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ORDINANCE NO, 2133
AN ORDINANCE OF THE CITY OF CLEARWATER,
FLORIDA, AMENDING ORDINANCE NO, 2124 TO S.,.
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PROVIDE THAT THE "PARK ACQUISITION NOTE ,
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SERIES 1980, OF THE CITY OF CLEARWATER,
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FLORIDA" SHALL BE PAID FROM THE FRANCHISE
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FEES RECEIVED FROM THE FRANCHISE GRANTED ,
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TO FLORIDA POWER CORPORATION; PROVIDING ..N
FOR THE REPEAL OF ALL ORDINANCES OR PARTS
OF ORDINANCES IN CONFLICT HEREWITH TO THE
EXTENT OF SUCH CONFLICT; PROVIDING FOR THE ;
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SEPARABILITY OF THE PROVISIONS HEREOF, ,,
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PROVIDING FOR NOTICE OF PROPOSED ENACTMENT;
AND PROVIDING FOR THE EFFECTIVE DATE OF
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THIS ORDINANCE. .
BE IT ENACTED BY THE CITY COMMISSION OF THE u '
CITY OF CLEARWATER, FLORIDA:
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SECTION 1. Ordinance No. 2124, duly enacted by the City .w
Commission of the City of Clearwater, Florida on May 15, 1980, authorizing
the issuance of not exceeding $427, 000 Park Acquisition Note, Series 1980
(the "Ordinance"), is hereby amended in the following respects:
(a) Section 1.03C of the Ordinance is amended to read as follows:
"Section 1.03 FINDINGS. It is hereby ascertained, determined
and declared that:
C. The principal and interest on the Obligation shall be payable
solely from the moneys received by the Issuer from Florida Power
Corporation, its legal representatives, successors or assigns under the
franchise granted pursuant to Ordinance No. 3091, duly enacted on July 5,
1966, or any extension or renewal of said franchise or from any new franchise
granting the right to supply electricity to the Issuer or its inhabitants (the
'Franchise Revenues"), 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. "
(b) Section 2.07 of the Ordinance is amended to read as ,follows:
"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:
Ord. 2133 6/5/80
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STATE OF FLORIDA
CITY OF CLEARWATER
PARK ACQUISITION NOTE, SERIES 1980
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 the Electric Franchise Revenues, as
hereinafter defined, the principal sum of
FOUR HUNDRED TWENTY-SEVEN THOUSAND DOLLARS
($427, 000), payable in ten (10) equal annual principal payments of Forty-two
Thousand Seven Hundred Dollars ($42, 700), due on May 30 of each year in
the years 1981 through 1990, and interest on the unpaid balance thereof, from
the date hereof, at the rate of nine per centum (97a) per annum, such interest
to the maturity hereof being payable semiannually on May 30 and November 30
of each year, commencing on November 30, 1980, and ending on May 30,
1990. Principal of and interest on this Note shall be due and payable in lawful
money of the United States of America at Barnett Bank of Clearwater, Acting
as Paying Agent, 1130 Cleveland Street, P.O. Drawer 5128, Clearwater,
Florida 33518.
This Note is a single authorized obligation in the amount of $427, 000,
issued to finance the cost of the acquisition of the 37.83 acre Iley/Rappel
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,
Chapter 166, Part II, Florida Statutes, and other applicable provisions of
law, and Ordinance No. 2124, duly enacted by the City Commission of the
City on May 15, 1980, as amended, and is subject to all the terms and
conditions of such Ordinance.
The principal of and interest on this Note is payable solely from
the moneys received by the City, for a period of thirty (30) years from
July 5, 1966, from Florida Power Corporation, its legal representatives,
successors or assigns under the franchise granted pursuant to Ordinance
No. 1091, duly enacted on July 5, 1966, or any extension or renewal of said
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Ord. #2133
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franchise or from any new franchise granting the right to supply electricity
to the Issuer or its inhabitants (herein referred to as "Electric Franchise
Revenues it).
The Note may be redeemed at any time prior to maturity, at the union
of the City, 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, Florida, and given in writing to the
paying agent.
This Note does not constitute an indebtedness of the City within the
meaning of any constitutional or statutory provision or 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 solely from the Electric Franchise Revenues in the manner
provided in the Ordinance.
The City has covenanted and agreed with the holder of this Note that
it will not repeal the ordinance levying the electric franchise revenues and
will not amend or modify such ordinance in any manner so as to impair or
adversely affect the power and obligation of the City to levy and collect the
electric franchise revenues or impair or adversely affect in any manner the
pledge of such electric franchise revenues or the rights of the holder of the
note, and that the City shall be unconditionally and irrevocably obligated, so
long as the note is outstanding and unpaid, to levy and collect such electric
franchise revenues, at a maximum rate permitted by law, to the extent
necessary to pay the principal of and interest on the Note and to make the
other payments required by the ordinance.
The agreement to pay the principal of and interest on this Note from
the Electric Franchise Revenues may be discharged at or prior to the
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Ord. #2133 6/5/80
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maturity or redemption of the Note upon the making of provision for payment
thereof on the terms and conditions set forth in the Ordinance. r o
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All acts, conditions and things required to exist, to happen and to
be performed 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 of the State of Florida applicable thereto, and
the issuance of this Note does not violate any constitutional, statutory or
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ordinance limitation or provision.
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This Note shall have all the qualities and incidents of a negotiable _....:?t
instrument under the law merchant and the laws of the State of Florida,
IN WITNESS WHEREOF, the City of Clearwater, Florida has issued
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this Note and has caused the same to be executed by the manual signature
of its City Manager, countersigned by its Mayor-Commission, and attested
by its City Clerk, and the corporate seal of the City to be affixed hereto,
all as of this day of May, 1980.
(SEAL)
Attest:
City Clerk
Approved as to form and
correctness:
City Attorney"
CITY OF CLEA.RWATER, FLORIDA
By
City Manager
Countersigned:
Mayor-Commis sioner
(c) Section 3, 01 of the Ordinance is hereby amended to read
as follows:
"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, and shall be secured by a pledge of and a lien on, the
Franchise Revenues; provided that such lien on and pledge of such Franchise
Revenues shall be subject to (i) all existing pledges and liens as of the date
of issuance of the Obligation and (ii) all future pledges and liens of such
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Ord. #2133
5/S/80
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, Franchise Revenues to secure future debt of the Issuer; provided that, as of 'i`?`rr?f*,
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the date of issuance of any future debt, the amount of such Franchise Revenues ::}_•: ;, 4..`?`r'"'`
f;- t in the Issuer's preceding fiscal year, after subtraction of the largest annual
debt service coming due in any future fiscal year on all debt of the Issuer then
outstanding and proposed to be issued secured by such Franchise Revenues
(such debt service to be first reduced by the amount of revenues, other than ...
s; Franchise Revenues which are pledged for payment of such then outstanding
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and proposed debt), will be at least 1. 5 times the largest annual debt service s
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", Obligation shall ever have the right to compel the exercise of the ad valorem th
taxing power of the Issuer or taxation in any form on real property for payment
thereof, but the Obligation shall be payable only from the Franchise Revenues."
(d) Section 3.02 of the Ordinance is hereby amended to read as
follows:
"Section 3, 02 COVENANT TO GENERATE REVENUES. The
Issuer hereby covenants and agrees with the holder of this Note that it will
not repeal the Ordinance levying the Franchise Revenues and will not amend
or modify such Ordinance in any manner so as to impair or adversely affect
the power and obligation of the Issuer to levy and collect the Franchise
Revenues or impair or adversely affect in any manner the pledge of such
Franchise Revenues or the rights of the holder of the Note. The Issuer shall
be unconditionally and irrevocably obligated so long as the note is outstanding
and unpaid, to levy and collect such franchise revenues, at a maximum rate
permitted by law, to the extent necessary to pay the principal of and interest
on the Note and to make the other payments provided for herein. 1'
(e) Section 4. 01 of the Ordinance is amended to read as follows:
"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, in full, to and in the final installment
thereof, then, and in that event, the agreement to pay from Franchise
Revenues in favor of the holder of the Obligation shall be no longer in
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6%5/80
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effect. For purposes of the preceding sentence, a tender of the full amount
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of principal and interest due and to become due, to and including the final
installment, on the Obligation or a separate deposit of such full amount in
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a separate account shall be considered "provision for payment.
SECTION 2. All other sections and provisions of the Ordinance not
herein expressly amended, shall remain in full force and effect.
SECTION 3. All ordinances of the City Commission or parts thereof
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in conflict with the provisions of this ordinance are, to the extent of such
conflict, hereby superseded and repealed.
SECTION 4. 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.
SECTION 5. Notice of the proposed enactment of this ordinance
has been properly advertised in a newspaper of general circulation in
accordance with Section 166.041, Florida Statutes.
SECTION 6. This ordinance shall take effect immediately upon its
PASSED ON FIRST READING
adoption.
PASSED ON SECOND AND FINAL
READING AND ADOPTED
AS AMENDED
Attest:
LIAI. L)
City Clerk
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Ord. #2133
May 29, 1980
5, 1980
-Commissioner
6/5/80
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Amending ordinance No. 2124
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