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ARTICLE I
AUTHORITY, DEFINITIONS AND FINDINGS
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ORDINANCE NO. 3973-85
AN ORDINANCE AU'T'HORIZING 'T'ILE ISSUANCE OF A NOTE
z NOT EXCEEDING $10,000 TO BE KNOWN AS THE "RUNNING'
TRACK IMPROVEMENT NOTE OF THE CI'T'Y OF CLEARWATER,
FLORIDA", FOR THE PURPOSE OF ASSISTING THE
SPRINGTIME CITY KIWANIS CLUB IN RESURFACING
THE RUNNING TRACK AT CLEARWATER HIGH SCHOOL;
A011EEING TO PAY SUCH NOTE i'ROM REVENUES DERIDED
FROM SWIMMING CHARGES AND/OR RECREATION RENTALS;
PROVIDING FOR THE SEVERABILITY OF THE PROVISIONS
HEREOF; PROVIDING FOR PROPER NOTICE OF PROPOSED
ENACTMENT; AND PROVIDING FOR THE EFFECTIVE DATE
OF THIS ORDINANCE.
BE IT ENACTED BY THE CI'T'Y COMMISSION OF THE CITY
OF CLEARWATER, FLORIDA:
Section 1.01'. AUTHORITY FOR ORDINANCE. This ordinance is
adopted pursuant to the provisions of Section 41.11 of the Code
of Ordinances of the City of Clearwater, Chapter 166, Part II,
Florida Statutes, and other applicable provisions of law.
Section 1.02 DEFINITIONS. The following terms shall have the
following meanings herein, unless the text otherwise expressly
requires:
A. "Issuer" shall mean the city of Clearwater, Florida.
B. "Obligation" shall mean the note herein authorized to be
issued for the purpose of assisting the Springtime City Kiwanis
Club in resurfacing the running track at Clearwater High Schaal.
C. "Holder of Obligation" shall mean the School Board of
Pinellas County, Florida.
D. "Project" shall mean the resurfacing of the running track
at Clearwater High School.
. Section 1.03 FINDINGS. It is hereby ascertained, determined
and declared that:
A. The Issuer now operates a park and recreation department
in the City of Clearwater, Florida, and provides parks and recrea-
tion services to the residents of Clearwater.
B. It is desired to assist the Springtime City Kiwanis Club
in resurfacing the running track at Clearwater High School with
the approval of the School Board of Pinellas County, Florida,
which shall be for the public health, safety and welfare of the
inhabitants of the Issue I17,?VfT SEE:
FO
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C The principal of the Obligntion shall be payble solely
from revenue derived from swimming chargan and/or recreation
rentals, The Issuer shall never be required to levy ad valorem
taxes on any property therein to pay the principnl of the Obligation
and such obligation shall not constitute a lien upon any property
of or in the Issuer.
ARTICLE II
AUTHORIZATION, TERMS, EXECUTION
Section 2.01 AUTHORIZATION OF ACQUISITION OF PROPERTY. There
is hereby authorized assistance to the Springtime City ICiwanis Club
and Pinellas County School Board in resurfacing the running track
at Clearwater High School, which shall be used by.the school system
and which will be available for use from time to time to members of
the public and for City--sponsored events. The participation of the
City of Clearwater in the project shall be in the principal sum of
Ten Thousand Dollars ($10,000.00), which shall be advanced by the
Pinellas County School Board and which will be repaid by the City
from revenue derived from swimming charges and/or recreational rentals,
.over a period of five (5) years at Two Thousand Dollars ($2,000.00)
:,per year, interest free, payable on January 31 of each year with
the final payment due on January 31, 1990. "
Section 2.02 AUTHORIZATION OF OBLIGATION. Subject and pursuant.'
.to the provisions hereof, an Obligation of the Issuer to be known
`as the-"Running Track Improvement Note of the City of Clearwater,
Florida", herein referred to as "Obligation", is authorized to be
issued in the aggregate principal amount of not exceeding Ten
'. ,.Thousand Dollars ($10,000.00).
:Section 2.03 DESCRIPTION OF OBLIGATION. The Obligation shall
be;dat6d June , 1985, shall consist of a note of the Issuer
_ payable in annual principal payments of Two Thousand Dollars ($2,000.00),
due January 31 of each year beginning 1986 and ending 1990.
Such Obligation shall be issued on a note form as provided here-,,
in;'shall be payable to bearer with respect to principal as provided
herein and In lawful money of the United States of America.
Section 2.04 EXECUTION OF OBLIGATION. The obligation shall
be executed in the name of the Issuer by its City Manager, counter
signed by its Mayor-Commissioner and its corporate seal or facsimile
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thereof shall be affixed thereto or reproduced thereon and
tittested by its City Clerk. The Obligation shall be approved as
to form and correctness by its City Attorney. In case any officer
whose signature shall appear on any Obligation shall cease to be
such officer before the delivery of such obligation, such signature
shall ynevertheless be valid and sufficient for all purposes the
same as if such officer had remained in office until such delivery
. Section 2.05 PROVISION FOR REDEMPTION. The Obligation may
be made redeemable prior to its respective date of maturity, at
the option of the Issuer.
Section 2.06 FORM OF OBLIGATION. The Obligation shall be in
substantially the following form, with such omissions, insertions
and variations as may be necessary and desirable and which are
herein authorized or permitted prior to the issuance of the
obligation:
s CITY OF CLEARWATER
NOTE
KNOW ALL MEN BY THESE PRESENTS that the CITY OF CLEARWATER,
FLORIDA, (hereinafter called "City"), for value received, hereby
promises to pay to THE SCHOOL BOARD OF PINELLAS COUNTY, FLORIDA,
the Holder of this Note, from revenue derived from.swimming charges
and/or reci7eation rentals, the principal sum of Ten Thousand Dollars
($1.0,000.00). Principal on this Note shall be due and payable in
lawful;money of the United States of America at
This Note is a single authorized obligation in the amount of
$10,,000.00 issued to finance the cost of assistance to the Spring--
timb City Kiwanis Club in resurfacing the running track at Clearwater
.High school under the authority of and in full compliance with the
Constitution and Statutes of the State of Florida, including
Section 41.11 of the Code of Ordinance of the City of Clearwater,
Florida, Chapter, 166, Part II, Florida Statutes, and other applicable
,provisions of law,and an ordinance duly enacted by the City Commission
.of the City of Clearwater on the day of , 1985,
and is subject to all the terms and conditions of such ordinance.
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ORU.. # 3473
6/20/83
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This Note may be redeemed at any time prior to maturity, at
the option of the Issuer.
This Note does not constitute an indebtedness of the City
within the meaning of any constitutional or statutory provision
of limitation of indebtedness and it is expressly agreed by the .,
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Holder of this Note that such Holder shall. never have the right L3?J;
to require,or compel the exercise of the ad valorem taxing power
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of the City'for the payment of the principal on this Note.
It is further agreed between the City and the Holder of this
Note that this Note and the Obligation it establishes shall not
constitute a lien upon the Project, or any part thereof, or on
any other property of or in the City, but shall be payable from
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revenue derived from swimming charges and/or recreation rentals
in the.manner provided in the Ordinance.
The agreement to pay from revenue derived from swimming charges
and/or recreation rentals described by the City under the Ordinance r a
may be discharged at or prior to the maturity or redemption of the
Note upon the making of provision for payment thereof on the terms '
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and conditions set forth in the Ordinance.
All acts, conditions and things required to exist, to happen
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and to be performed precedent to and in the issuance of this Note, ,
exist, have happened and have been performed in regular and due ;
form and time as required by the laws and Constitution of the
State-of Florida applicable thereto, and the issuance of this Nate
does.not violate any constitutional, statutory or ordinance
limitation or provision.
Itd WITNESS WHEREOF, the City of Clearwater, Florida, has issued r? -
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this Note and has caused the same to be signed by its City Manager,
countersigned by its Mayor-Commissioner, and the corporate seal to
be affixed and attested by its City Clerk, all as of the
day.of , 1985.
'
CITY OF CLEHRWATER, FLORIDA
Countersigned: By
f
C;,ity Manager,
Mayor-Commissioner Attest: ?
Approved as to form
and'correctness: City Clerk
.City Attorney r
• 3973 -4- 6120/85
I
ARTICLE III
SOURCE OF PAYMENT Or OBLIGATION
Section 3.01 SOURCE OF PAYMENT. The obligation herein authorized
shall not be or constitute an indebtedness of the Issuer within the
meaning of any constitutional or statutory limitation of indebted-
ness, but shall be payable solely from revenue derived from
swimming charges and/or recreation rentals; provided that such
agreement shall not constitute a lien on or a pledge of such
funds. No Holder of the Obligation shall ever have the right to
compel the exercise of the ad valorem taxing power of the Issuer
or taxation in any form on real property for payment thereof,
but the Obligation shall be payable only from the revenue derived
from swimming charges and/or.recreation rentals.
Section 3.02 COVENANT TO GENERATE REVENUES. The City agrees
to hake such lawful action as may be available to it from time to
time as will always provide revenues sufficient to pay out of such
funds as each installment becomes due, the principal of this Note.
ARTICLE IV
MISCELLANEOUS PROVISIONS
Section 4.01 CANCELLATION. If, at any time, the Issuer shall
have paid, or shall have made provision for payment of the principal
with respect to the Obligation, then, and in that event, the agree-
ment to pay from revenue derived from swimming charges and/or
recreation rentals in favor of the Holder of the Obligation shall
be..no longer in effect. For purposes of the preceding sentence,
a. tender of the full amount of principal then due on the obligation
or a:,separate deposit of the principal payment in a separate account
.,shall be considered "provision of payment."
Section 4.02 SEVERABILITY OF INVALID PROVISIONS. If any one
or more of the covenants, agreements or provisions herein contained
.shall be held contrary to any express provision of law or contrary
to the policy of express law, though not expressly prohibited, or
against public policy, or shall for any reason whatsoever be held
invalid, then such covenants, agreements or provisions shall be
null and void and shall be deemed separable from the remaining
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6/20/93
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• covenants, agreements or provisions and shall in no way affect
the validity of any of the other provisions hereof or of the
obligation issued hereunder.
Section 4.03 REPEALING CLAUSE. All ordinances or parts
thereof- of the Issuer in conflict with the provisions herein
contained are, to the extent of such conflict, hereby superseded
4 ^
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i and repealed.
Section 4.04 EFFECTIVE DATE. This ordinance shall become
effective immediately upon its adoption.
Section 4.05 EXECUTION OF NOTE. Prior to the execution of
the Note provided herein, the City Manager is authorized to make
any insertion in this Ordinance necessitated by the execution of Ir
k -
the Note.
Section 4.06 ADVERTISEMENT. Notice of the proposed enactment
of this ordinance has been properly advertised in a newspaper of
general circulation in accordance with Section 166•.041, Florida
Statutes.
PASSED ON FIRST READING dune 6, 1985
PASSED ON SECOND.AND FINAL'
READING AND ADOPTED June 20, 1985
Mayor-Commission ?,-
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