All documents executed' in connection with. the issuance of the Obligations shall
contain a provision which requires copies of any amendments to such documents consented to
by the Insurer to be sent to Standard & Poor's.
I
7. Prior to the delivery of and payment for the Obligations, none of the infonnation or
documents submitted as a part of the Application to the Insurer shall be detennined to contain
any untrue or misleading statement of a material fact or fail to state a material fact required to be
stated therein or necessary in order to make the statements contained therein not misleading.
8. No material adverse change affecting any security for the Obligations shall have
occurred prior to the delivery of and payment for the Obligations.
9. This Commitment may be signed in counterpart by the parties hereto.
10. Compliance with the Insurer's Tenn Sheet for Debt Service Reserve Fund Program
(see Attachment A).
Dated this 18th day of January, 1995.
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MUNICIPAL BOND INVESTORS ASSURANCE CORPORATION
By
'/H6/1 .~
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Assistant Secretary
CITY OF CLEAR\VATER, FLORIDA
By:
Title: .
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01-30-95 04:03PM FROM MBIA DAC
10 91813~626250
POO2/012
.MBIA
(Attachment A)
TERM SHEET FOR DElJT SERVlCE RESERVE FOND FROGRAM
Introduction
The Insurer canJ under certain circumstances, issue a debt service reserve fund surety bond
(the "Surety Bond"), to be used as 8 replacement for a cash funded reserve. in any amount up to
the full amount of the d.c:bt ~crvicc rc:scrVO fund requirement.
The Insurer requires that the issuer and/or the 1U1derlyiog obligor of the bonds enter into a
Financial Guaranty Agreement with the Insurer providing fort among other things, the
rcjmbmsemcnt to the Insurer of amounts drawn under the Surety Bond. A sample draft of such
an agreement is attached.
The Insurer will undertake its standard credit analysis of the issuer and/or obligor which may
result in requests for modifications of the structure or certain provisions of the bond documents.
These chang~s wuuld b~ in atlditiun Lu lhe specifil,; changcs rCl{uirctl in l:ill fillWld.Jlg~ where a
Surety Bond will be issued (see Required Terms below).
The Surety Dond may be structured to provide debt. sen'ice rC5erv~ fund replacement for the
CWTcnt issue of bonds and any other debt issued on a parity therewith. However, in all cases, tbe
Surety Bond will expire on the final maturity date of the current issue.
The program criteria are subject to change by the Insurer.
peneral Terms
Provision should be made in the bond documents for the creation of a debt service reserve
fiJnd and there ~hnuld he a requirement to maintain that fund at a certain level. It should also he
provided that this requirement may be satisfied by cash or a qualified surety bond or a.
combination of these two. (Note: A "qualified surety bond" means a surety bond issued by an
11lsW"BJ.1Ce company lilted in the highest rating categoI)' by Standard & Poor's and Moody's, 8l'ld4
ifrated by A.M. Best & Company, must also be rated in the highest rating category by A.M. Best
& Company.)
In those instances where the issuance of parity debt v.ill cause the debt service reserve fund
requirement to increase~ the Insurer requires that at the time of issuance of such parity debt,
either cash or a qualified surety. bond be provided so that the increased requirement will be
satisfied. .
In any event where the debt service reserve fund contains both an Insurer insured Surety
Bond and cash, the Insurer requires that the cash be dra\\n do'\\-n completely before any demand
is made on the Surety Bond. In any event where the debt service reserve fund contains n surety
bond from another entity.end LlI1 Insurer insured Surety Bon~ the documents should provide for a
pro.rata draw on each of the surety bonds.
With regard to replenishment, any available moniesJ as defined in the Indenture or
Resolution, should be used first to reimburse the Insurer, thereby reinstating the Surety BondJ
omd second to replenish the cash in the debt senice reser....e fund.
. If the documents provide for the issuance of additional bonds that do not share a common
reserve fund with the current issue, the Insurer c.an issue a surety bond 1hat is. by its terms.
available only as a reserve for the current issue. In such cases, the Insurer would require a
covenant that any revenues available for debt service must be distributed between the CWTent
issue cm~ Wly l1uuiLionW bumb un Ii pro rl!lI1 basis wilhoUl regaru ll) lh~ cxi~lcm;c of a funtlt:d
debt servIce reserve or a surety bond.
The bond documents :;hould require the Trustee to deliver Q Dem:md For Payment (soe
attached form) at least three days prior 10 the datc on which funds are required.
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-2-
Required Terms
With respect to any security interest in collateral granted to the bondholders, the Insurer
should be graIltcd that same interest subject only to that of the bondholders. This would apply to
existing security, ifany, as well as any to be granted in the future.
. The Insurer should receive lUl opinion from cOWlsel to the issuer/obligor that the Financial
Guaranty Agreement Is a legal. valid and binding oblfgnlion of the issuer/obligor and is
enforceable against the issuer/obligor in accordance with its terms.
In generallcmns, lhc "fluw uf fwu]s" wuulu bl:: st..ruc;1un::d as follows;
AU gross revenues should,be paid in the following order with the priority indicated:
1. expenses of operation and maintenance;
2. debt service on the bonds~
3. reimbursement of amounts advanced by the Insurer under the Surety Bond;
4. reimbursement ofca.<:h amounts, if any. drawn from the reserve fund;
5. replenishment of Renewal and Replacement F\U1d;
6. payment to the Insurer of interest on amoW1ts advanced unuer lh~ Surely Bonu;
7. all other lawful uses, including the debt. service payment on any subordinate
boncb.
Provision must be made for the Insurer to be paid all amounts owed to it under the tenns of
the Finnncinl Guaranty Agreement or any other documents before the bond documents mtly be
terminated.
It will be the responsibility of the trustee/paying agent to maintain adequate rccord..c:, verified
with the Insurer. as to the amount available to be drav'r'Il at any given time under the Surety Bond
and as to the amounts paid and owing to the Insurer under the tenns of the Financial Guaranty
Agreement.
There may be no optional redemption of bonds or distribution of funds to the issuer and/or
the Wldcrlying obligor unless all NDounts owed 10 the IIlSUIl:l' under the terms of the Financial
Guaranty Agreement or any other documents ha.\,c been paid in full.
2/11192
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FINANCIAL GUARANTY AGREEMENT
FINANCIAL GUARANTY AGREEMENT made as of [DATE OF OBLIGA nONS] by
and between [ISSUER] (the IIIssuerll) and MUNICIPAL BOND INVESTORS ASSURANCE
CORPORA nON (the 1IJnsurer'1), organized under the laws of the state of New York.
WITNESSETH:
WHEREAS, the Issuer has or will issue the Obligations; and
WHEREAS, pursuant to the terms of the Docwnent the Issuer agrees to make certain
~~m~on~O~gmons;and
WHEREAS, the Insurer will issue i~ Smety Bond, substantially in the fonn set forth in Annex
A to this Agreement, guaranteeing certain payments by the Issuer subject to the terms and limitations of the
Surety Bond; and
WHEREAS, to induce the Insw'cr to issue the Smety Bond, the Issuer has agreed to pay the
premium for the Surety Bond and to reimburne the Insurer for all payments made by the Insurer under the
Smety Bond, all as more fully set forth in tills Agreement; and
WHEREAS, the Issuer lUlderstands that the Insw'er expressly requires the delivery of this
Agreement as part of the consideration for the execution by the Insurer of the Surety Bond; and
NOW, TI-IEREFORE, in consideration of the premises and of the agreements herein
contained and of the execution of the Surety Bond, the Issuer and the Insurer agree as follows:
-
ARTICLE I
DEFINITIONS; SURETY BOND
Section 1.01. Definitions. The tenns which are capitalized herein shall have the meanings
specified in Annex B hereto.
Section 1.02. Surety Bond.
(a) The Insurer will issue the Surety Bond in accordance with and subject to the
terms and ronditions of the Commitment
(b) The maximum liability of the Insurer lUlder the Surety Bond and the coverage
and tenn thereof shall be subject to and limited by the terms and conditions of the Surety
Bond.
Section 1.03. Premium. In consideration of the Insurer agreeing to issue the Surety Bond
hereundert the Issuer hereby agrees to payor cause to be paid the Premium set forth in the in Annex B
hereto. The Premium on the Surety Bond is not refundable for any reason.
Section 1.04. Certain Other E~. The Issuer \loill pay all reasonable fees and
disbursements of the Insurer's special counsel related to any modification of this Agreement or the Surety
Bond
ARTICLE IT
REIMBURSEMENT AND rNDEh1l\tIFICA TION
OBLlGA nONS OF ISSUER AND SECURITI' ll-IEREFOR
Section 2.01.Reimbursement for Payment" Under the Suretv Bond and E"pcnse~: Indemnification.
(a) TIle Issuer will reimburse the Insurer, within the Reimbursement Period, wilhout demand
or notice by the Insurer to the Issuer or any other person. to the cx1cnt of each Surety Bond Payment
with interest on each Surety Bond )l<lyment from ~Uld including thc dale made to the date of the
L .
reimbursement at the lesser of the Reimbursement Rate or the maximwn rate of interest pcnnittcd
by then ap~licable law. '.
(b) The Issuer also agrees to reimburse the Insurer immediately and unconditionally upon
demand, to the extent pennined by state law, for aU reasonable expenses incurred by the Insurer in
coJUlection with the Surety Bond and the enforcement by the Insurer of the Issuers obligations
under this Agreement, the Docwnent, and any other docwnent executed in connection with the
issuance of the Obligations, together with interest on all such expenses from and including the date
incurred to me date of payment at the rate set forth in subsection (a) of this Section 2.01.
(c) The Issuer agrees to indemnify the Insurer, to the extent pemlitted by state law, against
any and all liability, claims, loss, costs, damages, fees of attorneys and other expenses which the
Insurer may sustain or incur by reason of or in consequence of (i) the failure of the Issuer to perform
or comply with the covenants or conditions of this Agreement or (Ii) reliance by the Insurer upon
representations made by the Issuer or (ill) a default by the Issuer under the tenns of the Docwnent
or any other documents executed in connection with the issuance of the Obligations.
(d) The Issuer agrees that all amoWlts owing to the Insurer pursuant to Section 1.03 hereof
and this Section 2.01 must be paid in full prior to any optional redemption or refimding of the
Obligations.
(e) All payments made to the Insurer Wlder this Agreement shall be paid in lawful currency
of the United States in immediately available funds at the Insurers office at 113 King Street,
Annonk, New York 10504, Attention: AccoWlting and SlUVeillance Departments, or at such other
place as shall be designated by the Insurer.
Section 2.02. Allocation of Payments. The Insurer and the Issuer hereby agree that each payment
received by the Insurer from or on behalf of the Issuer as a reimbursement to the Insurer as required by
Section 2.01 hereof shall be applied by the Insurer first, toward payment of any unpaid premium; second,
toward repayment of the aggregate Surety Bond Payments made by the Insurer and not yet repaid, payment
of which will reinstate all or a portion of the Surety Bond Coverage to the e>..1ent of such repayment (but not
to exceed the Surety Bond Limit); and third, upon full reinstatement of the Surety Bond Coverage to the
Surety Bond Limit, toward other amounts, including, without limitation, any interest payable with respect to
any Surety Bond Payments then due to the Insurer.
Section 2.03. Security for Payments: Instruments of Further Assurance. To the e;>..1ent, but only to the
extent, that the Document, or any related indenture, trust agreement, ordinance, resolution, mortgage,
security agreement or similar instnunent, if any, pledges to the Owners or any trustee therefor, or grants a
security interest or lien in or on any collateral, property, revenue or other payments ("Collateral and
Revenuesn) in order to secure the Obligations or provide a source of pa}ment for the Obligations, the Issuer
hereby grants to the Insurer a security interest in or lien on, as the case may be. and pledges to the Insurer all
such Collateral and Revenues as security for payment of all amoWlts due hereunder and under the
Document or any other docwnent executed in connection with the issuance of the Obligations. v.l1ich
security interest, lien and/or pledge created or granted under this Section 2.03 shall be subordinate only to
the interests of the Owners and any trustee therefor in such Collateral and Revenues, except as othemise
provided. The Issuer agrees that it will, from time to time, execute, acknowledge and deliver, or cause to be
executed, acknowledged and delivered, any and all financing statements, if applicable, and all other further
instnunents as may be required by law or as shall reasonabl)' be requested by the Insurer for the perfection
of the sccwil.y interest, if any, granted under this Section 2.03 and for the preservation and protection of all
rights of the Insurer under this Section 2.03.
Section 2.04. Unconditional Obli!;:\ltion. 111e obligations hereunder are absolute <Uld wlconditional and
\\ill be paid or pcrfomlcd strictly in accordnncc \\ith this ^grcem~nt. subject to the Iimit.1tions of the
Docwncnt, irrespective of:
(a) any lack of validity Of enforceabililY of, or any runendmcnt or othcr modification of, Of
waiver \\ith respect to the Obligations, the DOClU11Cnl or ~U1y othcr documcnt cXl'Cutcd in connection
\\ith the issuance of the Obligations; or
(b) any cxchangc, release or nonpcrfection of any secwity intcrest in property securing the
Obligations or this Agreement or any obligations hereunder; or '.
(c) any circwnstances that might otherwise constitute a dcfcnse available to, or discharge of~
the. Issuer with respect to the Obligations, the Docwnent or any other documcnt cxecuted in
connection with me issuance of the Obligations; or
(d) whether or not such obligations are contingent or matured, disputed or undisputed,
liquidated or unliquidated. ...
Section2.0S.Imrorefs Riehts. The Issuer shall repay the Insurer to the extent of payments made and
expenses incwred by the Jnsureox in cOJUlection with the Obligations and this Agreement The obligation of
the Issuer to repay such amounts shall be subordinate only to the rights of the Owners to receive regularly
scheduled principal and interest on the Obligations.
Section 2.06. On-Goin2 Information Obli i:ations ofIssue[.
(a) Quarterly R<;lOrts. The Issuer will provide to the Insurer within 45 days of the close of
each quarter interim financial statements covering all fund balances Wider the Docwnent, a statement
of operations (mcome statement), balance sheet and changes in fimd balances. These statements
need not be audited by an independent certified public accountant, but if any audited statements are
produced, they must be provided to the Insurer;
(b) Annual R<;Klrts. The Issuer will provide to the Insurer annual financial statements
audited by an independent certified public accountant within 90 days of the end of each fiscal year;
(c) Access to Facilities. Books and Records. The Issuer will grant the lnsw'e.r reasonable
access to the project financed by the Obligations and will make available to the Insurer, at reasonable
times and upon reasonable notice all books and records relative to the project financed by the
Obligations; and
(d) Compliance Certificate. On an annual basis the Issuer will provide to the Insurer a
certificate confirming compliance with all covenants and obligations hereunder and under the
Revenue Agreement, the Document or any other document executed in connection with the issuance
of the Obligations. .
ARTICLE III
AMENDlvfENTS TO DOCUMENT
So long as this Agreement is in effect, the lssuer agrees that it ",ill not agree to amend the Document or
any other docwnent executed in conncction with the issuance of the Obligations, \\ithout the prior written
consent of the Insurer.
ARTICLE N
EVENTS OF DEFAULT; REMEDIES
Section 4.01. Events of Default The folJo\\ing events shall constitute Events of Default
hereunder:
(a) The Issuer shall fail to pay to the Insurer when due any amoWlt payable under Sections
1.03; or
(b) The Issuer shall fail to pay to the Insurer any arnoWlt payable under Scctions 1.04 and
2.01 hereof and such failure shall have continued for a period in excess of the Reimbursement
Period; or
(c) An)' m:.ltcrial representation or warranty made by the Issuer under the Document or
hercwlder or an)' statement in the appliCOltiol1 for the Surety Bond or any report., certificate, financial
statement, docwnent or other instrument provided in connection \',ith the Commiunent, the Suret)'
Bond. the Obligations, or hcrc\\ith shall have been nmlcrially false at the time ,,11cn made; or
(d) Except as othernise provided in this Section 4.01, the Issuer shall fail to perform any of
its other obligations under the Document, or any other docwnent executed in connection with the
issuance of the Obligations, or hereunder, provided that such failure continues for more than 30 days
after receipt by the Issuer of".'litten notice of such failure to perfonn; or
(e) The Issuer shall (i) voluntarily commence any proceeding or file any petition seeking
relief under the United States Banlauptcy Code or any other Federnl, state or foreign banlauptcy,
insolvency or similar law, (li) consent to the institution o~ or fail to controvert in a..timely and
appropriate manner, any such proceeding or the filing of any such petition, (ill) apply for or consent
to the appointment of a receiver, trustee, ct&odian, sequestrator or similar official for such party or
for a substantial part of its property, (iv) file an answer admitting the material allegations of a petition
filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors, (vI)
become unable, admit in writing its inability or fitil genernlly to pay it~ debts as they become due or
(vii) take action for the pwpose of effecting any of the foregoing; or
(f) An involuntary proceeding shall be commenced or an involuntary petition shall be filed
in a court of competent jurisdiction seeking (i) relief in respect of the Issuer, or of a substantial part of
its property, WIder of the United States Bankruptcy Code or any other Federal, state or foreign
bankruptcy, insolvency or similar law or (ii) the appointment of a receiver, trustee, custodian,
sequestrator or similar official for the Issuer or for a substantial part of its property; and such
proceeding or petition shall continue undismissed for 60 days or an order or decree approving or
ordering any of the foregoing shall continue unstayed and in effect for 30 days.
Section 4.02. Remedies. If an Event of Default shall occur and be continuing, then the Insurer may
take whatever action at law or in equity may appear necessary or desirable to collect the amounts then due
and thereafter to become due under this Agreement or to enforce performance of any obligation of the
Issuer to the Insurer under the Docwnent or any related instrument, and any obligation, agreement or
covenant of the Issuer under this Agreement; provided, however, that the Insurer may not take any action to
d.irect or require acceleration or other early redemption of the Obligations or adversely affect the rights of
the Owners. In addition, if an Event of Default shall occur due to the failure to pay to the Insurer the
amounts due under Section 1.03 hereof: the Insurer shall have the right to cancel the Surety Bond in
accordance with its tenns. All rights and remedies of the Insurer under this Section 4.02 are cumulative and
the exercise of anyone remedy does not preclude the exercise of one or more of the other available
remedies.
ARTICLE V
SETTLEMENT
The Insurer shall have the exclusive right to decide and detennine whether any claim, liability. suit or
judgment made or brought against the Insurer, the Issuer or any other party on the Surety Bond shall or shall
not be paid, compromised, resisted, defended, tried or appealed, and the Insurer's decision thereon, if made
in good faith, shall be final and binding upon the Insurer, the Issuer and any other party on the Surety Bond.
An itemized statement of payments made by the Insurer, certified by an officer of the Insurer, or the
voucher or vouchers for such payments, shall be prima facie evidence of the liability of the Issuer, and if the
Issuer fails to immediately reimburse the Insurer upon the receipt of such statement of pa)1TIents, interest
shall be computed on such amount from the date of any payment made by the Insurer at the rate set forth in
subsection (3) of Section 2.01 hereof.
NnlCLE VI
r'vll SCELLANEOUS
Section 6.01.lntcn:st ('omputations. All computations of inler~st dut: hereunder shall be made 011 thl:
basis of.the actual munbcr of cbys elapsed over.1 year of360 cbys.
Section 6.02. Exercise of Ri~hts. No faill.1J'C or delay on the pJrt of ~le Insurer to exercise .my right..
power or pri\~legc under ~lis Ag.n.--cnlcnt illld no course of dealing l~lwl'l:n the Insurer illld ~lC IsslIer or .my
o~ler party shall operate :.\5 a waiver of illt)' such right. power or privilege. nor shall .my singh: or p:~ial
.
exercise of any such right, power or pri\ilege preclude any other or further exercise thereof or the exercise
of any oilier right, power or privilege. The rights and remedies herein expressly provided are cumUlative
and not exclusive of any rights or remedies which the Insurer would otherwise have pursuant to law or
equity. No notice to or demand on any party in any case shall entitle such party to any other or further
notice or demand in similar or other circumstances, or constiMe a \vaiver of the right of the other party 10
any other or further action in any circumstances without notice or demand.
Section 6.03. Amendment and Waiver. Any provision of this Agreement may be amended, waived,
supplemented, discharged or tenninated only with the prior written consent of the Issuer and the Insurer.
The Issuer hereby agrees that upon the written request of the Paying Agent, the Insurer may make or
consent to issue any substitute for the Surety Bond to cure any. ambiguity or fonnal defect or omission in
the Surety Bond which does not materially change the teIms of the Surety Bond nor adversely affect the
rights of the Owners, and this Agreement shall apply to such substituted surety bond The Insurer agrees 10
deliver to the Issuer and to the company or companies, if any, rating the Obligations, a copy of such
substituted surety bond
Section 6.04.Successorn and Assi~: Descriptive Headinis.
(a) This Agreement shall bind, and the benefits thereof shall inure to, the Issuer and the
Insurer and their respective successors
and assigns; provided, that the Issuer may not transfer or assign any or all of its rights and obligations
hereunder without the prior written consent ofllie Insurer.
(b) The descriptive headings of the various provisions of this Agreement are inserted for
convenience of reference only and shall not be deemed to affect the meaning or construction of any
of the provisions hereof.
Section 6.05. Other Sureties. If the Insurer shall procure any other surety to reinswe the Surety Bond,
this Agreement shall inure to the benefit of such other surety, its successorn and assigns, so as to give to it a
direct right of action against the Issuer to enforce this Agreement, and lithe Insurer," wherever used herein,
shall be deemed to include such reinsuring surety, as its respective interests may appear.
Section 6.06. Signature on BonQ. 'The Issuer's liability shall not be affected by its failure to sign the
Surety Bond nor by any claim that other indemnity or security was to have been obtained nor by the release
of any indemnity, nor the return or exchange of any collateral that may have been obtained.
Section 6.07. Waiver. The Issuer waives any defense that this Agreement was executed subsequent to
the date of the Surety Bond, admitting and covenanting that such Surety Bond was executed pursuant to the
Issuer's request and in reliance on the Issuer's promise to execute this Agreement
Section 6.08.Notices. Requests. Demands. Except as othemise expressly provided herein, all wrinen
notices, requests, demands or other communications to or upon the respective parties hereto shall be
deemed to have been given or made when actually received, or in the case of telex or telecopier notice sent
over a telex or a telecopier machine o\,."ed or operated by a party hereto, when sent, addressed as specified
below or at such other address as any of the parties may hereafter specify in writing to the others:
lfto the Issuer: [ISSUER)
Attention: [NAME]
If to llle Paying Agent [FA YINO AGEl\1"fJ
Attention: [NAME]
IflO tile InsW'Cr. MWlicipal Bond Investors Assurance Corpomtion
113 Kim!. Street
Amlon~Ncw York 105~
AUenlion: Survcillance Departmcnt
Seclion 6.09.Sul"\;\'al of Rcprcscnl1lions and Wurr<lmics. All representations. w,UTdnlics and
obligations contnincd herein shall SUIyi\'c the execution rmd deli\'cry of this Agll:emCnl and the Surety Bond.
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. Section 6.1 O. Govemin2 Law. . This Agreement and the rights Wld obligations of the parties Wlder this
Agreement shall be governed by and construed and interpreted in accordance with the laws of the State.
Section 6.11.CounteJ:P3l1S. This Agreement may be executed in any nwnber of copies and by the
different parties hereto on the same or separate counterparts, each of which shall be deemed to be an
original instnunent Complete counterparts of this Agreement shall be lodged with the Issuer and the
Insurer. .
secuon6.12.~bility. In the event any provision of this Agreement shall be herB invalid or
unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render
unenforceable any other provision hereof. .
Section 6.13.Survival of Obliaations. Notwithstanding anything to the contraty contained in this
Agreement, the obligation of the Issuer to pay all amoWlts due hera.mder and the rights of the Insurer to
pursue aU remedies shall swvive the expiration, tennination or substitution. of the Surety Bond and this
Agreement
IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Agreement to be
duly executed and delivered as of the date first above written.
{ISSUER]
By:
Title:
MUNICIPAL BOND INVESTORS
ASSURANCE CORPORATION
President
Attest:
Assistant Secretary
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95
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C)eatwutcr City Commission
Agenda Cover Memorandum
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~'13 .,5
I tl!fll II
Meeting Date: ____
IUDJICTI
Railroad Reimbursement Agrooment - Resolution 195 - 15
..OOMMBND~TIOM/MOTION'
Adopt Resolution 195-15 authorizing the execution of a railroad reimbursement
agreement with tho state of Florida Department of Transportation and CSX
Transportation, Inc.
. .nd th.t the .pproprl.te oftlel.18 be authorized to IKeeute same.
eaCJ(QRQUMDI
The state of Florida Department of Transportation is upgrading the railroad
crossing signals on Turner street from flashing signals to flashing signals
with gates. This upgrade calls for a future maintenance agreement of the
railroad grade crossing control devices.
The three-party Agreement provides for CSX Transportation, Inc. to install the
grade oroBsing traffio control devices at the Turner street location at an
ostimated cost of $133,000.00. Upon completion of the installation, the state
Department of Transportation will reimburse CSX Transportation, Inc. for all
Actual costs attributable to the project. The city is not involved financially
in this part of the agreement. The city and CSX Transportation, Inc. will then
eaoh be responsible for 50% of the annual cost of the operation and maintenance
of the devices by CSX Transportation, Inc. The total annual maintenance cost
for this location is $2,117.00 of which the city is responsible for 50% or
$1,050.50, whioh is payable to CSX Transportation, Inc. The first maintenance
payment would bo due in the 1995/96 Budget year.
The city of Clearwator currently has reimbursement agreements for seventeen
other railroad crossing locations within the City limits.
Tho 1995/96 Engineering/Traffic Engineering Operating Budget request will include
BUftioient funds for this agreement.
Ulcr Drpt.
Englneortngl
Traftlc Englneorln
$ 0
Current Fiscal Yr.
Caaalssion Action:
o Approved
tJ Approved w/condltlons
o Dllnll!d
o Continued to:
'Ivl..-d by.
LIgal
Budglt
Purchul ng
IIlak Mgmt.
ell
At"
Ingr,
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DrlUlnatlnG D~t:
Englnllerlngl
'r.ffle Englneorlng
costa: '1.058.50/YR.
Total
ell
MvertllCl(h
Patol
Pllper!
Ii1 Hot Rllqulrod
Affected PArt'~
. Hot t f Ii)d
[J Hot Requl red
ftrdlng Source:
o Copt tal I rrp.
~ Operat Inll
o Other
A ttoc:J.cnts:
Resolution #9S -
Railroad Reimbursement
Agreement
o Hone
'''.1 Hid byl
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Appropriation Code:
010.0133Z-S46200.541.000
o Prlnt.1I on raevclllcl pnpllr
: I,
RESOLUTION NO. 95M 15
A RESOLUTION OF THE CITY OF CLEARWATER, FLORIDA,
AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO EXECUTE A
RAILROAD REIMBURSEMENT AGREEMENT WITH THE STATE OF
FLORIDA DEP ARTMENT OF TRANSPORTATION AND CSX
TRANSPORTATION, INC., FOR THE INSTALLATION OF GRADE
CROSSING TRAFFIC CONTROL DEVICES, AND FUTURE
MAIN'fENANCE AND ADJUSTMENT OF SAID DEVICES; PROVIDING
FOR THE EXPENDITURE OF FUNDS; AND PROVIDING WHEN THIS
RESOLUTION SHALL TAKE EFFECT. '
WHEREAS, the State of Florida Department of Transportation is constructing,
reconstructing or otherwise changing a portion of the Public Road System, on Turner SLreet,
which shall call for the installation and maintenance of railroad grade crossing traffic control
devices for railroad grade crossings over or near said highway;
WHEREAS, an appropriate agreement has been prepared; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF CLEARWATER, FLORIDA:
Section 1. The Mayor and the City Clerk are hereby authorized to execute the
agreement with the State of Florida Department of Transportation and CSX Transportation,
Inc., for the installation and maintenance of certain grade crossing traffic control devices
designated as Job. No. 15009-6903 on Turner Street which crosses the right of way and
tracks of CSX Transportation, Inc. at FDOT/ AAR Crossing No. 626803-N located near
Clearwater, Florida; and
Section 2. The City assumes its share of the costs fo,r future maintenance and
adjustment of said grade crossing traffic control devices as designated in the RAILROAD
REIMBURSEMENT AGREEMENT.
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Section' 3. This resolutio~ shall take effect im'Tlediately upon adoption.
'1,
. PASSED 'AND ADOPTED this
day of
1995.
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Cynthia E.Goudeau
City Clerk -
Rita Garvey
Mayor~Commissioner
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. STA1G OF n.OlUDA DErA)to.tO../T or TlIAI/S1'01\ TAllON '
.1 RAILROAD REIMBURSEMENT AGRE..EMENT WPI': j12670~~~ .
GRADE CROSSLNG TRAFFIC CONTROL DEVICES-MUNlCIPAL r.,: IoU
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COUNTY
SECTION
JOB NUMBER
ROAD NAME OR NUMDER
com.1Y NAME
rARCEL It. R/W NUMBER.
15
000
6903
Turner Street
Pinellas
1(SIGR)
FAP NUMBER.
SR-QOOS
TIllS AGREEMENT, made and entered into LItis day of , 19_,
by and between the STATE OF FLOlUDA DEPARTMENT OF TRANSPORTATION, hereinafter called
the DEPARTMENT. and CSX TRANSPORTATION. INC., a corporation of Vi rS!i~:ia
with ilS principal place of business in tite Cily of JR~ksonvil1e
County of. Duyal , Stale of Flori~a
hereinafter called the COMPANY: and the City of ,Clearwa ter
a municipal corporation, hereinafter called t..he CITY.
WITNESSETH:
WHEREAS, the DEPARTMENT is constructing. reconstructing or olherwise changing a portion of
the Public Road System, designated by the DEPARTMEN:r as lob No. 15000-6903 , '
on : Turner Street , which crosses at grade Ute right
of way and tracks of the COMPANY'S Milepost SY-B7~L07
FDOT/AAR Crossing Number fi2f1RO':\-N
as shown on DEPARTMENT'S Plan Sheet No. One
hereof; and
, at or near r.1 PSlrunt",r
, atlached hereto as a part .
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WHEREAS, the work contemplated hereunder is subject to the provisions of the Federal Highway
Administration Federal-Aid Policy Guide, Subhapler B, Part 140, Subpart I, as amended, and Federal-Aid
Policy Guide, Subchapter G, Part 646, Subpart B, as amended, and DEPARTMENT'S Rule 14-46.002
Florida Administrative Cod~, as amended; and
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NOW, THEREFORE, in consideralion of the mUlual undertakings as. herein set forth, the parties
hereto agree as follows:
A. TIle COMPANY shall:
1. Install by iLs own rorc~s, with supervision and approval of LIte DEPARTMENT, at an
estimated cost of $ 133 1000.00 , itemization of whjch is aUa~hcd
hereto,. automatic railroad grade crossing trarrie control devices, hereinafter called "Devices", at said
location, in accordance with (l) lhe attached detailed statement or the work. plans and specifications; (2)
the DEPARTMENT'S Plans and Standards flllJcx Numher 17882: and (3) P'ederal-Aid Policy Guides
Illcntiollcd above, or Rule 14.46,002, all or which by rderence arc malle a parI hereof.
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2. Provide protective services in accordance with U.S. Department of Transportation'
Manual on Uniform Traffic Control Devices during the performance of the work, as indicated iri. the
attached. plans and specifications, the cost of whkh is included in the attached cost estimate.
3. Render the DEPARTMENT a nnal bill, in accordance with.appli,cable Federal OJ: State
re~lations~ within one hundred eighty (180) days from the completion date of the proJec~, for all a~tual
reimbursable identined charges including credits for salvage or betlermeots, if any, attributable to the
project; and itemize all substantial charges in a form comparable to the charges contained in the cost
estimate.
. 4. Operate and maintain said devices and perform any adjustment, relocation or replacement
of said de'vices; the cost therefor shall be assumed or apportioned in accordance wilh Paragraph C. beto~'.
B. TIle DEPARTMENT shall:
1. Promptly reimburse the COMPANY for all actual costs attributable to the project,
pursuant to Paragraph A.I.. as billed by Ille COMPANY, pursuant to Paragraph A.3.
C, The PARTIES agree:
1. That fifty percent (50%) of the cost for the operation and maintenance'of Ule devices by I
the COMPANY shall be borne by Ille CITY and fifty percent (50%) shall be borne by the COMPANY, in
accordance with the attached Schedule of Annual Cost of Automatic !-ligbway Grade Crossing Traffic
Control Devices, subject to future revision.
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2. That the cost of any adjustment, relocation or replacement of said devices shaii be . .
assumed by the party initiating such action, unJess otherwise provided for in this contract, existing conl:racts .
between the parties, or in existing contracts between one of the parties and Uurd party. Unless otherwise
agreed upon herein, the CITY agrees to insure 1l1at at the crossing Ule advance warning signs and railioad I~
crossing pavement marking will conCornl to the MUTCD within 30 days of notification lhat the railroad
signal improvements have been complclcd and that such signs and pavement markings will be cootinually
maintained at an acceptable level.
, The COMI Y c vemm , nnd < lrces I at it \\ ill ind nniry I nd hol harm ss the
:.PAR' 'MEN' , and a I of th DEP/\ TME T'S l meers, agelll! and cllploycl.: from :my c1, im, 10
dn tlage, 'ost eh. rge or CXpCIlS arisin, OlJ loa ny n I, acti< 11. ncg 'ct, on ission If tic la by Ih
Cl MPA Y dud 19 the lcrforn illlec 0 Ihe co uacr, vhcthc direct or ind eel, al d wheller 10 IlY per, on
or Impel! to \VII eh the )EPAI TME T or s; id pal 'cs mtl. be s1I1jcel. e 'ccpt II al ncill cr the
CO tPAN nor a 'y of il ' subco Ilractol; will Ie liahl lIndel Ihis sc'lioll f( J' dilllH l~e5 nri. ing au
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or damagn to persons or p.ropCrty directJy caused or resulting from dle sole negligence of thr:.
DEPARTMENT. or any of its officers. agents or employees.. .
.. 4. TIlat any provision c~otained in aoy exisUog contract rclating. to said crossing. wbether ":
betweeo the parties hereto and/or third parties. shall be. and does. remain in full force and. effect, except as '
otherwiSe provided herein. '
. 5. That the cost oCmaintaing any additional or replacement signal equipment at the same
, .
location will be'shared as provided under Paragraph C.!. above. ..
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NOTE: ' Paragraph C. 3 was de1eted and paragraph C. 6 was added pru.or to
'execution.by all parties.
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It is understood and agreed that this agreement sball not be, binding until it h.as been a~thorizeci or
.ratified by a proper ordinance or'resolution of the CITY Corn..mJssion of the City of C1earwater
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Florida. a certified copy of which ordinance or resolution is attached hereto and made a part hereof.
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IN WITNESS WHEREOF, the parties hereto bave caused these .presents to be executed by theii.duly
authorized officers, and their official seals hereto affL'<cd, U1C day and year first above written.
BY:
(Title:
(SEAL) "
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STATE OF FLORIDA
DEPARTMENT OF TRANSPORTATION
)
ATTEST:
Secretary
~xs TRANSPORT AnON, INC.
BY:
AS ITS:
(SEAL)
A TrEST:
CITY OF . CLEARWATER
, FLORIDA
BY:
(Title:
(SEAL)
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ATTEST:
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Allorncy - DOT Dale .
BY:
Fi'ical - DOT
Dille
Approved as to l=HPG
Requiremellts
EXEMPT FROM
DY: FIIWh R EW IEW
FIfWA
Approved as to FornI. LegaJity
and Execution
Approved as 10 Funds
Available
BY:
ucynm 'AM!Jl @
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STllm Of' 11,OllllM nl:J'MtlMIJ/T Of' lll',.'l51'OIlTIIIlON rORM 7U-09r)."
. CITY RESOLUTION WP I' : 7126707 1Wt..W9'J
GRADE CROSSING TRAFFIC CONTROL DEVICES AND FtJrt.JRE REsPONSIBILITY
COUNTY SECT10N JOD NUMBER ROAD NAME OR NUMBER COUNTY NAME rARCE!. A RJW HUMDEIt FAJ' NUMBER
Turner St~ Pinel1as 1 SIGR SR-OOOS( 5J
A RESOLUTION AUTHORIZING EXECUTION OF A RAILROAD RElMDURSEMENT AGREEMENT FOR
TUE INSTALLATION OF GRADE CROSSING TRAFr-IC CONTROL DEVICES, AND FUTURE
'MAINTENANCE AND AOJUSTMENT OF SAID DEVICES; PROVIDING t=OR TilE EXpeNDITURE OF
FUNDS; (\ND PROVIDING WHEN THIS RESOLUTION SHALL TAKE Er-FECT.
RESOLUTION NO.
ON MOTION OF Commissioner (Councilman)
by Commissioner (Councilman)
adopted:
WHEREAS, the Stale of Florida Department of Transportation is constructing, reconstructing or otherWise
changing 'a portion of the Public Road System, on Tu r n e r S t r e e t
which shall caJl for the installation and maintenance or railroad grade crossing name control devices for r:ailroad
grade crossings over or near said highway; and
NOW, THEREFORE, BE IT REsoLVED BY THE CITY COMMISSION OF THE CITY OF
CI.F.ARWATF.R , FLORIDA:
That the City of Clear)1ater enter into a RAlLROAD REIMBURSEMENT
AGREEMENT with the State of Florida Deparunent of Transportation and the CSX Transpor to ticn
Company for the lnstallation and maintenance of certain grade crossing traffic control devices designated as
Job No. 15000-6903 on Turner Street
which crosses the right of way and tracks oflhe Company at FDOT/AAR Crossing No. 626803-N
located near Clearwa ter . Ftoridp; and '
That the City assume its share of the costs for future ma(ntenance and adjustment of said grade crossing
traffic control devices as designated in the RAILROAD REIMBURSEMENT AGREEMENT: and
That the Mayor and City Clerk be authorized to enter into such agreements with tlle State of r:1~rida
Department of Transportation and Lhe CS X T ran s p 0 r tat ion
Company as herein described; and
That this RESOLUTION shaH lake dfcct il1l111cdialcly upon adoption.
INTRODUCED AND PASSED by the City Commission of the City of CleflrwRt:er
Coumy, l=lorida, in regular session this day of
, seconded
, the following Resolution was
,19_.
Mayor - Commissioner
A TIEST:
(SEAL)
City Auditor and Clerk
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StArn OF tl.ORlllA OI!J'AllnlU/lT or 1 RA/lSr'ORTA1101l
RAU.ROAD GRADE CnO'SSING'TRAFFIC CONTROL DEVICES
FORM m090-41
RAIl.
01/Vl
COUNTY
SECTlOH
1011 NtlMlU!R ROAD NAME OR NUMDER COUNTY NAMB
rAP NUMDEJl
15
000
6903 Turner St. Pinellos
SR-QOOS- 251)
COMPANY NAME:
CSX Transportation. Inc.
A. JOB DESCRIPTION & LOCATION: Upgrod R/R signals on Turner St.. .Clearw8 ter I FL.
B. TYPE OF ROADWAY FACILITY: .5inRle lone tro.ve! with oarallel oarkinS!. on each sit
C. FpOT/AAR XING NO.:
626803-N
RR MILE POST TJE:
5Y-875.07
D. TYPE SIGNALS PROPOSED IV & III CLASS III DOT INDEX: 17882
TYPE IV: cantilever, flashing light & gate in the S/W Quod.
Type III: Flashing light & Ga~es in th~ N/E Quad.
SClmOULE OF ANNUAL COST OF AUTOMATIC,
lllGiIW A Y GRADE CROSSING TRAFFIC CONTROL DEVICES
Annual Maintenance Cost Exchlsive of Installation
CLASS
DESCRIPTION
COST'"
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Flashing Signals - One Tnlck
$1,404.00
$1,858.0Q
$2.117.0~ ~ I..
$2.657.00 .
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Flashing Signals. Multiple Tracks
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Flashing SignaJs and Gates - One Track
IV
Flashing Signals and Gates - Multiple Tracks
AUTHORITY: FLORIDA ADMINISTRATIVE RULE 14-46.002.
Responsibility for the Cost of Automatic Highway
Grade Crossing Tramc Control Devices
EFFECTIVE DATE:
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July 22, 1982
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GENERAL AUTHOIUTY:
334.044, F.S.
. SPECIFIC LAW IMPLEMENTED:
335.141, r.s.
.'nlis schedule will become effective July It 1991 and will be reviewed every 5 years and revised ilS appropriate
based on the Consumer Price Index for all Urban COlIsumers published by the U.S. Department of Labor.
II[CrCLED ""[11 @ .
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GENERIC INSTALLATION ESTIMATE GRADE CROSSING TRArFIC CONTROL DEVICES
CFC - IT
TO: FLORIDA DEPARTMENT OF TRANSPORTATION
DOT PROJECT NO. /S-O~O - ~ 9&3
LOCATION: f:1,,1.... u..J A.J eV-
c,'+7
FDOT/AAR Crossing No.: 1.1C. ~~...? /II
t. Preliminary Engineering:
II. Construction Supervision:
III. Material:
FOR: TYPE -IY.-, CLASS. III SlGNAts
NEW INSTALLATION , MOD~FICAT~ON ~
GOUNTY A k.t. if... " STATE: FLORIDA
Roa d Name: -r;, V' '" A';" .s.,..'
Railroad .Milepost: . S V oj 7.57 07
Company Forces: X ,Contract $ 2.553
Road Jurisdiction: .
x
Company Forces:
Contract $ 2.664
Highway Grade Crossing Signal
Control Equip~ent Ty)c.. . C
pield Haterial
Assembly
$ 28.800
$ 19.650'
$ 11. 700
$ 732
$ 12.030
$ 3.609
Material Transportation
Materiai Handling
Material Sales Tax
Tobi liaterial
IV. Equipment
Company. Owned
Rental
.Total Equipment
Labor 150 Hours Shop Wiring
:)irect Labor: 1/6 Han Gang -H.!L Man Days
Holidays, Vacation, U&W, Pension 39.79X
2DY.
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61.
$ 7~. 521
$ 224
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'.02/Day $ 5.878
$ 6.102
V.
$ 16.921
$ 6.733
$ 6.623
$ 2..031
$ 5.052
Payroll Taxes
Insurance
39.11+1.
l2.00r.
Heals and Lodging
Total Labor
$ '37'..360.
$ 125.200
SUBTOTAL
VI.' Miscellaneous Items:
U J c.. 11.. 'i'........ C"''' 1-1 Jp ,<P v rt 1.-. II.)" ~ I ~ ..;A- '" r: "'/- J'4~"..l/o:-'
j),: ' ~ f, f~'''' / I9d 1'1 k./ ("._ J, " ~ "" -I.t. S1 Y no 1. r "".,~'" 1 i ,,-
9..0 L" r.t s:..dL.L", f1. <:" ~ ,~.'~.l L of ....'-~ rr /j'~ ~~r..d>1 p~ sl
./ .. :J ~ {c.
Total Estimated Cost: (Date Cf/'f/ 1J. ) (ny~" A,,. U )
submitted By: CSX T~I4I'~.1l~1.1&'1'~~/'"
t'
Railroad Company
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$ It?" ooC)
$ :Ft ~"o
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$ IJ3.000
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VII.
VIII.
This generic estimate shall not be used in negotiations or as nn exhibit in
construction and maintenance acroemnnts \Ill teh do not provide for billing of nctunl
cost:. .This estimate is not valid for lump sum projocts.
Revised 08/25/92
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r..:;:.l'.~~. ?':"~~~~\;'h\i'.....;~.~~);:~~, ~..;:;i'~: ':j!:"~ ~,~.1l. ,1::.J,~1
r'.~. .,~F;.... l..ETTen OF IJ>PnoVAl.:' O/OR., ClOUflY
[j,fJ H\'U'VdWt'jji~i:'~/I;J'i.;l) ,fj..~ ~,,'1.,nt4ril~/;;J SIaI.wId.
~~~Vr ^ lltOr1Iz.-,t oN AND f'mtfW!'1<JDtt mo.JCoCf NUoAOm
~ ;\{.1/ 1" ~\~~.:~;F!(r;.t?i~':~\~.L~).~:~~~~t~;;)~~\?lft:~\~j~f.
..<~~r).:>;'d,i};.r.liOJC-C'T AGnt:jiMENT,:1 .:i< b. SR-OOOS 251 ,
~}.! ,:';!:~~)') '';.1 ~ i ?~'!i~Ul.. h~j~v\#~h'J:\. !:)l;~l!'lM}h' rlJNCTlOfW.. CI.J'+!l.U'leo.~:
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t;:R:ltf , .l.
Verlous 151. bid."
~30<19-~/to3 81oQQ- '0'\1.0
G'3oqq- 6~OS 810 q9~. ~ll'2.t
q~091-"qOb ~lo8o- (,901
FlOF:\lDA
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k~.... :.;.~ " '\....~. . "'IASE CJlWCl1K "'lJnte:f\/V,~ OF NmfOnlZATlOH
~}) ~;':A)..::, . 1101 ^,(f'''''''''NONO",,~Ol(lrnl 11'(:
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I~ EHOll'E:SllHO
FOI' R"Jltoed
.~mCH OF nlQfT OF W^'(
MAY 2 0 1993
C1Okrn\\JCllON ~ IOf ~I d 1>1601
If NOfXfod
MAY
1993
'on E1l(:lf>'OCo'7t
StaloY/lda Rall-H
MAY 2 0 1993'
n.. Fb1dol ~ d T.....opDft....... "- -.-..pI'" ___ I....... RJ/iA pmf'" ""'_ ..... --.IQ/. .... I. F oodwol-.ad pmfecl _ s~ W_'
~.. I~ Ionoor IoU.. JJ\..,,*",- h _..... ~h<f ~ U.s,a. tOtl(\>)I~. ~
Conslruction $2.753,100.00 100'=0- b9?O 10000- ~'icc.o
eEl 322.000.00 . r.:I~I)\1' ,\" /(}()"1.-,_OO'" ,''''.''''- '1".951
P.E. __~~roo.~______. .rt'~'::r. I~\":" slQ9..tl3 ~~~~~~g~ i~:~~~7a
..... 220 000 00 rill t.....-.--- .-
...... ... ---~ I auto -iOflC.il. rl UI3 - 6'10
I oOtx),.".q~1 15000- OJ
iii 11'1' PUH: l'E:I_X_.PAGE NO. _3ItJ1_. NO _' Mie'.{)L(;:HrOCIf~ ~tO:l.
D:lOE
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mC1Jl!Cf COBS
EUGOU; cas TS
fEXlW.. ruus
SfAn;ruos
os
RDEFW. MJ pE1\a:m
33N
$.3,220.000
V
$3.220,000
~~~
$<.600.000
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$.322,000
rOTA
$.3.24!O.000
S3.24!O.000
$2.600.000
$.322.000
n.. SLM.. ,.~.. 11gI_.,.~. hevtlo ........,rlood Of '-w,"'QI"...t>Q 10 -"Pit. -.. I.. _ac.l;,..I........ .-.d on;dIIb\. ....c ""It>'" (I) nle 2;1" U.!. Code.
1I!fo-YI. I:l) - ~.lIo... ........ pu.......t I....co....... 131'" "."..,Io......~... ".........'0-1... IT, I.. f_.a4 .~I..."I' ,o.6"hlo1...... .....,... 10'" ot>..-
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SU:h dIl'll.ollon d F.."oI.,.>60 001_ only 10 P<r+ct ooot.o h:un<l b, I.. St........ I.. roodwolllfJ_., ldYIl1lool'....... .11l_1ul1on to....,.,.......... ,...,.q.d
h...."M.g IUd. _
Tho CIol. "',.... ..~..... ,... _ . "",...-Ion 'o~ "" II.. r-4eo"" b..Io .,!,Joo&.od, . .""'"1'40 ...... MIl """""" 001" II.. oppIloobl.o ~ ... ........... ...
""1o-t.o__1 ~ 01~f.5 J:~:; .. : ~-.-
"1000()- &G115 . . , _'_:~"I
R010", OO'AAJ1.<Hr or. tJWlSPOflTMlOfi 7QOOO. (,'l'l~ U.S,DO'NuloA(lIr or. TJWl'"oI'O"1T^TION 1--1 /.~./.~.o..g
~I~'~_-i.~:.~ql ~g~g;;:~;:~\;"RiflTt~~~Y^~VW10Sir^0]'N'STn^ TOR::--!;J~J'I
P . V,-I_1. 1000::/. (,,'1'/7 ^ '6/J1kJd.-tX/ Jt' I I
Or ?.,. ...'~' - .!flf);1~~~:~U ~. ~1tYg]Ah~!~ll~.EEL- '~~;~~~.'~!~~.=l
':..-_AAlP~......u_,~ n;ooCl.~:"\11.1 MAY 2 0 993 !,.\I.I 1 I
flil.l - 11Q'JO-ff1"c" 04l'!, -..... "Y--'-'l
11/J01'J- wn r.. I D Ie:'\ 1, 71 .:!~~__..:_no_.._.1
......... ....... -;),10, ..,
m'~"',~ f.:2--L.:::"'-,-1
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WORK DESCRWl'ION
GRADE. CROSSING TRAFFIC CONTROL DEVICES
ro IlM 71J.09009
, MIL
O919J
WPI':
7126707
c:oUlrry
'ICfIOH
Illl HIM".
II.0M>IfAMIOII. HlI"tnn
c:OtmTY If...MII
,...II.c:a. A rvw /'11M I 1111.
PAr HUMID
15
000
6903
Turner St.
Pincllus
RAILROAD COMPANY
SR-OOOS 251)
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CSX TRANSPORTATION, INC.
A. JOtJDESCRJPTION&LOCATION: UtH"rode R/R siqnals on Tltrnpr St...' ctnnrwn"':~r, FL
D. TYPE OF ROADWAY FACn.trY: T",h 1 :\np~
C. FDOT/AARXINO NO.: 626803-N
D. TYrE SIONAU PROI'OSED: I V & ~ I I I
",~~h r:\rn1)~1 pftr~~n8 nn hn~h Q4d~~
RR t.hLE POST TIE: S Y - R 7 'i _ n 7
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CLASS:
III
DOT INDEX NO.: 17 a8 2
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E. STATUS AND PROPOSAL:
I. EXISTING DEVICES: . (See Alrcemenl dllcd
I. None.New Cronin,.
b. Cronbuek. and Old:.
e. X X F1uhlnl SllnaS. .....11h t>h\:.
d. Fllshln. SI,n_1s with C.nlllever.
e. fluhlnl SI,nlls with a.leS.
r. flashln, Signal. with Clnlllever and a.le..
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'1. PROPOSED DEVICES: (S.fely Index Riling 993
I. _ No revi.lon required.
b. _ Croubuel; and Di.I;.
c. _ Fluhlna Signlls Ind Dlsl;.
d. _ Fluhlni Sianll, with Clnll1ever.
e. ---X.I.. F1uhlnl Slanl" whh allel. .( W es t b 0 un d t r a vel )
r. --X-X-- Fluhln, SllInl" with C.nlileve.... and GAle,. ( E as t b 0 u n d t r a vel )
,. _ Reloclle ublln, lignal devices:
(1) _'(With-Withoul) .ddition or allea.
(1) _ (Wilh.Wilhou\) s)'nchron\1a\llln w\1h h1ihw-y traffic sirr.lh.
F. COMMUNICATION ANDIOR POWER LINE ADJUSTMENTS:
1. By olhers ( Complny)
2. Dy R_Urold CllmpRny. ,i
a. AUTHORITY REQUESTED: (Oral\ IlIlched: Yu No)
I. X Aareemcnl (Ibhd Plrty P.rtic;,..lin. City of Clearwater 1
1. Sur,.lemen\.ll Agreemenl No.
3. Crouin, Pennil.
4. E.s111ll.le for Ch"lge Order No. "
I
S. Letter llr Authority. :'
6. Lcuer of Cllnlinn.lIon (No. Co.llll Departmcnt). I
'\
.1
H. OTHER REMARKS: I
,
.,
Nc IOlla\\o!\S 10 ba eomple\.d bYl .Tnn. 19R'i
SI&lnlllntlalhllon larlel d.le: . . net 1995
SYllchronlz.:ltlon: (Df1IR _llached Yes No)
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Clearwater City Commission
Agenda Cover l\'1emorandum
I' .
Item #I
Heeting Dote:
~. J3.QS
SUBJECT: MARCH 14, 1995 GENERAL AND SPECIAL ELECTION CANVASSING BOARD
RECOMMENDATION/MOTION: The Commission appoint a member of the City Commission to
represent it as the Canvassing Board.
o and that the appropriate official! be outnortxed to execute same.
BACKGROUND:
Section 101.5612 Florida Statute provides for the testing of the tabulating equipment to
ascertain if the equipment will correctly count the votes cast. It further provides that the Canvassing
Board shall convene at this time or the Board may appoint one of its members to represent it. The
test is open to the press, and public.
i
The test is conducted by processing a pre-audited group of ballots so punched as to record a
pre-determined number of valid votes for each question. The test is repeated on election day before
the start of the count of the ballots and again immediately after the completion of the count of the
ballots.
The test will be conducted at the Election Service Center, 14255 49th Street N, Buiding 2,
Suite A, Clearwater.
The times and dates set for the tests are:
Tuesday, March 9f 1995 2:00 p.m.
Tuesday, March 14, 1995 11 :30 a.m.
Tuesday, March 14, 1995 After completion of the official tabulation of ballots.
cllnvlIsl.lIgn
Revi~ bv:'
Legal
Budget
Purchasing
Risk Momt.
CIS
ACH
Other
Originating Dept:
City Clerk
Costs: $ niB
Toto I
User Dcpt:
s
Current Fiscal Yr.
C~ission Action:
o Approved
o Approved w/eondl t ions
o Denied
o Conttnucd to:
IlUIl ttcd by:
Advertised:
Date:
Paper:
t!) Not Requt red
Affected portie.
o Notified
M Not Required
Finding Source:
o Copt till I"",
o Operating
o Other
Attochllcntll :
~ Hone
Appropriation Code:
~:-""t.~ ...........: M .'. .
. I
I'
Due to Commissioner Thomas's absence from the February 13, 1995 Commission meeting J
__ Item #17~ Status Report and direction re Tower, Pavillion and Life Guard Station_will be continued ~
.JQ...Thursday, February 16, 1995, Item #10. Beach Town Meeting Follow Up - Redevelopment' t
Plan/Streetscape; Mandalay and Baymont is being continued to Monday. February 27, 1995. I
If you have any questions, please do not hesitate to call me.
. J
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" .
CITY OF CLEARWATER
Interdepartmental Correspondence
, .
TO: Mayor, and Commiss~oners
FROM: 'Cynthia E. Goudeau, City Clerk~
SUBJECT: 2/13/95 Agenda
. .' COPIES: ' Elizabeth Deptula, City Manager
Kathy S. Rice, Deputy City Manager
, William C. Baker,' Assistant City Manager
Pamela K. Akin, City Attorney ,
COPIES TO:
, COMMIGSION
FEB'1 0 1995
, PRESS
CLERK I ATTORNl:Y
DATE: February 10, 1995
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C I T Y
OF
CLEARWATER
POST OFFICE BOX 4748
C LEA R W ATE A, r- LOA IDA 3 4 6 1 B . 4 7 4 8
R-e = 17 ~
Clly Manager
COPIES TO:
OOMMISSION
December 15, 1994
DEe 1 9 1994
PRESS
CLERK I ATTORNEY
Ms. Virginia B. Wetherall, Secretary
Florida Department of Environmental Management
Marjory Stoneman Douglas Building
3900 Commonwealth 'Boulevard
Tallahassee, FL 32399-3000
Subject:
Clearwater Beach, Beach Pavilion, Application for a Permit for Construction
Seaward of the Coastal Construction Control Line'
Dear Ms. Wetherall:
,-.. I .. .
'On July 22, 1994 City of Clearwater staff travelled to Tallahassee to meet with Mr. M.
.... '~::.,': L; Subbuswamy, Area, Engineer in the Bur~au, ()! ~o~~ Beaches and Sys~ms, Division of
:::~',,: :::~,~,:', '/I:-II.~&viionmenta1 Resource 'Permitting~' to 'solicit 'input on the likelihood of obtaining a 'p'ennit to
:.r~ I . f~I-'" I" ~ ..t I,' I ... . .
,~:;~"r~i~~':~"~:':~.,~'con~truct a p~~ilio~ on Cl~water,~ch seaward of the .CoastalConstroc?on Control Line.,
'J~:jn:~.,: '; : ',';,' 'Although specIfic "mformation 'was :presentedat the meeting we were advlsed that the most
U~~~t ~~:~~:', ::; ,:''::~ .:expedient -way in which to receive input was to' submit as much information as possible in' a
..~~':~;~~~'~::: ;:";i:letter requesting ,the':Department's position on the proposed .construction. This 'was 'related to
:~"':;i::~~ ,:",::y: us.~'as ,a '"better" process :to .ex.I?edite pennit acquisition;: "ensure adequate information, and
'." '. - . minimize completeness deficiencies. The requested information was submitted on August 26,
.. . 1994, and additional information submitted on September 28. To datet in spite of our repeated
; , ~quiries, no response has been received, although promises of one have been repeatedly offered.
On December 8, 1994 we decided to return to the "old" process and submitted a formal permit
application to the Department for the project. .
Weare disheartened ,by the lack of response from the Department after having been led to
believe that by reque:;ting the Department's position, the project would be expedited, WiUIOUt
going through the costly design process for a pavilion that might not be acceptable to the
Department. We have been placed in a position of submitting an application, for the sole
purpose of receiving Department input bec~use Department staff have failed to follow through
on the "better" procedure or to respond to pur requests for assistance in this matter.
II
'0
"Equal Employmonl and AlIlrmollvo Action Employor"
, '
, "
,.:."'1:....' {-.~.' ~. . ~
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Page ,-2-
, Ms. Virginia B. Wethcrall
December 15) 1994
, i
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;.
I
We would strongly suggest that you'look ipto the permitting process that was presented to us
and specifically into the handling of this project. We believe that the overall intent of the permit
reorganization was to facilitate improved understanding and cooperation among our agencies.
We now find ourselves looking at a 90 day review time c;lockjust starting on December 8 after
having wasted all of .the time since August, because we believed in your "better" way. Please
let me' hear from you.
','
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smc7J~e;e _
William C" Baker
Assistant City Manager
--
WCB/kd
. ,
cc: Gene Chalecky, Bureau of Coastal Beaches and Systems
Mayor and City Commission
, Betty Deptula, City Manager
Rich Baier, City Engineer
, , Tom :Miller; Assistant Director of Engineering/Environmental
Terry Finch, Environmental Programs Supervisor '
',oJ
I + ,'.. ~~." ..' 8"~ h
~> . r,'..' ...t .t:~
FROM:
~"'3 .q 5
MEMORANDUM \<60-.._
The Honorable Mayor and Members of the City commission
Rob Surette, Assistant City Attorney,
Police Legal Advisor ~
Ordinance Prohibiting Solicitation of
Property Posted with "No Solicitation" Signs
TO:
RE:
DATE:
January 17, 1995
city Attorney Pam Akin received complaints from a Clearwater
resident about the annoyance caused the. resident by uninvited
solicitors. Pam Akin, therefore, asked me to draft an ordinance
prohibiting uninvited solicitors from soliciting on the premises of
a private residence when the owners or occupants have exhibited an
expectation of privacy from such solicitations by posting or
placing "No Solicitation" signs on their property.
Attached you will find a copy of the ordinance. A violation could
resul t in a fine of up to $500, imprisonment for a term not
exceeding 60 days, or by both a fine and imprisonment.
The United states Supreme Court "has consistently recognized a
municipality's power to protect its citizens from crime and undue
annoyance by regulating soliciting and canvassing." Hynes v. Mayor
of Oradell, 96 s.ct. 1755, 1759 (1976). Enforcement of trespass
laws against solicitors entering or remaining on private property
posted with a "No Solicitation" sign has been considered by
numerous courts to be an effective means to protect a homeowner's
privacy. ~,~, Village of Schaumburg v. citizens. etc., 100
S.ct. 826, 837 (1980); Wisconsin Action Coalition v. City of
Kenosha, 767 F.2d 1248, 1257 (7th Cir. 1985).
However, because a police officer can arrest a violator of an
ordinance only when the police officer observes the violation
committed in the officer's presence and because the violator may no
longer be located on the premises by the time the officer responds
to the scene, it is possible that the officer will not be able to
take immediate action against the violator. In that situation, the
officer could still prepare a police report containing the identity
of the violator and containing the statements from the resident and
any witnesses. The officer could then submit the report to the
State Attorney's Office for prosecution.
Attachment
RJs/jas
Copies:
Pam Akin, city Attorney
Elizabeth H. Deptula, city Manager
sid Klein, Chief of Police
captain Michael Egger, Patrol Division
ORDINANCE NO. -95
AN ORDINANCE OF THE CITY OF CLEARWATER,
FLORIDA, RELATING TO RESIDENTIAL
SOLICITATIONS; CREATING A DEFINITION OF
SOLICITOR; PROHIBITING SOLICITORS FROM
ENTERING A PRIVATE RESIDENCE POSTED WITH A "NO
SOLICITATION" SIGN; PROVIDING AN EXEMPTION;
PROVIDING AN EFFECTIVE DATE.
WHEREAS, uninvited residential solicitations of a commercial
or noncommercial nature create an annoyance or disturbance to
residents who have exhibited an expectatiqn of privacy from such
solicitations by posting or placing "No Solicitation" signs on
their property; and
WHEREAS, the City's substantial interest in protecting the
privacy of its residents, including the residents' quiet enjoyment
of their homes, is directly advanced by the prohibition contained
herein; now therefore
BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF CLEARWATER, FLORIDA THAT:
Section 1. Section 21.16, Code of Ordinances, is created to
read as follows:
Sec. 21.16
Defini tion of solici tor; prohibition against
solici tors entering upon a private residence posted wi th a "No
Solicitation" sign; exemption.
(1) "Solicitor" as used in this section means all persons
seeking funds or services of any kind for any purpose or seeking to
sell, give or in any way dispose of goods, services, wares,
merchandise, newspapers, or written material of any kind,
regardless of whether the person is engaged in a commercial
transaction or in a religious, educational, political, scientific,
philanthropic, benevolent I fraternal , charitable or any other
noncommercial activity.
(2) No solicitor shall willfully enter upon the premises of
a private residence when the owner or occupant thereof has posted
or 'placed near or at the entrance of the premises a sign containing
the words "No SOlicitation" or a substantially similar message ~n
letters easily read by a person approaching the premises. said
signs shall be posted or placed in a manner and in such position as
to be clearly noticeable to a person approaching the premises.
(3) The provisions of this section shall not apply to any
person or business representative invited ~pon the premises by an
inhabitant of the premises or ~y an inhabitant's agent.
Section 2. This ordinance shall take effect immediately upon
adoption.
PASSED ON FIRST READING
PASSED ON SECOND AND FINAL
READING AND ADOPTED
Rita Garvey
Mayor-commissioner
Attest:
cynthia E. Goudeau
City Clerk
Approved as to form and legal
sufficiency:
2
MEMORANDUM
\ ~ b-
~'13'15
TO:
The Honorable' Mayor and Members of the City commission
Rob Surette, Assistant city Attorney,
Police Legal Advisor ~
Ordinances prohibiting Possession of Alcoholic
Beverages on Park Property and Creating a New
Definition of Alcoholic Beverages
FROM:
RE:
DATE:
January 17, 1995
Sergeant Patterson brought to my attention that section 116.89,
Code of Clearwater, prohibiting the possession of an alcoholic
beverage in any form in pUblic parks was repealed when Clearwater's
ordinances were recodified. Although current section 6.31
prohibits possession of opened containers of alcoholic beverages in
public parks, it does not address unopened ones. consequently,
police officers can no longer prevent a vagrant, for example, from
sitting on a bench while holding a sealed container of an alcoholic
beverage.
section 22.59, therefore, creates a prohibition against the
possession of alcoholic beverages in any form on park property with
certain exemptions. I have also incluqed an amendment to section
6.21 in order to create a definition of "alcoholic beverages, It
which is consistent with the definition of alcoholic beverages
contained in section 561.01(4)(a), Florida statutes.
Attachment
RJS/jas
Copies:
Pam Akin, city Attorney
Elizabeth M. Deptula, City Manager
Sid Klein, Chief of Police
Ream wilson, Director, Parks and Recreation
william Held, Harbormaster, Marine
captain Michael Egger, Patrol Division
Lieutenant Jeff Kronschnabl, Community Response Team
Lieutenant Dave Hardman, East District Commander
Lieutenant Bob Repp, west District Commander
Lieutenant Frank Daly, Beach District commander
Lieutenant Wayne Sibbert, special Operations Commander
Sergeant Jeff Patterson, East District
ORDINANCE NO. -95
AN ORDINANCE' OF THE CITY OF CLEARWATER,
FLORIDA, RELATING TO ALCOHOLIC BEVERAGES;
CREATING A NEW DEFINITION OF ALCOHOLIC
BEVERAGES; PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF CLEARWATER, FLORIDA THAT:
Section 1. Section 6.21, code of Ordinances, is amended to
create a new definition to read as follows:
Sec. 6.21 Definitions.
Alcoholic beveraie means a distilled spirit and any beverage
containing one-half of 1 percent or more alcohol by volume. The
percentage of alcohol bv volume shall be determined by measuring
the volume of the standard ethyl alcohol in the beverage and
comparing it with the volume of the remainder of the ingredients as
though said remainder ingredients were distilled water. It shall
be prima facie evidence that a beverage is an alcoholic beverage if
there is proof that the beverage in question was or is known as
whiskey. moonshine whiskey. shine. rum, gin, tequila. vodka.
scotch. scotch whiskey. brandy. beer. malt liquor, wine. wine
cooler. or by any other similar name or names, or was contained in
. '1
a bottle or can labeled as any of the above names or a name S1m1 ar
t ..,
thereto. and the bottle or can bears the manufac urer's 1ns1gn1a.
name. or trademark. Any person who, by experience in the handling
of ~lcoholic beverages. or bv taste. smell. or drinkina of such
alcoholic beverages has knowledge of the alcoholic nature thereof,
may testify as to his or her opinion about whether such beveraae is
an alcoholic beverage.
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Section 2. This ordinance shall take effect immediately upon
adoption.
Rita Garvey
Mayor-Commissioner
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I PASSED ON FIRST READING
PASSED ON SECOND AND FINAL
READING AND ADOPTED
Attest:
, Cynthia E. Goudeau
city Clerk
Approve~ as to form and legal
sufficiency:
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ORDINANCE NO. -95
AN ORDINANCE OF THE CITY OF CLEARWATER,
FLORIDA, RELATING TO PARKS, BEACHES AND
RECREATION; CREATING A NEW SECTION PROHIBITING
THE POSSESSION OF ALCOHOLIC BEVERAGES ON PARK
PROPERTY; PROVIDING AN EFFECTIVE DATE.
, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF CLEARWATER, FLORIDA THAT:
~ion 1. section 22.59, Code of Ordinances, is created to
read as follows:
Sec. 22.59 Possession of alcoholic beveraqes.
No person shall sellr consume or have in his possession any
alcoholic beverage as defined in section 6.21 of any form on any
park property. This prohibition shall not apply to the Performinq
Arts Center and Theater. to any portion within a ~ublic building
when rented to private parties. or to Jack Russell Stadium and the
Clearwater Country Club golf course when the sale or consumption of
alcoholic beverages has been authorized by the terms of any lease
or other agreement approved by the city commission.
Section 2. This ordinance shall take effect immediately upon
adoption.
PASSED ON FIRST READING
PASSED ON SECOND AND FINAL
READING AND ADOPTED
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Mayor-Commissioner
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City Clerk
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CITY OF CLEARWATE
Interdcpartmenta ndencc Shee
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TO:
Kathy Rice, Deputy city Manager
FROM:
COPIF.S:
Ream Wilson, Director, 'Parks and Recreatio
SUBJECT: Clearwater Free Clinic, Inc.
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DATE:
January 25, 1995
C,,: ,
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Attached is a letter from Brenda Harris Nixon asking that the City
arrange for the removal of three trees on Clearwater Free Clinic
property. Ms. Nixon's letter is self-explanatory and the trees
have been inspected by Alan Mayberry and Ozell George,
Superintendent of Parks. If we were to do the job, we would be
contributing approximately $1,200 in manpower and equipment. The
job would take one and a half to two days. If you approve, we will
place on our schedule.
Your earliest comments and direction are appreciated.
RW/bgm
Attachment
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CLEARWA TER FREE CLINIC, INC.
a non"covemment. non-profit accncy
707 NO. Fr, HARRISON . CLEARWATER, FL 34615
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January 18, '1995
Mr. Ream Wilson, Director
Clearwater Parks and Recreation Department
Dear Ream,
I have just been elected President of the Clearwater Free
Clinic. As you may know, the Clinic treats nearly 7000 patients,
both adults and children, each year. We receive no government
funding whatsoever and there is no charge to our patients for
medical services. Our services are provided completely by
volunteers - 60 physicians, 45 nurses, 40 clerks, two
technologists and two pharmacists. We do employ a fulltime
executive director and a parttime secretary.
The reason I am writing is to see whether or not you do
or could do a "favor" for an organization such as ours. We just
recently purchased two lots for expansion - one for parking
and one for a Clinic addition. On the lot purchased for parking
are three trees, one of which is quite large and has a rather
severe problem; in fact, one branch fell recently and damaged
a car. I asked Alan Mayberry to evaluate, the trees, and it was
his suggestion that all three be removed. The other two trees
are smaller and have been damaged and severely pruned in the
past. They pose no danger but provide no "tree" value.
Alan said that it could cost up to $1500 for the large
tree to be removed. Adding the cost of the other two trees to
that, and we are talking "real money". Since we survive solely
upon donations from the community, you can see that that is
a great deal of money to us.
Several months ago we were out of town for the weekend,
and while we were gone, a storm blew down a huge tree in my
yard (in the city right of way). On Monday morning, one of the
city crews came by and within 15 minutes it was as if the tree
never existed. They did a spectacular job and I have been meaning
to write to say "thank you" ever since. Obviously they have
the equipment and the expertise to do a marvelous job very
quickly.
To get to the point, would it be possible for the city
to donate the crew to remove these trees for us? It would be
a tremendous help to us and we would be most grateful.
I appreciate your taking the time to review this matter
for me. __
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Brenda Harris Nixon
President, Board of Directors
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MEMeRAN.UM
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COPIES TO:
COMMISSION
TO: '
Mayor and Commissioners
FEB 07 1995
FROM:
Commissioner Deegan
PHI:SS '
CLERK I ATTORNEY
COPIES:
Betty Deptula, City Manager
SUBJECT:
PSTA and Local Option Gas Tax
DATE:
February 6, 1995
************************************************************
At the January meeting of the PSTA, the draft of a resolution requesting support of the
imposition of a local option gas tax was distributed and discussed. A copy of the
proposed resolution (95-02) is attached. Please note no action was taken.
The PSTA board thought it prudent to request Ceedback from each of the municipalities
as well as Crom tbe County Board of Commissioners prior to Connally requesting the
MPO to join it (that is the PSTA Board) in requesting that tbe County Commissioners
impose this tax, under the authority given to them by the State Legislature.
We are advised that should such a tax be imposed, the distribution of the Cunds thereby
generated would probably be subject to an interlocal agreement among all of the local
jurisdictions, as was done to determine the distribution of the present local option gas
tax now in effect.
, The PSTA Board also Celt, at the suggestion of its Legislative Issues Committee, that
should such a request be made of the County Commissioners, it might be mere effective
to tentatively earmark any funds from this source to be allocated by the various
jurisdictions as means to comply with the unfunded mandates of ADA. PSTA itself has
need of substantial sums each year to comply with ADA, and the feeling is that the cities
might have somewhat the same reaction with regard to using some oC these monies for
their own ADA needs.
I will bring this subject up for discussion at the February 13 meeting in order to have
some feedback to give at the PSTA Board meeting at the end of February.
Thank you for your private consideration of this matter prior to February 13.
AXD/cb
Attachment
A RESOLUTION OF THE PINELLAS SUNCOAST TRANSIT AUTHORITY
SUPPORTING THE IMPOSfnON OF A LOCAL OPTION GAS TAX
UPON EVERY GALLON OF MOTOR FUEL AND SPECIAL FUEL SOLD
IN PINELLAS COUNTY AND TAXED UNDER THE PROVISIONS OF
CHAPTER 206, PART I OR II. FLORIDA STATUTES, REQUESTING
THE PINELLAS COUNTY METROPOLITAN PLANNING
ORGANIZATION TO SUPPORT SUCH TAX AND REQUESTING THAT
THE PINELLAS COUNTY BOARD OF COUNTY COM:MISSIONERS
APPROVE SUCH TAX; AND PROVIDING FOR AN EFFECTIVE DATE.
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G~S~tu~;:;N 95-0~
WHEREAS, the Legislative Issues Conuniuee of the Pinellas Suncoast Transit Authority
Board of Directors held a meeting concerning funding for public transit due to concern about
the future losses of federal funding and lack of state funding for public transit; and
WHEREAS, it has been determined that President Clinton plans to reorganize some
federal departments, including the Transponation Deparonent, in order to save federal budget
donars. which includes a reduction and a future phasing out of Federal Operating Assistance
Programs; and
WHEREAS, PSTA used to receive approximately three million dollars in Federal Transit
Administracion operating assistance, but in fiscal year 1994-95 the amount was reduced to 2.5
million dollars. which is almost ten percent of PSTA's annual budget. The Five Hundred
Thousand Dollar difference was funded through a surplus of the previous year and a fare
increase; and
WHEREAS, President Clinton and the U.S, Congress have proposed even greater
reductions in operating assistance in fiscal year 1995-96; and
, WHEREAS. because of the loss in federal funding. PST A's budget could potentially be
one million to two million dollars short in fiscal year 1995-96; and
WHEREAS, although PSTA has the option of raising the millage rate to the cap, such
millage rate increase would not make up the difference caused by the to13ll05S of federal funds,
Further, PSTA's Special Act requires that in order to change the millage rate cap. a referendum
is necessary; and
WHEREAS, the Florida Transit Association is lobbying for legislation at the state level,
but thus far no such legislation has been introduced; and
WHEREAS, the State Transportation Trust Fund has been noted to be in some jeopardy,
therefore less~ning state public transit funding; and
WHEREAS, the Florida Legislature has providt:d in g336.025 for a levy of a local option
gas tax on mOlar fuel and special fuel wherein a 1-cent, 2.cent, 3.cem, 4.ccnt, 5-cent, or 6~cent
local option gas tax. may be imposed upon every gallon of motor fuel and special fuel sold in a
county and laxed under the provisions of the Florida Statutes and such t3X may be levied by
ordinance adopted by a majority VOle of the gO\'t:ming body, meaning the Pinellas County Board
of County COll\missioncrs~ and
WHEREAS, PSTA has realized lhat the demand for paratransit service for the disabled
is continuing to expand; and
WHEREAS, PSTA is concerned about its ability to meet lhe needs of its riders of its
fixed route and para transit service wilh its present sources of revenue; and
WHEREAS, the Americans with Disabilities Act requires PST A to meet minimum
standards for its paratran5it service and such minimum standards are requiring PST A to expand
its paratransit service; and .
WHEREAS, the local option gas taX is needed to supplement PSTA's other sources of
revenue to meet lhe increasing demand for paracransit service. the requirements of the ADA and
the increasing transportation needs of PineUas County's disabled community.
NOW, THEREFORE, be it resol ved, by the Board of Directors of the Pinellas Suncoast
Transit Authoriry, that:
1. The ,above recitals are trUe and correct.
2. PST A supportS a tocit option gas taX, and PST A requests that the Metropolitan
Planning Organization of Pinellas County suppon a local option gas taX being imposed in
PineUas County.
3. PSTA requests that the Pinellas County Board of County Commissioners approve
the implementation of the local option gas taX to aid in funding PSTA's paratransit service to
Pinellas County's disabled citizens,
4. The Chairperson shall forward this Resolution to the Metropolitan Planning
Organization and the Board of County Commissioners forthwith.
5. This Resolution shall take effect immediately upon its passage and adoption.
This Resolution is hereby adopted by the Pinellas Suncoasc Transit Authority Board of
Directors in session duly and regularly assembled this 25th day of January J 1995.
PINELLAS SUNCOAST TRANSIT AUTHORITY
PINELLAS COUNTY, FLORIDA
Ernest Fillyau, Chairperson
A TrEST:
APPROVED AS TO FORM:
Jean Halvorsen, Secretary/Treasurer
Alan S. Zimmer, G~neral Counsel
;;49552,1
"
MEMORANDUM
fZ -e :: ~\
COPIES TO:
COMMISSION
TO:
Mayor and Commissioners ()
Commissioner Deegan a p
FEB 1 0 1995
FROM:
COPIES:
City Manager
Pfi2SS
CLERK I ATTORNEV
SUBJECT:
DA TE:
Speeding on Landmark Drive
February 10, 1995
************************************************************
You wUl recall that for at least two years the most significant concern of the people who
came to the Countryside Town Meetings was that of speeding on Landmark Drive. We
were shown very graphic pictures of accidents and skid marks, especially at the curve in
front of Mr. Bob Wagner's residence.
Tbe people on Landmark have long argued that their road is as much a residential
street as some of the smaller roads inside the subdivision. They formed a civic
association primarily to have more clout in protecting peace and quiet and safety on
their streets. They can document many years of continual effort to have the city do
something about enforcing reasonable speed limits on Landmark, rather than have it
become a major thoroughfare.
The City Engineer's memo to Commissioner Fitzgerald (attached) recounts the most
recent efforts on our part to deal with this problem. It also indicates utter
dissatisfaction on the part of Mr. Kennedy as the spokesperson for the group (which bas
now disbanded its civic association out of a feeling of frustration at not being able to get
the city to sol~e the problem).
Mr. Kennedy has since called me as a member of the MPO because they feel they must
now go to the county in an effort to get some results. I found him to be totally
frustrated. He indicates Mr. Wagner has put his house up for sale because his wife
cannot sleep nights out of concern for the speeding, the screeching of tires, and the
sound of accident impacts. There was another serious one there a month ago.
One of the issues compounding this problem is the way accidents are handled.
Understanding that the number of accidents is one of the measures to dctennine
whether stop signs, etc., are called for, it is hard to understand why so many accidents
arc not reported through the police records to the Traffic Engineer, due to the policy of
v'
Page 2
handing out, not "tickets", but "blue tickets", which allegedly do not get counted, and
give a false picture of the danger.
Mr. Kennedy's group has asked for three stop signs along Landmark, along with some
lane markings and required turns or merges, all of wbich our staff bas in band. They
don't really want stop signs, recognizing they will impede flow of traffic; but they think
they will help get across the idea of danger for a short time. They suggest the signs be
put up until McMullen Bootb construction is completed.
They also wonder why the posted limit on Landmark, where it is two--Iane or four-lane
is 35 mph, whereas on other similar arterials the two--Iane stretch is posted at 5 mph
less.
I would like to discuss this at a Commission meeting ASAP, meaning Monday,
Febrnary 13th. It is my belief that we can accommodate their wishes, despite the
warrants, if theN are other circumstances, such as exist here. I assume the
enforcement steps cited by Mr. Baier wiD also be carried out.
I have a related question which needs clarification. In the above-referenced memo, the
City Engineer points out that the speed at the 85th percentile on Landmark was clocked
at 4S mph. That means one out of 6 or 7 cars (15%) is going anywhere from 45 to 75+
mph on Landmark. That is certainly cause for alann. And so in this instance, this is
cited as an enforcement problem, smce the posted limit is 35 mph.
What perplexes me is that on other occasions we have been told that when a similar
study is done, the limit is set to match what is found to be the speed at the 85th
percentile!
Personally, I could never agree with the latter. Just because a lot of people are
exceeding the limit ought not to be justification for raising the limit to accommodate
their bad driving habits. Especially because the data used to judge safety, such as the
number of accidents and tickets, does not always reflect what actually takes place, as
explained above.
Thank you for reflecting on this and any decision you might wish to make that will help
solve this long endured problem.
AXD/cb
Attachment
cc: Brigadier General Robert Kennedy, U.S.A. Retired
TO: '
Commissioner Fitzgerald
eriZ8b8~ M. Deptula, City ~enager ': ~
Richard J. Bajar, CitY Engineer ~ t 0
Kathy S. Rice, DeputY CItY Manager
William C. 6ake(. Assistant City Man$ger
'sid Klatn, Chief of Police
Donald' A. Maertens, Assistant Traffic Engineer
John Amlro, Signal Systems Engineer
Lt. Hardman, District Commander, E!lIst Patrol DIstrict
~ e..=CA \
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; : CO'PIES TO,
, COMMISSION
FE8 0 8'1995
PAESS
CLERK I. ATTORNEY'
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CITY OF CLEARWATER
InterdElpartment Corrospondence Sheet
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, CqPIES:
SU~Ecn .
. DATE:
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Report of Speeding on Landm,el'k Drive between S.R.5S0 and Curlew Road
February 6, 1996
.
On :Fridav,: February 3rd, I wes contacted by Mr. Robert Kennedy of the Landmark
Homeowners Association, and he expressed a conoern regarding the preva11lng speed of traffic
on Landmark Drive. 'explained to Mr. Kennedy that I was In the prooess of-/eviewlng that
filet, us ~e 'he.d Just completed a two.day spot speed study along this roadway segment. In
additiol'}, l had explaIned to hIm that I would personally field revlaw this segment of Landmark
to replica~ not only the driver~$ ability (or l!lck 01 ablllty) to control one's car at the speeds
Bs.reported by hIm, but also to examine the vehicular overtrs'cking from'the paved roadway.
o.n M90dey, February 6th, I field reviewed, along. with two "staff engineers, this section of
,Lantlmark to:' (1) examine the volume and speed of traffic diverted from S,R-,SBO while under
~1)nstructlQn~ (2.) review the r1ght-of-way and private property damage as reported by Mr.
1<~n~9dy d~e to vehicular ovartracklng; and, (3) field test the roadway at the speeds reported
by't'JIr. Kennedy. The roadway 1s currently posted at a speed limit of 35 mph, which was
Increased from 30 mph in 1984. At that time, the prevailing speed along this roadway was
b9twee'n 41 and,43 mph, Our spot speed study end field review Indicates that the existing
prevai!il1g speed 810/19 this roadway segment is 45 mph. The roadway Is well lighted, the
pavement Is in good' condition, as are the centerline markings, The speed limit is clearly
posted Bt regular intervals and, in the late 1980's, raised pavement markers were added to
the:roadway In order to better define those curved and straight sections.
.
''1\ revle~ of the accl~ent history for thIs section of roadway indicates that the accidents are
yaried, In riature and related to. primarily. youthfut drivers exceeding the speed limit and/or
under ,the 'influence of alcohol. As a minor arterial, the roadway falls into a Group 1
classification. and appears to be o~erating at a level of service "6" or'bener. ThIs level of
,setvlee':lndloates that the vehloular flow along the roadway Is fairly steaCly, and at a constant
'speed \~lth'little or no Interference and friction from adjacent 'motorists end/or fixed roadway
:objeots.
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" hs'd phoned Mr. Kennedy Monday afternoon in order to relay this information. and additional
info'rmation; to him regarding what we realistically expect to accomplish. He had requested,
in order to control the speed of traffic; that we erect three or more stop sIgns along Landmark
'Drive. I had explatned to him on Friday, In a previous conversation, that it would be unlikely
th~t;19ould support the addition of three regulatory signs which are not warranted under the
'.' MUT'CD regulatory stop sIgn warrants, Prior to being able to convey much else but my name'
.. . (continued)
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FES-07-1995 17:57 FR01 CITY CF a.w. B-OIN:ERII-G TO
Cl'N ~
P.02
i,
Memo to:
Through: .
Date:
Commissioner Fitzgerald
ElIzebeth M. Deptula, City Manager.
February 6, 1996
Page ~ (pontlnued)
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to'Mr: Kerinedy~ he asked me whether or not r would support:ihe addition oi these three stop
signs. When I proceeded to explain why I could not support the three sto~ signs, he thanked
me for a lack of support for hIs ceuse,and hung up 'the phone; Prior to d'olng so, he IdentIfied
his nexfplan of action In that he would Beak remedy through the City Mtrl'\ager's office, o(
through Commissioner Fitzgerald's office. I would like to' express to you my. proposed
solution, as I WOUld have relayed It to Mr. Kennedy.
, ,
Earlier today I had spoken wtth Lt. David H&ttsman of the City ~f clearwet~r Petlc;'
Department, end he informed me that they were 'currently patrolling this. roadway 1ike any
other CItY. street. At,my request, and due to the 46 mph, 86 peroentlle, sPged; Lt. Hardman'
agrc~ed to effectively '''beef upu the patrol of the s~ctlon of rQadwsy to. four days 8 week for'
ten-hour periods, In addItion to solving this problem, which 1s an enforcement problem'
utIilzlng enforgement measures. the Engineering Qepartment ~1II purCh81t 1rf!nglble based
object markers which can be used behind the cui'bllne end ~will have:a button reflector to
better illuminate at eyes-level these cUrv~d sectioris of roadway. It is. u~fort",nBte'that I was
unable to express thIs solution to Mr. Kennedy In '\hst our conversat1on e.nded prematurely.
I would hope ttiat this informatlontBs provided to you, will enable a:,membe'r of the City
Manager's offIce to explaIn our response end futur~ action In order to safeguard the ,motoring
publio, which f was unable to convey to Mr. Kenn~dy,; :' '.
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, . If you hov~ any addldonal questions, please don't~hes\tate to contact tne,l!It e~. ~42.
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TOTA... P. 02
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,When and when not
to use stop signs
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by Steve Barber
Do you use stop signs correctly?
Stop signs arc one of the most
common traffic signs and also one
of the most often misused. A stop
sign is intended to assign right-of-
way at intersecting street locations,
Stop signs nre commonly placed in
'an effort to control speed on local
streets. Many believe that forcing
motorists to stop at each intersec-
tion will decrease overall speed on
the road, However. studies show
that stop signs only reduce speed
immediately adjacent to the sign.
Most drivers Decelerate between in-
tersections to make up for time lost
at the stop sign. Engineering stud~
ies indicate that the inappropriate
installation of extra stop signs may
cause additional problems such as
more rear-end collisions, n redistri~
bution of traffic onto side streets,
and drivers ignoring the inappropri-
ate stop signs.
The right way
Stop signs should only be used
where warranted because they cause
substantinl inconvenience to motor-
ists, Motorists are inconvenienced
because of lost time and expended
fuel. A wnrrllnt is a guideline to de-
termine the need for instnllation of n
sign rather than absolute criteria,
Their use, tempered with profes-
sional judgement and local knowl-
edge, will result in effcct;ve imple-
mentation, For example. knowledge
of the locall'Oad system will quickly
identify problem uccident arens thut
you Illay improve by propcr sign
plnccment. Locnl police officers or
other municipnl employees clln col-
lectthe dntnlo cvnluatc the wafl'llnls
listed below, As oUllined in the fol-
lowing Wllffllnts, vehicular vo]ume
counts, sight distance ll1ensure-
mellts, nnd possibly vehicle delny
cslimnlcs arc requifed to propcrly
eVll]unle the Warrlmts, Addiliolllllly,
II review of intersection geometry,
adj lIccnt rclndwny fenturcs nnd vehi-
c1c spccds through Ihe 1Il'Cll are nce-
essnry to accurately judge the place-
mentofproposcdslopsigns, Stop sign
warrants are outlined in the Pennsyl-
vaniaDepartmentoITransportation's
Publication 201, Engineering and
Traffic Studies, Subchapter D-Traf.
lic Control Restrictions, which is
available from the PCllnDOT, Distri-
bution Services Unit at (717)787-
6746. The following five warrants
for using stop signs arc listed in Pub-
lication 20 I :
I, On a minor road at the entrance to
an intersection where the application
of the normal right-of-way rule cre-
ates Ullnccessary connicts,
2. On a street or highway entering II
through highwny,
3, On the minor road ntnn unsignal-
ized intersection in a signalized area,
4, Where sight distance or the acci-
dent record indicates the nt:cd for con-
trol by SlOP signs,
5. On a channelizcd right-lurn road-
way at n signnlized intersection
where:
· The traffic-control signals arc
not readily visiblc,
. The right-turn roauway docs not
have separnte signllls,
· ^ yield sign is lIot appropriate,
Multiway stops
Mulliway stop interscctions can also
hc an effective method of improving a
hazardollS location of controlling traf-
fic congestion, Mulliway slop inter-
scctions can also be an effective
mcthod of improving a hazardous lo-
cation or controlling tramc conges-
tion, The following are wurrunls for
mulliway stop intersections:
I. Where traffic signals arc urgently
nceded, the mulliway slop is an in-
terim mcasure 'hat can be installct1 to
control traffic while lIrmngel11ents ore
being made for the signal instnllation,
2. Where UI1 accident problem is in-
dicated by five or more accidents in a
12-1110, period of n type susceptible tn
correction by n ll1ulllwllY slOp Inslnl-
Intion. Such accidcnts would Includc
righHlIrn I1l1d Icft-turn collisions liS
well as right-angle collisions,
3, Minimum traffic volume:
· The total vehicular volume en-
tering the intersection from all
approaches averages at least 500
vehicles/hr, for any 8 hrs, of an
average day.
. The combined vehicularnnd pe~
destrian volume from the minor
street or highway avcrnges at
least 200 unil.~/hr. for .he same
8 tus" with an average delay to
minor street vehicular ttome of
nt least 30 sec.lvehicle during
the maximulll hour,
. When the 85th percentile ap-
proach speed of the major street
traffic exceeds 40 mi,/hr,. the
minimulH vehicular volume
warrant in 70% of the require-
ments of clauses above,
4. When the trnff1c volulHe on either
of the roadways is over 400 vehi-
cles/day and both of lhe following
provisions are sntislied:
. The nvailnble corner sight dis-
tance for the driver on the minor
rolld,..is less thnn the appropri-
ate stopping sight distance value
for traffic on the major roadway,
. There is no prnctical method of
improving the corncr sight dis-
tance or rcuucing the specd limit
to sutisfy the minimum stopping
sight dislance.
Dy following the lIppropriute sleps
prior to installing slop signs, lheir use
and ]ocalion mllY reduce nccidcnts lInd
properly regulate t!oflic through an
nrea, Improper signing and ignoring
the WlIrrnnls creale dangerous conui-
t;ous for bolh drivers and the respon-
sihle municipality, Unwarranted or
subslandanl traffic control devices
cOfltritJuling to /In nccidcllt enn
sometimcs he grounds to awnrd
judgement lIgninsl nn ngency in-
volvcd in n Icglll dispute, d
This al'lit'lc' rOlIl'It'.ty c~r 1'IIc' l'c'lIIl-
.n'll'tlllia I,Ot~a' UrHH/,t 1'1'01{I'alll,
~: /('1' (, II cl I'll f'I' h CIII L '/'1\ I' , I'af-
jid,wfc'I,\' ('" N i" C'C' 1',
FEUIWAn\, 199~ lletlrr Rmuls 25
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No),) - FLoe'D/\- e~A1
Ariother $5 Million Judgment!
CAN 1N'E STOP THIS?
(A rcport takc" frol/l Cowall Ncws)
A plaiutiff's lawyer lms ollly to 1'rove
1% lialJility agaillst a dccP-llockct
defendfUlt to recover from rhat dcfen-
dm,t 100% of t/,C pla;"t;ff's damagcs,
In March of 1993 our lead nrlide
~as about road liability and warning
signs, The courts have just handed
down another significant judgment
against one of our municipal clients,
In this particular case the munici-
pality was found 20% liable for a 1988
accident in which a truck went
through an intersection controlled by
a stop sign and hit a vehicle on the
through road,
The injuries to the occupants in the
other vehide were significant, result-
ing in a large quantum of damages,
The trial judge found 80% liability
against the owner and operator of the
truck thal went through the stop sign.
In finding 20% liability against the
municipality, the judge concluded
that the stop sign was in poor repair,
that it was not easily visible, and that
it should have been replaced prior to
the accident.
What are the implications of this
judgment?
, The total judgment was $5,250,000
for the plaintiff, The municipality's
share of this loss at 20% would be just
over $1 million, with the truck owner
being responsible for approximately
$4 million in damages, Unfortunately,
the owner of the vehicle did not carry
en,!ugh insurance nor does he have
sufficient assets to satisfy the $4
million judgment against him.
Under the Negligence Act the law
states that. where dnmnges have been
caused by two or more persons and
where two or more persons are found
,at fault or negligent, they are jointly
'and severa lIy lia ble to the person
,suffering loss or damage,
. The implications in this case are
tlmt the municipi'lli\y mllst contribute
'$4 million towards the judgment
when their share based upon a
,Hnding or 20% liability is only $1
mUlton,
! This is a very recent decision and
.is being studied carefully in terms ur
the possibility of an appeal,
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What should municipalities do
about these situations? There are
'two issuesl
Notwithstanding the potential
appeal of this particular case, it is
very clear that municipalities have a
responsibility to keep roads in safe
repair and that they will be held
accountable for any breach of that
responsibility,
Our March 1993 Newsletter article
explained that there are standards
that can be followed in this respect
(lnd they are described in the. Manual
of Uniform Traffic Control Deviccs,
This document has some very
specific recommendations and guid-
ance in respect of the use of signs and
related maintenance requirements,
including refledorization, illumina-
tion, ele, It is essential that municipal
road departments understand the
importance of these issues and that
regular systems of inspection and
maintenance be in place.
Municipalities may Cllso wish to
consider lobbying the Provincial
Government for some assistClnce, in
terms of I egisla ti on, that wou ld
restrict municipalities from being
held responsible for someone else's
negligence, The appropriate forum
for this lobby could be the Ontario
Good Roads Association,
It is very disturbing and even
dislilsteful to think thilt a plaintiff's
lawyer only hilS to prove 1 % liilbilily
against a defendant with il deep-
pocket in order to open the door for
that defendant to pay up to 100% of
the plaintiff's damages, It is perhaps
even more ludicrous to have our
lawmakers write legislation that, on
one hand, makes it legal for a driver
to carry ns liule as $200,000 in auto~
mobile liability insurance, while on
the other hand, legalizes picking the
pocket of a well-insured municipal
corpomtion simply because of
someone else's impecuniosity,
Although nnwndmcnts to the
Insurance Act as created by Bill 1M
(new autolllobile legislation effective
January 1994) Illay provide some
assislilnce in resrl~c1 of aulomobile
accidents, the exposure is slilI there in
lllilny other ilrcas affecting public
entities, .
~e.:J..1
Intelligent
Transportation
Society of America
400 Virgil/ia Avc" S, W" Suite 800,
Washillgloll, DC 20024-2730, P/,ottc
202-484-4847, Fax 202-484-3483.
January 5,1995 - The 104th Congress
convened yesterdny with a neW
majority in both houses and a neW
agenda, This report will focus on
activity in the V,S, House of Repre-
sentatives since very few announce-
ments have been made in the U,S.
Senate to date, Reports will be sent
out as informiltion becomes available.
U.S. DOT Restructuring - Possible
Legislation
On Dec, 19, 1994, the V,S, Depart-
ment of Transportation Clnnounced its
plans to restructure. The three key
strategies are: first, to consolidate the
10 operating administrations to three;
second, to reorganize 30 funding
programs into three; and third, to
reduce the workforce nearly by half,
It is unlikely that enough time
exists to include the proposed
changes in the President's FY 1996
Budget to Congress, The proposed
restructuring will go through the
legislative process, a DOT official
indicated at a briding on Dee, 20,
1994. The deadline of Sept. 30, 1995,
for Congress to approve a National
Highway System may act as a cata-
lyst.
As for research and development
funding, technology is an important
component in serving investment and
safety needs, V,S, DOT officials
commented on Dec, 20, 1994. ^
strong role for technology will be
favored for U,S. DOT and its
customers, U.S, DOT also proposed
to eXilOline how to make the regula-
tory process move more swiftly, offi.
cials stilted,
The new chairman has been highly
supportive of public works funding,
viewing it as an important federal
investment in the nation's futulie
economic viability. .
~h 9~'
IMSA Journal