4281-86:;°..#„a eew s,;; .e , ... . .. .. .. rs Y,.. e ..., .• ? .'TY?.t .:-; :, <? M-..,ar, +•s r,r .i _tE_. 4 Ii 7t. let. 7r.
a r ;? ? ril r' r'•ows ? ' ?1?,t r d°SB)' .1, . ` ? .'1:5. ,'0 1'?,?+ .c,°'y .r .',•' f '
'? .°?ff °1? .? 33 <, s., :.? 'e 't. "?4.^L.? •'fs'."t,?. :FJ-i i5 ?~.
'?.c sR?'.??E.?r f. 'i?;1e,5' 4• .9: 't. -,9- ?Lt?°Ii ?trr':' °??',?=?P:,: r? r `x; r:?r?- °.w:•y?ix
?{?, S ? '??' ''? ?e? °s ,?;; ':^,. r, .. r.. i.l• ;'??,dYi:;?. .Yf4." ? r.3°.
r;?, ;.?. ,r.?'.'r.,'v' ?'?xi'.?..'y'.3"?`?„•..?..? :>}.a'::t: ??`????+'.....k• c? .r'..'4"z;';(1:?. .?,;':.•:e,;? ».J.?t,. :r..s .y,'?:'. ]ibk ?r•
' ??' c.1, ?%`p '`?. , kk ?',. r? V. ?? ? ?°.i?. ,?' .. 'r-: }:`;% .,.? .. x'.. - .1,'?'t.,:, j,a+;i4.?:?•l? ".?jr' °?????- {?:. °'"?tt'. }??`. }:.?7?p@ _Y'4?t L??d's-?
'r?ilfr.._a?i`.; k??? ?'.t. ??'..',+rX ?x't"!{xtf .x <t,.. ;?, i'': . r,.:. b': ?rt r?c .. ?t .?.'?g'--.../?e. : atr 5 rr`.'.. h .ri C, j'3- !;"s: +Ps• -.'?'a` .
-."9?• '•t,+^. ?'?. ?r .? °L`' r •?,. ,;Si%:i.ty:?: ,: t, _ .! ' ?..r.•,.r At ?:? -, •-'?. • ?:ei '?u: - Tie.;?,9,.{ !, M s r y: }
3°`';C'#'•. .?'.s '?, ?s Yx ?? dl• ?"I.$ , 1 s; Y;.:y., e?x: • ">> '?! wv? .'t'?'.'i' - 3 ic.°'.Y:. c'?'C' ?Si? e Y°`t?J i•? f?r. `? _i
.?s?; .}.? .?#t,'&'tr .+.g? ., ry>??is,: j: e. f`'? rk-t'3 ''d; ;. ??. '?'^a?7.9r... '?s'? r• >> rE s' "r F."fr+;?7 "?Y. ?='` ? ?• ""?
"{. u.f T: ` S r.3%L'>.. 3f!r. .'y: ti,> > :. F>. •:t . ,?';??w. , s-t .. , .°+::'Rr:4%?Li e 9 Yt .. o-; ?x ,3 s: `7 .F.'i -^r W
'.:; ,rr i-.. ap'"ii •. i?' :.413, i. r{.^ ?,, .+.sr:`, sy?: ?F,". ,?` ?:.x ?:.:ai°•{{ ?.:s ;;.}.;.r ?,, ws ..l? yt.ze r.--r-•..i7 L'. ?4 ..?'kX,a,r,•s? t
???". "?;"' s, Av .f> ,d .. '.b s'y;= "-r3; . i, ?'rra.?.?y.. •5., i'• .?A,' °f•a''E'
y,i •?-;-•,S,.t. *; +"3 °• ;'"§;.:, •?aa. ?}'?r..:" ;_i"; .c+ v??'; :°?:s: S ::ts'g?.a 3.Lb°f. "?., -d,:•, d:. y?u? ";f ? t
.:x. c:? .i-.^r.,'s,: 'i'?,?.? •r, :,.?•.?3. '. ;j'?; C';' :?,., 1. ';'3;:. .a:?'+»' »x jAA t.? `?;'??fN W(,#?t
'?. `? ; -'i r:?, .L.;. .'?,`. ?j a_ '•? ? ,;•}- r: 4ys ;1? E?; ?k' ? '?'? a. ?r+r?h F ?s?.
.s .•t. .;v'. :°s. :J.? ;e?r» ?f, s. :.t.< t> .fie,„'; _>; ?, ?: ?:^3,'? _d1`-•',?:..• •?:'?J, .. y. }?,`?rsc:.Y?,";" T'. i4'i ?"
:t.. _ .1'? 't.?? :t ssz` :?` y.raL:;?•y rh; :: f. ?n...a ..f. »dw ;,4...f ..S1.7Y:?`.! 1
"','Yr .:fk. ?1•a•6 i? - _'.h?`•` _ - - •?1,':?? wf.? r??'npC1':. .^.1 ?€-r?'?}'A??'r-.._.s'1 ?: e?cl:?.1 •'dw?
tr:' d r s
. • f ? v
M1s ? , 1 r, ? }? Y
• ' + L , rw
ORDINANCE; NO. 4281-86' AN ORDINANCE PROVIDIN(I FOR THE ISSUANCE OF A
$5,7009000 WATER AND SEWER REVENUE BOND ANTICIPATION
NOTE, SERIES 19801 OF THE CITY OF CLEARWATER, FLORIDA,
IN ANTICIPATION OF TIIE RECHIPT BY THE CITY OF THE
PROCEEDS PROM TIIE SALE OF ITS WATER AND SEWER
REVENUE BONDS, SERIES 1984-11 AND PROVIDIN(7 AN
EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COMMISSION OF TIIE CITY OF
" CLEARWATER, FLORIDA:
SECTION 1. AUTHORITY FOR THIS ORDINANCE. This ordinance Is
adopted pur§uant to Section 215.431, Florida Statutes, and other applicable provisions of
law.
SECTION 3. FINDINGS. It is hereby ascertained, determined and declared
that:
A. It has heretofore been determined that It Is necessary and desirable to
acquire and construct additions, extensions, and improvements to the water and sewer
system (the "System") of the City of Clearwater, Florida (the "City"), more specifically
defined In the Bond Ordinance hereinafter mentioned (such Improvements being herein
called the "Project").
B. The City has heretofore by Ordinance No. 3074-84, duly enacted on
August 2, 1984, as amended and supplemented (the "Bond Ordinance"), authorized the
Issuance of not exceeding $43,000,000 Water and Sewer Revenue Bonds, Series 1984
(hereinafter called the "Bonds"), to finance the cost of the Project and the refunding of
certain outstanding obligations of the City (the "Refunded Bonds"). On November 15,
1984, the City Issued $8,210,000 principal amount of current interest ' Bonds and
$4,840,447.45 Original Principal Amount of Capital Appreciation Bonds (together, the
"Outstanding Bonds"), and there remain authorized but unissued $29,949,552.55 principal
1 amount of Bonds (the "Unissued Bonds"). At the time of anticipated sale of the Unissued
t
_ Bonds, the City will be able to comply with the requirements of Section 16R of the Bond
Ordinance. Therefore, the Unissued Bonds and the interest due thereon, when issued, will
l be payable solely from and secured by a prior lien upon and pledge of the net revenues
` derived by the City from the operation of the System (the "Net Revenues"), on a parity
with the City's Outstanding Bonds.
C. The City has, on October 24, 1985, Issued a $4,200,000 Water and Sewer
Revenue Bond Anticipation Note, Series 1985 (the '1985 Note' % to provide Interim
LKL-09/09/86-6368-1250 =1-
Ord. 4281-'86 10/2/86'
r
Y
1
_ ;,r:_• '. y,,: !. r..••re,,.,,r?• ! 1-.:, q.,r Lqt,..; ?,„r. ?? ? nr•. Nw..?yr,.•€M .,aU::$'?''?"?a. „ ra.. a.e.• _... ?,.,.-.;?P,.-:I5•.S .:V?{.4?•
" eEf 4,.b,w.-Kr n'WA =r y.r,.; ,.5• 5' ? }2' ? .. f -?' ,.. 6• , S,::g?, ..?R't?,?r?j c, ;,,.
.1• :4.' 3,, ' ^ ,- -'•j..':µ,13- +" ?' ?t
y?t+?i'?' . ??' .,r•'~A' - ? ? 'j: °'tr!"',t<<i?•r:.r?%„ ? r ?.r>a??e ;?', iiixxx?v
.; ?+ .c?. ?'? -i` ??.' :,1Ft.' ;bs,f? ? ,..t??.d;-•; r.::,c, ' ;' ;'x.,t, a ar ??s
:°.• t:: >
E ` .., Geis r . ?,• ?.. •4'> ' t i,+'iy'Z
» ?•?. "ice .: _?,. 'it Tt X
"h c'1 it +'i' Y .1 wl1?r N"'1.
7 ?•Y.` ?9 , rr
? • ? `•?`,,i ' }" d?. :ia , 4`l•? j"F' ',7 ?.I.' . Ll' _ 'i' ^"x -3'•'c .;"*, :4:• ' '?M
?' ?k3:i.:,, i?'.ti•,. ,A?? c'L`?(y t6^?4.11.'k?1{f+t?' ?,/•i¢??i??3??.t?:Si? !.?? ,??, •? 5
• financing for the acquisition and construction of the Project, which matures on Septembers
24p 1986.`'
D. It is necessary and urgent that funds be made immediately available In l;r•
order to provide money for the completion of the acquisition and construction of the
Project and to refund the 1985 Note. The principal of and Interest on the Note to be
Issued pursuant to this Ordinance will be payable solely from and secured by a prior lien
upon and pledge of the proceeds derived from the sale of the Unissued Bonds and, If
necessary, fr,)m a lien upon and pledge of the Net Revenues. Such pledge of Net
Revenues, however, shall be junior and subordinate to the pledge and llen thereon to
secure paytnent of the Outstanding Bonds.
SECTION 3. RESOLUTION TO CONSTITUTE CONTRACT. In consideratio n
of the acceptance of the Note authorized to be issued hereunder by the owners from time
to time, this ordinance shall be deemed to be and shall constitute a contract between the
City and such owners. The covenants and agreements herein set forth-to be performed by
the City shall be for the benefit, protection and security of the legal holders of the Note. s:+"r`k r Y
t
d
t t
th
N 4
A
T
RI
ATI
N OF NOTES
S
b
pursuan
u
an
o
e
.
Z
.
jec
SECTIO
HO
U
O
• 1-•.
provisions of this ordinance and in anticipation of the sale and delivery of the Unissue d,
Bonds, a Note of the City to be known as "Water and Sewer Revenue Bond Anticipation
Note, Series 1986" (herein sometimes referred to as "Note"), is hereby authorized to be 3.t'rT:
`
Issued in the principal amount of Five Million Seven Hundred Thousand Dollars
($5,700,000). ?f? f ;
SECTION 5. DESCRIPTION OF NOTE. The Note shall be dated as of its
date of issuance, shall mature six months from Its date of Issuance, shall be In fully
registered form and shall be Issued in a single denomination of $5,700,000. The Note
shall bear interest from Its date at such rate as shall be determined by resolution of the s
. City prior to the delivery thereof, but in no event exceeding the lesser of the maximum
Interest rate allowed by law, or the maximum rate permitted under Section 215.54(3),
Florida Statutes. =, d
The Note shall be payable as to prlnelpal upon presentation and surrender at
the office of the Note Registrar, hereinafter referred to, and shall be payable as to rift;4
interest by cheek or draft mailed to the holder at its address on the Note Register.
' Interest on the Note shall be payable at maturity. '
The Note shall be redeemable prior to its stated date of maturity, at the N.
f
option of the City, in whole but not In part, without penalty, at any time after the period ry'
LKI,-09/09/86-630B-1250 -2-
' . ., • ? ...its
.. riiaxz?arnaw:nrrrn?..x>,ww,.r?.?w?.w?..???-.....:_-- - - --,u.,.•,?..,..s..,,..i..:?r.- ?' - ---------
,..ys ?;.aj?..r r;r Y°'f- h^n.'. ?•, -.?v .. ;?y?'?»..i,y:Y: <r;....+,,,?yr•`.wttr:; ,.,?: _: r.+ .w, ,.ji??;t
!Lx i . ,
„a-,,.1 ?-.;3:-'?tr....r..N',;.s?s? r '•ro.+,, a-!?yV • .,c»:?"e- .. , ? - ? ? ! ? ?-y r •s. _ ? •.iix''t i •.'i x+ 5 .i??
?Zi }}`3`-' •4.,ff ,?•!: itil'?, :a :. ?- ii9fi•?i''"' 1', x '•i?^.?(. K^ ??`!; ':¢;; ,r).:?ex«?J. F?:Yc ..rt.,?:^?,. rd'?', •A '? '? j
.x. '!"•• -a. ',ie '].:te , -'.?.s:.' .(',. ..r l._.r •. J.? ?. .r, i, ?'^ .. ?5.{' ? j.i ?,... 'E: t7,,.. +.. s: .^-+:w? ;r?i'f?' G? .A.?
E``}3?G4 tF :,r ,RR ti , ,. v' }.: .. a a'?,•t :.?-c°`'i"•• [ A: ',.i a " ;: ?. , . r .; 1 r k
J-. L.,.r•L`a?,: aK ? .iJ4 J ::`Z .'.,5, e, ,: ! f ,.)`?• "tj':; i,t r !`' J?j- !1' ? ? •;L
ti;.;? ?r h .;;;...z•? •.<,??1?` • °:c?. ,,?'?'>',:;.s?> , F ',. :, :? . ,t:, - a,,?'. s ' ??.. ,,:.: s}a-•S• '?4;_'st?A,?, »r ? ,,?,4 cc, t
4 . c PEA, Y- r,,F, yP f :ti ?'? ; I . ?` . •?. •^`?.,, e,, :r'?? `?{, F ! . '?f. ? :1'>, r... Y;S+=`. . j5 ?, yy ..'.- +F.i .s ?? [.
mo?t1, ,-$r .;•?d 'X7J ?;'• ,..y : ?", .Y.r i. t'r E-?-x?;, t3.e ,4.'.,.iji`. ,Y:?°. 5. ?}'ia } ?Y?f .J. Y..?. :?.
i•? f . f< 1 ? ?F, :'? .i'? • ? .? iir, '-T? ? '.Sy.. ?.. ? "xf.?. l' 3 i ?? r f - ?+? ,r?
?; ?r.? ?.t 1F. ?_: ''1, `_} .L4? r F.'^}r; ?"?''_ ,f 'f'= a?.( `I :t_? a?.•!. •L:.: ';1i+• _ .+•"; ,? .i.. ;;}.r3; 1,-. ,s" ,y?': 4?t
F., t .1^ t ??.1.. .r, i l?f. ??Sn ;: Fi..4..i' ^t: '?.i ;?, _ .rr}. ..A. ,?.,a.?•'' ,??i: l'.:•' ?5: ?, a. 'i ?i"''rF •?, ?r y'•-'r :f.' t;?? f f":-j=Y?y y `.
' '? ,?,. `f'^k Y??..7t?, 4?, •tr }?v ??r. :"?[ '+?... , .:;' x ';j.:: ?... .i , ...,?: ti?? I } ? .p.. f ? 4.. 'S? [. ,?!1?j '?V ? .
r arJ ? ? X l;'1 .N ,7': r•L' '`'1`i% ,.: : `,,,?. .s i,. , , '_''' .JF a'i ;
,? ` ?i ;??' •:`^ :). •?rr • i'• .?1 }.'s r' C'?w';r=" „r rv?.. ' ?s . y'm3r? s Yi:?l? .
s •.? e;:?' w?:4
' f pp to .. ?, t: " t: j', f.. ..: r;:;,?'ks "• i +r t'?.'fe =+:, ti .,,..9+ :„ts f` ,; A ?.b,J._c,J J`:>!"x ,,`-3?? p s:
ci
l?•1?•x6it,A ....7:,^f ? 13sa;,,-h'?..F.n.w.. `r 4:G .. ?-e. ... .. _ ,.. .. ...as.t_ ... „?i^:-: .•iF":? . .. .. .... . ... _. . e ..-3C,..?. .<...v,4:r,r:•.,.1_:...- .-.... __ .?', 1.,. ;?:?aF?r4.i_....._ .....y'..a.. <>•.
l
j
z
t
j
. rr
• Y
ij
t.
Y
E.
.1 .. t t
r ,mil
ending three months after date of issuance of the Note, and any date thereafter at the
principal amount thereof (without penalty) plus accrued Interest to the redemption date.
Section B. EXECUTION OF NOTE. The Note shall be executed in the
name of the City by the Mayor-Commissioner and City Manager and attested by the City
Clerk, and approved as to form, sufficiency and correctness by the City l;torney, by their
manual signatures, and the official seal of the City shall be affixed thereto or reproduced
thereon. I The Certificate of Authentication of the Note Registrar shall appear on the
Note, and no Note shall be valid or obligatory for any purpose or be entitled to any
security or benefit under this Ordinance unless such certificate shall have been duly
executed on the Note. The authorized signature for the Note Registrar shall be manual.
In case any officer whose signature shall appear on the Note shall cease to be such officer
before the delivery of the Note, such signature shall nevertheless be valid and sufficient-
for all purposes the same as If he had remained in office until such delivery. The Note
may be signed and sealed on behalf of the City by such person who at the actual time of
the execution of such Note shall hold the proper office with the City, although at the date
of enactment of this Ordinance such person may not have held such office or may not
have been so authorized.
Section 7. NEGOTIABILITY. Except as to registration, the Note dhall
have all qualities and incidents of a negotiable instrument under the Uniform Commercial
Code - Investment Securities of the State of Florida.
Section 8. REGISTRATION, EXCHANGE AND TRANSFER. There shall
be a Mote. Registrar for the Note which shall be the City's Finance Director. The Note
Registrar shall maintain the registration books of the City and be responsible for the
transfer and exchange of the Note.
The Note may be transferred upon the registration books, upon delivery to the
Note Registrar, together with written instructions as to the details of the transfer of the
Note, along with the social security number or federal employer Identification number of
such transferee and, 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 the Note shall be effective until
entered on the registration books maintained by the Note Registrar.
Upon surrender for transfer or exchange of the Note, the City shall execute
and the Note Registrar shall authenticate and deliver in the name of the registered owner
or the transferee, as the case may be, a new fully registered Note at the earliest
LKL-49/09/88-6368-1250 -3-
-fin .r .._w.^'_r?""?". _•1,:
s
.sK ... f..n*- `aiiw.r?b+.f.?..fi."arc _ ...? •.;M? .,'tv, Sri. .:ya,e. y.3 ,, ,',?{..?b ,•9e.°.•,?Y.y'ys.'iry,?.n':KI^d'r. ?r.i, a.b .:S n[„'.d' .. :'i!.?'^€•.t.??
4.'R+N .19.`q,?.tli :4+. }, i'?.•.:?sl,t r?%.e{ _?l,V•''•. .~'. a-Si:.`'i ,.s' A'j Y 1y, e`?'
af i?: L '1G<. f , . '.7 ,; i!', .?:: -: 'fir :•'.i=ii?°..4=*>, Ric ?'!!%M???-r ?' 'jcfc!. •j1',.t.". 't?"' .,?' `'3.t. R'' ;='.' p,: 'ttr •:r• ? .1f;',^ T?'x?..F'""]... Y.r,l,. .-,?,r,.«!,'??? .r
,?hr ^'x:•i .dY"w '.> ',d .Cf . .; ?,.::: ".6f:.'". :t ';c v; 1. ? t 4 fir - ????
?`??d.,,?e° YG,f'Y ..1 + ( ?.?Y ,.. i•`S;:•ri'. Y?'°'• k.. .a. s., •?,,,n ..Yu+,c ?ezi?,c. ;y'[
:W fib yJ} .. t. ,•S •tR9`9 .'.I t.w •SYi -f'• ?Y f .i'• -S r t'.?•yG `° tfsi :c? 4 J ?F/, 3` i
1 ?' i f S -,Ys. 1 ?t.'•'• +f T: a'.!+ ri„S' "'SI-?' jJ.1.L „-f
.w b' ?? k 'i;Gr t`? -:l .?.'r .:!-il~ ,•1 ..L?r '.l. rri'b.. J1. .?.? fA k?l. ..°.Y. )j3<
ct '"fit. i: •t, Zr ,:Y'?:.' . i ` °i'. `y' • r: '. ::r ] .#v ? h-, ?'." ?.;?lt,.k., s ..,? ;,
s F?•{j ?t n};" .F!.. ?'. ) F'k , . t?:,',, S. + .'A' tt 4? -.h s• . 7wa )e
•Y `? .NL'?%a??.''•*', 8..'L ?f'} °.[ s'SY!k °x •' S.n l'• .Y:,.R 1""" •1.' ???a?. 3. 'Y^
.t ..ik. ..i?'. t?"3;s .,,.?, .y'%?. ?S'iY ,;. r'?,"_• r.,. ts5< ??C S, ?t:i ..ir.,!Y, F rY; •r.'.? ??
1•.'(yyr'",.r :.•?7t?;,:7"y. .i E'i-J:r. ,'i 'y'' '. ?t,??' -t;.l%':t' r'r: .. ..?+, ., e ?t ,,//••;',.?.t}Y.'v .y ,'+t ?}•? ;.r.,a t,s ?.F..,j., 1dr
?.1 iI.?1 .3•. :?, .Tp. .I.,Fa `.ice. 'S' xj3. .?.'?. i'. F4.Y?T, .L... .?,? ,,,t}j•';L "?:ti i
_1 3. 7t . . ?'w :,' • s'•'' ::F ' ?•' '3`Z.. fii? . ..4?i.r: . a :'7i . P*s 6 . x i €. tt?
-??= ? ??:; ?y,.y.?,c,?-g?g? ' ' s.n-r.?;:: F %'..11};-:"'z?? g?.. ?'?7i?„?c?,?r:?'° :•i'???' '•8? ?
1 ?' a
` practicable time In accordance with the provisions of this Ordinance. The City or the
Note Registrar may charge the owner of the Note for every such transfer or exchange an
.y'#r t;
amount sufficient to reimburse them for their reasonable fees and for any tax, fee, or
kk7?.?; .f r ,.
. .; ?'
other governmental charge required to be paid with respect to such transfer, and may
require that such charge be'paid before any such new Note shall be delivered.
The Note, when presented for transfer, exchange, redemption or payment (If
so required by the Note Registrar), shall be accompanied by a written Instrument or
xt?-.>,?k x
Instruments of transfer or authorization for exchange, In form and with • a Y`Y'4'?a
guaranty of ?;,'`• •?,--
€ signature satisfactory to the Note Registrar, duly
executed by the registered holder or by ??-,? .n; •
' his duly authorized attorney In fact or legal representative.
The Note, when delivered upon transfer or exchange shall bear interest from
the preceding Interest payment date so that neither gain nor loss in interest shall result
i aI
from the transfer or exchange. Any new Note delivered upon any transfer or exchange Y:,
g ?
' shall be a valid obligation of the City, evidencing the same debt as the Note surrendered, .;?x"?
shall be secured by this Ordinance and shall be entitled to all of the security and they
benefits hereof to the same extent as the Note surrendered.
The City and the Note Registrar shall treat the registered owner of the Note
as the absolute owner thereof for all purposes, whether or not the Note shall be overdue,
and shall not be bound by any notice to the ccntrary.:;? .. `
• Ott ` '
Section 9. NOTE MUTILATED, DESTROYED, STOLEN OR LOST. In
?? `
case the Note shall become mutilated, or be destroyed, stolen or lost, the City may in its
i- '
discretion issue and deliver a new Note of like tenor as the Note so mutilated, destroyed,
stolen or lost, in exchange and substitution for such mutilated Note upon surrender ands;
cancellation of such mutilated Note or In lieu of and substitution for the Note destroyed, g"
- stolen or lost, and upon the holder furnishing the City proof of his ownership thereof and
satisfactory indemnity and complying with such other reasonable regulations and condl-
re'`.}y !W s
tions as the City ma Ii
may prescribe and paying such expenses as the City may Incur. The Note
so surrendered shall be cancelled by the Note Registrar. If the Note shall have matured
or be about to mature, instead of Issuing a substitute Note the City may
. r •' , Y Pay the same, ?°:,?t??Fy?• k :3+'Y?v?4
r-#'? tr acs 4 F
upon being Indemnified as aforesaid, and If such Note be lost, stolen or destroyed, without
surrender thereof.
t, _
Any such duplicate Notes Issued pursuant to this section shall constitute
o?tginal, additional contractual obligations on the part of the City whether or not the lost,
stolen or destroyed Notes be at any time found by anyone, and such duplicate Notes shall'
LIf L-09/09188-636B-1250 -•4_
d
` 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 the
original Note Issued hereunder.
` Section 10. FORM OF NOTE. The text of the Note and the Certificate
of Authentication shall be In substantially the form with such omissions, insertions and
yn ' . variations as may be necessary. and desirable and authorized and permitted by this
Ordinance or by, any subsequent resolution adopted prior to the Issuance thereof, as
follows:
'
I°ti'?Yr.il -'? .'i: {;; 11•
-431'Ef
?? ?
r
-
. . 1
.
,
, .
.
,
LKL-09/09!86-6368=125
0
-5-
i5j,il.y?
-.
'
'
lf ?'.•?
4
11614 '' ? ?
!
•, '
,
1
}.
.. 1. i
'•fz!i;'7''+?y-.,+?i4:'k;+,rt•?•f?w'; C'z r:, r!? .ir -Trr,. ?'. is x; .a.,a.,..,; .' r+i: „(r :,• ?,?,.%?, 3, , ,3... .
71
..? ? '•:,, '? 4.. ??'.?r??°. :.?. :s,=.' :i :?' y? ?r".?"z:ii<?;:zi, •:• :tiwi'.?'fti ";s';.'s',r'
_?-, ?.;" !!? ' ? nj \;q? :r:i. ..1•.. :°t ? d ?2?.?.'?'r.. "'.?'.4?"'•' : ?:. ..r J`:? .??f., k? c.
.,a .r,g`ct ?4;"'?.,• '.{'.i 'r:r° P•>-:c:.4?!_. ?-?r .?,.;?°f 't:
s•vnr„ ?• -% .. {s:s; :,#'r'.-.? Sc? •.?a, .:yi e? ,? i??.: .,a ,-,'?{i:•'? Y??? t:J?..{iit r.'' • `t. s .?? .L
.,r )".tN'-yJ,d;` ;`:'4"?,a,{s ?'{, . fit. Tfr 3, .:roc ;,,i;,.,:(??f?', .{ :'qi. r 3 :..:_.f '.F?y'??.•a,.? ='{?::fA?y^}!}>::° ;.',:;
?, §.?- :? , i° $3'- ::?;'?'?",'!,9 ?:.t?;1• ,ff??'x.??,;?°??;'.fi'??, ? ?•,: 1?" Y,4? ? ?'r r "' ? . ?,?i, r? r ,? ... , -?'..;,?#?
erg .y?• ., dE f ..r ?v Ky1°?`d i`,r..}_.????K l.°r? „i-,f. .? i:; P': d?»'{'•:?':. ?i.
rt!, C %h? a?3t? ? 3?? '? •?1 ? 'S• '4 : 1 d., d { ? -vf.. :' d' ? . ,:{1.. t? •.'?: ?4";: ?°rr4. v? Y '!
?r ?' ? 3i "5 w A Nu Z?? ?..?. :15r?;f n'!p"-r;»i`'1 y e ,I,° .ti..'a ??•!J- .s- ? 1;{' •7 '•7f•;;.. .,ze. e . .o rsr
g v ,s'7 k, ; ? 's ..-z. ::,,re`s;: `' .t?,Yt.:Sp^4..= 7,• E.. .?. ?.., ,f'•: .. •,?t,..
?::'?I nr?F?r??ti ??d?r ?'1?.? Y•:r i` ;• m?>i•C;' .. ?,t •s'ryd 1 - ? a•r
t.l•
(Form of Note)
lr
?t KE?:'"-° .? s. e•(°.',Y,r,? ., ?...+c..yn.,,,r ..-. rs+.e. 6Ssk
No. R-1 UNITED STATES OF AMERICA $5,700,000
STATE OF FLORIDA
CITY OF CLEARWATER
WATER AND SEWER REVENUE BOND
ANTICIPATION NOTE, SERIES 1986
Registered Holders
f
I
5
, Y
• r'
t
Principal Amount: Five Million Seven Hundred Thousand Dollars
KNOW ALL MEN BY THESE PRESENTS, that the City of Clearwater, Florida, Mw' °`a municipal corporation of the State of Florida (hereinafter called "City"), for value
b•
of-I?f
received, hereby promises to pay to the Registered Holder Identified above, the Principal
' Mfr ,
Amount shown above, on 1986, solely from the revenues hereinafter YW
mentioned, and to pay solely from such revenues, Interest on said sum from the date of
this Bond or from the most recent interest payment date to which interest has been paid, > at the rate 'of per centum (_%) per annum, subject to 4
adjustment as provided in the Ordinance hereinafter mentioned, based on a 360-day year,
N
until the payment of such principal sum, such Interest payable at maturity. The principal
of this Bond Is payable upon presentation and surrender hereof at maturity, at the office
of the Finance Director of the City (the "Paying Agent") In City Hall, Clearwater, •"` "•
Florida, or at the office designated for such payment of any successor thereof. The
Interest on this Note, when due and payable, shall be paid by check or draft mailed to the r
Registered Holder, at his address as It appears on the Note Register, at the close of
business on the Interest payment date (the "Record Date"), Irrespective of any transfer ofthis Note subsequent to such Record Date unless the City shall be In default In payment of
Interest due on such Interest payment date. In the event of any such defaults such 5s-
defaulted interest shall be payable to the person In whose name such Note Is registered at
`?; . '
the close of business on a special record date for the payment of defaulted interest as
established by notice mailed by the Note Registrar to the Registered Holder not less than•
fifteen days preceding such speclal record date. Such notice shall be mailed to the person r.,
In whose name such Note Is registered at the close of business on the fifth (5th) day
preceding the date of mailing. All amounts due hereunder shall be payable in any coin or 1,KL-09/09/86-6368-1250 -6- `
„,.??i ,?.:rt.?,y igr4'yj^"ttiT-c'.te9?Yb..vxr.vloi•}dq`?.
'?G¢a"s-..-e ;rr ..s?!'al,le .y, r,. -.. ?.F.,•<<-'7?1E':Y„sg?:., ..r.:«„4,p..".,?,?,.. •r. <q Cr ..•?' .x`j .. .,t?.?• .s.,<•, ... :i?ti>;?4''?+r;;^a:d±S?i'?o':;?;sia'i'"'?"`ys. '
,'i;ti ?.<q '.q' •?. 'r`?r, :?}' .•F .? .:;?v? a-e?s'F"11•;"^1" ?r?,
s sF"Yg'atxr3 tZ
ll?? N ?!fi?r'' ? ., a `??, 'x , i` .1 ? )r)?,` '. t' _t.•F':'?,•;? ve?J.'';.°. . -r:• tt '?WW t /? Yfi .
_ ? a!•' .'rt i1 ?•§ •#: F a?iCi°': ?' ''iSYrY-/, i` ?•p `'i -tiyr? Y l -".'3,. .e,?:s i 5 gu:t .•(, •:'f'? 'li."i?. ? -r p...
`:,\
P'.. .,,? : .:1 ." fl..s. YY ?: ?? , 4„E `;4.I S;} . •: tw ..: , - 'L. ." { ' t s nei ] "§ .? >
:?.f,' .?L .b .. Y_,..?S,r's :`s•c 3;,s ??h :`a. 1`.s .,,li ? ?t? q??
tt ??•q' S ,? C.
7°J.• ?p+ 1. ..?-gg ?f?I?u':? _5 1 ? ?i?P'..??• •Ss <s .. ?a,,- i.: :?,,? :z?':.r ?r.'. ?:r.q_? 'r ??.. r
?• '?Ir'•"y? e "ti '?.?,? '.'a, 1. sip"4,"?i,.??r :=g. "?. r" s' ??'!."' 1. r'.gi'' Y:; 4;?°:-r i
.t: ,3 .i F., t:•;` r"i."' ,; a.? °•'i, .. s. .4 _t?^ w`;i,- "nom:-?.~ .q.:?5f-?..,: ;<r't'2: x.}. ,t^;"`:E P'::,. rr.;•? CCF, 5L x4"
s ,?f , A `'e,,,4.:..?tj,,!: e:; .?Y''.. .r ...: .s-;?'. `•• .,^.:. ,,.3-R,,.?i,?; .,:.?? ?,:'
?t??o a. sK;.?.;a=?' ?.lr: .,F? '.i ,-a. '.?'A i.. '?- ,'r.'+' J?=-' r3:??:' ••r,'': '1:•,?,...,q .a .?r:ti?.i £z r
.r s' f ?•t ? i::,, o,k {? °';g, { 4 , ? z?.,+s;.$Maq ,`?.,- ?q?:f3•< v$?,-:.•.$;''4r1•«
.PY }?: .t,..l. ?I??" 1}.,£0 > C. ?'r ??a ? 3.• +;'?r. .E.1t ,.? E';. .it:: ;,:;: ?,•?',; b:?:. ?! {:?A
1. ??P YY »G .,•14ai t .j pig .E'I?g be>. '{.S :i ` ••??' %.ti ? .al .: ,P: e }, (C3 .'-y if'' ,y :Y.. :.lFe. 44?? :S.4r?.`? ( tit ?2ti i?Sc ?'F•e.?.i?? ,.a
:? :ri Z??r y+-'.'. ., a?>, '?'?.b Jl?.' .i.. •i; ., i ?4°?:. ., ' •a,. h€: •_i:•,,:y??•,-:' ? a7•;'', a ?;+l.ti°.:? ;?,.! ;.,?L.' ,ti+.s?.,:'''C.>r? p-: ''•4'
.Y,?..u1n'ir?.r.?:•a:C.?:t[., ...., •.4.. o-r°... ?....? .-, .. s„ ".1.,.: i:..£'' ,.,. s• _... .. ... ., _ ., .,.. ... .. .....-...---:...:x._,.. ?b::;::...«, .... .... '_g•.:::«.r.ier rba•aS??
currency of the United States of America, which is, at the time of payment, legal tender
for the payment of public or private debts.
This Note has been Issued in anticipation of the rec elpt by the City' of the
proceeds from the sale of not exceeding $29,949,552.55 Water and Sewer Revenue Bonds,
Series 1984-1 (the "Bonds") of the City, to finance the cost of the acquisition and
construction of additions, extensions and improvements to the Water and Sewer System
(the "System") of the City (the "Project"), pursuant to the authority of and in full
compliance with the constitution and laws of the State of Florida, 'including particularly
Section 215.431, Florida Statutes, and other applicable provisions of law, and pursuant to
an ordinance, duly enacted by the City on October 2, 1986 (hereinafter called the
"Ordinance"), and is subject to all the terms and conditions of such Ordinance.
This Note is a special obligation of the City payable solely from and secured
by an Irrevocable lien upon and pledge of the proceeds derived by the City from the sale
of the Bonds (the "Pledged Proceeds") and, if necessary, a lien upon and pledge of the Net
Revenues derived by the City from the operation of the System; such lien and pledge of
Net Revenues, however, being junior and subordinate to the lien in favor of the holders of
the City's outstanding Water and. Sewer Revenue Bonds, Series 1984, all in the manner
provided in the Ordinance.
This Note does not constitute a general 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 or statutory provision or limitation.
Neither the State of Florida nor any political subdivision thereof, nor the City shall be
obligated (1) to exercise Its ad valorem taxing power or any other taxing power in any
form on any real or personal property in the City to pay the principal of the Note, the
interest thereon or other costs incident thereto or (2) to pay the same from any other
funds of the City, except from the Pledged Proceeds or the Net Revenues, in the manner
provided herein and in the Ordinance. It is further agreed between the City and the
Registered Holder of this Note that this Note and the Indebtedness evidenced hereby shall
not constitute a lien on the Project or any other property of the City, but shall constitute
a lien only on the Pledged Proceeds and the Net Revenues, In the`manner provided In the
Ordinance. Reference is made to the Ordinance for the provisions relating to the security
of this Note and the duties and obligations of the City.
If the date for payment of the principal of or interest on this Note shall be a
Saturday, Sunday, legal holiday or a day on which banking institutions In the City of
GKh-09/09/86-8368-1256 -7-
, , rat--? ???y?.`+?=_;': i????» a y:y ` ..7s' ? ? .. ` • .,. ?F rl
.l"Y•w'rt ?r. ,i•sr: l '.,•+C?y f>?a?°ei'i?'S;`r.ts •.r.., •,4t 1?; :".t.C'"?,a'-'i ?`''o •. r. .I?«.•.. .t:. a.•.. .•.,.Y; t?',fE'",T`?,'"?!"+.? ? x,?t,,? .:?i.??`v .'"?r'F`i `"""t`"a'fr: ,. 1..,:..yw,.?ei
_ •i,a ?L taw" ++ .:?
1.?? I 1?{i -. Y'i, ^'rn .X.r 'J f" r. t j; •.k:.???"°"rii rt',i'-; '[:il?` 'r?i h4`r
a
34
'r. `?•id°•"Fr h«' ? k' :•t•?'S' .•r -f'' :'r.•. S?7i
sv4. Mk. .?•. 'Y 1" 'q.'?':'Y:•" :.<•+++ 4, =` :T"'ryr ..i+ 'i5 72Y
•.vrk. •a... ..?a; ? R .. .i`+`^ '.i .. •-r-'z.: :'?`:'!tr ,f !r, .w V,
,,{?- s'j•.rq :, <'?: v :.fR:rr.? ,,a .g..r .?* <?'?:. ,T`n. A.,}}r?r,,rr.??R"y•?.a?:l?'? #r
'..y" Iii _'? ° o ? ? t>;.: • e 5, ?. t ,?
_ 'J.Xr , .'> • ..x": 'k' Y'r "a.`.' ?r'.. . ?:` '.:Y :i n.r•= ',i .. ." 5,,
,ts '>ir-. 1 ,'' '+ is `'. s>s. tri >?a•7 es ..,y .. sr ,'ft1 .,7,
,l1"d.• ,5 ?a "'.t <• f. .,.ft: '',l'"?. ?.Y."' •µ?> .?,r '{e.:1>t ??" i7 F
`b , ,' ..,, < -'t'! ',. : a. 3. ..• • ;;' •51._3• ?. r ,a• i.?' n
tr..:S,. ,?'t. .aa, ''',c z .`-: 'Y'•• 'c .i 1, :. - . i °^.t. ,(ar, 7 if t++v?? (.
!•' sd'. .! e? t?f'': 1 •! i; ` '.,7 ., ? Z" 't>,. { ' 4' .I ` a',?r :F. •6 } 1 Vi" P'f" is
rt 1 - .'•?R.,: .` ,r'W ? ::'•':' , 4 , s . r. y . ?iir .. `?"h F,° i ..C•'? i,
' ? 'r?,. •'l.r '•? '' rl' ,`.5', ...r'?;rj, . .,e ....i r^r.'r ?? .'a lS,? f a 7,.:.. .b?E`?`.,
• ?'" ?? .ieia.t?'??`?S'sfiii?t?ilb?FfEi?M?WiiS.:F.d:.?...S`r; °"{ir' ? a`' a '?^??t`' ? •
Clearwater are authorized by law or executive order to close, then the date for such M
xh?t?
payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday or
a day on which such banking Institutions are authorized to close, and payment on such 'a
date shall have the same force and effect as if made on the nominal date of payment. I0
It is hereby certified and recited that all acts, conditions and things required =,s fit."
'Ri
to exist, to happen 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 t?.•"_??`
required by the laws and Constitution of the State of Florida applicable thereto, and that s `, :•?
a7r ?
the issuance of this Note does not violate any constitutional or statutory limitations or
i ?
provisions. a?;?'? Aat:?t?r
Except as to requirements for registration, this Note shall have the qualities ^y?jrzc-<a
and incidents of a negotiable instrument under the Uniform Commercial Code -Investment
Securities of the State of Florida.
This Note is issued in the form of a fully registered Note without coupons
q p??3.i,.s5?
This Note is transferable by the Registered Holder hereof In person or by his attorney duly
§
-V 4
authorized in writing, at the above-mentioned office of the Note Registrar but only In the
manner, subject to the limitations and upon payment of the charges provided In the
~ Ordinance, and upon surrender and cancellation of this Note. Upon such transfer a new `p
Note of the same maturity and rate of Interest, for the same aggregate principal amount,
will be issued to the transferee In exchange therefor at the earliest practicable time in
accordance with the provisions of the Ordinance. This Note may be transferred upon the
registration books upon delivery to the Note Registrar of the Notes, accompanied by a
written instrument or instruments of transfer in form and with
. guaranty of signature •a'•• ,Y , r
E??wG
satisfactory to the Note Registrar, duly executed by the Registered Holder of the Note or
his attorney-in-fact or legal representative, containing written Instructions as to the
details of the transfer of such Notes, along with the social security number or federal:
employer Identification number of such transferee and, if such transferee is a trust, the
M1 I
name and social security or federal employer Identification numbers of the sett or and
r NW.
.. S'i
qi y a' kt
r beneficiaries o£ the trust, the federal employer identification number and date of the
trust and the name of the trustee. The City or the Note Registrar may charge the I
Registered Holder of such Note for every such transfer of the Note an amount sufficient
to reimburse them for their reasonable fees and any tax, fee, or other governmental
charge required to be paid with respect to such transfer, and may require that such charge: s,M
be paid before any such new Note shall be delivered.'
- ? r
!' `J I.KL-09/09/e6-636B-1250 -8-
' r
r
• The City shall deem and treat the Registered Holder hereof as the absolute
` owner hereof (whether or not this Note shall be overdue) for the purpose of receiving
payment of or on account of principal hereof and Interest due hereon and for all other
purposes, and the City shall not be affected by any notice to the contrary.
This Note shall not, be valid or become obligatory for any purpose or be
` entitled to any security or benefit under the Ordinance until the certificate of authentl- -
cation endorsed hereon shall have been duly signed by the Note Registrar.
IN WITNESS WHEREOF, the City of Clearwater, Florida, has issued this Note
and has caused the same to be executed by the manual signature of Its iMayor-
w Commissioner and City Manager, and attested by the manual signature of Its City Clerk,
and its official seal or a facsimile thereof to be affixed, impressed, imprinted,
lithographed or reproduced hereon, as of October , 1986.
- 1 _
CITY OF CLEARWATER, FLORIDA
(SEAL)
ATTEST:
By:
Mayor-Commissioner
By:
City Manager
City Clerk
Approved as to Form, Sufficiency and Correctness:
City Attorney
LKL-09/08/86-6368-1250
3 ,
, #b 4
' CSRTIFICATR OF AUTHENTICATION OF NOTR RHaISTRAR
This Mote has been duly authorized by the undersigned. The interest rate, due date,
registered owner and principal amount shown above are correct In all respects and have
been recorded, along with the applicable federal taxpayer Identification number and the
address of the registered holder, in the Note Register maintained at the principal office
of the undersigned.
Registrar
Date of Registration and Authentications
By:
Finance Director
City of Clearwater, Florida
'
lip
s ..
_ S
LKL-09/09/8876368.1250 -10-
?-
,r
I
s'°:?_ J ? ? ? r4•i '?.l1 :i'°I d /?I`yS s`-? ??^w piA'?'-?.?' _ _'-?•••';.?L'i{u?
ASSICINMPNT
FOR VALUE RECEIVED, the undersigned
S
071
. . .
'I
' .1
1 I.C
t
F f
4
r
•?' t s
? `'7
tk
i.
e
(the "Transferor"), hereby sells, assigns, and transfers unto
(Please insert name and Social Security ur Federal Employer
Identification number of assignee) the within Note and all rights thereunder, and hereby
irrevocably constitutes and appoints
(the "Transferee") as attorney to register the transfer of the within Note on the books
kept for registration thereof, with full power of substitution In the premises.
Date: "
Signature Guaranteed:
NOTICE: Signature(s) must be guaranteed
by a member firm of the New York Stock
Exchange or a com merelal bank or a trust
company.
NOTICE: No transfer will be registered and
no new Note will be issued In the name of
the Transferee, unless the signature(s) to
this assignment corresponds with the name
as It appears upon the face of the within
Note In every particular, without alteration
or enlargement or any change whatever and
the Social Security or Federal Employer
Identification Number of the Transferee is
supplied.
The following abbreviations, when used In the Inscription on the face of the
within Note, shall be construed as though they were written out in full according to
applicable laws or regulations:
TEN COM - as tenants in UNIF GIF MIN ACT -
common (Cust.)
TEN ENT - as tenants by the Custodian for
entireties (Minor)
JT TEN - as joint tenants with under Uniform Gifts to Minors Act
right of survivor- of
ship and not as (State)
tenants In common
Additional abbreviations may also be used though not in list above.
I
LKL-09/09/86-6368-1250
-11-
ro
Fz?
t?' ?tZq'? :'.4-:' °`?"'.'t?'S 55.A w2? y-?,w4 } ?.r_ ?,:;;"?".,. . u•'., , r`^'[ ',wye S1.•::, a..??,« ?;n• a t_+_ ?,e :r: ??g nfY c•Y;•??`r ?. .e7:
w '.`• , }?.Y "••i 7.: ? ..ry.?, _. ; u '????' , ... "S' ' .t". `fY?";'yyy:r ?•:: y+}, 3,•?'r k^. ,?.. , ?' q
.i - ;i. •; . x ;. . ?, , i_:, •`.. `'1' ,...?,r Y 'c }?a
•1' xi° ,'?sat. 1'S :,w
xa.r - .k .r,a tS' ? a ?';:. t: ••'? ° t^A: .tr+}+.?'? r
;-s: •.< .a s"9v' .?F.. al• _;¢ ° i,; :.t ?'A :v`i';?.'. t .•'t?.„' i`S °wi.S{." :? ^ r
•?'.. , 3. ? ?'r.s s „}.f k. ,§' "i' et "?r;'i.'?. .(- ? :'?".`]i .*F .9,
•?-. •?.T ?.. i[>_tr. .•r'': i.^'??•'', ,"' .(-; ?: r;" -:r':.;# °s" (r?i--r. r•i ?'r?r } ',' ,k k 4
e,r?t,,,.A•;a; „y..i,.. r. :!ii ?a? i<<r %.C.rJ? 'ti .r .1 "a :l. +l. r.?A7 i
e. rs •.S'?`Jf: •,4r•" •i?
r:ti? r'^!+.>r`" •:;: ^s?. i:KJ?r{. :t^3•.•'i`;•. ?, <t "i u[ .i7' r •..e'?li'?.3?;5. ?."s,,t 'ay?5r'1`3, ..?."?•??' •?r
}.,' '?.ry.• ;.•a+. .•t'. mac." r*!'' .}e„„,° t
.r" t" 'i' E.- ?:? '+'• .f1 .s'.:•1 .y.',:> 'wa ;!-« t, 3., , d a'"`i:? ' ?k . S?.
?`?s •'? f .,,? _.r ?•di.T. ?' - .!?,. F., . j'a .f '•S 4,•- .i'?, .t ir.5'..7..,4 .. ai ?r °-''•?W .,in' x :1. ? .x -.4 Y+ t
. '"`. p+i aS 4 "`?: ?rs•,,.a< .iY?vow C;i? •'f••?. 'F.`t -i'i;;>:.{,: :7: y?`t..e rr.'..' t'??'ad:.•.?:? •.:+..;,?.: `.:?{-?, !a, ,n,. C4;G.F?,aa `•[u...^.l? 'i ?.r,?) f s'
. n t• w t ,h.r 3•
rx `t r ? ' «.,F ..i°-,J:.,.,?' I?.v ?': ?i:;'?';: <.i'> ''i::. ^•1' :i, rFs "t??_, i"r b {ro+••. a.s<t^,:wnr' `? ?1v::Y°''^" .'s:.vUT- }t
''? tom, ? _4?. f. ?.,T.. ,F 'y>'; '+'a? ?. > s'•' t.,. ?. •s' `v7f?:?4.w C r? +ti r? .? ?•!at:?-., "'
_ [*; t , ?. .,ft'' .t:: a:?: •i: s:',a.v;?rr-': %, =t•i' ? x' s':''": s_''.I • r?i;•', •.r• ?:+' :-?r??`t:{„::i.? e; -.. L: ? ?.;';et• r?,-?a1cNa: 1..?ic*?? , °y?'`,?! ,.}.,
},. k 1., r', F,, ??.7:: t. 'Y;°' >_ s. l''??f??';,,. a7 ?:r?• f ?,' ? ?: `; s'':?,ti.'C', d .ytn i? ! ?
- , r: „ L.r;=? ?' ,'a:• '=},' t., a . r'. :? , S ??.t. ^.? , • • t• ?s:.c., ?: ?, t .? F, t ? , d .r"' `s
77???' .r:. `°t?•.,l -; r?.`' ''%k„" f ',?'? .?r,? r", `„ ,d•, `;'; ' •' •??`r: ?. ? • ?r a.. ?• ;w}. E.;,, a p;,.,.
,y,,. !? , . r?: ':f. ,'; '?,.», ?ir,'•v. 'r .,?: i, .t. : r•=;,. ..'. .. _ri'r, °.r 1. • ? +'? '?.'? 'Y'n?'''
?? ° 's"• .1:i.,f,. bs`: ?1Tt?i:r°:'t.?f,: :;q?fr`;_ .t?;y? a5:f,r•d ?"°,Lt,?.. 1??n?£: e'?'.?.7:.; ???.•+.td'::?' .c
n sPaaFa.'?kY'r? t ?`•. .'.. Ir`.;:',_ -r,'?.'` ?._,..?._ ._,;'x 4s. _ ..:... "` .... ,_... < :r-'.. '?'..,:±'`.f,.,,.n.?_>y;??s•;n.>,1.r : .k:c..x7;.,:,? ?z?a?'.
??.FSl."il:A4uu?'J:`1C:?L':?s?if:'ra.a?:+s.: .. ?S- __. +=' _ 't?_?.s _ 'T'.IC. 'F:.l..Y'filt a-:s'L':',!?:h rackw•'T'D ;li'3?`.t?;
SEC ON 11. SECURITY OF NOTE1 NOTE NOT DEBT p? CITY. The
payment of the rincipal of and interest on the Note shall be secured forthwith, equally
end ratably, by a prior lien on and a pledge of the proceeds derived from the sale of the
Unissued Bonds and, If necessary, by a lien on and pledge of the Net Revenues) such lien
upon and pledge of the Net Revenues, however, to be junior and subordinate to the Men
thereon for payment of the Outstanding Bonds. The Note shall not constitute an
indebtedness of the City within the meaning of any constitutional, or statutory provision
or limitation, and tha Registered Owners thereof shall never have the right to require or
compel the exercise of the power of the City to levy ad valorem taxes for the payment of
the principal of and interest on the Note, or to require or compel the payment of the Note
from any funds of the City except such proceeds of the Unissued Bonds and the Net
Revenues. in the manner and upon the conditions contained herein. The City does hereby
irrevocably pledge said proceeds of the Unissued Bonds and the Net Revenues to the
payment of the principal of and Interest on the Note, and to the payment Into the Sinking
Fund, 'at the times provided, of the sums required to secure to Registered Owners of the
Note issued hereunder the payment of the principal of and Interest thereon as the same
become dice.
SECTION 12. APPLICATION OF NOTE PROCEEDS. The moneys received
from the delivery of the Note authorized and issued pursuant to this ordinance shall be
deposited and applied as follows:
A. The accrued Interest, if any, to the date of delivery shall be deposited In
the Sinking Fund hereinafter created and used solely to pay the interest due on the Note.
B. At the option of the City, a sum, which, together with other legally
available funds of the City deposited therein on the date of delivery of the Note, will not
exceed the interest due on the Note shall be deposited in the Sinking Fund, hereinafter
created.
F .
r
C. The City shall next use the moneys to pay all engineering fees, legal
fees, fees of financial advisor, cost of issuance of the Note, and all other similar costs
Incurred In connection with the acquisition and construction of the Project and the
Issuance of the Note to finance the cost thereof.
D. ' A sum which, together with other funds available in the Sinking Fund for
the 1985 Note, represents total principal of and Interest due on the 1985 Note, shall be
paid to the Owner of the 1985 Note.
E. The balance of the proceeds shall be deposited into the Construction
Fund created by the Bond Ordinance and used and applied as provided in Section 17F of
the Bond Ordinance.
LKL-09/09/867636B-1250
-12-
1
%
_? •.9s' s .,z`?•tm.,.,.° ° ?.. t:.,v. ^..71'.-?. t..i .4 f"e+ rly .r, F. .#;. ,.^a ?4 r.,. nr
' •r^ ? ??+: .i .. ? '•4,y.?.• ^,{'', k'?, _ .`t,,: ??' `'4",;'r`;•t.}... ,s,t.?*•riaY'S•N?°r[y?vw, er.. _ '1-tkd'?,.-.. .xts:y ,"s%•
f #
1?R Milo' ish. 7' .f: •f :i'-iJ" 4 St`1?? -,
.s• ?4f. ?1`. .gt 'L-`C}°?.. .x .4 ,5:a?.:» .S:f:'• 'f •. .. R' Yi
.fG?N?,F?•`?'.?i? 'r: ,.z .,., , r.' , 1?', . :J,?''.??LT''?`??:'.?~ i ? ..3 , C'?`?.f' ,?» t v"
•C t! t .s ti, .j,.
,:? ?? •?.'? '4= , ? , ? i" as „? • 7.
"1 ??? ?f ,•f e
S• ',1" •rc 'r' ?S' z3• ?, ``i.+?r'?- t a3.i.
?• ? 5• :i; .y,?r,:`"; ?.d `i>3?,'1 °:L.,.- ?-'1"? e d. ':AM(. .b'•?, .,`•.R ? ?"u t ?
Y? u't? ?. .n .?{«: .-,,?,e,^;E .";? , e . . e:_ .;:'?. ro,.i:>-•:".,1 ':•:: ?.,;°. .j s?":' ?I`?+?... `.'r ?a:" ::?, Y•. '?
. ?'' , '••1 r' P:>. fSr ..r?} ..?- e?' .l'i??-:, :'.,,,Y,.r.: ?; a.t7. .` ,'
d , a ?'?;? ,?. > ...,??.,,?Y) <? ,, s?. ;'acp- <•'. '''s?,`.'. ':?;' {. •? f, '; {i c' ?:i; _ , .r:;.:.? ` y'? a •EL "'.',''i? ?,^?"?' .>
$ Y+b.??w?.,i,;"?:??'°,,:',} .: ??. t°,^ -.4?2=.',t`ay: •,°t:.'• .r?"t:" .1'.s F.G?;? ?a•i:; '.."? 'i'. 1° e5a a-•??a(, .q? ,?%:,?st• ..I, ::c•4.?.y. ? ?,J ,,??
??' ti ,'r., .:. . r'9.,. ? s°{ ?`'. ;1`t' ?' a: '??Y, •ti: ? ti;S . F,, v. ",.:yr :.et; :• ° .a.... .? :;? •? ?•.S '`" •, e`x' ' •,ti I,•..> .d, ? ?J
s •`? F.. ? xf 't• °?r ?? =x'>a? ,1 '!•'f:"Y ? •? ?, t:,;' :{??? .{:: y, r+?_., •¢i}e `• -?. {??'•.? .a<•„?•.?!?.r. r?, ?•?" 2i-.?,
.. A '?j'??yy?]ff]' 1..: '.?'1??: ir4i': „i ^1'..t}t•.e1:j, Si-:.? xv?Kf«; s?
The Registered Owners of the Note shall have a lien upon all the proceeds
-thereof until the same have been applied as provided herein.
SECTION 13. COVENANTS OF THE CITY. For so long as the principal of
and interest. on the Note shall be outstanding and unpaid or until there shall have been
irrevocably set apart a sum sufficient to pay, when due, the entire principal of the Note
remaining unpaid, together with Interest accrued and to accrue thereon, or provision for
payment shall have been made as provided herein, the City covenants with the Registered
Owners of the Note as follows:
A. PROCEEDS FROM BONDS. Whenever the City shall issue any Unissued
Bonds, then upon the receipt oL the proceeds of such sale of the Unissued Bonds, the City
shall apply such proceeds, excluding accrued Interest, together with moneys on deposit In
the Sinking Fund herein created and the Net Revenues or other funds legally available to
the extent necessary as follows:
1. There shall be transmitted to the paying agent for the Note or
deposited into escrow pursuant to Section 15 of this ordinance the amount required to pay
the outstanding principal of and Interest on the Note.
2. The remaining balance, If any, shall be applied pursuant to the
provisions of Section 17 of the Bond Ordinance.
9. APPLICATION OF PRIOR COVENANTS. The covenants and pledges (to
' t
the extent that the same are not inconsistent herewith) contained In the Bond Ordinance,
adopted for the benefit of the Registered Owners of the Bonds, shall be deemed to be for
the benefit and protection of the Note and the Registered Owners thereof In like manner
t
is as applicable to the Bonds. A separate special Sinking Fund Is hereby created and
` established pursuant to this ordinance into which shall be deposited any accrued and '
capitalized interest on the Note and, after making all required payments under the Bond
Ordinance, the Net Revenues necessary to pay principal of and interest on the Note, to
the same extent and in the same manner as the Net Revenues are required to be deposited
for payment of principal of and Interest on the Bonds under the Bond Ordinance, Said
Sinking Fund shall be maintained for the benefit of the Note and the Registered Owners of
?. the Note.
r
t t
SECTION 14. SUPPLEMENTAL RESOLUTIONS. The City shall, from time
to time and at any time, adopt such ordinances or resolutions as shall not be Inconsistent
with the terms and conditions of this ordinance.
A. To cure any ambiguity, defect, or omission In this ordinance.
LKL-09/09/86-6368-1254 -13-
0
"Y
.y
a? ae • . S''.'>, .f. .. ,??. Y'. .'x. a 4 tw... ? t, c?.ir7ra k7. N:rrq^' ; fe' ??tf' ' R ,.
. "g"%'? .. .•m.. ?^.s.unrn.-?'%- k?`S. s, `? y, if'1jC'.! f {'.?,` y •i?.' >. ?r;..;r ?;..x?
.*e,'Ci4 .? x? /!?? ?.f....:F', .I 5 't.. qs.,. . r • ;F.!,; 4 .? f?
?j1 `l { q-' '"$r 'SI'B 5-X; r'''•,f.':, ?5
4a{?, ?-# '?t' Vyb••' F•?'•'.3?` ..Sf: _ :f. •'fk i..,;....?._..' ,!-f' ...r 3f '?
?,fqi}1.? ..,•Y',Ti i.'k.f ii tlf:. 1r.'?'. .} 'a» •?71'.: .? t ?x/• -.'1 ..'. •9 ?PYN, t ? ._Y.?. .1y7•l ?;.)).{**'?? r?4 ?y , '7' i
,? :Y.`d•' '.6 p .?:. `Kw '?t??n 5 •.r'`•:.. .."'s .a,'!.o :? y . ."?•. W r::` a}?._ , Yd. f ,f, a,
??° 'fe t:. fo _.? :•? it ,,vr,jy'.r. £i ?. ?a?-. ..s3. •°:7.i. ,l.r?''.da ,;. :s'?-',.':°'_'i ri'+ ??.i?es?,..?. r? fir' ..?1p« ;k??f r`.?u,•?t .;r? -1 '&'?'?^
?. '?'t'.?: .€r.?i'a- •x'` ?.'6:.` `? {r' .t...: ?:, ::2. ?_?,f ,.r.. <>.%fK" '.i.,' ;f°':^, ?:_,.L. ,I•r a.;?..F ??m ?.?5.. _t_. ••:. •?'?:?.?. '3 ?,}: x.
f'1.+3 :f :?':D: 3;tii."1?'1 r•?)?? py_ .-?i tq- { s S:?:s`:'1:. ` r,a.3 -y? ,t,. a; .Mx ,,?, 5; ? ?' 'y? 7.?. "- a1>f c
1 ?? i?y ?hL° ':r:, '? ?1.i ti4,,I ?.iT•. " ' ?`7. p5}? :: r'.5 ?" ? ?i.?a€. '.ti, .:.: .?.W .•?1..?p ?•4 E
'???„ 3 ????' (,; ??" l } °'r,'°?.? ? `, ^,. q, .,,L. £.,, , rr' ;y? r:" .:.? ; -.E ?aax?,"°: ??.?'.-ai f 3•: p «?? '.•
yflf ^, f f< f'w'?? ' ?? a 3?'> s?; • : iT .,. T` ?`' ?;..,,, .y,y,,.?. t'Y S "Y` ."r ' ?e
.?{e??? ? ?e h:'3.: ..f .'^'???::. »t?: ,s. 'i: `:l.x? }.'* •ti, ''?5°?''°.,•, , i'•:iY Tr.t' r>< r t??Fj aM ;?';•,?. .,. •.t?. fy t?".
N4 } /'P ': .(w..5 t. 8? i'C:' a :,7 ti:•: ?fl'.''`.?l! ?. {..,?*? ;... '•N...' r,'f. ,L',,.3'?.1?yw.. ..4z,?, :4%py :' 14?.^'??. '.t:d ; ? y.? .(..r_ise-M4 R.2'`?
. xi?u?elck.ir.?i.... _.. '? '1, ;.si,. 3 x... ,.'r,.F'..,.,... _ ,?,.?i:?.i?::a.?a,asr.:J_.?.??..?,.?. .. ., ?=`t.s..?.,.,r:, ?+',??k?t._',?'t .71,7"u,,?;!"?
0 D
B. To secure, extend or renew to the Registered Owners of the Note the
pledges made herein for the payment of the Note and the interest to accrue thereon.
SECTION 15. DEPEASANCE, If at any time the City shall have paid, or
shall have made provision for payment of, the principal and Interest with respect to the
Note, then, and in that event, the pledge of and lien on the proceeds of the Unissued
' Bonds and the Net Revenues in favor of the Registered Owners of the Note 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
(or deposit of any other securities or Investments which may be authorized by law from
time to time and sufficient under such law to effect such a defeasance) In irrevocable
trust with a banking Institution or trust company, for the sole benefit of the Registered
Owners of the Note, In respect to which such Federal Securities or certificates of deposit,
the principal and Income of which will be sufficient to make timely payment of the
principal and Interest on the Note, shall be considered "provision for payment".
SECTION 16. MODIFICATION AND AMENDMENT. No material modifica-
tion or amendment of this ordinance or of any resolution amendatory hereof or
supplemental hereto may be made without the consent in writing of the holder of the
Note.
SECTION 17. ADDITIONAL OBLIGATIONS. The City reserves the right to
Issue additional notes payable on a parity with the Note, so long as the total principal
amount of the Note and additional notes outstanding at any time does not exceed the
remaining amount of Unissued Bonds under the Bond Ordinance. The City covenants that
It will not Issue any other obligations, except the Unissued Bonds, the lien of which on the
Net Revenues will be prior to or rank equally with the lien of the Note Issued hereunder.
Any such obligations, hereafter issued and having a lien upon such Net Revenues, shall
expressly state that such lien Is junior and subordinate to the lien thereon of the holders
of the Note issued hereunder.
_ • SECTION 18. SEVERABILiTY. If any one or more of the covenants, agree- '°'`•`?"<?
ments, or provisions of this ordinance should be held contrary to any express provision of
d
law or contrary to the policy of express law, though not expressly prohibitedr.or• against "I
public policy, or shall for any reason whatsoever be held invalid, thin such covenants,
. ' s 1 + uSS,a?tk'?'
agreements, or provisions shall be null and void and shall be deemed separate from the
remaining covenants, agreements or provisions, and in no way affect the validity of all the N
' other provisions of this ordinance or of the Note issued hereunder.
,1 , ?jyy?i 44ts
'Y
LKL-08/09/88-8388-1250 r
Section 19. SALE OF NOTE. The Note shall be Issued and sold in such
manner and at such price or prices consistent with the provisions of the Act and the
requirements of this Ordinance.
Section 39. REPEALING CLAUSE. All ordinances or resolutions or parts
thereof of the City In conflict with the provisions herein contained are, to the extent of
such conflict, hereby superseded and repealed.
Section 21. EFFECTIVE DATE. This Ordinance shall take effect
Immediately upon Its passage.
Section 22. PUBLIC NOTICE. Notice of the proposed enactment of this
Ordinance has been property advertised in a newspaper of general circulation in
accordance with Chapter 166.041, Florida Statutes.
PASSED ON FIRST READING
PASSED ON SECOND READING
AND FINAL READING AND
ADOPTED
Attest:
y Clerk ,
Approved-as to form & correctness:
' .
City Attarn y
-15-
September 18
. 1996
October 2
` ? I