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ORDINANCP. NO, 2208 ,.' -•r',
l t ' AN ORDINANCE AUTHORIZING THE ISSUANCE OF A NOTE NOT EXCEEDING
s• $78,936.00 TO BE MOW AS THE "PARK ACQUISITION NOTE, SERIES
2
5. 1980C OF THE CM OF CLEARMM, FLORIDA," FDR THE PURPOSE OF
ffitPANIDIHG THE PARKS AND RECREATION FACILITIES OF T1lE CITY; .. ,. -
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AGeEEING TO PAY SUCH NOTE FxOri LEcMtx MILABIZ NON-AD VALOREM
GORRAI, FUND ROVXDLNG OR THE SEVERADIY.7LTY D
REVENUE; P F F T'IU
! PROVISIONS HEREOF; PROVIDING FOR PROPER NOTICE OF PROPOSED
ENAC,IMENT; AND PROVIDING FOR THE EFF'EC IVE DATE OF TLMS ORDINANCE. ;
7 BE IT ENACTED BY THE CITY COMMISSION OF TO CITY OF CLEARWATER, FLORIDA: ;;-
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Ji {'' ,lf i ARTICLE i,'i?•{I7?s,7x.74 I??r Tt?.; 1Y ;
AUTHORITY, DEFINITIONS AND FINDINGS 1 F
Section 1.01 AUTHORITY FOR ORDINANCE. This ordinance is adopted pursuant to
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the provisions of Section 2-81 of the Code of Ordinances of the City of Clearwater,
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1962s Chapter 166s Part II> Florida Statutes, and other applicable provisions of
?i? w` f ra !Y.
law.
Section 1.02 DEFINITIONS. The following texw 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 Rasch Tract, containing 5,06 -acres.
C. "Holder of Obligation" shall mean any person who shalll, be the bearer of
an obligation authorized to be issued by this ordinance.
D. "Project" shall mean the acquisition of the 5.06 acre Rasch 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 paxk 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.
SEE ORDINANCE
Ord. 0220t 9118180
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ARTICLE II
AUTHORIZATION, TERMS, EXECUTION
Section 2.01 AUTHORIZATION OF ACQUISITION OF PROJECT. There is hereby
authorized the acquisition of the Project, consisting of the.purchase of the 5.06
acre Rasch Tract, pursuant to agreements now on file or to be filed with the
Issuer. The cost of such project shall be the principal purchase price payable of
$98,670 of which ,519,734 shall be paid by the City from funds on hand, and the
balance of $78,936 shall be paid over a period of four (4) years, and interest
upon the Obligation for not exceeding four (4) 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 the same in operation.
Section 2.02 AUTHORIMTION OF OBLIGATION. Subject and pursuant to the
provisions hereof, an Obligation of the Issuer to be known as the "Parks Acquisition
Note, Series 1980VIherein referred to as "Obligation", is authorized to be issued
in the aggregate principal amount of not exceeding Seventy-Eight Thousand, Nine
Hundred Thirty-Six Dollars ($78,936.00).
Section 2.03 DESCRIPTION OF OBLIGATION. The Obligation shall be dated
October 1, 1980; shall consist of a note of the Issuer payable in annual principal
payments of Nineteen Thousand, Seven Hundred, Thirty Four Dollars ($19,734), due
October 1 of each year beginning 1981 and ending 1984, plus interest payments due
on October 1 and April 1 of each year beginning April 1, 1981 and ending October 1,
1984, at the rate of eight per cent (87.) 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 excuted 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 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 in office until such delivery.
Ord.#2208
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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
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 2.06 PROVISION FOR REDEMPTION. The Obligation may be made redeemable
prior to its respective date of maturity, at the option of the Issuer. Interest
shall cease to accrue on the Obligation on the date Issuer exercises its right of
redemption, if payment thereof has been duly provided.
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 CLEARWAM
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KNOW ALL MEN BY THESE PRESENTS that the City of Clearwater, Florida,
(hereinafter called "City") for value received, hereby promises to pay to the holder
of this Note, from legally available general fund non ad valorem revenues the
principal sum of Seventy-Eight Thousand, Nine Hundred, Thirty-Six Dollars ($78,936.00),
interest thereon from the date hereof at the rate eight per centum (87.) per annum
on the unpaid principal balance, such interest to the maturity hereof being payable
semi.-annually on October I. and April 1 of each year commentdng, April 1, 1981 and
ending October 1, 1964. Principal and interest on this Note shall be due and
payable in lawful money of the United States 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 $78,936.00,
issued to finance the cost of the acquisition of the 5.06 acre Rasch 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 166, 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
day of , 1980, and is subject to all the terms and conditions
of such ordinance.
Ord.#2208
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9/18/80
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This Note may be redeemed at any time prior to maturity, at the option ,??';'?'a„+e,•=
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.
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This Note does not constitute an indebtedness of the City within the moaning
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.
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It is further agreed between the City and the holder of this Note that this
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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''.
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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
w?
will always provide revenues sufficient to pay out of such fund as each installment
becomes due, the principal and interest of this Note.
The agreement to pay from the non ad valorem revenues described by the, City
under the ordinance may be discharged at or prior to the maturity or redemption .
of the Note upon the making of provision for payment thereof on the terms and '
conditions set forth in the Ordinance. Y
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 happended 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, statutoryor ordinance limitation or provision.
This Note shall have all the qualities and incidents of a negotiable instrument
under the law merchant and the laws of the State of Florida.
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,
all as of the
Countersigned:
day of , 19
CITY OF CLF"ATER, -WRIDA
By
City Manager
Mayor-Commissioner
Approved as.to form b correctness:
City Attorney Ord. X2208
Attest:
City Clerk
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9/18/80
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ARTICLE III
SOURCE OF PAYMENT OF OBLIGATION
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 t1fe General. Find; provided that such agreement
to pay shall not constitute a lion on a pledge of such funds. No holder of the
Obligation shall ever have the right to compel the exercise of the ad valorem taxing
power of the Issuer or taxation in any form on reel 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 GMRATE REWNUES. The City agrees to take such
lawful action as may be available to it from time to time as will always provide
revenues sufficient to pay out of such funds as each installment becomes due, the
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.
Ord.#2208
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9/18/80
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Section 4.03 REPEALING CLAUSE. All ordinances or parts thereof of the
Issuer in conflict with the provisions heroin contained and of the Original
Ordinance are, to the extent of such conflict, hereby superseded and repealed.
N Section 4.04 EFFECTIVE DATE. This ordinance 'shall become effective immediately
upon its adoption.
Section 22. 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.
I Section 3. Notice of the proposed enactment of this ordinance has been
? properly advertised its a newspaper of general circulation in accordance with
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Section 166.041., Florida Statutes.
PASSED ON FIRST READING September 4, 1980
PASSED ON SECOND AND FINAL September 18, 1980
READING AND ADOPTED
42
ar-Commissioner
Attest:
Deputy Cit Clerk
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