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4612-88�:. . ' . . . � . . • . ?�t ;;��s'�•���.'` ' �«;�..L:��' `�'.�r� e'= �. ; #' %lft::i6.i ;i�.�3;��i aw ��.'n 1 � � I '.1 5'� � :u r ' �F � •R . x M , , . . . � . . .. . � , . .. .�a; . , . , . ' . ... . . . • , - . � ' . ' ,t�� ' . ' "�;`",�:.:..�.'.i�:;�r� .: �, - . . . . . , ' . , .��.��,.fi`.' '. ,, =y�. �' ' "1 . . a,.:�.,=' . ��az:��r ;c,s4 � . � , . . . . � . . . •,i . ' . r...:a:.'t�: ', a � . . , r ' . . , ' . . . , , ' .. �t . �',�� v • `'t"' pt �" .r k. �°��4t�%,.'iY i��tc ��+ "r�'S�Y�rt . . . . . . . � ' � ' �1 : . , . ' . . 'i' � '°y," _ i?{ �".`. •,�`.�,�}f;€s�T i:. -a`�g � .. ' . . . . . . "��. ,;•: t •?��f?':¢5;� &," s.Y,.f•�: . . . � . � . . �.��r{?}., •. .ax,', � _ yry !� < . i .. ... ,. •.i�'� .��i� .s -,�•_..t�':^' .F'1��:�.�' si . . . . . . � P'.'� » J:'�r' !� � .. 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' , . . . . . .�;�' . .���:'�"��.:y.�f.°�.¢v,il._'..�'�i�a'iT�r. .'I `i&�r a�' .w,..� � r :fi . �5 °: �'. a� . > ,. .:.�, :�'� �,. . ,�i'; .. .. t'�-e.�.... `:k..,k..F' . .-..:�}_:�`i{e31rr�. s .Fww..m SZa,+f k^iT�;i..S,°S"��.� :�r1�.�'E'a �.. . . .- .> , ti.: �r �. }r ., ,..,.' .;::.:', �: :.i•.:.-.. , ., .5 f.�V i ,�,�, r. .��:�... , H �iW.sa�..�.we. .,,..:,..r..,�.s•�c � m� k!+`iRSY+sG+'A�r�w..�r«+ae`«�w'.�.+w�sw1�...y���,�.��._`>t�`a?i1:F.�'_'f,'i4.�,;:e�^�'�. r:},�j, �I 1 � � �.�„ � OI2bIN11NC� NO. 4G�,2�E3a � AN ORUINANCIi Ai]Tii�RIZiNQ TIiS CONS'1`RUCTION AI�D hcqu�aiT�orr OF ADD1TfON5, �XTEN910N8 AND 1M�K4VEM$N'I'8 TO THl3 WATNR AND BANITARY S�WBnAQi� BYBTBM OT+ THB CITY OF CLSARWATER, FLORIDA; AU'I'�i0RIZ1NC3 TH� RLI�UNDINCi QP TtiL OUTSI'ANDIN� WAT�R AND 9E�WBR REVBNUg DONDB, SI3RIE$ 1987 AND A PORTION OF THS WAT$R AND SIIWER R�V�3NU� nOND$� �BRI�S i48�� OF THS C1TY; PROVID6Na �OR THI3 185UANCg OP NOT gXCgI�O[NG S90,OQ8,000 WATIIR AND S�W�R REVENUB BONDS, SiiRII�3 1fl88 {SUCH E30ND3 MAY ENCLUDB CAI'ITAL APF'RECIATION SONDB WHICH WILi, 11�[ATURE 1N A H1C3H�R AMOUNT IN LII3U OP INTERE3T} OF THB CITY TO H� APPLIED TO PAY THB PRINCEPAL AND 1NTERESf IN RL'SPECT TQ BAID i'RBSBNTLY OUT3TANDING OBLIGATIONS AND THB COSC OE� SUCH ADD[TfONS, ERTSN3iON8 AND 1MPROVEMENT3; PROViDING FOR THE PAYMSNT OF THS RSFUNDiNG BOND$ i�ROM THE RBVENUES OF TH$ WAT�R AND 3EWIIR 3YSTSM, INCLUD[NG COVENANTS AND AGR$BMENTS YN CONNBCTION THERBWITH; PROYIDINL3 k�OR THE SEY6RABIL[TY OP THE i'ROVI3IONS HEREOF; PROVIDING FOQ PROPER NOTICi3 Op P$QP03$D ENACTM�NT� AND PROVIDING AN BFFSCTIYE DATS. BS IT ORDAINED BY THB CITY COMMI35CON OF TI3B C[TY O� CLBABWATBR� FLORIDAa 3eetion i. AUTHOBITY FOR THIB ORDINANCE. This Ordinance Is enaeted pursu�nt to Chapter 166, Fart II, Ftorida Statutea� and other applieahle provisfons of law and pursuant to Section 1BR of Ordinance No. 3674-84, as amended and supplemented (the "Original Ordlnance"j and is supplemental to th� Original �rdinenre. 9ectian 2. DBFINITION3. The following terme sY�all have the foilowing meanings herein, unless the tea�t otherwise expressly requires. Words importing stngular aumber shall include the plural number in each case and vice �QCSa, and worda [mporttng persons shall inelude firms and corporat[ona. "Acereted Yalue" shail mean, as of any date of computation with respeet to any Capital Appreciation Hond, an amount equai to the prtncipal amaunt of such Capital A�precie,tion Band {the principel amount at its lnitial offering} plus the interest aecrued on such Capital Appreeiatian Hond from the date oi delivery to t�e original purchasers thereof to the Inter�st Payment Dete next preced[ng the date af camQutation or the date of computatian if an Intereat Payment Date, such interest to accrue at a rate not exceeding the Iegai rate, compounded semi�annually, plus; with respeet ta matters reiated to the payment upon redempt[on or acceleratioa of the Capital Appreeiation Bonds, if '��r!'��1� � such dete of eomputation shalI not be an interest Payment Date, a portion of the ��, `I',"Aa::' . � :'� ;��� y preceding Interest Payment difference between the Accreted Value as of the [mmediatel '� "�:,�� :;�,' e .�%f �'si?._. i;�f �. Date and the Accreted Yalue as of tha immediately succeeding Interest Fayment Date, �� h;:�'3 �3 ���.�`;�;�� caleulated based on tl�e assumption that Aeereted Value accrues during any semi-annuai ■� E�: pertod in eque! dai�y amounts on the basis of a 360 day year. LKL-OB/01/BS-227AA-2750 -1� � Rev.08/l5/88 4�.� �/�-��' ��/~ V � _� �. .---._..---_.-�.--�--.- -_ -.-;y� -�-� �:=.=.y . !.-f : � � .--- � --- - =�- � ✓ , : 4;..a,: a ... , -;,$ - �,,:i y�t. ,J ��•�'... y�•�yF�'�'� •'J��'�;'f •�� r.'y i • " :?��5�9'S.�S�°�io"� 3� f� �'• ''1�' , "� . •�« � i'� J. � � 1`»�r .. � , t� •' . ;�~t, ert �; ': ; Y,,;F.y. 4�� �,f ..�;fr..r . � ;� � ry„ ." .;Y:;, , :4.�3:���s�..`�r 4r•�:::'�;'�''a4p,1!'� y.x. , �� .��~ ��'� :� 7't'�%f��!�-K�� +.:k}<'�•, .';�;;'.`�.�' ",,. .:, :; c.�-' ' . • i.: ;�_� ' ;.% �'Zi .�J' �i�:c'1ts.SA' y` •�i����' ��:{, ��.�f:,±f`Y ,'f. :. .; : k,�.; =,� Fy.. ; .. � <. . .�v�:�. ��,�� - ..;.. 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J .y,....Z:''.#;cEx.YJ,t�+., a� �6 . , . . ,_t: r�lr .a� �;�"�Sy....�..�,�,° - . . . ., . . ,� . ." • .� , .•� .�i. -..�.- . � .,,. «., : .�...�x _ .�tiA�;.,�.,..vt���'�;1?F�:'s'',�f°�Y=?i(;ri�.:zr'.ia"'.;::nir.'s"s,x.ra�tvn�isa��ru�►.�.m.. ..� � .... w� . .. . , : . �.r.. ..: .: ,_'.. . �. . ... � .. �. :`�� . �....,......y.,. �...� .. .._ ,:a-.....:w.»,...r»°.Si+utaYiA+iHr��a+cw:�satNifs�..�%`�;.«:.,..+a.«;,'r.�:..sc�ww:�:e�ii+d:w+i`,'',• �°s;r.'�}�'S"'�G �.:.`ty c C� .'atfk',.Pr�„R„i•k•i4F 6�'m�i�"�i�,;F�'�S•'J`�� y 1. � �r,��'.� �s :.lF,.�yv:c�'1rf� .� � F�x :i�:�y + i�r�. .t �i.v �,.l:,?��??tf�y1;� 9<'1r< <', � . , � y �� r � � , "Aet" shall mQan Chnptar 1��, Qart il, Florida 5tatutes, end othcr appllonbla pravisior�s oi law►. "Add�tiannl I3ands" sha11 mcnn }]onds issued on a parity with tho Parity Sonds �nd thQ 1988 �ondn under Seatlon 18It hcreof and Sectian 18R of th� Original Oralnanc�� "Amartizntion [nstallments" with respect to any Term Bonds of a series, shall mean an nmount or amounts so designnted wt�leh is ar arc established for the Tcrm Bonds a! such series, provtded that (!} eaeh sueh installment shall b� deemed to be due on sueh interest or princlpai n�aturlty date o! esch nppiicable year as [s fixed by resolution of the lssuer and ahn�i be a r+�ultiple of S5,Q00 princlpal amount (ar 55,000 Maturity Amount, in ttie ease of Capltal Appreciation Term �onds)� $nd (ii) the aggregate of such instailments far such series shall equel the aggregate prineiQal amount {ar Maturlty Amount, in the ease af Ca�i#ul Appreciatton Term Hoads) of Term Sonds oi sueh serles authenttcated and delivered on original (ssuenee. "Authorized Investments" shall mean any flf the follawing i� and to the extent the same are at the time lega.l Por fnvestment of munieipal fundss {a) direet obltgattons of or obligations, the principal af and interest on which are uncond{tionally guaranteed by the United Stafes af Ameriea; (b} bonds, debentures, notes or other ev{dence of indebtedness payable in cash issued by any of the following agencies whose obligations represent full faith and aredit nf the United States of America: the Export-Ymport Bar�k of the United 8tates, the Federal �inancing Banks, Farmers Hame Administration, Maritime Adminiatratton, Publie Housing Authority an� the Government Nationai Mortgage Assoeiation; (e} eertificates at deposit praperly seeured at a!1 times, by collat�ral security described tn {a) and {b} above. Sueh agreements are only acceptai�le wtth eommercial b�nks, savings �nd loan assoeistions, and mutu�i savtngs hanks; {d} tt�e following tnvestments fullp insnred by the �ederel Deposit Insuranee Corporatian or the Federa! Sa�Ings and Loan Insuranee Corporation: (3.} cert[fiaates of deposit, (2} savings aeeounts, {3) deposit accounts, or {4} depasitory reeeipts of a bar�k, savings and loen assoeiatlons, and mutual savings banks. "Hondholder" shall mean a registered owner oi e Hot�d as shown on the regtstration hooka af the Registrar. "H�nd Service Requirement" for any Fiscal Year, as ap�lisd to the Honds of any aeriss� shall meen the sum oP: {1) the e�maunt required to pay the interest becam{ng due on the Honds oP sueh serles during the F1sea1 Year, except to the extent that such interest shall ha�e been LKL-00/Q1/8$-22?AA-275p —2— 0 , -� .�--.'R'.'-�'���y, � „ . . r ' . ',r! "' �.�m . ` i'„vi i�y�^`f�f;'f;::�s:�¢,�.v"�j;'•,'1,f 't�y:� �,t �.rf i;.". 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J ,'°�' `' ��' �"� ' ��'���'�° ��=<��'C;.: aj,��„Y�=.•'37 �" ,'^I ,'i•r� ,S.'g�•',��'s�i`k€ Fi�.%-':�;:y�f'+z.��'i%.'txr.P`i� � �� .'3- =. ��.;'T;ia}it^:.� s f.�.�t�: �f. t'a'r�;r`��:�i.�;.L�T^�j`�;��:';;�,(sY��'t5., i '.r'°'_`'_'v.4!�y-.�_.;:c��_...�.._:,,t"Lf�i`- � � : }i., ..i1C�.G,,.t��if,'�`'�`'ii�r''4i�:,:'rt,4:'��'^� °�0 1 ;t'lu f'13p,tii;j�r1� 7`�.'. 1 ,' ab �vr`£a.�{�'�,1, � �i��'f� ;: «, � . __��9"�n`=wJ1C4E a� 3'.Gr�r����.�7srY:; _�� M� �y, '' �, ��, n..yr .i�u � . .. . . . . . . . � , .. . - . , . .. , � ' � . .. ' - ' ,. , . , . ' . . . . . . . ... irka'. ., r. . .� .. � .� : - ' ,,; �' . • �:: -1 : . , � . � . . . , ' . . .. � ,.. .. � . .. ' .l': . `'+; '.,;� .fl.° :� ,. - . ' , . . . . . ' ..r � � _ ,.�" �,i:��`' 'r'u',:: rk. , � .� ��s • �:f•Y •s��n• ' - • .\:_'' . . . . . . . . . . ' . . .f ���i•.. � ,��'Yr�,� ' .. .s . 'i� ''f:� �� NC� �,' '.y ' '.z � . . . ^ . . . ' . . . . .� <L: . ,al:� a,,.:l. ; r :4 r ���$i�� .a�:°t'� t�� �F. „1' . . . . 'Li ;° �r� � , ' . ' ' ' , � � °�5,�.... "�.e'�t° •„i�e, F4. '�S �:1.�. . . . .. . ��Y. :.�;. . . . . , : ti�e ..�:�, , ��r. ''S. ','�� 'i' . . . . � , . , .� . . �.t ..t., �i �a.�. 'ti.�,�,'" a: ° . . . . � 'I`' . . � � 3... . � � „.ti� . i:� ��.r } '9�tl' . . . , . .� '� �,)'. '" i : . . [ 1 ''� .P L�' ' r . . . . ' s.�'��. q .. . . • , . . �.�.; . ... +Y.� . . °�5'w�: ?'i . . ! 3 � .%F. Y ���rf+i����' ]' . . ' .�[ 1° . . . , .. .. ..� .9 .;.tr . . . . . . 'I . 'ii� Ss�r:�¢'i.y' .�`�'i ly�}�:'�.%:dw�a+ g.,:.,, . . . , . � , . , ' i . , , , , , . ��>>;�; `g �e��iw"r',�Y��.�i�.�'y`"'"��4fe+r�:t ��5.3" '.xii �°t�ti�� x"`f: ; Mr?;i'!"'s'.xi'` : ��S!9:-r +: :r`r!u3'mh#��'�*� �s�*.,.�. '�.u�w �- - �.�.w+,�cw.�Ybnrir�w' � ' < y ' .:. ..• �, ��: ' ' . ' . � ?' -'�i''t� �'Ii�?(i?�ti 5 '� r+r+R���Y4 wi.r.le.wr�r.IJ.#. Y� .x{.'.EC.� , . s'' � 1 Y: ;.'J(k' � '�� ' 1 a°�F � ,;�? � prov�ded by payments lnto the Slnking Fund out oi hond proaeeds iar a sp�eifi� period o[ ',:;.p:'=F' • ��:. %;"��' ... " � tlmo or hy payments af investme�it income into tho Sinking Pr�nd frnm the Bond Service w��{� ;r..t: A ount or en subaenounts kherein �'��1 ,...' �'s,� i�:�.�.*��N.�r,.� � . c� y . z � ;,.,p:,.., . . � �-�. .7 ..Fr.:l (2) the amount required to pey the pcincipnl of Serinl Bonds of such s�ries � 3.",=N;':�Y�� ..3 .� � � maturing in auch Flscal Ysar. �''',�::�=cx�y ..j:t.�� . ... . .. �.,: (', � i � � , � . : � � i (3} the Amortizatior� installmenta for thc maturities of Term Bonds nf sueh serles for sueh Fiseal Year. (4} ia the event the iesuer has purchesed or entered lnta an agree:nent ta ' pureheae �ederal Seeurities or Authorized [nveatments from moneys in the Bond 3erviee Account, then the ineome recetved or ta be received on such Federal 5eeurikies or Authorized Inve�tments fram the date of acquisition thereof to lhe date of maturity therenP, unless otherwise destgnated for other purposes, shali be taker� into cansideration in ealeulatlag th� p�ymenta wnich will be req�ired to be made into the Sinktng Fund and the Hand 9er�ice Aeeount t3�erein. Whenever suc3� ineome is applied in calculating a Sond Service Requirement for any purpose, sueh tncome shali also be exeluded !a the computation o! Gross Reveaues for sueh purpose. "Honds" shall mean the Par[ty Bonds� the Water and Sewer Revenue Hands, Sertes 1888, herein authortzed to be issued, ar►d any Adaitionei Honds hereafter issued under the terms, eonditions, and l�mttatlans cantalned here[n. "1988 Hands" shall mean the Water and Sewer Revenue Honds, Series 1988, herein authorized. "Capttal Appreeiatton Honds" shell mean Hands the interest on whieh is payable only at mgturity or redemption, as determined by subsequent resolutton. "Cag[tal Apprec4atton Term Bands" shall rnean Ca�ital Appreeiat[on Honds o! a series all of wt�ich sha11 be atated to mature on one date, whteh shall be subject to retirement by operation oi tne $ond Amortization Aecount, and the interest on whieh is payable only at maturity or redemption. "Coneulting Bng[neers" shall meen such qualtfied and recognized eonsulttng engtneers, ha�ing a favorable repute for skill and experisnce in the eonstruction and operation af such facilities as the System, at the time retained by the Issuer ta perform the aats and carry out the duttes as here[n provided for ConsuIting Engineers. "Cast of Operation and Maintenance" of the System sha.li mean the enrrenk expenses, paid or accrued, of o�eration, maintenance and repair of the 5ystem as calet�lated [n accordance with sound aeeaunting practice, but shell not include any reserves for renewals and replacements, Por extraord[nary repairs or any allowance for� depreeiatton. � LKL-OB/01/88-227AA-2750 -3- . s �ti'r`1':�'-'�..tlr�•�;,. ^ ��' -� . .. . . �. . • '�_ `:-.�"=t7 7r'2• , ' . . . . � . ._•�'• , ' .. . —.r' �_.. - — - - - F, z}+�,`Yi, el , ., c:�: '�+1 r•' ".':i t}`. ,,�k'ry.'•4. ,`.�;�-�:,#�?Po�t _ „ � ;=t•, :E. i.' �Sfi.:�• ``� � ti }z :.r •��Y ''fi;� {x;.;,'i �; `. . . ..>C.; � � � � .'rt.� . � r: ; � wA`k��a+`�� r �*.Li 4 okf < °,°S'c;i�� �y . ;e,z.<•,,p:,..;, �.:'�•4,1,�j'�r�'.�:r},�., ' S�i��s�Y;f• „'o «{'L�r.S��� 1 ;:$`�'P � ".>k��.L'. ✓.is[" 'R.,y�4C'�i . 1'�'� v�Ss'•i; ��y�.l,}�',�,��'H;�'.i t �''s:: ; �;.z°: '�`' '' �����';'; •t ���'�� .'`}E�``d , ;� '����`j, ::.rt'�.t„i',;� � , . , .•. �°�+%s!':~t,�...... �+,{'.,��}nn�'ti ��.h�,""�jj��(�����I�`�;t`�i' , 1 �t?lt��:T'' : �'''.) s � wirl .'�.%+}E• '��,orK{'`-'a.t��'f:'3;.�3`.?�dZ��'' � r ,. ,.s ,.�...y ..4: �F�'9F�:�l��l:�.. � 'S?.�ty�d'�'�6'� . 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" Y . �:�; . t. k:: . �r,�;�: .i. .q. .t, _� • y : „ ' . ' 1��. . e ., ;�� ?'11: - .! �>�q^'iy�e35{�..v'��.°� '4„ f J�.•' ' • . � . �yi. . � . .r°':' .h-�.;.�.;y.�.:�..7�.�..•�f ��.• ."� '�✓. � . . . . . . . . [ 'Ae.�•.. !,A a.'`'s•:< . � , , . _f• `,A�' .,S�r.•�? µ.Rt. `q£�� �•Y� ' . . . . . . . �.`P `�i i:'� :.''i. '�r, i .. �,'...�,�. r r.�,.-: z�,:., . . . , . . r, y .:S ,,'g'`:?' •j, : .. o� .'t�� .ti � P . e�:.'• t . � ;" . t � • ' .�"�" . . �' J,� , . : F;,:i':''7��i: J:,''. . . . ��1:�`. �., `. • . � ' ' ' . . . ' �� ,1�.�'�' :.4. ri' i;� j�'� .s: .(7r! t :�., . � . , ."r' � '�i'.�� .''r'r 'id.( 3 �Fp.r�'a':ti•. . . . . �7ji� ' ]... :t 'r <:�S �}, rM r J!•V. , . a.! ' v , .i. �� �'� i.�.. �'. f:�.A�.`i :'S.:il,. � . . �. . ' • . . . .. .. . : tl'a•::.:�. �: �;�x{w� ,i.r7;.-':J"° . _— . .. .�'�,^,n�aal�+d+'f .�' '.' � .. „�,.. . . t� . . . ,.,.,.w.«.�•. . .^,° : ? . � u ��..id, . ' i.:�.::�°.t'..R �'� r�.i�''. °:,� '�x'i `� . N:++�Mnir+w..w..r�...,. . ... . .. ....., ..+.:r..wr..,...,r�x..:..:,:. . .. ��s�. .. ,i.,...�:..,.�-.:.:��'e.•- '.y�...':.. 'f.,`.�.r.'.. .�ni"`, r4;. �,k,'. �,y•. :�.�{��.�.' , �\ . t. . a...i.: .. aY:°L �p:..-�,�� 4 .j$" .,+.�.t_ . � : �t, o � J �',+ } g. ��', ..0 , �;. �� � � t � , , ..�� ��."� c,lK^ ` � "Courity" sha11 mean 1'inelIAS Covnty� Florid�, A poltttcal suixi�v�slon o� the ''��' �'�'` ���',;�';3 ;:;�;,�:: `, : : ` ��;� :�'�s=��§�,;"°: . . � . : , f5 r 4♦ " .S� '. �ii':-e�alFr�°�1_r-§:� � �iQl.e� ;i. i1; '• `'y'r.tp�r•�'1'"• � raw Dep slt Agre m i s po !t Agreement to ';�:��f�'��:"j�:`':' �1 �'l n�se a e ent" menns that cert� n B erow De a -; :ii,'.�;';�'�;;',;;�`'1�� •;:f�,�;'.- :..: S�; ;��k��•:'''. : �; `�': '.''� . , . �..�:" ,.,.,°•;YA4iq:'ir�:'":::, �'.': '��';:, be entered lnta by e�nd between the [asuer nnd a bnnk or trust comp�ny to he aele�ted nnd .� .:,t; ;.;.:,��=.'�;E;-:-;;...5-_,:;.,;:- . :� � named by tha tssuer prlor to the del�very o{ thc 1988 i3onds� In substn�ntlally the iorm attach�d hereto �s �xhlblt A. "�edern�l Securities" shall mean only direct abligatlons of, or obligatiaas fully gugranteed as to grincipal and interest by� the United States of America. "Fiseel Year" shnll meeri the period eommeneing on October 1 a� each year and ending on the succeedirig September 3U, or such other per{od es ls at the tirne preseritaed by law. "�ross Rev�nuea" shall mean all ineome or earntngs, inaluding any ineome �rom t�e investment of tunds as hcreiii pravided, derived by the Issuer from the operstion o� the System. r'increased Cap�eity Requirements" means any inereased de�end upon or usege of �he eapi�al fseilities ot the System resultfng frorn edd3tion� cor�nectiorts tt�ereta, or from substentia3 ehanges ta or i� the use oP propertles eonr�ected thereto. "issuer" s�sll rrzean the City af Cle�rwater, Flortds. "Mgt�rity Amvc�nt" rr:eans the amovnt pay�ble uAon the s�ated maturtty oi a Capltal A��reciation Hond equsl to the prinelpal amount thereat plua ail aeerued interest therer�n irota the date of issue to the da#e o! maturity. "Ma�rimum Hond Service Aeguir�ment�' snall mean, as of any particular date of calculatton, the gr�etest amount of eggregate 8ond Service Requirements �or the then • current or any future Fiscal Year. "Net Reveaues" of the System shall mean the Grass Revenues aPter dedact[on ot the Cost af Operation end Maintenance. `, "Orig[nal Ordinance" shall mean Ord[nance No. 3874-84, as amended and , supplemented� of the Issuer� authorizing the Parity Bonds and the Retunded Honds. ,: "Parity Bonds" shall mean, g�ter the refund�ng of the Refunded Bonds, the ,t: �� Isseser's outstanding Water end Sewsr Aevenue Bonds, Series 198�4, maturing prior to Deeember 1, 1995. "Payment Date" aha11 me�n, with respect to payment to the Bondholders of princt�a! ar lnterest on the Bonds, or wit1� respect ta the mandatory e►martlzatian of Term Honds, the date ugon whlch paym�nt of suet� prinei�al, interest or Amortization Instal�ment ig required to be made to the Paying Agent. "Pledged Revenues" shall mean the Net Revenues. LKL-08/1 fi/88-227AA-2750 -4- � •- vn[r.�rY.'� t^ `�yt� �:.y y � � . ' ~7� � Ye�' . . . . . . . Y , ^,f u . .. ,. . :'i: :: �,�A' ",i;:r:Ya,.:<;' ;i;.'�'.', ; ',(,! ; , f�t�.'� ' t•t`w`;ii ;�l,; �; : S�'' � �t ���id?' . M1.i. !�=� s'e' ' �"'.`F "•s �a' �`'"n� 4 �'s�'' j tl 'f�' '9��:#,��� ..�: :....;:� ;��,;� .y-f,(`(' ; r:,+'4'•f'4`,.'`!` { '';4�'.`�"�i: �`�•'��l��7'�,n'� � j 3! a .:�;r. �y�'���•Y9ir.yi�i f�l.$.' '�,;"'.�. : c���.d�i�1k5.�r�.1.; , s •y„�V''jA1-. f �n . ''!.. . t=. .? 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' . , •. •... � .,, .,' , �'; �. �p o.�.o..� . �_': < : �, ..... �., •. .'�, , A;i,-: ..".,�» f � ... , �.,..»ra.w.S..wi::xh Y�:ifd�•�k"�+C R,ct're..«,,..�«...��.....� ....... . . .. .. .. ...�_... .�:.1WUe'+�Y�+i.as�i....,�iw�.�,....ia �...w�:..."�,w.e�:,:w»��'•�'1'.a,:, �`r` . �,4"�:y"s:`._i,} ° �'�, - . �i „ .. ,�.d'� j . �s�,f"'�".A�' '.': .:3j�' �^ . e 61 � ,v '� s. r'• =t..� �qY,:y,.� . � ' t. ' � �F�� � ,.7: �' `es,�.i'� 'F• � . �ti•t:�''• � � � � �� ,e��('�:��;f���t,��. � �� Project sh�ll mean tho eanstruGti4n and acquisltian a a �.j' F`�:,�_�� '�q'�at' , , � ` n �� [ dditions, extensiona ;�,`�,;'�', �;,';°:�a s..�,�a_v,'a€; :.;:, . ''9i' �• � oi.�7=w' °i,:21^�" 'b� ' ::�:. ..`tE:y1:�'.:',.a.��..k•.'�?.L'.,,�.t'° f . �nd lmpravements to the 3yatem pursuant to tha p p � o s af the �'�;���� 5'� ���w;,,; �.`�'���_���_°�`; � tnns and s e iiicmti n r�- „�•;:°=-• c��:�.�' ,.er�i�� ;:�:j .�:�M . ..# , ' ��"',.�u. '�'i i✓:, �'��=.,>, ., "},.f'.i�� J�w'�� t,. : a �...L�'`^' Consulting �ngineers on file� or tn be on file, with the Issuer `°'�:, ��;;''` ��'`>`" . �'.�l .u. _ ���: t,�:,� �s;�,��,-:�=: :t;'.�:,}.i,`, `:,:,`s'plt�'_',' ' �� "Put 8onds" shnll mean thc Term Bonds so deslgnaked by resolutior� or �.'.;::F'�'': �`;;:�4�,�":t���!,s"�:;.;:;",� 5 .;�,5-i;�i t:s!i�' ' •. 74 ,'>f',`t �'� !� � ordtnanee of the Issuer �t ar prior to the time the Bonds of any aertes �re sold. � y;�°t��;,����;,�����t'���:�. - ; . , . i . ; >+FS.+,;,:i,"„�•)s: e',J:`'.,1ti'�.;'^�° . `. i "Refunded Bonds" shall me�n the Issuer's outstanding Wntcr a�d 9ewer '-�;� "' '_�"`;•;�§,;;�c;��`�:� .`4. _ . . ...�''''S'� ': i'i �, �r�' t �}` ''i' , � � Revenue Bonds, �erlea 198T, and that port[on of the Water �,nd Sewer Revanue Bonda, r� ��.�,;"�':, .�-,�` `• �_,'_{'�'' "' ' •:. .� :`.;..;.,,,:.-.�_ . - ,q; ;'�,� ' .''':rw"�4:'`�%:�, . ;�', •.e;. "�iim :;�-.��;.iS A: � . - , :� Series 1984 m�turing on and after December 1, 1995• �� f,':l;s;ri'�, �•f Fti,ai,�:"��:;,���':: � � . ",.' '.,', � :Y�:�r'�T.;,i.cj:Aii �r�i, .�� . �. ' , � T} 11 �t�..:.e;`: `••�.::i:�.:.,�'�,`ii�`r..,': . , Reg[strar shal! mean khe paying agent for.the 8onds, as Bond Registrar, ar y, ;�.��,•..,. 4• ,�. '. `I�'. � .1.yai'�:,;e,:.!'�J ,'p.'i'�..,., < : '�'1�" .i..:•:; ��t {F,'�'. �.=a� � , such other person, firm or corpart�tion as may ihereafter be �rom time to ticne desigriated .��<��.-�.:;�.9-=•� `:� :;c°�.'•� � �`; =.s:'+�:�..•�;��..,�,��.- � � ' � R i ' � »' ��)' �� �i-�� �}S '�� `4•.1' :1.4.t'f::PS� 1 . by the Issuer as the Registrar for the Bonds. ':_';'�' <#�}�: ��'` ;��':'�_'�' ���5•.:� a �:�,, : r:�r�. : �::7 ,:��.,,.; ::.:� .}.:�:� . �� ;.. , :,,_ ,'. , .. :�: [ el of whieh : ;�:.��:,�.::..�:.�.�_�N,i�.,:�.:.�.j;: ; '"Serial Hands" shall mean any Bonds far the payment o! the princ p , �:;,�:�=�,�k*�.;,�:s;Fx;.�.,� � • ,.� t�' `:�=r.` ,,P�t>..�4' �;�}�:.ii���i� ` at the maturity thereaf, no Amortization Installments are required to be mad� prior to ��. ��� '"'`'�`�::���'�`"`;;F'��`� � :-f.Y �:�f.'�r''" �;:s;:.�'�.'�''�';�r��n';: .. �.' ��{f:,�:s+:j.i rfi�� • � {A� 1 �o�,, i �:�.� . �� the twelve-month perlod [mmediately preeeding the stated date aR m t �.. }'����s��'�°:�'`4�a�'t" a ur[ty of sueh Serial :;'••;��' •�E%.7�•�1!�,+�:r;��y'�}•��"4q•. F . -`l�i." C,�,: 3h.�+ �' E��, y • ,. � r�°...�....,. �:?��..�: 4'!.,�.�4�[.'y.'�.�`�: t - '" 0 I • r Bonds. "3yatem" shnll mean the complete combined and eonsolidated water system end sanitary sewer system oP the Isauer naw owned by the Issuer, or hereaPter construeted or aaquired �y the Issuer, tncluding the impro�ements, extensions and addttions thereto to be eonstr�eted or aequ[red eitt�er fram the' �roceeds of the 1988 Ho�ds or from anp other sourees, together with all lands vr interesta therein, ineluding plants, butldtngs, machinery, franchises, glpes, ma[ns, fiatures� equtpment end all property, real or personel, tangible or intsngible, now or hereaftcr owned or used in cannect[on therewith, and ineluding any undivided or per4fal ownership interests therein. "Term Honds" sball meaa the Honds o! a series ell of which shall he stated to ma#ure oa oyze date and which shall be subject to retirement by operation of the Bond AmoMization Account. �ection 3. deelared that: 0 N[NDING�. It is herehy ascerta[ned, determined and A. The iasuer now owns� operates and mair�tains the System and is empowered to maintatn� operate, improve and extend sueh system and regulate and 4!x reasot�able rates and charges for the serviaes furnished tttereby. H. The Iasuer derives Gross Revenues from rates, fees and et�arges made and coileeted far the ser�ie�s and faeilities af ti��: System supplying water and sanitary sewerage servtees and the Gress Revenues ace not Pledged or eneumbered In any manner, LKI,-0 B/D 1/88-227AA-2750 li -5- , ^ � ��� _ . . .--i _ .. , . . _ � ... ._ ryr:. � . � ;i '., r, Li'3'(:,,: ,;.,'-�. Fi"i� .:rti. 1%Ti=t �. : Fti. _ _���� ���_t��,{ ��;�: <,,�°t �E•�, �51 �'' I '":� 4�LY1f t� i. '.Y;�C .�':''.;t>-i>-�: � � ::� -s•=��:�F :�,-;•�;;�: , '��'ti�':';'�;--'�k� ' "n'i'�� �� y{���'�?� .� s' �r, . .��l,� y=t 5r� _ ` +r�j; � !;i"^''';fd� . 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' ' ;t -,���"�' ` }` ; r, '.,�, �j�,�. f >..�� :'.�A j}t � ?'�t�f 3='[ �,�" ��� �� �i5t.. t'+.,�raf�}, � f,j� =ba A'S "ti�'��y�^�'s'A, �z� � iyT.l�:'�;5�'��'{'�.ii�1i�'''F �trYV i�/�.: . :1.�'� }�y' ��.�(�'i�Y�" 'Ij���';�7���1#f �=�jti�il�: y P_�.�i}Sq'.�v�1y����. ?l�r � Ya � ril,i�q y'���y r4`5 �y� �,.��/ ��':.� � ; �.+�y j ) `�"�`{ ��'��� �h Zr ��N�.=Y'"Y� , 5Y„���`Y���A�tt�r, ( s �yw7 � yi�M1�� 1���ry'� w�ii�[� 1�aYS . �si�� �yy' i'�;°r ,�'����P>f��f'ah s�i.M`�� i ;�`{ `�9� t� •' �i . i�+�.w';It��il��r �,�iarE'•l�`"'ty:�yi . :F:�iMi�����ii,�i h ��i�'/�:����4k...i i�:r �Al'•�'� arM� ^1i+'R i tz ��.-, �;�;��� ti'�<:�.'x`S'�'p��.ts1= ' �iL i'� �'`�'.,'. .. y'§±d`>'�� � wt] �i� '.!�#'F,: ��;� � �,��.�: `�:r����'�F'�•�. r;, "a%r�> �:�., �,� ���.��,,. ��y`�k��k��,���,� .ffj�;,�;��:4'�r.,� ' S'i�.� n� i, jy ti 4ii•ir � 1 `.� .. ., t , ;.itj � .�. �. . • � � ' � a`y ,i e— . , . • �, ��° �� w . .' �fi.... 7.C� ^-,. � .. . ... .. . . ,.... . . .. .. . . , .. . . . .. 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'v4:,}:p. .;�,�,� f. . �:' .fe' :3 . . , 4.' �"^'v. ..�' ., � ' - . � =z'.. .'f'�'�e .'t:{:':br',:��re;ti�.1"�« ;,�"�'- �gi.:: .� . .. . :a� ���;'a �'k:ii b�`�i�`:7�� ��JF:<i�('C i'�:5: � `,':�.(���"`i�.. ,s£a"Y. . . . , �t' °'� -}o,..' •a es";S• `:i y� �' � . .a: S °'r11'^'`.';% ?"�>' . , i':,;: . Z`q -',�'d. .l;:E,� ,.. . 1 �4 �i.. . . . .. tJ�•H�'"S�->L..� [.�.1y'IS��`l'�'7::��f-..�W.x. .1 's - 3 ql S? s4... ..fr, i✓� :t •ti� . : ` } . .�. �.!..°tiT� F .s.` .'t� a). •:'f�". � •'1 .'tr 'c:: c•��''s: x :. . .,,. �z ,�.', ar• y ' ��' _ . '-, . ",.i ,. :r�5.t.�^-'..'vs;;r.w :.s•e.,.:i :�°a:,^�� rs,,: s.,:.;�, a .3. ��'',.:.c.e i e . � , ?��'' � c. .•.''�'a�l�i;�!:.'�.,i`':i; ": � i`t; ! .i..,:�i; ;'r;.i".'. .•C t..' �•1...,.�. <,,f.� ���ia;;1;�.,.,... s_..._....�w.,.....«w,r..w«r,.ti��W�t�wr�.�rwr,.a+.+:.d.....,.�.:....w.�,a..,«�.s.w.u��l..v..i.r5. • . �v�`1iM '. s�:4 '.�".. � �:.�.i`, L•,'F•J• ,l "i�•: "^it.��j.. ��F��::�'��. . .a't .�� . � � :�, t •.=,��s:: � exeept [or pnyment oF tha Iiefunded Honda� which �ledge nnd lien wlll be c3efe�sed pursuant to tho rafunding progrnm herein nuthorixcd, a�nd excapt tor pnymertt a� the ::,: . ';t�� ' P�rity i�onda. C. it is nQeessary nnd desir�bla to acquire snd construat additiona� cxtenalans and lmprovemerits to the Syatem, as provided herein (herainaFter called "Project"), in order to preserve aod proteet the publie health, satety and welfarQ o[ the inhabitants o! the Issuer. D. The Issuer deems it neeessnry and in its best lnterest to provide Por the refunding of a11 the outstandtng Refunded Honds. The refunding program hereln described wtll henePlt the Issuer by redueing the debt service to be paid fram #he Net Revenues af the System. �. The esttmated ma�cimum east o! such �efunding as above deser[bed and af the PraJect is �90�004,000, the actual cost to be determinefl upon snle o4 the 1988 Honds. 3uch oosx shell be paid fram th� proceeds derived fram the sale of the 1988 Sonds, and� it neeessary, with certain other funds �vaiiable to the Issuer. An amount sutlie#ent to effeet the refunding w4ll be deposited in ar� Srre�ocable escraw sccaunt established for . the holders oR the Refunded Honds, and imested In Federal Seeurit�es. The prinaipal ` � amaunts af end interest earnings from such Pederal SeeurlNes will be sufflcient to make � timeiy payments of all presentiy autstanding principal, interest, redemgtion premtuma and other costs end obligatians ineurred in respect to the Refunded Honds. F. Seettan IBR af the Qr3ginel Ordinanee grovides �or the issuenee of � E', , Addittonal Bonds under ths terms, limitetions and conditfons pravtded therein. Ci. The Iasuer has complied, or wi11 comply prior to the delivery of the 1988 Hands, with all the terms, eond[tione and restrictions contained in Section 1BR o� the Origina! �rdln�nce. The issuer is therefore legally eni�tled to issue the ].888 Hands as Additlonal Hands within the suthortzation contained In the Originerl Ordtnance. H. The 1988 Honds herein sutharize� shall �e on a parity and rsnk eyually, as to I[en an and source and seaurity for payment fram the Pledged Revenues and in all other respects� with the Parity Bonds. I. The estimated Pledged Revenues will be suifietent to pay a!1 of the principal 04 an� ir�terest on the 1988 Sonds and the Par[ty Honds, as the same beeoRte due, and to make alI requtred stnking fund, reserve and other payments required under thts Ordtnance �nd the Ortginal Ord[nance. J. The prineipal of and interest on the Bonds and a!1 required stnking fund, reserve and ather psyments shell be mnde solely from the Pledged Revenues as herein LKL-OB/15/88-227AA-2750 -6- � � - -�-�'.�=%��." . . -�::`'- r�"��:�"�- - . . � -.'' ...:-. . - -. . n:`b��l,�.;i.'ir^i i1 �' �. v „.�. . : ..` F17� O;T���J.� �k`�l�h��..:F�s`rf1��a:��y:�""�;'lr;; , ' ��i.��S;. .,. '.xr :,z;�.:;r;�� E;��x�.,. < Vf. ?'a"tqt e-��;:=� .:5'',J;y�'!!h'::,,^, `�'�,• :e"'•' ' ' :'N: +'•'.c° ' �j��:..�: .T�'«�•?i'.�•.�� r��:�'.�`?�S. :•. . ;rd:ra •.,L�.j*�,^....,:':.. • . ,t;.,,I^�t i,:„k# } ,.; ^r, 'S65'�:',•' �f.�dt�::.'�1.;=.;.+'�.. �';s;.5. ,'t��tV1:.K:' 3;s=.`L.- .:.� ..; ..� � . �;2+s.F'a}.Y..;:t� •.i, .:f'��''i�`�'i4�;_'2• ;lY r,� R�: e.Y�'' :F.k .S...f! �S :Ii3,�..'•�.7f��i�i.F'ia �i--s§•�''.,� �,} . .'.�; ..: .�� �:'�,`'.G�i't.n ' . `;t'� 4Y��r't"�o :•J�;«�i�'.:7:.'p.yqt��r1: y' ;�:': �y��`=;��.�?'i�'� .';i:`.N".�.':' '; :,�.;:��_ �, . � � � f�: • ,.. : .,:, •. '�`; ,:1�.,'�•-''a':1r,i�:3;lJbif�'� `r°' � ?�q�, ., ;. 1�.i`:;,P�i.'! ;:}} : v = �•4�^���e�. � � ��;r}' ',.�f;i ..:;,,�,Y'�,C;1,1�... . '��'��ru .`bf' ��.Y'�'1.�. :i�i 3' � f�.'f?''1 f'��,3°�,r'�i.[j�R.�;ttit�f��r4:;,'; ;5.5 � `� ,�.9�� ' :.� `s��'?r� �+�'�` ' -l�,;�l.6cf��'s,.e'FS�x r1',>'.:i:iF' 1i�%• ;a..r:: - ;;f : a%�y` �,•f'• :1°:i;� f 't:��Y;., i.4���:4��,J�(.,�,..`.t irsi�� �. ..yy::} iY."�a` d:1:j'.T���Eaq ,..' . ,.,au".+a�-uj„ �iA�j"�t,j� nf,�i•� �:� ,_ryx':� '_..4 ai!iY ;`5iS�. °.i� if..� .7�:1�%xkZ:75: �... 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"i. j',� f:5;u�� 3�'��fT�i i�j %y,�q✓t��,w',SZ r ,�„" ; : "�:.::-._�f.,rSh rr + �.r ;��:;L�'n�2.. b•�y�';A'-,�1�jk`^5�i�v++:,��d'[ � /� r.. • � j a�' . ��F'-S`'r,S3�'l.Gn, a �.��":ib�'r-i..i �'" , e; �-�,y�.•�':,l.=4yJ�:.�:�'P� ..°.� �a�r�iyf � � . r �, �,�� „ ;I+.r' • �l�sl �r �,�'-i �i:, 5+�'' f ����'�,: '�iai �;��� ;;r"`��.`:J��a���'.e"r.�<< >s yr� ' •.;�-e:y4,. ;'�1, 7rY'�t%':�.���rh�� y���,,�: ���,�i,"'k�,�a��yt+�z �.r� ��P�t�ir'a'.��v. ���t:.�°t�� `-ai'�-�xdr•;; ,.� .���� ,s: �� ., �%��f � .-- 5;4 }� �1���.., ..e 'S � �rF>.7+� ';�:.f�'rx.dy c .k e� . ,- .. � - � ..�.. . . . . . ee. ...i� .. . . . . . . � : .. . . , . . ,�' , . .; `� , . . . .� ' . . , � " , � , `�EM .j �° . °Y ^*;.'l�;: °�i�" '�� �L fi�µ e y^� , ,�J. :•�e.' ',�i•�}�. }� +7'�: � 'I • . . �'�e ��f 1 �11st� i.� . "1 . { . �^?',` �f+ . �:� ���i�";k<G[l��6a"?s� � ;..�s «-�"'"��;.f;b:�:`t:e�SE"d�*,������� .._....,.:.,...;,.�:�:+,.«��.�sar,�+Mt�i=::�;,mra.�:: :, ' ( y . . , .. . , .. ..�� . , .. "._. . -,. �.F.o . . . . �� . . �. . . ,.,. � .��: ,1 . . , � i . . � . . . .. . � . . ' ' 4'. 's. ' S� •' ,'•"f`i�T�,{xpr,j.{,� a `J r1 . , . . . . � • t'y:.4�"���t�'S�.3«h:''e��:�:ii°r"�'ate'✓�;?d�7�j#.1���� i , ' ,.a'. .� �E. �:i �s�n�.�:;-�5�� ..t1'z' `.io..�5':y.r':;�^:-°•:�r;!�'��'�'i�ii•�a', . � . . ..r;, z , y. v��...i: . �{'; +,1 � . . , - . ��i��c �e : }. '�a'( . . . - • , .• . .��' '� s' .° .. . , . , , . .. . . . . �. . , � ,�. �. - . ...,. _ . . . , . , ,. . . , l °. • . ..^r � � f a "'� • 1 '�`�` �� provid�d. The Issuer ahnll nevar be requlred to levy ad valorem taxes on �ny property :,�6: ... F:. `�h�`- therein to p$y the prinelpal of and lnterest o� the Bonds or to makc any of the requlred t' �< sinlcing lund, resQrvc or ather pnymenta, and any fallure to Pay thQ Bonds shall not give r < < � rise to � 1len upon any property of ar in the Isauer, �xcept the Pledged Revertues. K. ThQ total indebtedness of the Isauer, wlthin the menning af the Issuer's cherter, does not exeeed twenty per centum {2096) oi the eurrent assessed valuation of ali real property located In th� Iasuer, and wilz not exeeed sueh amount after issuance oi the 1988 Sorids. � , � Seclion 4. AUTHORIZATION OF CON$TRUCTYON AND ACQUISITION OF P1iOJECT AND R�FUND[NG OF REI�UNDED HONDS. (A) THere !s hereby autho- rizeci the eonstruction �nd acquisition oi the Projeet in accordance wlth the reports oP the Conaulting �ngineers presently on Ptle wlth the Issuer and pursuant to the plsns and speeificettans o[ sueh Consulting �ngtneers on file wtth the Zssuer as ihe same may be reviaed trom time to time. The coat of such Prt�jeet� in addition tv the items set forth tn the plans sn� specifications, may include, but need not be 1lmtted to, the ncqu[sitton of any lands or interest therein or any other propertiea deemed neeessary or eon�eniant theretar; engtneertng, legal and finanetng expenses; expenses for esttmates oi eosts encf aC re�eaues; eapenses for plans, speeifieations end surveys; the lees og f[scal agents, finaneiai advisacs or eonsultants; administrat{ve expenses relating solely to tt�e eonstruction and eequisltion of the Projeet; interest upon the 1988 Honds for two {2) years e►Pter the delivery of the 1988 Bonds; the creation and establiahment o! reasonable reserves for debt service; bond discount, i! any� and such other casts and expenses, ineluding legal lees and bond insurance premtums, es may be necessary ar inridental to the financ[ng herein authortzed anci the eonstrucHon and seqvisition of the Project and the Plectng of same in operatian. {H) There is also hereby authorized the refunding o! the autatsndtng Reiunded Honds. Section 5. ORDINANCB TO CONSTiTUTB CONTRACT. ln consld� eratton o! the aceeptanee aP the 1988 Honds by the 8ondhalders irom t[me to time, thts Ordinenee shall be deemed to be and shall coastttute a eontract between the Issuer and sueh Hondholders. The covenants and agreementa herein set Porth to be performed hy the Issuer shall be for the eqval henefit, protection and securtty of the legal HondhoIders of any and all of svch 1988 Bonds, a1! of which shail be of equal rank and without preferer�ce, prior[ty or distinetlon of any of the 1988 Bonds over any other thereof, exce�t es expressly provided there[n and hereir�. GKL-D6/01/88-227AA-2750 -7- . .. , ;:I• w�;�4'm: .:+w°n•t� I'- S.�' .i��;:'$�,..:b. g• ;i' ,� i t•.- p�r.'k`�5� t�jrl�•s�7�yq�y������ •M�� jy��x k�, ,��N�Y£ ,��F.�",q.H...S•��:-�� �.. 'x �`�,5,,�`•,; ,..1� � '�.m�'x:�.fq" ��i;�h� • h`` '."'�,• , ,rq:r`� ��.f':.`; y�f,rF1.,<.'�,� .>...1 . 'i:' ,�:,,:s. .:F'. Fy. ,af :'l�'�''�° f�3''`r ' �. .y,f',3 k'.-i 3a;� l iwj.. � ... _�-n7i`'_`E,"�_ .�i:._ :i� _ .. . . _ . . � �'s J: ;s ��r� ;� % � . 9: ��' � l .s.R�1;i°f I � ��i': 1 �.�� =1 i.:.��,�.�;: �:� � � .r:'.t:7. f� r:J�. � '.1p� :�.���1'.; : ";i ; ?: �."(`; ; ., ��a r,9�� f' i � „ ^;t: : _�'';;f;�.{ ., .i:: i�.:: _a j4i. ,, ��B'- Po��: �,'; ,;,,; ,�;�; °.�i�r �: ; ,.: ,�.� .,A, ir.' ;� : ?; i`:. _;.� , . �:��,��° ';,�..+ " � . • .. , k =� •. :_ ., ..--.. �:���", - . y . .. '}-^ ' �h . . . . . ., ri _ :�sti`;; �� _`.; F e. � I " i .� .,. � � .. . . . . ... , • . ... . . , , . . . , . . .��. . . . .. . , , , �, . . . . M:.�yar,t.��; � . a � . � . .� � , �.. . . . � . . ' . . , . . � . . � . . , .. . ' � z ' � . . ,1 i � ' • r, "" ; L''R�� • . te � .S�' . . . � . ' . � � .. . .�Y.�e. �'N'� =9�: f. ' . . . , '�"�``�F'���5.�' � Sl t '`�. •q��.�� s.� �...� i `e'�:: ^�SY.r- '1�" a , . . . .. . • - .. ,. ' , ; , . ' , . . . , , c.: •: w , . �'-�-�';�': .. ''i'. >f�, . .... �. �, , . ;tr`� � , . w �..- . •� • .�5s''u�s,4�: r:�' �.. '��; . . . "a; '°9:.:2_. `ri�i1'v.(� ��- , " 4: `c;'� . i.- , F . y - ...�:._ _M. �'; .•I .. :,� =. � ; � . �3 `,,• . ;`.�' p r ; ir', - f�, S. :I�� . • . ... ��lt`' ...��5 ,'.;�,�. ',r� f 3:. . , �F - , � , :•y ' j,- d i�j � �:1. : �.. ��t . �F�', 'F. S . . . . . S ' . i`.. - >• �'.' .�.-c,,, •t•: :a '� � . `r. s .�s �c �:`` 'a '.,�� � . ••I�� . . � � . �•f , ( f �.:�� � ��.• �' .3�w :,-� �- .�. ,1 . . � . .. , �'� r r %� , ''ri` � � . � i"' � � =k � �'te.. � `'.�� •.z`�, . f2l�' ����� r , � F m95 , n° `.r.' �i;: ' t �r.�..'. . , , . . . . , , . rrf' . . . �'n�'' :��,'J:fI::.'. _.y.. ..-�. �+ �. . . . . , . A. �t° 't� �'�;��.}� . . � �, .:4" r��`�{`° ' � . • - • . . . . ?}.' ' �'`'''.` .eyii � Itvti.u:.,.�.e...�s:..auwi..�e�.4r�4W4t�ea.a2'�':esle.� 3N:.a�t�ki�s;:i��i,C��y*;.r.tS;N`�'p;��; T r ��' .e. , - ..:°:•'; ;�-...; � ,� '; ` ' �' ';'`.'��.. ' .', '�•:; �.,:'.� ;.` _. .: :"'... �'* .��;;iF n"�.i1�'''�'� S r� x SAkitr+ns;�s»vw.�..«.t.�..i.R.w�i..rtwr+.+�wa.�M�Ar�f�`Q�'ifd.s53�:`?:Ylt:fci:k+.e..ww«. ��u...:.a�.wa�.y:.r 'enawni;wr,nirrrw ��t.:�`'; x�j�i,,! . F: ���'�:: �'�5��';-- �i;` ;:,L. �''�,1 �',��q.a /�� �`aA� ,.k 7� : �,�� � /[ , �J '�` •`6';;vt �.ti J�i,P . .•l'�, `r�,"'� qy�P '>i•' 'r n:�r,.. � ��� , t �V���;is*'dI a � Scation 8. AUTiIC�RIZATION Op 1988 [30ND�. SubJeet nnd pursuant to �:�i��?�k j�u�e�:4 st � � �=�.i�i:•.�..'�` � ' 1�_P.:s.w : . -' � �34"•r-���.� • tha rovlsions hereot, Bonds o[ the lssver to � be known as "Water and Sewer ftever�ue ��'•��' ���� �'<���`'�, � Q ��`'�'i.`:�;: �: •,S'�F•l�•• .:. �> �-�� Bands, �erles 1988" are authorized to be lasuad �n the aggregata original principal amount �'' �i���`�"����.� .i e::�+t �.,*FN ' ''Ik 3. L.; .• -'}•,;:=•!`:p..;�. r :itj.,::: �xJ:x.�-;'."; .�::`� of aot gxaeeding �90,UOD,000, whlch may matura at n higher value to Include the M�turity ��.�•��;�: :-; '' • r.' :.£ '�.:,i.;,; Amount of ar�y CapitAl A�rpreciation Bonds. ,�;�~,�.;; .°;'��;x� i.� . ,��r., `�`;; rY,f..,. ' '�:,� �'rr �: s ;�F ?�' ,: ', �: Seettan 7. DESCRIi�TION OP' 1988 BOND�3. The 1988 Bonds� except ;�:#�:t} • ,'�;a} , i:• :� 3.`, Capltai Appreelatlon Bonds� ahnll be dm#ed as of a date or dates to be Pixed by subsequent ",�f����`''="� �! i i'�S.cyYV ,tT ,'�� � - resolution af the issuer, but not later than thetr dote ot delivery, may be Serlgi Bonda� _�:������;;�,�,'.���� .. ,er �,.��t `��' , Terrn Bonda, or e combination thereof; shall be designated "R-_" and numherQd >`,;;3;'.ws��:�,;e��ss �.. .oe..:'� ��.:i�y: ,. .e : .u:'.F;?,✓,���yl, k�� �`;.: ;;;`; � eanseeuttvely from one upwacd in order oi authenticatton� s�aIl be in sueh denominations, ��� �-�':`>: �t'�;:;�: } �.���.. ;r,� �, . �: ���� . i 3� � . �,., "}�'���'��4}„�,; • '� - shall bear ir�terest at such rate or rates not excecdtng the max{mum iegal rate ellowable ��': ''��5*;, ,,;t:�; ;., f., . ;..' ;. o . ; ...r.. � �� by law to be psyeble at such tlmes, and shall mature either annually or semi-ennuslly on �»,'��:' •,M-��'"' ����r�' ��.. ��i;(� �� �� Y'.�;.�� `�� � such d�tes and in sueh yeer� and amounts, all as shall be determin�d by subaequent ����:�'; �``''`i'� f 5,�. ��tL�n�i2'e- ';' �.: ` �a ttT; � . . .. i'r��.'.,���'�., ;;;^,,; resolutian ot the [asuer. The 1988 Bonda shall bear interest from their date or from the ;:_:��:,• s��i,.;_; , , ;; ,.. ;i �.,`_, .pr:. y:. �. FL ;.; ,� �:%'�`�'�:.^ :,,3).1'is':'�ki ��,�!: ,;.�.;; most recent iaterest �ayment date to which interest has heen paid, untll payment of the �,,�,T,;';.=��;t��a� , . . . i . , � �:_ : ��,:-Yj; �`' � � �,: �. e.F, . f •.i, �,. 'r`�..: ^ ; •�7:. ` ` :r: r ' 'E�y,. , ,t._.�� , ,. �, ,�. :�,,.; � - -,��,•Y r ;'p �. 1 -`� : � ��; n � •�; �' °� � � principsl sum. The Bonds ahall be issued In fully registered form, payable as to prineipal and premium, it any, upo� presenteNon and surrender thereof on the dete iixed for maturity ar redemptlon thereot at the eorporate trust offiae of the paytng agent herealter named. fnterest an eseh fully registered Honci (exeept the Capttal Appreciatian 8onds) shall he paid by cheek or draft meiled to the person in whose name the Bond is regtatered, at hts or her �ddress as St appears on #he Hond Register maintained by the Bond Registrar, at the eIose of buetness or� the X5th day of the month {whe�her or not a busir�ess day) next preeed�ng the [nterest Payment Date {the "Reeord Date"), irrespecttva of any transfer of sueh Hond subseguent to sueh Reeord Date and prior to such interest Payment Date, unless the Issuer shall be !n default in payment of {nterest due on sueh interest Payment Date. 1n the event ot any such default, such deiaulted lnterest shal� be �aye�ble to the person in whose name such Band is registered at the elose of bnsiness on a special reeord date for the payment ot defaulted interest as establiahed by nottce mailed by the Registrar to the registered owner of the 8onds (exeept the Capttal Apprec[ation Honds} not leas than tifteen days precedtng such speeial record date. Sueri natiee shall ba mailed to the person tn whose nsme such Bond !s registered at the elase of business on the ftfth (5th) day preeedtng the date of mailing. AIl peym�nts sha11 be made in accordanee with and pursuant to the terms of this Ordinanee and the goads and shull be �ayable in eny eoin I,KL-08/15/88-22TAA-275D -8- . �.. --_ ::�.�Y=:: - ��_ �- . :�: _ . ;:`�`�'...���--�s .. u ::�.�': . . .,t � - _, :f, • . . '���';i;��:b: ..�.., . f � �;� : f �.�r �,> . �r•-.V;,L.<,. ..»�; a , .. . . , . ., . . . ." . .. . . . . r ��... � . � . ,p; , , ,-(.�ans^ . 'a ' � , ' --'�•. y, , , , .. _y�. �s».k�7R - . ��,r,'- ' 't-,:,'. ' •' �?� ' ���'`'��fF`�i3�4r � 'i , . . . . � . - � . . . . � . . , : eH; .:�,� ,y i � .. � �.�}`.,.,' ' � e: '' '..�.�.: ':f^t i���°tz�iF"S;°,vi�,'r�' j - :i,�. � ,.,�. . . . .. . . . . . , -�i�•...' .. ... ��.f :�.. - ;�; °'j�`�'��:•'�•",r: �8�: .�t. �.t � . � . � • � ' • �'. . � . . r f �,:i: : ,, ��1 r i1 ; t � ='4 .. . . . . . : ti _.,�� .��::.,,, wf.� ' .. . .�.i! ,. . . , . . . . . > P��.t' . •`�Y�.� lF�i �, .�if.Y�`A�° -R:� •. • ,-� � . ..,. ;.. . =�.:� �� q. :"` :r' J.F�Cr ::_" , �,�.. ;}�. . �o� ,Y-' m': �a. .r°�:;�. ::'' �:�: .cc'r'. :'�.� . �zb., r'•'7� •`;.. `s� �:>� : .(�'� �•i,' . • t. ,a'� x} ra. r.� A � .T� �}' E '� .s� :c� :<.' Rf. -''I� af° �� Jk a , .t'•. ��3�l�..��c..b�.. �:�`. �.,}` .�."a.i'' . . '.d �' g�:",y„ �i:'. .4 . . . . r; . s... ,b �°'?i e.� '♦ �i. a � : S: :'i=.. ':2.: • ,' ] : i- i � . .s � f�=�' .'+-` ^ 1� •."F' _ . . I �,�,, . :'�'�°+'%'�,, :�� •,i'� .�'x•�t: ��..` '..l'�•. , £5' q'�:v��, � �t`• ,�. �t'� i' v rV . ;�, �i' .`F.�, �°'� . �. F. e�.. i . . : � , "7K' �e�'' ^ -`1 +? , f'..:;.1" 3 . _r [ ��7 . , .,.m .r „>'µ vf �g . . . i' a .•si�l�.?. 4,,;. . l. s^' ° 1 ` � �i � � 7 ��: :'�\ ' N'�• ��i'S. � `t .. � °� " �� ns. q e. r'. . w. .,; r f a 4it � ` � .� >�.'� v( � . . -.,;'., � ��T-" � 'LS. ` ! ' 7'� � �. J �-",,. ..,e... . �' 2�,w.� 4 ,,: i ;w='.::��' �v :w'- � i iSh', . ' . r ,�..«. `�=�W�'1' . r," ♦ .i- '�' ����� . t• 'E�' ��"t..�. .i`i i� . : ��' � � ;.a'`. :se:,,-,� ¢:� k '.'i" ,C':,.:,.. � �. �:s ,o�. , `'r v X t J � • �:i' : ! � �.T' r r � •�l; iii.Sw�w«.�...�.�4-.„.,..........�.»..,....x . . w.�i:L.�.i..u�..:��.:.ti++.."-"—'�•"-'��-.-.,-.�:::.......:.::,l:�a..�.�,>..._,.....,a..i.�csSn�acnrK.....n,.:.:�.,.�;�'..,... .'. '�'y°�•` �:..�{,�.u��'.�tL��;:�r� -i.�.r...w1.s'.w�.ww'«:a,r.,ti...:�.� f� a i' � . � ' � � � �� , or currency oI the Urtited States ot America whieh, at the time oI payment ia tegal tender Po� the paym�nt of publie ar prlvate debts. Th� Capttnl A�preciation Honds shall be dated as of a date or dates to be flxed by subsequent resoluHon �f the Issuer, but not later than their date oF deliveryi shell be designated "CA-�" and numbered trom 1 upward in order of authentie�tion; shell m�ture an such datesi nnd tho prineipal amounts thereoP shall accrete at the spproxlmate annual yleld (subjeet to rounding the Accreted Vaiues), all as set forth by subsequent resolutlon of thc Issuer, ,. • No 8ond shali be valid ar become abligatory for any purpose or be ent[tled to any seeurity or benefit under the Ordtnanee until the certiftcate of authenticatian endorsed on the Sond shall have been duly signed by the Bond Registrar. !f the date for payment of the priaeipal af� premium, if any, or interest on the � �. : : � � .� . , � Aonds shall he a Saturday, Sunday, legal holtd�y ar a day on whieh the banking institutions tn the eity where the corporate trust ofttoe �4 the paying agent is lac�ted are autharized by 1aw ar exeeuti�e arder to elose� then the date for such payment shall be the next succeeding day which is not a Satur�ay� Sunda}r or iega.l holiday or e day on wi�ieh sueh banking tnstitutions are authorized to close, and peyment on such dgte shall ha�e the same foree end elPect as if made on the nvminel date of payment. The Bonds {except ttte Capitel Appreclation Bonds) may be issued ar exrhanged for Bonds in coupon farm, �ayable to bearar, in auah form, w{th sueh attributes and upon s�eh eondit[ons as the Essuer m�y provlde by supplemental resvlutions, upon receipt ai an opinioa frora a natfonally reeagnized t,ond eounsel that such issuanc� ar exchange will not cause interest on the Honds to �e Includeble in gross income oi the holder for federal income tax purposes. ' Sectton 8. BAECUTION OP BONDS. The Honds shell be exeauted in the name of the Issuer by the MayarCommissioner and C[ty Manager and attested by the City CIerk� and approved as to Farm, sutfieteney and eorreetness by the C[ty Attorney, etther manually or with i�ts facsimiie signature, and the offtciel seal of the Isauer or g faesimile thereof shall be affixed t3�ereto or reproduced thereon. The taesimtle sigrrature of such offieers may be imprinted or reproduced on the Bonds. T�e Certifieate of Authentication of tlte �and Registrar shall appeer on the Honds, and no bond shall be �slid or abligatory Por any purpose or be entitied to any seeurity or benefit under this Ordinanee uniess such eertif[�ate shell have been duly executed on such Bond. The authorizQd signature far the �ond Registror shal! be either manual ar faestmile; provided, however, thet at least one of LKL-06/Q1/88-227AA-2750 -9- m . ,...,::.�--._:._--^�:�'�"" �: '' �- � � � �. , _ - ," ��:�",""' • ' ,. . 't��� '-�h . ' . ._ . . . ~:' .. • . f,. �.�� �, ''i`;�! yp�`, ; .�,;•. ;�;,' " ,�r�;�-' ��;•.,,�, V.Y;ge�}: :=�'�=;4`:: ;�;.'.t� � �� Yr!? e ;'iL ri':: .. 6'A�t� ,.�; �3.>n, lF�s'�i';�� � . �,'�����i` �jJj;as��;f��, i ��t,��`�,<' ,: ;'` i ,,.; i". . k.5wn�l.:��uu"i r. 5�.� .H tf'��� � �•M yi• •1.11itiwE � : , .' j{S +' � t .4r �,o,y`.°+yi'�-, i, �`.,^;J`,� �S �: tfi �.:;,% :-s�%Sw�: ."fn''�,'� � iti'k-0.i1'.� � � • Y . , ,:i: �.. �•�s� ,. . . - ,, . . ' . . - ' ' -' , . , .. . . , �� _ . . . .. , . . � �.. , . r'.� .. �,� �. "'t'e•.•.r.- . • . . . ' .. ... ..��5,�«:s:e,�'^y1`a'k?3'�,�•;, ,'a,$ . , . . .� ' ' ,''tw";i�'•"-''t5'- :'+�:; . . .-y` .. � ' , � . " ' . , . .� . . ' - . .�� .�:��-g; .�e��E:d§�'i'•'e �.� ,� � . _ � . . . . ��..°' , r �L �' :1;,"' r;, : . . ' . , . . . .. , . . . . ' ti �;.. . � �4 ' .�};�r . � .�,��i:tYy; �.w"�' �v�r' �'9� � ' . , . , ' �o j. ; j,.,�... , eS . ., . . . ��i�: `� � r; � . , . . '; _ . , . . .. :�� .n '`� ��`. r`= '•T .. ,1•,�.` � � � . � . � .. `Y �,.P. _�,� •y cf�' E •zh. Nd, � '�';.r� �;:a r . � ' � .e� - . , z�:... �`"�''✓ 'z .i [' .Y. ( lL.i ���' � .. 1 ��v' .�+.�i '.�• `,e:. . � � � �', ° �1. �,� . � . x`w�Y .f. • . r� . . . , 1;��: ,!Y: �� 1 ,�; C�; ��•�... � ::� ��' . �.. .�•a� '�: ;a:� � . � �� �-��= �- t,... f .v`: , y� � � ���r`. ,:a" �i� . � �� �,.i;' .,';:,._' �^ :",;�; :�' � Z: .`i , `•, � `:�;t� r.�� ;:�` `•e �.• ri ; .'l.'�1' . . '�i �''i' r '4 . . . .� .�l '� S '� 's . . L: �� '�,� ��. � � '� . ,. �Vc: ��r n: .n . '.. ... �•�.�. . . s .x n.. . . .r � . . � . , . �{�.,`i�1' �� � . '�4,•t• .?. ' € `ti. . t�.+' ��i".• .. , . .. ,�; t 1 `:S" .�� � ;`4 : S i `i�� : 1 ��� • r�..'a 3-�L���$�.... �.� , . w. "?4 � 5 �� s .�' . .. ° ,�4�i� . . . . � ..f 'L�7.o.� . _ :i•� � <•ss �4. . � � �. ''4 . . r', . , t� • . r_�'`° . � '� � ��� C �e � � �:- 5� ��� ��. a i'���'�' ,. ..: � ;,: � ���� �, �. '— •4tit�Ti�a!!!"1.�..�4`t���� 4��t�itS§�C7�� . i..+w...rewcEY9fNICMSkroNniv�!'+N1{�,��a.�!��.w.:� ���.. �r^. .,.:� �r�....��.� ._.� .. . ._.....____..�.w. =���. ,_....�::�x,��:;f�,... � ., t � � , � the slgnatures appearing an the Bor�ds sriell �t all times be a manuel stgnature. ln eese , any offieer whose signature shall nppear an nny Honds shall eease to he sueh offteer �� belore tkte delivery o[ auch Bonds, sueh signatu�ce or facsimtle shall ne�ertheless be valid and suflicient for all purposes the same as if he had remoined in offiee until sueh del{very. � Any F3onds may be sign�d and sealed an behali of the issuer by suci� person who at the �etuul time of the execution of such Bonds shall hold tt�e proper office wiih the [ssuer, although et the date a! enaatment o[ this Ordinance such persan may not h��e held such oftice or may nox have bee�n so authorized. , . Seetion 9. NBGOTLAHILiTY. SubJeet to the pro�istons hereof respecting registrstton and tran�fer, the Bonds shall be and ahell have all the quallties and incidents of negotiable tnstruments under the laws nf the State af Florida, and eaeh successive holder, in aecepting any of the Honds, shall be conclusively deemed to have agreed that the Bonds shall be ar�d have a11 of such qualitles and Ineidents oP negotiable Instruments under the Uniform Commerelal Code - investment Seeurities of the 5tete ot P'lorfda. i�tton 10. BEGISTRATION, B%CHANG$ AND TRANSFSR. There si�sli be a Band Registrar for the 8onds which may be the Issuer or e designated benk or trust eompany loeated . Within or without the Statc of E�lorida. The Band Registrar ahall ma[ntatn the regiatration boaks of the Issuer anci be responsibie for the transfer and exehange of the Honds. The Issuer shall� grior to the proposed date oi delivery of the Bands, hy resolution designate the Bond Registrer and Paylag Agent. The E3ond Registrar shall maintain the baalcs !or the registratton of the transfer and exrhange of the Hvnda in eom�liance with the Florida Reg�stered Public Obiigations Aet and the system of regiatrat{on as esteblished by the Issuer pursuant thereto. Bonds may be transferred upon the regiatration �ooks, upon delivery to the Registrar, together with wrltten instructtans as to the detatla of the trensfer oP such Honds, along with the social security number or federal employer identSficatton number oi sueh transferee and, if suah transferee is a trtist, the name and soeial securtty nr f�deral empinyer identifieati�7 numbers af the settior and benefieiaries of the trust, the date oe the irust and the name of the trustea. No transfer of any Hond shall he ef�ec#i�e e�ntil entered an the registratton baoks maintained by the Bond Registrar. Upon surrender for transfer or exchange af any Bond, the Issuer shal! execute and the Hond Registrar shall authenticate and dQliver in the name of the regiatered owner ., or the trenaferee or transferees, as the ease may be, a new fully registered Bond or Bnnds L�sL-oa/o ilsa-227AA-27�o -io- a ...,._.::,�-�-w ;,a,�.,...: ..t-_ , ,. 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Jt �a;t�i�ctc; c`-f S.t=�i;•.�:,.t��a���'�:r,� r �'�:��: :�r: ;r b:,�� .�.,s, ,.'�.,t,.s.;�� c. ��: t } r.�. >., . `�� ���.'��� �.ri �`��:�:;��1::;.-.-�i ;:�.?:,;��,.9::,t3swy�;; � ;�,]z`.a��3��;'���: ":�-i�'`^'�;'�: � -�� ;3 i�," .1 • ,''L� t{ f���`. 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S:; °`°` `.2• '�+c Y � . . �i��.r. . . . , a ti''� d .e� �•( - . , �`,� • a a °s. :; :.�;` � ,•� ;�,'n - ,.i;blp•: `:x'. . ..'�� � �' .,i�i� . �m �..;'. � :+;<.. � .S.i �< {• i�- rY � r y��/ .? . . . . . . �1 � -.3rv� � .g. ::�e°"x : . . � , e. � . . . . . . . :Y �•:�..' r� �'�: .. �': . � ' , • . � . , . . [ '+l� ., . `'�°i°r, :,iti�;�.��L?��. «t,i Y'. ti.,sr '?%MV� .�� 3. . ... . . �i = Yi��.�S%1'e':'�[(°ii,�"y � . . . . .. . � , . . . . . .�: � .. � . . , l . . . . . L.. .1 .4 =::� . • . . . . . . I .YfP;:... .b., �'C.� , ,��+k?XkR43it►Y. # ' . �'l�: 7 ,. .g'� . , �'{ ��. '>7=)i . . . . ' j•.�;�t . .e.b'":.. .,.h:'F" . ky. ir`� : � r .'1� .§� '.�.:" �fA • �tR. -:f.i x i•� L�N: '3�i�..;... ... . ,..w.•��....r.��+..7��1�.k,���+'�.d°f�.'�Zt:�'�'ild'AtV4 c;n��sW �n...�rr.wssn i..�.....< s . a r.+'r..va[W?°Sxi i13 '�r:. k� , i..e�..,_ ._ � r+— ' .+' ' i:...r: e,a+ �+. 1 �4:NiF*F7A�.+�i�:+Mwnia..wsnt:.wa:�.w.rwn..`Y:�...�..'riSa'sn�it. ��.`.._ I I .: 0 � �R��' {, \ o[ authorized denominetions of the same maturity and interest rate for the nggregate prineipel umaunt whfch th� registered owner is entitled to reeeivQ at the earliest preeticable time In aceordence w[th the pravlslons nf t�tis �rdlnenc�. The lssuer or the Bond Aeglstr�r may chorge the awner af auch Bond for every such transfer or exchange an amaunt auiticient to reimburse them ior their reasonable fees and for any tax, fee, or other gavernmental eharge requlred to be patd with respeet to sueh transfer, �nd may requlre that sueh eharge be paid before any such new 8ond shall be dclivered. All Bonds presented for transter, exchange, redemption or pa�ment {1! so required by the Hond Registrar), shall be �ceompanied by a written inatrument ar instruments of transFer or authorization for exchange, in form and witt� guaranty of signature satisPactory to tha Honc4 Registrar, duly exeeuted by tt�e registered holder or by his dvly suthorized attorney in fact or legal representattve. Ail Honds delivered upon transfer or exehange shall bear ir�terest from tt�e preeedtng interest psyment dete so that neither gatn nor loss in Interest ahal! result from the transfer or exehange. New 8onds delivered upon any transfer ar exchange shall be �alid obI[gations oi the Issuec, evidencing the same debt As the Hond surrendered, shall be seeured by thia Ordinance and snall he entit�ed to sll of the seeurity end the benefits hereof to the sar�e extent as the Hands surrendered. . The Issuer and the Hond Regi��rar mgy treat the registered owner of any Hond as the absoIute owner thereof ior all purposes, whether nr not such Bonds shall be , overdue, and shall not be bound by any aotice to #he contrary. Notwithstanding the toregoing provisions af this sectIan, the Issuer reserves the right, on ar prior to the delivery oi the Bonda to amend or modify the foregoSng provisions relattng to the registration ot the Honds by resolutian or ordinaace in order to com�ly with all applirable laws� rulea, and regulations at the United States end/ar the State o! Florida relating thereio. 3eetlon 21, BONDB MUTILAT�D, DBSTROYED, 3TOLEN OR LOST. In case any Bond shall became muttle,ted, or be destrayed, stolen or lost, the Issuer may in tts discretion issue and del[ver a new Bond of like tenor as the Hand so mutilated, destroyed, stolen or lost, in exeHange and substttution Yor such mutilated Bond upon svrrender snd cancellation of such m�ttlated Bond ar in lieu oC and svbstitution for the �ond destroyed, stoien ar lost, and upon the hoZder Purnishing tY�e Issuer proof of his ownership thereof and satisPactary indemnity and complytng wiih sueh ather reesonable regvlattons and eondittons as the Issuer mey �rescribe and paying sueh expenses as the LKL-OB/Ol/88-227AA-�750 -11- . r.� � .,..':�..�-^'„��:�'._ ' • .��K���: : ir � � ' � " 4: �y- . . i` ... -.. � . ��_ q�r e .. ' ���,��i+�� r�:� FiicfE�''p'i)w }' ;�rt'T'��s^s�;�''t�,;�-°.ii:�A��'`�F���x��:�i:.a �"�*�"'?'�t'�•5�«"''!::i�� ��p•i:y° a • : �:: ' „�'�y::� �;�t,': d �..a=',� � ::1;� �^:+ `+���. '.'. ws��:`: j'�t°!>^ ' . �y: ;ta:� . ; . .q ...1 . � .S�';i' u: .. �; � lr, 5:4�?°;� xr�,ir;{,{�,T s��: . ' 1 .I�i•�.e �,�. �i;•S:idi1: �� ,���{f.,'y�' . � %.�I'��''q.'•..�: i 94�. "''� R�"'��., t � ' j � i �•� �. r',. . '.��j: � ' iij� '�.:�i . �.; �' � .�1.•<.y,'P'a�E`'tiV9��,t';,�'i:'�a{;`,���.� , ��;r� �,.gy�, r. , .'�.>,�3',' ':ti �> .i; -'r;.; r; � a, 4 =� �r';1:;;:�. ; ; ' f.: . f; ��,i, '�� `.;� � � a �i �� � � 1rFC i '.'�«0�� ��- r. .o,, : ,., '�;:�;� : . , `:,r..� . ' .}�:�'° �r" � N ` ��''.: r ���� �.� �� '` `h. .� =1 i �„ :;� ,;ati ; .;� , ,a;, "'s;: � c -,�e �' � � r. �a:' '�'� ' . ��� •�..-� ..irti�!:.�'.' '.����'t.',. , ' ��;'y'. .'H•', -i:�: `'�`'i=:� �:;; ';`.°3�..s`. '"fY�d'i�t�`��'�'i ,f.�!,4� � 5. ''� <z': ;s;iyr��;. i't'� ;d•' ' , ';;1;:;,�rt,b.N...�Ji/l. °��.�r'z'��:v'`� 1 :{,? e-t�;'.r ' •�.. :�`� 'Y4f4#�1a�r`'r... . '� : �'� 'a�a`���rp����,�„` . 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' � St ' � .. . . . i .. . e . . :i,�.: ' ��t ' ••<�Sk ��>'f�'°'^.��'x���•i, .;��;•' '•��7.:.^.�.:.t, ,�,. ... .. ��{f... .. '1'. . . < ti.� � � .. •. . . � . ' . ' . . � . . . . . .. . . .i" .. .. . . . . ���° � �f�' .1� f..',A�il.��'R:i}�;V �:�e. :i. ,ti., .�. . � r` . . � . � . , ' , r.:." �.1` ii7'i :• 3 't�: .. . , . . . , �.i''.?' �'��°�=CL'�,:e'.�itr, �L.F . . . . "03.-.�y �yya. {.t'. `�`aa.� •i . �'?'' �[�' . . . . J; �'y.,•`• �4 r. . � �t. � . . . '.a• : 2 ,�! .. . . .i' r ti'ib';";'•�: a` `r . . ' i os4 •r�: •a. .t. �� ;.'3f . �{ �t i;.... . , `5 �. �.S � i'. ",'r �' °"l 5.: . . �'t X. . � ��; ° � 'Y . f , e . ',� � � 1�1 � "� �i� – ro6'<°�.le'j' ��y C �^a�� :l`a � _'� �' } r � 1' r, ' '�.i �s. •`r�:t:� ;�v.�.,� r;�E<4 `'., Y' 44 e . �:Si :.�L�.i� a ..., . _, ar'.'� . �i' . . . . . . . . 't�t1`':: �' ' ` :l,1'[� . . . e'f•V1�° :1::' '�S.' {"7d::.si'K:'^Tr, i. ' !,' . ..�: . , (� . �/1 . '�S� Y..�.. ti r�t.• .a. �}<� !� . .. .T �. • t;�� ,�7'., � a : +A �'i ��.^ . F e:i � �.} ;.y„ `k _, �'kV� t . ��i�.. t 'i' . . _ . . . . . . . , r..c .c .e . ��i'J� . . . o. _. . . .. .__.:.r,.�a„k'iAt:.�'N'"[�'StFSC�:'S.[`.'�+ztn'4sssse..�.�'v.Rr�..i�i.r..d..��,�...__.._._ _. _.. . _ ... ._.,�_..._�..�...,..s:.w,.n�4.�.ur�a.�� _.,..__ ]:� ... ,_ _ . ��1 .. ,.?�i�'""'. ,..Y,L_ a .,�, � � , \ Issuar may ineur. All Bonds sa surrendered shgll bn eaneelled by thQ Registrar for the � . Bottda. 1f any of the �on8s shall have matured or he abou: to r�►aturc, Instead of issuing a substltute Hond� the 1sguer mny Qay the samc, upon being indemnitied �s atoresnid, nnd if such 8onds be lost, stolen Qr destroyad� withaut surrender thereaf. Any sueh dupiicate Bonds issued pursunnt ta this seetion shnll eor�stitu#e ariginal, addltionai eontraetual obllgations on the part oi the Iasuer wh�ther or not the lost, stolen or destroyed Bands be at any tlme lound by anyone, and such dupllcate Hands shell be entitled ta equal and proportionate benefits and rights as to Ilen on the souree end seeurlty for pnyment from the funds, as herelnafter pledged, to the same extent as all other Bonds issued hereunder. Sect�or� 12. PgOViSIUN� FOR RSDEMPTION. The Bonds sh�ll be redeemable as Qrovided by subsequent resolution of the issuer. Bonda in denominations greate� thsn an authorized denomiaatton (or authortzed Maturity Amount in the case oP Capital Appreeiation Honds) shall be deemed to be an equ[valent number of Honds in the denomination o! an authorized denomination or Meturity Amount. IP a Hond is o� a denom[nation or Maturity Amount larger thsn an authorized deaominatian or Maturity Amount, a portion of such Bond mgy be redeemed, in the amousst of an au#harized denomination a� Maturity Amaunt or Integral muitiples thereoi. Notice ot sueh redempt[an, identify[ng the Bonds or portions thereof ealled for redemption (i} shal! be filed with the paytng agents and any Regiatrar; and (i!) shall be mailed by the Regtstrar, lirst-class mail, postage prepaid� to all regis#ered owners af the Honds to be redeemed not more than ti�icty (30} days and not less than fifteen (15} days prlor ,to the date lixed ior redemptton at their addresses as they appear on the registration baoka to be matntained in aeeordance with t3�e provisions hereof. Fuilure to fl g{ve sueh nattee by mailing to any owner o! Bonds� or any defeet therein, shall riot affeet the validity of any praeeeding Por the redemption of other Honds. � Notice ha�[ng been �mailed and filed in the manner and under the eondttlons ' S o ' hereinabo�e grovided, the Bonds or portions oP Honds so called far redemption shall, on the redemption d�te designated tn sueh notlee, become and be due and payable at the redemption price provided far redemptton of such Bonds or portions of Honds on such date. On the date so designated Por redempttan, notice ha�ing been mailed and iiieci and moneys far paymer�t o! the redemption price being hel� in separate accounts in trust for the halders of the Sonds or part[ons thereof to be redeemed, ail as pr4vided !n thts Ordinance, �KL-06/01/88-227AA-2750 -12- ../.' �,k N,, �''i ., :i i�wSe��i .e,,��; ;r � 4 1�;rna'; �.?�J» :�,�J s;.� .�t�3'�• �k�r t� e.�Yi�. .f �'�Ff";`�� :�i;; :;��> s•f•' . , ..i;:,i . �....�.1����"T�..�Tl� :'��' .._�—_� _ _4 '"—" :r`::`��ti7r�� _ • _ , _ .. '�. ..::�� _ ... . ... _ �,r � ' '� ,� . . " . :� - :°'_ ' .,:, �.���:� =� '�'��%�,�t` `s� ;�p, :f;ir?.�i��", ��.��r'� r .i�a.�.. .j'r: �'�;� ��5t ,�i. ' �-r�k ::� : °,." '� ��,,"�-�'''�` �. `,;:-.:' t;;a::,,�;.,,'`,:,:.; ��.� . .,., --�,�;:: = = ;; =��;;: .;e:#��'?�'��1,`<� A�! �: '. �;:�',:`�;')�•:;,��,, jYy��}tf �?e3����i �'�.. �; �'�a i�a��'e'3r ;"R� ��= i�.�� :h, .��:�,c;�.: _.�y��,� .. � � . . : . � . .. .,. . ... .. . . . .. . . .. . . � , �. ... , . � , . .. ....r., ..�.,.p�. , . .' p' . . • . � .,. ,w^ ,. . -.4. . . , r - , „ .v:. �-..�; ..�tr4 a �+Z� '.�. ' '1.',. . � ' ,r.. ' . . , _ ' ' . ' . 4) ';,c:.`i: �. ':'},`I.�z:rs,�;: ". ,:s', '.�}:�3y'�'o �Y;y;. . , ce •;f •°�. ` • „ • . • .. . }: .. � ' . .� . , ' . �,�' �a '.$1s �.�."a� ;;},y , �4s�.;,'s�i;'.�-�� .�`'�i. ''!!��!: '��� :E . l � . .� , r',� '`�.' �,J'.:sl` "SYS'}�ii�Li� ,`5` , 7•: • • , r .. . 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V�i ,' ��i ::� '1".`�Y�a''� � ��..1� 1. �. ..� �il l` ' 7- `e1 n.•j p l:�",E'� i l !'»Z 6?�t�i d..NiJi:t�,� ,��,,�(� , . . . . , .•�y`� ';' �' . .A' ..5�..' F�•a 'N' 'Y'1�'1 f�• . +'��L:yP:�[+'•Lallsll :�r�. . . � f . �.•. ..y i.. . i . 7 . :k:' . , .. , ' ! �"':�� . . , L..,'�_ � . �' .t1� �' . �.4 � .� �r' �c.:.i::•v ir..� +t� :�':t , �. _ .�.. . . . �•�::.� >£, iil° r}.r:�'F } 'i � lyr.f�,...y ti.� .S' .�;. t4^' .�a. ds+•���:' • �. e. : x�, .� V . .k... S •. � +�s � ,. . .�.. � k`e:.�s:.: _ . Yti.. "'.�;�..�^a� +f:. �, ..;.ti � .-�_.-..��..�,..w,..,.r�:a'wurcl+sV'ca,ixPa' r> �" ��'.. "�. >�.�tita+w�.w...«.�..:,:...:.:i?J.:�w.t::.i.:_�>,�x���. '.�.,n.v.ww....v,...._.�1.:>,. .�. ,.�k�....•.::ti'.:.'.w�:a'� .�.y t;..��.,;t„�,,';a�� .L,w ..i' �� ' vrt'K��:�� � 4+� �h _ f. t'�.?'��;�^�°����:'4�}� . .. :�. /� ; : = F;?.: "g t��;�•�,�r�r.������_� ��{ ��y] °.k ...r'v'7�.�sf.ki f'�F 1' �l � . � l.yy�' S V,Y i�;�.9 ��tfta i"e �i::��, y°}�:�v" �'.h'c `�,%. :� '� �� o�r'�'c��� a\ iF��• . �'�'d JY(�[ �,r;fY � y �4�1±��.��'��a.r�r�a�'��y'�F'�.�'� ' : ; , intereat an the Hond� or partlons o! Donde so called for redemption shall cease to nccru�, :;,,�:,,:;;,,M��k;:'K��=n,ery'RR _ . _ , y . a. _. ...., 3rCr^Y!+_,E sueh Honde and �ortions of 8onds shall cease to be entitled ta any lien, banefit or security " ;, uttder thla Ordinance, and the halders ax Reglstered Owners o[ sueh Bands or portions of � Honds, shall have no righta in reapeet thereof, except the right to reeeive paymeat of tha , , . � .. ; , , ; �•. redernption price thereo[. Upon surrender af say Band far redemption ln part or�ly, the Issuer ahall issue and deliver to the registered awner thereof� the casts of which ahall be �aid by the reglatered owner, a new Hond or 8onds of authorizec3 denominntions or Maturity Amounts in sggregstQ prineipal emount equ�I to the unredeemed portinn sucrendered. Sectian 13. FORM OP 80NDS. The text o! the Bonds, the Capital Appreei�tian Bands, the Certificate oF Authentication and the Assignment shaIl �e in substantially the lorms attached hereto as Eahibit H, with aueh omissians, insertions and �arlatians as may be necessary and deslrable and authorized and perrnitted by this Ordtnanc� or by any aubsequent ordinanee or resolution adopted prior to the isauenee thereoi. Seetion 14. BONDS NOT DEBT OF iBSUBR. The Bonds shell not be oc constitute general indebtedness ot the Issusr withln th� meantng ag any constitutional or at�tutory provision or limitation� but shall be payabie salely irom and secured by a prior lien upon and pledge of the Pledged Reven�es heretn provided. No Bondholder shall ever have the right to compel the exereise ot the ad valorem taxing power o! the [ssuer or taxetion in any f�rm af any resl praperty thereia to pay the Bonda or the interest t�ereon or be entitl�d to payment of sueh principai and [nterest from any other funds of the Issuer except from the Pledged Revenues in the manner provided hernin. Sectian 15. PLEDGBD SEYSNUBS. Unti! Qayment has been provtded far as hereln permitted, the payment gf the prtneipa! of and iaterest on the Honds shall be secured fartt�with equally and ratebly by an irrevocable lien on the Pledged ite�enues prior and superior to all other liens ar encumbrances on sueri Pledged Revenues and the Isauer does hereby irrevocably pledge sueh Pledged Revenues to the payment of the prineipa! of and interest on the E?onds, the reserves therefor, and �or all other required �$jfIii@Rt9• Section 18. COVBNAN'TS OF THB I3SUER. Until eil prtnctpa� oP and interest on the Hands shall have been pald or grovided for as heretn permitted, the Issuer eovenants w[th the Bondholders as follows: LKL-OB/01/88-227AA-2750 -13- a -- ���-„��- ���,,.t - -: _ , . ` - ' - ,.�'�:.,�r'_-_ . -;. . . • �:' - � - = .'}�t "' .. , . � » .. . .. ..ti. . - � , , 1 `=,'.tr�<s�`��'i:�b'kk~i.�r'9'"`�'' ,; �• ,;i e��s'{: Y,'!' �g<.. U� ; ��:. � ; e;•�.:.s , .i:'�r.;V.�'` :s� :.f''.l�,F;,ra3i�•. tt'J�'.�4'i�! 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[ i � .�Y. � .��4' , . . ,kJ ��'�, � 4jC � <q "iEr: .,+� °.�f���t �� z . .��� ..F�` i' l � ii 1 � . . . � . 9' il } �u . . � . . . .. .. w d. � . C, .��. �`' '!�' F [,�r .' <�' . . � - �.t.- . :i• , �. , . . . . �t: =�r 's.' ..$,,�+p ' :'•�'u�ia .a ;�"�ia�:�i ' . . . . �3�': .' .�'...•��:'G ��=zti� = �� }"�=i�^�� +�?iYi7�,:`�E' °��' ,w,r,w Fp �r7h . .. . ... . .. ..i �i- . . . . . . ..!p�� . . ,.f�, 'a�• ,i�> - �'a7��xi�i�:{. a �sx q�s mra., .. �.a�;, . � �t .. , . . Ydt�"i� .L4 �t•. .";ko.,���3 Xf. r .�`� � 1 . . . „p . . ;'I � i i �4 : C`%. E� • $. }. ,{" k' 2, . ' 1". .Y e.:� �6!'�.�'°• G . � �ri f' ,p�� ' • i b,, �+ ' t ��..�,w, : t , S T'# «i�� < f �. zf ,�.. •3', a. ..s � . 4 �. .�i • 5> ��0 . ' t.���..... �r 1 �i.. . . � . l •+Y w . f . n �a..u�w�w.Mwt�Ww�M��H'M�M�liti��'�wN�Y.a�+wl�.ie .�zu.:.! `i r}.J i.. �.{i�9.. i 1 •� �'• . 7itL� �;.. «,:�n.:+m�trdr.�'1z2°A:L*.:'.d��. , ,��t� ..si� ':zf:`.:'ri'is4��lWlvnr*snanRw:a..;i�'...,.:.:�....w..r..n��,., .w� :' .�°.�:,:e.:.-, '�s Y ri;,«.«:,, i�'��c ,'.'� ...a .. ,_...r...a. `LL�.�,_.a......".'�.'s�._��Kl:..'v .�kt�c`,i�n�;��:. 3 � 0 � � t A. REV��IUL I�UND. The �ntire Oross R�venues ahalZ upan reeelpt thereof be depos�ted in the lievenue Fund ereated and establ�ehed, by thQ Orlglrtnl Oralnnnee. Suet� Revenue Pund sha�l aonstltute a trust tund tar the gnrposee he�eln provlded und shall be kept separate and distinct Pram all ather funds of the Issucr and u��d anly far the purposas e�nd ln tne manner hereln provided. H. DISPOSiTION OF RLV�NU�S. All funds at any tim� remnlning an deposit ln the Reve��e Fund shsll be dls�osed oi an or before the twentieth day of eaeh month, commeneing in the month Immediately following the deltvery of the 1988 �onds� anly ln the following manner and in the Pollawing order of prior[ty: (1) Fun�s shal! flrst be used for depog[t into the Operation and Matatenance Fund� whieh was estsblished by the �rig3nal Ordln�nce, of sueh sums as are neeessary [or the Cost of OperaHon and rirlaintenance, for the next ensuing manth, (�} From tt�e maneys rematntng in the Revenue Pund, the [asuer ahall next depasit iato the Sinking �und created by the Origtnal Ordinanee, such aums as will b� auftieient to pay (a} one-stxth (1/8) o! al! interest becom[ng due on the Bonds on the next semi-annual intereat payment de�te; ib) eommenaing tn the first month whteh is twelve (1,2) months or slx (B) months prior to the ftrst annual or semi-annual maturity date� � respeetively, of any S�risl Bonda, one-twelFth {1/12) or one-sixth (1/6), respecttvely, of the amount of Seria! Hands which will beeome due and peyable on the next annual ar semi- annual principai maturity date� respectively, and {c} one-twelfth (1/12) of the Amortlzation Installment requircd to be made an the next snnual payment date or one- si�cti� (1/8} of the Amorttzat[oa Inet�llment required to be made on the next serni-annual payment date into a"Hond Amortization Aeeou�t", created and established in the Sinktng Fund by the Origtnai �rdinance. 3ueh payments shall be ered[ted to a separate apeciel aecount for each series ot Term Honds outstanding, and if there sheil be more than ane ststed mat�rtty for Term Hands of a seriea, then into e sep�rste speetal aecount in the 3lnktng Fund far eaeh such separate maturity ot Term Bonds. The funcis and investments tn eseh sueh separate account ahall be pledged solely ta the payment of prineipel ot the Term Honds ot the sertes or maturity withia a sertes for whtch it is eatablished and ahall not be avai4able for paymerit, purehase or redemption of Term Bonds oi any other ser[es or wit�in a series� or for transfer to the 5inking Pund to make up any deficteneies in required payments therein. The Am�rttzation Installments may be due either annually or s�mi-annualiy, bu# in any event� the required payments as set Porth above shali be made manthly eommencing in the first month whlch is six (B) months or twelve (12} months, as LKL-08/O1/88-227AA-2750 -14- —^ �- .,�,:«�- _ ",_t^����,,�� ,� - .. -�: , .. . `�: _ _-�_ , ..__r ..I.�? F-;�".ip°e:.;..`i;�iaF,ir;'.',h'�� , S,'� ..i;��t,:ti(r:t���.sqt��'''�'[..''t`a.'� - � � ,' . 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' � � "..�."� �,.�SF�9;�.�sJ:'r<;y��.�.�,����.� e `� . , '� a 1�.::t^. �;.,� 'f�i,x' 4..'q �l4'. ,;,xi �' 4.�r i y p whleh the AmortizaHon Inste :�, �:�� F�y�� f�f"� Y�:�°`}:i ',. � the ease ms bE� rlor ko th� d�tE on Ilment is requlred to he '`� „,>z:��:������.,f{'4xa;��::�-,;y>;;�;`'" �� 1 ' S 4 +� 11„/}L9 �•�r(..$4�'K �.. t�` •' �' rl�r �i.� �y � ���i: 1 ...J!' F^�' . C Jtai 1 kQi° �� i�Sri"':, . made urauant to {c) abave. `i��;?°�s`:���;�����'':;_„�:.``':b�;��- ..... � :4'��,•.F� ._.�:a,��'R�:�'Ft,k.'r:�.�,_. � iJpon the sula of any series of 'Term �onda� the lasuer shall by rQSOlutlon� establish tha amaunts and maturities of such Amortizatian Installments fnr eaeh series, � arid (f thera shr�ll hc more than ane maturlty af Term �onds wlthin a aeries, the Amortizatlon Installments for th� Term Honds of eaeh maturity. [n the ��ent tha moneys deposlted far retirement o! e maturity of Term Bonds are required to be invested, in the manner prov�ded below, the Amartlzetion [rist�llmenta msy be stated in terma of either the prineipai amount of the investments to be purchased on, or the eumulative amounts o! the priaeipal amaunt of ln�eatments ret�uired to hsve been purehased by, the payment date of such Amortizatlon Installment. Moneys on deposit in each of the separat� special aecounts in the Bond Amartization Aceount shsll be used for the open market purehese or the redempttan oP Term �onds oF the series or m�turtty of Term Hoads wtthin a series for whtch sueh seperete special aceount ts eatablished or may remain in said separate special eceount end be invested until the stated date of maturity ot the Term Bonds. The resolution establishing the AmorNzation �nstallments far any series ar matur[ty of Term Honds may � ]tmit thc use of moneys to any one or more of 4he uses set forth tn the precedtng sentenee � and may spectfy the type ur types af investments permitted hereunder to be purehased. {3) Moneys remaining in the Re�enue Fund shall next be applied by the Issuer to ma[ntain a Reserve Aecount, wijich Reserve Aceourit was created and establlshed hy the Originel OrdInanee, in a sum �gual to and sufficient to pay ths Maximum Hond 3er�iee Requirement on all outstandln� Sonds becoming due in any ensatng ' Flsea! Year, sll ur a portion of which such sum may be initie�lly pro�ided lrom the � � praceeds of the sale of ths Bands e.nc4/or other moneys o! the lssuer. �he Issuer shall 1 , � ; , �.�: � � � � . ; . , � � therer�iter deposit inta said Reserve Aceount an amount equsl to one-twelfth (1/12) af twenty per cent (2D46) oi the d[fferenee between the amaur�t� If any, so deposited upon the delivery of the Honds end the amount of the Max[mu�n Hond Servtce Requlrement on sl,l outstending Bands becoming due [n any ensutng Fisca3 Year. No iurther payments shall be reyutred to be mede into such Reserve Acco�nt when there has been deposited t�erein and as iong as there ahall remain an deposit theretn a sam equal to the Maacimum Bond Serviee Requirement on ail outstandtng Bonds beeoming due in arsy ensving �iseal Year. • Any withdrawals from tt�e Reserve Account shall be subsequently restared from the Pirst moneys available in the Revenue Fund after all requtred eurrent payments LKL-OB/Ol/$8-227AA-2750 -15- ._�:..::.°=�s�+:* ��.;. ..� _,-'_ ' ':�;ip:.��• ~• �.. : . ' `i . , . � " _�.»kwwww.+.�t��.:_�.._._..�_'__... . � . � . �,: „�,M�ar ' �`:YV; a�,br, ;_, :2' , �'' : : :3 V � ',. o �'_, 't`�t i-:; "'t , .',�,: t ;i, �'�: ;. N:=,'_'r���'; ; "`I�' 7',,.J,4.,,,;�pF4c3 ,^ "-<�'�:X ���t' f ;., .., , :, � � •��,_�:��...,,..� ,s� �� �_:�,t , :i.�i,`, i.ima�i?� S,.f-si. :'' � �;,`'�:i'�,h [.2.<' �i:v � =:�Y,; j:•�',�•; �s. � ._, .: i" �::r,`;' 8 :.rr: :s.�1, qrf:�;`; }.. ;, . ��� � :: �;. 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S.• 1 . , . �1 - � �1� � � `�+ �_. ,� , � � Y � �?r;�- ���,. d . .,r: . ��+� �i.i�.� r ','i,• . ' S' . . t6.: " ..' � '�4� "i }N'� T? f�' ,r ~,i K . a ' ?�.+'T i �.3. �d� ..,'��;'��. . Y Ga.....��.c ....A�+ _:-� .,.._.._ ,..�,.:.�::�.:,.�,s�.�, ,r� � � ;, . . � . . . . . _ , . . . , .. . : ; , �.� :_ ; . . . ;; . � , ,:,. . . � , ' " 6`:..i' W'v`�, � F"� :'��' ^'�t: . � - . �j . . . . � . � f.1' 1 i�!'s3 .. Z.T'ri� Y:� . .. � . . : t � - _ s . .r".''' t":.ir'`.�d`'.,�:1' ?s, .. " ..4�'�.�'� - :. . . .. . .. ... .�.. , �, G-bi. 'j,.':.�.' , :r: . .. . . , , .. . , . .. . . .. . Cj.t�Y?`y?c°ki��.:ii,;a:�y,' , . , . � ' , � ' '! � - .�.' ,..{:3 „'a�"�r:�[ +;!ygRF � �i3"e, � . . . •l � s �,l,s., t w.'. .� :} , �� ��. R3� .''1 T . .L.�'. .4"`• d ` r'. ! . . . .P •:t.t`,°., r`-} .'��' ;..,� ��_ � •.��:-�.� .. s°•.� .�`�-, �� a: . a 2 ;a . ri° i' f� i"e . . � >, T� <" ' c s� .",;�", . ,.�C ' � , . t Cc: , w. , t�ri : �6y ..,. ° r' ,J.' '�- 3' :s� �a ' �°y.{�i .�, . xi�° fs'' ti a .Fo-> , �. �•v .. �_� �' '.'� 9ic�.. : a � . l' 3 � � .i�.= � ti•' $ .f. T'. . �',J. •�. ��1... r , ; .�`;.Pit,� � �. �,'.r� ,•��.3�. "� �:i.° �Srs�7 .LfLA,ny`�� ���i: �:. ,. , '. �' : � .: ':L . .. ; .: , : "::'' ; .' ?',; :,': �i'',��j': :w`tg.�-'. ` , �,' �. . ,.; . .'.? .��;�';i'A��;"i .��"�°'�i'�r}Z'�''c-�f•�i�,`eqh";`':?.�R,I�; �i �N. :'.°�ws;�.knu-+.�nwaw��n.�w-.R».�..,�«.+++w�a-�-.�.�.4w:•�+�+w�x+ey.+�rtr�:w,.. �4�i...t • ,.'�,...i�S}::...:�r�7•J�'C!z .. �%i�!k;��K,;t't.�^1. ��;?'. '� � � lato the 5inking Pund an3 lnta the Reserve Account� ineluding all de[ieieneiea for priar paynnents, h�,ve bean made in ful1. Moneya in tho Reserve Accaunt shall bQ used only for the �urpose, af the paymant af maturing prinatpul ilneluding Amortlzutlan Installments) of or tnt�rest oa the }�onds when the moncys in the Slnking Fund are lnsuffieient thereior� and for no other pliCpqBB. Upon the iasuanee by the Isauer of nny Addition�l Bonds under the terms, ltmit�tiona and eonditlons provided in thls Ordlnance and the Original Ordinanrct the peyments lato the Reserve Aecount shall be lnaregsed so thnt the amount on depos3t therein ahail be equal to the Mnximum Bond 8erviee Requlrement on ell Bands outstanding and to be outstanding. Whenever the amount an deposlt !n the Reserve Account exaeeds the Maximum Bond 8er�iee Requirement on all Bonds then outstanding� trie exeess may be withdrawn and deposited lnto the sinking Pund. The lssuer shell not he required to make any further paym�nts into the S{nking Pund ar into the Reser�e Aacount rvhen the aggregste amaunt oE maneys in ;he Sinking Pund and the Reserve Aeer�unt are at least equal to the aggregate pr[ncipal amaunt af Ho�ds then outstanding� plus the amount oi interest ther� due or thereafter to become due an the Donds then outstanding. Notwitk�stand[ng the foregolag provistana, tn lieu of the requtred deposits af Revenues into the Reserve Accaunt, the Issuer mey cause to be deposlted into the Reserve Aeeount a surety bond or an lnsurance palicy issued by a reput�ble and recognized insurer far the �enettt oi the Hondholders in an gmount equal to the difference between the Maacimum Sond Serviae Regutrement and the sums then on deposit in the Reserve Aeeaunt, it any, whieh surety bond ar ins�ranee policy ahall be payable {upon the givtng of notiee as requtred thereunder} on eny interest p�yment date on whiol� a deficiency existe which cannot be eured by funda in any other aeeount held pursuant to this Orcttnar�ce ar�d the OrSglnel Ordinanee and a�aiiable tor such purpase. The insurer providing suah surety band nr insvranee policy shall be an insurer whose munietpal bond insuranee polic[es insuring the payment, when due, o! the prtncipal of and interest on muaicipal bond iasues results In such issues being rated in the highest rating categary by �ither Stsndard dc Paor's Corporatlon or Moody's Investars Service, Inc., or their suceessors or any Insurer who holda the hlghest policyhoider rating accorded tnsurers by A.M. Best 8c Co. or any eomgarable service. If a disbursement is made frdm a surety bond or an [nsurance poliey provtded pursuant to this paragraph, the Issuer sha11 be obligated to LKL-OB/U1/88-227AA-2?5Q -18- : .�..r: :�.���w p:; -�- : , .. � ���a ;* _tiM � . .'_ =.,' .•.��Fr :. : ,.;,,, . .�,�,�� ::,, ::'..:.�.�:.: �.� ��• ;:,�,�.;.= r�r�:�;,:; ;.•,� �'3: `���'" -a : '.p ,.'.,�S�;1teJ. 1 r� ..t'� � � � r° 's��;ii;,�:�! :4i��•`,')F,; :.. :��� K n�:''� ,;h,� ,V �r4, A��Yt.t4. 'F�• � j �f �p ��� �f 'S�.z'.."�„�.r.�,_' !, t S vti S j :r'i.� �.t,i3 � :�`�,� �i'r;:,f��}�}'v ; EF,. • _ ;.,,�� �'��}iti�;frY " �t �,:?'�.l ;�r„ :`4���.l, :. .,i0. �:.�• ° °-;!'�t :'�-7,i: �,r•-`. �.�.�i.,., .i�.•;�: ».:5.� �i .�"r�'." ."c:`�=.,�� • r'�` � °;�{:t: • e j,, �.���� ��.t `:,.3 :r+�r::�.:�4';.�;� "� e;, i�.�:,•;f$`�: � it���: cc:S�iff �:L#:r� �ri,; =�� � ,;3}�';�:e', �;`. � ;'St S;�''� �:,t��,;�? ;f'7" . " ' �1'�';d `�'.°.�•.+y'��f^ >i{,17#.il� y�� •E,,,��`� S�[ 'i °.rxN i�"S,�f'3.��5� ��;: i�MAr��:a��, b.{ �:? `.��.� , ., .,r,, �'t"� -`"�'�=, - :rc .}�• ,:r,'. .3^ '��` e. ..� ��5 � , < � �. � . , w� �. • . . ... , , . . . . .. • . . ... . . . ._ . , . . ' ,� � :�, ., .'. ,. '. ��� . ... -� . . „ , ... . . ... ••r:<�'a,f,i7;.. ' : ,y. p ' , , � . " • . , ' . � . �, • ' ;;�;� � '.4 ,r, . . ;= i.: . . . ' • . . .i . � � � � �t , i:' . . ; t: "s,1.�' �j::..1 �'� � �r4'. .i. 3'. .' . .:y.��'. a. °� ,�Stm...rL .... , . . �4 . 2� "� `�3 .i" . ,`xa �: 'C'•'.. _oY�. w-;'L +p �s. *l• � '.;.J.: ��7 j ..Y . 1 , :�i.� �i.�' +5 . '.Y. . 'iU: e . '.:;, -..t:,".,�`. '�t.� .a.�; � :'; . . s,_. .,.5: _,:: . . ; � � �< .:x. ;;• •';. :�,'e��: . •:,= :a c� . �� � i ;: , , �._ .�.�. .5i� . . , . . �1 . .. � E�J � . ;�i" ':1.'' . . . < �':.'i' ,`-?' ,ir��'4 ��I '� ��. � ��j:�. . a �c,..� e� �'r� ��' '.e ' `�.�y } '.'S� .. ��1�.. =f e i� ''t; .. ,C•`:::� :�3�A�=� "+9 qtiS',.,. .�.f . .,A • �4 � x 'G-� '$ � {;. ��d't . . . ��"!,s , �.?' ',�J }'Y1 `es rs°e`O :lll]:°`'� '.i.A��'.,�`i'. e��. b'� ��1�:.' i1�.t.��� W' � :(�.�t.}�� �/ �f1a'. �e . "ti�• 1.•:� .L.y. �! �S� � ie 1?f . . i : dg 1 `1 ,�. :�• ..�. .� a'��• 's1 1 /li .i��` �Y� X' .Y 4��s �: .� �.� i'"`t` F! • � s' ' i1 . '�1 �. .. '�r.� :,'c:'.�`i ' 4:a's. ��i. F. ! "<? ..��' � r . _ . ':`a': ` _�"': ,l�:..ie ��1�" �'Yr 'i�i 'f. iY�•:•�'' ." '.4 i e rr � :.ti �5.. '•i '7..� :>[`•*. •�Y� !�0• �;% . . - a� .a F:: �' �'z •:i : �d ��...--� .` „a :±i :`9':..�, , { i1. °t�• ��. • 'S1 f' . �..�. 'i'.�:.�h 't. >s� 'tw.... ..{.{� , :, � �-`. •i>� ,. . a't:�. f�-� '� �( s.' • � �'i+; � $ ` . tr+'_e-�. �2 � � i'� �1, Y, �.'. . R' a 3 .1 • G' '�.'w�'f,r �'. �I ° ��Y .t' 'S.: p '.�'P.. E`� ,1. % i�ff' 1 i. . '~3:'� ��r �fi�:; �rt r . ?��, r °}. �k � •: r.= ,.§>. . c.° • .'�i. i ,i� r c � . � . . . .i;.i-. f :! � �i� ^�f.� 4' .6 y� ssY '.} .i ➢� �y ,,{' :'F . : 'l�� r�t ':� f Yf :i . .� �3���',�- .L ��S � ti '�d t e . ��' -' � �'y+' .��. , i'• i� �h» 4r M�� � h,T... ..[ "f._. it - . gi~ =i�=i` '�. rt7 .. =i':�; 47,' �iP� r�.Ci,.'`r.�::�.ti,,,Y�w:�...>%C:i"•s�°'c; . . •..• � . r .. . i �: : � . . � . � � . . �;., � � . :�� • ��:".�.' ; ff•:in..� Y� . C•' � yqq� ��" t. r.- et" .ry' e' �x;°e� c r. »•4 ->. ��d� ., .)., �'. � '�'�. �. � . .tl. ��k� � .4 '4.i>•r •.F ,,�X��•�3uf.A'.iw.f�aFlSM� !w b ^,�4%, q w�Y'{ Yt : C;r. ��.v e � i z.., �"3 �3°tsh� C,tn12A4Y, ,.&i��hattni,ivw.y+rr� �,�:,.�............. L..`:....y.y�n�irb� 4']iwr ,s,.:`J'�+.r.uw�...wsC'�ii�✓;�": �.+z;��.,-r -. �, �c ��Sr: � .ei., ,- ....:.�i �':�ir,.�• ��'%:s�a.°.�s�^>7i�°�i�.�'�,'..S�.r,r s � `�S�" � ti elther reiristate the ma�c�mum ilmtts af such surety bond or Insur�nee poliay lmmedlately following suett cSisbursement or to deposit into the ReservQ Aeeonnt, ss ttec�lr� provided in th[s paragraph for restoratlon of wlthdrawals frvm the Eieeerve Aeeoant, funds In the amount of the ddabursement made under sueh policy, or o combinr�tton ot such Q�t0Ci1[Lt1V89. " {.�) The Issuer sh�li next appty end depasit the moneys In the Revenue Funci into the Ren�wal end Repinnement Fund, ereated by the Origlnal Ord[nance. The Issuer shall deposit lnto such Ren�w�l and RepIacement Pund an arriount ec�ual to one- twelith (1/12} of Pive �er certum (546) oi the Gross Revenues a! the System for the previoua Fiseal Year, or sueh other amount as is eertified as neeessary for the purposes of _ the Renewal and R�plaeement Pund by the Coasulting Engineer and as approved by the Clty Commission. The moneys in said Renewal and Replacement Fund shall be used only ,� h. ; �,:�x��: ��, � f.� �s�� �� � . . .._ ,. �. � "''�.� r .�:�r. . �., =t. ,, ,.. ;:�: �:. �� , G •�; �;,:� °: a�r � � :',�,,.. �� �Y:.z3 � ,1�:..�,., 4or the purpose o! paying tha cost ot extensions, enlargements ar additions to ar the replaaement o! eapttal essets of the System and emergeney repairs thereto. 8uet� moneys on deposit in aueh Fund shall eZso be used to supplement the Reserve Aecount iP necessary in order to pre�es�t a default in the payment of the principal of and iaterest on the Honds, {5) Ta the extent junlor lien bonds are issued and ouistandtng (which ' � � � subordinated bands the Issuer reserves the right to iasue), ttee lssuer shall next appiy � � moneys in the Revenue Fund to the payment af pr[ncipal oi� redemption pre�nium, ii any, � and interest on such subardtnated debt at the Issuer. �� i , . , . �' � � u (B) The balance oP any moneys remaining in the Re�enue Pund alter the above reguired peyments have been made may either be deposited lnto either the Renewal and Replacement Pund or the Sinking Fund, or mey be used for the pu�rchase ar redemption a� Hands, or may be used by the Issuer for any law#ul purpose ot the Iasuer. C. INVESTM�NT OF PUNDS. The Operation and Maintenanee Fund� the Stnking Pund, the Reserve Aceount, the Renewal end Replaeement Fundr thc Revenue Fund, the Canstruction Fund, and any other speatal funds hereln and tn the Or�gtnal Ordtnence establ{shed and creeted shail eonatitute trust funds far the purposes provided herein ior such funda. Ali such funds shall be continuously secured !r� the same manner as � state ancf mun[eipa! depostts are required to be secured by the Iaws of the State of Flortda. Moneys on deposit [n any aC sueh funds and aeeounts may be, invested and re[nvested in Authorized Investments. . LKL-OB/a1/88-227AA-2750 � »1?_ . ...:�.'�'�!:"-T���*;�`. ;�° :� = . ':: �- ti_;,; • �'- . . . _ ^,r:,. . . ' . . . . ,i.. . �e. � �'"���`•�.�j.3�4 ���: ..!� ,��5 ; f � i ,s"• .r.�1: •j�;•;,,.5. :;, ,.. _.. -_ : °.l.tS`.;�i_�p�i;'ti:'.. r. Cr. �. �L�s �• ' : �?f `•`:�'s-'`.'�:•Aii3''�';. f,n °'° �isF��.;`°r ..,�.,��.� Y:. t,�,} �:. ,,:»y,,,.� e :.> �i�"� ��;: ;. � rr '�[; •�4�iyl � �' :l � •` ��c�`, ,"`� . A�r; >.. �. ��r:��'�� iL� -: �� t.fi "{.14 . �tai.'' `.'�: . °y yt''i} � tl.s��:';r�� � �>. `�L; �' `,16:`a'�i p`§Y��[', .� i^�e":1���€�''.��t� ,.. �}. ;:,.. ,�L �,-_� •' 3' ��:r',�A;��h�',ry`�' yf<ii 3`'F�^yp4�. .P:�a ,^./ya� �����,':'f�`� �rr��b�.f�ti�� 'rr? :c.,r'�';33•S�: '�i �_. '�`:'�'tj•F' �� `� : Y j a�y.�� ji�>: �,;E�1 � �Il.�%f�.:iii:1 E .,,,.. ,. r.�r1�_{�; � . ' ' . i _ ,,. _ . ', . ..J � ��e�S•Tk'Y'�l•. . }; �,�.," y: i ii„ 1 . ��'� `���� ;. 1•; r`y`�(�g� �z��+. "�`,F.� ,•: ��� /' ,1�;.[I� t���e�y �'P d ^z� [�`y ;�: ; i1�„ =.Y�5f1�, �5��ii�k�,k 1 �.� . i 1 ��� f!�Ftt 't �� '�� �"9``' ,.tiy3 . t. ... .. . .. , , . .. . . . A . ..._,.,. .. , , . . .. : � . . . . , , a., . . . . . . : r ..h: - • ., ,. ? .�s . - � . . .. •,�,.g.. . . • . . . . � . . � � . . ' , ' : . ' k � f',u� � `:3.`.,, ' s., a.i: �- � . � . � . 'f.'.` �l)��� '...�",'-Y; � :'+:� .„ '. .� .. . . � . . . . -k . ' . . ' ' ' . ,�iL:a, .'�r'' i '�. ;'.�qV;i�:ee;`•, . , , . . . .�,��., '.. . - � . � • . . • ' ' . . , .s. .� . . . . , d•��; r-•` 7 . .. ' . . . . .. , i;.,-.' ,.j.�:.. .�4':ira .`5��'ly..rC.i��: ,r�-�k�`��;::,�:���" .. , . � . . . ; , , . . . , .. . . ' . � �lj��' . . '�t:8.. j� ���({+i�YX. . ! . . . . . : t, . , . y �, aAZ. ' ;�.t;...': , t:�{., =,! v}'!�� , , ' . . ',� �. �t.'..'S.l�i�95'� !;t:'a `.:+7Y_ el4� >��^(�(�_� ,T��h���• tiL �j: , t�. .. . - . . . �J�.. . . . � r �itb. •.S'. (Y�C'+:Sfit ii. .iA.p,�tie.Yt�i.�.� 1�,t t . i�� , . . . . .- >' ; i. .t % r �3 f;.,a if,'. _ .. . :ti ° 'i' s„ :p.:. �, � , , . �"� , , r� e� . i. . �'4' ,i.sY '°� � . �y `� . ..�.- �. c.. �. 1 •'^' �,v� � -4 { +:' . . . . .2 i' 5 �. .r.: ' . .. .U�-. `vls' �t`s1�'. . '�.N. � *.h.ura yr a 'ti" �� � . .,t�^' �'Qz yp e . . !%,� rti" �S. .A�' , 6�• , . . . , . . . i ��lla' �w �y `.R� 'Y' . :,i � . . . .. . . �f��� a�: . F 'wj�•y.. �.3a. R r #' .!?. .�)� . . . �'!i:' �r�Y :s1�.,#�. 'L...,.,a,n.'rs a`�(; ')a�; i�Y .}. �Sr��. � . . . :�. .4-..�."�'i..':1:�.. . . .,lii�:¢ . . . � . . .. . ' ' . . � - - "+'i � : 9 3:'�"11�T .v1:, � �' � �X+r , 'i. i" I � � �+ � i tir ii{. . • . .. � . . . . , t . . ..�F' , ����' ��;it�..j. . . t���. �b..y��"�`�'Pt.�•". i1��'.�,��'.���� - � . < "I'- �; X: r�„ . t '..S r t . ..�:.J. .,�i;1^... .II�' t*tk?�x'r�^`._*.��''c1�.,LflLiF ...Y^�'iect r`�^v, an± - �rx.�tr,rwxv�zw� . . � s. � S� � :.....,.�,.w�.aw�qn`naLs74t�� s^�4.. F�' .wssvne.i.�..�wa'..;:e....:.�....... _.......w........,.«..,....ww... � .�:W �*ia��..... �..�..e......_. . � ..... .. ._. ..«_.... . �� ., .�Rn, e,; �,� , €.. •i,.'• Y^I.'. r'...��o t.M.. tz:.t4. ��.( � � ti Investm�nts made with morieys in the Construetion Nund, the ttevenue E�tind, , the Operation �nd N�elntennriee �und� and the 3lnking Fund (exeept the Qond Amortizatlon . �! ,} ,,, Aeeount therein}� must mature not lnier than the date ihat suah moneya wlll �e needed. lnvestments made with moneys in the necavnts in the 8ond Amortizatlon Account, irt the Aeserve Account and in the Renewal and Replscement Fund must mature, in the ease nt. th� aceaunts in the Bond Amortization Account not luter than the stated date oi maturlty o[ the Term Honds to be retired from the sub-aeeaunts ln the Bond Amorttzation Account lram whieh the in�estment is made� in the case of khe Reserve Aecount not later than the final maturity of any Sands then outst�nding, arid in the ease of the Res�ewal and Replacement k�und, not later th8n sueh dote gs sha11 be determined by the Issuer. Any and a!1 inenme received by the iasuer from all snch investments shell b� deposited �nto the Re�enue Fund, except nowever, thet investment [neome earned in tk�e Sond Amartization Account may be retained thereSn or depos[ted [nto the Sinking Pund and used to pay me�turtng princlpal of and {nterest on the Sonds, $t the option oi the Issuer. The cash required to be aeeo�nted far in each of the foregotng funds and aeeounts established here3n mey be deposi#ed in a single bank aeeount, aad fands alloeated to the v�rlous accounts established herein mey be tnvested in a eomrnon Investment pflol� provided that adequate accounting records are mainta[ned ta rePlect �nd �ontrol the restrleted allocation o! the eash on depasit therein and such investments for the various purposea ot such funds snd aecounts ss hereln provlded. The designation and establishment of the varlous iund� in and by this Ordinar�e� shall not be construed to requlre the establiahment of any cornpletely independent, sel!-balanQing funds as such term is commonly deiined end used in ' govern[nental aeeounttng� but rather ia intendec4 solely to constitute an earmarktng of certatn revenues and assets oi the Syetem for certain purpases and to establisn eertatn priortties for appllcation ot such revenuea and asaets as herein provided. D. OP�RATION AND MAINTENANCE. The [sauer will maintain the System and ell parts thereof in goad eand[tton and will operate the same in an efficient and eeonomical manner� making sueh expenditures for equtpment and for renewals, repairs ar�d replacements as may be proper for the eeonomieal operation and maintenance thereoP. E. RATE ORDINANCE. The issuNr has enacted or w{Fl enect a rate ordtnanes and thereby will ftx, establish and matntain sueh rates and will callect sveh fees, rentals end ather charges far the services aitid facil[ttes ot the System and revise the LKL-08/15/88�227AA-275fl -18� ...:,�:._:: .�,,,�.�=;�•µ;. - . - : .� � . .. . . ., �_ _ .�,:�'. � ;..:"�:" %° i�ti �`} 5" ,�°.t� ::?��� �. ..f`'v:i €�.�.`','}F C` `` ;rj(�;.5;: ��,� :.�,..���?',r,, " :�:.i�':i���.• � f :'`,J�z�, ; � : � � ,.�.� , � a.;i•;�: _ �-�`�„�.t,���4 �';,s:,. �,.:: � :�:�� � . �3:`:�.::s<�'��'��:r ,,. ,%`.� 3;>'= �.;�� : +, '`�' �� �;:v,1J ' �; :•,i���'�� �;;'`;� „>:. ��_ �;,'� {zf . . .�b"I. ���:�:, `' wr,, � .:�; : :f';,i: �,�Ii: •.�N�. � �'f: i,�t `i, :�•'��:rs�`i'_�'•' .�,i.::"J F ���,i: ,f.l. f�. �. ;i., ;���`-�`,.....'�:� � � �i;?�,;:w;: ��: : %�: :6 �i�;� a'i 4 wR y�,�;` : .�,;:; : ; �"3;: 'f;.'�; ���,..,;:,� _ ,. � �. '�r . ., � � � ' .,' _.. .�. .�1 � i .. .. . . �. . .. e .. . . . ..J.`Lay.+,. l.. � , .. . . . ,a , , '' , .3 �'.e. .J. . ""�: �". , . ..:y. : . .l.w .. . : r .' ; . . . r . .... .� . � ' . . . . .'i ° �•3�5�'.'� ��f,... �'�i.5�'S^;' rY,��`'8:.:. . y •1 .-, `�' . � . • � ' " �i: i .. . . ��i•i.8.�.ry:�^.s ' ! ', � ,bf '. �.r� .A �;Fset`-� � i.i'.1::'4�fnRo� . ��.X:'�.r°d:t�� "��'�::�,yf,�'.tY�.ai.r; ,;:.,� � �� ' � ' l• . ' ^ . . ' ` ' � i� '�" �4�'�dx ��It�. .�"..� . . .. '3' , . . . � .Y, . ' "'S' . . .. .t`�a .�' . , , . . e,'t`i = : e � . , � . { .. .r� . . � r '.L� . . ' P ."r�.' 9C'(� , . , ��L �� 1 !t � ��� . . � . . n , v �l � 7:� �M , .kr , ,� ,i , . t . 'C:"K'r, . . ��" �y „ , ':.�:;; . �', d . �l . . . . YJ � t. ' 4��� - ".T' .'� e.4 '�!'�f.J�.le �(�'i� rY. . 2 ', �'t . . . �'r>�.�... ��t .�n � � 7A. � _ .i `H Y � . i'.�:4� s.��'.:a� !- .� . , . r�'�. ar t'• �t�' r Y ',�:° � °� �:i ��•,..:;.,.:. i :.� . .. .�••' ,{•".. ? A •�1:. ' (�� .E�' '7 . � S . �•f ' '�� . . .. '4;,'i , 3..^. �•'F '�l e �.i°s . . . . . � i'• ° �r db:' � 1•� �i� ry . , , . " }'' � �r.�`. �f :' . � �& ' , . �'�� '.S'. �'6f' .9 . • t x LS" `-K � 4 �.� ,ff �. { ��'1��. �'. + . � � �,` •�; � � 1 . �` I � � ' 10� � ��t 1. �§ � '��..� . .. , a r . >}� � [1 :�I' . .C•�" e�f� � i� +' R � • � �. . .� is' . i. f:.�. - : !'. �l ��q ry� .$ ~'.5 �, . . 1'�i- SS• � :.� � i'� � 3 . . ` i4� i �.: !�i" � �'.2�' .c'�. �.f `° r��., h `t.� +.ts e� ..7,' -1,� � i � . F, ' . . - � �r �':,-`��� :�i.° . . , s �t` . . , '3 "9 V.�. "?s ' 3 . sb�� hw.+ . �, e ��+ A'� f ' "�• e:: . ."� : � .�,.. : F 1 'y?' .,E" ' �" '' S / '.S.s�v � Y.' :e:,^ �e� .1� �-• °k, s..•w.4 ..� •r�s �'N �+�ti„� � �� aV . f�s�5� 5z-„ 54 '%. . . �'i�i`±e.r1TE! - �,es�.�y, e,.:-��...�'.:.r,�.ss are�a�+i'�.. At1eWr.+e4�wr.rr, "•�z '� :3r�,_._a..__.v ._��...�� ..� . w.�,.«........�..M::....nw..c.:...:..:.�,.r...�..n4n.,�ir�'..wreafnlww�leiA��lr4ai'ri5�ara��n:.:'%'�. ..4.�_. _ . 3,fa__�,.•r..'liriL�Y�,. ia 0 � I . ., r i � � . , ; r , y � � i .v� � s�ma iram time to t1mQ when�vQr necessnry, as wi�l �lways provide �ross Itevenues in eeeh Pieeal i'enr suttieient ta Qay the Caat o[ Oper�tion and Malntes�as�ea flI th� System in sueh I�1sa�1 Year, onQ hundred ilfteea per centum {1169�6) of th� Bond Service Requirament �enom[ng due in aueh I�isenl Ye�r an thQ �utstand[ttg �arlty Honds, o� the autst�,nding ]988 Honds and on all outstanding Additlonul Bonds, plua nn� hundred per aontum �1tl046} of ��1 reaerve and other pnyments required to be macle pursuant to this Ordinanee and ttte Originel Ordinanee. Sueh rmtes, fees, rentnle and ather charges sha21 nat be reduc�d so as to he insufficient to provide aross Revenues tor 9uch purpoaes. F. �aQK� AND RECORDS. T�+e Iss�er snell l�eep baoks and reeor�s of the Syst�m, whleh sueh books and reeurds ahall be kept sepacate and apart from a11 other boolcg, reeords and aeeounts o! the Issuer, and Bondhold�rs ahall t►ave the rlght at al� reasonable times to inspeet all reaords� �ceounts and date of the Iasuer relati�g thereto. G. ANNUAL AUD1T. The Issuer shall atgo, at Zeast onee a year, eanae the boofcs, records end eceounta relating to the System to be properIy audtted by a recognized independent firm of eertiiled pnblie aecauntants and shall make generaiIy available the report ox such audita to any Bondholder. H. NO MORTGAGE OR SALE OF THE 3YSTEM. The Issuer irrevoeably cavenenta, hinds and �bligates itselt �at to seIl, Icase, �neumber or in any rnen�er dispose of th� Syst�er� as � whole unt[1 all o! the Bonds sh�ll have been paid [n 4ull gs to both prineipal and lnterest, or payment shall hav� been duIy pravided fnr under thts Ord{nanee. The lor�going provlston natwithstanding, the Issuer may seil or d�apoae o£, for falr market value, any properties or parts of the System which the Consulttng Engineer sl�all certifyr in writing are nat necessary for the continued operstlon ofi ihe 5yatem and that the sale or disposal of whieh will not adversely aPteet the C�rass Revenues ta be derived from the System to auch an exte�t that tne issuer wi11 f�i� to eomply wSth the covenaats eontained hereirt, ineluding 3eetlan 16(E} oP this Ordinence and the �riginal Ordinance. Tite �roceeds derived irom any. sa2e or d[s�osai of any �roperties or parts of the System as provided tor in the aha�e paragraph sh�ll, in the diseretlan of tne [asuer, he {1) de�osSted in the Renewal and Repiacement Fund end used exclusively for the purpose o! pay(n�Z the aost oi extensions, er�argements or sdditiaas to, or the repl�cement oP eapital aasets of the System and tor unusua! ar extraorciir�ary repairs thereto, or for the coastruetion or acqui�ition aP additions, extensions and impro�ements to the System, ar (2) Por the purehese or ratiremsnt oi tt►e Bands then outsta�ding. However, if Yhe Consulttng �nginNer cert�fies that proceeds are necessary Par the purpo�es statecl in part � � LKL-D8/15/88-227AA-2750 �19� :'� , • . , t —• -� �,i,���^--x-�:r.,-.;� _ .: . . . : �:ti`:��'`.,���'M , '- ' ' . '.r' ": _ .. . .. , s .—j• — � I �1z 'fYit bl�� ty �.� I � if � r ' � �� I.:.�� �'r-a�iy�:`s; ,,��i; Y�rf:'i;� i.�y"Y,:i �,1� - ;°�3.,,� �,`��: . }.;_''':': "'t':.' � �� �'1M15t`f ,>.* � ";;j:. _��V,�S- :^,a'�:,.t ;=:`�a`�� ;. �, R,s`#� :•;�,��-.,��- . �.�:. . � � � �`,.. . - , . , .�. . . . . .. - . , . �, . . .., ,. ., ,�� _ ' � . ... .. . ; . . . P . , ec.-ze.��f .. ,.f•+1�4n: . ..c'� .; >s ,. w{.7^:�'�'iX�: � � e " � . . � . . , , } v: i.. . , ;§,.,:_ ' . 'r.'��� ° , .,�. ' . � �.:� :. .�^ :a' . ' ' • . . � . . . �:F;£%..�i>i'.fi:-.. .. �1�tE:�'� �yt,�.��"s'}'�#::`s�e,:.:`���. 'f: ' .•�'x" �`"r.,-::,.�}�1 'r�;7.:.,' . , ... � ,t.? '�Li , r'. . . . .. a iia`.: 1 s'°""' n S�'' ;'stw.l��. ' L"r�r,� ;�{�,. :� .c„''e'z't;�' ,t.l.:i: : r. �,'`K�F'.�. � . , . . . . ' . ,r.r. �.€i;'�:r:" •.S= a}�:,�• �,id .� ..F,,`.�;1��4.v;, , , . . . . . + � � ,�� -�v,: •<'a: ' a��G.. '� c iF :t 1 � " + r: .. . , : i�� � �a Fik i- . , '�fi�` .�,�.�•� :� '�'� i v .�� ,.,.. . . . �. . . 'k�i�� k`7&� .F � l�4 . , . . aler ' ;� � . .. �i. � . . ... .. . ''C�. ��t: °e:5� .5;,i�.s,'b.. .}�;fc .d .j' . . , � i . � 1�..,( .ci<Y. ,v.. li' '4. s.�e r i . ! . 1 ���. �s .t� Sr°�i»)°1'nj:.. ,¢�,rv.. ..VV"w'' ..lp ,�^ d". .n, Yii'.�4� . . . 3.'%.1" ���..� - S , �' .S� . . a.h .�y n e.a,�. . . `f % '. ! I . :,�", i .:'� . ��i� . . . . i. j� . �1 :��� •�. .,,�f : ,a ` •:i..' 7urs5" .?� r� 7�:0,' � .. .. �i �.m ¢'t. .,' ± j . . . � :4' :�i� 4'0 3 � �s . . . . . , ` i. =° • = �'" . . ,:?S.� .� : S: t �T:" { � �•i� -.. i i =�i .,.f . � :l{ � „?,9'...., . r ss. { i[ 2 � ir�, "i i. . . . � . . ::4., 4, y �Y .� . ;3• '� �' � k � . .r' v�,aY,,. . . �t. �'x � .7 � ��r �,<� . �.�+�� 'r` t •�i� �`i':v:{,� .,t �,. 'C�'� �.. .�1•,. . C� � � � R r 1}� .i.�. . 't � P' 3 � a� �E . Y" d S "� , a� . 'i�e `d:' 'a' �s� :E � a -0.�c.�` y, , . �� i 1 r` a t . �(F ',Y ..ti i . . . . �S�e�-� ,��' �.1+ �� L . . . • }'r° . . . Y CY�' � , � 4.�� '�!'��Y��3�.�: .�, C . , . . . . . � 't� " � 4 "' :�' :i J.9 r7. x;. � 1.i� ��`� .#� ,. �': �;t .r �� . . .. . ?i . '�t.. •y ,+�'•: i: �.�F+� 3..1 '�t .se�.7v ..e�F......'�;':h.�,`_ t� ..,a�. ',l� � w - . .. , '.i :'i,'�' 'st„� . , . . . . �s:< � r erV� '?�'ika. •�.s.t+^. '.e .� t .rc+.`� -nk:�'a�„�=r�3� �j: t�%Y���'i,��cwaC .. . , "� ..�J� ,� �s' =`Z . . , �'�r�v�i5: :t': i� s a i '.i� . � �t . t. 4 .t � 1 .�-. ! a �a�as. � ,b'., .�Y'�. y..' Y 'y'[ .r -��d'"1'�+' :'i� �� %�. 3:.�. q"a. ,? .^e., r,4 tY�jb. �1 -... +. �°. �.C' x,: aw, ,�li ,1Y<'i'`i..�Q•.:.s::, s�...,; �5�s . r fKFM tti �?,rn . _'� � � ..°�.Y � ...e v..r.�rr�R..rwWr�++t.Y^ rY '��5Y:9t.fd[3�i�.t'<nS§i'kS3i�l'ri�'+'nap.xa�.l.»aL:saaY.w.`!',•.i+'+� .. . . . . ..� � a.�r,. � 31�!':,��Y3„'„'.Sx ._ � � ., (1) above, sueh proeeeda shall remain in the i�enewal artd Replacemer�t Nund untii sueh eerti[fed requirementa ure aatisfied� and the prneeeds shall not be used fdr nny other purpase aliowed by thls Drdinanee or the Original Ordinanc�. I. IN�URANCE. The issuer will make Adequatc provlsian to malntaln flra and windatorm insurgnee on a1i buildings und struetures and properties af the 3ystem �' whlen nre subJeet to loss thraugh ttre ar windstorm, publie liabiltty insursnee, gnd other lnsuronee of such types and in sueh amounts as are normally carried in the o�eration of slmtlar public and prlvate uttlity syatems within the State of Florida. Any such insurance � � � 3 � � � , � , , :i.., . � � I ' ' , I sha31 be placed with nationally reeagnized and reputable insurors or under State approvad and authortzed self Inaurance pragra�ns ar sny combfnation o! both and shali be esrried iar the benettt�of the Bondholders. Ali manles re�etved for losses under any such insurance, except publie Itabiltty, are hereby pledged by the Csauer as security for the Bonds, Until and unless sueh proeeeds are used to remedy the loss ur demage for whieh sucn proeeeds are reeeived� either by repeirl�g the praperty d�mag�d or replaetng the property destroyed within n�nety (9U} c�ays from the receipt of auah praceeds. J. NO FREE $ERVICE. The Isauer wil! not rencier or eause to be rendered any free serviees of any nature by Its System, nor will any preferentia! rates be established !or users of the same elase. Thts covenaat shall nat prevent indiv3dual contracts w[th other governmental entities for the wholesale delivery of services of the System. The Issuer, ineludtng its departments, ageneiea and instrumentalitles, shall avail ttself of the faciiities or serviees pravided by the System or any part thereof, and the same rates� fees or chea�ges applica6le to other customera reaeiving like servlee9 vnder stmtler circumstsncea shall be charged to the Issuer snd any sueh department, agency or instrumentality. Sueh eharges ahall be paid as they aeerue, and the Issuer shall transier from ita general tunds suff[eient sums to pay sueh rharges. The rs�enues so received shall be deemed to be Gross Revenues dertved from the operatton of the System and shs11 be depastted and accounted for in the same manner as other Gross Revenues dersved from sueh operation of the System, K. MANDATORY C�NNECTION. To the full extent permttted by law the lssuer will adopt and keep in force and effeat �n ordinance requirtng that aIl improved prem[ses with respect to whieh water or sewer serviaes from the System are avaiiabie shall eonnect such premises to the System and shall obta[n available water and sewer ser�iees only from the System. LKL-06/01/88-227AA-2750 -20- � � .�. �"�"�..�,• �.:..- _ ,, � -. _. � . ; �'����:�= � . , � "'�..::`•r.ti w.�.,� : _ .. r " ' • ^.�• ~-N," .. . . ... . . �` ' . � r_� ii :' 7..".ti�r;; r Y;�;i;tY,�isr��f ,`i; 't t : �.:�";+a,r ': y 4 t� � r:".i,?��;' ' `� :tt,' _,�Y°.���ri..�' r� � �.��.t�'s' �'� •,�';ie•... , 'a , i�.' � � �: � ��ti � �'{ "' ~��I' ���' ����� ��l;ri.7�j� V 3 �' ��'°'it`tr':';`�'"Sw;'.y,:i:: ,�t.-�s,�'.:�,k . 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J, '`:s,'; ;i<i�,f :i`� .._ �,�:ti � Y ;e... ' � ,a. � }i',. lr� �:. V3`k. .-.��� . � . - . : . 7. . ., . „ . . . . . , y �. . , > .. .. . . . , .,�.R.� � ' . �Y: '4 'i � , . . , i . • ' . . .�� � . . �. � � '��� �� '•:a}i.i,k:.��. •"r", :i 4 '�1: . , . . . �: � . . . . .. ' � . • • . . . . . , � . � . . .. . . ... °r'.. �'.rµ3if� y`�.:�^9 . ' . . � ' .. . �.4 � .! � . �!. =",i -` y ���"-�-a,`'��.rY'1yi.i ef� . . . � , . .�t,i� �,t:� ��;r � L�` r � - , .. .. . .. . , . . . . . . . � . . . . . .. . ' . . � ;f . ,; ,[{'.��` r:�._ f�. � . ��' . ' . � , , . , . . , >: , ; ' ,<'''.,��°.� #p '�y) _ "?�^.t�; 'hi'{,:. '°e'r, . . . . • . . . . . , . . .. , � t� _.1` f'4�Tii..�.: .? ''Z� j, °S3.w; , . . . - - : A . .f , _. j.:, i' � �'' .�'s' � •}�, .. . . . : f ;W ., . . � L.. .:} � � d� � .��'' %• •`t ` . . . . }::;.. ;.'r, e 7.' . . �t� �'i� i, i�,' ��4 . i . ir.c �: � 3 'S° ti S {, �'t°�� r . .�.-.a b: ,. . . 9� f.'�• � ',�' .: r. i. e � hl rt .��.�: �; �.r . r ���i ���7 .4., . ��. .:i.' . . .£.. �,.�.-.�}.^� �,i"� . r r`rL`�ta; ��'� � �g x:i IJ r.� :�i�i Y.'.' "i� >e.. C r. . . . .. . ."j�< y: . . . . �. . . �' . ., . . . .. . . ';:t �r" � $ �kY.Li1.}� . ° . .1�=_Y,:..-.iu:''�"•'a-j piFi�owr«..-"+Yif � : r}(,. . . . .rZ . . . . . , . , i. .. . i".'�,. �S� . . Fi•- , . �c ,o-` ^a.;: -, �'� ���, ,��` ,., , �,. I�, a .w�, l ,'-` ; a»,.1 � � '�.}. �a}bs'C.. eti�'�'1". . i`FI .. xmrar.�a.�rs�:s..�.:.�.� __ _ . - -:,.r.�wxkxwnrar�.��i`, '.S'- ):. ���..�....�w s..w..w..�t��I.M.-i�«r��w�.w.rrww�w, i.:.+.i�.. -�. H.o..�....... ... �.x..w.�h.�--�-w.r+sa',��---'—�a:.' .aw+..-n.«..'.....�....v._ .«..�i.l[�i....�.��.�w Zitf,l,�t�.. ......... w..., � , '. � � Mr L. �N�ORC�MEN`C OP' COLL�CTIONS. mhe lssuer wl11 diligently en�or�e mnd collect alZ fees, rentals or nther nh�rges for the aerviees end Paeilities of the Syst�m and t�ke all ateps, aatlons �nd praceedinge for the enioreement and eolleetiori of suah fees, rentals or othar ahnrges whieh shall bccom� delinquent to the full extent permttted ar authorized by the Ant and by the laws of the State of Floridn. The Issuer wtll, under reasonsble rules nnd regulatior�s, ahut of[ and diseon- tinue the supQlying oP the water serviee end the sewer service of the System for the non- payment af fees, rentals or other charges for said water service br said sewer serviee, or either o[ them, and will aot restore se:ld water service or sewer service, or either of them� until alt delinquent charges [or both water scrv[ee anci sewer servtce, together with interes# and reasanable penalties, have heen pald in full. M. REM�DILS. Any Hondhaider, or any trustee aeting For the Hondholders may� either at Iaw or !n eguity, by suit� action� mandamua or other proceedtngs tn any eourt af eomQetent jurisdiation, proteet and enforee any and ali rights, including the right to the appo[ntment of a reeelver, exist(ng under the laws oP trie State of Florida, or granted and ennta[ned here[n, and may enforee and compel the performance of all dut{es herein requIred ar by any applicable atatutes to be performed by the issuer or by any of�icer thereof. Nothing herein, however, shall be construed to grant to any BandhoIders any �ien on any real property of the Issuer. N. CON3ULTING ENGINBERS. The lssuer wiu retain an independent consulting engineer or engineering firm having a favorable repvtation for skill and experience for the design� eonstruction and aperation ot systems of comparable size and charaeter as the System, !ar the purpose of praviding �he Issuer competent engineertng caunsel in connection with the mak{ng ot the capital improvements. The Issuer may, however, employ additional engineers at any tim� with relation to speeifie eng[neering and aperation problerns eris[ng in eonnection w[th the System. �. CITY MANAGER REPORTS. On an ennusl basis, within 45 dsys oP the receipt of the ar�n��al audtt oP the System provided Por abo�e� the Issuer s�all cause to be prep�red by the City Manager a report ar survey of the System with respeet to the management oF the prapert[es therenf, the suffieiency of ti�e rates and charges for servtces, the proper mainten�nee of the prcperties of the System and the necessity ior capitsl improvements and reeommendat[ona therefor. Suah a report or survey ahall also show eny Yailure of the Issuer to pe,•Forrn or comp�y wit� the eo�enants herein aontained, including those contained !n subsectior� I abo�e. I,KL-OB/01/88-227AA-275b -21- _ - -�__ �__— - :���.. , - : ,. . , ':;`� , � - . :: .._ 'r. . � :...,::,�; �':i :; 'r��:'— �: � s',=.�,,, �'��' .�r;; �.ii .;;�: ; , :�_�;� ,.�;,�; :; :.`;�.r=,t�" �°: � S ���z� ::, �, c.'��;,f i; ':�: `r`�i� :;,:: j ��1�:. ,=Ao� � �, '�I ` i ; ::;,;-. •�, � .�, �, b '.SI�� ..h'.�1�. �j ',luV '. . ,,,i.y,:i'lI ��.,:,3�_� :;�:;� � .�yp.e ,.:.'r ,l ' •���;����.:=:� `,. �.`'��r�y'' � `F-,:;��`�� �'3i �.�:t �... �,� � ; i: ;�; :`,;'; �.��, :�.- �i', �� : ;� << ���4 :�`3 � �� � . . . ?: • . , . , . . ... , , .. . . . . „ . . . . .. . . ♦. . . ..t'�.. � ar j�'..,i„e+�rr! S�Y- '�. (" .' . . . . . � � .,, . :.7� ,. � ' . � , . i " tStn:' 6..}Y''t!_� . °ti.'""�r�ni ��-��Y.','�'1�fii'�i�,F ' ^�y� �� . t"r.'t`•. ,�� �'� j✓ s.' ',1,�' �. :'.r� . •. . . . � . . . . .. .. . . : . . �,. �,,i4.Z . .K.,_�,.�i'Vr.•.:"� i'p,�ia},$�'��'; }� ��;'..' 4sy' .t _ 64.� . . . . . F:F ': � L. - , . oo4i'"t.�i�I' '� ' . . . . . , ' , . . . . . .. i . r1 � :J;�' '"= �' � �� ii.'r ]S y.5....:, . R. ���. a#7K��Sv.,��g`.hj,.n'Stti�, '�r�r;�t`. r.s.r , . . . . . .. . . . . , . . , . . . . ',-�'`. ,+.e '�'',;l� : s �!'• ' . . . , . . . � , . -.S"yll��"5��:.&'�x: .'S.T��;� ri . . . . . , . .. ',t.: yi„e},,.�.P.�e.va� ..x�� y P`�. �'�'.. . � . . '.1. �`i .. : s. ' C> �<' "l� �.°�.. . . . . . �i �'a�� '�lc .tc: ^"[ k.+r .�� . i� .t� ,�: ;�'.. . . . , �i' r�~' '.S:r X � _ �I • :rr ° �: •� . .i., ' �� :: .<�' ��4: a: . <.A �'r. =:,,:��. `�l•. 'a; ,.. , . , 'r � �Si�.m :4 1�`� :�,.� � � . . , . . , "�'. , �. �'i:' , �•''.-, ,'i> ' Ltir�. �; ;.":• :i.�< � 'i:i � .. . � . . . `� r �.< . ; ,�..°,;.:�', .:�;.. . ,K,,'' . ,'^! '.«7� . ,. . � . . ''ti.a?. .�:�i : �. � "•�E` ��� ''F- , .. . . , . k. �:C. . , . . .. . — .a.... �:� ' . . -�i � . . .. . . . . . ' it;; 1' �..,N.. d,� ^.��tt,>l, , . . . . . �:k,. �l.�Y' '�,:, iYM1• '�1 � � . , ':� �l . . . .X�.. . . . . ,f�a::` . . �� t �li' '� .� :�i'� � 'y' :i� e'1i.^ ��p 'S �3'v J ,h�L�� L -'�i i .�'. � . i d�fAM4TY M'�+C��J`��i �i..�..'��!'�111`.AtY-• . •Y : . • �HIlMJ1Iti •. ,'��� � e�6u y `���'' e 1�.,.b� %1�✓�[c'.✓i9Fi... u^�'�`+'4�4+�li�iri.�.A..w�r�.. �.. . t . .. _ • �n.�...r,tw� a1�v,iris�,'s'4 '�`i '�'� �%�w' rY+✓M��/M'�a � ` Pl . �� y!l "�'"• 1 ' { � r . 1 . , , ,, • ;, . °� � � � [tt the event that sueh anr�ual report reflects thnt the ratea and eharges for serviees are insu[ficient to prateet the righta af the Bonclholders, then Yhe lssuer shall take such steps as are requlred by law to rnise the ratea end charges Por serviees. [n thQ event that the annual report indleated thek th� rates �nd char�es fnr serviees shauld be ine�eased substantially pro rata as to all classes oF 8�rviee� then, to the full extent permltted by l�w, thc lssuer shell raise the rates and chnrges for services w�thout the neeeasity for notice or �ublic hearing. � P. NO COMPETING SYST�M. To the ful� extent permttted by law the issuer will not grant nr eauae, consent to, or sllow the granting af any franchise or permit to any person, firm� aorporation or body or agenay ar instrumentality whatsaever for the furnishing of water or sanitary sewerage services to or within the serviee area of the System, i� determined 6y the Consulting Engineers ta be materialiy comp�titive with the System and ad�erseiy afteeting the Grass Revenues derived from the operation thereaf. Q. ISSUANCE OP OTHER OBLIGATIONB. The Issuer will not �asue any other abligattons� except under the eondttions and initi�e manner pro�tded herein, p�yable irom ti�a Pledged Revenues, nar voInntarily create or cause to be created any debt, lien, piedge, asslgnment, eneumbranee or other charge having priority to or betng on a par[ty with the lien of the Parity Bonds and the 1988 Honds and the interest thereon upon the Pledged Revenues. Any other obligations issued by the Issuer in additton to the Parity Honds� the 1986 Honds or Addttional Bonds pro�ided for in suhseetion R below, payable ��Prom t�� Pledged Revenues shall contuin an express statement that such obligattans are junior and subardinate in all respeets to the Bonds as to lien on and source and seeurity for payment from the Pledged Revenues. ' R. IS3UANCE OF ADDITIONAL BONDS. Additionel Bonds, payable on a parity trom the Pledged Revenues with the Parity Honds and the 1988 Honde, ahall be issued oniy for the purposes of refund[ng Q part of the outstanding Hands or Pineneing the aost af extensions, additians and improvements to the System and ior the aequisition and eonstruetion af� and extenstons� additions and improve[r�ents to, sewer and/or water systems which are to be eonsoltdated with t3�e System and operated as a s[ngle combtned utility. Additlonal Honds, other than for refunding purposes, sha11 be issued anly upon compliance wlth ell of the following conditians: {1) There shall have been obtained and� f[led w[th the City Clerk of the Issuer s eert{fieate at a qualified and recognized firm oi independent eert{lied public accountants steting: {s) that the books and records o�, the Issuer relative to the 5ystem hsve been audited by such f[rm= (b} the arr�aunt of the Net Revenues derived for the Fiacal I.KL-08/41/$8-227AA-Z75D -22- � - -�. �=:n�.-�:. , ._.,�:�......: - -��-:,,�� : ��. �. �-� � - . - _ >•,:� . .. ,7 '`1{2r tl4�f•:.:� ",S%✓'��� �'�.�',�k1 i'S'4� Sr�.�7� •y,�� i J .::��i2�'?�.`�S� 'aFr•�'i . „ ...� .h4: �.: ..iyyc :.s:^ .:i}"_; �_� . �� � .r;' .;� s�: z�'1 �'. t;, �I�F.;�'.ii. °;a �. :��; ::�:K : x'.,,.� ; i',�'��:;i�,g. ...;�,; �,>.-`� ;�L=..�=�E`. ay�,z, '�;; i � '` �;.n'�. ����,1}I:�F?�s: �;3 � � ?���'r � �'u �.�; :.�:' t�Y4���f" aL1' ' �. 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'+1t��S:�. i � rt�. y�F,{'�' `4.1� � � � . .. '7f � ['i;r.. &+ �:svjP..,. �,1. :c" �'�: � �i.*3,?'�'i ti' 6tE> `v� '�= 's` xi ��"r.�. ,a.w�`�: 7,b'tr.,,,,;..,; �.� ..�'. . . ... i�...�.�eayWY[ V ' •• 1�a'��iv�� ....ltE�i� 1:.':�. wn'in� t . ." .. '. � , . '', ' • �` •FI ; • �� J , i•.. X ���, .�,wne4eiaan��xas, a � r,.�"��...w'�'"'7r .�'i�^:mr:i�ls.Y3:4kmrew�...r«.a.....,Ye�fi,...»,..ya».+,wwc�aw�'t�k+;iM�� r l ..y 4 i�' � �$}f �;�7`:i:�r,:;5�-�-�' i��. ' � �, �'�:�� � � =•s:�-d���.�: ' ' fL.�E^" 1{�.`��F'�J •'>y:*: t:?�-j:, e .,-}w?=�h' .� � `�a�' �.�r:�r%-�•r�J.i�at`,t��y t1�;;1e',�c.�,.: -y , ;;h at.: ;`-i:ry •r.,. k-�;i; . .- i`Y 's.�it.-y'i'�}�L�S'} Y•'•r:�� kf"� i ' . ..'t;�;:'." t���»'. '{�i"l} S. '��S't • 'i�:^�`•n�sw • �fF�,`.v'b;�.d�•�a.• ''°'� Y d! th d t � i t th ed Addltlanal �onds or for nn 12 .�°�_--��_�:� �,.�;°���`= �. #Y�r . .. _ � ear reee ng e e e o ssuance c� e propos y ,;:,,z � a��• .�. - � :;.;" � ' ��,".:` ���. .;��nr-�,;`' :l � : ,.� ;' ��:�:� "" � r` � �€� �.;...� ;, :, . �� 4: :N; C�� 3:t�.Ft,:'.4 ilyh � � .. • :t:�•.} �'�<�`:,{s� s .?�'.. .. ` - eonaeeutive months during the 18 months lmmediateiy preceding the date o� the issugnce �f:;;s:��,;�•4.•�:w.:�, �,w •°��.~�.: ` ;, .,,�;.�-;y�,..,.; 5�,,, .�F;:,A ' • �i7tR��i�}_�..;r:?,.fi�•,:,��_'e •-,. .1 'w_�it'1. ; �i`' ,1.'♦'sren � api �z:.' �, • a! the Addltlan�l Honds with res�ect to whleh sueh certlfiaate !s� mad� adjusted as herein ,'.;�.., ''�`'{', "` `'°';' ,� `� � Sh:Yq'`3��Z"�, s�% 'b��I`.r ft,�t.,E`/ ' :J��•�i,y�: a . '. � � e .�': �1 GFaSY::.�. . • . Ff ..�f•. � •`� ���r: 9:�f�`: � :e��.�'.. «. .t St�;"•t' below rovidnd e that the a � st� nmount o[ sueh Net �tevenues as adjusted for the ..-'s �` s;..�:�=°�:�.',,' . ,,;= P i ( } B�' B + � ;a:- ...s:.` °s>� E,,� ,;�� ;i. �.,,;�_ ";,.,,s=.,� ¢ ;. , : ; : �, � .� : , . u h N t Revenues are being certlfied q 2b af � ��t`� ��`�� geriod iur which a c e is e ual to not less than 1 9�5 ��,:` -�7.�,; `�:�d�<;,-;�;;���•, , '.,t',� '!,`• :.-r:<i:.r.:;,.:.i:���;`e'. " td�pif';�1a?.Ir�4s. � . �"' �. ^3,. �" l:: ^; �' - . the Maxlmum Hond Servlee ftequlrement becoming due in any Flseal Year theree�Pter on (i) ��;,�:,i; �,;::.�£•A ;;�.� ;; ;�.: '.� � �.��..••�: ' ;�,' ;�;.�:_:..:. � , <i. �'��'�;F":If�:'� ',: y r� ': . all Honds then nutstanding, and (ii} an the Additional Bonds vrith respect to whleh sueh '.:���-';��,q`?;�r;�s;�°;:` ' , '„?� ,.�,_�:-,•,•.,. ,5 ,+.�: at: �� ��• •�F'��S,E�.;a^i�w �3���{t:,��_��+:�E� , eertificate is made. �:°,a``- "..':;'�; :�: �.�`�°, _ : �,. .r ,ti.L, i �`i.. = � t.. s . '.T,- j a.; �' � a' �l}:�:;�':5�»�`�i Y,r' •'`.�: � • (2) Cipon reeommendation oi thR Consuitirig Engtneers, the Net Revenues ��'.' '' "'�� r;'., `;; '�4,. ' -<i•.;;>i ;w:• s • ;� ,:^ �� ?:•. ?r: 4f... ��,•.y� �;.�.�._.,i "::��r ' �,�:'sr r,�:� .,�}, � ti� ; .e:, i ' { : S y i}1,t ���.'�YrF:''•�',� °�•:��'r;i• rf• � p {} P P 8�' P Y 1 P P '. r.�� .,c �- �•' •�,° certilied ursuant to b in the reviaus ara a h ma be ad usted tar ur oses of this -�;f�s ;;,,.�. ��: . "16x . /`"J+. e :, e`.:..�.....-{f.f'r4'' �' : -.. e ��ne' i. ': d�Jr�',:� , ti:',• `, � Subseetion by including: (a) 10096 of the addttioaal Net Re�enues whieh in the opinion of -`.`,'":;%��'�{��'��E"��� �•`�' ;�: s•.;�a ':�._ ;�;'"r;l .. ,. �[ : :'-`s•.;.,, ;t_; z'�.H :� .� �ti�� a� � �::;;���;� � ..r-. v,�i:�:��il :is3.�+,:� : ��s:.'u.e si:'r, ��=� the Consultin En neer would have been derived b the Issuer from rate increases ;V>:.;{%R�s�n�:t:�:zi�'��°'':r��;'�;� : � ; � g Bi � ::�: �o:.r�':•=;,:��:<<,i��; ,:..�: . •� $,=I. ::.�..�;.r � .:'.e.i'• 1 ', �� ' ' � "�` �' �'t' ".i•�;�.:�.��'t�' Lf.e�'�4d'a�r�y �. :�.i.. adapted be�ore the Addtttonal Bonds are iasued tf sueh rate increases had been � �.�,.;1.�;�;;�;�'������,; � -i,;:�,��;; �,; r,� , .�,:.:;;.�F ,.,X� . ��,. '`� "�+`;,,; .�;� :�3:.,� '�'�'� . : :'. = 4ir'>, `". ';eY t,.a,« `.��` im�lemented before the eommencement ot the period for which suc3� Net Revenues are '�`;•.;`,.'~{`,�'• �,�...x:=.• , -+.,;; r�L`�;�, ;�"�e ;-; ;, r ; � ;,��°`;,,f#: ;.. .;�`,;;r.Rk'�; .,� `: .�- � ' t tii .e ;': Lt�i'.s�i'. ..r-s'i:+�_ _, `, . , the Consultin � ; �`�"�.� y � -t, �'.` :'` : �� being eerttfted and {b} 1009�6 of the addttio�tal Net Re�enues estimated by g ��; 1t� P: ��:.7-�;:���• k•:s.• ' , :ihl;° n�����:',°+�`�°�'�5.�� ;.[��;�.i� ti�; .. `n::e;;'i:�-�� �,�%;� f;:t:"w'i�i'ft �7 °ii�?.,•...y +, e�.�'v.t�n��.i :��. �ngineer to be�dec[ved durtng the first full twelve month period after the faeilities oi the .; y ._ �;r�:�is . .f ' .4.�: ia�j i ri��'�� �•���� . . }i ��.;.': y�`�� `.§ .`��;s.��'.I�'":C r ,, System are ex#ended, enlarged, imprave� or added to with the proeeeds of the Additional �"�ti�;:'` f"'`�t.';�p`�iw�-:»"� �, .� ��y ;�, �; �: :: ` � ��,. , i �:'�.` `�i. ���+r"R.�Y��7;t•uy,`,L,,•^ j3�a�51}� '`,j ' t�Y,1'``� y,ti ��r�.,j�.C`i^'� f,,s4' I' i e is made. The adjustments described in �; �� ��,,.�� • H�nds with respect to whieh such certif ca# ;��, �..,.:.�;, ;�..,�,. �;,.�w.;,� � �;�;� . .,:�,;:.� � ,��;, � T �x�'y'�!� �` il :� � �'f�,: Sect[on lfi R b . ;.,� ;:�.* � ,J����' }��..• ad usted under Seetion � ;` '�' r�� ;4 ��"k�,�a ��.. (}(2)( } maq only be made if the Net Rever�ues as j ; t��,.t.,;��'�,����.��.,� •.s'. '� � :;. . ,t;,�,S zs �'t�'� . t:�. i e� ' SEt��. ��' r�k.+.�� Snei.r�.t3 i�� .�r���: 18(R)(2)(a) for the period for wh[ch such Net Revenues are being eertified equsis at least �Y;;�yr.ti`-.,�;��'��.�"��{y�;,f ' �%a�rx�'� , � R.:; : -;, ��;�. �,�,�.:.;,. �.z.� irement beeomin due !n an i cal ���'��`�'''�'`:��4i�'��`"' �`�� : 1.D0 t[mes th� Maximusn Bond Service Regu g y F s year �yx��� a�=;, �=�:��'%•, `�;,�,• , � `iiF�� . +;5, ` .�fG�':�� �,�,.`J,�s,;a'f : .,�;,. • r., �C �;��.�,. ii���}j�„�;,�.��� ;l,, "'a. �jXy:.�°�,ri��g �"}�Y�16.Y�?,I'�j"C+;�'�sf- �>`.l �` thereatter on {i) ell Bonds then outstanding, end (fi} on the AddiHonai Hands wfth respeet ;1;=.���� y� r������:;��x� ..'.��.�i . ....L=.d.Y r�z��Ji. :�,.��,�s 4'.� :? �2 f�d��':�?:F'.'�-.}'-.'' � 1�'. ���� �ti ' ��- � , . �`' �, . �` • ' ►•:: � �r• �- ,� . 3�• ' �' l� �. �� . ti �, � to which such certificate is made. {3) Eacri ordinance or resolutian autharizing the issuanee of Add3tion�al Honda wili reeite that ell oi the eovenants herein contatned will be applicable to such Additianal �ands. (4) The Issuer shall not be in delault ta performiag any o! the eovenants snd obligat[ons assumed hereunder, and all payments herein reqv[red to have been made into the aeeounts and funds, as provided hereunder, shall have been made ta the full extent requtred. S. COMPLLTION OF THE ISSUER. The Issuer will comPlete the Praject in an ecoanmical and eiltcient manner and with all �racticable dispatch. Thereafter, the Issuer will matntain the System in goad condition and cantinuously operate the same In an � efficient manner and at a reasanable eost. , LKL-O6/O1/88-227AA-275D -23- . , ������v�•:y . , . _ � - . � - . -•r' _ ... ':. . . � �"�; ,'r' ` i :_� ;- � ':isi � E. �:,:, < � ,.• � � � O � s. . , .. . , .,.=�..,wir�«.� , . _ . ,a , _ .. . ' . . . � . . . . .. •. _ . . .,.. � - . . �. . . , . . . ... � . .'�� . . :4.r .. � . .• � ✓ . . . ., . � ' . . . ' '� . .. . L;icv� „ ' � ::_'�yi�`k.::�� t� ���•�`i � r , ��` . :�,. ' , ' . ' ' .. . ' •, . . , . • . . • . ' . .... : , `�i���"1" `�rA°3�F��!!f: xR ..%:��� k . . ' J.,. . . � . . . _ �j'. ;ti .� t����'n,, r . � °i, . . �: .. , • . � .. , � . ti . . .. ... "'e .a . �;��"- `r�;t`,= ,5rf;=a,1°yy>,� � �.. : �, : �� • .. . - . �,,.• " V'�`� - r�' °.`.�` � � ' ' . . ' • � .. . " . . _. .. .. . . , rJ' .t..:�`:� .`4, .'�.,�'� �,j.,. .�i; , . , t ' j} �!' � 'a. . '7 � _ v�r: . . , . . . . . � . _. . . . . , � i`: f., . . . - :'s• . . : l` i .� ° ��,r � t�� � . . . . � . , . . YY�-�r, . l. , . . ,'.�" . , , . . . . . . . . ';�'',••"F�pt . '� . � , ��� a# .. . . . . . . � . ... .. • . . - r •,1 �s:,w. �1)���. , tC; �•�. , . . . t- . �..,. . �p }m..��•;Y:; rp'�f��. y� •t�..1..',�."_ , . . . . , • . . . . . F , . . i.•9r:,, J�.f`�`i" � ..£.. S: " :�'��- {� , �G�kaF..t �Cf-w��AtSs.4 � . . . ' . . . . . . .. . . . . .. . , . . . V'�: ° - ,�. � �, , . . . ., �4.. , . ,',� �'��:s�;�t.v::F�" �:;•;, <� ' ..,� �. .:.,,,.5......'�.�.....,.� .�..�.:r.-��tn.�stt�Fi`.$''�J},�4:�'L.�SCC��i�G.Y .�"4'�IYNd�rytCdlJJ4�4i�M4n�.rr�:..ra..n.�.�..MMwR�Y WNF�fMql!-i��C!'F',.{QsTjli�Y"n'F!F�tid�`.�ii1�VGtY� — rr," A..r...' ..L....�...A:..�w... � �� � y( � . .i• + " � EwiJ.r�:. � �;:+ . � . .. 3,.F' 1 ei� � . ��x;•e'�.v:.�if�.�.,;�)'.6�•'y�y:;,.'°'%. . -.' ��r� '��.r�. .,i'�` � ',;r' f a s�. -f, � � �`s1' t'';: �;� '� "i'`:�.:�.:ti;w'��' 1 � �;M�., ��7: � �; t';4..'. { ; E� '�,•s"�'"^:�.Yr�,i.f�(•. . .:..�S.i.,.. � . . T. APE'LICATIAN OF REFUNDED 80ND� I�UNDS AND ACCOUNTS. A "y�''-,`:''��"`�- °���".� �:�Y::��Y'����::' � .i'�:�:,,��,. ,�� ��. ... � , i'� '.: ,'�4°.1 Y�Ct`� li � Y� pro rata portlon of the moneys in t [ anees whieh � �'`~}r:���r��N� '' -; he funds and accounts created by the ord n �t -1.t�>r�:;?� °5` �. .:��:;�,>,�;,,,. �...: � ;�'�':�'ii�.'...�`��{ag��:���;,�::r,. „ nuthorized the issuanee of the Refunded Bonds r�ay, in the diseretion af the (ssUer, be ���3��:::�.•= r�;���_.�� � ..,L� •; •�_-��-�-•�;.�; a. . .,,; _ . :::,.��d.s;:; �..... , ' ' •F '. '•t�SY':;. y, :}e�.'.::". ��� transferred to aad deposited in the like funds and aecounts created by this Ordinance or •, '��`�,: ;:;;<�x'�'. <-.p_.:., � . � .�Y��uj,� ���.. �'y �. . �� • ' moy be used by the Issuer, in whoie or in part, to eifect the refunding of the Re[undec� � ��•``� �"��,��-'•�'��:;���'�'�:� , `•,Y:� ••�� �` ` :,._,'.e,i. , ` -` �' Bonds� as evidenced by a eertifieate of th� Clty Manager directing sueh transfer end use. "� ;��=�� ,`,�`'s';-�:�: �:°;��t` ��'� � , � ,�'+:�c' . `..:��. �,� �;.�;:.."' . '; ,i�";. .:y? ..:,:�� :� '� All funds and aeeounts ereated by thia Ordinsnce may he held by more than one depositary '`'`•-�` �`' ���`''" ' ' ,, . ::j' - ; ���:' �,.�:t,�,�}�"•,,};F .t�', �. . in the discretion af the issuer. �;�'}�=��y�'-;� :,:� '`�`'�:' • `;,,�;: � , ; : ::::;=r,,,<<,: ..:sw,:. ;:=...:. " al 3ectton 17. APPL[CATiON OF PROCEED3 OF TH$ 1988 BONDS. All �.�}.`� ., `'�:�'f;��•��'���;: � . , � s'f.^.`i : ;�. 'a.• ^ ��k°:''::^�' . ..� .. :��,;,�:::.,`:, ,,,� ;;��;;.;° :;,; � � :.;`•.-.:;::ir.�-�: 3y;�,-,-.;<.,:., � maneys reeo.tved from #he sale of the ].988 Bonds sha�l be depos[ted by the issuer in a :,: .:;;��.:.���,: '. ,�`:° �.:(;,aR �`= ' .:-�.,:�;•�r , , ' i�. •:: `+,�_ .r ;�.;;s:'-x".r:' � r ,�i•:Ye:.: �. _ � speeial account fn a bank or trust company and applied by `he Isauer as foiiows: ,'�> ;��;n,:=;,�.�E��g� �-��'�, f, f • ,.i `'i;�l:... 1 _ . . •ly:«? r ?i��4':.��i�i�:�li�fii . I.:jy,rl7�� . �.,�.� -E• :t..y..�.�.i.•tY�,i;�t•Iy•,a<. . , {A) All accrued {nterest shall be deposited in the Stnking Pund and used �.,..,-;��. ,; E, y�.,.: ,: �.���; �� �E:;.R.- �..,�� ;' � r.� . ::ti:i ,y��,...��'��';" 8 Honds. ` � °• � solely !or the purpose oP paying int�rest or� the 198 ;_ �'"��,..J` ��?`�,� ��_�,�_. ..� � -�<:;''ti�. ', j ; ';:.�:°a.: �'.�ti[Fa.., .:•.�.,': ." '' . SiI ;_z :!-5�.�:�1`:�S'�-� � :'� � () i h at the diseretlon of Lhe Issuer the pro ''�'i� '°� �'`= ':.�4�;��°a�:3� ,, B A snm which� together w t, � •���:� •.� �= � , =>: �T; ;,;;i��°�.{l,a���;:"k;; � t 3 ' � ; '�' � �:: . rata portions oi the moneys on depostt in the Reserve Aecount securing the Aefunded ;'_��,'-M:,��;3'=;sj='.�'``�; �. �'-�� <� :,..�,�: ..s,.` I` the 1988 Honds and the �:;�:y � '��a'�� �'' �`{,`'r� : �; � ��' Bonda, will be equai to the Maximu� Hond 3ervtce Requtrement an wY; s;��:��-i° °�.;-'::;�:;'`� �; ,�: '- . ;+:•.:-; ,'. . �.�t::: .. •.�� ;..•.�: ,;, ... r;r: ..�> ...,�. . �• � ,Y..+ f^ �.:� '"' a � `. d x.�,� -: • �.�::?���. ,�:::;'st..; : I� - Pa�city Honds becoming due in any Fiacal Year, may be dep�sited Into the Reserve ;. ��'y,:; _��;,;:^�:�,�xi�;}.r.°=:� ,. + I � ,,�,,.-`,' ;,�:,:.r; f''�`;:..;•:��' w:. � �r: :._ ��-,,' I`r . ` � Aacount, gt the optian af the Issuer. - �'=`' �`°..,�` �,:�; ":..,��j ��� ; �•: . .� ; S'��trt�s''• '! '�t;- �-.��.r, ;,1`>.ty�`>,'J r�,�a, . s�'' ': a�� -��i� 4<f �s�. �' .'C ".�.:.4 ��'r �'..D f .� .• �-'.} � K. �°''3r:f i''���iti �'�� It ' �}.;;� ..-��;>`.�J�' i. � {•':-� �' C Ta the extent not reimbursed or e►id b the ari nal urchaser of -�'�° ��.: ,=Ff34�{:;��tZ==�:' , i { ) � y a� � :����:,�: ��,�; �`;�.. ... �-: , � :. � �. �:. I. .; -: '•�%_�.�,��:�•�t.i�4'.-" 4.•�.'�-. :S!:��:.:r•.:�'y' . �7"��7'�••`':�,-i:"x�i s . . r� +.yr �t.i3,'�' r;v.;...43;':���.'.'�:�: d ' "°?� t e 988 ns s[n eonneetion with the -�� •� tr<5��` ,��_>>�• :� 4d .-�. h 1 Honds� the Isauer sh�ll pay �il costs snd expe Q %�;, �is•'i,t , C�{ ,�,� :,�t�. , : . 'S14;.z,�,�� :�,��s' ���'�;•'��a ' > i-...'��..'�s ^�;�1;� 1 � � ��•: : ...;t;:�`H�• r',��� t ���u�. k=�; �; preparattan, issuanee and sale oi the 1986 Bonds. ��-�;; ��;,����t=��:g;.;.�;s>���,�'.. ( �. >.�: f .".. :.eFF�. �7.m��'>�:ii'.„'S'<� � f. .:, %� <:, ,,� �,_ ��5�:��:� ' �: i � . �N �r� : i''��� 1;�ss��; �;.�; �• -'j � (D} A sum s ecitied in the �sarow Deposit Agreement which together L3;4,;.�.; :.lfx•=`�=v,��;�t;i=:,;i { �g. � �,,i; .�:.,�M >�1�'�.;:,� d:�.:t'.'�� � , ':; .'' '�°�1';'�i'�y`r„F?.:��A„�.�;�.�.r,.�#. if ..; �:;"�':.`� with the ather lunds descrlbed in the Escrow Deposit Agreement to be depostted in �:��.";`s:7��°;,��YfJ{�'r:+ 4`'`'�:>'Y,• k:::�'�i�y",;�� ,z • , � �, .'�,' _ . . . � �s'.�"�' .�.`, r i'. � ��,i#!"r"r•� �th '� �'` Fe�;-' '�!�:,`"^ :`ir^Y �r.a�` '�}•r :�'��•:� h" ' _::..,., r'���'�.il:��,.ngr.� � � �.:� �� ; ' escraw, will be su!licient to Pay, as af any date ot calculation, the prineipal of, interest �����u��,��;�y�g�ti-•s,„�,�: ��f:;�= � Y. �i� ' . `RL.7V1��� "'n`Vz'1���:1".'�' .l � ,? �,":.� _ `�i . ,;-,� _4��ry�!4.%". ,�",:Y�ti�� � on, premtum� i[ any, and other costs and abligations lacurred with respect to the Refunded �`"°'�.;.:;:'�'�:��s,��:%���7`��;�t,;:°��� ~ '�`=t� ,�... ;� _�.;�-�,��-�''�ii � :::�;:; ``'`���`:�:h:��:'�Y�,#,;;�sk:�';�.. r �; �;?� s� Bonds as the same ahall t�eeome due or are redeemed, as pravtded by subseyuent resoIvtion �� ;;,_',�,"��~, ;�~ �.`°e.�;:_,' � .; !�' ��°' �,s.:�w f a-�.�-:� ,,,:•..:�._ , rf,,:a ����."'.;`.h;,.;; ,. �'.;1 i - ;�'•.y rr1' � , '.': t, "ri "'�:.. i.'•:;, c.'; , �°�':e.� ��.?�t>hJ't �. -a D �� �'r �';� • he Eserow De osit A eeement shall :°' ``' �� =���r�"`�-r� �;�; . o[ the Issuer and to pay the e�enses speci[ied in t p � � ;�,�i��*:..f':.>,;=:'�:;' ra�..;�,r� ', ,,,} ' "r^e:"., . ,' ,j,Vt q,, . �"r:,.', '.�!J: 1n �k..r,.��'d!: ..}'..r• .. ,!�' .K� , `°�'._'"R:: •. � . �j -: �i fi-�:•' :� .J`r'r,'�r,'.-,'1!:;YS �;`:"„`,.�;�'7;. �=:�:r , be deposited inta the Escrow Account established in the Escrow Deposit Agreement, in -���r�s �=�_�:;,;;''�`.�t����,_;:�� '� �,�; i �; � ' .t�E,, -"-`''�g' .� °, :..:J;�{,,�: ,;<:_ ...`: ' � �°' •G:. �:;s:� � •t:i'"i �'� i•.<:�,•t:t_f ;��'!^� � .��,: _.�=:�rNs �.:'�. =� �' �,,1••��:,,r: tiC:i' ,�.'?>>`,'' �� ''�� s.��. �' � the amaunts sufiicient Por such purposes. :�� a° ,,::;:� ,;}y`�' �� ��`'� b",','tA�?� �'r�`' � ��`t �1•..: R& �'- 'Lf, : • }..^;A_^ i�,.l;r:•`-�. ^� .,�•�'�� ]a�:i.°+t%}�� �%r�''.f,`r�rf'� • . '��,-��: 5ueh funds shall be ke�t separate and apart from e I suer ;�- ��; �a ����,;t�_h_ ;`�x �.Y `� �� all otrier funds of th s ;, .?, ��;�:� ;� w': � ��T � j � ', �;�y�' � t -_= ti-: . r.�:�.:: �..�,<' �.t.�= ;�:: ��� �?�-, . .�r!� � ' :�'.. ^..:'.t'r� k Mi � k�r' i 4°,t,l� ,,4 ; .. ... ��:."> Iz_,` i•,. •... _� ,�,`����-; and the maneys on depostt therein shell be withdrawn, used and applied by the Issuer ;�t3`.�;�;��,IZ�? ;�:,ti:�= `�'��': � a;a..%` ;�; r��<.,-:a;:a`,•'a,•:. , �� �} �r;��,.�'.�.S�j.f�c:�..� ;}�:. .t�. �,� . � k ri' 'd 2 ' ;''.`F" ' �,-1 �;~c�, " ,��'`s kx.l-' r. �`��r`f=^�°: � salely for the purposes set iorth herein and In the Eserow Depostt Agreement. �r ��'� ?' ��;ti:�.�=f=����:y��'', p �.a �i'q ,'�1`` e4::,;�'-� ; i :�; �;,A�g:i•�• !` �,f� `��ib ? ': q;'1,'.�,{' y,il.: 1,�' �.L�� �s.4���� i•,, t e '.' -:?�'�i�.,?e �= �,'�" a s � ' , "s r.Y •- � `v�,;'�.�', ��: "°'Y "I 1.8� '`�.� � 3imulteneously wlth the dellvery of the 198a Bonds to the purcheser thereof ," ¢- �� .;_;;: `_;�.. ��' ' ��r;yy, ,°.i:,'r Fat�;•,,,. P •T�� i. '.�k�r , a � ��ir��;C�<<✓w %s`�F.S' $���`'�•�'��' � F r1 �" lf i.s , ! �; j ,S `,:.��,., ur�,Y,;:-'F'- , g�,�iZ4 � .,� ' ���f r" u ntiall the form ��, `iti�..� ��'�''�� �`; � � t the lssuer shall enter into an Bscrow Deposlt Agreeement, in s bsta y ��.r -�: � �����s .� "�'c; �� ,,�:t'r::�:•. �;..�, � ., � .. `s :��;,'•;".:. �,�,s, .Ei ,'� "'?'��•�''k' y'S.i '�;"<�`!'ir ��C.i i :�.� F�� `- attached hereto, with a bank ar truat company approved by the Issusr. Sueh Lscrow -� ������ ��� :�k ;i, �:�:�� : = �t' ''�,'�� �• �y.�e ((��,, � f'. . :} ��[SP �( �� �[--M�,(� p �F• 4. 1. �i'��=F. . J�, .�;«.:�f`t�E.!]t�i! ��Ja�i�'I��f��j'y��.:`. d , , LKL-06/D 1/88-227AA-2750 � -2a- -`, �-r..--�.:�s�= � -. . . . ,..,.�, � ~~ . . .;���� �r.; - . . ..'_ .. . �. �. - . ,.• '�"`_. . .. . . . . .. . . � . - ,. , .. . _ Tw.. .,. � � . . ' . . . . .... ' , . �r.RS�,P�%n1s • r .` : ' . . � � � . . =�, f " � t ::, . ;�r:., ,:: :..�'.�o;�:: a � . y,.- . . . . . , , •:�:; a�`�:,:� �: . . ::y';; ,'; ` ` . . . , , ,.t�:i �., .: 'L �: s,.�c;:�•' . �.:t. ' ` .f;:..;t�� F�"f�:: ",;s� ,s.i. .� , . . :'� :`,°::•;.:�,: �;�, �,�.,�:fit.:j.t;, .f,. ,..,.�. , .. , , , . .. . , - . � s. , .i:„:;.:� , . ... ���r:�,,?;; .k��=:•.7-:��i.• 's-� ��� . . � . , .., , , , • , , � , . �.,;� `�; ;.s',.=3,-�i��`��:�.� ` :x;, {' CE%:" +" j '+_ f� :'�. . .. . i - <� . �j :•s.. 1 .1:���i'�+�'..s:. ;i' "I . �.� .�`j~ .:�" � :l w..? a} 7�'1: � . . . . . . , . . .. . , . ,.��` :.i-.'� .�� . �� j . ... . . p�.,. .. . . ��1 .. . . .:`?c.�''�d(•f}r. .-xr � ='r° :h. ,��a.i, : � {.'� 'ri1 . , ., J .'.S. :J � R!• .�f�` . . . v�S �F 7� ,'t'� . . . � '13' , ��r:' .�� . . ���:i •C •r . .� . ��1� �B � c`�� e�t. 'r�- , . . . . . ��. :r 5,:;':.,. . . . ''t , ` z�: • , . . ��z., = . t'.�' �,t, . f, - ti� `� . .. . ' . � �, r •.-., . . Z 5'�I; . _ . � � ��q,`' . '�^v� ;�r' `k, . . - � . � . . . • . � . . . . - �' � { . d .r.} . �itl 1 .. , . .1' '4i' W'+":: V' t. 1c . . . -f.'� . . 'L� 'ls.i: ~'Yr'Ir F :1. '�n . . . . . . � �' i� }, _,'f. �� �. . . . . ,!. M1�S. . . . . � 3 ' . . . ' . . ' . .. . • . � � F :'� � � : j � S' ' . � ' `' ` S . .. . . . . ���e �•�,.1.1� :t^�iA �Z.�fi.. ..,.,......�_....,,w.w�..�,.,.........,..�.�w�<nra.�.rkAY�`f$°.�7�5:'*.;:;�t4!:5ana�uv3,�w�..�+�wi.w,..;.w.�.....�,.--.,.....,....: .,... . d:«�.T...:....�..:r:�.:.a.r.rnw:s«.nnF+t+A�Yrw...�..�».'.:�..�:.:_ou.r:i.;�:..�.�i:....�..?.t'�...:i.:.i�� y-���v,5��,5v'., .�j�'.', i �.F�iU�e i�� „�, ; "� .y � t ,e�?. i ;, t.:: .,� � �i' �^A�•��'\ •: '.i .���iRk •- 9:'.: �: ti�'.�`� �. jYSr.' •r •�i r�11� "''' c}i .�'.13!`�}�.�41F..fia�:�'�r.lL•�: � �v �Sf �� � ! � �;r�"�Y.y�L,;�'��i�.,'�, �ti�E�y �,:- :5.� • sY a -:'�+a�• JF�i'Sa°iri;�`��1�'� i.�.j�'%1�}�� d. � � " .,;�u'F,f,..`.��;; �*��,w i;,,��;�Z`=:: ': :! :t e � s • ," ���� De osit A eement shali rovide for the de oslt ot sums into the Escrow Aeeount and for ::,;'`��=:z`��>'��_��?��s•��=��..: ,I J . P B�' F P , ; `° • .,� :,�,:4 ��;. �� .,, .., , � , , .,<< , y ,i. �r,4. ��a:. a '��':;.,: �x f": i �• '� �`-'��,i'?-,�r i's'% ! �I the investment oi sueh moneys (n apprnpriate �edersl 5eeurities sa as to produee ,,.,;��i�:��{?'1����Y��=� "?�-y�: � t: � .a i�'t.l�:...:.,c J.S }'�P };,.: , Wt. ' ';i.:Y =;y.^:'.F::��{. ���, '3'�.A' 'i!E'��T � � sufft�ient iunds to muke all of the payments deserl5ed in the first paragraph of thla �-� '_.' �' ,�<`r"':."` ` t; ��. �';�:' �':, t�,� �::.- f� � "��,:� _ 4� . , ` : , :.._.°.,.� '.:" � , , ,:r•� �'���:,}��:", .. ; . �. �i� �' !: � ; � �.t'tin+a'at.�Y. . .. !� ubsectton . t P St' _,�' i.�.F�,;� �;, a.�..�f°f•�l��'.'� � '- 5 I?D A the time nf execution of the Bscrow De osit A eement, the iasuer � 4�.�• �� �°� ��<;��, :�� ••. ` _ ,. ;:, .�- ;`��tF''�,�,` ,. r": .�,:�t,,�� , , � :�;,F��-� �= � •"'` rt,.. �'. ;_.;�•� �.:;,,, `�s�:�•,: ;'y�:te.a:�,.. . °>'." shell furnish to the Eserow Holder named thcrein appraprlate documentation to demon- ���5�;•b'�::�e�.��;'.::�,'�r;�v_.�:��J` � . . `fi ; � t. :.a,i. �;s �. ; _5 .. •, -�. ''' �'s!��.:3 � ''ii,:_:t�<g�:'; .. � �ye... ,'v`:�eC � '° _:` �' . ! � �' be suffieient for .., .•;;?'_;, . fis'`�:��.. -'•,;>':` � ��, � strate that the sums being deposited nnd the investments to be msde wilI f�;r;;,. ;.��;,:`"��,;�,�jt:;,. , i�. ' �t �t�;;,�r"j'°. � �; • ., i `�, ` •. `v:;..;:��:r,,.,;'- ;5;;�=,. �.' ;. y? � .. : such pur�oses, ;1,��z:':���.=,�t'��';::'. �� :,;•� �V,• : . . � �' � Yy;� �2tc,..s ,i'�•'�`�' =",:: ��t.� ' � I: � �S �:4:='Lf'.��',v,`���.. Y . ,' (E) Ths remainder of the proeeeds shell be deposited in the Construe- i.:4�,:,�J�'�r�•.Y,`A ; ij-:;; �`�''`.ti„ � ``'` ''�.`�:i: s3 i"5•..�.�a,.� :,�, . s'*; •5'�` s. , . �-lk� ,ti. [.':. ', . tion Fund hereinafter areated. '�'€°_�'���'���:�;:;;" • ' :.� , .��a �''r�.. , ,.�"'�;:'k� ,5�,.. ' �' . '. �;;,•�1<;�� :� .;,, i.�� ^ `���%''U.�rF�`�,'H'==•�ii:.;, � {F} A s eeta! fund ta hereby created established and des[ ated as the �>.�� �'_`''�'� �'�"�� =� Y`��'` ��'�� . ?s , ,; ��;�. ° . . . p � � ,:: µ.�:,,•: :':} Y' _:ia':.°.�f i^�; : � :`�-A`•'�y:�.r�E,,,;,�yi'�;-.a� , . "198$ Water and 3ewer System Construation Fund" {hera[n ealled the "Construction � ���` '-���;��'��P=s;�;�'���`��� �, f'.: ;;- . : .a �s, � . S,r#z., . • �,.t � �•, � •c�°: .�, . . _ , i.: : r.ti: : :'�� ti�4::.�ei�,w,r:ua . � Fund"}. There shall be paid into the Constructior� Fund the balance oP the tilo[leys :�`,;;;�'t`.r;#;w':�''=�;"=•�si" , . " : s� .i ���� �:� };: :'='� .6: a"�.:.�: �.t c'j•t� `.:'l�:i}_)^7 . � .`t;,i', i �" ;�-;Y_i,�::,- ' r r� remaining after making all the deposits and paymenta provided for in paragrapha A to D ``°'�;•��';.°�'�'�;_�;�;-"ni. ���t . � •�' � : z;,..ti,.,, <.f ` ;.�,,�;:�•t;='e �: .';,.i:.. ' '�`ci; `�!:.. ' _ ' j�.;���tf`t)Fz�i-: -•";fiy;r�'�::.t^:t,-'`i.. � � � � ,�i,iri �:�{�. :�$'•,�,'_' y'�'y�"c:',4':� ' St}ONe• ,. ;�i`�,<.,. ��r=�::s,.._:�sr:i'•4`... , � .o a i I' I ! i , , . � �it . • . i;z . f , � Such fund shell he accounted for separately frum all other aeeour�ts of the Issuer� end the moneys on deposit therein shall be withdrawn, used and applted by the Issuer solely to the Qayment of the eost of the project and purposes iacidenta! thereto, as hereinabave described and set fort�. If for any reason sueh proceeds or any pert thereof ere not neeessary for or are not applied to the paymeat of auch eost, then the u�appiied proeeeds shall be epplted and atlocated by the Issuer into the Reserve Account to the extent necesse�y to meet the max[mum requirements thereof (Qrovided, that not more than an eggregate amount of proceeds oi the 1988 Sends equal to or iess than 10% of the total proeeeds oi the 1988 Honds shall be deposited into the Reserve Accaunt), ancf any ' balsnce therealter shall either be held is� the Constructian Fund to pay the cost of extensions, addttions and betterments to the System upon the certitia�tion of the Consulting Engineer that sueh impronements are needed and are eaonomiaelly sound and feasible, ar at the aption of the Iasuer, may be depostted inta the Renewal �nd Replaeement Fund, or at the optian of the Issuer may be deposited into the S[nking Fund herein created. All such proceeds shall be �nd eonstitute trust €unds for such purposes, and thare is hereby created a lien upon sueh maaeys until so applied in 4avor of the Hondholders. ' Any lunds on depos{t tn tne Canstruction Fund which, [n the op�nion of the Issuer, acttng upon the recommendatlan of the Consulting Eagineers� are not immedi�tely necessary [or expend[ture� as hereinabove provided, may be invested as provided in LKL-OB/15/$5-227AA�2?50 -25- = ��rJ ±K'=;� l�'y���� �JJ . . . . in�' +r _. ..—�....J.. •.._�.�.��-.. ,. : , . .. . � ;• , � � � � �� � c=1� t'��e��F ';�•�~i�� t� :'.: , . . .. .� �',�:z�; y.... 7�z "�t:i'9ii`"�,i, "..�,z� »��.: i ��C.�t r� 'P,w:�{M�-� � � i y'. vi . '� �;. C�wu:r='�:.k'��"�i�.�S� fsS . '' 3.I "'�: �Si r� t;,'1 � ii'i'Y -�` 4� ��t 9�,i� i {:: ` � �q'�rx :i2�i�ll F'��'4`a�~+:�% ;i ~� � �IS'I.Ff's rG� ���F'}i''>P>'i�Si.:. ;; �r;��w.e .��},,�;;:� }t,��x�r ��.;. � ���'� -���sr;�;,� ;-: �.� :",�;e,cc` `"4i: ; '1+#����"� ' s, ���:- ~'l.i,ksi�``f.'J=�������.�SFfi��� � v.,, _:�`�.3a77 �5� yr: i,°t•.. � �;�f•�.na.l .y'.;�b�, +�":;,A�?S 4 :�f� Y`���t�'„4�°�� .j.� i �?����ys;' `�4.�}"�,��.. � `�; �i�i �i:'� '�sK °<.s`r-�� .�`'. '�� � � _ ,:`_j%3�� . :rs ....;: ��.�; ti �.. ,',?' ` ".-a.� `ti " '%ri�'; _a j 5'�:. � ..� � � e�.� � � '(l:e;�4y t..a.�1 3¢Rr,�{,�,�'`� ; �: = -�:Ej� _��at.,� ;�' )� j�3i�rai.$yx�iy .i, .i!�C.i'... i �„{�' I xwq�C '..�i�"r'.6 .$;���,�,��,'k ''E➢�yy �.3�: � w �t i'.' � <� ,•;.a��r��`�� E! ���'r�,; ;N` �: r -� `�'��`j :,^•. ��. !7n'�t,�c �^i3.j{ �� � ,�.: ,l f• �. ?h • � ,' .;; � ��' � , , �ea � .� . . �� ' � i' �'"�.7-;k!� — _...._... _ . �. . _� ,Y SSffY��,c . t �'a' ?�Y.�as?�:.�..� : �' . P " .. • . . � , � , �. .. . ' .. . � . � . . ` ' . . . �'jv .. .. . . � ' , , r.l. ' �,d..� be. '.I+hF�ii•�}��, � .7 . . , , ' , . • ,: .a`; � ` • ` , . . . • , � p � , �: c , ,;, � P. A: �, r, : _ , . . . i � . ' . . . . . , ��s:... . `r �'�, .}d�cti;'x.�ytii�^;: i`1�; r. , .. . . � l. . .. . � .. . . �� ei•.....5�� � �.4 .i:: 9�.c "1sR', , . . . , . . . , , . , . . . �:�:,:,-`..' , .•i�'�5� .,i.:��',,� .y� 'L_. ":� r , . . ; g � ".iw - s ��� ' �' . , . . . . ' ' . . � . , '"44:��.�'PCI'�s� �; �' 4� ; '''� rvt. ��.. lN�^ y '.Y' , . . . . , , �}� L�µ, �� :r�� ,. . .j. :�r� :ij ,'�w;�. i;'�..�`, `i�. . . "' 7e i R. . . It'.:""�- ik�- t.. . . . . , �'�F -'4 . r vt'� ' :1'.. � ' i. �� : j'' , •'yx . �11+ .'a,�` �T ��:.¢' �(`. ( , �1 . •f,' e.4�, 4' 1. 1 . . �.�' �, 4 . i�" . . 3 �.T . Y .'¢i' • r. � 9! . . e-. €, . � s�':-'. 't• :v P. ti: � . . . %6+, ° -�t '-�• � . ,.. :�.. k . . . ,ir,� g 5'.., . t'. . :.C,<+'.. �.d '.ia• . ✓.5 ..Ei:'• '� � ��f�.: . , . . :1. �:4°�. '.f` �'-�� :�S`,''9''. . � . a: I .�� � � z.�.•,�` ,I.Y�'-� :�'�,� �`.'. , e. . , .r41., r:i� •4:. .�. tiAr :?: . . . . . . ;s;�...R�...-r,'�S.7C�� ��� � �t. .�i i: ,`r:. • , • • . .. ' ' .. �� . r. ' . . �i:' ' "'��z=..';�wwa ,.�•''." $a..,S7.�s�:•�:.Yih:'�s • `, �. . . � .. . . . . . . , �`; � .�r ,�.:5 � rry r�N.°:'��.' �P. {. . .F � . ,Y.i<�� �1 ��1,4e°t'�.+� ..i��...5',.y, � [ . . , e . �� . , :'�`; . .;2�r.n:'`-.��..._ �..�._f.:�G.:.i1: � n S F ��,7"a ;; .: ' +,--. "__���r£�ro'PFiY..; .r �".". �� �.,: ' v.r..;�.....w+.�.n.ecke:.., �:� ''."n '� t: I l•X:i'�„ ' - `�.'t���3..�..,,.,..,...R'fi.:.ala�l?e,'^..zt�.�i��.e:�w.a.i.:r..:....�...., . .,, . , .».d.�... tirms..r...,.�«...��:.:�..�::�;.,.s•e. � �., ,, � ,. ''i.°.ey::�: .:�°w' ,�h..�L'��iS' •„ybJ::� °°5 w.�< <, t "� : c:'�+';,° ';�"�,,i�Y_. Fj4 � a'�;,,�, _'a��.ij`:S�.S.yii^g4w.4,.".��.i^:. 4��h� .t.r C. �� v,t�;;!�' t � �';bi..',_rf�la��,��.�� � �'�'� . t .i;` '^�`.,,� ,.,�et:,, e; �y....r�':."•:.` � ��k� 3r�e.�°: °t.��. P t . ' "�::?�. s'; �as��� '`�"�X''; ;s :" :; . : a''�.:.�.. ey�.'.. �h��" "-''�~ r.: �,`•�_' '''t �`��+�'i�� "'' "L.k 7�ii«�„�::�. , 8ubseetian 16C hereot. The date of eompletion ot the Praject shall be detcrmined hy the _';� a:�,.;Jj�..tit�k,.,,;_�,;.',,�.,.: :`� :� S5 � � i � ' ' f - �i�. :�ita'':'�.�s ..�.. Consulting �nglneers, who will cerHfy sueh faets in wr#ting to the tssuer. ' �eettan 18. TAX COMPLIANCB. A. in GeneraL The Issuer at all tlmes while the i988 �onds and the iaterest thereon are outstanding will comply with gll applicable provistons of the [riternal Revenue Cad+� of 1986, �s amended (the "Code") aiid any �n1id snd epplieable rules and regulations promulgated thereunder {the t'Regulations") in order to ensure ihat the taterest on the �988 Honds will be exeluded fram g►�oss income for federal ineome tax purposes. B. Rebate. (1) The [sauer shall either mske or causa an independer�t firm - oP certified publie accountants or t�x eompliance firm to ma�Ce an� promptly pro�{de to 0 � the issuer the rebate calevlations required by the Code snd Regulations, on whieh the Issuer may enrielusively rely in talcing actton under thts Seetion. TMe Issuer shall mnke deposlts ta and disbursements from se�arate aecounts to the extent required hy the Code and Reguiations and shall otherwise maintein lull and eomplete aeeounting reeords ot receipts and disbursements of, and imestment purehases and sales allocated to, the "gross proeeeds" subjeet to the rebate rec}uirements of the Code and Regulations. The requirements of thts 3ubseetion 18B may be superseded or amended by new caleulattons areompanted by an opinion of �on� eounsei eddressed to the fasuer to the effect that the usa oi the new caIculations are in compliance with the Code and Regulations and will not cauae the interest nn the 1988 Bonds ta become inelude�i in groas ineome for Federal tncotne ta�t purpoaes. (2) The Issuer shall either make ar cause an independent ftrm of certilied public accountants ar tax campliance Pirm to annually meke and promptly Porward to the �ssuer after the end of the Hond Yeer and wlthin the time requtred by the Code and the Regulations the computatinn of the rebat� de�osit requtred by the Cade, on which the Issuer may conclusively rely {n taking setlon under this Subsection H. Reeords . •, oi the determinations reyuired by this Subseetton B and the Code and Reguiat[ans shell be retained by the Issuer unt[1 six (6) years after the �888 Honds are no longer outstending, . � �; � ' � �i. ., �. :, � (3) Within the time required by the Code and Regulatians follawing the and of the flfih Hond Yaar, as defined in the Code, and every five {5) years there�iter, the issuer shall pay to the Un[ted States oP America ninety percent (909b} af the rebate emounts calculated as of such payment date, as shown by the computattons oC the Issuer or the certifisd pubile seeountants or tax com�rlianee firm, and crne h�ndred percent LKL-OB/23/88-22�AA-2750 -28- . . . . '�'�x'°��� ��--P Y .. � � _ «, � . - --- -:,F-.. ... . . 'Sf' .k�'yS� .Ii-Y, '.d� •:I. . ;3 . , i � i . 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' �'i��4y .e}?=Y:�: t:� ,�?:�14�1�' . ,.:s.;}a;. �,::; . . .;��:;:��:`s�: '.'�x�s� _::;:�;�•.. ,. ..�._°i;�` s,.;: .,,.. .:,�`, ��� ;.�...;�r =p'f ~:��N Y�'3 s�`w . . , ; 4i.^. • ' ', r'y�5'r`. . ,�i�.. `J' .�j��t''�:;:5'n r' t'1�� �� :t', �,i' � �`;`�... � . ' �{_{� �.,� ±.i'^FL:r =s K e:3't^i.'.SCy'� `„•�''� �.'``' � ,.,. ;%� . y� ���''''�1�•�,��'��}*��:� L . •.i r b. 'S� : .'i_:r�1 , r�rr: �u� �: � f°� >::�='� �:{^' F`: .->i��;),�: i "ki:a��F. �'�y: h,�': .r�, eµ a'�:. :fG.•� .}.g�( '?y'.'t",`r¢'�: : ,�a .. '�iA�{!{' u',t� i�.�a� i;`�' .'��`;�3;�'i��', .�,F, �,-,����'. -'� j j _ . �_��,n i i���, .'•i :�; 2 ,5�y�, ..?,5>.;���:�1E4 I , .(,i. r .fr" 1v'�' �� "'' � �';�:, �"�.�R:�� � f ,�. ;'U.;� �t,:��.. �� " � "' �:rF,-p �. Yt%:�'^ �!���)��� .'sl;i; '��i.K."�; . ;'"�;;r�'�: �'e�J�F z:NS:t�:�k:i:y�:.F:^ �'C ,.�;;:f t �,.A,.j�, �'�:t�F' ';•,;j� a �as;��-:? ; ''' ii.�re:?�'�:c�'V:i � �`ya':' � �''�i:i:t;�'A�° : :'...c ; �y`:."�� j.i'i �.it.af�`:ir,� �l;•, .y'` ^xR�a� �';3� s.� m � , - ' - • . < . , • . . . . . . . . . • . . . , . .. . . .�f. , . . . . . , �;. , , .,h,,.,:. - ' . � ' . � , .- . . . . 1 . . . .. _ ��s4,•� -f,.':-"'.: 't ;�e'_ . j .:�- ''t: ��.; ��', , , ' , 4; : L% ' , .!��� �;\T.°.:V ..1�� �`N�. - ` '3E.' -i` . . � "� . . . . . . . . � • - . • - : ' . �ria."�." r:. Y}��S .- �Cje• '�f.a'� . ��;�s ,,i'; a�� ��ti? , �is'. � - . . . . . ..1 {I,..' 3�, '... . Y�'� - �.:' •���e,�:�` .:sr,..�r.�. � .• iA . . . . . `� � . .. 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P �S; n I �— - � � . ...> a,:t'�:. €, .a. ti: � ��• ��_..c...:;�x�,a+,:,r.i:r::L:::.:.��kbtr"-�i�-:.7�'..�i:'r:l�'ix�i r� �-t� �'. �'kt[ktyi'ti�Ci.a�f�r+.++kM*:�..�«.:.;:_-,.e .... ... ... .... ...............1.:+i:x.r+N+rr`c�4s+. t.M.,��'A`�—_...:."�:e.;+,. ,. �,..�:�. „�.",�.`� •�r:. .':ZMf_e �.�t�' ;.»�Tr�.�:: n;.;�+ .';`:�;��.��'�y� . + ° �t � � � � "°1 ,r•L�h=i:: : ;�-s�'!�,sisx�;r..3 � lf� . �a ��('t ..�'°S`p' �°-N4:,�;��Y�f . y� "k,i' .�5, r:-4 0 � ,' i �- i m , � . � �:s� � . . , , (10446) o� the e�rnings on such rebnte amounts �s of such payment date. Not later than slxty (80) daya aitnr tha finul retlrement oi eaeh applieable series of 1988 8onds, the [ssuer shal� pay to the United 5tates o f Amer iea one hun dre d per�en t (10096) o[ the bslanae remetning of tho rebnte amount and the earnings thereo�. Eaeh payment required to be paid to the United 3tntes at America pnrsuant ta this 3ubsection 8 shall be filed with the [nternal Revonue Serviee Center, Philadelphia, Pennaylvania 19256. �aeh payment shall be accomganled by n eopy of the Parm 8038 originslly filed with respeet to each eppltesble sertes of 1988 Bonds and a statement summarizing the determina#ior� oP the amount ta be paid to the United States of America. Seetion 19. SALS OP THS f988 BQND3. The 1988 Bonds shall be issued �nd sold in su�eh manner and at such priae or priees evnsistent with the provisions of the Act and the regulrements af this �rdSnance, all at one time or in inst�llments, fram ttme to �Ime, as the Issuer shaIl hereafter determtne t�y resolutlon; provided that the ftrst installmen: shall be sold and delivered only in an eggregate amount sufficient to eflect the complete refundtng program described in Sectton 3 of thts Ordlnanee; provided, further, that no [natallment after the lirst installm�nt shail be sold unless, at the time of sala, the lssuer eomplies wtth all ot the requirements of Seetton 16 R of thts Ordtnanee treattng sueh installment then heing soId as if it constituted Additional Honds hereunder. Section �0. CAPI'I`AL APPSECIATION HOND�. For the purposes of (i) receiving payment of the redemption �r[ee if a Cap[tel Appreeiation Sond is redeemed priar to matur[ty, or {�i) reee{ving pey�ent ot e Capital Appreciation Aond if the, princtpal of all Honde te decIared immediately due and payable under the pro�isions a� the Ordina�ce, or (iii) eomputing the amount oi the Maximum �ond Serviee Requirement end oi Bonds held by the registered owner oP a Capital Appreciation Hond {n giving to the Ieauer or the Trustee any notice, eot�sent� request or demand pursuant to the Ordinance for any purpose whatsoever, the principal amount of a Capital A��reciatlon Bond shall be deemed to be its Accreted Value. � 3eetian 21. IV�ODIFICATION OR AMBNDMBNT. No material modifi- cattan or amendment of this Ordinance or of any ordinance or resotution amendatory hcreof or supplemental hereto may be mad� without tne eonsent tn writing oP (t) the insuror. .un�er any Insuranae poliey of the Issuer then in force which insures against nan- peyment of prfneipal of and redemption premium, if appllcable, snd interest on, the HoMds, and (ii) the Registere� �wners of two-thirds or mare in trie prineipal amannt of the Honds then oUtstanding; provid(ng� however, that na madif[catian or amenciment shail LKL,-06/23/88-227AA-2750 -27- . ..»�.;��-^�,�;�:;;.. �. s `. . - • . ., , +�4' — �.r 1 , ' . .t �.r .-���. ' , . . o`�i •������'i!y�s;�"Y;�'y'PLC . ,".! {' ;'; �•'''}' . ° '' e„i , r;�,, �,'� S�,� .;1 : 19 �.'.�,''� ^. S f 2? �. �'°y�l;i€:,, ''� �`. �i� :� ; ° �'�y;„�:�;� a �^.;y�'`;� �:'yC[}t,�'. ��� _'lF��qb��,A.�l�A�i��. �,•.''' � ��' "�ig'�Lr'� 'r.� ,, ikra. e 1 : ,�F��'; '�� e:11��� r� "�.:3;, `;j�:.'I'F. "r�,!'j";"ii,.. •p'•;; ��' �� 1 '. � �,. , .,�.v�f ;�.s - - :x:�,��+�3�e�-'t':'s�:�: :. '<:: : : � ,:� :{r,:`• . � ';4�,;>���'.i �:,t. ,� !>>.si `�, '„` �'`:,� y�: � �;'�t���`i��r`, �4� °�:�• .,<.',: +J ';3�°,Q ,Y�,�a,. ,Y,�1�`�"''���?`�.^,t;~�,, r'fi: '?�c:'y.3;'.ri� ���t'p:�t. � "o�'� s:��' +�L::sw �r.IF«� '.����,'s.;,'y,".'k: �+:+ •. '�i '���'.�. '�":��{:.N.�., �13=���� r ,j1 4�..1�y�. {1�A,�:' V �i: �:� r�I:.;,;i�:}tt;;.�1ew K.�.rnt:; ��.: �.. r��.��»��.,, • •'}I�� .�.4�. �'i: ��"• i:i,...�iti", �I `a_',`.4.kS,+S. .t�7 �y`s ,'• '� •`sw �'{'�!t: ?� 1j�a��-,:a `"�:��`'`':'.¢� a°'•�y' .f,'c �;�.'S:_.,,_� °1�:I,.T�=; . � �jS �,-is :,4 �` °4�'`�i4���;� .�° ,.��� �'-:'�-�•,�7: '`' .YS.'�Y,� ;'.�t �i,{'r'� �f.4.{� �}:4 �i ' � 1 ,ar.:� ; �?34; :1=:,''� ��:�.;4:f��ass.::Y`'� �';;]':„iai �.�'3' � .:'' �';`�'�r'E��i :�: �'��`.s�:��._::,i� .: _�.�-�?'� � �; 9 " ' ��.5,." q� • r.{a::. .;l.J'� ,':�k,'�`;.i y �tiE. ,?:"•"ii i i�� �'�'�= ='::i : D . .:�I,�� n. . ��.� , °: . ;;��-: ,'s:`�.''�6:'� : ,:�'>t��� � ~.� r; �!`�w �t:�A' �. . .. _ ,..,.... � �� . . ����'..n� . . � ... . � ...� .�. . ..... ' .. . . ,.. ..� . � ... .. . - c. . . .. •� .� • . . , � .•... ..'�..�re,! :`)�� :1n�•'-:ti � � . . •I � � � .. � . . . . • . [� ' f�a �-��.. s � �� '. ' .,SF,. ' ..(. ,....... ,..:f�iS'i.�± . .. .. .. .. - r j.... �3i. '.. � � � . ' i � . . . "�� P tii ','� . >.S':� .1 „'K"..+i,�•'T. o.S' . 7 rk�'E.•� ' ' i . . . . . �. � ��.: }: , . . �:' . . . . . . .. �f' . . �1°- "lE' mk`.r.:" '��'�� . . � . . . . . . . . , . , . . . . . � . - ! �. . . . P�F:�. .}f;'..�1}:� ;.�; �'�•�. }o,�I., . 't'' - ! • ' . . . . . , , ' , . � . . . . _.t- :2t':Vt";":'i�:.' � [ ;.�:,.1' �'�.1; �3i 3^" .a . , v i`g ..in oN.yS�.�a '�.��[.+ 'SP {' .• . . . '.l.ii '7.erF..1e`"'T,L'(.`t i�;t �aF:x :'%i .. �T, .ii .S.s e�.7��',1:��� ��7 '�r. i i f `s . . . . <. ,'\ �. s ' .i� � -`b. ,� .yr �{,` . ��,� `,��r ..�,r, � f � !'' '&' `.i!'; - : `� a ;`:a :1 .�t . . �:r = � . .i,. . ".i. :i�' �y . . -t.' . .� ^�: w � � <� . .,t' .� .���� �, =�': ''4: �' �� • �M; fw",r�YR".5 .Ya1'� �=4'.} � �,.� �:�'V e C�ie: � � s i�. i%� . . � ' ..t�' .� .. . . . :4. - e 37`l i : 'F ' . . . . �rJ... "14.h '3`�''� .i. ;{� '=r'. '�. ,j.�.-~ . ?� 2 . �+v�'4? �.�2` . . , . ��a�9 �YyX '�i . .r. . . . :il: �� �. ��. 1y , Y ' •o } :^. !. y� .T! �t � e G.' �' �v ��: 1 �{ Pi ' . r; Kyyl'' q "' L�w�;,-'• ,.{: ;t �r,� ;�;,`. j � , . ... ,.,,;..�,..i��w�KliYlt:�#�'��.tsfi.7av��-.��u�. '.��:Y/.�.� �, y..,.�+�:�`�'3.,k,SPG'i7J�i°:t$'zanUwrs�ltW4u+wC+b+v.:tMa�'r,iww�tisam'�M�y��ttil9�tva+i• : :�:,:...:..�.i..�::a:..a:z.L..�c;�r+. �&;..� •i.' -�' . ., ,,;'r�• .� :' S:" � ' �� 'a \ � �`',� , ., : �- � 8 � permit a ehange in the meturlty af th� �onds or reduetlan in the ratc oE interest thereon or in the am�vnt of the principal nhligation tliereof or af[eeting the promise at the Cssuer to pay the prineipal of and interest on the gands as the same sha11 become due from the Piedged Re�enues or reduce the �ereentaga of Registered Ownsra required to consent to any materiel madification or amendment heraot wlthout t�o eonsent in writing of nny insuror and of all Registered Owaersi provided further, however, that no suctt m�diftea- tion nr amendment shall allow or permit any accelecation of the p�yment o[ prtnclpal af or interest on the Bonds upon any default in the payment thereof whether or not the (nauror end Registered Owners consent thereto. Section 22. DBNSASANC$ AND SUDROGATION. (a} It, at any time, the Issuer shall he�e paid, or shall have mede pravts[on far payment oi� the �rineipal, interest and redemption premiums, if any� wtth respeet to th� Honds, then, and tn that eve�t, the pledge of and lien an the pledged Revenues and all co�ensnts herein in favor ot the Hondholders shall be no longer in eifect. For purposes of the precedtng sentenee, depostt of �ederal Seeurities or �ank cert[fieates of de�osit fully se�ured as to Qrtnelpal and interest by Pedera! Securities (ar depostt ot any other securities or inve9tments which may be authorize�# by lew froni time to t[me and sufficient under sueh law to elfect sueh a deteasance) [n irrevoeable trust wtth s banking instltuttan or trust company� tar the solc benettt af the Bondholders, in respeet to which sueh Federal Sacur[ties or eertiticates of depasit, the prtnct�a! and [nterest received will be suff[cient to make timely payment of the Qrincipal ot, [nter�st an, redempti�n premiums, [i any, expenses and any other obltgations of the Issuer inenrred wtth respect to the outstanding Bands� shall he considered "proviston ior payment". Nothtng herein shall be deemed to require the Issuer , to eall any oi the Qutstending Bonds for cedemption prior to maturity purst�ant ro any applicable optionel redemption provtstans� or to lmpatr the diseretion oi the Tssuer in determintng whether to exerefae any such option for early redemption. (b) In the event any of the principal and redemptton premlum, if applicable, snd intPrest �ue on the Honds snall be paid by an lnsuror pursuent to an [nsurance policy whlch Insures against nan-payment thereoP� the pledge of the Pledged Revenues and all co�enanta, agreetnents and other obltgatfons of the [asuer to the Registered Owners to wham or Por tha ��nefit of v�hom ti�e insuror has made sueh payments� shail cantlnue ta exist and the Insuror shall be subrogated to the rights of saci� Registered Owners to the fu�l extent of such �ayments. LKL-06/23/88-227AA-2750 -28- � �.s,;,,.,t�,���-�, -.,.._ _ . -• : . _ -- �,:��.,l� ; � . '-::'� �-, .�;` . . . -. = � � -.==h'- - . .. . . � . . '�,. . � �.el^}��:+fiYit '. j{� i�3� . . . 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"1� '4•,' :1. ��[' ve+� ''.',;.�. ..�r', ,:i•� ';i":�•::': 3'<�. .37� �� �-�. ���a' L .,-e. . �,,�y '..'%E'�. � f -+3� .��. .�.s'.. zM1y',i:''xS�,�' '�4"' ::i�'"''�.^ <7 i" 4 G , : a '@��. .f .5� ( '..t:. �:r:' �7i:. '"F�", �'�1:' t r. �r..�, ..o�., k':k t f .1' �.d w 3.'t� -i��'t';'^ . r°� . T':n�?:�::... F .5• 'ff� %%:���� x„ .j'�.�: r:. k y4� .. . e . . . �i .. ,� , . . . �`� '��. •r n .Ire ..�„� .�E'�'� F •'(' ��} ,�Ii "1. 'S '1.. ��f.,� �-Mi•�..� :y^` y ah '�.1' a�f '1: ! �•�S. ' :Y. 1 vri 5F � �,t' .�`!�r :I'L. '1 /: "! .-fS� `! i YS,: •i •'Y' �S �(,[• J' � t) ��'A� ,^.P `��" .��'� �i . \ .�.t .J•i[.° � i'. �.i.' . J�... '�,"�• � . •iY'� .•7 . .t:. � . . `.'ti .�.�'.;., ' `.:a : ..a .'Y.�z: .r.�,. .,..�:.i�:. I . Y' .,'y, ry - �' ..y �.rtY _ �. .'.�::iT• :i•�° .ry_.. �r; .,'j�:� . t. : ,'L :b F SV'*.='.' �7�' C' '�Y" . v �. . . r , ., e � . ... � . .. . �.:.. . i . . �!, b. � . � . • ,. . 5", �1.-s -Qw;�-. %1.:;.:.> { . ' .. ., ... •: �.. . . �... � .; :,. . 7 .1. `�:: .{'� ��f�'.`;'� r. �°'%;{�i ��$``.� ;� , � _ .. ,. ,.7 i.... � :j� �.d - cf."..��� T�1� :r�*..i i � h���1 `�i� ' �c`^ 4.yie�� w .'t+ �is �•r a1 �. w, t �..t.. "q?:�;�. ,�.�<,�. � �.. 5,,,,? i •L ' i' �,>''_ �! . `�' a' :. 'C ;j. ..1` .'t` .,.5'.°f. .,-t,',! �.�° � a �.i'. M . ',� %t�.' �.w�,.. . �i.{ .n.t ��i: �.i?�.. 'a;�!��` '��w� [t � �"1 "i ' z.. ."SF7S��CA:fr �.d.. "'�i°�iii;- `fL'r�s �'t .�+°Ci.iaawA ����M� .�w��Tww.�ala✓..it: s�.'a�2v��.sGVi�.vnr3l.law�wiiw.iwAa�W/ 11 ��-'� �-r��wiwi.awr.Lh'�ii+�Nr� e�tri].G'���� »���. K��f,.,'1y.�. •.-�': ,�','s;��' �',�'�f : �� �' ���.`�� , ;:�: . � :� :;����+gr°° , -. . ��w�:���r.�� ,:,: •.;. t ' . :; ;',;. _,: ,;; ;<<�: . ;: , ;� �.. � t� f {. • FF � , :: , � f . � .. �� . : � ;� . R �` � . � � . , .. .. ; � � _ ,. - • Beetton 23. PURLYCA'InON OP NOTTCB OF RBFUNDINd. Wlthin thlrty (30} days �fter the dellvery at the 1988 Bands� the issuer ahall aauae ta be pubtished oao tlme !n � newapaper publlshed nnd of general eirrulatlon in the City of Clcarwatar, Ftorida� e�nd a finaneiai Journal publtshed in the Boraugh o� Manh�ttan, City and Stata aP New York� a n�tiee oP the ndvance refunding of the Refunded Honds. 3ectton 24. SS�IBRABILiTY UF iNVALID FROYISLONB. I[ �ny one or more of the covenants, agreements ar provlsions herein eantalned shall be held eontrary to any express provislons oP law or eontrary to the pollcy oi express lgw� though not expressly prahiblted� or agelnst public policy, or shal! Por aay reason whatsnever be heid invalid, then sueh eovenants, agreements or provisions shell be null and vold and s�tali b� deemed seperable from the remaining covenants, agreements or pro�isions and shell tn no way affeet the validity af any of the other provistans hereo� or o! the Bonds issued h�reunder. Seat�on 25. VALIDATION AUTHOR[ZED. If deemed necessary by the [ssuer, the City Attorney is autharized and direeted to prepar� and lll� proaeedings in the Cireuit Court oi the Sixth Judictal C{reu[t of Florlda In and for Pinellas County, I�lorida !or the �altdatiar. o! the 1988 Bonds� and the proper ofPicers ot the Issuer are hereby authorized to verify on behali ot the Issuer any pieadings in sueh proceedings. Sectior� 26. BEPEALING CLAUS& A!1 ordtnances or resolutions or parts thereof o! tne Issuer in eonfliet w[Lh the Qrovisions herein contained are, to tt�e extent of suett eonfltet, nereby superseded and repealed. Seetlon 2?. EP�BCTIYE DATE. Thls Ordinanae snall take effect Lmmed- iately upon [ts pass�ge. Bection 28. PUBLIC NCiTIC�. Nottce o! the proposed enactment of this Ordinance has been properly advertised in a newspaper ot general aireulation [n a�aordanee with Chapter 166.041, Flor[da Statutes. 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'��,.rf.,t� � 1, .4�[ � ' It,. � " f Cy ¢a :b'�l : F �,3. � �a �.'t,' • S �J�' ''�''. '� f. .t �i^ � ;,'�': ° � .��.` � , �.�r,�', �'�:�^��i.'a y�+. :��•5� .�.: '�� t.; .�';r,�*:�:r�;,:.., "'q ,': '�rko�d, �"S; t: �Y• �.�.?:;',�.,�;ai ,�.�3.'.;-, �S7�'}, �'c ��i.r(�h' �� '�'C�y'��+.�.�r�y i ! `'°4� a �' .°y'., air' ''y •'�i _ ..i`.� ,'r + ;r. �'rr'. "} %. e';..,5 r , p ��.. �„!. re%�`e}.'�`.°r��f ,!•�. t th� �"ti_���1:�'��' b. '� .��. ..s ...... nrw_.,,k,�..;.' ... 'w•��.� � .�. . e _m_7'�4�,�±::e..:L� �r�..l�:,s�v.ir.1.:>i..,w.=:`.,�'�r.t.!�tivn,u:'�=.:4�';ret�ii�' �.•c�a�-r.a d.sirk��+S:i"��1�t,1tI�4EY. Sfvb.% .�.., ;�:1� �nn,?sn. r.u.*'d.i- azw. ��:i. �..Q. -s�._.�.+� ,�.t�.�. ��,�.+.• �s. � .� 1 � PAf388D ON FIRST RgADINd . PASSBD ON 88COND RBADINC� AND PINAL RBADINd AND ADO�'TgD AS A�[BNDED. Att�sts . �' ' � � - --�-- Clty �rk � �. .� Approve� a4 to E�orm, . St�ffteier�ey �nd-(;orree#ness: City Attarney . �"t July 7 , 1988 July 21 , �ggg Meyor-Commissioner ,• .� .� �, � � • .., �. - . � � � . . , ' . � ' . . � � . r .. , ' . . � . .� � . l . . ' . � - ' � • I ' . , . . . ' . . y ' .. . , . . ! , . , . ' � - t � ��:��, ? : � : LKL-08/15/88-227AA-2T50 -30- , r "a � . �� , � � . f . � • � ,. . t. � . . � . � � � � . . -� '� i � . . . . . . :. _:.._ . � �-;_.�: ��,�.. -.,�;.;_.. . . ., . . . . . . . � . . . - .:T- -^�^� �^ ,4,� �' � -. ��.,... . , . . , , ..,.: . . . . . . J Y- .11F.'"',->_',` � � . >.���; y,yt:,,��-r,�. .. .. • . . , s� ,. . . ' . . . ' ' ' . • � � „ � ' ' .. � ' . � "r..yo�:..-'w , � : -s-r�t'� �.=t :; . ° ' ' • . ' ' '. c . ' � - � , '. . ., . . � ' . � � � . . ., :�iM ":�f_ ..:..�w` - . � ,.. � ... .. . . , . , � . � . ' ' ' ' •• ' ' . ...' .. ' . .. .�.,(..ra`... �=��' ;'..,. . . t. , ' !' . . 4 —__ _ , . . ..... ....----------� ----- ------ - . � --..._�.-------.. .. . .._.._.�.--- .._._...... ..,........ . ' �, r ` .... -�,- .�.. _ . i , .�•r,.... . . . �,� _'�t` � '; ' - � � . t, �nthia �. Goudeau , duly appa�nted �..y C;lerk of the City oi Clearwater, Floride� eertify the Poregoing to be a true and aorreQt eopy of Ordtnanee No. A612-88 enaeted by tre City Commission an the ` 2�s� day of �Tuly , 1988. ... � , Witness my hand and the seal of the City of Clearwater, Plorida, this dL� day of �'uly � _, 1988. -l� �� ' M`1. �.��'. C..� �..,. City i�.r7s �r � � . ' � , � � . ' . ., ,� . . , .. . . 1�. . . ' .. ' • . ' , ' . . .� , ' ' � ' � " � �. . ' . ' • ' . . " 1 I � . . � � . • ' ' • , � ' • ' . - . . f ' . . � • }� � . 1' , r'� . . .. . � � '' . ' ' ' . y . ' • '��;, . . , . , , !, . . ' , � � '.i` • ' . . ' � . . ' . . . ' . . . ' . ' . . ' , �� . . . . . � � ~ t' � . . . . , ' . . , ' ' . � . � ' ' . . �I.i�','FS�. � : ' . . . � . � . � . ' ` . . ;i . , . �� . . . . , . _ . .��•, , ' . . . . . . . .. . . . . � � - � . . � '�' ' ' ' .. . . ' . ' ' , . . . ' � . � ' � . 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A : .���c� � ' ♦l�fiC�� S ss kPa` :�• 'w� w� 4 �'.�:' `7 JA '�"'W= ' a�� •t! �.� � �(`," ,• J i I h� ) �'$.v S �!�i+�., ,. �:` �.._�.. ��.:.�w:'o.s..w>rrti�a�tiWER�14t!t�s„�'.,3kaf�l4.h!Ca '► •Y 5 F 't� � J � %�:,.:...a , �^. ii�tC�C47.Flr�y'�i+�►i1K1�Yrs.�.a.�:".:yL..r�rY � ..w �-r.nirniyrn�rn�+�+ras.°ir�^4ia7lj5N'1 _ � '�� x': . �= `. . , Y , i '• �::::..�...:.:s�.:.w. 7 � .i�,,;l B8�1tOW D�POSIT AGR�BM�NT � Exhibit A to Ordinanee Thia S$CAOW DEPQ3ZT AGRI3BMBNT� dated as of , 19$8, by and between the CITY �F CLBARWAT�R, PLORIDA, n , munielpal eorporattan of the State of Florida (the "Issuer"), and , a national bnnking easnciatian orgaaized under the Iaws af the Uriited States of Ameriea� as Eserow Halder (the "Eserow Holder")i 0 wYTx$ss�TH: WHERBA3, the Issuer hes previousty authorized and issued nbligattons of the Issuer as hereinafter set Porth defined es the "RePunded Bonds", as to which the eurrent Aggregate Debt Servtce (as hereinafker deFir�ed) ts set iorth an Scheduie A� and n WHEREAS, the Issuer has determined to provide for p�yment of the eurrent Aggregate Debt Service oi the Refunded Bonds by depasiting with the Escrow Holder pursuant to the pro�isions hereof, cash, certain U.S. Treasury Bonds purahased priar to the date of delivery of the Bonds Pursuent to a Secur[ties Purchase Agreement (the "Su�ply Agreemerit") between the Issuer and Southeast Banks, N.A., Seminole� Florida {formerly Community Bank of Pinellas) a�d other Pederal Securities (the U.S. Treasury Bonds and the Pederal 9eeurtties are hereinafter referred to as the "Escrow Obiigationa"), the principel ot and interest on which will be at lenst equal to such sum; and WHBREA3, tn ordsr to obtain the iunda needed for such purpase, the Issuer has authorized end ts, concurren�ly witY� the delivery of this Agreement, issuing certatn Revenue Bonds more fully deseribed herein; and WHEREAS, ihe fssuer has determined that the amount ta be on deposit irora time to ttme tn the �serow Aeeo�nt, as� detlned herein will be su�liaient to pay the Aggregate Debt Sarviee; NOW THgRBFORE� tn eons[derat[on of the mutual covenants and egree- ments herein contei�ed, the Iasuer and the Eserow Holder agree es follows: Sectian 1. DeP[nittons. As used herein, the following terms mean: "Aequired Treasurv Bonds" shall mean eeriain U.3. Treasury Hands or Treasury Recei�ta evidenetng��ownership of U. S. Treasury Hands purchased on and owned by the Issuer on the date of delivery af the Honds as shown on Sehedule H-1 and shall aiso inclade any Federal Securities purchased with the praceeds thereol, In accordance with the pra�is[one hereof. "A e ate Debt Serv[ee" means, as of any date, tite sum oi all present and iut�re Anaual Debt Service payments tnen remaining un�eld with respe+et tn the Refunded Honds. . "A�reement" means this Escrow Deposit Agreem�nt. "Ar�nu�l Debt Serviee" means, in any year, the pr[neipal oF and interest on the Refunded Honds coming due in such year as shown on Schedule A atte.ched hereto. "Honds" or "1988 Honds" means the Water dc 5ewer Revenue Bonds, Series 1988, ot the Issuer, authorized by the Ordinanee, as herein dePined. "Eserow Aceount" means the aeeount establtshed and held by the �scrow Ho2der pursuant to this Agreement, in whieh cash and tnvestments will be held for payment of the Refunded Honds. ��'.;a "^ '�'.'�F����+�h'�'�'��9����C a`�'t � y�;aslrs�.+`,i'n'S�n44:.�,T� jl �: l,�.}Y-�", �� ��K�$ �� r}''?• Y )� :��t. �. �.,'�:..-` ..a�.� �. x5 �': { f"s�ii�' hs7e r'.^'.��?� . �'.t�y��:Y"..i i���rqe,.,y��r'..��� ::';' . `,{�.,� Y.��y^ ".;�,�;�Y'���i�..'..ki�:t � a y . � � ti�.,„ r'.�. �.: �. �.��I't;�,',•;.,,�s ;� � µ�yz,i`a;;,�t'`� �i , ��. . �,�,�[,�� ;A .:c�.,�,.;it.. St-• ,. . 1 %i�. t� ��b:, �7°rtii�L:,.�:t:;S�� �t.��sri.,i�'r �i .,' y. . .1`,}��,f�s''�,;��f•S �-;'�>; -�•'�;��"e:;1�,:k.^,'' 1 .� � 'at�' ° ���� . ��;"; :`j.. ' t , '. it°-, �e�tj.y4-x' a,d� : � �`.� !rz4 C"A . ' �i :R:P '': -``;}y.;4_."r,qt:. �? `; ,:i; � � i�; •��� �r°�pj4t..,x��`t',r�i�:�'i:,,,t. N'�7. .�!;i4'c•tFti}x?. :'S': ' �` ���.r ,..., �ft2bi�,y`� ' ` `Y�1.�$" °,>'� -� � y,'•'�if��`�r .y '? i;o. � .;T�p �!`:... 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' �'!�' » {�: ' 'S�� � .. �. ,.�:�lLk{�ti��+�%fkT1!_Yf, �.sw ... . .. � �w�r:MwMw.�(�aaRW'��r -�.¢'ijv�MwYJn,�W..�:nra..��....�.�W.r�1W r.L�s1.�Fa.if �.�'+,r� �e[ .,...� �rs,.... r,.+,�,..;au:.t:a�.ko...�...+.+. . ,. ,. �--.. . ......:..i':.'.'����!''k.\i-}g".i<.�,.,_<_._A�.�'.'. _ 0 \S�j'j � / "�scrow Ohllantions" means i�cderaI Securities and Aequired '1'rensury Bands: � "�s�row Requlrement" m�ans, ns of nny datp oi caZa�lation, the sum oi an amount (n aash and prineipa! amour�t of �scrow Obligations in the �scrow Account whieh, together with the lnterest due on the Eserow �bligstlans, wiil be sufficiant to pay, as the lnstullmQnts thereof beeomc due, the net Aggregute Debt 5ervlee. "l�eder�! 5acurities" menns direet obligatlans of the United 5totee oi Ameriea and obllg�ttons tne prinaipai af nnd interest on whieh are fully guarnnteed by the United States of Ameriea. "[sguer" menns the Clty ot Cleurwater� a munictpnl eorporation oi the Stat� of Flor[da. "�rdinanee" means Ordlnar�ce Na. . -88, duly enneted by the governing body of the Issuer on , 1988, as amended and supplemented from time to tlme, evthorizing the Reveaue Bands and the Agreement. "Payinpt A�ent" shall mean the Paying Agent for the Refunded Bonds. "Retunded Sanda" means the oblig�ttons of the Issuer set forth on Schedule A attaehed hereto. "Revenue Sonds" means the Issuer's Water and Sewer Revenue Sonds, Series 1988. ` Sectton �. Depasit o! Funds Simultaneously with the issuanee and �elivery o! the Revenue Honds, the Issuer sY�ali depos{t into the Escraw Accaunt •- ;12�301,p38.34 from the proeeeds of tkte sale ot the Bonds and S2,T54�293.84 af maturity amounts ot the Acquired Treasury Bonds. Sueh funds� when applled Qursuant to Seetton 3 .. belaw� will at least equal the Bscrow Requiremer�t es of the date hereof. 3ection 3. flse and Investmen� oE Funds. The Escrow Holder acknow- Iedges recetpt a! the sum described !n Sectiod 2 and agrees: (a) tra hotd the funds in Irrevocab:e eserow during the term of this Agreement, {b) to Immediately invest ; ai sueh funds deri�ed Prom the proeeeds of the Revenue Bands to the pnrahese o! the Pederal Securitiss set Porth on Schedule H-2 attaehed hereto, and (e) to deposit tn the �scrow Acconnt, as reeei�ed, the receipts oi rnaturtng �rinclpal oi and interest on the Federal Seeur�tles in the Escrow Aceount. 3ection 4. PaymenY of Befunded Bonds. ,,:; _�_- (s) Refundeci Honds. Not later thar� 12:00 naon on eaeh [nterest payment ���= date for the Retunded Bonds, the Escrow Halder shall pay to the Faying Agent for the :�:�: Refunded �onds, fram the cash on hand in the Eacrow Aeeount, a sum suftiatent to pay ���s` that portton of the Annuei Debt Serviee for the Refunded Bands cor�ing due on such date, ;.,.� � r�F as s3�own an Sahedule A, , {b) Surplus. After msking the payments frorn the Eserow Acco�nt descrlbed tn Subsecttons 4(s} the Escrow Holder ahall pay ta the Issuer any remeining eesh in the Eaerow Aeeount in exeess of the Eserow Reguirement, to he nsed for any lawfal � purpos� o! the Issuer. � ,� i i � I (c) Priority �of Payments. The holders of the Refunded Honds shall he�e an eacpress iirst lien on ttte iunda and Federal Securities in the Escraw Account unttl sueh €unds and Pederal Seeurities are used and aQplied as pravided in this Agreement. If �he cash an hand in the Escrow Account is ever insuffteient to make the payments required under Subsect[on 4(a), al! ai the payments required under Subsection 4(a) shall be made when due beiore any payments shal! 6e made under 3ubsection 4(b}. A-2 � `- r'a��°���,r�� �.�_ ' .. , - � ^•�•' _' � ' ' 'r�;•{=;�. t.'..;.:`;':��;� :s'���a:i;: ' �"y �' " ��a�'4t ..e�i �. •.�(,ola,i::� 1 '.' �Sr�n'�vi'rfs.''f'a',�;�s� � i J.S 1..i ' Sfi x''�,: .:.i �. �:.�:n . �-7,r"�'�':,"' .'�'�<. 'ta[. w:i:=-:j t•�'�` i , '• . '.•.�'�:`.�.`.;� '.r ;A a �to}:;.� � �. �'` ` . ': r:�s �:.._ :4.,h', �}r '.i���'Ln.x• ='t'�" ��'1.,�'�fhti�7�,e �'�< � �. . • �' ^:.u,;''�: "r .' :y� �y}'.�, , � . ;; t . . ,, , , �3,� t, ; 'r'•°'' :n'" `.is.�;,".;i,�;:s`..� ,�, �;�r�:{.;_ ._,.t'�;, -�. � . .t: S�i� ' � `° 1. cdf'�if�l:a>i"� �'}y1 . •}�' � � :rt-i� �. ?w: �_,'^ �''�� : `` � :, �;1��`,.y�. }F�', :,;:i': ���. :: �,�:. �,s,,`.y';:-;` v;�. "'' A''- �' �'sf:':i;'� :'.' ' �•'" =� °�, ,�t;?�a.: Y�.�.i:��!��i��'•`�` 'c!,,i�;: '�'. �+' .i: - „;�' ,.�'��'°.��4,� � , •tl� ���:.di'��` . ,Ef.f.;`.T4ii�a,�`���s{�'1,: ..i ^. . ' :: "�,�rs•� y���i ib��.�`<{..F_ :,, P�1`ek"": '!:j ��...o.i4�, .�'-k:,F; �ef.\''.i`� `''�i''�a.• !r."i'i..x'l,�:7':`,,,•�`t,' � . �k �r; : ; . . ;"-i� �3.,�,? ;�l' :xr�,.r..;;'s�; :��,�=�r.; .r:��,;,-� ..,� j.w . t` ',i f i .;a.'7.;R,:. .�. � '.t3:."JJ:.e... .. :ik�i:�. �.�...:.L'.•. . �' :s,�t:m. ,.. ..}' :�.� �... i��:�� '; --, i�:� �..7� .�;�.: :. �'�'� �e° � a.r`.!'r�i.' 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' t.�. �. �. :%i. � 3P-.s�` `„�}� , ' ;:;`t�'�`,�"pi �,�.�.� p'�..}:, ;. �, ' ,k`� s��z�ji�tw''i`i;5�r��v:y�Pi.��}� °i�a�;,, •�..:��Y�'t���'={ 't���p'� ,��E� ;�w;,y�•. • � i :rYM�,�,[,•,: ,�,�.r :. g7.r;.•`s•�. :`rt�" • :'���•nii°7'�rS�; t�°�',ft"sKA � ....��:�.`(',;"..`':: �'''...'.1�''.-1ty':;s,. ;�.-y °,f�;�� �';, .:i'.' °:ri�., .X= '�','.t;4:•,�1j-;,.[�, �,��'�>l=`�:LY�i0.�f'.:�^•.. �N .. n,°.7't�`:s �,�{. l� 2 K+�yS'}� � sK w� '�r'�iy�� yy3. 1� �; '�,5. :�Si�� S'bli�llt;i�;}:'.'�["���{�3�ixf , ° f" .;f.']`:�h�:�: ��?�. ^:y. 3Jw;r.�5- �- :�tie�::�t,.:�+��5�s`:f;" '=/'t"�� , .T'.t,.i'+'�. w'� � ,:;-- : ,.' : e:= :; '���..._,-. - �;.,� ,;,.. ;!',;�'''=`r''''` ;:;;r4;:�f;�:`;'..i' ��• _ , ., _ .....:.5�';_.u.:l�;�'.s'.:•t.y�.;.�5's�r., � � � yr; 's.y�'"`�r�i�...,�`� �4.y:•� '�;` �..�:'�x;N',: .���'..�3:5, �t. �'. �',�:�'.1.:. 1i1!i1!" �` �^C,;=:i?�'`�'��' ^_` �'r,`�;>'� ?�t�: � ` y.`,zt��r.4�'.]�.9�i.E5:: 'y.;y M.,ti��,<�lat:;•°p��'i�`i'r�`F:S�`: "�9A�^:.r. � � . . � .f .. . . . � . �� . . . . . . . . � � � .. . „ ' . . . . . ! , . . . . . . . . . . , . . � � - �. .. � ' . � . . . � . '�... . . . . ' . . � ' . . ' . '.'�+ r`.f�' Y'�+�";H: ' . ' . . . . � ' � ' . • ' , . .c` 's,L''zA.i.V't:';�i.:?��a�+.. . , �� t.��YY^(N': �:2riPi.��ifrt-i�7.rs ' . , .. . . . .. . . . . . .. . • i.,v�at=a'i`.`- t.S•Ft��.r�':�"L �m _ �'s� �r .�... .�.��.....�.s..wraa-'r«�vtirh_. _. .:,,........at_�.:4''f�"�.:C�:rt�"sc:zr:,.�'..�..............-,..»..r....a.........,,...�.�.. 1 . .. �:.�,�.`., .:,.KnTYrY�na � ' .�� ' .. . . . . ' � ��.y�l::�D�:.�'S �V �'•;Y*'y;.�:5:��i. . ;. � ' ..:.,,;: _ ., i'3✓.z �r,�,P�:i ,},� ' ' , . . . . � . �;. . �,q', �. . . . . s ' . ' ' , -'s'M ;`��� :'>��.` : �'A#n�1.=.�; :3"=-�{1 • _ .r . .. ,i � ` a.'"R�� ! ,1�:' � vie1j`i�.�:W'. . . ' ... ' l..a' �� 'y \ . "�f. . ' . . • . . . .. .Y�n . � .�l . j¢4 S£' 1 aS^'+ !• , . . 1''s m�:,�s:. 'f �•. 'i ,,L , p 4 .' :� � . . ^ { : � '�S�'�. n`.'. . ... .r✓.:' . �'! . '. F�f?Y' . 1 1�e 4 � . . �,' �' �.; . � . ' li�`) . . �, �.}�r"��r��;l:�.�..�.K�.:��ii1�. .Y..4y;. � . , . . _ . :. . ,•d �,:r''. µ��5�£'ir=4 r'�S :+' � � , . _t. .9J, -t;f.'.4�' �, . . ._.._. _ ._�_ . .. _. . . .. _.__. . _. . .. _ . E� °'L' 'Sa,-;�' �4,�.w' � ; Section 5. Retnvestment. (a) �xeept as provided in Section 3 hereof, and �a tttis Sect�on� the �serow Holder shaSl have no powsr or duty to invegt nny funds heId under this Agreement ,� or to sell� transter or otherwise dispose of ar make sabalitutiaris of the Esernw Obiigations hcld hereunder. {t�) At the requsst of the Issuer ond upon eamplianee wlth the conditioris hereinefter stnted, the 8serow Holder sha11 se�l, transPer, otherwise dispose of or request the redemption of any vf the Escrow Obtigations acquired hereunder and shall elther apply the proceeds thereoi to the full diach�rge and sntisfaetion of the R�funded Bonds or substitute other Esoraw Obligatians [or suah �acrow Obtlgatians. The Iasuer will not r�quest the L�sarow HoZder to exeretse any of the powers deseribed ln the precedtng sentence ia any maaner which would esuse any Honds to be "arbltrage bonda" withln the meaning oi Seetion 103 of th� Cnternal Revenue Code oP 1986, as amended, and the Regulations thereunder. The transaetions may be effected nnly it (i) an lndependent certiFied public accauntant shmll certify that tne eash and princlpel �mount of �serow ObligatioRS remaining on hand after the transactions are campleted, t4gether with the interest due thereon, will be nnt Iess than the �scraw Ftequirement, and (li) the Escrow Holder shali recetve an unqualified opinion from s nationally recognized Udnd counsel or tax eounsel to tlie efPeet that the transactions will n�t caUSe suct� Bonds to be "arbitrage bonds" wtthin the meaning of Seetion 103 ot the lnternal Reveflue Code of 1986, as artiended, and the regulatiana thereunder in eflect on the d�te of the transantions and applieable to obligations issued on such date. SeetEon 6. No Redemption ar Aeceleratian o� Maturity, The Issuer wtll not accelerate the maturity or due date o! the RQfunded Bands. 3ention 7. �ndemni , The Issuer hereby assumes liability for, and hereby agrees (whether or not any of the trar►saetions eontempiated herQby are consum- mated) to indemntfy, protec#, seve and kee� he.rmless the Escrow Holder and its reapeettve succesaors� asaigns, agenta and servants, from and against any and all liabiltties, abligations, lossea, damages, penalties, ciaims, actlons, sutts, eosts, expenses and disbursements (tneludtng legal 4ees and disbursements} of whe.tsoe�er kind and nature wh[ch may be imposed on, incurred by, or asserted aga{nst at any time, the Escrow Holder {Whetner or not also indemnified �gainst the same by the issuer or any ather person under any other agreement or instrument} and tn any way relating to or srising out of the exeeutian and delivery of this .Agreement, the establishment af the Escrow Accaunt� established hereunder, the accegtanes a! the funds and seeurities depostted therein, the pc�rchase o! the Eserow Obligat�ons, the retentton of the Escrow Obitgations or the proeeeds thereoi and any payment� trar�sfer or other appl{cation of funds or securities by the Escrow Holder in accordanae with the Provis[ons of this Agreement; provided, however, that the Issuer shall nat be required to Indemntfy the Escrow Hoider sgainst its awn negligence ar willful misconduct. Iri no e�ent shall the Issuer or Escrow Holder he liable to any person by reasaa of the transactions contemplated hereby other than to each other as set larth in this Sect[on. The [ndemntt{es eontained In this section shall survi�e the terminatton of this AgrESment. �ection 8. Besponsihlllties oi Bsero�v Hoider. T�e Eserow HoZder and its respecti�e successors, assigr�s, agents and ser�ants shell not be held to any personal liability wt�atsoever, in tort, contract, or otherwise� in eonneetlan w{th the execution and deli�ery of this Agreement, the estahlishmer�t of the Escrow Account, the aeeeptance of the funds deposited therein, the purehsse oi the Eserow ObI[gations, the retention of the Fserow Obligatinns or the praceeds thereo! or �ny payment, transfer or other application of money or securities by the �scrow Holder in any non-negitgent act, non-negligent omission or nan-negligent errar of the Eserow Holder made in good fait� In the conduct of its duties. The Bscrow Holder she�ll, however, be liable to the Issuer tar its negligent or willful aets, omissions or errars whteh vtolate or fail to eomply with the terms oP thia Agreement. The duties and ablige.tions of the �scrow Holder shall t�e determ[ned by the express provisions oP this Agreement. The Eserow Holder may consult witi� counsel, who may or may not be counsel to the Issuer� and in reliance upon the opinion of such counsel shall have Pu1Z and complete authorization and protection in respect of any aetion taken, suPtered or omitted by it in goad feith in aecordanee therewith. Whenever the Escrow Holder shall deem it necessary or desirable that a matter be proved or established prior to �r A-3 � . - I :.;,��:,�:. " - , _ :: .. �:��n"�f33�y����X�:��tii��wi.��:.i`• . . �,. ...�'°�V� k. l4� .3 c � ` y , r.'`: �.z � 9 �7i';'� ;�{`a;'"'3 � � ; ir� `!'•f`.; : < . . �dFin��G.y"��•'b�F�,''�..� : � �� ��'� �'.i..�ta• '��•;'. 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A S f � '� �i:ie: `�,�'"`''� �t�-� �•�3+'�1 . .�},ti��.`" J�'p_�' i�i;���I��, � ",!�"�a� �i1.'1�','•�,'; °� :'�%�rF`,�, I ` ' .' �^.5�/.�.:t,io��f'�'�.Nb'�''d.;� •:'t`�,%':: ;e.'qti ::i;'� ,��at.q.�. :.. � , • taklr�g, sutfering or omitting any aetton under this Agreemer�t, such matter may be �:;.-:.,j. �.�w<::���,;_,:�-:.�s-�`�-�. , .�; .. . �,f , ; < •� ��:.;.:; �. .. .; M ; deemed to be conclusively established by a eertlfieate si ed b an authorized offlcer of �-��:':;;,;�'•:f;.; ;.; �:':`�:; �'°`` � Y ;i'.::.,_�,;. , i.,., o, .. ;:: = •, .,�.:. ., ,,,:�,,' �-,� •�':::;'°tT; � . the issuer. This Bserow Depasit Agreement eontrols the dvtles oi the Escrow Holder snd1 ;: °c,�::�,;,,. ;,,,, ,,,;, ,, ,,,, � � unZess a speeiFie provision of anoth�r agreement or docament, ineluding but nat iimitr.d to �':'�' `' `•' .`. '„� , �...5:'. ° :.'. : . � i £� . �-�: � 'ti'., .� i. _ i the Ordinance� is speclfiaaliy incorporated herein, the L�serow Holder will have no duty or . �'-:��;:•;�`?' �'.~� ; :',;�;,�:f; � liabllsty exaept a9 tdentified in thls Eserow qeposit Agreement. Thc Escrow Holder shall °'' t�,`� �:�`3; � `�-�� be prnteeted and ahall ineur no liability in seting or praceeding in good falth upon any ,:;..�,�� `��`� ����'•'�r;��,;;`.�>:':�;�''� ''' resolutton, nottee, telegram, request, c�nsent, statement, affadavit, voueher, band or :•.v,=� �� -� � r�`a�`;�.�;,`. �.� other paper or document which it shell !r� good faith believe to be genuine and to nave `�'`;;£`: ='� . : z�..,: :.,,�� been passed or stgned by the bondholders or the proper of ficers, agent�, or employees of �` �; ��.::r ;°`•; ,�; �� �; ;�;F� �, -�_ the Issuer� ar to have been prepared and furnished by any party pursuant tn eny of ��,�.�;`. s�:"�� �E�f`'� "�';,�`: � provisions o[ thls Agreement nnd the Escraw Holder shail be under no duty to make any ""`` .�'`�r:" �.��'�' ,';r`'"�'��-�� ` � ::.3 �:.,>,... . " investigstion or inquiry ss ta any statements contained or matters referred to in any such '����='� `:>�s= �:`;; .::�': ��.:;'�;:.; � � ,w . . �., instrument, �ut may accept and relp upon the same as conclus[ve evidence o4 the truth `'`''�� "•�������'�'`=>''� ,.'•F:.ti° _ y� • .e%'{r.�� :]::i : � . � and aeeuraey af such statement. � • �: _ ' •"'�'�°G``.. � � ;�: .rsr•, n�:, ;;-� '}'. ���,,, ;.,l:z;:: ; .•.':,�, ,�;;}•�� ;:. � .sf: ; i.i,r.,;�� ' � Seetion 9 Rest�tnation ot Esarow Halder. The Escrow Holder may :, �`''.`':r>:=°-�' �� -.'rw'';;': `� ', . ''. . � .. restgn and thereby become discharged from the dutiea and obligattans hereby created� by ''��'"'�' "� �. _�� �f�'� �"���`-=� , `. x;.. � � notice in wr[ting given to the Issuer and published o�ce in a newsPaper of genersl -�`�. '•�� �� -.� `'`�`��?F :'t _....� �`� � etrculation published in the territarial limits at the Issu¢r, anci tn a da�ly newspaper of „� . �+�` �;� ��� :. �. y-:,t,�,����= . •,:., .,>��.... �. ' . general circulatton or a financial journal published in the Horough of Manhattan, City and •. �.�: �:<':�'�- 4... ' ;:-::. �.,: �, �,:.:��..:� .; . , :... . State of New York� not le�s than sixty (6a} d�ys before such resignatior� sha11 tgke effeet. ��. �: '�:'..r��::�,�;7;,{'''�_'';l=n':. � Sueh resignat[on shall take eiPect immediately upon the appointment of a new Eserow �`�"'�M��=1`�:..^F:r�.���•���A"? �`. . „�.<,�.i., .. ._..�..�_,,.t,... �� Holder hereunder, i� suoh new �scrow Holder shall he appointed bePare the time 1{mited �'�'�'�� ��f�� "� °��� �'- _`�`' : :. , ., .;�;,;,.a,;; � ��� b such notiee end shall then accept the duties and obligations thereaf. 'a�',-��',�':'=i�; �'*f'`:��':4�: Y . , :e �Si • ; : ��.,;� .: • • �_-�. ::.. � � � :';;�:�,.�:�.;' ..`ir•,..;..�=�;?; -.�•� ��. ::�., ,.-.r.�;• � 3ection 10. Removal oi Escrow Halder. � `!.� '� r�'� .�;�, `� w�''�-�; ,; ,.�. � a ' . `, '.°�.' ""'t : : �.'::'S_=%''�� , , '.;';.�.:� � � : '�' � •r �p ?.r', ; . ,� (a) The E3erow Holder may be removed at any time hy an instrument or ,��. '�j�..'� ��:,M'�s�. ��� � �� cancurrent instruments {n writing, exeeuted by the holders ot not less than fifty-one Qer "°�;: .�f:�=�� ��-i:�,,;�;;�r;`.��u`µ��;'"��. ° � eentum {5196) ggr g p p amovrit of each issue of Refunded Honds '�� �`"� •�`''� "=���"s�'`°�'` �, in a e ate rinci al then �'.;;;,s=: �,';.i:.=`=:,�. �,�:�h> . outstanding, sueh Instruments to be f[led with the Issuer, and notice in wrtting given by �! ;',.�,wr;;.,��:;�,",;.A;a�,:rl,°l,�;9 , r. � f R P d d B d nd ublished -..: : r�•. . �=,�k. ...-�.= x3t:�:�_: : ; : �,: � � �.. ; t�: r , :;_.,�, . i� �� :: r, { .� .:. • z � v` . �'.7'. such halders to the ori ginal purchaser or purchasers o tne e un e on s a g onee in a newspaper af general circulation published in the territorial limits of the Issuer, ' � and in a da{Iy newspaper of general circalation or a financlal journal pub![shed In the Horough of Manhettan, City and 3tate of New Yark, not less than sixty {60) days before such removal is to take etfeet as stated in sueh instrument or instruments. Phatographie � copy of any instrument iiled with the Issuer under the pra�tsions of th(s �aragraph shall he deliverecf by the Issuer to the Escrow Halder. (b) The Escrow Holder may alsv be remo�ed at a�y time 4or eny breach of trust or fnr aeting or proceeding in vblatton of, or far fail[ng to act ar proceed in aecordance wit�, any provisions ot this Agreement with respect ta the duties and obl[gations of the Escrow Holder, by any court of competent jurisdiction upnn the aQplicattan a� the Issuer or of the holders of not less than five per eentUm (596) in aggregate principal amo�nt of the Refunded Honds then outstandtng, e; �4�-� ± ?�`: .s-:=_; {c} In the event the Escrow Holder resigns or is remo�ed pursuant to the �f�•;;����'� prov{sions hereot, the total !ee gaid to the Escrow Holder as shown on �xhibit H hereof �`��'�'��:`i� shall be �rarated on a stratght-llne basis from the �ate hereot unttl the final payment is `v.`•:? a^y;'f' �?��° ,��<� scheduled to be made for the Refunded Bonds, and the unearned portion at sueh fee s�all �''� Vr�`` be rebated and returned to the Cssuer. i. °..Sr,l: ii' � : - � 3ettion 11. Successor Eserow Holder. (a} If at any time hereafter the �scrow Hoider shall resign, be removed, be dissolved ar otherwise beeome incapable of acting, or shail be talcen over Uy any gavernmental oi�icial, agency, department or board, the position af Escrow HoZder shall thereupan become veeant. If the posttton of Escrow Halder shall become vacent far any of the torego[ng reasons or for any o�'.ter reason, the issuer sha12, but only wtth the written appra�aY of the orig[nai purchaser of the Refunded Bonds� or the corAorate suecessor or suc�easors of the or[ginal purchaser, whieh approval shell not be unr�asanably withheld, aQpoint an Escrow Holder ta Pill such �acancy. The Issuer shal! pubitsh nottce oP any such eppaintment once in eaeh week for four (4) successive weeks [n a newspaper of general A-4 a �' ��.a�-�J���r, �'�� � ` ' ' � �:.._r..�..S�e�„:� . . . ,r: -- .. .., :.;. 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'LtlsMSx�w�t3+�icnr+.Mr.,�J+l.a...w...�,+we�.+avp w r r.�a�.`c�rwas :� t� a�- q ���` . � ��`� .r� , 9 '$, °., '��'�.? .^f��h'�`���,3�t��4,.�{ ' ��. � � .a i� K;� �;,c i° sK w/-a.`"�?, ��E ' � Ft' de �i., .. :h`� �;z � `% 3,ti��';���;y,=,�;�{,j� �;r, 'b:�r.i A�. k J- � �vi- y�.r:�s=�+ i;�j��s: fw",y�4'a .-, 1�`. �:,.-. :'` a• � f :�;'^';..;i a ,[�``�;P'�o'u,'� � ',=�,:, • cireufatlon pubiished In the territorlal l[mits of the Issuer and in a daily newspaper of :4s•��:;`�•'.���-a'�y�� +� . .� �!'�1'�?s5ti g i'�? � i;d° f��, �?',''� � general cirevlation ur a financiel jaurnal pvblished in the Borough of Manhattan, City and �� i.d�'z���*r"�s?`�S .y ,•. �it:'�r ww. Stnte of New York, and, before the seednd uhlicatinn of sueh notice shall maii S CO `i y4�?!±•;e, ~,rT�Y�°� ��'�a P py . �.};..,y �_.�,���4:: ��;� ;. , � thereo[ to the original purehaser ar purchesers of the itefunde� Bonds. �'�`��;�r .,,. •�kr` `���'� ��- ,�.M . °x�f�' .�:.:�...-�W:��<<.:� � {b) At any time wlthin one yenr after sueh vacsncy shall have oceurred, the t�oldcrs of a majority i� �rincipnl amount of each lssue oP ttefunded Sonds then outatanding, by an instrument or concurrent instruments in wrlting, exeeuted by all auch bondholders and Piled with khe governing body of the Issuer, may appoint a sueeessor Escrow Holder, whieh shail superaede any �scrow Holder theretofore appolnted by the Issuer. Photogrephie eopfes aF each such instrument shell be del[vered promptly by the Issuer, to the predeeessor Esarow Holder and Co the Escrow Holder so ep�o�nted by the hondholders. � {c) If na appointment af a successor Eserow Holder shall be made pursuent to the focegoing pra�isions of #his sectlon, the holder of any Refuader� Honds the� outstandtng� or any retiring Eserow Holder may apply to eny court of eompetent jurisdietion to appoint a suceessnr Eserow Hoider. Such edurt may Lriereupan, after sueh notiee, i! any, ns sueh court may deem proper and prescribe� appaint a sueeessor Escrow Holder. 3eatio� 12. Term. This Agreement shall commence upon Its exeeution snd deltvery and shall terminate when the Retunded Bonds have �een paid and dlscharged in aeeordanee with the proceedings authorizing the Refunded Honds, und all amounta held by the Escrow Holder h�ereunder have been applied in seeordance herewith. Sectian 13. Severability. If any one �or more of the co�enants or agreements provtded in th[s Agrcement on the part af the Issuer ar the Escrow Holder to be pertormed shot�ld be determinad by a eourt of competent �urisdiettan to be contrary to law, such co�enant or agreements herein conta{ned ahall be nul� and void and shall be severed from the remaining ao�enants and egreeme�ts end shall [r� no way affeet the valIdity of the remaining pro�tsions of tY�is Agreement. � Section 14. Cavnterparta This Agreement may �e �xecuted in several eounterparts, all or any of wi�ich shall� be regarded for all purposes as duplieate ariginals �nd shall eonatitute and be but one and the same ir�strument. , � , ;. ' s°, �f. ,, ; ,��� ' � �� �: � �« FJ� : ( J� ,{7 �F i�' �: :i'. � .��, , " ^i7{ � ' �,s �� . �� �5 ,� � 3ection 15. Governin� Lav�r. This Agreement shail be eanstrued under the lawa of the State of Florida. 3eetEon 16. Securi !or Aeeounts and Funda. All aeeounts and fUnds matnt�ined or t��Id pursueat to this Agreement shall be continuousiy secured in the ssme menner as other depos�ts oi municip�l funds are required ta be seeured by the laws of Flortde. IN WITNESS WHSB�OF, the parties hereto hane caused this Agreement to he executed by their duly suthorized off[cers and their offtcial seals io be herevr�to aflixed and attested as of the d�te Pirst above written. (3EAL) ATTEST: City Clerk TYiS CITY OF CLBABWATEB, FLORIDA Mayor A-5 � . ; �'; '�`r•.�i� �' � .. ,_ �i.� 1.4�.ti''J� �t:. , , . . <<'•' _ _ �.'' . _ � . � f » .'... . .. � ;, a ,:.,,�s�1.y�• �t:.:�,�.7;': L"s :'a.'�ji j « `��" �#�`t�.ti.�fis5l;,:r�Sf.t:'.', �`S�: 't" ' i�x .:;r.a°�. ; . t i;�`•p'r� ,Q»:� � '. .�.. -; a',�;�::i`:�,!...:.:x�t.;. ;•} �• '1'^p. �"yr.r `:t' �,• i•. rft.� ,;r4:�, t�, 'z���:-:�,j; <; ,- °�� ;��..;;;�,�•Y,E- a�„e, , : i;_r:.a,���'��:�,�,.;:ts °-i;e,, . �� : .�:� :.�'..+rn;�;:°?r: . «�,`i ���^ ;•�f�.., ,:�.•`•`��<.r a� Ss;`ss;'. ��: �, �.`.�';;+ ;: : . � f.'l..`��y��,•�;�='�td.� aa•S �^�*� � 'vttl_�5, ii1N.'�e.. -..v.� "r j^t�,ll:4�r�i5tv6e�F�`�:�y"� . 'i::�p'�ti�>;:c;:�4�^;.��..ai;�7�kySq�t�' , .�p; �r';.g�`1"�`:".��2'£. :'� ��'� � � ^�_;T.i-?i�r t: -•�• .���� .tr'�,���� °��_�'=��`{�'': '� '���::;. 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I �r . } �'fi!j�' � ,7� : �' � w::' �t. 3 . { � �:W ���.'�k` .,�., �0i tu,. �.x�. �.ia,.aatsa ��'r �� , : r . - :�1:..,�'+:....:.�.wi�r,rur�!i�� . �+..i�.f�te�iFa;,..�...:M......�.:':..:.z::.,.'.:.�:::.«::��.�4�t�sri+�6ti�...�'..�:,:s��..'�......;....�e�..:'.,:�E.;�:�s�u.,�..,c�.s,��..$_•: � rx. � , �� . �, a ti i� {f�orm of Bonds) (�xeept Cu�ital Appreci�tion 8onds) � Exhlbit 8 to Ordlnanee No. R- UNZ'TgD STATES QF AMgItCCA �, STATE OP FI.�RIDA ClTY OP CLgARWAT�S WATIIR AND SSWIIR R$VENUS HOND, S$RIES 1988 Rate of Interest Regist�red Holder: Principal Amount: Maturity Date Dated Date Cus;p gNOW ALL MEN BY THBBB PSBSEN'T9, that the City o! Clearwater, Florida, a muntcipal corporatia� of the StBte ot Florida {hereinafter called "lssuer"), for �alue reeei�ed, hereby promises to pay to the Registered Holder identifted above, ar ragistered asstgns, on the Maturity Date Identlfted sbo�e, the Prineipal Amaunt shown abo�e, soFely from the re�enues hereinafter mentioned, and to pay solely from such revenues, interest on sald aum from the date of thts Hand or trom the most reeent interest payment date to whict� interest has been paid, at the Rate a� Interest per annum set forth aboae until the payment oi sueh prtnc[pal sum, sueh interest b�ing payable on 1, 19$�, and semtannually thereafter on 1 and 1 of each year. The principal af and prernium� ii any, on this Hond are payable upon presentstton and surrender hereof on the date fixed for maturity or redemptian at the prineipal offtee of (the "Paying Agent") in , Florida, or at the oftiae designated for such payment of any sueeessor thereof. The interest on this Hond� when due end payable, shell be pald by check or drait matled to the Regietered Holder, at his address as it appears on the Bond Regtster, at the close oP business on the 15th day of the month (whether ar nat a business d�y) next preeeding the interest payment date (the "Reeord Dete"), irrespeetive of any transPer af this Hand subsequent to sueh Reeord Date and pr[or to such [nterest papm�nt date, unless the Issuer si�all he in d�fault tn payment of interest due oa sueh interest payment date. In the e�ent of any such default, sueh delaulted interest shall be payable to the person in whose nsme suah Hond is registered at the ctose ot business an a speciai record date for the payment oi defaulted iaterest es esteblished by notlee mailed hy the Registrar to the Registered Halder not�less than ftfteen days preceding sueh special rerord date. Such nottce shall be maiied to the person in whose name such Bond is registered at the close af business on the lifth (5th) dey preeeding the date of matling. All amounts due hereunder shall be pay�ble in any coin or eucrency of the Ur�ited States, which is, at the time of paymer�t, legal tender !or the payment of publSe or private debts. This Bond is one of e duly eutharized issue o� Bonds of the Issuer deslgnated "Water and 5ewer Re�enue Honds� Series I988" in the aggregate �rincipal smaunt of 5 , of 1[ke tenor and effect, except as to number� date, maturity, interest rate and redemption provision� issued to flnance the cost of refvnding t�e Issuer's �utstand[ng Water and Sewer Revenue Bonds, Series 1987 and a portion of the issuer's outatand[ng Water and Sewer Revenue Honds, Series 1984 {�o1lecttvely� the "Refunded Baads") and to ftnanee the eonstructian and gequisitton of sdditions, extenstons and improvements to tY�e complete aad consolidated water aRd s�wer system {the "System") of the dasuer, pursuent to the authority of and in full compliance with the Canstitution and iaws of the State of Floride� irtcluding parti�:ularly Chapter 1BB, Part II, Plorida Statutes, end other appltcable provisioas of law, and pursuant to Ocdinanae No. 38T4-84, as amended and supplemented, part[cularly as s�pplemented by Ordinance No. , duly enacted by the Issuer on , 1988, as supplemented (hereinafter , etrlleet[�ely called #he'�Ordinanee"j, and !s subjeet ta ail tha terms and condlttons of suc�t Ordinance. � B-1 . �_�:�,c.,��K.�: - ;r• :�: �' - � .. ;�E ���' a'� �, ��.` .�`. �,;s�; :�:'�. �i7' i' fa,•R :. i �yw �5 � ��$;��,�5�= `.Mjti , �,;j�>�; ;�;`o� . �, ..,..,��� !; , :`:;�';�1�;. � d .• .. ; _, . s, � 1 . . . : , t�. . ,.. � . � , . � . . � . . : . .. . �1 • . . �• . �f. � ., .1 . <� ..��� . :�F. ��1' . �Y.�p ;tf. `:j^. ��. ;y �I f � '�T�"'';. ,� .����`r�:�!„1"•�y.;;,�i'•!f: � � ... �'i�e�'�t.i4�1�Ti�ki't'.sa.i► �s s.r f _ �,�� ���,s',i^.. , -.. ., : W:.�: . . ,.�. i!AaL��' ., � v ,��4�1�'°�'rF.1�/a:ti��a_��.e�.. � � . t � . , ' . . . . , .. "^ . "".. . f.� . � .. . • � . : x.:' . , . ^+f9i�'. � . � . 1� . . .. '„ • . � .7.jY.•',., ...: . ' L� � . . . '. :.�;_',., •.�;,ER �;:y;�r" :�^ ,y:� .'�;`g.:r . .. ' . ' ' , . , - . . . , i i . . ;, �3�� s , 'f ' .i-"�.. , . .. . � . � . � ��rr.� f %..> ' , � .. .. . . . „ � - • . . � , °�� ° :' �"�.} %� `�.�,�.': `�.it�Y.�',;.n;`:.�:{,° . . i,'f �F3%;�"�:. `,i: ;6:;._..d �ii;n; . . . . . �� 'Gi' :f'�%°'" r.: .i n . . C . ° T . f��i.� %� . , •�+3 ,-� �.i�'• •i� �r n'..�;: : . . . v4 . l` d.�� � . . .. ���`• ! 'S' . . . . . e '�{'� . , � �:� ��'.. e � . . � .. "�� �§a: st�`.d't;'`"ni°r`, ,y! .ra;,Y�1i`.'f•.: , . . . .. . � � . . �. � .'r�M.:<' ;j;y$:{;��i'.a='�.z;:�.rtj;vy��. ,i . . ,. . .. _ . :� . . � , � -....r-t �;it`, i` 's ' •?...;: r.i�,. a 7�,5,- ,„. . ;' '-�.`,.;,�`'t'�.• f:.:, ,.....�,.�,.�_�............_.e..... . �. � ...._...,,..._.�.;�,...�.....+«+.:aati�v�l�.taratw�r,;....�....,,w.�.., .a. ..,..�.>.. .. . <:;t'�. :t*•:', i�. .. ..8-:, .. � � ».. , dr. "�4'S.i<: �, %:^; (x ;;: : ry'�'. : ;jj°.Y, °s;`' %,c ;<,;; •� t; t -�•� : �r.�, S:' ° �s�. .s_} : ...:�.��y':'s7J� F, ` 3 .t���jl�al.✓ '� "�' ';� i' ,•° 1 (/ �} e,l d � . .i �t •, }+� 4 � �,_��! .i� v'.'. �•" ' ,"°, '.Y��y'� . • �,•.',:�'�''.-� . 1 ;:,�= �,,.. ,. ,: •.;: i"=,.. Pa� ;:t , y E. �. e,.: � : �•. 3 ��� xt F �:''1;; } This Hond and the tssue of Bonds of whlch tt is a pert� are specias obligatlons ':�i'• ���:;x��,f:�,�;:�,�:- � of the iasuer pnyable salely fram and secured by an irrevoeable lien upan and pledg� o! the ' net revenues derived by the Issuer t'rom ihe operetion oP the System (hereinsfter referceci ta as th� "Pledged Revenues"), on A parlty wlth the Issuar's Water and Sewer Revertue Honds, 9eriea 1984� ramaintn�r outstanding after the refunding o4 the Refnnded [3onds (the "Parity Bonds"), ail !n the mannex provided tn the Ordinance. This Band does not eonstitute a general abligatlon, or a pledge of the Feith, eredit or taxlag power af the Issuer� the Stnte o[ Plorida or any palttieal subdlviaion thereof� within the meentng ot any aonstitutiona� or statutory proviaion or limltatian. Neither the Stste of Florida nor �ny political subdivision thereof, nor the Issuer shnll be obligated (1) to exerelse its nd velorem taxing power ar any other taxing power in any form an any real or personal property in ti�e Issuer to pay the prineipal of the Bands, the �nterest thereon or other costs !ncldent thereto ar (2} to pay the same fram uny other funds of the Issuer, exeept fram the Fledged Revenues, in the manner pravided hgrein and in the Ordinance. It is further agresd between the lssuer and the registered ho�der oY this Bond that thls 8ond end the indebtedness evidenced hereby shall nat eonstitute a iien on the Projeet or any other �raperty of the issuer, but shall constitute a iieri only an the Pledged Revenues, in the manner provlded in the Ordinanee. (1NSBST REDEMPTIOPI PROViSION3} Bonds In denominations g�reater than ;5,OD0 shrail be deeroed to be an equivalent number af Honds of the denominatton of $5,000. In the event a Bond is of a denomination larger thaa $5,a00, a portion aP such may be redeemed, but Honds shall be redeemed only in the prineipal amount oi 55,000 or any tntegral muittpie thereof. In tne event �ny of the Honds ar porttons thereof are called far red�mption as aforesaid, notice thereof identifying the Honds or portions thereof to be redeemed wi11 be givcr� by the Regtstrac {vyho shail be the paying agent for the BonHs, or such other �erson, ftrm or carparatioa as may from time to time be designated by the Issuer as the Kegistrar Par the Honds) by mailing a enpy of the redemption notice by first-cIass mail (postege prepatd) r►at m4re Lhan thirty (30} �ays and not less then filteen (15) days prior to the date ftxed for redempttan to the registered owner of each Hand to be redeemed in whole or in part at the sddress shown on tl�e reg[stratian bootcs. Fatlure to give such notice by metl[ng ta any owner ot Honds� or aay de[ect therein, shall not affect the validity af any proceeding for the redemption of other Honds. All Bonds so called for redemption will cease to beer tnterest after the speelfied redemption dato grovided funds ior their redernpt[on are on depostt et the place o£ paymr.r�t at that time. Ii the date for paym�ent of the prir�clpal of� premium, if any, qr interest on tk�ts bond ahall be a Saturday, Sunday, legal holiday or a day an wh[eh bankiag institutions in the etty wkt�re thQ eorporate trust off[ee of the paying agent ia located are authortzed by iaw or exeeutive order to c�ose, then the date for sueh payment she�ll be the next succeeding day wt�ich Is not a Saturday, Sunday, legal holiday or a day on wri{ch such banking institutions ere author[zed to elose, and payment on such date shall have the same Porce �nd eifact as !f made on the nomin�I date of payment. In and by the Qrdinance, the Isauer has eovenanted and agreed with the holders a� the Bonds that [t w!ll fix, est8bltsh and maintain such rates and collect sUCh Pees, rentals and other ehsrges for the serviees and faeiitties of the System and revtse the same Prom time to time whenever necessary, as w[il always pro�ide Gross Revenues in ee�ch Ptscel Year suffietent ta pay the Cost of Operation and Matntenanee of the System in sueh Fisea] Year, 1154b of the Bond Service Requtrement becaming due in such Fiscal Year on the outstandtng Perity Sonds, on the outstanding Honds and on ell outstanding Additional Honds, plus 10096 oi all reaerve and other payments requtred to be made pursuant to the Ordinance, and has entered into certain other eovenants and agresments respeettng the Honds, a.9 to whieh reference is made to the Ordinance. It is hereby certified and reeited that all aats, conditions end things required to exist, to happen and ta be perfor�ned preeedent to and in the issuanee of this Hond exist� h��e happened and have been performed in regular and due farm and time as required by th� laws and Canst[tution of the State of Florida applicable thereto, and that the issuenee of the Bonds of this issue does not vioIate any constttut{onal or atatutory l{mitations or �rrovistons. Subject to the provisions of the Ordinance respecting registratlon� this Hond is and has all the qualities and tneidents of a negotiabie instrument under the Unlform Corr�merctal Code - Investment SecUr[ties of #he State oP Fiorida. H-2 "" � �r�'�= .-., '" _'S`•17?':�....� . . Nt_' ., ����,• ,;•�f.}�k;•�;rt.•-�.,.�,.;�,.,�3��.:• < .} } ,�1. ii pvv3n . , ; ' ��.'iY:..',�Cr.'w'i�_ �i� �'5�;�•'W • `�-iji'1`:•A� • lzF •e G,°.•{I'e1i �':'4 , � . 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'.4• : i1�:'.,"- � . a'�"� r "�. �y ��J� . . , e . . : M e !'11��� A [.�� � 'lt't'4� � „1��' ,�� ^? ,i Sr��.[� , ,s'j �r j .'�j .YS'v� � 1 . i'T � a4 . t�. . f ^y . �i." .th' ::✓.: •:i''"��i •c� i '�•'.'.^�, :�..'a.�;..;~ . �a::r i . �i:�, .i .-iM ' . , k��"��� . .�• �v �¢`�- �t.+� � '7-. 1.��t,L'f.� � . i4.. 1 ±.�� '�'i' e . � a..}= y,. r�' <yor� i� •.) S. �L ig' . . , f,..��F .%�`?. �: ;i•�'...E.� , t' . , �i: .° .E � ���l� �}:. �:�1' . 3�Y•S! Y.� Y?ye .�. �..s' `'l� s".'��, i�_r ,��. ��-• i, .a �i�°' �r•.. - : r�. �� .. "4', °v"� f •r~. . <a��' �r ^€� '.3i: � .? . . 'l 9•-' - °i. « .•i �° ;t'.c.., .r• '�`. � v�t' !I ^. f F ( 5�'l.� •��I', F � � a... 'rr;: � 4 's' •. ,� '"is. t" . "a. ''i� ,.i^� '� .il `.'t '.�. ,^ . `.T � = = "% � ''.. : x t � � ', a ,' ' a.s T�� .� ��.�. .14,',.;`' '.d+: .p'' .•-�> . ' i`�.�-: � �a s t * �9-.��' �.�ti� ',F Y` '� •t s "E+' ,,,`•"�'• t.'.;.. �� ^p. .�3 t., d. ,�t . � .c� ��'e:/�'�� . a >'t_� , 2 °5 �e" � 5 ,- : k� ::�.'' � r, ?N'1 's�` &- .•rr:�. 'r.» 6. - Y •t� .'J', ,'f•' - ''t i ��, �y '�1'� . [,.l .irlf., }.S�s.,� Y3 -��. ��ai�'•�'':.•� :'i;' .i � 'r.`Y.IiT_ '�kr. 'So.: Y.�. n 7 :'1.' r.,{-'r� -•�'F,•. . '�f° nr '�2-.�..r . . i:��.QC: ' ',�.:,:,�,. �.y•' nfia.'. _ ;fi"� K'tY� 1 ttl h+-�•�'� 1� � ° ��,'� i �. .� . �f� �v:�� 'ti�.,:•< �'t�' , -i'; :s�. ar� w jtir � . .t• :�.. �� Y�s•' . ,�.: �' . i .h , �� � �� ,'E�� .:e ca .w 5 � � � 1 -� �,., �; � . S . Y:.a .�., : �.. g�'� . . `i^�' .. !� u��'°»'��`�. � . �cw:t�wrl�i4k:�i , c'ri�w��..�«r .�krn�...r�°C:' i•r.; n � �R �I._...: �:�',.�!&1 �.:�':..a;r..�e!�.:,a+.N�w .v N.�kMil�+]�"+',�. �`+ � � � •, The Bonds are issued (n the form o! iuliy registered bonds w�thout coupons in denominetions of $5000 or any integral rriultiple oP SSOQO. Subjeet to the limitations t�nd upon paymertt oi the charges provided in the Ordinance, Honds may be exehanged for e like eggregate prinaipal amount ot Bonds af the same maturity of other authorized denominatlans. This Bond !s trnnsferahle by the Begistered Halder hereof in person or by h1s attorney duly nuthorizad in wr4:ing� at the above-mentianed otffce of the Registrar� but anly la tho manner� subjeat ka the iimitationa and upon p$yment of the eharges provided ln the Ordinanee, and upon surrender end eancellatloa oi this Bond. Upon suah trans[cr a new Bond or Honas of the same maturtty and rate of Interest, and of authorized denomtnatinn or denaminatians, Par the same aggregate principel amount, wtll be lssued to the transPeree in exehange therefor at the earliest prarttesble tlme !n aeeordance wlth the provisions of the Ordinenee. Bonds may b� transterred upan the registr�tion books upau delt��ery to the Registrar of the Sonda, aecompanied by a written instrument or instruments o! transler in form and with gunranty of signature satisfaetory to th� Reglstrar� duly exeeuted by the Registered Hotder o! the Bonds to be transferred or his attorney-in-faet or Iegal representattve, cor�taintng wrtttea instruct[ons as to the detaiZs of the transPer of suen 8onds, along with the soeiel seeurity numher ar Federal� emplayer identitteation number of such transferPe and, if such transferee io a trust� the name and social s�eurity or federal employer identlfteattoa numhers of the settlor and bene£lciartes of the trust, the federal employer tder�t[Plcatlan number and date of ti�e trvst and the name at the trustee. The Issuer or the Registrar may eherge the Regtstered Holder of such Hand For every such transfer of a Bond an amount suffic[ent ta retmburse them Por their reasonable fees and any tax, fes, or other go�ernmental charg� reqtilred to be peld with respeet to such transfer� and may requlre that such charge be paid before any such new Bond shail be delivered. The Issuer may deem and treat the registered hoIder hereof as the absolute owner hereoi (whether or not thls Bond shall be overdue) for #he purpose of receiving payment of or on account of prtneipal hereof and [nterest due hereon and for all other purposes, end the Issuer shall not be efiected by any notice to the contraty. This Hond shall not be valtd or become obligatory for ar�y purpose or be ent[tled to any security or benefit under the Ordinaaee ur�tii the certifieate ot authenti- eation endorsed herean shall heve been duly sigried by the Registrar. iN WI'�NB83 WHBEEOF, the C[ty of Clearwater, Florida, has issued this Bond and has caused the same to be executed by the menuai or facslmtle signature of Its Mayo�Commisstoner and C[ty Manager� and attested by the manual or facstmile s[g���ture oi ita City Clerk, and its official seal or a facstm[le thereof to be affixed, impressed, [mprinted� lithogra�hed or repradueed herevn, as of , 1986. (SEAL) ATTESTt �� City Clerk Approved as to k�arm anci Correctness: City Attorney :; ��. .: � CITY OF CI�BABWATBR, FLOHIBA Mayor-Commissioner Ctty Manager � B-3 - . r� �.Y'!J�r�."i...y��YY-j�. ��"M "t: s �'` .i.Y'.. �.1 `J� ;�4�a'� �'. _ . " , _ ' -. . - �=:r` � ;� _ , _: ' ' .. , ,;�a„�r. . . . � T - .�� . .. . :. .... 4 . ,. _v . ,,. u ,. . "'• ' . � � �� 'i.;. . .. ti . .�� ' , C�RTiFICATB OF AUTHBNTZCATI4N OP HOND RE{3ISTRAR `,, Thia band is one oi the [ssue oC the withln deserihed �onds. The interest rate� due dute, '. ,-. , registered owner and prin�lpal smount shown above are correct !n e!1 respeets and have � , � been reeorded, along wtth �the applieabte federal taxpayer identtfieation number and the '� ', . address af the registered hoider� in the Bond Register matntalr�ed at the prineipal alftees , � of ti�e undersigned. . , . . . . , Regist,r�c � f •, �t, •�,- Date oi Registration and Authentleationc . Bys � . �' � Authorized Officer F . , . y . , . �� -,. . . . . t . ' . . . , .i . , � . . . . - .. . . . � . . . � } . . . . � . . . . � � . . . � ' . , . i� ' �. . � , • . . ' . •. ,' . . n. . , ' . . . . . . . ' �t ' . ' . .. - , . , . . . . r . . . sk , , . . . . . , . . . • . , � . � � � . . . � . . . , . ., � . . ' . . .. ` , . . , . . - . . . " ' . . - , . . � . . � . . ' . . , . . ' � ' . • , . ' � . • . . ' ' . . � 1� . • � � , � � ' � . '_ . _ � � . . , , , ' . . . ,, � , � ( . �, . . .., ` ' ' . . , t. . . ' . . . " • . . • . . . ' ' . t�:. ' . " . . ' � , ' .. . . . ' I � � , . , . ' ' � . '! , . . . ' ' . .. . . . ' � . , . .. . . .. < , ' , r! . � ' . . � . . . . ' . . � ' • . ' ; . . . . . . . . � . ' , ' . � • . , • �,�'�� .. ' ' . ' ' . 1. ' ' . . .� .. . . . ' � . , � 'i , ] . . . . . . � . . ,. ` , . t. - , . . . � , . . � . ; . i ' ' � . " . . ' �'f ! . ' � . , . . ' ' . / . ' . . i . . 1 ' � . •' � • f • ' • . . . . � F ' 3 � ` . � • � . . . . � � ' • . i. . :�- ' , . ' . ' , . ' ' . . a . � i�'. . � : " ' 'i ' � . . . . . . . � 7 . , ' ' ', f • , . . . . . . . ' ' . � . . . . . . . 1 . . ' . . ' � 1 - ' � :{ .i ^.,.' � , � ' . ' : ' . . ' � �r� . ,��� . 1_ �' ,� , . . . , . s . • ' . . , ' . . i• ° 1 ''�� S'e � ' � i ' , .. 1, ' , . ' �, � ' � .S �. •• _ ` , ' � � ' .� '� . � • , ' . . . ' � • . . z' . . . . • � . . � . � ` ' . '. v �. - . � � ' ' . . ' . . . ' _ F. „ ' ' • . ' ' ' . � , ' . :t+e+� �%r'�( �"� �t-."'ir?+i��" . ' .t: �. . . . .. .. ' � . . , . . ' ' � I . e , � . � • � � " � :y..::: �.^ < � � � � � :�,,., .. i " � • ' . .. i. .� . .. . . - . . . � , . .�Ati•���yiii.'^�� ���.i...«t �� . . • ' !. .i . _ � � •. . ' . . . . . . � . . . � , . 1 �.�,�^'.����..� ' . ' ! . . . . . . . . . . �" '. ' •Y:7':"�`... . ... . . . . ; . . . , a .�.:I,:!.'_ °,�,��,r,�•;�; , � .� • , . ,. ' • `_ . . . . . �. . . . � . ,. . .. - . , r .a.. S . ._. ' � � ... .l.i... . '. . � . . . .. . ------".._�.—..��.-----� � -- - -. . .._. . .. . • . ._. .�"'^".,y' ..... . � .. . ._..._.... �.c . d. �.,r.' ..i �rt , «. .. . , , , . . � . . .. . , .�. . . n . . : . ; . ., ... . .. . r. . ., • .. . � :...i»' , , .. , 4 t.q, .�i..; y�.��..wry rf.•: rrt�` � � . • � ' � ' . . . 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'�•:�.- . � 5t�� 'fi'�� y�,� �S ! �° "�•: 16�� ��J ` :G� •�[9: `.1 •'C : l... y .�,r }.� �in`^ . . .. ,.� .� ` . � �•• ..I S / n d' s ..� ,�z; �": Y s" -� :-e 't�: , '�s� , . . ..s . �.�a,- ° �`; �°�- r�. � .�� �,:, - '�:� ;^�. 'f�� `?� • r �J�'� �r..�• �?�� � `'r - p iie :r• � 2.�= /� -'Y .r .dY� r i J�s° . 7.: . i. x' '. Y:. ' . J ': F. : �. �� �' � �°��N iP.. . - ;J�.�t;.i:. .4c '1•� '� � ��y 9 �1 .f` �, '�i 5 �o��.' �4�' ,. :'��" .r . uv� ��� `i.'� . � r . . `�3�`: � €s"��j s , f .. � . : a..°<� : � n, �+ ,f.,�s,:'. %.�r '�' J?� s.� �5� r , �`S�' a .. . ' i' aF . ,.,iY • t' J.,S�; d.:� . 9 t � . � ..4 . M..� ' 2�• 'y d �� '> � i �a'.' 'i ,1°• _,F' e°3� r.4' `i: °a ��� i� �L�' �-� i, Y '�.i �y.: S. t . 'f � Y� .�i�. +:-ti _i � 4 .a�.,� �C `�E.:+`�., �A.. 1' . y. rN �.,w.1 r'=v ..1j;i ,#f r�•j: � 6 ��^ t•]i'� F i 1 .H '..R.. ]S'eJ � �S'.{ 5°�' °$7.". } D . ', i. �,. C'"f � � r1 � "F. :I:s D+ 'Y S. �ll � � P : � • I V 3�a 1 ' . � L', • �'.S ' �i ' i'. . .\.: : ��.'' ii �r. �d•�' `�z.: t , Yj.;,.�,:};�:ei�. i.. :���' T+� ~.��..' �{ e ��x �t: ' �. . 1�? , a 1 . , r . . , . .. . , i. .."i" � . r > . . . .,.. . .1 � _ . .... . _..,n f i!'.:�.�.�..r.eWncri`�.��.SA�b�ar..i�.i.a.:.`�:...n.�.�_.�.�w�_ __. _ ._ . _ . . . . _ .. ._._..,.kn�'�...:..:.a.r.wr.:sw'........._ . � '`�'t�: . . •:I�,:..t�.:fs . .2� .. d.•.ci::S.. _ � 1?. 'C 0 � 1 • I � � � A�3IC3NMi3NT i�O�A VALi1B RBCBIVED, the undersi�eci � (th� "Transferor"), hereby sells, �ssigns, And trnnsfers unto ^ � (PSease insert nnme and Soct�,l Seeurity or Federal Employer Identi[ie�tion number of assignce) the wlthin bond end all rights thereunder, and hereby lrrevocably constitutes and appaints {the "Tranaferee") as attorney to register the transfer of t�e wtthin Bond on the boaks kept far registratlon th�ereoi� w[th iuli power ot substiiutton {n the premises. Date: Signature Guaranteed: NOT10Es Signature(s) must be guaranteed by a mem�er firm of the New York Stock Exchange or a eommereial bank or a trust eompany. NOTICE: No transfer will be registered and no new Hond will t�e issued in the name of the Treasferee, unless the signature{e} to this asaignment eorresponds with the name as it appeacs upon the fece ot the withtn Bond in every particular, withaut alterat{on or enlargement or any � change whatever and the Social Secur[ty or Federal Employer Identtlieatton Number af the Transferee ts supplied. The fallowing abbreviatians, when used in the inscription on the faee of the within. Uond, shall be construed as though th�y were written out !n full accord�ng to eppltcable laws or regulations: TEN COM - as t�nants in � eomman TEN ENT - as tenants by the entireties UNIF GiF MiN ACT - (Cust.) Custodian for (Minar) JT TBN - as joint tenants with under Uniform Gifts to Minors Act ` right of surv[var- of ship snd not as (State) teaants in common Additionel abbrevtations may also be used thvugh not in list above. S-5 .�....,:�."""'`.�:.�" '� '� � . � . _.•:?-�;'��r,,.����=., - . � � _ -' � �:' ... - , . . � , � - . , . . . . .. . .. � � , . � . . : , . . . � .. .. . . . � �' , _. . .. . . �''".' � . .".r, �a;:y " - , , � • . . . ' ` � � . � , . . . • . : :' '�^. /t`:; �'�+ .•��is' � '; ' ':b:[ . .. � . � ' . . • , . . . . �,.5_��t',�� >51, f, ',1`' .�P `�t • . � . . . � , . . �c, ' .' . . . ' .. ' . ' �`.. ..�.;9.;� �.:� ::. ° . }lcr b � . �-., 5, , . . , , . '.' . . .. . �:' .. . . . . . . •' �k' :.y^�;�'ayi.r...� _ �.,��'.r'��::� .i:p .:1� . . . ,.. . . . . . . . . r:t`.� :.s ro. . �.`r. , �2,' ' - ' . , . . .. , ' . . ' . . ' ;Ti.:,..+.t.. :•�{f'� • _ ° k l:�. . . . . , ��jf .:.fRs.:th,'". Z. , . . � • . . . • � . . . � . � . . - '��I�... "Er'.�.:.� �t� ,�'�*N, � s. . . . . . . �. . . � . . � f,'p �I.r i P l� .�� . ,',�'� . . . ��a `�i,,�.' ,T•^• . �) a'1.�1 � � ... . . . . � i�+a °•�1 . C! � ��' . . • . Y'.i . � i i-� , . �'F�:.: � i �.. .i ' ' }'.:, sti �� . T'"j �ii �' ` . '` � .. q'S- � .. �l . , , . , sc`.�` i�SA :rf°' ,'f .F' �I . !' . . 1 . . . `r�i��'��� � ��f(! �Fv� _.�' . .. I„ � � . Y�; f �ti;.. i?iPl+ .�'-' , , a . 1 �: . �'9' � .lC.. .�5� :,f� °'d �e eE'[., • , ,:+�:Y VlkN :�nS,� .�. •K �5,� � . :a., Sjrf."�.� .'t� . . . _ . . , . . ;.ti-:1: •:i�:'�'.�E3'ha� L^.. . . . . . . ' 'a' 7: mhT A.i�F���n_'CM.�� r . . . _. .�li.�`':�'.�`4°� �Ye' �} '�rr� F�I . ' .�Y."r�'�Y�• , .. . .. . . �,: ifv.'�i '��f.-�'i�frY.��. ; •(�' ., tiJa�i:: �'1'.:�.a . . "f-'. .�G. '•y'« '•'• ���` .+� .�.R'3" ,'14'0-r> ���� y �� yE+`;, . , .� . .=.. • ! .. � . 1:. ° . 1 F , ♦. 1. "i V! " i� '���4 r � i5X!!�N ... i 3 �..�,:- ... . :� i:` , .:.�'$..E�.,e •.... l. f `>^: �'HOiss... � . . ,.,.�,,:..� r.Y�t'it � s�sM� � '. a::. °'_ �,• i �, ;,� v., l_ . . �.ww.:rrw� ..W«.�.:.......�.�..,.....r....., ...... ».... �b�* +ww.+:......�..:..�...,�.�::.�.. a;r.'i� .. .:[t.7.'.i�^7m±..' �' . - . ':,�. , P� � . .� �4 �•%'9iwe3 :+ii�Y��i �r�° ;�.w�Y�: ^�. � I,;;G�-: •'. ; _.L,.. `:i,'i�:,.'i� .'!� 0 � � 4u,.',�°:s (Farm of Capital Appreeiatior� Bonds) .�"�' Na. CA- UNITED 3fATB� �F AMEYtCCA $ � STAT� 4i� FLORIDA C1TY OF CLBARWATL�R WAT�R AND 3BWSR RBVENUB I30N�, SER1II8 1988 Annual Yfeld Orlglnal Principal Duta aP �pproximate) Amount Maturity Date ,� Oripclnal Isaue Cus;p Registered Holder: ir PrinciQal Amount: HNOW ALL MBN BY THE;5$ P$BSBNTS, that the City af Clearwater, Florida, a municipal corporation ot the �tate o� I�lor{de (hereinafter c�iled "iasuer"), for value received, hereby promises ta pay to tt�e Registered Halder identitied above, or registered assigr�s, on the Maturity Date identified above; the Maturity Amount showa above; solely from the revenues hereinafter mentioned. The Original Prtncipal Amount identified above will aecrete from the Date af Original Issue at the approximate Annual Yteld identified above (subjeat to tY�e rounding oF th� Aeereted Values), campounded as det�rmined by subsequent resalution. The Accreted Value will be paid at maturfty {or upon earlier redemptton) but or�ly upon presentation and surrender of this Bond� provided that at maturity or upon earlier redemptlon hereof� the Accreted Values (per a5�U40 Maturity Amount) as set �orth in the Table of Aeereted Values shall determine the total amaunt due (per �5,000 Matur{ty Arnount) to the date of �neturity or redempttan. Both prtne€pal o!, prem[um, it any, snd tnterest on this Hond are payable {n any eoln or currency of the United States wh{ch at the ttme oi payment is lega! tender far the payment of publtc or prtvate debts. The Aeereted Value ot this Bond shell be payable upan presentation and surrender hereoi on the Maturtty Date or the date f{xed ior redemption at the corporata trust ofiice ot (the "Paying Agent") in , FIorlda� or at the atfiee destgnated for sueh payment af any successor thereof. This Hond is one oi a duly autharized issue of Bonds of the Iasuer designated "Water end Sewer Revenue Hands, 8erles i988" in the ng�gregate principal amouist Q[ � ' , of iike tenar and efleet� exeept as to number, date� serles, redemptian pro�isions, and M$turtty Date, issued to tiaance a portion of the cost of refnnding the Issuer's outstanding Water and 3ewer Revenue gonds, Series 1987, and a portion of the [asuer's outstanding Water and Sewer Revenue Honds, Series 1984 {colleotively, the "Refunded Banda"} and tu ftnanee the eonstructton aad acquisition o! additions, extensions and improvements to the complete and consoltdeted water and sewer syster�� {the "3ystem") of the Issuer, pursuant ta the authority at and in iull compliance with the Canstitution and laws o! the 8tete of Flor[da, ineluding parttcularly Chapter 186, Part [I, Florida Statutes, and other agplicable prov�sions of law, and pursuant to Ordinance No. 367�-8�� �s amended and suppletnented, particularly as supplemented by Ordlnsnce No. , duly enacted by the Issuer on � 1988� as supplemented (herelnefter eolleeti�ely aalled the "Ordinance"), and is subjeet to all the terms and condttions oP such Ordinance. . '" ''' `� This Band an� the isgue of Snnds of which it is a part, are speeia! abiigations : .,.�� ;,. � =�`��_��. ��.��dr,�� . oP the Iasuer payable svlely irom and secured by an irrevoeable lisn upon and pledge of the -�; r:� �: �',t����;�;�� � net re�enues derlved by the Issuer from the operatton o� the System (hereinafter referred �.:,���;' to as the "Pledged Revenues"}, on a par[ty with the Issuer's Water ana Sewer Revenue ''�'� Bonds, Series 1984, rematning outstandtag after the refunding of the Refunded Bonds (the �d�4� 3 r z;� �:�*;';: "Parlty Bonds"), all in the manrier provided !n the Ord�nance. H�U z��C��"r��_ (.✓:» ` "—�---.—. ., �.�a � ;�_+riv� . . _ � . .. '" , ..`T?'�`" . .. � " �•t��'.... __ ' ' s: ;:�:f�;:,,;:;:�v%��;:'�::���r�ir,'. ''i'i� ,''•'�'�'�•4':-' :.iS:.?j.�#na rs� , ��9a,.a-�pS�� ••k` � ii; �. . :f:_- -:, '>;="+i.:f'jf,�;�.. '-�. : ��°� =:=r�:;, . .,�;; :-.. 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' . . � . . . .. i . . � ' ; • ' � . , � .. .• , .r'F.i't]f�`�..F�'a:�--I�S4i,k��i'`�"� �`R�'' eiY..,.�__ , w.....1w....nr....e�r.i.,n+w..«ttrp4MM^..rf �:'# f .�r.wr� _,Fa.14�s•.yvwL.raa,i.�..r...�.....-.......a.wa.rar � uYi •F1.'�j'tiTa .w9.s.+..:`1:::.`.t.=�......,.'�d1..:+. rl' •1'.'..i.�i�rii.a+��`V�.>:`� , � e �.�s:7�i'�r+. l�'e� Ek�nq��.a-w*. ,N.�Ir �n+4eoVi �f?sia�[�r�us,w.e.• e �,,�':: ..' i�:}��,y�l Y°•�':L�,`��c�}4.`,ary4�l.�S .:5{ 9.1�: .���i;f �!�'�,- � . , l8 s "i;��g' � �, ' Thie Band does not eonstitute a general obligation� ar � pledge of the fdith� cred�t or kaxing power af tha Issuer, the 5tate of Ploridn or any palttical subdivision thereaf, within the meening oi uny �onstitutional or statutory provisfon ar llmitatlon. Neither the State of Florida nor any politicai aubdivision thereo{, nor the [ssuer 9hn11 be obligated �l} to exerei�e ite Ad vulorem taxi�g power ar �nJ csther tnxing power !n �ny form on any real or personnl property in the Issuer to pay t3�e Qrincipal of the Bonds, th� Interest thereon or other costa ineident thereto or (2} ta pay the same from any other funds af the Issusr� except fror� the Pledged Revenues, in the ma�ner provlded herein und Iri the Ordinsnee. It ie Purther agreed between the lssuer and the registered holder of this Band that this Band and the indebtedr�ess evidencecf hereby shall not eonstltute a lien on the projeet or any other property af the issuer, but shall constitute a lien anly on the Pledged Revenues� in the manner provided in the Ordinance. , (INSERT R�D�MPTION PROVI$ION3) 8onds in Maturity Amounts greater then �5�OOQ shall be deemed to be an equivalent number of Bonds of the Maturity Amourit of 55,000. In the event a Hond Is of a Maturity Amaunt larger t�an �5,000, a portion of such may be redeemed� but Bonds shaIl be redeemed only in the maturEty amount of S5,OOD ar any integral mult[ple thereof. in the event eny of the Bonds or porttons thereof are called for redemptton as aforesatd� notice thereof identifyiag the Bands ar portions thereoP to be redeemed will be git+en by the Registrar {w�o shall be the paying agent for the Honds, or such other persan, ftrm or corporation es may irom time to time be designated by the Issuer as the Registrar for the Bands) by meiling a eapy of the redemption notlee by ftrst-class mnil (poatage prepaid) nnt more than thirty (3fl} days and not less then ftfteen {15) days prior to the date f{xed for redemptian to the registered owner oP each Bond to be redeemed in whaie or in �art at the address ahawn on the registratian books. Patlure to give such notice by maiiing to any owner of Bonds, or any defect therein� shail not afiect the validity of any praceed[ng for the redemption of other Bonds. All Honda so ealled for redemptian w[11 eease to beQr interest after #he speciPied redemptian date provlded funda for their redemption are oa deposft at th� place of payment at that time. If the date far pay�nent of the princi�al of, premium, if any, or interest on this bond shall he a 8aturday, Sunday� leg�l holiday or a day on whieh benking lnstitutions in the city where the cor�orate trust office o# the paying agent [s located are authorized by law or executtve order to elose, then the date for sueh payment shall be the next suaeeeding day which is not a Saturday, Sundsy, legal holidsy ar a day on whfch such banking instituttons are authorized to ciose, end payment an sUCh date sria11 ha�e the same force and effect as ti made on the nom[nal date of peymer�t. Fn and by tt;e Ordinance, the Issuer has eovenanted and agreed with the hoiders o! the Bonds that It will fix, estebltsh and maintaln such rates and colleet such fees, rentals and other eherges far the services and faeilities of the System and revise the same irom time to time whene�er neeessary� as will always pro�ide Grass Re�enues iri each Fiscal Year suf[ieient to pay the Cost o! Operation and Maintenanee of the System in such Fiscal Year, 11596 of the Bond Service Requirement becomtng due in sueh Fiscai Year an the �utstandtng Perity Honds, on the outstanding Honds and or� all outstariding Addttional Bonds, plus 10096 0! aIl reserve and other Qayments requtred to be made �ursuant ta the �rdinanae, and has entered into certain other cover�ants and agreements respecting the Bonds, es ta which reference ia made to the Ordingnce. [t is hereby cert[fied and recited that a!1 acts, eonditions and thtr�gs required to exist, to happen and to be perfarmed precedent to and in the [ssuanee of thts Hond exist, ha�e ha�pened and have been performed in regvlar and due form and time as required by the laws and Constitut[on of the State of Florida applieable thereto, and that the tssuanee of the Bonds of thts issue does not v[aiate any constitut[onal or statutory limttatlons or provisions. Subject ta tha pravisions o4 the Ordinance respeeting registretion, thts Bonci is aad has all the qualities and incidents oP a negotiable Instrument under the Un34orm Commereial Code - Investment Seeurities of the State ot F'lorida. �..'.�yj� �} �. ;r The Honds are issued {n the form of fully registered bonds without coupons [n }�:.'.,�x,1��'. ' Maturity Amounts of �5qQ0 or any [ntegral multiple of �5000. Suhjeet ta the 1lmitations j lf�. _^'� �� � and upon payment of the eharges provided in the 4rdinanae, Honds mey be excha�ged far ��•�... isr'„�> ��:�r�.�; a like aggregate mate�rity amount of Bonds of the same maturity. Thls Bond is �,�_��>�; transferable by t�e Registered Holder hereof in person ar by his attorney duly �e�thor[zed �i''� r� �:'� '„�'_a��. in writing, at the at�ove-ment[oned of�iee af the Registrar, but only in the manner, subject B-7 � T,�T`�w►i:'�ti—��—..cy-�.# � — ^ — ' . , _ �.•�l�`}{+�r.'^s � • , �:t �T� .'�._ ..yr - . . ..s _.. ' : , , .;._ ;;, -':�w'`^ }1���� . . �: �i'.' � �-"� � +'� n:: i, ' '��yr�;��°. ��s� ,� " ;r°�4'�J.i� 1 '"�i' .���.Na. J:.•�'.i! ; . .si's � � ���; .t:.. k�'''p.<�},. ,?�; :':f �. .. .tf' ' ��'.,�.�� . � ��. ; ;:; ;:.;;;,,: ' �'�,�...�'° � y�i1.V...75 •,�y.: .t :r;'z": � ,,' . �`.s, yr,J>�,. ' u� ��'';3"�` ;°+t';'� ' "' , ; ;�:::: ��;;,;�n: . � : `.: k , :' �•5��1.• "!.� �''v. 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"�; � �Y . .�``:' ,k .� ,�5. �.fnt� :Fi r-� =7 .r' 1 .,.i � �a �r� :�_ :�k� :�_ e.. ,� ;a^° �'� ;��' ,.tir��< -.x�:i, :l, .s+." .7 � �. s.'` ' . Y .R' 2� t="f_ F,� ,{ Yi.. .. P.i.: .�,� t i��` ..`"�; � d . 'Xx r .v , £^'. j'� . ,,. a,`"' :�a : .f�.. d. wr .4. �1. ' _f` ..P'. 1:k.. .eeX'�',.. . . 15�' ��:� °x '.,�° '`e5�. �>; i :'i: :'.:.,: ..'i•':'°`�.�L.:�� '%=.F..v� '1:�.:i`°^��.' 'f .1 . . v= ( �}„ �x �5 i . 5 7: .S°, .•Yr� '.i "� f �} ..t_'t. ;l 'r,......r�. . C� x= '��.j t��:.. �'ifr, .'s: sa .� , .v. `{�-" r r. �•e `z°' >. � ,5 '�i'r ,i` a�. G'. "�:� 1,��, ..J-� . ��, }x'.' . f.��:.^.. � ,-4 � i :II". 3 .F' «�� y, ..r' ,y,�;,� ('i�'t � i �i a.:� '> +�•e e?�. ,� 4 . . ., > s . f^^ � c .. }�:•:' ��.�i..'� f .'...'�', �� .a., .,�r.t. .. �'• ��^ r,��r �t"i�.'?t� � a °�1�'� . ''2�� .i{ e� � "EU� �� ( t :t .f':i �' . ,t �-'_ f .�>- Y'�.� `'r� �,1r .:��' .�. . :��9.V •1:'� u� s .Th � � � • --!'.r k� ti°.� x� . �':'�. ".,�t •:� .Sr�J "t"t. 4' .a. \. i) e:. ..r �' i % ,f-:: _ •i. •�'.5:�... •t,7:r:��s, ..F . ... _.i�.' ^.x. c._. .il. i.°. r'; S�r tru^ .b:..v f . . :�3r.': "'�:.: .�°c i° . Pi�! � "'@�":S� ! .£3 .� `� . :dr .i� :l,.. �Y � s�"� M 7 +� l - i�. %7k. �s ♦a, }„ S . ;7• ':7': -3":!' �J f�� ::/ �.� i �,k �>, .y-: •.i I I., i , 'F;.';t•`� .4 , `,f. i,- y �..,i..:��. , i.. ^.St" ::Yr .. . . . ('ir•' �'�i . :.:r,s r ."'.7t'... . , n"J•S « r, a . . . . . .� , fi;•�r:! u _M �.'k".' . . �"� ,C•r. �'Y e 1':l . . . . .. � .i. '�I`. ���e.�:..��irwAF3.�KA ���fl.. . .i!L�.:.,.r:� w< nr.t....».�wr...aa.._.. . . . _ .r.r .... ..... .. . .�. '�_t.�, . . . �i:: a}V,�i � .v' a_�i:.�� ...� ._�; � . � <;t i�' : ,.<<� `f;�t; '.�� - trr :� :�. .?,z �l.f ..� : ` � � 1 � � t� the 1Smltatioas and upon puyment af the eharges provided !n tha Ordin�nce, and upon surrender end eanc�llatlon of this �ond. Upon sueh tru�nsfer n, new Bond ar Honda oP the same maturtty and rate ot intereat, and of autharixcd maturity emount� for the snme ugg�regate meturi#y amaunt, witl be Issued to tha trtsns[eree (n exr.hange theretar at the esrllest praeHeablc ttme In accordan�e with the grovisiong of the Ordlnunee. Hands may be transterred uPan the registration books upon delivary to th� Regletrar o! the Honds, aeeort�panted by a writtea instrument ar instruments of transfer !n [orm and with guaranty ot �tgnatura satistaetory to the Registrnr, duly exeeuted by the Registered Holder o{ the �onds to b� transferred or his attorney-in-fact or lega! representativa� eontoining wrltten instruetinns� as to ttie deta�ls of the transfer of such 8ondg� alang with the soc�al seeurlty number or feder� employer ldentitiaation numbcr ot such trunsfereQ and, i! sueh transferee ta a trust, tite name and socla� securlty ar [ederal empYoyer ideatifieatlon numbers af the settlar snd bene4lclaries oi the trust� the Pederal employer identlfieatton r�umher and date ot the trust and the name o! the trustee. Th� Isauer or thc Registre�r may et�arge the Regiatered Holder of such Qond far every sueh trnr�sfer of a Hond an amaunt euftteient to relmburse them for their reasonable fees and any tax� fee, or other goveramental charge required to be paid with respeet to sueh tranaier, and may require that sueh ch�rge be paid hefore any such new Hond sha11 be delivered. "^��'� � � Tt�e Issucr may deem and treat tne registered holder hereof as the abaolute .��1�� <,�r't�, �. . owner hereof (whether or nnt thte Bond shal! be overdue) for the purpoae oi reeelv�ng ;. ,, ' payment af or an accaunt ot prirtctpal hereo! and Interest due hereon and far all ottter :���$"�'� �urpoaes, and the Issuer shall riot be aftected by any notlee to the contrary. 'z 'f' ... " Thls Bond shail not be vaiid or beeome abligatory for any purpose or be � entitled to any security ar benefit uader the Ordinanee until the certtfiaate oi authenti- ♦�,:;;:'� �: cation endorsed hereon shall have be�n d�ly sigried �y the Registrar. , ,1:���� ' ,2,�,..... '` ::c�';`. IN WITNBSS WHEBEOF, the City of CIearwater� Florida, has iss�ed this Band ��' anci has cauaed the same to be exeeuted by the manual or Pacsimile atgneture of Its a.�;=:�� Mayor-Commiasian�r and City Maneger, and attested by the manual or #aasimile aignature :��,w..;�;; � � of it� City Clerk, and its of4ictal seal or a facs{mile thereof to be afflxed� Impressed, Y; `��1�:�"• imprinted� lithagraphed or repradueed hereon, gs of , 1986. : .�:,.. = �, ; . � . e � �'' � � � �. � (SEAL} ATTE3T: City Clerk Approved as to Farm and Corrertness: City Attorney CITY OF CLEARWATBR, FLORIDA Mayor-Commissioaer Clty Manager B-$ � ,� .., �:_:;.�...-�.i' L,�+;�.e„"'r�t:�;,�" -'ti'0... . . . .. _, , ' -" ' -�"`.��:�'v;� ^S�i,���:_ _ . ` A ' . . , � • ��: _. ._ =ti-,'~ � - . .. - ' • . ., . , • . , '�:;��'�:�.:� _ , . , � , ' . `. . ' .. - . , .. , .. ...._._�..._.._ �.._--_--_.---- ----:-.:�._....�. _._ _ __. . . -_ _ _ ._ " --_._. . _ _ '. ... ' �R�:;.;�.� _ � • a��i� � +�' C�RTIFICATS OF AUTH�NTICATION OF BOND �t�al6TRAR � � �Th�a bond le one of the lesue o[ the withlrt siaseribed �onds. The interest rate� du� dato� � .• . ' reglgtered owner and prinaipal amot�nt shown �bove are earrect in alt respeats and huva � . been reeorded� along with khe appl3Ce,bla federal taxpnyer identiflaatloa number and the ! � address of the registered holder, in the 8oad Register meintatned gt the prineipal oCfices � f � .� � nf tha underatgned. � , ` , Rcgistrsr �� �� . ., a e ;'� •. � Date n! F�egletretSor� and Authentica#lonr j� BYs � � Authortzed Oftiecr 3 , . • � � � . , � .. ,f . , , . ;. r1 , j . Y . � ' Y � J i� . . i i. . . . . . , ' , � X i , , � � ��� . . . ' ' � . . . . � . ,� �i •. ' . �± '�e � .' . � t' Y � f. � ' � • . � , . ' . . i . ' . � ,� ' A � . � . ' , . ' . � , , ' , r' . : . . . . . . . . . . , . . . .. .. � . . . . �Y , , ' , � � � . . ' . ' � . . ° � . � ' • , . �� � . . . , ' . . ' . . ' ' . '. � .� � . . ' � ' . . 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ABSI(3NMBt+iT NOR VALUB ASCSIYSD, the uttdersigned {the "Transferor"), �h'ereby sells� �ssigns, nnd tranelers unto {Pieese insert ne�me and 3oelal Security or Federal Employer Ident�ftcatfon number of assignee) the witrin band and al! right� thereunder, and hereby irrevoeat�ly eonstitutes and appointa (the "Transferee"} as attorney to register the transfer of the withtn Band on the books kept !or registrstion thereof, wlth tull power oi substitution �n the premiaes. Datet � ` Sigriature Guarenteeds ,, . NOTICE: Signature(�s) muat be guaranteed by e member firm oP the New York 3#oek Exchange or a cammereisl bank or a trust company. . 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