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ORDINANCE NO/ z2
,'??:,. ?-.r• , ?t
ff?' AN ORDINANCE AUTHORIZING THE ISSUANCE OF A NOTE NOT EXCEEDING
$427,000.00 TO BE KNOWN AS THE PARK ACQUISITION NOTE, SERIES k
1980, F 0 THE CITY OF CLEARWATER, FLORIDA," FOR THE PURPOSE OF
EXPANDING THE PARKS AND RECREATION FACILITIES OF THE CITY;
i AGREEING TO PAY SUCH NOTE FROM LEGALLY AVAILABLE NON-AD VALOREM t
rt ?'iafr GENERAL FUND REVENUE; PROVIDING FOR THE SEVERABILITY OF THE
PROVISIONS HEREOF; PROVIDING FOR PROPER NOTICE OF PROPOSED
ENACTMENT; AND PROVIDING FOR THE EFFECTIVE DATE OF THIS ORDINANCE. ,'r' •'
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BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF CLEARWATER FLORIDA: t L.
ARTICLE I C' .
L i AUTHORITY DEFINITIONS AND FINDINGS
! `k: ai `• 7
t ,¢•..j,a i • ry:. YL•rt."iL? AN
Section 1.01 AUTHORITY FOR ORDINANCE. This ordinance is adopted pursuant to r??`
r:i}:iy'ryl':,+,•0..w.l"'x.'.i.sfY!r;trr', •ask
the provisions of Section 2-81 of the Code of Ordinances of the City of Clearwater,
>
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a { ,? ? #:4?;'?`tir' ',Hrr,t'i?`?4'?!'S`E:?t+??r'sr,,:?'?3?R•;'^
1962, Chapter 166, Part II, Florida Statutes, and other applicable r"' ?F?'•'•'
provisions of ?;?'°'.,?a?;,`?',';?''•?'?j ?'"''' ;'+?r?>?
I? 'yj41 }1''rf'1 {SiA ?c ?i2 law•? V• '+?I 7 .{?`5 j
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Section 1.02 DEFINITIONS. The following terms shall have the following.
meanings herein, unless the text otherwise expressly requires:
A. "Issuer" shall mean the City of Clearwater, Florida.
B. "Obligation" shall mean the note herein authorized to be issued for the
purchase of the 37.83 Acre Iley/Ruppel Tract.
C. "Holder of Obligation" shall mean any person who shall be the bearer of
an obligation authorized to be issued by this ordinance.
D. "Project" shall mean the acquisition of the 37.83 Iley/Ruppel Tract to
be used as part of the parks and recreation services provided in the City of
Clearwater; Florida.
Section 1.03 FINDINGS. It is hereby ascertained, determined and declared
that:
A. The Issuer now operates a parks and recreation department in the City of
Clearwater, Florida, and provides parks and recreation services to the residents
of Clearwater.
B. It is necessary to acquire additional land in order to expand the service
and thereby preserve and protect the public health, safety and welfare of the
inhabitants of the Issuer.
C. The principal and interest on the Obligation shall be payable solely from
legally available non ad valorem funds in the general fund. The Issuer shall never
be required to levy ad valorem taxes on any property therein to pay the principal of
and interest on the Obligation and such Obligation shall not constitute a lien upon
any property of or in the Issuer.
Ord. 021.24
-1-
5/15/80
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ARTICLE II ?.,?:,? ?(JC 1ri;k«•.,,
AUTHORIZATION, TERMS, EXECUTION
Section 2.01 AUTHORIZATION OF ACQUISITION OF PROJECT.
There is hereby authorized the acquisition of the Project, consisting of the
`F
purchase of the 37.83 acre ney/Ruppel Tract, pursuant to agreements now on
file or to be filed with the Issuer. The cost of such project shall be the principal
N.. ` F• :.
purchase price payable of $700, 000 of which $273, 000 shall be paid by the City ???•????' ?,YY=, ,1+;`-r` ` w 'i'??-•,?y? '
from funds on hand, and the balance of $427, 000 shall be paid over a period
of ten (10) years and interest upon the Obligation for not exceeding ten (10)
years from the date of delivery thereof; and expenses as may be necessary or ?, ..?
incidental to the financing herein authorized and acquisition of the Project
and placing tha same in operation.
Section 2. 02 AUTHORIZATION OF OBLIGATION. Subject and pursuant
to the provisions hereof, an Obligation of the Issuer to be known as the "Parks
Acquisition Note, Series 198011, herein referred to as "Obligation", is authorized
to be issued in the aggregate principal amount of not exceeding Four Hundred
Twenty-Seven Thousand Dollars ($427, 000. 00).
Section 2.03 DESCRIPTION OF OBLIGATION. The Obligation shall
be dated May 30, 1980; shall consist of a note of the Issuer payable in annual
principal payments of Forty-two Thousand Seven Hundred Dollars ($42, 700.00),
due May 30 of each year, beginning 1981 and ending in 1990, plus interest
payments due on May 30 and November 30 of each year, beginning November
30, 1980, and ending May 30, 1990, at the rate of nine per cent (9%) per
annum on the unpaid principal balance.
Such Obligation shall be issued on a note form as provided herein;
shall be payable to bearer with respect to principal and interest as provided
herein and in lawful money of the United States of America.
Section 2. 04 EXECUTION OF OBLIGATION. The Obligation shall be
executed in the name of the Issuer by its City Manager, countersigned by its
Mayor-Commissioner and its corporate seal or facsimile thereof shall be affixed
thereto or reproduced thereon and attested by its City Clerk. The Obligation
0
Ord-. 42124' 5/15/8
I
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shall be approved as to form and correctness by its City Attorney. In case
any officer whose signature shall appear on any Obligation shall cease to be such ;
officer before the delivery of such Obligation, such signature shall nevertheless
be valid and sufficient for all purposes the same as if such officer had remained
;..:r;
in office until such delivery.
Section 2. 05 NEGOTIABILITY. The Obligation shall be and shall have " ..'
all of the qualities and incidents of a negotiable instrument under the law merchant
and the laws of the State of Florida, and each successive holder, in accepting such r?r a?"?[
Obligation, shall be conclusively deemed to have agreed that such Obligation shall
be and have all of the qualities and incidents of a negotiable instrument under the
law merchant and the Laws of the State of Florida.
Section Z. 06 PROVISION FOR REDEMPTION. The Obligation may be
redeemed at any time prior to maturity, at the option of the Issuer, in whole at
par plus accrued interest to the redemption date upon at least thirty (30) days
prior notice published in a newspaper of general circulation in the City of
Clearwater, and given in writing to the Paying Agent.
Section 2. 07 FORM OF OBLIGATION. The Obligation 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 permitted
prior to the issuance of the Obligation.
CITY OF CLEARWATER
NOTE
KNOW ALL MEN BY THESE PRESENTS that the City of Clearwater,
Florida, (hereinafter called "City"), for value received, hereby promises to pay
to the bearer of this Note, from legally available general fund non ad valorem
revenues the principal sum of Four Hundred Twenty-Seven Thousand Dollars
($427, 000.00), payable in ten (10) equal annual principal payments of Forty-two
Thousand Seven Hundred Dollars ($42, 700. 00) due May 30 of each year from 1981
through 1990, and interest on the unpaid balance thereof from the date hereof
at the rate of nine per centum (9016) per annum, such interest to the maturity
Ord. #21.24
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of 3
5/15/80
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hereof being payable semi-annually on May 30 and November 30 of each year
commencing November 30, 1880, and ending May 30, 1990. Principal and interest
r, on this Note shall be due and payable in lawful money of the United Stages of
America at Barnett Bank of Clearwater, 1130 Cleveland Street, PO Drawer
5128, Clearwater, Florida 33518.
This Note is a single authorized obligation in the amount of $427, 000. 00,
issued to finance the cost of the acquisition of the 37. 83 acre Iley/Ruppel Tract
to improve the parks and recreation system of the City under the authority of
and in full compliance with the Constitution and Statutes of the State of Florida,
including Section 2-81 of the Code of Ordinances of the City of Clearwater, Florida,
Chapter lbb, Part II, Florida Statutes, and other applicable provisions of law
and an ordinance duly enacted by the City Commission of the City of Clearwater
on the 15th day of May, 1980, and is subject to all the terms and conditions of
such Ordinance.
This Note may be redeemed at any time prior to maturity, at the option
of the Issuer, in whole at par plus accrued interest to the redemption date upon
at least thirty (30) days prior notice published in a newspaper of general
circulation in the City of Clearwater, and given in writing to the Paying Agent.
This Note does not constitute an indebtedness of the City within the
'.
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meaning of any constitutional or statutory provision of limitation of indebtedness
and it is expressly agreed by the holder of this Note 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 Note.
It is further agreed between the City and the holder of this Note that this
Note and the obligation it establishes shall not constitute a lien upon the Project,
or any part thereof, or on any other property of or in the City, but shall be
payable from legally available general fund non ad valorem revenues in the
manner provided in the Ordinance.
The City agrees to always maintain sufficient funds in the designated
fund as will always provide revenues sufficient to pay out of such fund as each
installment becomes due, the principal and interest of this Note.
?-4-
Ord: #2124
Ili I
5/15/80
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The agreement to pay from the non ad valorem revenues describe by the City R
under the ordinance may be discharged at or prior to the maturity or redemption
of the dote upon the making of provision for payment thereof on the terms and rF'`E
conditions set forth in the Ordinance f``s 'ti 3-}y7Rdyr' `''=`
.
All acts, conditions and things required to exist, to happen and to be performed ,.;: : • '°°`•r.
precedent to and in the issuance of this Note, exist, have happened and have been
performed in regular and due form and time as required by the laws and Constitution - N
of the State of Florida applicable thereto, and the issuance of this Note does not
violate any constitutional, statutory or ordinance limitation or provision.
This Note shall have all the qualities and incidents of a negotiable instrument
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IN WITNESS WHEREOF, the City of Clearwater, Florida, has issued this Note and
has caused the same to be signed by its City Manager, countersigned by its Mayor- .`
Commissioner, and the corporate seal to be affixed and attested by its City Clerk, ill
all as of the day of 19
Countersigned:
Mayor-Commissioner
Approved as to form &
correctness:
City Attorney
Ord.,. #2124
CITY OF CLEARWATER, FLORIDA
By
City Manager
Attest:
City Clerk
-5-
5/15/80
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.
ARTICLE III`
SOURCE OF PAYMENT OF OBLIGATION ?:' N?yftFymr'
^. Section 3.01 SOURCE OF PAYMENT. The Obligation herein authorized, shall not
' be or constitute an indebtedness of the Issuer within the meaning of any constitutional
or statutory limitation of indebtedness, but shall be payable solely from the legally
available non ad valorem revenue from the General Fund; provided that such agreement "',!?_"i.',t;'•
to pay shall not constitute a lien on or pledge of such funds. No holder of the [(
F.?a+ z r . .
Obligation shall ever have the right to compel the exercise of the ad valorem taxing t
power of the Issuer or taxation in any form on real property for payment thereof,
but the Obligation shall be payable only from the legally available general fund ;.
non ad valorem revenue.
Section 3.02 COVENANT TO GENERATE REVENUES. The City agrees to take such
S}i yl; ZM a 3i
lawful action as may be available to it from time to time as will always provide iv4'r? '??A ;
revenues sufficient to pay out of such funds as each Installment becomes due, the ?X.E
principal and interest of this Note.
ARTICLE IV
MISCELLANEOUS PROVISIONS
Section 4,01 CANCELLATION, If, at any time, the Issuer shall have paid, or
shall have made provision for payment of the principal and interest with respect to
the Obligation, then, and in that event, the agreement to pay from legally available
general fund non ad valorem revenue in favor of the holder of the obligation shall be
no longer in effect. For purposes of the preceding sentence, a tender of the full
amount of principal and interest then due on the Obligation or a separate deposit
of the principal and interest payment in a separate account shall be considered
"provision for payment."
Section 4.022 SEVERABILITY 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 Obligation issued hereunder.
-b-
Ord. #2124': 5/15/80
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! { Section 4.03 REPEALING CLAUSE. All ordinances or parts thereof of the Issuer
?n conflict with the provisions herein contained and of the Original ordinance are,
to the extent of such conflict, hereby superseded and repealed.
Section 4.04 EFFECTIVE DATE. This ordinance shall become effective-immediately
-upon its adoption.
Section 2. Prior to the execution of the Note provided herein, the City
Manager is authorized to make any insertion in this Ordinance necessitated by the
execution of the Note.
Section 3. Notice of the proposed enactment of this ordinance has been
properly advertised in a newspaper of general circulation in accordance with
Section 166.041, Florida Statutes.
PASSED ON FIRST READING May{_.. 1. 1980
PASSED ON SECOND AND FINAL
READING AND ADOPTED May 15, 1980
AS AMENDED
.
yor-Commissioner
Attest:
City Clerk
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1 I ti.;{p6l NOTARY P68LIC, STATE or fLORIOrI •t WcOf
€ I4Y COFAMIS517H EIIPLIES MAY 13, 1411
OONOEO 1N:1f LLMLM INS. IINOLAWRITLAS