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ORDINANCE NO. 3329-S3€, e,
` AN ORDINANCE AMENDING ORDINANCE NO. 3176-83 OF tt. '
y'? THE CITY Oh CLEARWATER, FLORIDA, TO CHANGE THB ;?
E«,.
DEFINITION OF THE PROJECT TO BE FINANCED; PROVID'-
INC FOR THE ACQUISITION AND CONSTRUCTION OF EX-
TENSIONS AND IMPROVEMENTS TO, THE GAS SYSTEM OF
THE CI'T'Y OF CLEARWATER, FLORIDA; AUTHORIZING THE ya ??
ISSUANCE BY THE CITY OF NOT EXCEEDING $6,650,000
GAS SYSTEM REVENUE BONDS, SERIES 1983, TO FINANCE x
THE COST THEREOF; PLEDGING THE NET REVENUES OF
THE SYSTEM TO SECURE PAYMENT OF THE PRINCIPAL OF , ? .
AND INTEREST ON THE BONDS; PROVIDING FOR THE "
c arnRIGHTS OF THE HOLDERS OF THE BONDS; PROVIDING AN
EFFECTIVE DATE.
BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA, as follows:
SECTION 1. Amending Ordinance No. 317683. Ordinance No. 3176-83 of
the City of Clearwater, Florida, enacted on the 21st day of July, 1983, and entitled as
follows:
AN ORDINANCE PROVIDING FOR THE ACQUISITION AND
CONSTRUCTION OF EXTENSIONS AND IMPROVEMENTS TO,
THE GAS SYSTEM OF THE CITY OF CLEARWATER,
FLORIDA AND REIMBURSEMENT TO THE CITY'S GENERAL
FUND OF AMOUNTS ADVANCED TO ESTABLISH THE
SYSTEM; AUTHORIZING THE ISSUANCE BY THE CITY OF
NOT EXCEEDING $10,550,000 GAS SYSTEM REVENUE
BONDS, SERI'S 1983, TO FINANCE THE COST THEREOF;
PLEDGING THE NET REVENUES OF THE SYSTEM TO
SECURE PAYMENT OF THE PRINCIPAL OF AND INTEREST
ON THE BONDS; PROVIDING FOR THE RIGHTS OF THE
HOLDERS OF THE BONDS; PROVIDING AN EFFECTIVE
DATE.
is hereby amended in its entirety to read as follows:
"AN ORDINANCE AMENDING ORDINANCE NO. 3176-83 OF
THE CITY OF CLEARWATER, FLORIDA, TO CHANGE THE
DEFINITION OF THE PROJECT TO BE FINANCED; PROVID-
ING FOR THE ACQUISITION AND CONSTRUCTION OF EX-
TENSIONS AND IMPROVEMENTS TO, THE GAS SYSTEM OF
THE CITY OF CLEARWATER., FLORIDA; AUTHORIZING THE
ISSUANCE BY THE CITY OF NOT EXCEEDING $8,650,000
GAS SYSTEM REVENUE BONDS, SERIES 19830 TO FINANCE
THE COST THEREOF; PLEDGING THE NET REVENUES OF
THE SYSTEM TO SECURE PAYMENT OF THE PRINCIPAL OF
AND INTEREST ON THE BONDS; PROVIDING FOR THE
RIGHTS OF THE HOLDERS OF THE BONDS; PROVIDING AN
EFFECTIVE DATE.
BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF
CL'?!?RWATER, FLORIDA, as follows:
Section 1. AUTHORITY FOR THIS ORDINANCE. This ordinance Is enacted
pursuant to the provisions of the Act, hereinafter defined.
Section 2. DEFINITIONS. The following terms in this ordinance shall have the
following meanings unless the text otherwise expressly requires:
LK L-•11 /17 /8 3-30 3-119 2
Rev.12M/83
.Ord. 3329-83
-1-
1-5-84
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(A)
? P
"Act" means Chapter 180, FIorida Statutes, and other applicable provi-
sions of law.
(B) "Additional Parity Obligations" shall mean additional obligations issued
in compliances with the terms, conditions and limitations contained herein and which shall
have an equal lien upon the Net Revenues, and rank equally in all respects with the 1983
Bonds.
(C) "Amortization Installments" with respect to any Term Bonds of a series,
shall mean an amount so designated which is established for the Term Bonds of such
series, provided that (1) each such installment shall be deemed to be due on such interest
or principal maturity date of each applicable year as is fixed by subsequent ordinance or
resolution of the Issuer and shall be a multiple of $5,000, and (ii) the aggregate of such
installments for such series shall equal the aggregate principal amount of Term Bonds of
such series authenticated and delivered on original issuance.
(D) "Authorized Investments" shall mean any of the following which at the
time are legal investments for the Issuer under applicable laws, for the moneys held under
this Ordinance then proposed to be invested therein: (a) United States Treasury notes,
bonds, bills or certificates of indebtedness, or obligations for which the faith and credit of
the United States are pledgod for the payment of principal and interest, and/or (b)
obligations of Federal Farm Credit Banks, or their predecessor issuers, which are Federal
Land Banks, the Banks for Cooperatives, and the Federal Intermediate Credit Banks,
and/or (c) obligations of the Federal Home Loan Bank Board, and/or (d) obligations of the
Federal National Mortgage Association, and/or (e) time (including savings accounts) or
demand deposits in any bank or trust company authorized to accept deposits of public
funds, which are fully insured by the FSLIC or FDIC, and/or (f) repurchase agreements
with a financial institution or recognized dealer which are fully secured at all times by
obligations described in (a) through (d) of this definition.
(E) "Averse Bond Service Requirement" shall mean for any series of Bonds
Vie sum of the Bond Service Requirements in each year in which such series of Bonds is
outstanding divided by the number of years such series of Bonds is scheduled to remain
n??tatAnding.
(F) "Bond Service Requirement" for any Bond Year, as applied to the Bonds
of any series, shall mean the sum of:
(1) The amount required to pay the interest becoming due on the Bonds
of such series during such Bond Year, except to the extent that such interest shall have
LK L-11 /17/83-303-1192 . -2-
.0rd,'3329-83 1-5-84
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1 been provided by payments into the Sinkng Fund out of bond proceeds for a specified
period of time.
(2) The amount required to pay the principal of Serial Bonds of such
series maturing In such Bond Year.
(3) The Amortization Installment for the Term Bonds of such series for
such Bond Year. In computing the Bond Service Requirement for any Bond Year for Bonds
of any series, the Issuer shall assume that an amount of the Term Bonds of such series
equal to the Amortization Installment for the Term Bonds of such series for such Bond
Year will be retired by purchase or redemption in such Bond Year or that payment of such
amount of Term Bonds at maturity will be fully provided for in such Bond Year. When
determining the amount of principal of and interest on the Bonds which mature in any
year, for purposes of this Ordinance or the issuance of any Additional Parity Obligations,
the stated maturity date of Term Bonds shall be disregarded, and the Amortization
Installment, if any, applicable to Term Bonds In such year shall be deemed to mature in
such year. In the event the Issuer has purchased or entered into an agreement to purchase
direct obligations of the United States of America or obligations the principal of and
interest on which are fully guaranteed by the United States of America ("Government
Obligations'% from moneys in the Bond Amortization Account, then the income received
or to be received on such Government Obligations from the date of acquisition thereof to
the date of maturity thereof, shall be taken into consideration in calculating the payments
which will be required to be made into the Sinking Fund,
(G) 'Bond Year" shall mean the annual period ending on a principal maturity
date.
(H) "Bonds" shall mean the 1983 Bonds and all Additional Parity Obligations.
111983 Bonds" shall mean the obligations of the Issuer authorized to be Issued pursuant to
Section 6 of this ordinance.
M "Consulting Engineer" small mean such qualified and recognized Indepen-
dent consulting engineer, having favorable repute or skill and experience, with respect to
the acts and duties to be provided to the Issuer, as employed or retained by the Issuer to
perform the acts and carry out the duties herein provided.
(J) "Cost of Operation and Maintenance" of the System shall mean all current
-expenses, paid or accrued, for the operation, maintenance and repair of all facilities of
the System, as calculated In accordance with sound accounting practice, and shall Include,
without limiting the generality of the foregoing, insurance premiums, administrative
expenses of the Issuer related solely to the System, labor, cost of materials and supplies
LKL-11/17/83-343-1192 -3-
1
Otd. 3329-"63 -5-64
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used for current operation, and charges for the accumulation of appropriate reserves for
current expenses not annually recurrent but which are such as may reasonably be expected
to be incurred in accordance with sound accounting practice, but excluding any reserve
for renewals or replacements, for extraordinary repairs or any allowance for depreciation.
(K) "Federal Securities" shall mean direct obligations of the United States of
America and obligations the principal of and interest on which are fully guaranteed by the
United States of America, none of which permit redemption prior to maturity at the
option of the obligor.
(L) "Fiscal Year" shall mean the period commencing on October 1 of each
year and continuing to and including the succeeding September 30, or such other annual
period as may be established by law as the Issuer's fiscal year.
(M) "Gross Revenues" or "Revenues" shall mean all moneys received from
rates, fees, rentals or other charges or income derived from the investment of funds,
unless otherwise provided herein, by the Issuer or accruing to it in the operation of the
System, allfcalculated in accordance with sound accounting practice.
(N) "Holder of Bonds" or "Bondholders" or any similar term shall mean any
person who shall be the registered owner ("Registered Owner") of any registered 1963
Bond, as shown on the Bond Register. The Issuer may deem and treat the person in whose
name any 1963 Bond is registered as the absolute owner thereof for the purpose of
receiving payment of, or on account of, the principal or redemption price thereof and
interest due thereon, and for all other purposes.
(O) "Initial Bond Service Requirement" for any series of Bonds shall mean
the Bond Service Requirements for the first full Bond Year for which no interest has been
capitalized from Bond proceeds.
(P) "Issuer" shall mean the City of Clearwater, Florida.
(Q) "Maximum Bond Service Requirement" for any series of Bonds shall
mean, as of any particular date of calculation, the greatest amount of aggregate Bond
Service Requirements for the then current or any future Bond Year.
rv (R) "Minimum Bond Service Requirement" for any series of Bonds shall mean
the lowest amount of aggregate Bond Service Requirements for any Bond Year commen-
cing after the Project financed with such Bonds is first placed in Service.
(S) "Net Revenues" shall mean Gross Revenues less Cost of Operation and
Maintenance.
(T) "Ordinance" shall mean this ordinance of the Issuer as hereafter amended
and supplemented from time to time in accordance with the provisions hereof.
L K L-11 /17 /8 3-3 0 3-1192
Ord. 3329-83 '
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(U) "Pro ect" shall mean the acquisition and construction of additions,
extensions and improvements to the System pursuant to the plans and specifications on =
file, or to be on file, with the Issuer.
(V) "Serial Bonds" shall mean the Bonds of a series which shall be stated to
mature in annual installments.
(W) "State" shall mean the State of Florida.
(X) "System " shall mean the complete gas system now owned, operated and
maintained by the Issuer, together with any and all assets, improvements, extensions and }
elf
additions thereto hereafter constructed or acquired.
ti`xr„a
v• (Y) "Term Bonds" shall mean the Bonds of a series all of which shall be
• stated to mature on one date and which shall be subject to retirement by operation of the
Bond Amortization Account.
(Z) "Utilities Director" shall mean the Utilities Director of the City of
r`
Clearwater, Florida.
Section 3. FINDINGS. It is hereby found, determined and declared that:
=r
E A. The Issuer now owns, operates and maintains the System and derives
revenues from rates, fees, rentals and other charges made and collected for the services
•- i
of the System.
B. The Issuer desires to exercise the powers granted by the Act to acquire
and construct the Project, which consists of additions, extensions and improvements to
'q
the System. The System is owned, operated and maintained by the Issuer as a gas supply.
and distribution system in furtherance of the health, safety, and welfare of the citizens
and residents of the Issuer and of surrounding areas.`
C. The revenues from rates, fees, rentals and other charges made and
collected for the services and facilities of the system are not pledged or encumbered in any manner.
D. The estimated cost of the Project, is the sum of not exceeding
$8,650,000. Such costs shall be paid from the proceeds derived from the sale of the
Bonds, together with other funds, if any, available to the Issuer.
E. The territory to be included within the scope of the Project is described in
Exhibit A attached hereto and made part hereof.
F. The principal of and interest on the Bonds and all required Sinking Fund,
Reserve and other payments shall be payable solely from the Net Revenues derived from
the operation of the System, as provided herein. The Bonds shall not constitute an
Indebtedness, liability, general or moral obligation, or a pledge of the faith, credit or
L K L-12 /06 /8 3-30 3-1192
Ord. 3321-d3
-5-
1-3-84
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V?A. ?. - ,n ''i`a.`..?;' ra;?; v , t; ': t' {?.,•. 4':'. ;. : i ?;' *i s' :.. ,3Y??".Gq?.'?,..; ?. t..."V. , r:?
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?v= i .14.:c, :?.'• y•Y •f.: ..n . ?'{. 'ti°i' 'y? :s _
I•i ri' k~ t. .:L q: rl .. 't'Y +?C•"s tL' 4, e: ']5?,, I ,;t. iyj<. s,'•. '":5'• ?C'? ':1°..n vl :Y.-a?P bn k'? t _ .,.. ?': 4'" :i ..b..+.> :t .f .S ?,>p1i :l,.S. Ey^a t°- ?•
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.F + F Y 'ass
r thereof, within the
?j taxing power of the Issuer, the State, or any Political subdivision r, y
7 E ?1' #:: t? 3: 4'I6?t??t- t FS'
r meaning of any constitutional, statutory or charter provisions. Nether the State of 3y=
'?x aG.;.fit
Florida, nor any political subdivision thereof, nor the Issuer shall be obligated (1) to levy
'ad valorem taxes on any property to pay the principal of the Bonds: the Interest thereon,
or other costs incidental thereto or (2) to pay the same from any other funds of the Issuer
except from the Net Revenues, in the manner provided herein.
u;;
'` ?>
The Bonds shall not constitute a lien upon the System, or any part thereof, or
on another property of the Issuer, but shall constitute a first and prior lien only on the
Net Revenues in the manner provided herein. r ?r
G. The estimated Net Revenues to be derived from the operation of the
System will be sufficient to pay all principal of and interest on the 1983 Bonds to be
k issued hereunder, as the same become due, and to make all required Sinking Fund, Reserve „i
and other payments required by this Ordinance. kya? "
?? H. The Issuer adopted on June 2, 1983, its resolution (the "Intent
Resolution") reciting its intention to exercise its powers under the Act. No objections to
any of the provisions of the Intent Resolution were filed with the Issuer. ;
Section 4. PROJECT AUTHORIZED. The Issuer is hereby authorized to
acquire and construct the Project. The cost of the Project shall be deemed to include,
fr. ?d
without limitation, In addition to the cost of the items described in the plans and j
specifications for the Project, the cost of any lands or interest therein or any other
Fri.
,c
properties deemed necessary or convenient therefor; engineering, legal and financing ter'"
expenses; expenses for estimates of costs and of revenues; expenses for plans, specifica-
tions and surveys; the fees of fiscal agents, financial advisors or consultants; admin:stra-
tive expenses for plans, specifications and surveys; administrative expenses relating solely}
to the construction and acquisition of the Project; the premiums and other costs of?
obtaining insurance on the Bonds, interest upon the Bonds during construction and initial
operation of the Project; the creation and establishment of reasonable reserves for debt
service; discount on sale of Bonds; repayment of interim advances and indebtedness, if
any; and such other costs and expenses as may be necessary or incidental to the financing
h--in authorized and the construction and acquisition of the Project and the placing of
same in operation.
Section 5. THUS ORDINANCE TO CONSTITUTE CONTRACT. In consider-
ation of the acceptance of the Bonds authorized to be issued hereunder by those who shall
hold the same from time to time, this Ordinance shall be deemed to be and shall
constitute a contract between the Issuer and such holders. The covenants and agreements
LKL-11/17/83-303-1192 -6- "
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Ord. 3329-83' 1-5-84 >.
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herein set forth to be performed by the Issuer shall be for the equal benefit, protection
and security of the legal holders of any and all of the Bonds, all of which shall be of equal
rank and without preference, priority or distinction of any of the Bonds over any other
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thereof, except as expressly provided therein and herein.
Section S. AUTHORIZATION OF 1983 BONDS. Subject and pursuant to the
provisions hereof, obligations of the Issuer to be known as "Gas System Revenue Bonds,
Series 1983" herein defined as the "1983 Bonds" are authorized to be issued in the
aggregate principal amount of not exceeding $8,650,000.
Section 7. DESCRIPTION OF 1983 BONDS. The 1983 Bonds shall be numbered
consecutively, from one upward; shall be in the denomination of $5,000 each or integral
multiples thereof; shall be dated; shall bear interest at such rate or rates not exceeding
the maximum rate allowed by law, such interest to be payable semiannually on such dates
and in such years and amounts; and shall mature In numerical order, lowest numbers first,
s on such dates and In such years, and in such amounts all as shall be fixed by resolution or
ordinance of the Issuer adopted prior to the delivery of the 1983 Bonds.
Such 1983 Bonds shell all be Issued in fully-registered form; shall be payable
with respect to both principal and interest at a bank or banks to be subsequently
determined by the Issuer prior to the delivery of the 1983 Bonds; shall be payable In lawful
money of the United States of America; and shall bear interest-from such date, but not
earlier than the date of the 1983 Bonds, as is fixed by subsequent resolution or ordinance
of the Issuer, payable in accordance with and pursuant to the terms of the 1983 Bonds.
The 1983 Bonds may be issued or exchanged for 1983 Bonds in coupon form, payable to
bearer, in such form and with such attributes as the Issuer may provide by supplemental
resolutions, upon receipt of an opinion from a nationally recognized bond counsel that
such issuance or exchange will not cause interest on the 1983 Bonds to be includable in
gross income of the holder for federal income tax purposes.
Section 8. EXECUTION OF BONDS. Tice 1983 Bonds shall be executed in the
name of the Issuer by, its City Manager, countersigned by its Mayor-Commissioner and
attested by its City Clerk, and its official seal or a facsimile thereof shall be affixed
or reproduced thereon. The 1983 Bonds shall be authenticated by a Registrar, who
shall be such officer of the Issuer or such bank or trust company as the Issuer may from
time to time designate. The 1983 Bonds shall be approved as to form and correctness by
its,City Attorney. The facsimile signatures of such officers and the Registrar may be
imprinted or reproduced on the 1983 Bonds, provided that at least one signature required
to he placed thereon shall be manually subscribed, in case any officer whose signature
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LKL-12106183-303-1192 -7-
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shall appear on any 1983 Bonds shall cease to be such officer before the delivery of such
Bonds, such signature or facsimile shall nevertheless be valid and sufficient for all
purposes the same as if lie had remained in office until such delivery. Any 1983 Bonds
may be signed and sealed on behalf of the Issuer by such person who at the actual time of
a the execution of such Bonds shall hold the proper office with the Issuer, although at the
fib= date of adoption of this Ordinance such person may not have held such office or may not
have been so authorized.
The validation certificate on the 1983 Bonds shall be executed with the
facsimile signature of the Mayor-Commissioner. The Issuer may adopt and use for such
j purposes the facsimile signature of any persons who shall have held such office at any
time on or after the date of adoption of this Ordinance, notwithstanding that he may have
ceased to be such officer at the time the 1983 Bonds are actually delivered.
Section 9, NEGO'T'IABILITY AND REGISTRATION. A. The 1983 Bonds shall
be and shall have all of the qualities and incidents of negotiable instruments under the
Uniform Commercial Code - Investment Securities of the State of Florida, and each
successive holder, In accepting any of the 1983 Bonds shall be conclusively deemed to
have agreed that such Bonds shall be and have all of the qualities and incidents of
negotiable instruments under the Uniform Commercial Code -Investment Securities of the
State of Florida.
B. The Issuer shall cause books for the registration and the transfer of the
1983 Bonds to be kept by the Registrar. Upon surrender for transfer of any 1983 Bond at
such office, the Registrar shall deliver in the name of the transferee or transferees a new
1983 Bond or Bonds of authorized denominations of the same maturity for the aggregate
principal amount which the registered owner Is entitled to receive.
C. Any 1983 Bord or Bonds shall be exchangeable for a 1983 Bond or Bonds
of the same maturity and interest rate, in any authorized denomination, but in a principal
amount equal to the unpaid principal amount of the 1983 Bond or Bonds presented for
exchange. Bonds to be exchanged shall be surrendered at the principal office of the
Registrar, and the Registrar shall deliver in exchange therefor the 1983 Bond or Bonds
-blob the Bondholder making the exchange shall be entitled to receive. All 1983 Bonds
delivered upon transfer or exchange shall bear interest from such date that neither gain
nor loss in interest shall result from the transfer or exchange.
D. All 1983 Bonds presented for transfer, exchange, redemption or payment
(if so required by the Issuer), shall be accompanied by a written instrument or Instruments
of transfer or authorization for exchange, in form and with guaranty of signature
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satisfactory to the Issuer, duly executed by the registered holder or by his duly authorized
attorney.
E. The Issuer may charge the Bondholders a sum sufficient to reimburse the
Issuer for any expenses incurred in making any exchange or transfer of 1983 Bonds, and
the Issuer may require payment from the Bondholder of a sum sufficient to cover any tax,
fee or other governmental charge that may be imposed in relation thereto. Such charges
and expenses shall be paid before any such new 1983 Bond shall be delivered.
F. The Registrar shall not be required (i) to transfer or exchange any 1983
Bonds during a period beginning at the opening of business on the 15th business day next
preceding either any interest payment date or any date of selection of 1983 Bonds to be
redeemed and ending at the close of business on the interest payment date or day on
which the applicable notice of redemption is given or (ii) to transfer or exchange any 1983
Bonds selected, called or being called for redemption In whole or in part.
G. New 1983 Bonds delivered upon any transfer or exchange shall be valid
limited obligations, evidencing the same debt as the 1983 Bonds surrendered, shall be
secured by this Resolution and shall be entitled to all of the security and benefits hereof
to the same extent as the 1983 Bonds surrendered.
H. The person in whose name is registered any 1983 Bond may be deemed
the owner thereof by the Issuer, and any notice to the contrary shall not be binding upon
the Issuer,
. Section 10. BONDS MUTILATED, DESTROYED, STOLEN OR LOST. In case
any Bond shall become mutilated, or be destroyed, stolen or lost, the Issuer may in its
discretion issue and deliver a new Bond of like tenor as the Bond so mutilated, destroyed,
stolen or lost, in exchange and substitution for such mutilated Bond upon surrender and
cancellation of such mutilated Bond or in lieu of and substitution for the Bond destroyed,
LKL-11/17j83-303-1192 -9-
Ord. 3329.83. 1..3-84
stolen or lost, and upon the holder furnishing the Issuer proof of his ownership thereof and
satisfactory indemnity and complying with such other reasonable, regulations and condi-
tions as the Issuer may prescribe and paying such expenses as the Issuer may incur. All
Bonds so surrendered shall be cancelled by the Registrar for the Bonds. If any of the
. Rnndg shall have matured or be about to mature, instead of Issuing a substitute Bond, the
Issuer may pay the same, upon being indemnified as aforesaid, and If such Bonds be lost,
stolen or destroyed, without surrender thereof.
Any such duplicate Bonds issued pursuant to this section shall constitute
original, additional contractual obligations on the part of the Issuer whether or not the
lost, stolen or destroyed Bonds be at any time found by anyone, and such duplicate Bonds
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shall be entitled to equal and proportionate benefits and rights as to lien on the source and
security for payment from the funds, as hereinafter pledged, to the same extent as all
other Bonds issued hereunder.
Section 11. PROVISIONS FOR REDEMPTION. The 1983 Bonds shall be
redeemable by operation of the Bond Amortization Fund or at the option of the Issuer, as
provided by subsequent resolution or ordinance of the Issuer adopted prior to delivery of
each installment of the 1983 Bonds.
If a 1983 Bond is of a denomination larger than $5,000, a portion of such 1983
Bond may be redeemed, in the amount of $5,000 or any other authorized denomination.
Notice of such redemption (i) shall be filed with the paying agents, and (ii)
shall be mailed, postage prepaid, to all Registered Owners of the 1983 Bonds to be
redeemed at their addresses as they appear on the registration books to be maintained in
accordance with the provisions hereof.
Notice having been mailed and filed in the manner and under the conditions
hereinabove provided, the Bonds or portions of Bonds so called for redemption shall, on
the redemption date designated in such notice, become and be due and payable at the
redemption price provided for redemption of such Bonds or portions of Bonds on such date.
On the date so designated for redemption, notice having been mailed and filed and moneys
'for payment of the redemption price being held in separate accounts in trust for the
holders of the Bonds or portions thereof to be redeemed, all as provided in this Resolution,
interest on the Bonds or portions of Bonds so called for redemption shall cease to accrue,
such Bonds and portions of Bonds shall cease to be entitled to any lien, benefit or security
under this Resolution, and the holders or Registered Owners of such Bonds or portions of
Bonds, shall have no rights in respect thereof except to receive payment of the
redemption price thereof.
Upon surrender of any 1983 Bond for redemption in part only, the Issuer shall
issue and deliver to the holder thereof, the costs of which shall be paid by the holder, new
1983 Bond or Bonds of authorized denominations in aggregate principal amount equal to
the unredeemed portion surrendered.
Section 12. FORM OF 1983 BONDS. The text of the 1983 Bonds, and the
certificate of vu -%n shall be in substantially the following form with such omissions,
insertions and vr.'!1dd1U1.--..,,.,Ay be necessary and desirable and authorized and permitted
by this Ordinance or by any subsequent ordinance or resolution adopted prior to the
issuance thereofs
L K L-11/17 / 8 3 -3 0 3 119 2
Ord. 3329-43
-10-
1-5,14
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(Form of Fully Registered Bond)
No. R- UNITED STATES OF AMERICA $80650,000
STATE OF FLORIDA
CITY OF CLEARWATER
GAS SYSTEM REVENUE BOND, SERIES 1983
KNOW ALL'MEN BY THESE PRESENTS, that the City of Clearwater, Florida,
a municipal corporation of the State of Florida (hereinafter called "City"), for value
received, hereby promises to pay to -, , or
registered assigns, upon presentation and surrender hereof, the principal sum of
EIGHT MILLION SIX HUNDRED FIFTY THOUSAND DOLLARS
solely from the revenues hereinafter mentioned, and to pay solely from such revenues,
interest on said sum from the date hereof, at the rate of per centum ( %)
per annum, until the payment of such principal sum, such interest being payable
1, 1983 and semiannually thereafter on the first days of
and of each year. The principal of and premium, if any, and interest on
this Bond are payable in lawful money of the United States of America, at the corporate
trust office of (the "paying agent") in or
at the office designated for such payment of any successor thereof. The interest on this
Bond, when due and payable, shall be paid to the registered owner thereof by check or
draft mailed to such person at his address last appearing on the Bond Register.
This Bond Is one of a duly authorized issue of Bonds in the aggregate principal
amount of not exceeding $8,650,000 of like date, tenor and effect, except .as to number,
installments, maturity and interest rate, issued to finance the cost of the construction and
acquisition of additions, extensions and improvements to the gas, system of the City (the
"System"), pursuant to the authority of and in full compliance with the Constitution and
laws of the State of Florida, including particularly Chapter 180, Florida Statutes, and
other applicable provisions of law, and Ordinance No. , duly enacted by the City on
, 1983, as amended and supplemented (hereinafter collectively called the
"Ordinance"), and is subject to all the terms and conditions of such Ordinance.
This Bond and the Issue of Bonds of which it is a part, are limited obligations
,7! •hh? City payable solely from and secured by an irrevocable first and prior lien upon and
pledge of the net revenues derived by the City from the operation of the System (the "Net
Revenues") in the manner provided in the Ordinance. This Bond does not constitute an
indebtedness, liability, general or moral obligation, or a pledge of the faith, credit or
taxing power of the City, the State of Florida or any political subdivision thereof, within
LKL-12/06/83-303-1192
Ord.-3329-83
-11-
I-5-84
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j3 F? ', 1' :?,.1 f lR. .-tom[".' 7? •'S': ['}. '"". ". x,•.r ,R 1:E .,',F'..S„[4f•??..Syy„' R ?I?.a' J.
l t?' yr+ '? ' , %
of ,` .v• T R4'?ryyTr,
the meaning of any constitutional, statutory or charter provisions. Neither the State of 1{
Florida nor any political subdivision thereof, nor the City shall be obligated (1) to levy ad
•" f , 14?`3t? 'Li
'"s t valorem taxes on any property to pay the principal of the Bonds, the interest thereon or
f .; •.:gw' q? ?,?,. ??;
other casts Incident thereto or (2) to pay the same from any other funds of the City,
y} F '-
_h??} except from the Net Revenues, In the manner provided herein. It is further agreed
between the City and the registered holder of this Bond that this Bond and the s , <C? =t? indebtedness evidenced hereby shall not constitute a lien upon the System, or any part N. ? L 4
i!?d 1 "•! ,r Y
thereof, or on any other property of the City, but shall constitute a lien only on the Net s "
Revenues, in the manner provided In the Ordinance.
(INSERT REDEMPTION PROVISIONS)
Notice of such redemption shall be given in the manner required by the y
Ordinance. _
In and by the Ordinance, the City has covenanted and agreed with the
registered holders of the Bonds of this issue that It will fix, establish, revise from time to
time whenever necessary, maintain and collect always, such fees, rates, rentals and other
charges for the use of the product, services and facilities of the System which will always
provide revenues In each year sufficient to pay, and out of such funds pay, 100% of all
costs of operation and maintenance of the System in such year and all reserve and other
payments provided for in the Ordinance and 1259x6 of the bond service requirement due in
such year on the Bonds of this issue, and on all other obligations payable on a parity
therewith, and that such fees, rates, rentals and other charges shall not be'reduced so as
to be insufficient to provide adequate revenues for such purposes. The City has entered
into certain further covenants with the bolders of the Bonds of this issue for the terms of
which reference is made to the Ordinance.
It is hereby certified and recited that all acts, conditions and things required
to exist, to happen and to be performed precedent to and In the issuance of this Bond
exist, have happened and have been performed in regular and due form and time as
required by the laws and Constitution of the State of Florida applicable thereto, and that
the issuance of the Bonds of this issue does not violate any constitutional or statutory
.umtations or provisions.
This Bond is and has all the qualities and Incidents of a negotiable instrument
under the Uniform Commercial Code - Investment Securities of the State of Florida.
The Bonds are issued In the form of fully registered bonds without coupons in
denominations of $5000 or any integral multiple of $5000. This Bond is transferable by
LK L-11 /17 /8 3 -3 0 3 -119 2
Ord. 3529-83
-12-
1-'5-84
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the registered holder hereof in person or by his attorney duly authorized.in writing, at the
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„ principal office of the duly appointed Registrar, but only in the manner, subject to the
a3}; limitations and upon payment of the charges provided in the Resolution, and upon
r I surrender and cancellation of this Bond. Upon such transfer a new registered Bond or
Bonds of the some maturity or maturities and of authorized denomination or denomina-
tions, for the same aggregate principal amount, will be issued to the transferee in
z '
exchange therefor.
The City may deem and treat the registered holder hereof as the absolute
,. owner hereof (whether or not this Bond shall be overdue) for the purpose of receiving
¦,
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payment of or on account of principal hereof and interest due hereon and for all other
purposes, and the City shall not be affected by any notice to the contrary.
Upon payment of the transfer charge and any required tax, fee or other
governmental charge, as specified in the Resolution, and upon the surrender thereof at the
principal office of the Registrar with a written instrument of transfer, in form and with
guarantee of signature satisfactory to the Registrar, duly executed by the registered
owner or his duly authorized attorney, Bonds may, at the option of the Registered Owner
thereof, be exchanged for an equal aggregate principal amount of Bonds of the same
maturity and interest rate and of any other authorized denomination.
The City shall not be required (a) to transfer or exchange any Bonds during a
period beginning at the opening of business on the 15th business day next preceding either
any interest payment date or any date of selection of Bonds to be redeemed and ending at
the close of business on the interest payment date or day on which the applicable notice
or redemption is given or (b) to transfer or exchange any Bonds selected, called or being
called for redemption in whole or in part.
The transfer of this Bond is registrable, as provided in the Indenture, upon the
Bond Register kept for that purpose at the above mentioned office of the paying agent by
the registered owner thereof in person, or by his attorney duly authorized in writing, upon
surrender of this Bond together with a written instrument of transfer satisfactory to the
Bond Registrar duly executed by the registered owner or his attorney duly authorized, in
writing, and thereupon a new registered Bond, in the same aggregate principal amount,
shall be issued to the transferee in exchange therefor as provided in the Ordinance, and
upon payment of the charges therein prescribed. The Issuer may deem and treat the
person in whose name this Bond is registered as the absolute owner hereof for the purpose
LKL-11/17/83-303-1192 -13-
Ord, 3329-83-S-Bk
v
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.,
of receiving payment of, or on account of, the principal or redemption -price hereof and
interest due hereon and for all other purposes.
IN WITNESS WHEREOF, the City of Clearwater, Florida, has issued this Bond .
and has caused the same to be executed by the manual or facsimile signature of its City
Manager and countersigned by the manual or facsimile signature of its Mayor-Commis-
sioner, and its corporate seal or a facsimile thereof to be affixed, impressed, imprinted,
lithographed or reproduced hereon, and attested by the manual or facsimile signature of
its City Clerk, as of the first day of 1983.
CITY OF CLEARWATER, FLORIDA
(SEAL)
City Manager
Mayor-Commissioner
ATTEST: :; ' • APPROVED AS TO FORM AND
CORRECTNESS:
> City-Clerk . City Attorney
k
7 Date of Registration:
Authorized Registrar
LKiW /17/83-303-1192: -14-
a ^'f•' ,t' •4'
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1-5-84
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1 ?
1
VALIDATION CERTIFICATE
This Bond Is one of a series of Bonds which were validated by judgment of
the Circuit Court for Pinellas County, Florida, rendered on 1983.
Mayor- Commissioner
PROVISIONS FOR ASSIGNMENT
For value received, the undersigned sells, assigns and transfers unto
the within Bond and
all rights thereunder, and hereby irrevocably constitutes and appoints
Attorney to transfer the within Bond on the books kept for registration thereof, with full
power of substitution in the premises.
Datedi
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= Section 13. APPLTCATION OF BOND PROCEEDS, The, proceeds, Inclu-
ding accrued Interest and premium, if any, received from the sale of any or all of the
+r 1983 Bonds shall be deposited with the Issuer in a fund which is hereby created,
established and designated as the "Series 1983 Project Fund" and applied by the Issuer
" simultaneously with the delivery of such 1983 Bonds to the purchaser thereof, as follows:
A. The accrued interest shall be deposited in the Interest Account in the
Sinking Fund herein created and shall be used only for the purpose of paying interest
?w
becoming due on the 1983 Bonds.
i
B. Unless provided from other funds of the Issuer on the date of issuance of
the Bonds, a sum equal to the Maximum Bond Service Requirement shall be deposited in
the Reserve Account in the Sinking Fund, herein created and established, and shall be used
only for the purposes provided therefor.
C. Unless paid or reimbursed by the original purchasers of the Bonds, the
Issuer shall pay all costs and expenses In connection with the preparation, issuance and
sale of the 1983 Bonds.
D. The remainder of the proceeds shall be used only for the payment of the
cost of the Project. Pending such application, the moneys in the Project Fund shall be
invested in Authorizad Investments maturing at or prior to the times when such funds will
be needed, in accordance with a schedule approved by the Consulting Engineers. Any
balance of unexpended moneys in the Project Fund after completion of such Project shall
be deposited in the Sinking Fund herein established.
The Project Fund shall constitute a trust fund for the purposes herein
provided, and shall be kept separate and apart from all other funds of the Issuer and used
only for the purposes and in the manner herein provided.
Section 14. SPECIAL OBLIGATIONS OF ISSUER. The Bonds shall be special
obligations of the Issuer, payable solely from the Net Revenues as herein provided. The
Bonds do not constitute an Indebtedness, liability, general or moral obligation, or a pledge
of the faith, credit or taxing power of the Issuer, the State of Florida or any political
subdivision thereof, within the meaning of any constitutional, statutory or charter
provisions. Neither the State of Florida nor any political subdivision thereof nor the
Issuer shall be obligated (1) to levy ad valorem taxes on any property to pay the principal
of the Bonds, the interest thereon or other costs incident thereto, or (2) to pay the same
from any other funds of the Issuer except from, the Net Revenues, in the manner provided
herein... The acceptance of the Bonds by the holders from time to time thereof shall be
LKL-11/17/83-303-1192 --16-
Ord. 3329-83 1-5-84
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' S .eti41. yX'.;: ,-l' :.'S'.`•".?'. 3x \S`. i.: tJ{{ v'! ^: ?5' ?5' ry'e' x ff'Fe?• ? F? yR, p ?? '?
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deemed an agreement between the Issuer and such holders that the Bonds and the
indebtedness evidenced thereby shall not constitute a lien upon the System, or any part
thereof, or any other property of the Issuer, but shall constitute a first and prior lien only
on the Net Revenues, in the manner hereinafter provided.
The payment of the principal of and the interest on the Bonds shall be secured
forthwith equally and ratably by an irrevocable lien on the Net Revenues of the System,
as defined herein, and the Issuer does hereby irrevocably pledge such Net Revenues of the
System to the payment of the principal of and the interest on the Bonds, for the reserves
therefor and for all other required payments.
Section 15. COVENANTS OF THE ISSUER. Subject to the provisions of
Section 16 hereof, for as long as any of the principal of and interest on any of the Bonds
shall be outstanding and unpaid, or until payment has been provided for as herein
permitted, or until there shall have been set apart in the Sinking Fund, herein established,
including the Reserve Account thereln, a sum sufficient to pay when due the entire
principal of the Bonds remaining unpaid, together with interest accrued and to acceue
thereon, the Issuer covenants with the holders of any and all Bonds as follows,
A. REVENUE FUND. The entire Gross Revenues, except the income from
investments (hereinafter provided for), derived from the operation of the System shall
upon receipt thereof be deposited in the "City of Clearwater Gas Revenue Fund"
(hereinafter called the "Revenue Fund"), hereby created and established. Such Revenue
Fund shall constitute a trust fund for the purposes herein provided, and shall be kept
separate and distinct from all other funds of the Issuer and used only for the purposes and
in the manner herein provided,
B. SINKING FUND. There is hereby created and established a separate fund
to be designated "City of Clearwater Gas System Revenue Bonds, Series 1983 Sinking
Fund" (hereinafter called "Sinking Fund"). There are also hereby created and established
in the. Sinking Fund four accounts to be known as the 'Interest Account", "Principal
Account", "Reserve Account" and "Bond Amortization Account".
C. DISPOSITION OF REVENUES. All revenues at any time remaining on
deposit In the Revenue Fund shall be disposed of on or before the fifteenth (15th) day of
each month, commencing In the month immediately following the delivery of the Bonds'
only in the following manner and in the following order of priority:
(1) Revenues shall first be used to deposit in the "City of Clearwater
Gas System Operation and Maintenance Fund" (the "Operation and Maintenance Fund")
LKL-11/17/83-303-1192 -17-
' i
Ord. 3329-83 .' I-5-84
1
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' which fund is hereby created and established, such sums as are necessary for the Cost of
r -tl Operation and Maintenance, as hereinabove defined, for the next ensuing month.
(2) Revenues shall next be used for deposit into the Interest Account,
such sums as will be sufficient to pay one-sixth (1/6) of all interest becoming due on the
Bonds on the next semiannual interest payment date.
(3) Revenues shall next be used for deposit into the Principal Account,
in any Bond Year in which a Serial Bond matures, such sums as will be sufficient to pay
4s T Z
d
one-twelfth (1/12) of the principal maturing on Serial Bonds in such Bond Year.
(4) Revenues shall next be used for deposit into the Bond Amortization
Account, in any Bond Year in which an Amortization Installment is due, such sums as will
be sufficient to pay one-twelfth (1/12) of the Amortization Installment required to be
made in such Bond Year. Such payments shall be credited to a separate special account
for each series of Term Bonds outstanding, and if there shall be more than one stated
maturity for Term Bonds of a series, then into a separate special account in the Bond
Amortization Account for each such separate maturity of Term Bonds. The funds and
investments in each such separate account shall be pledged solely to the payment of
principal of the Term Bonds of the series or maturity within a series for' which it Is
established and shall not be available for payment, purchase or redemption of Term Bonds
of any other series or within a series, or for transfer to any other account in the Sinking
Fund to make up any deficiencies in required payments therein.
Upon the sale of any series of Term Bonds, the Issuer shall, by resolution or
ordinance, establish the amounts and maturities of such Amortization Installments for
each series, and if there shall be more than one maturity of Term Bonds within a series,
the Amortization Installments for the Term Bonds of each maturity. In the event the
moneys deposited for retirement of a maturity of Term Bonds are required to be invested,
in the manner provided below, then the Amortization Installments may be stated in terms
of either the principal amount of the investments to be purchased on, or the cumulative
amounts of the principal amount of investments required to have been purchased by, the
payment date of such Amortization Installment.
Moneys on deposit in each of the separate special accounts in the Bond
Amortization Account shall be used for the open market purchase or the redemption of
Term Bonds, pursuant to Section D(1) hereof, of the series or maturity of Term Bonds
within a series for which such separate special account is established or may remain in
said separate special account and be invested until the stated date of maturity of the
LKL-11/17/83-303-1192
-18-
?+ i
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Ord, 3329-83 1»5»84
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.
Term',Bonds, The resolution or ordinance establishing{ the Amortization Installments for
any series or maturity of Term Bonds may limit the use of moneys to any one or more of
the uses set forth in the preceding sentence.
The required deposits to the Principal Account, Interest Account and Bond
Amortization Account shall be adjusted in order to take into account the amount of
money currently on deposit therein.
(5) Revenues shall next be applied by the Issuer to maintain in the
Reserve Account a sum equal to the Maximum Bond Service Requirement, which sum shall
initially be deposited therein from the proceeds of the sale of the Bonds and other funds
of the Issuer.
Any withdrawals from the Reserve Account shall be subsequently restored
from the first moneys available in the Revenue Fund after all required current payments
for the Operation and Maintenance Fund and Sinking Fund (including all deficiencies in
prior payments to those Funds) have been made in full.
Moneys in the Reserve Account shall be used only for the purpose of the
payment of maturing principal of or interest on the Bonds, or maturing Amortization
Installments, if any, when the other moneys in the Sinking Fund are insufficient therefor,
and for no other purpose.
(6) Upon the issuance of any Additional Parity Obligations under the
terms, limitations and conditions as are herein provided, the payments into the several
accounts in the Sinking Fund shall be increased in such amounts as shall be necessary to
make the payments for the principal of, interest on and reserves for such Additional
Parity Obligations and, if Term Bonds are issued, the Amortization Installments, on the
same basis as hereinabove provided with respect to the Bonds initially issued under this
Ordinance.
The Issuer shall not be required to make any further payments into the Sinking
Fund when the aggregate amount of money in the Sinking Fund is at least equal to the
total Bond, Service Requirement of the Bonds then outstanding, plus the amount of
redemption premium, if any, then due and thereafter to become due on such Bonds then
outstanding by operation of the Bond Amortization Account.
(7) The Issuer shall next apply and deposit the moneys in the Revenue
Fund into a special account to be known as the "City of Clearwater Gas System Renewal
and Replacement Fund" (hereinafter called the "Renewal and Replacement Fund"), which
fund is hereby created and established. The Issuer shall deposit into the Renewal and
LKL-11/17/83-303-1192 -19-
Ord. 9329-63
1-5-84
4
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?it? ., .}.. .. l:.• y.. 3R, ?7 ?? 1 yr .
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33 " Replacement Fund an amount equal to one-twelfth (1/12) of an amount equal to 5% of
?:kyl??k?i A
,,try prior year's Dross Revenues] provided, however, that so long as there shall be on deposit
kt='° t? ?t in such Renewal and Replacement Fund a balance of at least $300,000, no additional
i?r •
deposits in such Fund shall be required. The moneys in the Renewal and Replacement
Fund shall be used only for the purpose of paying the cost of extensions, enlargements or
additions to, or the replacement of capital assets of the System and emergency repairs
'µ3r ;'?? .x y, -? <
thereto. Such moneys on deposit in such Fund shall also be used to supplement the
A' 'C.S 7?M•y
Reserve Account if necessary, in order to prevent a default in the payment of the
principal or Amortization Installments of and interest on the Bonds. The moneys on
deposit in such Fund shall be withdrawn only upon the authorization of the governing body
of the Issuer.
(8) The balance of any moneys remaining in the Revenue Fund after
the above required payments have been made may be used by the Issuer for any lawful
purpose.
(9) The Project Fund, the Operation and Maintenance Fund, the
Sinking Fund, the Renewal and Replacement Fund, the Revenue Fund, and all accounts
therein and any other special funds herein established and created shall constitute trust
funds for the purposes provided herein for such funds. All such funds shall be continuously
secured in the same manner as city deposits are authorized to be secured by the laws of
the State of Florida.
Monies on deposit in the Project Fund, the Revenue Fund, and the Sinking Fund
(except the Reserve Account therein) may be invested and reinvested in the manner
provided by law provided such investments either mature or are redeemable at not less
than par at the option of the Issuer not later than the dates on which the moneys on
deposit therein will be needed for the purpose of such fund. The moneys in the Reserve
Account in the Sinking Fund and in the Renewal and Replacement Fund may be invested
and reinvested only on Authorized Investments, in the manner provided by law. All
income on such investments shall be deposited into the Project Fund until such time as the
project shall have been completed and thereafter shall be deposited into the Revenue
Fund; provided, however, that investment income earned in the Bond Amortization
.Account shall remain therein or be transferred to the Principal Account or the Interest
Account and used to pay maturing principal, Amortization Installments and interest on the
Bonds.
LKL-11/17/83-303-1192
Ord. '3329-83
-20-
1-5-8G
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0111 4 '
The cash required to be accounted for in each of the foregoing funds and
accounts may be deposited in a single bank account, and funds allocated to the various' ;
r accounts established herein may be Invested in a common investment pool, provided that x ate
z;c ; ~ adequate accounting records are maintained to reflect and control the restricted
r
allocation of the cash on deposit therein and such investments for the various purposes of
?- ' such funds and accounts as herein provided.
+?i< .
The designation and establishment of the various funds and accounts in and by
t?.±?? syn. ?1
i`?4t4 n i
this Ordinance shall not be construed to require the establishment of any completely
independent, self-balancing funds as such term Is commonly defined and used in i
government accounting, but rather Is intended solely to constitute an earmarking of
` • certain revenues for certain purposes and to establish certain priorities for application of
:4 'ra
.. such revenues as herein provided.
D. OPERATION OF BOND AMORTIZATION ACCOUNT. Money held for
the credit of the Bond Amortization Account shall be applied to the retirement of term
i` obligations as follows: ,
1. Subject to the provisions of Paragraph 3 below, the Issuer shall endeavor
Wb to purchase Term Bonds then outstanding at the most advantageous price obtainable with
reasonable diligence, such price not to exceed the principal of such Term Bonds plus the r•
^ '- accrued interest to the date of delivery thereof. The Issuer shall pay the interest accrued
ors such Term Bonds to the date of delivery thereof from the Interest Account and the i
purchase price from the Bond Amortization Account, but no such purchase shall be made
by the Issuer within the period of 45 days immediately preceding any interest payment=
date on which Term Bonds are subject to call for redemption, except from money in
excess of the amounts set aside or deposited for the redemption of Term Bonds. - , ;
2. Subject to the provisions of Paragraph 3 below, whenever sufficient 4
money Is on deposit in the Bond Amortization Account to redeem $5,000 or more principal r '
r'
amount of Term Bonds, the Issuer shall call for redemption from money in the Bond i ,, YV1
:.•I
Amortization Account such amount of Term Bonds then subject to redemption as, with the
redemption premium, if any, will exhaust the money then held in the Bond Amortization ;
Account as nearly as may be practicable. Prior to calling Term Bonds for redemption, the Issuer shallwithdraw from the Interest Account
and from the Band Amortization Account
and set aside in separate accounts or deposit with the paying agents the respective
amounts required for paying the interest on and the principal of and redemption premium I'
applicable to the Term Bonds so called for redemption.
LKL-11/17/83-303-1192
Ord.' 3329-83
-21-
1-5-'84
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3. Money in the Bond Amortization Account shall be applied by the Issuer in
each fiscal year to the retirement of Term Bonds then outstanding in the following order:
(a) The Term Bonds of each series of Bonds, to the extent of the
Amortization Installment, if any, for such fiscal Year for the Term Bonds of each such
series then outstanding, plus the applicable premium, if any, and, if the amount available
in such Fiscal Year shall not be sufficient therefor, then in proportion to the Amortization
Installment, if any, for such Fiscal Year for the Term Bonds of each such series then
outstanding, plus the applicable premium, if any; provided, however, that if the Term
Bonds of any such series shall not then be subject to redemption from money in the Bond
Amortization Account and If the Issuer shall at any time be unable to exhaust the money
applicable to the Term Bonds of such series under the provisions of this clause or in the
purchase of such Term Bonds under the provisions of Paragraph I above, such money or
the balance of such money, as the ease may be, shall be retained in the Bond Amortization
Account and, as soon as it is feasible, applied to the Term Bonds of such series; and
(b) Any balance then remaining, other than money retained under the
first clause of this paragraph 3, shall be applied to the retirement of such Term Bonds as
the Issuer in its sole discretion shall determine, but only, in the case of the redemption of
Term Bonds of any series, in such amounts and on such terms as may be provided in the
resolution or ordinance authorizing the issuance of the obligations of such series.
+4. The Issuer shall deposit into the Bond Amortization Account Amor-
tization Installments for the amortization of the principal of the Term Bonds, together
with any. deficiencies for prior required deposits, into the Bond Amortization Account,
such Amortization Installments to be In such amounts and to be due in such years as shall
be determined by resolution or ordinance of the governing body of the Issuer prior to the
delivery of the Bonds.
The Issuer shall pay from the Sinking Fund all expenses In connection with any
such purchase or redemption.
E. OPERATION AND MAINTENANCE. The Issuer will maintain the System
and all parts thereof in good condition and will operate the same in an efficient and
economical manner making such expenditures for equipment and for renewals, repairs and
replacements as may be proper for the economical operation and maintenance thereof.
F. ANNUAL BUDGET. The Issuer shall annually prepare and adopt at least
fifteen (15) days prior to the beginning of each of its fiscal Years, a detailed budget of
the estimated expenditures for operation and maintenance of the System during such next
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-22-
1-5.-84
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succeeding Fiscal Year. No expenditure for the operation and maintenance of the System :tea
shall be made in any Fiscal Year in excess of the amount provided therefor in such budget
without a finding and recommendation by the duly authorized officer in charge thereof,' •r4
Gd inj -y
=ri ' which finding and recommendation shall state in detail the purpose of and necessity for ,•, ?
such increased expenditures for the operation and maintenance of the System, and no such
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'>,4 a expenditure shall be made until the governing body of the Issuer shall have approved such
'`'V finding and recommendation by resolution or ordinance duly adopted. The Issuer shall
mail copies of such annual budgets and all resolutions or ordinances authorizing increased
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T expenditures for operation and maintenance to an nationally recognized bond rating ok, 001
service which, upon application of the Issuer prior to the issuance of the bonds have
published a rating on the Bonds (the "Rating Services"), any holder or holders of Bonds who
shall file his address with the Issuer and request in writing that copies of all such budgets
and resolutions or ordinances be furnished him and shall make available such budgets and
resolutions or ordinances authorizing increased expenditures for operation and mainten-
ance of the System at all reasonable times to any holder or holders of Bonds or to anyone
acting for and on behalf of such holder or holders.
G. RATE ORDINANCE. The Issuer covenants to fix, establish, revise from
time to time whenever necessary, maintain and collect always such fees, rates, rentals
and other charges for the use of the product, services and facilities of the System which
will always provide Revenues in each year sufficient to pay, and out of such funds pay,
100% of all Costs of Operation and Maintenance of the System in such year and all
reserve and other payments provided for in this Ordinance and 125% of the Bond Service
Requirement due in such year on all outstanding Bonds. Such rates, fees, rentals or other
charges shall not be reduced so as to be insufficient to provide Revenues for such
purposes.
The Issuer further covenants and agrees that the Issuer will annually within
thirty (30) days after adoption of the budget described in the preceding Subsection F
revise such fees, rates, rentals and other charges for the use of the product, services and
facilities of the System to the extent necessary for the estimated Gross Revenues to be
derived from the operation of the System during the next succeeding Fiscal Year to
increase over the amount of actual Gross Revenues from the operation of the System for
the next preceding Fiscal Year by the amount that the estimated expenditures for
operation and maintenance of the System during such next succeeding Fiscal year. shall
LKL-11 /17 /83-303-1,192
Ord. 3329.93
-23-
1-5-84
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exceed the actual expenditures for operation and maintenance of the System during such
next preceding Fiscal Year.
H. BOOKS AND RECORDS. The Issuer shall also keep books and records of
the Net Rovenues of the System which shall be kept separate and apart from all other
books, records and accounts of the Issuer, and the holders of not less than ten per centum
(10%) of the Bonds shall have the right at all reasonable times to inspect all records,
accounts and data of the Issuer relating thereto.
L ANNUAL AUDIT. The Issuer shall also, at least once a year, within 120
days after the close of its Fiscal Year, cause the books, records and accounts relating to
the System to be properly audited by a recognized independent firm of certified public
accountants and shall make generally available the report of such audits to any holder or
holders of Bonds. Such audits shall contain a complete presentation of financial
statements in accordance with generally accepted accounting principles. A copy of such
annual audit shall regularly be furnished to the Rating Services and to any holder of any
Bonds who shall have requested in writing that a copy of such reports be furnished him.
J. NO MORTGAGE OR SALE OF THE SYSTEM. The Issuer will not sell,
lease, mortgage, pledge or otherwise encumber the System, or any substantial part
thereof, or any revenues to be derived therefrom, except as herein provided.
The foregoing provision notwithstanding, the Issuer shall have and hereby
reserves the right to sell, lease or otherwise dispose of any of the property comprising a
part of the System which the Issuer shall hereafter determine, in the manner provided
herein, to be no longer necessary, useful or profitable in the operation of the System.
Prior to any such sale, lease or other disposition of said property, if the amount to be
received therefor is not in excess of $50,000, the City Manager of the Issuer or other duly
authorized officer in charge thereof shall make a finding in writing determining that such
property comprising a part of the System is no longer necessary, useful or profitable in
the operation thereof.
If the amount to be received from such sale, lease or other disposition of said
property shall be in excess of $50,000 but not in excess of $100,000 such City Manager or
other officer shall first make a finding in writing determining that such property
comprising a part of the System is no longer necessary, useful or profitable in the
operation thereof, and the governing body of the Issuer shall, by resolution or ordinance
duly adopted, approve and concur in the finding of such City Manager or other officer, and
authorize such sale, lease or other disposition of said property.
. LKLr11/17/83-303-1192
ord. 3329-83
-24-
1-5-94
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If the amount to be received from such sale, lease or other disposition of said
property shall be in excess of $100,000 but not in excess of 10% of the value of fixed
assets of the System according to the most recent annual audit report, such City Manager
or other officer shall first make a finding in writing determining that such property
comprising a part of the System is no longer necessary, useful or profitable in the
operation thereof, and the Consulting Engineer shall make a finding that it is in the best
interest of the System that such property be disposed of, and the governing body of the
Issuer shall by resolution or ordinance, duly adopted, approve and concur in the findings of
such City Manager or other officer and of the Consulting Engineer, and shall authorize
such sale, lease or other disposition of said property.
Anything in this subparagraph J to the contrary notwithstanding, nothing
herein shall restrict the governing body of the Issuer or, to the extent such authority has
been vested in him by such governing body, the City Manager in the exercise of his
discretion, from authorizing the sale or other disposition of any of the property
comprising a part of the System, if the Consulting Engineer shall certify that the Net
Revenues of the System will not by materially adversely affected by reason of such sale
or disposition.
If the proceeds derived from any such sale or other disposition of the property
are in excess of 10% of the value of the fixed assets of the System according to the most
recent annual audit and operating report, such proceeds shall be used for the retirement
of outstanding Bonds. If the proceeds derived from any such sale or other disposition of
property are less than 10% of the value of the fixed assets of the System according to the
most recent annual audit and operating report, such proceeds shall be placed in the
Renewal and Replacement Fund or used for the retirement of outstanding Bonds, in such
proportions to be determined by the governing body of the Issuer upon the recommenda-
tions of the City Manager. The payment of such proceeds into the Renewal and
Replacement Fund shall not reduce the amounts 'required to be paid into such Fund by
other provisions herein.
K. INSURANCE. For so long as any of the Bonds are outstanding, the Issuer
wiu carry adequate fire and windstorm insurance on all buildings and structures of the
works and properties of the System which are subject to loss through fire or windstorm,
and will otherwise carry insurance of all kinds and in the amounts normally carried in the
operation of similar facilities and properties in Florida; provided, however, that in lieu of
such insurance the Issuer may establish a qualified plan of self-insurance in accordance
LKL-11/17/83-303-1192
Ord. 3329-83
-25-
1-5-84
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with the laws of the State of Florida. Any such insurance shall be carried for the benefit
of the holders of the Bonds. All moneys received for losses under any of such Insurance," `
except public liability, are hereby pledged by the Issuer as security for the Bonds, until
Y and unless such proceeds are used to remedy the loss or damage for which such proceeds
,Jy} n M
3 ;';s«? M t are received, either by repairing the property damaged or replacing the property E;
't>ti x destroyed as soon as practicable. ;A
L. NO FREE SERVICE. The Issuer will not render or cause to be rendered any
f{' free services of any nature by its System, nor will any preferential rates be established.,
,t for users of the same class. Whenever the Issuer, including its departments, agencies and
instrumentalities, shall avail itself of the product, facilities or services provided by the w x'
a• ' System, or any part thereof, the same rates, fees or charges applicable to other customers
f receiving like services under similar circumstances shall be charged to the Issuer and any
M.tt
?. such department, agency or instrumentality. Such charges shall be paid as they accrue,
i?
and the Issuer shall transfer from its general funds to the Revenue Fund sufficient sums to
?+' '
'` •? pay such charges. The revenues so received shall be deemed to be Revenues derived from
the operation of the System, and shall be deposited and accounted for in the same manner 5k?
as other Revenues derived from such operation of the System.
:..f s M. ENFORCEMENT OF COLLECTIONS. The Issuer will diligently enforce `
e and collect the rates, fees and other charges for the services and facilities of the System
herein pledged; 'will take all steps, actions and proceedings for the enforcement and
xf
collection of such rates, charges and fees as shall become delinquent to the full extent=
ra.
permitted or authorized by law; and will maintain accurate records with respect thereof., t
'r P
An such fees, rates, charges and revenues herein pledged shall, as collected, be held in
trust to be applied as herein provided and not otherwise. -?rh
} ? .?
The Issuer will, under reasonable rules and regulations, to the full extent
: permitted by law, shut off the connection of any users of the system for non-payment of
fees, rentals and other charges for the services of the System and shall not furnish him or
?t
permit him to receive from the System further service until all obligations owed by him to fi
the Issuer on account of services shall have been paid in full.
p.S •
N. REMEDIES. Any holder of Bonds or any coupons appertaining thereto, ,
issued under the provision hereof or any trustee acting for the holders of such Bonds, may
either at law or in equity, by suit, action, mandamus or other proceedings in any court of
competent jurisdiction, protect and enforce any and all rights, including the right to the
appointment of a receiver, existing under the laws of the State of Florida, or granted and
LKL-11/17/83-303-1182
-26-
11
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Ord. 3329-83 1-5-84
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.. .??'r.;dii:, !?t,.;"•;3?-,x.+Y'i t. ^.ji, ?...? :i'::?' A .;y .,. ?'i cr,. .i,7+ 1•a `?: a , , : ?°t , i 5.;....?J:?' .. ..:?? .... ,. s :,v', .. ,.-. ...C?. ' . .. ..._ _ ... K. ..... +.?+Yfi: u:•'?a+r..?. ?_ .F? a+
contained herein, and may enforce and compel the performance of all duties required
herein or by any applicable statutes to be performed by the Issuer or by any officer
thereof.
Nothing hterein, however, shall be construed to grant to any holder of the
Bonds any lien on the System or any real property of the Issuer.
0. CONSULTING ENGINEER. The Consulting Engineer shall provide the
Issuer with competent engineering counsel affecting the proper, efficient and economical
operation and maintenance of the System and in connection with the making of capital
improvements and renewals and replacements to the System. The Utilities Director may
undertake the duties of Consulting Engineer for purposes of this Ordinance so long as such
Utilities Director is a registered engineer in the State of Florida; provided however, that
the Utilities Director shall not perform the duties of Consulting Engineer as required in
Sections 15 J and T of this Ordinance.
P. CITY MANAGER REPORTS. On an annual basis, the Issuer shall cause
to be prepared by the City Manager a report or survey of the System, with respect to the
management of the properties thereof, the sufficiency of the rates and charges for
services, the proper maintenance of the properties of the System, and the necessity for
capital improvements and recommendations therefor. Such a report or survey shall also
show any failure of the Issuer to perform or comply with the covenants herein contained.
If any such report or survey of the City Manager reflects that the rates and
charges are insufficient to protect the rights of the bondholders, then the Issuer shall take
such steps as are required by law to raise the rates and charges for services of the
System.
Q. NO COMPETING SYSTEM. To the full extent permitted by law, the
Issuer will not hereafter grant, or cause, consent to, or allow the granting of, any
franchise or permit to any person, firm, corporation or body, or agency or instrumentality
whatsoever, for the furnishing of competing gas services to or within the boundaries of
the Issuer; provided, however, that if the City Utilities Director renders an opinion that It
would not be feasible for the Issuer to provide such services to any specific area within
the three years succeeding a request to provide such srrvice, the Issuer may authorize or
allow the granting of such franchise or permit for such area upon such terms and
conditions as it may approve.
LKL-11/17/83-303-1192
Ord. 3329-83
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1-5-8k
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S
t R. UNLAWFUL CONNECTION PROHIBITED. The Issuer has enacted an
ordinance making it unlawful for any person or persons to tamper with, change or make
1 r,;,<>
any connection with the System without the written consent of the Issuer, or to make any
' reconnection with the System when service has been discontinued for delinquent charges,
',• until such delinquent charges have been paid in full, Including interest, reasonable
penalties and reconnection charges. The Issuer will diligently, to the full extent
permitted by law, enforce this covenant and prosecute any person violating the provisions
.. 'w of this covenant or any penal ordinance relating to the same.
141
S. ISSUANCE OF OTHER OBLIGATIONS. The Issuer will not issue any
other obligations payable from the Revenues of the System nor voluntarily create or cause
to be created any debt, lien, pledge, assignment, encumbrance or other charge having
priority to or being on a parity with the lien of the 1983 Bonds and the interest thereon
upon said Revenues except under the conditions and in the manner provided herein. Any
obligations issued by the Issuer other than the 1983 Bonds herein authorized and
Additional Parity Obligations provided for in Subsection T below, payable from such
Revenues, shall contain an express statement that such obligations are junior and
subordinate in all respects to the 1983 Bonds, as to lien on and source and security for
payment from such Revenues.
T. ISSUANCE OF ADDITIONAL PARITY OBLIGATIONS. Additional Parity
Obligations, payable on a parity from the Net Revenues of the System with the 1983
Bonds, may be issued after the issuance of any 1983 Bonds, for the construction and
acquisition of additions, extensions and improvements to the System or for refunding
purposes and upon the following conditions:
(1) The Net Revenues derived or which would have been derived, if adjusted
as provided herein, from the System, either during the immediately preceding Fiscal Year
or during any twelve (12) consecutive calendar months of the 18 calendar months
immediately preceding the sale of the proposed Additional Parity Obligations, at the
option of the Issuer, shall have been not less than 135% of the Maximum Bond Service
Requirement which will become due in any calendar year thereafter on (a) the 1983 Bonds
ihen outstanding, (b) any Additional Parity Obligations issued and then outstanding, and (c)
the Additional Parity Obligations then proposed to be issued.
In determining the amount of Net Revenues for the purposes of paragraph (1)
above, the Consulting Engineers may adjust the Net Revenues by adding thereto the
following;
LKL-11/17/83-303-1192
Ord. 332983
-28-
1-5-84
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(a) 7be Net Revenues (computed for such utility on the same basis as
net revenues are computed for the System) of any gas utility which the Issuer shall have
acquired prior to the Issuance of such Additional Parity Obligations or which the Issuer
shall be acquiring from proceeds of such Additional Parity Obligations; and
(b) In the event a change has been made in the rate schedules for
services from the 'System prior to the issuance of the proposed Additional Parity
Obligations for a part of such 12 month period referred to in (1) above, and such change
has resulted in an increase in Net Revenues, such amount of additional Net Revenues
which the Consulting Engineers estimate would have been received by the Issuer during
such 12 month period if such change in such rate schedule had been in effect during the
entire 12 month period and in the event a change has been made in the rate schedules for
services from the System prior to the issuance of the proposed Additional Parity
Obligations for a part of such 12 month period referred to in (1) above, and such change
has resulted in a decrease in Net Revenues, by subtracting therefrom such amount of the
Net Revenues which the Consulting Engineers estimate would not have been received by
the Issuer during such 12 month period referred to in (1) above, if such change in such rate
schedule had been in effect during the entire 12 month period.
(2) Each resolution or ordinance authorizing the issuance of Additional
Parity Obligations will recite that all of the covenants herein contained will be applicable
to such Additional Parity Obligations.
(3) The Issuer shall not be in default in performing any of the covenants and
obligations assumed hereunder, and all payments herein required to have been made into
the accounts and funds, as provided hereunder, shall have been made to the full extent
required.
Section 16. MODIFICATION OR AMENDMENT. No material modification or
amendment of this Ordinance or of any ordinance or resolution amendatory hereof or
supplemental hereto, may be made without the consent in writing of the holders of two-
thirds or more in principal amount of the Bonds then outstanding; provided, however, that
no modification or amendment shall permit a change in the maturity of such Bonds or a
ruuunLion in the rate of interest thereon, or in the amount of the principal obligation or
affecting the unconditional promise of the Issuer to pay the principal of and interest on
the Bonds as the same shall come due from the Net Revenues of the System or reduce the
percentage of the holders of the Bonds required to consent to any material modification
LKIr-11/17/83-3Q3-1192 ,
Ord. 3329-83
-29-
1-5-84
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' or amendment hereof, without the consent in writing of the holder or holders of all such
Bonds; provided, however, that no such modification or amendment shall allow or permit
any acceleration of the payment of principal of or Interest on the Bonds upon any default
In the payment thereof whether or not the holders of the Bonds consent thereto.
Section 17. DEFEASANCE. If, at any time, the Issuer shall have paid, or shall
have made provision for payment of, the principal, interest and redemption premiums, if
any, with respect to the 1983 Bonds, then, and in that event, the pledge of and lien on the
Net Revenues In favor of the holders of the 1983 Bonds shall be no longer in effect. For
purposes of the preceding sentence, deposit of Federal Securities or bank certificates of
deposit fully secured as to principal and interest by Federal Securities in irrevocable trust
with a banking institution or trust company, for the sole benefit of the Bondholders, in
respect to which such Federal Securities or certificates of deposit, the principal of which,
together with the income thereon, will be sufficient to make timely payment of the
principal, interest, and redemption premiums, if any, on the outstanding 1983 Bonds, shall
be considered "provision for payment." Nothing herein shall be deemed to require the
Issuer to call any of the outstanding 1983 Bonds for redemption prior to maturity pursuant
to any applicable optional redemption provisions, or to impair the discretion of the Issuer
in determining whether to exercise any such option for early redemption.
Section 18. ARBITRAGE. No use will be made of the proceeds of the 1983
Bonds which would cause the same to be "arbitrage bonds" within the meaning of the
Internal Revenue Code of 1954. The Issuer at all times while the 1983 Bonds and Interest
thereon are outstanding will comply with the requirements of Section 103(c) of the
Internal Revenue Code of 1954 and any valid and applicable rules and regulations
promulgated thereunder.
Section 19. SHYERABILITY. If any one or more of the covenants, agreements,
or provisions of this Ordinance 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 of this Ordinance or of the Bonds or
coupons issued hereunder.
LKL-11/117/83 303 x.192 30-
Ord. 3329»83 1-5-84
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Section 20. VALIDATION AUTHORIZED. The City Attorney is hereby
authorized and directed to institute appropriate proceedings in the Circuit
Court of Pinellas County, Florida, for the validation of such 1983 Bonds, and
the proper officers of the Issuer are hereby authorized to verify on behalf of
the Issuer any pleadings in such proceedings.
Section Z1. SALE OF BONDS. 1983 Bonds shall be issued and sold at
WK,
public or private sale at such price or prices consistent with the provisions of
the Act and the requirements of this Ordinance as the Issuer shall hereafter
determine by ordinance or resolution. If the 1983 Bonds are issued in
installments, no 1983 Bonds shall be issued after issuance of the first install-
ment unless all requirements of Section 15 T of this Ordinance, relating to
Additional Parity Obligations, are met.
'Section 22. REPEAL OF INCONSISTENT INSTRUMENTS. All
ordinances or resolutions, or parts thereof, in conflict herewith are hereby
repealed to the extent of such conflict.
Section Z3. EFFECTIVE DATE. This Ordinance shall become
effective immediately upon its enactment. "
r ; SECTION 2. 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.
SECTION 3. EFFECTIVE DATE. This Ordinance shall become
effective, immediately upon its enactment.
PASSED ON FIRST READING. December 15, 19P3
PASSED ON SECOND AND FINAL
REAnMr. AWn Ann'mr;rn January 5. 19P4
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