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ti f,? r t A '.?? r, i
ORDINANCE NO, 2762-82
AN ORDINANCE AUTEiORIZING TIM ISSUANCE OF A NOTE NOT EXCEEDING
$700,000 TO BE KNOWN AS THE "CL=1WATER PASS DREDGE PROJECT
NOTE, SERIES 1982, OF TIM CITY OF CL$ARWATLR, FIrORIDiA,FOR
'. n•.p ?l t' •` f
THE PURPOSE OF DREDGING WARM= PA88 TO PROTECT THE
CLEARWATER PASS TOLL BRIDGE; AGREEING TO PAY SUCH NOT[: YROM
THE FRANCHISE TAXES RECEIVED FROM THE FRANCHISE GRANTED TO
FLORIDA POWER CORPORATION; PROVIDING FOR THE SEVERABILITY OF
THE PROVISIONS H&REOF; PROVIDING P'OR PROPER NOTICE OF PROPOSED
ENACTMENT; AND PROVIDING FOR THE EFFECTIVE DATE OF THIS
ORDINANCE.
BE I ENACTED BY THE CI COMMISSION C A " { I= i' ?? i
T CITY OF THE CITY OF CLEARW TER FLORIDA
;;fit>y?'; tir"t'. v. ?u • a?'+t`?r:c?i',?'?
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ARTICLE I
AUTHORITY, DEFINITIONS AMID FINDINGS
Section 1,01 AUTHORITY FOR ORDINANCE. This ordinance is adopted pursuant ??? uhf .'.'? ?f3t ? ? ' •''?,!
to the provisions of Section 41-11 of the Code of Ordinances of the City of
Clearwater, Chapter 166, Part II, Florida Statutes and other applicable provisions of
law.
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 payment of costs associated with the dredging of Clearwater Pass.
C. "Holder of Obligation" shall mean any person who shall be the bearer
of an obligation authorized to be issued by this ordinance.
D. "PVO3ect" shall mean the dredging of Clearwater Pass, made necessary
to protect the Clearwater Pass Toll Bridge.
Section 1.03 FINDINGS. It is hereby ascertained, determined and declared
that:
A. The Issuer now owns and operates the Clearwater Pass Toll Bridge which
provides access between Sand Key and Clearwater Beach, both being within the
incorporated boundaries of the City of Clearwater.
B. It is necessary to dredge Clearwater Pass in order to protect the
foundations and pilings supporting Clearwater Pass Bridge and thereby preserve and
protect the public health, suety and welfare of the inhabitants of the Issuer.
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. 1091., duly enacted on July 5, 1966, or any extension or renewal of
Ord 2762-82 6/17/82.
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l;Zri.,t <}? S:rre*i; Y' ,Il'.i h •1.7. ',•o ?'r•. ., ., t+;', f-f.,+,fa#?.?r?y?-.4?"..:.r=?:.?..St,.::e.U'w`:?: .t• Se',x-..d...-,..... ... ..Mr:; S.ar ?f','Prii Y ., ..., ' 3, ,f'?"r?} -i ` ?? sn7' , t. s
said franchise or from any new franchise granting the right to supply electricity to""
the Issuer or its inhabitants (the "Franchise Revenues"). Via Issuer shall never be
required to le ad valorem taxes on an
levy any property therein Co pay the principal of ., • ,'ti`,?,.
and interest on the obligation and such Obligation shall not ectyatituto a lion
I
upon any property of or in the Issuer.
ARTICLE II #
AUTHORIZATION TERMS EXECUTION
.:xRlrr .? 7 3•'• ?• s .h
Section 2.01 AUTHORIZATION OF ACQUISITION OF PROJECT.
There is hereby authorized the acquisition of the Project, consisting of the
dredging of Clearwater Pass in accordance with plans on file in the City Engineer's a AL
Office of the Issuer. The unfunded cost of such project is $700,000 which shall
t.,r
be paid over a period of seven (7) years and interest upon the Obligation for not
exceeding seven (7) years from the date upon which the additional funding is provided ;
and expenses as may be necessary or incidental to the financing herein authorized. `M#
Section 2.02 AUTHORIZATION OF OBLIGATION. Subject and pursuant to the :ty
la+
provisions hereof, an Obligation of the Issuer to be known as the "Clearwater Pass
f,
Dredge Project Note, Series 1982", herein referred to as "Obligation", is authorized
to be issued in the aggregate principal amount of not exceeding Seven Hundred Thousand n
Dollars ($700,000).
Section 2.03 DESCRIPTION OF OBLIGATION. The obligation shall be dated
June 30, 1982; shall consist of a note of the Issuer payable in annual principal
payments in accordance with the debt service schedule attached hereto, due June 30
of each year, beginning 1983 and ending in 1989, plus interest payments due on
June 30 and December 31 of each year, beginning December 31, 1982, and ending
June 30, 1989, at the rate of ten and one quarter percent (10.25%) 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 shall be approved as to form
and correctness by its City Attorney. In case any officer whose signature shall
-2-
?j:R:,?{t rl.. 'Ord 2762-82 .
6/17/82
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?,. -? t}1?xa?:.?°j'.: ?, 7re ti?a ;!'>''f1 ^',? `;i, ` . "Y•,?, . r,:-`^ilfd",?: l: :.*S'?;? ? SS_r?j t`,p:? .1?•'r,?•'{ 'I?! 'f .?''" '.°.y?E ilv1.,?" :° "?r'•'• ?''?.....rA,r.4cwsT k`FE1rCUiFkoaf.K...!.1...?.1:::.:>;..:.....:Jt.:.°a -.a
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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.
P?
Section 2.05 NEGMAB?LITY. The Obligation shall be and shall have all
of the qualities and incidents of a negotiable instrument under the law merchant
L
} and the laws of the State of Florida, and each successive holder, in accepting such
r rJ 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
L4j law merchant and the Laws of the State of Florida.
Section 2,06 PROVISION FOR REDEMPTION. The Obligation may be redeemed at
11 Fi•
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'? #r 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
x
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{<I,., 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
??yy 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.
STATE OF FLORIDA
CITY OF CLEARWATER
CLEARWATER PASS DREDGE PROTECT NOTE, SERIES 1982
KNOWN ALL ESN BY TMSE 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
SAN HUNDRED THOUSAND DOLLARS
($700,000), payable in seven (7) annual principal, payments in accordance with the
debt service schedule attached hereto, due on June 30 of each year in the years
1983 through 1989, and interest on the unpaid balance thereof, from the date hereof,
at the rate of ten and one quarter per centum (10.25%) per annum, such interest to
the maturity hereof being payable semiannually an June 30 and December 31 of each
year, commencing on December 31, 1982, and ending on June 30, 1989. 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.
-3-
Or d,2762-s2/i7/sz.
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s,
This Note is a single authorized obligation in the amount of $700,0009
issued to finance the coat of the Clearwater Pass Dredge Project to protect the
Clearwater Pass Bridge of the City under the authority of and in full compliance
with the Constitution and Statutes of the State of Florida, including Section 41-11
of the Code of Ordinances of the City, Chapter 166, Part II, Florida Statutes, and
other applicable provisions of law, and Ordinance No. , duly enacted by
the City Commission of the City on , 1982, 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 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").
The Note may be redeemed at any time prior to maturity, at the option 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 frattchise 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
:. Ord'.2762-82
i
-4-
6/17182
?•. .yr ill '' '•?, .+?
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unconditionally and irrevocably obligated, so long a s the note is outstanding and ,-.:.,'.{ ':' . ?„ <• ; •'r?_s
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 snake 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 maturity or redemption .......
?. , .
:. ;. ;?,1':' F
of the Note upon the making of provision for payment thereof on the terms and •
, !:?' ' • : r>;?°';.''?_,?
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 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 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 executed by the manual signature of its City Manager,
countersigned by its Mayor-Commissioner, and attested by its City Clerk, and the
corporate seal of the City to be affixed hereto, all as of this day of
1982.
(SEAL)
Attest:
City Clerk
Approved as to form and correctness:
City Attorney
s
lif :'.t'f;y J; , r
9ra• 2762-82-5-
CITY OF CLEARWATER, FLORIDA
By
City Manager
Counteral.,Sned:
Mayor-Commissioner
17/82.
i
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1: ??, L??.'?.???'.r?i='[?r.'k.?'?r' dY ... ?. A'Y^y',,, . ., . 'r V '•44 ?, 4.,..r? •r.1iY+[t??SM':1?' 3: },
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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, 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 Franchise Revenues to secure future debt of the Issuer; provided
that, as of the date of issuance of any future debt, the amount of such Franchise
Revenues in the Issuers 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 Franchise
Revenues which are pledged for payment of such then outstanding and proposed debt),
will be at least 1.5 times the largest annual debt service coming due in any future
fiscal year on the Obligation. 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 real property for payment thereof, but the Obligation shall be payable
only from the Franchise Revenues.
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.
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, in full, to and in the final installment thereof, then, and in that
?,. QA'd.' 2762-82
-6-
6/17/82
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event, the agreement to pay from Franchise Revenues in favor of the holder of the
Obligation shall be no longer in effect. For purposes of the preceding sentenced a }N?a! r kt .,
tender of the full amount of principal and interest a an to become due, to and
,. ?%.'7t' '.'F u,'.- ?'"."?q-'err+?i.
including the final installment, on the Obligation or a separate deposit of such
full amount in a separate account shall be considered "provision for payment." ''`•,?M°°-
".2E
"
Section 4.022 SEVERABILITY OF INVALID PROVISIONS. If any one or more of 0
'
the covenants, agreements or provisions herein contained shall be held contrary to ;.`.
i
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 ;;; ;';. "'F.Y•?<^Y,?
x
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 Y a ;"
hereof or of the obligation issued hereunder. "..?
Section 4.43 REPEALING CIAUSE. All ordinances or parts thereof of the
Issuer in conflict with the provisions herein contained and of the Ori8iual '
Ordinance are, to the extent of such conflict, hereby superseded and repealed.
Section 4.04 EFFECTIVE DATE. Thia 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 June 3, 1982
PASSED ON SECOND AND FINAL
READING AND ADOPTED
Attest;
& " L
eilu,
Lucille Williams
City Clerk.
June 17, 1 8
7Z'5' 16 (4
Cehas F. L
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Mayor-Commissioner
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-82
0
6/17/82