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i
ORDINANCE NO 2046
:E;x'#.<$ `".
,
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AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT 4 r
EXCEEDING $ 825,000 MUNICIPAL PARKING
REVENUE BONDS, SERIES , F THE CITY OF CLEAR-
WATER, FLORIDA, FOR THE PURPOSE OF CONSTRUCTING '..
ADDITIONS,-EXTENSIONS AND IMPROVEMENTS TO THE PARKING
SYSTEM OF SAID CITY; PLEDGING THE NET REVENUES DERIVED ;
FROM SAID SYSTEM TO THE PAYMENT THEREOF; AND PRO-
VIDING FOR THE RIGHTS OF THE HOLDERS OF SAID OBLI-
GATIONS 4, PROVIDING FOR PROPER NOTICE OF PROPOSED
DA
E
T
ENACTMENT; AND PROVIDING FOR THE EFFECTIVE
OF THIS ORDINANCE.
,'?r;=,.x'
?
ED BY THE CITY COMMISSION OF THE CITY OF
C
'
BE IT ENA
T
CLEARWATER, FLORIDA: ??3
ARTICLE I
AUTHORITY, DEFINITIONS AND FINDINGS
SECTION 1.01 AUTHORITY FOR THIS ORDINANCE. This ordi-
nance is adopted pursuant to the provisions of Chapter 26918,
Laws of Florida, Acts of 1951, as amended and supplemented,
Chapter 166, Part II, Florida Statutes and other applicable pro-
visions of law, and pursuant to Section 4.02(B) of Ordinance No.
821 entitled:
"AN ORDINANCE AUTHORIZING THE CONSTRUCTION AND
ACQUISITION OF OFF-STREET PARKING FACILITIES IN
THE CITY OF CLEARWATER AND AUTHORIZING THE
ISSUANCE OF $575,000 MUNICIPAL PARKING REVENUE
BONDS TO FINANCE THE COST THEREOF."
enacted by the governing body of the City of Clearwater, Florida,
on May 25, 1959 (hereinafter referred to as "Original
Ordinance"), and is supplemental to said Original Ordinance.
SECTION 1.02 DEFINITIONS. The following terms, in
addition to the terms and definitions contained in the original
Ordinance to the extent not inconsistent herewith, shall have the
following meanings herein, unless the text otherwise expressly
requires:
A. "Issuer" shall mean the City of Clearwater, Florida.
B. "Act" shall mean Chapter 26918, Laws of Florida,
Acts of 1951, as amended and supplemented, Chapter 166, Part II,
Florida Statutes, and other applicable provisions of law.
C. "Obligations" shall mean the Municipal Parking
Revenue Bonds, Series 1979, herein authorized to be issued,
Ord' #20+6 2/21/80
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together with any Additional Parity obligations hereafter issued
under the terms, conditions and limitations contained in the
Original Ordinance.
'
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N [?l:y.! i fib. .
.•Y'?{ri F
D. "Holder of Obligations" or "Obligation holder" or
any similar term shall mean any person who shall be the bearer or
owner of any outstanding Obligation or obligations registered to .,.
bearer, or not registered, or the'registered owner of any such „',
.'• .,,',;?, '' t.- ;'-E. .
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other than to bearer.
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E. "Additional Parity Obligations" shall mean addi-
tional obligations issued in compliance with the terms, conditions {, y.
Y.
and limitations contained in the Original Ordinance and which rank
equally in all respects with the Parity Obligations, hereinafter
,
defined, initially issued thereunder.
F. "System" shall mean the combined and consolidated
parking system now owned, operated and maintained by the Issuer,
together with any and all improvements, extensions and additions
thereto hereafter constructed or acquired.
G. "Parity obligations" shall mean the Municipal
Parking Revenue Bonds of the Issuer, dated September 1, 1959,
issued originally in the amount of $575,000.
H. "Authorized Investments" shall mean any of the
following if and to the extent the same are at the time legal for
investment of municipal funds; (a) direct obligations of or obli-
gations guaranteed by the United States; (b) bonds, debentures or
notes issued by any of the following federal agencies: Bank for
Cooperatives, Federal Intermediate Credit Banks, Federal Home
Loan Bank System Export-Import Bank of Washington, Federal Land
I
Banks or the Federal National Mortgage Association (including
A.
participation certificates); (c) public housing bonds, temporary
notes, or preliminary loan notes fully secured by contracts with
the United States; (d) full faith and credit obligations of any
State, provided that at the time of purchase, such obligations
are rated in either of the two highest rating categories by two
Ord. 42046 2/21/80
'S. -2-
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h.%Sf°t: a}`.? -' .Y.?',?;,.i?' 4µ .•F•': I ?'l>i: i' ?' 1 ?.-.b•r"' 4$? 'd. t`}''w';'.it:•? z?
t l i:Sc ' I'4'r«.. wa?.'?.•.?,a.'.c: N'.: rt.l'?r. • 3? ?`3.,,. .4a
?,.ry '? ' . ? •,?;? iX; ?•,^?`1'S'• 4 ';.;se"ra"+..}""'S?i,`? a- "'ra}?t'.y? ?,r ???t`??s?t: ¢ IS'"'' ?. ty't? ';t+t
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sr' .le!' ?,.3{7?? S.•?h'?{aY? .f,' R' Y ?•' '4 err `?4"J yY"Y.ai"'1; ?n«,r ?'€iP 1•^•??? a ?tx. ? a_•- ,?es r 4e
v. Y.. F.1? YG6 iT ? t 'r.;G.;•?° .1.? Y ?r ?• ??='N .? 1 ??, P
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nationally recognized bond rating agencies; or (e) time deposits
represented by certificates of deposit fully secured in the manner
r' provided by the laws of the State of Florida.
1. Words importing singular number shall include the
r iya
plural number in each case and vice versa, and words importing
A
persons shall include firms and corporations.
SECTION 1.03 FINDINGS. It is hereby ascertained,
determined and declared that:
I
A. The Issuer now owns, operates and maintains the
System and derives revenues from the facilities of the System.
B. It is necessary and desirable to acquire and
construct additions, extensions and improvements to the System,
as provided herein (hereinafter called Project ), in order to
a preserve and protect the public health, safety and welfare of the
inhabitants of the Issuer.
C. The Revenues derived from the operation of the
System are not now pledged or encumbered in any manner except for
the payment of the prrincipal of and interest on the
Parity Obligations.
D. The Original Ordinance, in Section 4.02(8) thereof,
provides for the issuance of Additional Parity Obligations under
the terms, limitations and conditions provided therein.
E. The Issuer is authorized to issue the Obligations
authorized herein as Additional Parity Obligations within the
authorization contained in Section 4.02 of the original
Ordinance.
F. The estimated Revenues to be derived from the opera-
tion of the System will be sufficient to pay all the principal
of and interest on the obligations and the Parity Obligations, as
the same become due, and to make all required sinking fund,
reserve or other payments.
G. The principal of and interest on the Obligations and
all required sinking fund, reserve and other payments shall be
payable solely from the Net Revenues derived from the operation of
Ord. #.2o.46 2/21/80
1 . . :•S:f ti's <?, .: ?;P.C..
the System. The Issuer shall never be required to levy ad valorem
taxes on any property therein to pay the principal of and interest
on the Obligations or to make any of the required'sinking fund,'
reserve or other payments and such Obligations shall not consti-
tute a lien-upon any property of or in the Issuer.
yEd •i:l???
IS: qtr
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.i ?['.A:If, '"-IPZ;,t :F'.:f?;?4E J.'??:i •.r .e ..7 tti': `•F °b`•. ?y'!• f' (1ui..Y.'•S.i? x,?:1,??„q., S 1
,
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ARTICLE II
AUTHORIZATION, TERMS, EXECUTION
SECTION 2.01 AUTHORIZATION OF CONSRUCTION AND
ACQUISITION OF PROJECT. There is hereby authorized the construction
and acquisition of the Project, consisting of, but not limited
to, pursuant to the plans and specifications of the Consulting
Engineers, now on file or to be filed with the sue The cost a`''f'+-';• "k;??F:"'
of such Project, in addition to the items set forth in the lane Wv?
'Vr and specifications, may include, but need not be limited to, the ,,?.,?:;vti;s, ,...._ •'•
acquisition of any lands or interest therein or any other proper-
ties deemed necessary or convenient therefor; engineering, legal,
1
and financing expenses; expenses for estimates of costs and of
revenues; expenses for plans, specifications and surveys; the ` ?rs+
fees of fiscal agents, financial advisors or consultants; admi-- ;.
:a
nistrative expenses relating solely to the construction and
acquisition of the Project; interest upon the Obligations for not ^i
exceeding three years from the date of delivery thereof; the
creation and establishment of reasonable reserves for debt :
:?: h??;•. _.:•':; ._....:_. -_?::???tr. r}". _?. .. _.f',. .,
service; discount upon the sale of the Obligations, if any; muni-
cipal bond insurance premiums, if any; and such other costs and
expenses as may be necessary or incidental to the financing
herein authorized and construction and acquisition of the Project
and the placing of same in operation.
SECTION 2.02 ORIGINAL ORDINANCE AND ORDINANCE TO
CONSTITUTE CONTRACT. In consideration of the acceptance of the
Obligations authorized to be issued hereunder by those who shall '
hold the same from time to time, this Ordinance and the Original '
r
Ordinance shall be deemed to be and shall constitute a contract
between the Issuer and such holders. The covenants and agreements
herein and therein 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 such obligations and Parity Obligations y
and the coupons attached thereto,'all of,which shall be of equal
rank and without preference, priority or distinction of any of
Ord; #2046
-5-
2/21/80
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I
??'??yr'1„?'n.,?f11??M?`.??ht'?er?.y ?L?.'f+.r;K!rt1?ty?'tY?t?t'ieh?r,'.'-?"?;,???!F ?:Yt .'F' '"?y?. I,ti. ?'.' p?... `1.'"j?'?yc?p??'!'>r?e?'?,+K="N^'!S:,?k'r't"M,',?.• Y??'?'#?'i
?t ??e?s?,,?. ? t A°?,•?'?x.?;, asp ?i1??l:.?w.. x• '• n s t
'? fiber, w= • ! a i'`Y•';6?r:..,,;r;?; +i •• `T •,t?'?'I??F ,
V 21.
•,: ' ? r ? -,z, ,`??<,-•. . c..s.:. •, ;..? =fir ?' x? c,?.e?•• . ?
_ "*i??•, 'ins .7^?: 'i?",?icu,-' , .l?"v..,::;:•..., r'gr ..oa 1'r?': t>+,'.,i?'j3,..;,??? .. •a.ri?S.sblS:li T'1`} ? .
''S;!'t?k;,t?, « .,,?,?;.? s',,?:. • -;?: ?%?ti `< ?" ? ,r?>?I; ?;: •t"•.:,: ?.. : ?liz' i;; f .r., ?"a•.: ? •s,/r'`
• r 9'R.L.i•r ,? .t
the Obligations, Parity Obligations or coupons over any other
thereof, except as expressly provided therein and herein.
SECTION 2.03 'AUTHORIZATION OF OBLIGATIONS. Subject and
pursuant to the provisions hereof, Obligations of the Issuer to
be known as "Municipal Parking Revenue Bonds, Series 197911,
herein referred to as "Obligations", are authorized to be issued
in the aggregate principal amount of not exceeding Million
Hundred Thousand Dollars ($ ).
SECTION 2.04 DESCRIPTION OF OBLIGATIONS. The
Obligations shall be dated September 1, 1979; shall be numbered
consecutively from one upward; shall be in the denomination of
$5,000 each; shall bear interest at such rate or rates not
exceeding the maximum rate fixed by the Act or by other applicable
law, the actual rate or rates to be determined by the governing
body of the Issuer upon the sale of the obligations, such
interest to be payable semiannually on March 1 and September 1 of
each year; and shall mature in numerical order, lowest numbers
first, on September-1 in such years, not exceeding thirty (30)
years from the date thereof, and in such amounts as shall be
determined by subsequent resolution of the Issuer adopted prior to
the sale thereof.
Such Obligations shall be issued in coupon form; shall
be payable to bearer unless registered as hereinafter provided;
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 Obligations; shall be payable in lawful
money of the United States of America; and shall bear interest
from their date, payable in accordance with and upon surrender of
the appurtenant interest coupons as they severally mature.
SECTION 2.05 EXECUTION OF OBLIGATIONS AND COUPONS. The
Obligations shall be executed in the name of the Issuer by its.
Mayor--Commissioner and countersigned by its City Manager, and its
corporate seal or a facsimile thereof shall be affixed thereto or
reproduced thereon and attested by its City Clerk. The
,
Ord. , ##204.6 2/21/80
-6-
"''irtl•t??,sE`Y'',?f:'?:5?? sir f?
V.y
:?.?}fie ;.•Lr::,3 '?;Us ?',l.f sJ,l.i'
's.
± r!e?? .i+rgf}r~i;c-,?«;s? p .?.a??„P-?.,x.sr ?,???7'?".R?I''t7"r? S• <• „jt, ? .., k• tip`` '3 S 't' , s,:
..?` „F y "Rii...\r :?, .d.. r? •:i zy;. "r: i>-.;t:1;w??• •Fr`Y!`??.' "? , t k.S
. a?S `q;; :;? d a.;,i'ir 'i%rt• ?=wst .. •j.?":w.>'- ° s }
.a' M.Nt '?;.'3',(S Ff... "Tr??vY7';.'? a?? : ?f?'it?t? ?? `+? lis •?; 1, f. .k t
'{itV? •.
EDl'?"
Obligations shall be approved as to form and correctness b the
J City Attorney. The facsimile signatures of the Mayor-
4r Commissioner, City Manager, City Clerk and City Attorney may be
t imprinted or reproduced on the Obligations, provided that at
least one signature required to be placed thereon shall be
?? ,f• `?.?'?;;:; .
manually subscribed. In case any officer whose signature shall
appear on any of the obligations shall cease to be such officer
X } t. ?`? before the delivery of such Obligations, such signature or fac-
,r n w ..fYT' ?, ??' simile shall nevertheless be valid and sufficient for all pur-
',eta poses the same as if he had remained in office until such deli-
very. The Obligations may be signed and sealed on behalf of the Issuer by such person who at the actual time of the execution of
such obligations shall hold the proper office with the Issuer,
although at the date of such obligations such person may not have
held such office or may not have been so authorized.
The coupons attached to the Obligations shall be authen-
ticated with the facsimile signatures of any present or future
Mayor-Commissioner, City Manager and City Clerk of the Issuer,
and the validation certificate on the obligations shall be exe-
cuted with the facsimile signature of the Mayor-Commissioner.
The coupons may be sealed by the imprinting thereon of the word
"(Seal)". The Issuer may adopt and use for such purposes the
facsimile signatures of any persons who shall have held such
offices at any time on or after the date of the Obligations not-
withstanding that they may have ceased to be such officers at
the time such Obligations shall be actually delivered.
SECTION 2.06 NEGOTIABILITY AND REGISTRATION. The
Obligations and the coupons appertaining thereto shall be and
shall have all of the qualities and incidents of negotiable
instruments under the law merchant and the laws of the State of
Florida, and each successive holder, in accepting any of such
Obligations or the coupons appertaining thereto, sahil be conclu-
sively deemed to have agreed that such obligations shall be and
have all of the qualities and incidents of negotiable instruments
-7-
Ord. f?2046 2/21/80
;
?St???ih iY,'??Gir.???tift` ??L?? •;i ' .r r' C r:;
?h???Sii?9h?:c*;t}7+?'AS.<?t`7..:=? :?; r.:?:?i o'x4?iF 4?` •:7h1r??1??"i.;:? .ic: ??.?...
;????;???????c=:i?:'?: W ?'+,?`:??r. iii :, M,• ?:,: ?.: t.." ? _
under the law merchant and the laws of the State of Florida.
The Obligations may be registered at the option of the
holder as to principal only, or both principal and interest, at'
the office of the City Treasurer, as Registrar, or such other
Registrar as may be hereafter duly appointed, such registration
to be noted on the back of the obligations in the space provided
thereof. After such registration as to principal only, or
both principal and interest, no transfer of the Obligations shall
be valid unless made at such office by written assignment of the
registered owner, or by his duly authorized attorney in a form
satisfactory to the Registrar, and similarly noted on the
Obligations, but the Obligations may be discharged from registra-
tion by being in like manner transferred to bearer and thereupon
transferability by delivery shall be restored. At the option of
the holder, the obligations may thereafter again from time to
time be registered or transferred to bear as before. such
registration as to principal only shall not affect the negotiabi-
lity of the coupons which shall continue to pass by delivery.
SECTION 2.07 OBLIGATIONS MUTILATED, DESTROYED, STOLEN
OR LOST. In case any Obligations shall become mutilated, or be
destroyed, stolen or lost, the Issuer may in its discretion issue
and deliver a new Obligation with all unmatured coupons attached,
if any, of like tenor as the Obligation and attached coupons, if
any, so mutilated, destroyed, stolen or lost, in exchange and
substitution for such mutilated Obligation upon surrender and
cancellation of such mutilated obligation and attached coupons,
if any, or in lieu of and substitution for the Obligation and
attached coupons, if any, 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 obligations and
coupons so surrendered shall be cancelled.' If any such Obligation
or coupon shall, have matured or be about to mature, instead of
r
M44-'rAt FYI
rZ???•s.•?."iifi`.isb•J?!."•4?n1'Jltr?'ar?ui±4:.?X-u_..?.}: r
'A.. +. Ord. :#2046
-8-
2/21/80
.s
issuing a substitute Obligation or coupon, the issuer may pay the
same, upon being indemnified as aforesaid, and if such obligation
or coupon be lost, stolen or destroyed, without surrender
thereof.
All such duplicate Obligations and coupons issued pur-
suant to this section shall constitute original, additional
contractual obligations on the part of the issuer whether or not
the lost, stolen or-destroyed Obligations or coupons be at any
time found by anyone, and such duplicate Obligations and coupons
shall be entitled to equal and proportionate benefits and rights
as to lien on and source and security for payment from the funds,
as hereinafter pledged, to the same extent as all other
Obligations and coupons issued hereunder.
SECTION 2.08 PROVISIONS FOR REDEMPTION. The
Obligations may be made redeemable prior to their respective
dates of maturity, at the option of the Issuer, at such times and
upon such terms as shall be determined by subsequent resolution
adopted at or prior to the sale thereof.
Notice of such redemption (i) shall be published at least
thirty -(30) days prior to the redemption date in a financial
journal published in the Borough of Manhattan, City and State of
New York, (ii) shall be filed with the paying agents, and (iii)
shall be mailed, postage prepaid, to all registered owners of
Obligations to be redeemed at their addresses as they appear on the
registration books hereinabove provided for. Interest shall
cease to accrue on any Obligation duly called for prior redemption
on the redemption date, if payment thereof has been duly provided.
SECTION 2.09 FORM OF OBLIGATIONS AND COUPONS. The
Obligations, the interest coupons to be attached thereto, and the
certificate of validation shall be in substantially the following
form, with such omissions, insertions and variations as may be
necessary and desirable and which are herein authorized or per-
mitted or which are subsequently authorized or permitted prior to
the issuance of the Obligations:
Ord, #2046 -9-
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2121/80
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}?'.-.????` 84"4 yt?,?.st`, ??` • +
.?.,fi?ytY?`A???tLp?i'?? :Lt+?'Firc ..'. ?'i.k3;-°? :'h*;+'?'!'???37?! •,? „-?..???, I•T+5` r!';.`.•±r "."? 'rc,Ajj..?°RS?`1?-..,
-yr. °°LL??''? '•".n ce„f.. ief-i•? .? •:e: f'?e' .y..?..? ? F'`?7.ti• '?; ' }:. -.:; ..?;: ?L '. ?'.. :.Y^4,?: 3
,. , .s. , .-i+:: ?`? :..... ... , c: , .:: s:.._ .. '. eeh" .......'?'', ? . ? `f `..+'._ L ?t'r'S?s.i?:`.Y.S+.il?t?i"•SG:'N::i4?:,'Yx'a"t?h''?c??"? _ _ 'S.?
M!
No, $50-000 slate'..;.
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF PINELLAS
CITY OF CLEARWATER
MUNICIPAL PARKING REVENUE BONDS, SERIES 1979
KNOW ALL MEN BY THESE PRESENTS that the City of
I .
Clearwater, Florida, (hereinafter called "City"), for value
received, hereby promises to pay to the bearer or if this Bond be
N3??? rn??tti:?y'i? • ?
registered, to the registered holder as herein provided on the
9r't?,.??. ASR, sl?. It.f q•
s?yy+. Ie' i
first day of September, , from the special funds hereinafter
mentioned, the principal sum of f?
FIVE THOUSAND DOLLARS
and to pay solely from such special funds, interest thereon from
the date hereof at the rate of per centum (_%) per
annum until payment of the principal sum, such interest to the
maturity hereof being payable semiannually on the first day of
September and the first day of March in each year upon the pre-
sentation and surrender of the annexed coupons as they severally
fall due. Both principal of and interest on this Bond are payable
in lawful money of the United States of America at
or, at the option of the holder at
This Bond is one of an authorized issue of bonds in the
aggregate principal amount of not exceeding $ of
like date, tenor and effect, except as to number, interest rate
and date of maturity, issued to finance the cost of the acquisition
and construction of additions, extensions and improvements to the
combined and consolidated parking system of the City (hereinafter
referred to as the "System") under the authority of and in full
compliance with the Constitution and Statutes of the State of
Florida, including particularly Chapter 26918, Laws of Florida,
Acts of 1951, as amended and supplemented, Chapter 166, Part II,
Florida Statutes, and other applicable provisions of law, and an
• ordinance duly enacted by the City Commission of said City on the
25th day of May, 1959, as supplemented by a supplemental ordi-
RL
R
8
nance duly enacted by the City Commission of said City on the
day of
, 1979, as supplemented (hereinafter collec-
tively called "Ordinance"), and is subject to all the terms and
conditions of such Ordinance.
It is provided in the Ordinance that the Bonds of this
issue will rank on a parity with the outstanding Municipal
Parking Revenue Bonds, dated September 1, 1959, of the City
(hereinafter called "Parity Bonds"), as to lien and source of
security. This Bond, the Parity Bonds and the coupons apper-
taining thereto are payable solely from and secured by a prior
lien upon and pledge of the Net Revenues derived by the City from
the operation of the System, in the manner provided in
the Ordinance.
(Insert redemption provisions)
Notice of such redemption shall be given in the manner
required by the Ordinance.
This Bond does not constitute an indebtedness of the
City within the meaning of any constitutional or statutory provi-
sion or limitation of indebtedness, and it is expressly agreed by
the holder of this Bond and the coupons appertaining thereto that
such holder shall never have the right to require or compel the
exercise of the ad valorem taxing power of the City for the payment
of the principal of and interest on this Bond or the making of
any sinking fund, reserve or other payments provided for in
the Ordinance.
It is further agreed between the City and the holder of
this Bond that this Bond and the obligation evidenced thereby
shall not constitute a lien upon the System, or any part thereof,
or on any other property of or in the City, but shall constitute
a lien only on the special funds described above, in the manner
provided in the Ordinance.
The City, in the Ordinance, has covenanted-and agreed
with the holders of the Bonds of this issue to fix, establish and
maintain such rates and collect such fees, rentals or other
Ord.'#2046
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charges for the services and facilities of the System, and to
revise the same from time to time whenever necessary, as will
always provide revenues sufficient to pay, and out of said reve-
nues shall pay, as the same shall become due, the principal and
interest of the Bonds of this issue, the Parity Bonds, all reserve
or sinking funds or other payments provided for in said Ordinance,
the necessary expenses of operating and maintaining the System and
all other obligations payable out of the revenues of the System=
and that such rates, fees, rentals or 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 cove-
nants with the holders of the Bonds of this issue for the terms of
which reference is made to the Ordinance.
The pledge of the special funds described and other
obligations of the City under the Ordinance may be discharged at
or prior to the maturity or redemption of the Bonds of this issue
upon the making of provision for payment thereof on the terms and
conditions set forth in the Ordinance.
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 regu-
lar and due form and time as required by the laws and Constitution
of the State of Florida applicable thereto, and the issuance of
the Bonds of this issue does not violate any constitutional or statu-
tory limitation or provision.
This Bond and the coupons appertaining thereto are and
have all the qualities and incidents of a negotiable instrument
under the law merchant and the laws of.the State of Florida.
This Bond may be registered as to principal only, or as
$?. ... ..... .t a _.. ? `T '•
to both principal and interest, in accordance with the provisions
endorsed hereon.
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IN WITNESS WHEREOF, the City of Clearwater, Florida, has
k° +t
issued this Bond and has caused the,same to be signed by its
Mayor-Commissioner and countersigned by its City Manager, either
,.Ord. #2046 -12-
2/21/80
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manually or with their facsimile signatures, and the corporate
seal of said City or a facsimile thereof to be affixed,
impressed, imprinted, lithographed or reproduced hereon and
attested by its City Clerk, either manually or with his facsimile
signature, andtheinterest coupons hereto attached to be executed
with the facsimile signatures of such officers, all as of the first
day of September, 1979.
THE CITY OF CLEARWATER, FLORIDA
(SEAL)
Mayor--Commis over
ATTEST:
City Clerk City Manager
Approved as to foxm.and
correctness:
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City Attorney
FORM OF COUPON
No.
S
On the first day of , 19_, unless the
Bond to which this coupon is attached is callable and has been
duly called for prior redemption and provision duly made for the
payment thereof, the City of Clearwater, Florida, will pay to the
bearer at or, at the option of
the holder at _ _ - - --?, from the special funds
described in the Bond to which this coupon is attached, the amount
shown hereon in lawful money of the United States of America, upon
presentation and surrender of this coupon, being six months'
interest then due on its Municipal Parking Revenue Bond, Series
1979, dated September 1, 1979, No.
THE CITY OF CLEARWATER, FLORIDA
(SEAL)
Mayor-Commissioner
ATTEST:'
d" #2046 .,., -13? 2121!80
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8
City Clerk C by Manager
Approved as to form and
correctness:
City Attorney
VALIDATION STATEMENT
This Bond is one of a series of Bonds which were validated
and confirmed by judgment of the Circuit Court for Pinellas
County, Florida, rendered on the day of ,
1979.
Mayor
PROVISION OF REGISTRATION
This Bond may be registered in the name of the holder on
the books to be kept by-the City Treasurer, as Registrar, or such
other Registrar as may be hereafter duly appointed, as to prin-
cipal only, such registration being noted hereon by such
Registrar in the registration blank below, after which no
transfer shall be valid unless made by written assignment on said
books by the registered holder or attorney duly authorized and
similarly noted in the registration blank below, but it may be
discharged from registration by being transferred to bearer,
after which it shall be transferable by delivery, but it may be
again registered as before. Such registration of this Bond as to
principal shall not restrain the negotiability of the coupons by
delivery merely, but the coupons may be surrendered and the
interest made payable only to the registered holder, in which
event the Registrar shall note in the registration blank below
that this Bond is registered as to interest as well as principal,
and thereafter the interest will be remitted by mail in New York
exchange to the registered holder. With the consent of the holder
• and of the City of Clearwater, this Bond, when converted into a
Bond registered as to both principal and interest, may be recon-
Ord. #2046
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2/21/80
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verted into a coupon Bond and again converted into a Bond
registered as to both principal and interest as hereinabove pro-
vided. Upon reconversion of this Bond, when registered as to
principal and interest into a coupon Bond, coupons representing
the interest to accrue upon the Bond to date of maturity shall be
attached hereto by the Registrar and the Registrar shall note in
the registration blank below whether the Bond is registered as to
principal only or payable to bearer.
DATE OF IN WHOSE NAME SIGNATURE OF
REGISTRATION REGISTERED REGISTRAR
Ord: ,2046:
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ARTICLE III
APPLICATION OF ORIGINAL ORDINANCE AND PROCEEDS
O
SECTION 3.01 APPLICATION OF PROVISIONS OP THE ORIGINAL
ORDINANCE. The-obligations herein authorized shall for all pur-
poses (except as herein expressly changed) be considered to be
Additional Parity Obligations issued under the Authority of
Section 4.02(B) of the Original ordinance, and shall be entitled
to all the protection and security provided therein for the Parity
Obligations,,as issued, and shall be in all respects entitled to
the same security, rights and privileges enjoyed by the Parity
Obligations.
The Obligations herein authorized, and the coupons
representing interest thereon, shall not be or constitute an
indebtedness of the Issuer within the meaning of any constitu-
tional or statutory limitation of indebtedness, but shall be
payable solely from--and secured by a prior lien upon and pledge
of the Net Revenu --.the System. No holder of any of the
Obligations or Qf the coupons shall ever have the right to compel
the exercise of the ad valorem taxing power of the Issuer or
taxation in any form on real property therein for payment thereof,
but the Obligations and coupons shall be secured by a pledge of
and be payable only from the Net Revenues of the System.
The covenants and pledges contained in the Original
Ordinance shall be applicable to the Obligations herein
authorized in like manner as applicale to the Parity Obligations.
The principal of, interest on and redemption premiums, if any, on
the Obligations herein authorized shall be payable from the Sinking
Fund heretofore established on a parity with the Parity
Obligations, and payments shall be made into such Sinking Fund
by the Issuer in amounts fully sufficient to pay the principal of,
and interest on the Parity Obligations and on the Obligations
herein authorized as such principal and interest become due.
SECTION 3.02 APPLICATION OF PROCEEDS OF OBLIGATIONS. All
moneys received from the sale of the Obligations shall be deposited
_y6r-
42 046
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2/21/80
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by the Issuer in a special account in a bank or trust company and
applied by the Issuer as follows:
A. All interest accrued on the Obligations to the date
of delivery shall be deposited in the Sinking Fund and used for
the payment of interest on the Obligations.
B. All or any part of the amount which may be deposited
into the Reserve Account.
C. The Issuer shall next use the moneys in said special
account to pay all engineering fees, legal fees, fees of finan-
cial advisors, cost of the issuance of the Obligations, and.
all other similar costs incurred in connection with the acquisition
and construction of the Project and the issuance of the
obligations to finance the cost thereof.
D. A special fund is hereby created, established and
designated as the "Parking System, Series 1979 Construction Fund"
(herein called the "Construction Fund"). There shall be paid into
the Construction Fund the balance of the moneys remaining after
making all the deposits and payments provided for in paragraphs A,
B, and C above.
Such fund shall be kept separate and apart from all other
funds and accounts of the Issuer, and the moneys on deposit
therein shall be withdrawn, used and applied by the Issuer solely
to the payment of the cost of the Project and purposes incidental
thereto, including the payment of interest on the Obligations for
up to three (3) years after the delivery thereof, as hereinabove
described and set forth. 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 depo-
sited either into the Sinking Fund and used to pay debt service
on the obligations, or into the Renewal and Replacement Fund, at
the discretion of the Issuer. All such proceeds shall be and
constitute trust funds for such purposes, and there is hereby
created a lien upon such moneys until so applied in favor of the
holders of the obligations.
F;
21
Qrd. 20+6 -17- 21/80
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Any funds on deposit in the Construction Fund which in
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} the opinion of the Issuer, acting upon the recommendation of the
Consulting Engineero, are not immediately necessary for expen-
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diture, as hereinabove provided, may be invested in Authorizes] yy'?xt ?? -
Investments # maturing prior to the date or dates such funds will be
needed for the ur oaes of the Construction
p p Fund but in no event :`"`` + •'• ?_'; A,I
s
• F 3 •i•W
later than three (3) years from the date of deliver of the :=t .•?;??".'<
1 a ?' ti +
Obligations. All such securities shall be held by the depository ?.
bank, and all income derived therefrom shall either remain in the
Construction Fund or be deposited into the Sinking Fund, at the
' option of the Issuer. '
All expenditures or disbursements from the Construction
z?
Fund shall be made only after such expenditures or disbursements
shall have been approved in writing by the City Manager of the
Issuer. The date of completion of the Project shall be determined
z -
by the Consultng Engineers, who will certify such facts in writing
to the governing body of the Issuer.
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ARTICLE IV
sq MISCELLANEOUS PROVISIONS
SECTION 4.01 MODIFICATION OR AMENDMENT. No material,
modification or amendment of the Original Ordinance, of this ordi-
nance or of any ordinance 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 Obligations then outstanding;
provided, however, that no modification or amendment shall permit
a change in the maturity of such Obligations or a reduction in
.r.
F} the rate of interest thereon or in the amount of the principal
} obligation thereof or affecting the unconditional promise of the
Issuer to pay the principal of and interest on the Obligations as
the same shall become due from the Net Revenues of the System or
p reduce the percentage of the holders of the Obligations required
to consent to any material modification or amendment hereof
:f
without the conent of the holder.or holders of all such
' Obligations; provided, however, that no such modification or
amendment shall allow or permit any acceleration of the payment of
principal of or interest on the Obligations upon any default in
the payment thereof whether or not the holders of the obligations
consent thereto.
ti SECTION 4.02 DEFEASANCE. If, at any time, the Issuer
shall have paid, or shall have made provisions for payment of,
y the priniipal, interest and redemption premiums, if any, with
3.
t respect to the Obligations, then, and in that event, the pledge
of and lien on the Net Revenues of the System in favor of the
holders of such Obligations shall be no longer in effect. For
purposes of the preceding sentence, deposit of direct obligations
of the United States of America, or bank certificates of deposit
fully secured as to principal and interest by direct obligations
of the United States of America, (or deposit of any other securi-
ties or investments which may be authorized by law from time to
time and sufficient under such law to effect such a defeasance)
in irrevocable trust with a.banking institution or trust company,
Ord. #2046 -19- 2/21180
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ly;? ..t?t_,?• •a. .•l+f`?, ;-,;.f '4P;.?Sit'i?.tii ;'.:'.if`Y tl°.t'h..fsl:''?.ri. .'r t.s-`,.5. kt'.7$•.?:V'••y' i s.:=:r. .fx1?,=?,
.. _. ?? t?.. ?'??.$_?il, w,n....?...-kh?t ,r:? .,.,,. _ii. A?. n _ -h ,,°?lS'? .F,_t,as, t+ ?...,.:4aiw?.?a. •?;:?.?-.,I?.'f.. _.. , ..? ? . _..... .. ?..J4i+?liY.x??
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for the sole benefit of the Holder of the Obligationsr in respect
SSY to which such direct obligations of the United States of America,
tj.
t I ' 7}rt ., t . .
pyor certificates of deposit the principal and interest received
w' s ¢' ?a will be sufEicient to make timely payment at the Principal r
interest and redemption premiums, if any# on the Obligations,
}yfc?M ? A a `:???;i
Yf? ?-•'• r.?,:? shall be considered nprovision for paymentn. Nothing herein - -
shall be deemed to require the issuer to call any of the
Obligations for redemption prior to maturity pursuant to any "•
applicable optional redemption provisions? or to impair the
? I7!' ? i4 -R'?.'?'t?&I} xl+p}..i<''I?' " rl by9'k .r!
" It discretion of the Issuer in determining whether to exercise any
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fF ^ such option for early redemption.
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eta ?;4 SECTION 4.03 ARBITRAGE. No use will be made of the
proceeds of the Obligations which, if such use were reasonably
expected on the dare of issuance of the Obligations, 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
Obligations and the interest thereon are oustanding will comply
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 z :fect the validity of any of the other provisions
hereof or of the Obligations or coupons issued hereunder.
SECTION 4.05 SALE OF OBLIGATIONS. The obligations
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 time to'time, as shall be hereafter determined by resolution
Ord.. X12046. --20-
2/21/80
13"
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of the governing body of the Issuer.
SECTION 4.06 VALIDATION AUTHORIZED. The City Attorney is
authorized and directed to prepare and file proceedings to validate the
Obligations 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 4.07 REPEALING CLAUSE. All ordinances or parts thereof
of the Issuer in conflict with the provisions herein contained and of the Original
Ordinance are, to the extent of such conflict, hereby superseded and repealed.
SECTION 4.08 EFFECTIVE DATE. This ordinance shall become
effective immediately upon its adoption.
Section 2. Notice of the proposed enactment of this ordinance has
been properly advertised in a newspaper of general circulation in accordance
with Chapter 166. 041, Florida Statutes.
PASSED ON FIRST READING February 7, 1980
PASSED ON SECOND AND FINAL
READING AND ADOPTED February 21, 1980
Mayor Commis sinner
Attest:
off.: L
City Clerk
'?' Oxd. 42046,
-21-
2/21/80 • .
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?lI -J
CLEAnRWATER SUN ncEtiVED
Published Dally
Clearwater. Pinellas County, Florida
STATEOFFLORIDA FEB 13 1980
COUNTY OF PINELLAS:
Before the undersigned authority personally appeared Maxine ]1X. Williams, who on oath
sayys that she is the Classified Sales Manager of the Clearwater Sun, a dailyys.s???
lbbed at Clearwater In Pinellas County, Florida; that the attached copy 8C9f1vertTsemenl,
6clnba 4. ,?rni. ? . p .4Rosed .Enactment........ ...ln . In thematleraf
........... . ................t]?d.i nan c.t:..13? a....2.4:46.x 2,4.E 7., ? p $ 4., .... .
............... ,................. 2085 6 .............................
in the .................. . ............. X.XXXX............... Court, was published In
said newspaper In the Issues of.. ?#:.. S. 1.3 1. B R ............................... .
Affiant further says that the said Clearwater Sun Is a newspaper published at Clear-
water, In said Pinellas County, Morida, and that the said newspaper has heretofore been
continuously puhlistwit in said Pinellas County, Florida, each day and has been entered as
second class mail matter at the post office in Clearwater, In said Pinellas County, Florida,
for a period of one year next preceding the first publication of the attached copy of adver-
tisement; and affiant further say; that she has neither paid nor promised any person, firm
or corporation any discount. rebalr, commission or refund for the purpose of securing this
advertisement forpubiicallou in the said newspaper.
Sworn to and subscribed ore me
this. 1.0 f Febzuax'Y
tSF.AL)« Notary E'ublic
CS,309 noyAnY pusuc, irate at rL11RM It VML
G:Y C0'a'1:",s[m t.tr:r£s TS7.1! 11, W11