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z ? RIF 11,
`•? , _ ? , ORDINANCE NO. 7 5 2? q 4 Afs S a;t z R
AN ORDINANCE AUTHORIZING THE ACQUISITION OF =..?? kt.,
?w, APPROXIMATELY 9.5 ACRES OF REAL PROPERTY FOR
! t5t? ' ?Tdti
CONSTRUCTION OF A VEHICLE MAINTENANCE FACILITY FOR THE ?'??
7 }it t t7
'rz r `fi; c,•''t 'vr r[ yS?' t Cr1 Y OF CLEARWATER, FLORIDA; PROVIDING FOR THE ISSUANCE = f- ' y
Fs, in ? . .. ?4 .. t r 5
:;
OF NOT EXCEEDING $640,000 CAPITAL IMPROVEMENT REVENUE w
"r ? ??? •7`i'^k?w'`f'?'Y'7. BONDS, SERIES 1884 OF THE CITY TO PAY THE COST OF SUCH
AA><? PROJECT; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF THE
BONDS; PROVIDING FOR THE PAYMENT THEREOF; AND MAKING uti'Yf„,5, u
CERTAIN OTHER COVENANTS AND AGREEMENTS IN CONNECTION
WITH THE ISSUANCE OF SUCH BONDS; AND PROVIDING AN
E TIVE DATE. F?fs
" -t iijr EFF C 4=?, Fin
. r
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF
?7e 4''i' CLEARWATE FLORIDA:
Sli
SECTION 1. AUTHORITY FOR THIS ORDINANCE. This ordinance is
yta, ; jv Fro
? • ?, . 4, adopted pursuant to Chapter 166, Part 11, Florida Statutes, as amended and supplemented, ITT
and other applicable provisions of law.
' SECTION 2. DEFINITIONS. The following terms shall have the following
E"
" r??', s , .•. meanings herein, unless the text otherwise expressly requires. Words importing singular
number shall include the plural number in each case and vice versa, and words importing
J l ` persons shall include firms and corporations.
?• ?'? s,y' r f
"ACT" shall mean Chapter 166, Part 11, Florida Statutes, as amended and
supplemented, and other applicable provisions of law.
i "ADDITIONAL PARITY BONDS" shall mean additional Bonds issued in
{ Fro compliance with the terms, conditions and limitations contained in Subsection 171 hereof
which shall have an equal lien on the Pledged Revenues, as herein defined, and rank
' equally In all respects with the 1984 Bonds initially issued hereunder.
"AMORTIZATION I14'STALLMENT", with .respect to any Term Bonds of a lot,
installment or series, shall mean an amount so designated which is established for the
s
' Term Bonds of such lot, installment or series, provided that (i) each such Amortization
i Installment shall be due on a principal maturity date of each applicable year and shall be
an integral multiple of $5,000, and (ii) the aggregate of such Amortization Installments
for such lot, installment or series shall equal the aggregate principal amount of Term
WVr+j, of swc ; series authenticated and delivered on original issuance.
"BOND SERVICE REQUIREMENT" for any Bond Year, as to the Bonds of any
lot, installment or series, shall mean the sum of:
(1) the amount required to pay the interest becoming due on the Bonds
?p
r of such lot, installment or series during such Bond Year, except to the extent that such
r_y
?r
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'm
t?
} =
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Ord. 3752-84
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9-20-84
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interest shall have been provided by payments into the Sinking Fund out of Bond proceeds
for a specified period of time;
(2) the amount required to pay the principal of Serial Bonds of such
lot, installment or series inaturing in such Bond Year; and
(3) the Amortization Installment for the Term Bonds of such lot,
installment or series for such Bond Year. In computing the Bond Service Requirement for
any Bond Year for the Bonds of any lot, installment or series, the Issuer shall assume that
an amount of the Term Bonds of such lot, installment or series equal to the Amortization
Installment for the Term Bonds of such lot, Installment or series for such Bond Year will
be retired by purchase or redemption in such Bond Year. When determining the amount of
principal of and interest on the Bonds of any lot, installment or series which matures in
any Bond Year, the stated maturity date of Term Bonds shall be disregarded, and the
Amortization Installment, if any, applicable to Term Bonds in such Bond Year shall be
deemed to mature in such year.
"BOND YEAR" shall mean the twelve month period ending on a principal
maturity date for a portion of the Bonds.
"BONDHOLDER" shall mean a registered owner of a Bond as shown on the
registration books of the Registrar.
"BONDS" shall mean the Capital Improvement Revenue Bonds, Series 1984
herein authorized to be issued (the 111984 Bonds"), together with any Additional Parity
Bonds hereafter issued under the terms, conditions and limitations contained herein.
"CITY REPRESENTATIVE" shall mean (1) such qualified and recognized
consulting engineers, other consultants and architects having a favorable reputation from
time to time retained by the Issuer, or (2) such qualified official of the Issuer duly
designated, to perform the acts and carry out the duties as herein provided for such
consulting engineers, consultants and architects.
VISCAL YEAR" shall mean the twelve month period ending on September 30
of each year, or otherwise as provided by law.
"GUARANTEED ENTITLEMENT FUNDS" shall mean the guaranteed
entitlement portion of the revenue sharing trust funds of the State of Florida as defined in
and distributable to the Issuer pursuant to Chapter 218, Florida Statutes.
9NVESTMENT EARNINGS" shall mean all investment income derived from
investment of funds held under this Ordinance, until otherwise applied as provided herein.
LKL-08/30/84-551A-1897 -2-
Ord. 3752-84
9/20/84
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"ISSUER" shall mean the City of Clearwater, Florida.
"MAXIMUM BOND SERVICE REQUIREMENT" shall mean as of any articular
•?t..'';ghr'" " date of calculation, the greatest amount of aggregate Bond Service Requirements for all
of the outstanding Bonds for the then current or any future Bond Year.
"OBLIGATIONS OF THE UNITED STATES OF AMERICA" shall mean direct ?.
obligations thereof, obligations of Public Housing Authorities or obligations of the several
agencies of the United States of America which In the opinion of the Attorney General of
ar
the United States are full faith and credit obligations thereof.
?q•* ? ? ?? ?' ?' "PLEDGED REVENUES" shall mean the Guaranteed Entitlement Funds,
?} ' : -T f
?:la:''*..?, h Investment Earnings, and Sales Tax Revenues, all as defined herein.?
"PROJECT" shall mean the acquisition of approximately 9.5 acres of real
property for construction thereon of a vehicle maintenance facility for use by the Issuer.
"REGISTRAR" shall mean the paying agent for the Bonds, as Bond Registrar, }
`.
j or such other person, firm or corporation as may thereafter be from time to time ,
designated by the Issuer as the Registrar for the Bonds. ,,'i
"SALES TAX REVENUES" shall mean the proceeds of the local government t?
{ half-cent sales tax, as defined and described in, and distributed to the Issuer under, Part
t ' ? e•
M VI, Chapter 218, Florida Statutes.
. "SERIAL BONDS" shall mean the Bonds of a lot, installment or series, which
shall be stated to mature in annual installments.
"TERM BONDS" shall mean the Bonds of a lot, installment or series all of
which shall be stated to mature on one date and which shall be subject to mandatory
redemption by operation of the Bond Amortization Fund.
SECTION 3. FINDINGS. It is hereby ascertained, determined and declared f
that: .•4.•r!sg r
A. The Issuer is authorized to undertake the Project and to finance the
Project and the Issuer is further authorized to use its Pledged Revenues to pay the
principal of and interest on the Bonds and to use the proceeds of the 1984 Bonds to
finance the cost of the Project.
B. It is necessary and desirable to undertake the Project, as provided
herein, In order to preserve and protect the public health, safety and welfare of the ?• tt "?'
Inhabitants of the Issuer. i
C. The Pledged Revenues, as defined, are not now pledged or encumbered In ;v=
any manner.
LKL-08/30/84-551 A-188?
-3-
Ord. 3752-34 9/20/04
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( . ? `v' r t L
• S" i• ?y r?
4 h_
k D. The estimated Pledged Revenues will be sufficient to pay all of the
principal of and interest on the 1984 Bonds to be Issued hereunder, as the same become
FrRal>? ;.
due, and to make all required sinking fund, reserve and other payments.
E. The principal of and interest on the Bonds and all required sinking fund,
reserve and other payments shall be payable solely from the Pledged Revenues, as herein
provided. The Issuer shall never be required to levy ad valorem taxes on any property
•' therein to pay the principal of and interest on the Bonds or to make any of the required
Y s sinking fund, reserve or other payments, or for the other purposes as provided herein, and
such Bonds shall not constitute a lien upon any property of or in the Issuer.
]':' ~ • t SECTION 4. AUTHORIZATION OF ACQUISITION OF PROJECT. There is
w
' hereby authorized the acquisition of the Project pursuant to the plans and specifications
on file or to be on file with the Issuer. The cost of the Project in addition to the items set
forth in the plans and specifications, may Include, but need not be limited to, the
acquisition of any lands, rights of ways or interest therein or any other properties deemed
necessary or convenient therefor; engineering, legal and financing expenses, expenses for
estimates of costs and of revenues; expenses for plans, specifications and surveys; the
N ?3 ! fees of fiscal agents, financial advisors or consultants; Initial working capital and reserves
` therefor; administrative expenses relating solely to the acquisition of the Project; the
capitalization of interest for a reasonable period after the issuance of the Bonds; the
3 creation and establishment of reasonable reserves for debt service; the discount on the
sale of the Bonds, if applicable; repayment of interim advances and indebtedness; and such
r •
other costs and expenses as may be necessary or incidental to the financing herein
authorized and the construction and acquistion of the Project and the placing of same in
operation.
SECTION 5. THIS ORDINANCE TO CONSTITUTE CONTRACT. In consid-
eration 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
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
thereof, except as expressly provided therein and herein.
SECTION B. AUTHORIZA111ON OF BONDS. Subject and pursuant to the
provisions hereof, obligations of the Issuer to be known as "Capital Improvement Revenue
LKL-08/29/84-551 A-1897 -4-
Ord. 8752-84 .9/20/84
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'k .s? '4.. ,? .i .'?ri' •? ? 7i.. ?,?;'a•F,I F`?•I?e r'- ';•s. ,t.' ^'T ?a*.st,?.Yl^J'5•?.? tiG {.. A.
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f Y- `` .i *w ' ??#?°'`.... d, •. Y. ?i.: 5=1._• 41,, i+y°'. «Y'?'
r t4 `° ?
Bonds, Series 19841t, herein defined as the "1984 Bonds", are authorized to be issues! in the
aggregate principal amount of not exceeding Six. Hundred Forty Thousand Dollars
rir r ($$40,000).
i>`r T 4 SECTION 7. DESCRIM7ON OF 1984 BONDS. The 1984 Bonds of each S
installment shall be dated as of a date to be determined by subsequent resolution of the
F t Issuer but prior to the date of delivery of the 1984 Bonds; shall be designated "R- "
?- ar J{{ and numbered consecutively, from one upward in order of authentication; shall be in the
ts,
denominations of $5,000 each or integral multiples thereof; shall bear interest at such
rate or rates not exceeding the legal rate fixed by the Act, such interest to be payable
ba quarterly, semiannually or annually on such dates and in such years and amounts as are
fixed by resolution of the Issuer adopted prior to the delivery of the 1984 Bonds; and shall
N: ,,1 w Q
!T' , Y S)
x` a =, mature on such dates and in such years and amounts as shall be fixed by resolution of the
Issuer adopted prior to the delivery of the 1984 Bonds. The 1984 Bonds shall bear interest
from their date or from the most recent interest payment date to which interest has been
1
paid, until payment of the principal sum.
The Bonds shall be issued in fully registered form, payable as to principal and
premium, if any, upon presentation and surrender thereof on the date fixed for maturity
or redemption thereof at the corporate trust office of the paying agent hereafter named.
Interest on each fully registered Bond shall be paid by check or draft mailed to the person
in whose name the Bond is registered, at his or her address as it appears on the Bond
Register maintained by the Bond Registrar, at the close of business on the 15th day of the
month (whether or not a business day) next preceding the interest Payment Date (the
"Record Date"), irrespective of any transfer of such Bond subsequent to such Record Date
and prior to such interest Payment Date, unless the Issuer shall be in default in payment
of interest due on such interest Payment Date. In the event of any such default, such
defaulted interest shall be payable to the person in whose name such Bond is registered at
the close of business e-i a special record date for the payment of defaulted interest as
established by notice mailed by the Registrar to the registered owner of the Bonds not
less than fifteen days preceding such special record date. Such notice shall be mailed to
wss k....,,.... ;,, o„t.,ou i,ame such Bond is registered at the close of business on the fifth (5th)
day preceding the date of mailing. All payments shall be made in accordance with and
pursuant to the terms of this Ordinance and the Bonds and shall be payable in any coin or
currency of the United States of America which, at the time of payment is legal tender
for the payment of public or private debts.
LKIr-09/05/84-551A-3897
-5-
J'
Fes,
r? 1
4
F}M
tM
Ord. 3752-84 9/20/84
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si?•'z'r +++eee}}} 'i,,,i? :s Y ??? '-1? ,t . ?i Sa ,?j r •,},tI.,?:_?.?'i.,•! ;sL..:,':=.i.,, .b'e 7,°. ¢•", t. ,?",: ?. ?•`?..
s h?-:? N "?,a ?.7?w..1.?•rh- S: ..;:5't..,xS'sr;:r?`.?.ns;I".z'_:? :, j. [4 ...::.i,, ,s.?4,..r ",.tr f':?r,°°.?.,.r':t•.c^_,r'.?:. ?v_'.;:''J," }'f y'•,,.ti.. ? tii. ?f...•xx f
F-
S
AV%
,•y.
No Bond shall be valid or become obligatory for any purpose or be entitled to
any security or benefit under the Ordinance until the certificate ot authentication
endorsed on the Bond shall have been duly signed by the Bond Registrar.
If the date for payment of the principal of, premium, if any, or Interest on the
Bonds shall be a Saturday, Sunday, legal holiday or a day on which the banking institutions.
In the city where the corporate trust office of the paying agent is located are authorized
by law or executive order to close, then the date for such payment shall be the next
succeeding day which is not a Saturday, Sunday or legal holiday or a day on which such
banking institutions are authorized to close, and payment on such date shall have the same
force and effect as if made on the nominal date of payment.
The Bonds may be issued or exchanged for Bonds in coupon form, payable to
bearer, in such form, with such attributes and upon such conditions 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
Bonds to be includable in gross income of the holder for federal income tax purposes.
SECTION 8. EXECUTION OF BONDS. The Bonds shall be executed in the
name of the issuer by the Mayor-Commissioner and City Manager and attested by the City
Clerk, and approved as to form, sufficiency and correctness by the City Attorney, either
manually or with his facsimile signature, and the official seal of the issuer or a facsimile
thereof shall be affixed thereto or reproduced thereon. The facsimile signature of such
officers may be imprinted or reproduced on the Bonds. The Certificate of Authentication
of the Bond Registrar shall appear on the Bonds, and no bond shall be valid or obligatory
for any purpose or be entitled to any security or benefit under this Ordinance unless such
certificate shall have been duly executed on such Bond. The authorized signature for the
Bond Registrar shall be either manual or facsimile; provided, however, that at least one of
the signatures appearing on the Bonds, shall at all times be a manual signature. In case
any officer whose signature shall appear on any 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 he had remained in office until such delivery.
Any Bonds may be signed and sealed on behalf of the Issuer by such person who at the
actual time of the execution of such Bonds shall hold the proper office with the Issuer,
although at the date of enactment of this Ordinance such person.may not have held such
office or may not have been so authorized.
LK L-08 /29/84-551 A-1897
Ord. 3762-84
-8-
9/20/84
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r [ SECTION 9. NEGOTIABILITY. Subject to the provisions hereof
4
respecting registration and transfer, the Bonds shall be and shall have all the qualities and
incidents of negotiable instruments under the laws of the State of Florida, and each
} .3.
successive holder, in accepting any of the Bonds, shall be conclusively deemed to have
;:C': tf ?' !Y r Jf
F agreed that the Bonds shall be and have all of such qualities and Incidents of negotiable
nwx-:?, ?' t r
instruments under the Uniform Commercial Code - Investment Securities of the State of
f.x Florida.
SECTION 10. REGISTRATION, EXCHANGE AND TRANSFER. There shall
be a Bond Registrar for the Bonds which may be the Issuer or a designated bank or trust
company located within or without the State of Florida. The Bond Registrar shall
maintain the registration books of the Issuer and be responsible for the transfer and
exchange of the Bonds. The Issuer shall, prior to the proposed date of delivery of the
Bonds, by resolution designate the Bond Registrar and Paying Agent. The Bond Registrar
shall maintain the books for the registration of the transfer and exchange of the Bonds in
compliance with the Florida Registered Public Obligations Act and the system of
registration as established by the Issuer pursuant thereto.
Bonds may be transferred upon the registration books, upon delivery to the
Registrar, together with written instructions as to the details of the transfer. of such
Bonds, along with the social security number or federal employer identification number of
such transferee and, if such transferee is a trust, the name and social security or federal
employer identification numbers of the settlor and beneficiaries of the trust, the date of
the trust and the name of the trustee. No transfer of any Bond shall be effective until
entered on the registration books maintained by the Bond Registrar.
Upon surrender for transfer or exchange of any Bond, the Issuer shall execute
and the Bond Registrar shall authenticate and deliver in the name of the registered owner
or the transferee or transferees, as the case may be, a new fully registered Bond or Bonds
of authorized denominations of the same maturity and interest rate for the aggregate
principal amount which the registered owner is entitled to receive at the earliest
practicable time In accordance with the provisions of this Ordinance. The Issuer or the
Bond Registrar may charge the owner of such Bond for every such transfer or exchange an
amount sufficient to reimburse them for their reasonable fees and for any tax, fee, or
other governmental charge required to be paid with respect to such transfer, and may
require that such charge be paid before any such new Bond shall be delivered.
LKL-08/29/84-551 A-1897
Ord. 8752»84
-7-
9/20/04
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7+,? '';»w? '!,"?? ?.i. -:?:',?:?. -s yF:h :;:g"a" 't ?? .T: t«?r4.:.?'t:: is ° ":a°? ?: ^-?'`',=;' `?"?.°°.• ? ? Ni3[y' ..7
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?a?r..uk'. y.7s:u?}i`..:1t3:..zra',?1•s f:'e': . ,'1`??:: E•???: ,. ';4`Siia .?iL:t.. •c. :?A?z?1:: w;4 s?? :f, yf.. ,:•?^..`?t .fit., . ,t: ?. :S. a.:'S:, 4,` rt ¢ 1.y,? 7?'
All Bonds presented for transfer,' exchange, redemption or payment (i£ so
required by the Bond Registrar), shall be accompanied by a written instrument or
Instruments of transfer or authorization for exchange, in form and. with guaranty of
signature satisfactory to the Bond Registrar, duly executed by the registered holder or by
his duly authorized attorney In fact or legal representative.
All Bonds delivered upon transfer or exchange shall bear interest from the
preceding Interest payment date so that neither gain nor loss in interest shall result from
the transfer or exchange. New Bonds delivered upon any transfer or exchange shall be
valid obligations of the 13suer, evidencing the same debt ras the Bond surrendered, shall be
secured by this Ordinance and shall be entitled to all of the security and the benefits
hereof to the same extent as the Bonds surrendered,
, The Issuer and the Bond Registrar may treat the registered owner of any Bond
as the absolute owner thereof for all purposes, whether or not such Bonds shall be
overdue, and shall not be bound by any notice to the contrary.
Notwithstanding the foregoing provisions of this section, the Issuer reserves
the right, on or prior to the delivery of the Bonds to amend or modify the foregoing
provisions relating to the registration of the Bonds by resolution or ordinance in order to
comply with all applicable laws, rules, and regulations of the United States and/or the
State of Florida relating thereto.
SECTION 11. 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, 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 conditions 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 Bonds 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
LKL-08/29/84-551A-1897
Ord. 3752-84
-8-
9/20/64
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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 12. PROVISIONS FOR REDEMPTION. The Bonds shall be
redeemable as provided by subsequent resolution of the Issuer.
Bonds in denominations greater than an authorized denomination (or
authorized Maturity Amount in the case of Capital Appreciation Bonds) shall be deemed
to be an equivalent number of Bonds in the denomination of an authorized denomination or
Maturity Amount. If a Bond is of a denomination or Maturity Amount larger than an
authorized denomination or Maturity Amount, a portion of such Bond may he redeemed, in
the amount; of an authorized denomination or Maturity Amount or integral multiples
thereof.
Notice of such redemption, identifying the Bonds or portions thereof called for
redemption (i) shall be filed with the paying agents and any Registrar; and (ii) shall be
mailed by the Registrar, first-class mail, postage prepaid, to all registered owners of the
Bonds to be redeemed not more than thirty (30) days and not less than fifteen (15) days
prior to the date fixed for redemption at their addresses as they appear on the
registration books to be maintained in accordance with the provisions hereof. Failure to
give such notice by mailing to any owner of Bonds, or any defect therein, shall not affect
the validity of any proceeding for the redemption of other Bonds.
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 Ordinance,
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 Ordinance, 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 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, a new
LKL-08129/84'-551A-1897 -9-
3rd, 3762-84 9/20/84
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I ! 7`
(Form of Bonds)
No. R- UNITED STATES OF AMERICA ?
STATE OF FLORIDA
`.•;i 't CITY OF CLEARWATER
, t CAPITAL IMPRt VHMENT REVENUE BOND, SERIES 1984
Rate of Interest Maturity Date Dated Date Cusip
?A ,
Registered Holder:
Principal Amount:
KNOW ALL MEN BY THESE PRESENTS, that the City of Clearwater, Florida,
a municipal corporation of the State of Florida (hereinafter called "Issuer'), for value
received, hereby promises to pay to the Registered Holder identified above, or registered
assigns, on the Maturity Date identified above, the Principal Amount shown above, solely
from the revenues hereinafter mentioned, and to pay solely from such revenues, interest
on said sum from the date of this Bond or from the most recent interest payment date to
which interest has been paid, at the Rate of Interest per annum set forth above until the
payment of such principal sum, such interest being payable on _ 1, 1984, and
thereafter on 1 and 1 of each year. The principal of and
premium, if any, on this Bond are payable upon presentation and surrender hereof on the
date fixed for maturity or redemption at the principal office of
_ (the "Paying Agent") in ,
Florida, or at the office designated for such payment of any successor thereof. The
interest on this Bond, when due and payable, shall be paid by check or draft mailed to the
Registered Holder, at his address as it appears on the Bond Register, at the close of
business on the 15th day of the month (whether or not a business day) next preceding the
interest payment date (the "Record Date"), irrespective of any transfer of this Bond
subsequent to such Record Date and prior to such interest payment date, unless the Issuer
shall be in, default In payment of interest due on such interest payment date. In the event
of any such default, such defaulted interest shall be payable to the person in whose name
such Bond is registered at the close of business on a special record date for the payment
of defaulted interest as established by notice mailed by the Registrar to the Registered
Holder not less than fifteen days preceding ouch special record date. Such notice shall be
LKL-09105/84-551A-1897
Ord. 3752-84
-11-
9/20/84
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1' iiHi;.`1S to Lt f:?.i;'•a.'S,• -fry •`}i???t }5!Sy `?? j, rat
iy?l"`Y ? ? =v=:??.?. :' y.}e :;?`? ? tip, •?1 .,:??'..f'x '/e ]t, tt.j.??'`??'?;::4,'.'i =. v...' . ?i :•ta ?,. .?1?.? ?? :a
Fr'?i,`.`1?.x•? t?fl .t??X .. ?; ..t'<_? ?';P ?'?s?s.i s?'I 3Ef.?^ -1,?}.f, .vt :t?' Lu?"?.!'?4v?'''`K?4i Y'P ?;? b
;??f y??iiv 4?Y; Sp? ?',p"fir,y wa"w,?°;t'T.?'.?"?t.?%??`1'?:.a?'.jt s.'t - :.py/, ?.•?iii'la. _???• rya{,.a ..? 4??».ia`-f:::r Vii" a.??;?: ?:,r:I.,?;.l?i"k'r!A?
??.,?h?,a?x,ts .ors Lt!: s Mir ? :.5 ?'.'??F.ti:??'''... ?* '?'...z?"?.'.., "" f:Tr.?:a<?. .;i• .y?},?},y+u „;'rw ,?. ?-.
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.'. 7
t
;??kt?ta? 3 r
f? ?. mailed to the person in whose name such Bond is registered at the close of business -an the
fifth (5th) day preceding the date of mailing. All amounts due hereunder shall be payable
?,trti
. . in any coin or currency of the United States, which is, at the time of payment, legal
K... t,
' tender for the payment of public or private debts.
This Bond is one of a duly authorized issue of Bonds of the Issuer designated
"Capital Improvement Revenue Bonds, Series 198411 in the aggregate principal amount of
$640,000, of like tenor and effect, except as to number, date, maturity, interest rate and
?: - redemption provision, issued to finance the cost of the acquisition of approximately 9.5
IRV) ,.r acres of real property for construction thereon of a vehicle maintenance facility for the
issuer (the "Project"), pursuant to the authority of and in full compliance with the
Constitution and laws of the State of Florida, including particularly Chapter 166, Part II,
Florida Statutes, and other applicable provisions of law, and pursuant to Ordinance No.
duly enacted by the Issuer on , 1964, as supplemented
(hereinafter collectively called the "Ordinance"), and is subject to all the terms and
s, r? o ; s conditions of such Ordinance.
This Bond and the Issue of Bonds of which it is a part, are special obligations
of the Issuer payable solely from and secured by an Irrevocable lien upon and pledge of the
guaranteed entitlement portion of the revenue sharing trust funds of the State of Florida
as defined in and distributable to the Issuer pursuant to Chapter 21B, Florida Statutes, the
proceeds of the local government half-cent sales tax, as defined in, and distributed to the
Issuer under, Part VI, Chapter 218, Florida Statutes, and all investment income derived
from investment of funds held under the Ordinance, until otherwise applied as provided by
the Ordinance (hereinafter collectively referred to as the "Pledged Revenues"), all in the
manner provided in the Ordinance.
This Bond does not constitute a general obligation, or a pledge of the faith,
credit or taxing power of the Issuer, the State of Florida o-? any political subdivision
thereof, within the meaning of any constitutional or statutory provision or limitation.
Neither the State of Florida nor any political subdivision thereof, nor the Issuer shall be
obligated (1) to exercise its ad valorem taxing power or any other taxing power in any
form on any real or personal property in the Issuer 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 Pledged Revenues, in the manner provided herein and
i
•'IV.
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'on
,M
LK L-08/30 /84-551 A-1897
-12-
mryra? ^• a.?r. •.4K ,.. ;t•w? ?r-s.,af.M'
Ord& 3752.84 9/20/84
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in the Ordinance. It is further agreed between the Issuer and the registered holder of this
Bond that this Bond and the indebtedness evidenced hereby shall not constitute a lien on
! ? A
the Project or any other property of the Issuer, but shall constitute a lien only on the y:
Pledged Revenues, in the manner provided in the Ordinance.
' (INSERT REDEMPTION PROVISIONS)
Bonds in denominations greater than $5,000 shall be deemed to be an
>
' equivalent number of Bonds of the denomination of $5,000. In the event a Bond is of a
t?
denomination larger than $5,000, a portion of such may be redeemed, but Bonds shall be
redeemed only in the principal amount of $5,000 or any integral multiple thereof. In the
event any of the Bonds or portions thereof are called for redemption as aforesaid, notice
' thereof identifying the Bonds or portions thereof to be redeemed will be given by the r
Registrar (who shall be the paying agent for the Bonds, or such other person, firm or
I corporation as may from time to time be designated by the Issuer as the Registrar for the
Bonds) by mailing a copy of the redemption notice by first-"class mail (postage prepaid)
not more than thirty (30) days and not less then fifteen (15) days prior to the date fixed
for redemption to the registered owner of each Bond to be redeemed in whole or in part at
E# the address shown on the registration books. failure to give such notice by mailing to any
owner of Bonds, or any defect therein, shall not affect the validity of any proceeding for
the redemption of other Bonds, All Bonds so called for redemption will cease to bear
interest after the specified redemption date provided funds for their redemption are on
deposit at the place of payment at that time.
If the date for payment of the principal of, premium, if any, or interest on this
bond shall be a Saturday, Sunday, legal holiday or a day on which banking institutions in
the city where the corporate trust office of the paying agent is located are authorized by
law or executive order to close, then the date for such payment shall be the next
succeeding day which is not a Saturday, Sunday, legal holiday or a day on which such
banking institutions are authorized to close, and payment on such date shall have the same
force and effect as if made on the nominal date of payment.
In and by the Ordinance, the issuer has covenanted and agreed with the
Registered Holders of the Bonds that it will (1) take no action which will impair or
adversely affect its receipt of Sales Tax Revenues and Guaranteed Entitlement Funds, and
(2) set up and appropriate in the annual City budget for expenditure from the Pledged
Revenues, in each of the fiscal years during which the Bonds are outstanding and unpaid,
sufficient amounts of such Pledged Revenues to pay one hundred per centum (100%) of the
LKL-08/30/84-551A-1897
Ord. 3762-04
-13-
8/20/84
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r',S} ?f aSrS." .J3;' FK'il'?' xsY :'r `? ,fit is` ` ^s r ,,?'v. ?,?,:..;' .,'at • ?,' `' '•? _, :S , '' e.,: '' j. °;, ?:•E, ;•'9 °''s` , 3.';{', al,t?.; ???"?
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. F ?
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?`,' '??T:?;??k.u`,tts,,?`.r'i'l.?yv?'[''Yr;??7a,+.t?•? Y •(?Fi c???c}{> 'ti'E1?,..3:.
."Fl'?+,"?'t?s.::Y?'r?.H.?.?S'.}F%t`?t;i<91.T't4??i..E.?etir':.?i .#?: w. ?i •.
principal and interest becoming due in such year on the Bonds and on all other obligations
payable on a parity therewith, plus one hundred per eentum (100%) of all other pnyments
required by the Ordinance; that the first Pledged Revenues received in each fiscal year by
the Issuer will be applied in amounts sufficient to meet the requirements of the Ordinance
during each of the fiscal years that the Bonds are outstanding and unpaid; and that such
covenant and agreement by the Issuer to budget and appropriate sufficient amounts of
such Pledged Revenues to meet the annual requirements of the Ordinance shall be
cumulative, and shall continue until such Pledged Revenues in amounts sufficient to make
all required payments shall have been budgeted, appropriated and actually paid in the
manner provided in the Ordinance. The issuer has entered into certain other covenants
and agreements respecting the Bonds, as to 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
limitations or provisions.
Subject to the provisions of the Ordinance respecting registration, 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. Subject to the limitations and
upon payment of the charges provided in the Ordinance, Bonds may be exchanged for a
like aggregate principal amount 'of Bonds of the same maturity of other authorized
denominations. This Bond is transferable by the Registered Holder hereof in person or by
his attorney duly authorized in writing, at the above-mentioned office of the Registrar,
but only in the manner, subject to the limitations and upon payment of the charges
provided in the Ordinance, and upon surrender and cancellation of this Bond. Upon such
transfer a new Bond or Bonds of the same maturity and rate of interest, and of authorized
denomination 'or denominations, for the same aggregate principal amount, will be issued to
the transferee in exchange therefor at the earliest practicable time in accordance with
the provisions of the Ordinance. Bonds may be transferred upon the registration books
LK L-08/30/84-551 A•-1897
Ord. 3752-84
--14-
9/20/814
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upon delivery to the Registrar of the Bonds, accompanied by a written instrument or
instruments of transfer in form and with guaranty of signature satisfactory to the
Registrar, duly executed b the Registered Holder of the Bonds to be transferred or his
?
• attorney-in-fact or legal representative, containing written instructions as to the details
ti P:;
k of the transfer of such Bonds, along with the social security number or federal employer
identification number of such transferee and, if such transferee is a trust the name and
=l i social security or federal employer identification numbers of the settlor and beneficiaries
of the trust, the federal employer identification number and date of the trust and the
name of the trustee. The issuer or the Registrar may charge the Registered Holder of
F such Bond for every such transfer of a Bond an amount sufficient to reimburse them for
their reasonable fees and any tax, fee, or other governmental charge required to be paid
b f with respect to such transfer, and may require that such charge be paid before anv such
1N OM"d new Bond shall be delivered.
The Issuer 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
payment of or on account of principal hereof and interest due hereon and for all other
purposes, and the Issuer shall not be affected by any notice to the contrary.
This Bond shall not be valid or become obligatory for any purpose or be
entitled to any security or benefit under the Ordinance until the certificate of authenti-
cation endorsed hereon shall have been duly signed by the Registrar.
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
Mayor-Commissioner and City Manager, and attested by the manual or facsimile signature
of its City 'Clerk, and its official seal or a facsimile thereof to be affixed, impressed,
Imprinted, lithographed or reproduced hereon, as of , 1984.
CITY OF CLEARWATER, FLORIDA
(SEAL)
By:
Mayor-Commissioner
By:
City Manager
By:
MY lerk
LKL-08/29/84-551A-1897 -15-
Ord. 3752-04 9/20/84
j ?. ?M.'. .....:'iiatsi'? ,:r: ie.J•"..7 FL?. E.e:.h,?S:.rY•313!Li.§_..i3fY?jY.±?1'i:.(f?0.:i"rs jt i'? is;fix':<,4'*-?,`.Y.}.~.°eu:s.'', '?,.??3
CERTIFICATE OF AUTHENTICATION OF BOND REGISTRAR
This bond is one of the Issue of the within described Bonds. The Interest rate, due dnte,
registered owner and principal amount shown above are correct in all respects and have
beer: recorded, along with the applicable federal taxpayer identification number and the
address of the registered holder, in the Bond Register maintained at the principal offices .
bf the undersigned.
Registrar
.Date of Registration and Authentication:
By:
Authorized Officer
%? ,atlAfl+'ti"k?}?l±cr?T:;J'.;7'S'•.:as?'•,y,'ilrr.+'._`_rr•;,<?y5•!r:'':YMWl1"+T#'r`tlStM'?¢r+Atrc?yr'1.Y,'f?[+??SC?5!, """t:Y w;
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•I".S °•.111:...'?Ge'fiun.i.'.t..•§:.. ?. J.•.:45: .h•CL?: t. ft3'i:.nv :!•:?3. Es.. l LYb?_f 'Te ).? S,•... Av. i-'{+??..
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f. •'_ I?i ?? br?x:N`?" i?.r' ! ? ? ?5
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3 AssraHMENT
FOR VALUE RECEIVED, the undersigned
(the "Transferor"), hereby sells, assigns, and transfers unto
it
(Please insert name and Social Security or Federal Employer
Identification number of assignee) the within bond and all rights thereunder, and hereby
irrevocably constitutes and appoints
(the "Transferee") as attorney to register the transfer of the within Bond on the books
kept for registration thereof, with full power of substitution in the premises.
Datet
Signature Guaranteed:
NOTICE: Signatures must be guaranteed
by a member firm of, the New York Stock
Exchange or a commercial bank or a trust
company.
NOTICE: No transfer will be registered and
no new Bond will be issued in the name of
the Transferee, unless the signature(s) to
this assignment corresponds with the name
as it appears upon the face of the within
Bond in eve*T particular, without alteration
or enlargement or any change whatever and
the Social Security or Federal Employer
Identification Number of the Transferee is
supplied.
The following abbreviations, when used in the inscription on the face of the
within bond, shall be construed as though they were written out in full according to
applicable laws or regulations:
TEN COM - as tenants in UNIF GIF MIN ACT -
common (Cust.1
TEN ENT - as tenants by the Custodian for
entireties Minor
3T TEN - as joint tenants with under Uniform Gifts to Minors Act
right of survivor- of
amp turd not as State
tenants in common
Additional abbreviations may also be used though not In list above.
LK L-08/28/84-551 A-1887 -17-
Ord. 3752-84. 9/20/84
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! s ?
SECTION 14. BONDS NOT DEBT OF ISSUER. The Bonds shall not be or
constitute a. general indebtedness of the Issuer or a pledge of its full faith, credit or
taxing power within the meaning of any constitutional or statutory provision or
limitation, but shall be payable solely from and secured by a lien upon and a pledge of the
Pledged Revenues as herein provided. No Bondholder or holders of any Bonds issued
hereunder shall ever have the right to require or compel the exercise of the ad valorem
taxing power of the Issuer (i) to pay such Bonds or the interest thereon or (ii) to make any
Sinking Fund, Reserve Account or other payments provided herein. The Bonds and the
Indebtedness evidenced thereby shall not constitute a lien upon the Project on or any
other property of or in the Issuer, but shall constitute a lien only on the Pledged Revenues
in the manner provided herein.
SECTION 15. SECURITY FOR BONDS. The payment of the principal of
and interest on the Bonds shall be secured forthwith equally and ratably by an irrevocable
lien on the Pledged Revenues superior to all other liens or encumbrances on such Pledged
Revenues, and the Issuer does hereby irrevocably pledge such Pledged Revenues to the
payment of the principal of and interest on the Bonds, for the reserves therefor and for
all other required payments hereunder.
SECTION 16. APPLICATION OF PROCEEDS OF BONDS. All moneys
received from the sale of the Bonds shall be deposited by the Issuer into a separate fund
to be designated "Capital Improvement Revenue Bonds, Series 1984 Acquisition Fund",
herein established. Moneys on deposit in the Acquisition Fund shall be applied by the
Issuer as follows:
A. All accrued interest to the date of delivery of the Bonds and capitalized
t'
interest, if any, for a period not exceeding 36 months after such date of delivery shall be
deposited In the Sinking Fund, hereinafter created, from which such interest will be paid.
B. An amount equal to the Maximum Bond Service Requirement shall be
deposited in the Reserve Account.
C. The Issuer shall next use the moneys in the Acquisition Fund to pay all
engineering fees, legal fees, fees of financial advisors, cost of issuance of the Bonds, and
all other similar costs incurred in connection with the acquisition of the Project and the
Issuance of the Bonds to finance the cost thereof.
D. The balance of the moneys remaining after making all the deposits and
payments provided for in paragraphs A, B and C above shall be withdrawn, used and
LKL-09/05/84-551A-1897
Ord. 3752.84
-18-
9/20/84
1
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?.?.r' ?:_ ?. r : ?.. ?1,?'' '".£ - U Y';? t•:.c?-` ?': ?i ?? :.•. ±s ?^. ?,. «f? ` ? r; `.,:•.r . ?,yA... h '. :??r.',V-'Yr: Fr. °r i.x .. ?,..
.+l"M: f. Y. "?• ? .k ".'. ,_'ly 3'a1??'o`,y ,,?? .'Faa?;'-ya
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D
applied by the Issuer solely to the payment of the cost of the Project and purposes
` incidental thereto, as hereinabove described and set forth, and the Issuer covenants and
agrees to commence and proceed with completion of that portion of the Project for which
• `' the applicable installment of Bonds has been issued with due diligence after issuance of
L
the Bonds. If for any reason such proceeds or any part thereof are not necessary for or
are not applied to the payment of such cost, then the unapplied proceeds shall be
deposited by the Issuer into the Reserve Account in the Sinking Fund unless there is on
` deposit therein the required amount in which event the unapplied proceeds shall be
deposited into the Sinking Fund and applied to the payment of principal of and interest on
the Bonds. All such proceeds shall be and constitute trust funds for such purposes, and
a ?r
there is hereby created a lien upon such moneys until so applied in favor of the holders of
the Bonds.
Any funds on deposit in the Acquisition Fund which, in the opinion of the
Issuer, acting upon the recommendation of the City Representative are not subject to
immediate expenditure, as hereinabove provided, may be invested in the manner provided
by law, provided such investments mature at such 'times as the moneys will be needed for
their intended purposes. All income derived therefrom shall be retained in the Acquisition
Fund; provided, that upon certification by the City Representative that the balance of
funds on deposit and a stated amount of income to be received on investments will be
sufficient to pay all remaining costs of the Project when due, the balance of such
investment income shall be deposited in the Sinking Fund.
All expenditures or disbursements from the Acquisition Fund, except those
provided for in paragraphs A, B and C above shall be made only after such expenditures or
disbursements shall have been approved in writing by the City Representative. The date
.of completion of the Project shall be determined by the City Representative who shall
certify such fact in writing to the governing body of the Issuer.
SECTION 17. COVENANTS OF THE ISSUER.. For as long as any of the
principal of and interest on any of the Bonds shall be outstanding and unpaid or until
provision has been made for such payment under Section 18 hereof, the Issuer covenants
with the holders of any and all Bonds as follows:
A. ANNUAL APPROPRIATION. The Issuer will set up and appropriate in
the annual budget for expenditure in each of the Fiscal Years during which the Bonds
thereon are outstanding and unpaid, from the Pledged Revenues, sufficient amounts of
such Pledged Revenues to pay one hundred per centum {100%} of the principal
.. LKL-08/30/84-551A-1897 -19-
Ord. 3752-84 9/20/80
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and interest becoming due in such year on the outstanding Bonds, plus one hundred per k
eentum (100%) of all other payments required b this Ordinance. Such covenant and
agreement on the part of the Issuer to budget and appropriate sufficient amounts of such ;.
Pledged Revenues to make all payments required by this Ordinance shall be cumulative,
r?? r
and shall continue until such Pledged Revenues in amounts sufficient to make all required r
payments shall have been budgeted, appropriated and actually paid in the manner
S .i4 ~tl Lkt % "?
hereinafter provided.
'ZI
' '-
?R?; B. OPERATING FUNDS. The entire Pledged Revenues received in each
„a
Fiscal Year by the Issuer shall be deposited forthwith into the General Fund of the Issuer ;F'
and used pursuant to the annual budget and appropriation ordinance or resolution only for
°c
" the purposes and in the manner herein provided,
11 T,
C. DISPOSITION OF REVENUES. The first Pledged Revenues shall be
disposed of on or before the fifteenth (15th) day of each month, commencing in the month
je y'{ f:? 1
y , immediately following the delivery of the Bonds only in the following manner and in the l
following order of priority.
(1) The Pledged Revenues shall be deposited Into the Issuer's "Capital ,
Improvement Revenue Bonds Sinking Fund" (hereinafter called "Sinking Fund"), 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 (or one-third (1/3) of all Interest coming due`
on the Bonds on the next quarterly interest payment date if interest is paid quarterly) and s
+ r
` r one-twelfth (1/12) of all principal maturing on the Serial Bonds on the next maturity date.,
All such payments, as provided above, shall include an amount sufficient to pay the fees
and charges of the paying agents. Such monthly payments shall be increased or decreased
proportionately to the extent required to pay principal and interest becoming due the first
and each succeeding Fiscal Year, after making allowance for the amounts of money, if V
any, which will be deposited In the Sinking Fund out of proceeds from the sale of the
Bonds, or which will be on deposit therein from Investment Earnings.
r}
(2) On a parity with the deposits under paragraph (1) above, the Issuer shall
next deposit into the "Bond Amortization Account" ;herein created and established within
uic a,uming Fund, if and to the extent requireA, a sum equal to one-twelfth (1/12) of the
ax
amount of the Amortization Installment for Term Bonds which shall become due and.
»x
payable during the current Bond Year, plus one-twelfth (1/12) of the premium: if any, on a
principal amount of such Term Bonds equal to the amount of such Amortization
Installment which would be payable on the next principal maturity date, if such principal '
amount of Term Bonds were to be redeemed prior to their maturity from moneys held In
the Bond Amortization Account.
LKL-09/05184-551A-1897 -20-
Ox,d. 3752-84 9/20/84
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(3) The Issuer shall next deposit into the Reserve Account in the Sinking
Fund, which Reserve Account is hereby created and established, a sum sufficient to
maintain therein an amount equal to the Maximum Bond Service Requirement, which sum
shall be initially provided by the Issuer from a portion of the proceeds of the 1964 Bonds.
a"
Any withdrawals from the Reserve Account shall be subsequently restored
from the first Pledged Revenues available after all required current payments for the
Sinking Fund, Reserve Account and Bond Amortization Account, including all deficiencies
for prior payments, have been made in full. t
Moneys in the Reserve Account shall be used only for the purpose of the
payment of maturing principal of or interest or Amortization Installments on the Bonds
when the other moneys in the Sinking Fund are insufficient therefor, and for no other
purpose. However, whenever the moneys on deposit in the Reserve Account exceed the
Maximum Bond Service Requirement, such excess may be withdrawn and deposited into
the Sinking Fund or the Bond Amortization Account.
(4) Moneys held for the credit of the Bond Amortization Account shall be
applied to the retirement of the Term Bonds as follows:
(a) Subject to the provisions of subparagraph (b) below, the Issuer shall
endeavor 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 amount of the premium, if any, which would be payable on the next .
redemption date to the holders of such Term Bonds if such Term Bonds should be called
for redemption on such date from moneys in the Bond Amortization Account. The Issuer R
shall pay the interest accrued on such Term Bonds to the date of delivery thereof from '
the Sinking Fund and the purchase price from the Bond Amortization Account, but no such
purchase shall be made by the Issuer within the period of forty-five (45) days immediately
preceding any interest payment date on which such Term Bonds are subject to call for
redemption except from moneys in excess of the amounts set aside or deposited for the
redemption of Term Bonds.
(b) Moneys in the Bond Amortization Account shall be applied by the Issuer in
each Bond Year to the retirement of the Term Bonds of each lot, installment or series to
the extent of the Amortization Installment, if any, for such Bond Year for the Term Bonds
of each suph lot, installment or series then outstanding, plus the applicable premium if
any, and, if the amount available in such Bond Year shall not be sufficient therefor, then
in proportion to the Amortization Installment, if any, for such Bond Year for the Term
LKL-09/05/84-551A-1897
Ord. 3752-84
-21-
9/20/84
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Bonds of each such lot, installment or series then outstanding, plus the applicable
premium, if any; provided, however, that if the Term Bonds of any lot, installment or
series shall not then be subject to redemption from moneys in the Bond Amortization
"`A 4 Account and if the Issuer shall at any time be unable to exhaust the moneys applicable to
C,aSa# ' ' ' the Term Bonds of such lot, installment or series under the provisions of this clause in the
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.: d'?-? ?%+%?? .• ` ?„??? :' purchase of such Term Bonds under the provisions of subparagraph (a) above, such moneys
' or the balance of such moneys, as the case may be, shall be retained in the Bond
Amortization Account and, as soon as it is feasible, applied to the retirement of Term
Bonds of such lot, installment or series.
1r ,r ??ihx. ilk t . $
Upon the issuance of any Additional Parity Bonds under the terms, limitations
','? •. and conditions as herein provided, the payments into the several accounts in the Sinking
?J
Fund shall be increased in such amounts as are necessary to make the payments required
above for the principal of and interest and Amortization Installments on, and reserves for
,tYy r such Additional Parity Bonds, on the same basis as hereinabove provided with respect to
y. the outstanding Bonds. The Issuer shall increase the sum required to be accumulated and
y;'L'?e"'" XX Q maintained on deposit in the Reserve Account to be at least equal to the Maximum Bond
Service Requirement on the outstanding Bonds and on the Additional Parity Bonds
becoming due in any ensuing Fiscal Year. Such required sum may be paid in full or in part
from the proceeds of such Additional Parity Bonds or may be accumulated in equal
e ?•
monthly payments in the Reserve Account over a period of years, not to exceed five (5)
r years, from the date of delivery of the issue of Additional Parity Bonds, as determined by
z the Issuer.
(5) The balance of any Pledged Revenues remaining in the General Fund
after the above required payments have been made may be used for the purchase or
redemption of the Bonds or for any lawful purpose.
(6) The Sinking Fund, the Reserve Account, Bond Amortization Account 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 manner by which the deposit of public funds are authorized to be secured by the laws
of the state of Florida. Moneys on deposit in the Sinking Fund (except the Reserve
Account therein) may be invested and reinvested in obligations of the United States of
America or placed in time deposits in banks or trust companies represented by certifi-
cates of deposit and continuously secured as provided by the laws of the State of Florida
maturing not later than the date on which the moneys therein will be needed. Moneys in
LKL-09/05/84-551A-1697
Ord. 3752-84
-22-
9/20/94
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z .3't'f. Y?r .a; r:1' F?? p t! x- )e,-rr. ., ?'?'.ii';'`..ty'i3'-'; ,, ?}?•?. ,. f?.y'?; ?.Y ...?'?[r'?J
!?4` '?,i.• f°1. ?'"`u>??.> .? _?';r?' SY;i??:y??k;,?5.1'•e.?.? *;?ei:ir.r..•..•.»?'}';;,,"..r,'.'??.x;.".?.? ? ;+;r .?t?a.1.+t?+? ? a,:.'iG°" pp?? u• :$f'??.}a04
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the Reserve Account In the Sinking Fund may be Invested and reinvested In Obligations of
the United States of America or placed In time deposits in banks or trust companies
represented by certificates of deposit secured as above provided maturing not later than
the final maturity of the Bonds. Any and all income received by the Issuer from such
investments shall be deposited Into the Sinking Fund.
The cash required to be accounted for in each of the foregoing funds and
accounts established herein may be deposited in a single bank account, and funds allocated
to the various accounts established herein may be invested in a common investment pool,
provided that adequate accounting records are maintained to reflect and control the
restricted allocation of the cash on deposit therein and such investments for the various
purposes of such funds and accounts as herein provided.
The designation and establishment of the various funds in and by 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
governmental accounting, but rather is intended solely to constitute an earmarking of
certain revenues for certain purposes and to establish certain priorities for application of
such revenues as herein provided.
D. BOOKS AND RECORDS. The Issuer shall also keep books and records of
the Pledged Revenues 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.
E. ANNUAL AUDIT. The Issuer shall also, at least once a year, cause the
books, records and accounts relating to the total annual budget of the Issuer including the
Pledged Revenues 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
Bondholder.
F. REMEDIES. Any Bondholder of Bonds issued under the provisions hereof
or any trustee acting for the holders of such Bonds may 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 contained herein, and may enforce and compel the
performance of all duties herein required or by any applicable statutes to be performed by
the Issuer or by any officer thereof.
LKL-09/05/84-551A'-2897
Ord. 3752-84.,
-23-
9/20/84
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y??y:?? F?yrS.,?F:e ?!';Y?.>;,j:?::-?'1'r??er`;,?i?!.?'s :°nil;f':'i`1'is:3''!.FS?;Ix:?',£ir}?"+'>}.:.: •?s.: s..?.§r. ?'?ti..f`:l',?e i;ySr ?`.lv ?`ri.'?4 i,y, •?.l `.>,I,.?rS?,+?• .yS''? `.,r??,.., E., ,t"' .??
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Nothing herein, however, shall be construed to grant to any holder of the
Bonds any lien on any real or personal property of the Issuer, or any right to require or
compel the levy of ad valorem taxes by the Issuer for any purpose.
G. OPERATING BUDGET. In accordance with law, the Issuer shall annual-
ly, preceding each of its Fiscal Years, prepare and adopt a detailed budget of the
estimated revenues and expenditures during such next succeeding Fiscal Year, which
budget may be amended from time to time in accordance with law. The Issuer shall mail
copies of its annual budget to any Bondholder who shall file his address with the Issuer and
request in writing that a copy be furnished him and shall make such budget available at all
reasonable times to any Holder of Bonds or to anyone acting for and on behalf of such
Holder.
H. ISSUANCE OF OTHER OBLIGATION& The Issuer will not issue any
other obligations, except under the conditions and In the manner provided herein, payable
from the Pledged Revenues or any portion thereof, 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 Bonds and the interest thereon, upon the
Pledged Revenues. Any other obligations issued by the Issuer In addition to the 1984
Bonds or Additional Parity Bonds provided for in Subsection I below, payable from the
Pledged Revenues, shall contain an express statement that such obligations are junior and
subordinate in all respects to the Bonds herein authorized, as to lien on and source and
security for payment from the Pledged Revenues. After issuance of the first Installment
of 1984 Bonds, no additional 1984 Bonds herein authorized shall be issued except upon
compliance with the requirements of Subsection I below, applied as though such 1.984
Bonds were Additional Parity Bonds.
1. ISSUANCE OF ADDITIONAL PARITY BONDS. No Additional Parity
Bonds, payable on a parity from the Pledged Revenues with the 1984 Bonds shall be Issued
after the Issuance of any 1984 Bonds, except for the construction and acquisition of
additional capital projects of the Issuer or for refunding purposes and except upon the
conditions and in the manner herein provided:
(1) There shall have been prepared and accepted by the governing body of
the Issuer a report by the City Representative, based in part on reports of others as
necessary, setting forth the established capital costs of proposed projects; schedules of
construction and debt services; projected annual expenses of operation and maintenance
of the projects; the estimated annual costs of renewals, replacements, and additions
LK L-0 9 /0 5 /8 4-5 51 A-18 97
Ord. 3752-84
-24-
9/20/84
I,,-
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thereto; and the estimated annual revenues from any revenue producing facilities q: , • '
proposed to be constructed or acquired from the proceeds of the Additional Parity Bonds. F
(2) There shall have been obtained and filed with the Issuer a certificate of
an independent certified public accountant of suitable experience and responsibility; (a)
stating that the books and records of the Issuer relating to the collection and receipt of .1
Pledged Revenues have been audited by him; (b) setting forth the amount of Pledged
Revenues, as defined herein, received by the Issuer for any twelve consecutive months ,. , .
within the eighteen months immediately preceding the date of delivery of such Additional
Parity Bonds with respect to which the certificate is made; (c) stating that the Pledged
Revenues received by the Issuer for such twelve month period equals at least 1.50 times
the Maximum Bond Service Requirement on (1) all 1984 Bonds and all Additional Parity
Bonds, if any, then outstanding and (ii) the Additional Parity Bonds with respect to which
the certificate is made; and (d) stating that the Sales Tax Revenues and the Guaranteed
Entitlement Funds received by the Issuer for such 12 month period will equal at least
100% of the Maximum Bond Service Requirement on (1) all 1984 Bonds and all Additional
Parity Bands, if any, then outstanding and (if) the Additional Parity Bonds with respect to
which the certificate is made. Pledged Revenues, for purposes of this paragraph (2) and
paragraph (3) below shall exclude an amount equal to the maximum annual debt service on
any obligations of the Issuer (other than obligations issued pursuant to this Ordinance)
which have a lien superior to the lien securing the Bonds on any of the Pledged Revenues
and are outstanding at the time of the issuance of the Additional Parity Bonds.
(3) There shall have been prepared and filed with the Issuer a certificate of
the Finance Director of the Issuer (a) stating that the Pledged Revenues estimated to be
available during the current Fiscal Year in which the Additional Parity Bonds will be
Issued will equal at least 1.50 times the Maximum Bond Service Requirement on (€) all
1984 Bonds and all Additional Parity Bonds, if any, then outstanding and (ii) the Additional
Parity Bonds with respect to which the certificate is made, and (b) stating that the Sales
Tax Revenues and the Guaranteed Entitlement Funds estimated to be available during
such current Fiscal Year will equal at least 100% of the Maximum Bond Service
Requirement on (1) all 1984 Bonds and all Additional Parity Bonds, if any, then
outstanding, and (ii) the Additional Parity Bonds with respect to which the certificate is
made.
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-25-
Ord. 3752-84 0/20/84 S'Em °
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x, (4) There shall have been prepared and filed with the Issuer a certificate of
'? its t
the Finance Director of the Issuer estimating that the annual budget of the Issuer for the
current Fiscal Year in which the Additional Parity Bonds will be issued, adjusted in
;._i
accordance with sound accounting principles, will be sufficient to pay all expenses to be
.r= Incurred in the operation of the Issuer and to pay the Maximum Bond Service Requirement
becoming due on (1) all 1984 Bonds and all Additional Parity Bonds, if any, then
outstanding and (ii) the Additional Parity z ands with respect to which the certificate is
?.,,? • •?a .A made.
(5) Each resolution or ordinance authorizing the issuance of Additional
Parity Bonds will recite that all of the covenants herein contained will be applicable to
the Additional Parity Bonds.
(6) 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.
(7) The attorney for the Issuer shall certify that he has no knowledge of any
legislation or litigation which would materially prevent the issuer from budgeting and
appropriating sufficient funds to meet the requirements of this Ordinance and any other
ordinance or resolution authorizing obligations payable from all or any part of the Pledged
Revenues.
(S) The Additional Parity Bonds shall bear interest payable semiannually,
and shall mature, on one or more of the anniversary dates of the interest payment dates
for the 1984 Bonds.
J. COMPLETION OF PROJECT. The Issuer will complete that portion of
the Project for which the applicable installment of 1984 Bonds has been issued from time
to time in an economical and efficient manner and with all practicable dispatch.
K. ARBITRAGE. The issuer at all times while the Bonds and the 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
promuigatt-ii thereunder.
L. NO IMPAIRMENT. The pledging of the Pledged Revenues in the manner.
provided herein shall not be subject to repeal, modification or impairment by any
LK L-0 9 /0 5 /8 4-5 51 A-18 9 7
Ord. 3752-84
-126-
9/20/04
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subsequent ordinance, resolution or other proceedings of the governing body of the Issuer
or by any subsequent act of the Legislature of Florida.
M. ENTITLEMENT TO SALES TAX REVENUES AND GUARANTEED
ENTITLEMENT FUNDS. The issuer will take all lawful action necessary or required to
continue to entitle the Issuer to receive the Sales Tax Revenues and Guaranteed
Entitlement funds in the maximum amount provided by law and will take no action which
will impair or adversely affect its receipt of Sales Tax Revenues and Guaranteed
Entitlement Funds.
SECTION 18. 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 Bonds, then, and in that event, the pledge of and
lien on the Pledged Revenues in favor of the Holders of the Bonds shall be no longer In
effect. For purposes of the preceding sentence, deposit of cash or Obligations of the
United States of America or bank certificates of deposit fully secured as to principal and
interest by Obligations of the United States of America (or deposit of any other securities
or investments which may be authorized by law from time to time and sufficient under
such law to effect such a defeassnce) in irrev*• !able trust with a banking institution or
trust company, for the sole benefit of the Bondholders, the principal of which, together
with the income thereon, and the uninvested cash, will be sufficient to make timely
payment of the principal, interest, and redemption premiums, if any, on the outstanding
Bonds, shall be considered "provision for payment." Nothing herein shall be deemed to
require the Issuer to call any of the outstanding 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 19. MODIFICATION OR AMENDMENT. No material adverse
modification or amendment of this Ordinance or of any ordinance or resolution amenda-
tory 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 reduction in the rate of interest thereon, or in the amount of the
principal amount of the Bonds then outstanding, 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 Pledged Revenues or reduce the percentage of the Holders of the Bonds required
to consent to any material modification or amendment hereof without the consent in
writing of the holder or Holders of all such Bonds.
LKL-08/30/84-551A-1897 -27-
Ord. 3752-84
9/20/84
?y.?&+?:?c?.???ro?+.'?pi'r1".3??sr?"M???r!u0?'?.'3'3°?,t1i'ie;'0 ??1 .!!???` `+,?' .?. ..? ,7.?,`'}.'?`"d',?i?!?kfr.'?p;?f?.. o,.i?"t ?.us`' ""':!1•?" ,.r .. rS a!•r. '14'?`'?6'vdF .
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w r t ,
. SECTION 20. SEVERABIL"T OF INVALID PROVISIONS. If any one or
more of the covenants, agreements or provisions herein contained shall 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 separable from the remaining covenants, agreements or provisions and shall in no
way affect the validity of any of the other provisions hereof or of the Bonds issued
hereunder.
SECTION 21. SALE OF 1984 BONDS. The 1984 Bonds shall be issued and
sold in such manner and at such price or prices consistent with the Act, all at one time or
in installments from tune to time, as shall be hereafter determined by resolution of the
governing body of the Issuer.
SECTION 22. VALIDATION AUTHORIZED. If deemed necessary by the
Issuer, the attorney for the Issuer is authorized and directed to prepare and file
proceedings to validate the Bonds in the manner provided by law, and the proper officers
of the Issuer are hereby authorized to verify on behalf of the Issuer any pleadings in such
proceedings.
SECTION 23. REPEALING CLAUSE, All ordinances and resolutions or
parts thereof of the Issuer in conflict with the provisions herein contained are, to the
extent of such conflict, hereby superseded and repealed.
SECTION 24. EFFECTIVE DATE. This Ordinance shall take effect immed-
iately upon its passage.
LK L-08/29/84-5 51 A-1897:
Ord. 9752-84
-28-
9/20/84
Tip.
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SECTION 25. PUBLIC NOTICE. Notice of the proposed enactment of this
Ordinance has been properly advertised in a newspaper of general circulation in
accordance with Chapter 186.041, Florida Statutes.
PASSED ON FIRST READING September 6 1984
PASSED ON SECOND'
AND FINAL READING AND
ADOPTED September 20 , 1984
Attest:
r ?
By=
City Clerk J
-29-
9/20/84
M