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ORDINANCE NO. 4696-88
AN ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA,
AMENDING ORDINANCE NO. 4612-88, WHICH AUTHORIZED
THE ISSUANCE OF NOT EXCEEDING $90,000,000 WATER
l AND SEWER REVENUE BONDS, SERI M- 1988; AMENDING
THE DEFINITION OF "REFUNDED BONDS;" AMENDING THE
s RATING REQUIREMENTS FOR ANY SURETY BOND OR
INSURANCE POLICY TO GUARANTEE PAYMENT OF
PRINCIPAL AND INTEREST, WHEN DUE, OTHERWISE
PAYABLE FROM THE RESERVE ACCOUNT, IN LIEU OF
y DEPOSITS IN THE RESERVE ACCOUNT; PROVIDING FOR
' THE SEVERABILITY OF THE PROVISIONS HEREOF;
t PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Clearwater, Florida, has
previously enacted Ordinance No. 4612-88, authorizing the issuance of not exceeding
i
$90,000,000 Water and Sewer Revenue Bonds, Series 1988; and
t'
WHEREAS, the City Commission now finds it necessary to amend Ordinance
4612-88 in various respects; now therefore,
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY
OF CLEARWATER, FLORIDA:
Section 1. Ordinance 461288 is amended In part in the following respects;
(a) The definition of "Refunded Bonds" as set forth in Section 2 is amended to
read:
"Refunded Bonds" shall mean the Issuer's outstanding Water and Sewer Revenue
Bonds, Series 1987, and all or a that portion of the Water and Sewer Revenue' Bonds,
Series 1984, to be determined prior to the delivery of the 1988 bonds matta-l"g-en-and-
e€ter-Beeember-•1-x 1.906.
(b) The sixth unnumbered paragraph of Paragraph (3) of Subsection B of
Section 16 is amended to read:
Notwithstanding the foregoing provisions, In lieu of the required deposits of
Revenues into the Reserve Account, the issuer may cause to be deposited into the
Reserve Account a surety bond or an insurance policy issued by a reputable and
£ recognized insurer for the benefit of the Bondholders in an amount equal to the
difference between the Maximum Bond Service Requirement and the sums then on
deposit in the Reserve Account, if any, which surety bond or insurance policy shall be
4 payable (upon the giving of notice as required thereunder) on any interest payment
date on which a deficiency exists which cannot be cured by funds In any other account
' held pursuant to this Ordinance and the Original Ordinance and available for such
purpose. The insurer providing such surety bond or insurance policy shall be an insurer
whose municipal bond insurance policies insuring the payment, when due, of the
principal of and interest on municipal bond issues results in such Issues being rated in
9
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'N Eff
e .
1
f
the highest rating category by both eit'Her Standard do Door's Corporation and or
Moody's Investors Service, inc., or „their successors eraR}+-4nsurer-who-He1?r?H
}?ighes?pelicy}?ei?er-rnEing-seeerded-#r?curers-??y-ArM?Beat-dc-Gee-oar-e?ny eompnra?--
serv4ee. If 'a disbursement is made from the surety bond or an insurance policy
provided pursuant to this paragraph, the Issuer shall be obligated to either reinstate
the maximum limis of such surety bond or insurance policy immediately following such
.?
disbursement or to deposit into the Reserve Account, as herein provided in this
paragraph for restoration of withdrawals from the Reserve Account, funds in the
s? amount of the disbursement made under such surety bond or insurance policy, or a
combination of such alternatives.
Section 2. All sections and provisions of Ordinance 4612-88 not herein expressly
• i
amended shall remain in full force and effect as adopted.
Section 3. If any provision of this ordinance is declared invalid for any reason by
a court of competent jurisdiction, the remaining provisions if any shall continue in full
force and effect as if such declaration had not been made, and for such purpose the
provisions hereof are declared severable.
Section 4. This ordinance shall take effect immediately upon adoption.
PASSED ON FIRST READING October 6,, 1988
PASSED ON SECOND AND FINAL
READING AND ADOPTED October 20, 1988
Mayor-Comm s oner
Attest:
I
C ty lerk
Approved as to form
and correctness:
-' City Attorney
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