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ORDINANCE NO. 472B-88
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA, AUTHORIZING THE BORROWING OF
$980,000 FROM THE GULF BREEZE, FLORIDA, LOCAL GOVERN-
' •"< ': MENT LOAN POOL PROGRAM TO FINANCE A CAPITAL PROJECT
OF THE CITY; AUTHORIZING THE SUBMISSION OF A LOAN
APPLICATION; AUTHORIZING THE EXECUTION AND DELIVERY
?';;L`;:•44; OF A LOAN AGREEMENT IN CONNECTION THEREWITH;
AUTHORIZING THE ISSUANCE OF A $980,000 VARIABLE RATE
NOTE TO EVIDENCE THE OBLIGATION OF THE GOVERNMENTAL
ENTITY TO REPAY SUCH LOAN; AUTHORIZING THE PLEDGE OF
CERTAIN REVENUES OF THE GOVERNMENTAL ENTITY TO
SECURE THE REPAYMENT OF THE LOAN AND THE NOTE;
FIXING THE TERM AND REPAYMENT PROVISIONS THEREOF;
3 AUTHORIZING CERTAIN OTHER MATTERS IN CONNECTION
THEREWITH AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Clearwater, Florida (the "Borrower") is duly authorized
pursuant to the Constitution and Chapter 166, Florida Statutes, as amended, and Chapter
159, Florida Statutes, and other applicable provisions of law (collectively, the "Actto
acquire and construct capital projects for the benefit of the citizens and residents of the
Borrower and to borrow money to facilitate financing of the costs of such projects; and
T WHEREAS, the City of Gulf Breeze, Florida, has heretofore established a loan
?
(the "Program") for the purpose of financing certain capital projects of
pool program
R" - participating local governmental entities situated in the State of Florida; and
i WHEREAS, the Borrower has identified a capital project (referred to as the
"Project") which the Borrower wishes to finance from funds borrowed from the Program;
•
? and
.
;
WHEREAS, under the provisions of the documents pursuant to which the Program
?.?.r was established, the Borrower must submit its application (the "Loan Application") for
4 ..flf?a- such funds to Financial Guaranty Insurance Company (the Credit Facility Issuer) for
review and approval; and
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WHEREAS, the Borrower wishes to approve the form of application, identify the
s ecific capital Improvement constituting the Project and provide for the terms and
security for the repayment of such funds to the Program; and
r' WHEREAS, to evidence its obligation to repay the loan of funds from the'
` Program (the "Loan"), the Borrower will execute and deliver a Loan Agreement (the
- .? "Agreement") and a variable rate note (the "Governmental Unit Note"); and
.? WHEREAS, to secure its obligation to repay the Governmental Unit Note and the
loan of funds from the Program (the nLoanu), the Borrower wishes to pledge as security
f= for the Governmental Unit Note the Pledged Revenues, as defined in the Loan Agreement
I _ (the "Pledged Revenues"); and
LKL-11/16/88-267AA-2821 -1-
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WHEREAS, the Borrower wishes to approve the form of Agreement and ;3•:.:=- M
Governmental Unit Note and to authorize the officers and employees of the Borrower to
take all action necessary to obtain the proceeds of the Loan and complete the financing of
the Project in the manner contemplated by the Agreement, NOW, THEREFORE,
BE IT ENACTED by the City Commission of the City of Clearwater, Florida, as follows:
Section 1. DEFINITIONS. Terms defined In the preambles hereof shall have
• °?;??'~?;?°';'•=?°.?-:
the meanings set forth therein. All capitalized terms used herein which are defined in the Loan Agreement shall have the meanings assigned thereto in the Loan Agreement, unless
=,?{Js±F,,N.>
the context hereof affirmatively requires otherwise. f ,i,• ?r ?`,srM`
Section 2. FINDINGS. It is hereby found, determined and declared that:
(A) The Project Identified in the attached Loan Agreement constitutes
a capital project within the meaning of the Act, and the acquisition of such Project is
necessary and desirable, is in the public interest and will serve a proper public purpose. • '"?"`'?°''"
..: s ,i .
(B) it was necessary and desirable and in the public interest that the r,.??•.?+,'r,?,9rt?;
Project be acquired at the earliest possible time; accordin 1 the Borrower has advanced
the funds necessary to pay for such Project from currently available funds, to be
reimbursed from the proceeds of the Governmental Unit Note.
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(C) The long-term financing of the costs of the Project from funds
borrowed from the Program is in the best Interest of the public and will enable the
Borrower to complete the Project In a timely manner to meet the current public need.
(D) The estimated receipts of Pledged Revenues are sufficient to pay ?;;,z .;,ta;N3J;
the principal and Interest and all other amounts payable with respect to the Loan and the
Governmental Unit Note.
dc1fE'1.'s r, a?r??i
(E) The Pledged Revenues are not pledged encumbered or hypothe-
cated '}vz
by any resolution, agreement, indenture, ordinance or other Instrument to which the
Borrower is a party or by which it is bound, except as otherwise set forth in the Loan
Agreement.
Section 3, PROJECT FINANCING AUTHORIZED. The cost of financing of
the Project, as described herein, in the manner provided in the Loan Agreement (hereinafter defined) is hereby authorized and approved, in the amount of $980,000.
Section 4. AUTHORIZATION OF FILING LOAN APPLICATION. The Loan
Application with respect to the Program, In substantially the form attached hereto as
Exhibit "A" with such changes, alterations and corrections as may be approved by the 'P- n
Mayor-Commissioner or City Manager of the Borrower, such approval to be presumed by
his execution thereof, is hereby approved by the Borrower, and the Borrower hereby
authorizes and directs said Mayor-Commissioner or City Manager to execute the Loan
Application and to deliver the Loan Application to the City Manager of the City of Gulf ` ,, tif?
Breeze, Florida, as Administrator, and Sun Bank, National Association, as Trustee under
,,;a
the Program. The provisions of the Loan Application, when executed and delivered by the
LKL-11/16/88-267AA-2821 -2-
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Borrower as authorized herein, shall be deemed a part of this instrument as fully and to .'s '• <<s.: r;,:, ;;...'Y°-',
herein.
the same extent as if incorporated verbatim
Section 5. AUTHORIZATION OF EXECUTION AND DELIVERY OF LOAN :•. -.:; .- "' "'' ''
AGREEMENT. The Loan Agreement, in substantially the form attached hereto as Exhibit
" "B", Including the Governmental Unit Note attached thereto with such Chan es alters-
tians and corrections as may be approved by the Mayor-Commissioner and City Manager
of the Borrower, such approval to be presumed by his execution thereof, is hereby
. approved by the Borrower, and the Borrower hereby authorizes and directs said Mayor-
-.;3':r? ?iT;y •':; €: i'°i'.<..,. rye •.
rF Commissioner and City Manager to execute, and the City Clerk of the Borrower to attest
under the seal of the Borrower, the Loan Agreement and the Governmental Unit Note and
' .'_..,. to deliver to the Administrator and Sun Bank, National Association, as Trustee, the Loan 9ya..x ,u?? `t.i?,? :'x•:?,' ; ?•«3s,'
Jra;S ? ?
} Agreement and the Governmental Unit Note, all of the provisions of which, when =4 , ,,f
executed and delivered by the Issuer as authorized herein and by the Administrator and
the Trustee dui authorized, shall be deemed to be a art of this instrument as full and
to the same extent as If incorporated verbatim herein.
Section 8. ISSUANCE OF GOVERNMENTAL, UNIT NOTE; SECURITY. The
.?'
Loan shall be evidenced by the Governmental Unit Note, issued in the amount of $980,000.
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The Mayor-Commissioner and City Manager of the City and the City Clerk of the City are
_•. ;
: , s; r.' _.„• :-'-,g , r?? ' , '•.
A• r hereby authorized to issue and deliver, and to attest, the Governmental Unit Note against
receipt of the proceeds of the Loan as provided In the Agreement. The Governmental
rj Unit Note shall have such terms and provisions, shall bear interest at such rates, adjusted ?;_..,;,.• _; ,,?:
in such manner and payable at such times, and shall mature in such amounts an such dates,
all as are set forth in the Loan Agreement. Upon issuance the Governmental Unit Note
shall be secured by a lien upon and pledge of the Pledged Revenues. The Borrower hereby
pledges, and grants a lien upon, the Pledged Revenues, in favor of the Governmental Unit
'L{>: Note all in the manner set forth in the Loan Agreement and the Governmental Unit Note.
Section 7. NO PERSONAL LIABILITY. No covenant, stipulation, obligation
or agreement herein contained or contained in the Loan Agreement shall be deemed to be
a covenant, stipulation, obligation or agreement of any member, agent or employee of the
Borrower or its governing body in his individual capacity, and neither the members of the
City Commission of the Borrower nor any official executing the Loan Agreement or
Governmental Unit Note shall be liable' personally thereon or be subject to any personal
liability or accountability by reason of the issuance thereof.
Section 8. NO THIRD PARTY BENEFICIARIES. Except as herein or in the
Loan Agreement otherwise expressly provided, nothing in this instrument or in the Loan
Agreement, expressed or implied, is intended or shall be construed to confer upon any
person, firm or corporation other than the Borrower, the Administrator, the Credit
Facility Issuer, the City of Gulf Breeze, Florida, and the Trustee any right, remedy or
claim, legal or equitable, under and by reason of this instrument or any provision thereof
or of the Loan Agreement, this instrument and the Loan Agreement intended to be and
being for the sole and exclusive benefit of the Borrower, the Administrator, the Credit
Facility Issuer, the City of Gulf Breeze, Florida, and the Trustee.
PREREQUISITES PERFORMED. All acts, conditions and thing's
Section 9
.
relating to the passage of this instrument, to the execution of the Loan A lication to
the execution of the Loan Agreement and the Governmental Unit Note required by the
LKL-11/16/88-267AA-2821 -3-
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Constitution or laws of the State of Florida to happen, exist, and be performed precedent
to and in the passage hereof, and precedent to the execution of the Loan Application, and
precedent to the execution and delivery of the Loan Agreement and the Governmental
Unit Note, have happened, exist and have been performed as so required.
Section 10. GENERAL AUTHORITY. The members of the City Commission of
the Borrower and the Borrower's officers, attorneys, engineers or other agents or
employees are hereby authorized to do all acts and things required of them by this
instrument, the Loan Application, the Loan Agreement or the Governmental Unit Note, or
n-. desirable or consistent with the requirements hereof `or the Loan Application, the Loan
Agreement or Governmental Unit Note, for the full, punctual and complete performance
of all the terms, covenants and agreements contained in the Loan Application, the Loan
'' Agreement, the Governmental Unit Note, and this instrument.
Section 11. TFUS INSTRUMENT CONSTITUTES A CONTRACT. The Borrower
covenants and agrees that this instrument shall constitute a contract between the
Borrower and the owners from time to time of the Governmental Unit Note and that all
covenants and agreements set forth herein and in the Loan Agreement and the Govern-
mental Unit Note to be performed by the Borrower shall be for the equal and ratable
benefit and security of all owners of the Governmental Unit Note.
-_v
Section 12. INTERLOCAL AGREEMENT. The Loan Agreement and the
' Governmental Unit Note incorporated by reference therein, shall be deemed to be an
]nterlaeal Agreement with the City of Gulf Breeze, Florida, within the meaning of
Chapter 163, Part 1, Florida Statutes, and shall be filed of record in accordance with the
provisions of the Florida Interloeal Cooperation Act upon acceptance of the Loan
Agreement by the Administrator.
Section 13. SEVERABILITY OF INVALID PROVISIONS. If any one or more of
the covenants, agreements or provisions herein contained shall be held contrary to any
express provisions of law or contrary to the policy of express law, though not expressly
prohibited, or against public policy, or shall for any reason whatsoever be held invalid,
then such covenants, agreements or provisions shall be null and void and shall be deemed
separable from the remaining covenants, agreements or provisions and shall in no way
affect the validity of any of the other provisions hereof or of the Loan Application, Loan
Agreement or Governmental Unit Note.
Section 14. NEGOTIATED SALE NECESSARY. It is hereby found, ascer-
talned, determined and declared by the Borrower that a negotiated borrowing under the
Program is in the best Interest of the Borrower and is found to be necessary on the basis
of the following reasons as to which specific findings are hereby made:
(1). A competitive sale of the Note would in all probability not produce
better terms than a negotiated sale particularly In view of the timing of such an offering
and the current instability of the bond market,
(2) The Program offers borrowing with the economies of a large scale
financing and sophisticated credit and liquidity structure which the Borrower could not
command in the market in a solitary financing of this size and type.
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Section 15. AUTHORIZATION OF ALL OTHER NECESSARY ACTION. The
iss Mayor-Commissioner, City Manager, City Clerk and City Attorney of the Borrower,
counsel to the Borrower, and Livermore Klein do Lott, P.A., Bond Counsel for the
Borrower, are designated agents of the Borrower in connection with the issuance and
delivery of the Governmental Unit Note and are authorized and empowered, collectively
;k or individually, to take all action and steps to execute and deliver any and all Instruments,
,'rv documents or contracts on behalf of the Borrower which are necessary or desirable in
connection with the execution and delivery of the Governmental Unit Note and which are
not inconsistent with the terms and provisions of this resolution and other actions relating
' to the Governmental Unit Note heretofore taken by the Borrower.
Section 16. EFFECTIVE DATE. This instrument shall take effect Immediately
upon its enaetment.
PASSED ON FIRST READING December 1 '1988
PASSED ON SECOND READING AND FINAL READING
AND ADOPTED Decenber 15 , 1988
5 e
(SEAL)
ATTEST:
CITY OF CLEARWATER, FLORIDA
Borrower
By:
` l -rtayor-Commissioner
By:
City Jerk
By:
City Manager
Approved as to Form and Correctness:
City Attorney
,
LKL-11/16/88-267AA-2821
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. 1
1
F• City Clerk of the City Commission of
the City of Clearwater, Florida, do hereby certify that the above and foregoing Is a true
and correct copy of an ordinanecas the same was duly adopted and passed, at a Regular
Meeting of the City Commission'on the ? day of tkt- ` , 1988, and as
the same appears on record In my off fee.
IN WITNESS WHEREOF,, I hereunto set my hand and official seal this
day of .??-?-- 1988.
CITY OF CLEARWATER, FLORIDA
Hy: 1? _ t
C11Clerk
-B-
STATE OF FLORIDA'
COUNTY OF PINELLAS
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