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• ORDINANCE NO, 3217-83
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA, AUTHORIZING THE MAKING OF A
MORTGAGE LOAN THROUGH A QUALIFIED LENDING INSTITU-
TION FOR THE ACQUISITION, CONSTRUCTION AND EQUIPPING
OF AN INTERMEDIATE AND SKILLED CARE NURSING FACILITY;
AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $2,525,000
INDUSTRIAL DEVELOPMENT MORTGAGE REVENUE BONDS,
SERIES 1983, OF THE CITY FOR THE PURPOSE OF FUNDING
SUCH MORTGAGE LOAN; PROVIDING THAT SUCH BONDS SHALL
BE PAYABLE SOLELY FROM THE REVENUES HEREIN PROVIDED
THEREFOR; APPROVING THE FORM AND AUTHORIZING THE
EXECUTION AND DELIVERY OF A TRUST INDENTURE SECURING
THE HOLDERS OF SUCH BONDS AND A SUPPLEMENTAL LOAN
AGREEMENT; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF
SUCH BONDS; PROVIDING FOR THE PAYMENT THEREOF; PRO- '
VIDING CERTAIN OTHER DETAILS IN CONNECTION THEREWITH;
AND PROVIDING AN EFFECTIVE DATE.
BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA, than:
SECTION 1. AUTHORITY. This ordinance is adopted pursuant to the pro-
visions of Chapter 159, Part 11, Florida Statutes, and other applicable provisions of law
(hereinafter collectively referred to as the "Act").
SECTION 2. FINDINGS AND DETERMINATIONS. The City of Clearwater,
Florida (the "Issuer") hereby finds and determines as follows:
A. The Issuer is authorized and empowered under the Act to make and
execute financing agreements, contracts, deeds and other instruments necessary or
convenient for the purpose of facilitating the financing of the acquisition, construction
and equipping of projects as defined in the Act, including nursing homes, including
machinery, equipment, land, rights in land and other appurtenances and facilities related
thereto, to the end that the Issuer may be able to promote the economic growth of the
State of Florida, increase opportunities for gainful employment and otherwise contribute
to the welfare of the State of Florida and its inhabitants, and to finance the cost of such
projects by the issuance of its revenue bonds.
B. The Project is appropriate to the needs and circumstances of the Issuer's
community and the location of the Project therein will make a significant contribution to
the economic growth of the Issuer, will provide gainful employment, will improve health
care, and will serve a public purpose by providing skilled and intermediate nursing care
and by advancing the economic prosperity and the general welfare of the State and its
people.
C. The Issuer is capable of providing when needed all the necessary public
facilities, utilities and services that will be necessary for the construction, operation,
LKL-8/24/83-208A
Rev.8/31/83 ..1_
Ord. 3217-83 9-15-83
r
e
ST. PETERSBURG TIMES ?3 a 5?5°53
and EVENING INDEPENDENT
NMWwd Daily
U. Petasburg, Pinellas County, Florida
STATE OF FLORIDA S. S.
COUNTY OF PINELLAS
Before the undersigned authority p sonally app??r A L. Taylor
who oa oath says that he is E one Cou_ntes KOf the C earwafex-fiimes
a daily newspaper published at St. Petersburg, in Pinellas County, Florida: that the
arraehed copy of advcrd3=cnt,,being a . Le$Aj K tkge
in the matter _--_ M:- Notice of 'proposed en&df.ttfdf1r -------
------------------------------- ------------------------------------
w -
1D as published in said newspaper in the issues of the
-.§P-2. t??e ...... ; _ x?
------------------------------- ------ ----
Clearwater Times
AsTunt further says the said is a newspaper
published at 5t. Petersburg, in Said Pinellas County, Florida, and that the said news.
paper has heretofore been continuousI published in said Pinellas County, Florida,
' races day and has been entered as second class mail matter at the post office in St. Pe.
i mrsburg, in said Pinellas County, Florida, for a keriod of one year next prcoedwg the
fuse publication of the 2=cbed copy of adternxmcat: and affiant fiusbcr says that
he has neither paid nor promised any person, firm, or corporation any diacount, rc.
bate, oommiasion or refund for the purpose of securing tbrs sdrercisemenr forpuii-
scion in the said newspaper.
Sworn to and su"bed aE I VQ
t before me this day of
arc L1?2?? _ 9 g
SEP 9 go
(SEAT.) Notary Public
NOWY Publlr., State DI Flar;da at Large Ct : .
My commission cxpirea MY Commruioa F?p?res kEta . 1, 1997--E
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az?{...jr'z'?v..,tiz.? j4?Ss?.w %,t•.c?;ii' °??:: mil.. :§s? ''..w W :t. ?z.r.:,??..? ?:t?.C"J.?..tk•{ yam'°....?ir
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repair and maintenance of the Project and on account of any increase in population or
other circumstances resulting by reason of the location 'of the Project within the
territorial limits of the Issuer.
D. Adequate provision is made under the provisions of the Supplemental
Loan Agreement for the repair and maintenance of the Project at the expense of the
Owner, and for the payment of the principal and premium, if any, and interest on the
Bonds.
E. The principal of and premium, if any, and interest on the Bonds and all
payments required under the Supplemental Loan Agreement and the indenture shall be
payable solely from the proceeds derived by the Issuer under the Supplemental Loan
Agreement including the payments to be made by the Owner, and the Issuer shall never be
required to W levy ad valorem taxes on any property within its territorial limits to pay
the principal of and premium, if any, and interest on the Bonds or to make any other
payments provided for under the Supplemental Loan Agreement and the Indenture, or GO
pay the same from any funds of the Issuer other than those derived by the Issuer under the
Supplemental Loan Agreement; and such Bonds shall not constitute a lien upon any
property owned by or situated within the territorial limits of the Issuer except the Project
in the manner provided in the Supplemental Loan Agreement and the Indenture.
F. Giving due regard to the Owner's projections of the ratio of current
assets to its current liabilities, net worth, .earnings trends, coverage of all fixed charges
for the Project, the nature of the Owner's business and the industry in which it is involved,
its inherent stability, and all other factors determinative of the Owner's capabilities,
financial and otherwise, of fulfilling its obligations consistently with the purpose of the
Act, the Owner is financially rerponsible and fully capable and willing to fulfill its
obligations under the Supplemental Loan Agreement, including the obligation to make
payments thereunder in the amounts and at the times required pursuant to the terms of
the Supplemental Loan Agreement and the obligation to repair and maintain the Project,
and the Owner is desirous of fully performing all other obligations and responsibilities
imposed upon it pursuant to the provisions of the Supplemental Loan Agreement.
G. The payments to be made by the Owner to the Trustee under the
Supplemental Loan Agreement will be sufficient to pay all principal of and interest on and
premium, if any, for the Bonds, as the same shall become due, and to make all other
payments required by the Supplemental Loan Agreement and the Indenture.
LKL-8/31/83 208A
-2-
Ord, 3217-83 9-15-83
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H. The costs to be paid from the proceeds of the Bonds will be costs of a
project within the meaning of the Act.
1. The interest on the Bonds will be exempt from federal income" taxation
under existing laws of the United States.
SECTION 3. AUTHORIZATION OF TRUST INDENTURE, SUPPLEMENTAL
LOAN AGREEMENT, AND BONDS. The execution of the Trust Indenture and the
Supplemental Loan Agreement, in substantially the forms attached hereto as Exhibits A
and B, respectively, are hereby authorized, and the proper officers of the City shall
execute the same with such changes and additions as shall be hereafter approved by such
officers (such approval of such final form to be presumed by their execution thereof). The
issuance of the Bonds in not exceeding the aggregate principal amount described above is
hereby authorized pursuant to the Trust Indenture. The date, interest rates, interest
payment dates, maturities, redemption provisions and other marketing features of the
Bonds shall be fixed at the tima of sale of the Bonds by resolution of the City Commission
supplementing this ordinance.
SECTION 4. OTHER APPROVAL& The forms of Building Loan Agreement,
Mortgage Note and Mortgage, referred to in the Trust Indenture and Supplemental Loan
Agreement, shall be approved by- resolution of the City Commission at the time of sale of
the Bonds, and the Trustee and other parties named therein are requested to execute and
deliver such documents for the purposes herein and therein stated.
SEC77ON S. AUTHORTLATION OF ALL OTHER NECESSARY ACTION. The
proper officers of the City are hereby further authorized to take all such additional
necessary action on behalf of the City as shall be necessary to implement the financing of
the Project specified in this ordinance and in the Exhibits.
SECTION 6. ELECTION UNDER SECTION 103(b)(6XD). The Issuer does
hereby elect to have the provisions of Section 103(b)(6)(D) of the Internal Revenue Code
of 1854, as amended, apply to the Bonds and the Mayor-Commissioner or City Manager is
hereby authorized and directed to evidence such election by executing and filing on behalf
of the Issuer a statement in the form required by Section 1.103 10(b)(2)(vi) of the
Regulations of the Internal Revenue Service.
SECTION 7. NO PERSONAL LIABILITY. No covenant, stipulation, obliga-
tion or agreement herein contained or contained in the Supplemental Loan Agreement or
contained in the Indenture shall be deemed to be a covenant, stipulation, obligation or
LKI,+-8/31/83-208A -3-
Ord. 3217-83 9-15-83
agreement of any member, agent or employee of the Issuer or its governing body in his
individual capacity, and neither the members of the Issuer nor any official executing the
Bonds shall be liable personally thereon or be subject to any personal liability or
accountability by reason of the issuance thereof.
SECTION 8. SEVER.ABUM. If any one or more of the covenants, agree-
ments or provisions of this ordinance and the Exhibits should be held contrary to any
express provision of law or contrary to the policy of express law, though not expressly
prohibited, or against public policy, or shall for any reason whatsoever be held invalid,
then such covenants, agreements or provisions shall be null and void and shall be deemed
separate from the remaining covenants, agreements or provisions, and shall in no way
affect the validity of all the other provisions of this ordinance, the Exhibits, or the Bonds
to be issued hereunder.
SECTION 9. EFFECTNE DATE. This ordinance shall take effect im-
mediatelvy upon its enactment.
SECTION 10. NOTICE. Notice of the 'proposed enactment of this
ordinance has been properly advertised in a newspaper of general circulation
in accordance with Section 166.041, Florida Statutes.
PASSED ON FIRST READING September 1, 1983
PASSED ON SECOND AND FINAL
READING AND ADOPTED September 15, 1983
Mayor- Commis s
Attest: .
City Clerk
-4-
9-15-83