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ORAINANC� N0. 2799-82
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AN ORDINANCS PROV1DINa FOR TH8 ACQUL�SITIQN AND CON-
3TRUCTION OP ADDl'TiONB, B7C'I'BNS�ONS AND �[rIIPROYSMBNT3
TQ TH$ PARKINC3 3YSTBM OI+ THS CITY +OF CLBARWATSR,
FLORIDAi AUTHORIZINCi TNB iSSUANCB BY TH8 CITY OF NOT
B7CCBBDINQ $950,�UQ PARffiNC3 BYSTEM RSV$NUB k�ONDS, �
SBRIB3 �.98�, TO FINANCB TAB CQST THERBOP; PLBD(�xN{3
THB NgZ' itEVSNUFB OF THg PARBING SYST�M TO SBCURB
PAYMEN'1' OF THE PRINCiPAL OP AND INTERB3'I' ON THB
HOF�DS; PRDVYDIN(3 PQR THg R�CiHT3 OF TH$ HOLDERS OF
THB HONDB; PROVIDINCi AN EFFBC'Y'xVB DATE.
BB IT BNACTIIiD BY THS CCTY COMMIS3ION QF THB CTTY OF
�'.'(�:�r�.�f t "'i�%�i5'?r"?f?:¢ ��=-iti� k" .
�;,�.��;_ ,��,�, �`� ��;i��,���.,: y.,,. CLBARWATBR, BLORIDA, as follo�+►s:
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r,;:�',;'P,�;��;";�r�,:;;�;g,� �,���;g:< . 3ect#or� 1. AUTH�RITY FOR THIS ORDINANCE. This ordinance is
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enacted pursuant to the provisions of the Act� hereinefter deilned.
�ection 2. DEFINiT�ON3. The following terms in this ordir�ance shall have
3 the following meanings unless the text otherwise expressly requires:
{A) "Act" means Chepter l66, Part III, Floride Statutes, and other applicable
{ pravisions of law.
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(B) "Additio�al Obligations" shall mean additional oblige�tians issued under
this Ordinanee and in compliance with the �terms, eonditions and limitations eantained
herein. .
(C) "Amortizatlon Instellments" with respect to any Term Bands af a series,
shsll mean an amo�nt sa designated which is established for the Term Honds of svoh
series, provided that (i} eaeh such instellment shall be de�med to be due on such interest
or grincipal maturity date of esch applieable year as is fixed by subsequent resalution of
the Iss�er ar�d shall be a multiple of �5,000, and {ii) the aggregete of such installments for
sueh series shall equal the aggregate prineipai amaunt of Term Bonds af sueh seriss
suthentieated e�nd delivered on original issuence.
(D} T�Authorized Investments" shall mean any of the fol�owing which at the
time are legal investments for the Issuer under applicahle Iaws for the moneys held under
this Ordinance ther� propased to be irivested therein: (e) United States Treasvey notes,
bonds, i�ills or certffieates ar indebtedness, or obligations for which the faith end eredit of
ths UriIted States are pledged for the peyrnent o[ principei and lnterest� and/or (b}
abligatians of Federal Farm Credit Banks, or their predeeessor issUers� whlch are Pederal
Land Hanits, the Ba:nks far Caogerstives, and the Federal Ir►termediate Credit Aanka,
and/ar {c) obligatians of the Federal Hnme Loan Bank Board, and/or (d) obiigations of the
Fe�leral National Mortgsge Associatian, and/ar {e? time {including savings aecaunts) or
demend depostts in eny bank or trust company authorized ta accept deposits of publte
., funds, which are fuIIy insured by the FSLIC or FDIC� and/or {f) repurchese agreements
. wtth a iinaneiai instftution or reeognized dealer whieh are fuuy secured at all time� by
'• `��.�'-,., - obiigations described in {a} through (d) of this defit�itlo�.
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���3 ; '' `�` � az (�} 'Bond Serv{�e Requirem�nt" for sny Hond Year ar Fiseal Yeer, es
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r�� Y� app�teab1e, as ��plle� to the Han,�s oi sny serles, s�ell mean the sum af:
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�' �� �° ` ��#�' (1}. The amount required to p�y the interest beeoming due on the 8ands
e-: :� . . • :.��.. �
�� � �% �'� ��' � oi such sertes �ucing s�eh �ertad, exce�st to !he extent that s�ch intere�t shall i�ave b�en
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��'���� �� '_;�.�> prov[ded by �ayments into the Sinkng Pund aut of �and proeeeds far a spec4fi�d per4od ot
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{2) T�te amourt reguired t� pay the �rincipal of Seri�l �ands of s�eh
serles mat�t�Ing �n such perio�.
(3) The Amortize.ttor� installmertt for tt�e Term Sands of such series for
such periad, In eomp�ting the 8ond Serviee Requirement for any period for $onds of any
serles, the Issuer shall ass�ine that an amount of the Terrn Bo�ds af suen series equal to
t�e Amortizatian Instal�ment far ttte Ter� �ar�ds of such series far such per�ad will �e
retired by purehase ar redemptfon in such perSoB or thst payment of sueh amount of Term
Bonds at maturlty will be fully provided for In such Qeriod. When determining the amount
of principas af sn� interest on the Honds whiat� matUre in any period, for purpases of this
Or�inance or t�e issuariee of any Addit�onal Obligations, the stated maturity date af 'I'erm
Bonds shall t�e disregar�3ed, a�c� the Amortizatlon Installment, i� a�y, applicable to T�rm
8onds in such peri�d she�ll be deemed to mature in such period.
(F) "Bond Year" shail neeaa tt�e ar►nual �eriad ending ort � principal �naturity
�}B�@.
(G) '�Bonds" Shail mear� the 1982 Bands and au Additional Obli�at�ons, "1982
13o�ds" st�all mean the abligations of the Issuer authori�ed to be issusd pursuant to Sectian
6 of this Ordinance.
(H3 "Cnmmunity Recievelapmertt Agency" shall mean the C�#y af Clearwater
Community Dev�lopment Ageney ereated u�der Section 163.358, FZarida Statutes, p�r-
su�nt to Resolutian of the City Cammission of ths City of ClearwaCer.
(I) "Cos�sulting �ngineer" shall mean such quelified and reco�nized indepen-
dent consuiting engineer, having favorable regu�e or skill and experience, �+rith respect to
the acts and duties to he pravided ta ti�e Issuer, as employed ar ret�ined by the Issuer to
perform the acts a�d earry aut the duties herein prflvided.
{J) '�Coaperatlon Agreement" s�all me�n an agreement between the I�uer and
the Comm�nity R�development Age�ey pursusnt to whieh the Communtty Itedevelapment
Ageney e�grees ta make payment� to t3�e Issuer far 8ond Service Requirements on any
Additton� Obligat�ons issusd to finance a Project located in the RedeveZo�ment Ares of
the Cammunity Redevelopment Agenay.
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(i{} "Cost of Operatfon, and Msintenenee" shall mean all cnrrent ex�ensea, paid
or accrued� for the operation, maintenance and repa[r o[ al� faciliNes of the Parking
System, a� ca2culated in accordenee wJth sound aceoz�r�tfng praattce, end shall tnelude,
wlthovt limtttng the generality of the toregoing, Insuranee premiums, administrative
exoenses of the Issuer related salely to the Parking Systern, labor, eost a[ msterials and
supplies used far current operation, and charges iar the accumulation of appropriate
reserves far current expenses not annUally reaurrent but whteh are such as may reasonably
be expected to be incurred in aeeordance with sound accounting prsetiee, bttt exeluding
any reser�e for renewals or replacemezts� for extraordin�ry repairs ar eny allowanee for
depreciation.
(L) "C�unty" means Pinellas Caunty, a political subd[nision of the State.
(M) "PederQi Sscurities" shall meen direat obligatians �of the United States of
America �nd obligations the princdpal of �nd interest on whieh are fv1ly guaranteed by the
United States of A�erica, none of which permit redemption prfar to maturity at the
option of the abligor.
{N) "Piscal, Year" shall mean the period commencing on October i of each
year and continuing to an� including the succeeding 5eptember 3Q� ar sueh other �nnua�
period as mey be established by law as the Issuer's fiscal year.
(0) "Gross Revenves" or "Revenues" shall mean all moreys reeeived frorre
rates� f�es, rentals or other charges or ir�come reeeived by the issuer or accruing to it in
the operstion of the Parking System, all calculated in accordanee with sound accaiinting
praetice.
(i�} "Holder of Bonds" or "Bondholders" or any similar term shall mean any
person who shall bQ the be�rer or owner of any outstanding Bonds registered to bearer or
not registered, or th� reglstered owner of any such Bonds which shall at ti�e time be
registered other then to beerer.
(Q) "Issuer" shall mean the City of Clearwater, Florida.
(R} "Maximurn Bond Service Requirement" for any series of Bonds st�ell
mean� as of any par�icalar date of calculation, the grestest arr�ovnt of aggregate Bond
Service Requirements for the then current or any future B�nd Yee:r ar Pisc�l Year, as
s�plicahle.
(S) "Net Revenues" st�all mean Gross Revenues less Cast of Operation and
Maintenance.
{T) "Ordingnce" shall meaii this ardinanee of the Issuer as h�reafter amended
snd supplemented from time to tfine in accordance with #he provistons hereof.
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{U) "Parking System�' ghall meen all of the Issuer's existing ai[-�street and on-
street garking facilltles, toaether with any ar�d all improver�ents and addit�orts thereto
hereaiter �onatructed or acqutred.
(V) "Project" shall mee�n the aequisition and eonstruction of additions,
extensians and improvements to the Pnrking System. "i982 Pro�ect" shall meat� addittons,
extensions and lmprovements to the Farking System aonsisttng of a garlcing lot� and rela�ed
eiCe impxavements ndjacen� to the Performing Ares C�n��r and Ther�txe owned and
operated by PACT� Inc. to be construeted pursuant to the plans and speeifieattons on file,
or to be on file, with the Issaer.
(W) "Redevelopment Area" shall mean an area designated as a commuaity
redevelopme�t ares by the Community Redevelopment Agency pursuant to Ch�pter 183,
Florid�t StatUtes.
(X} "Rede�elnpment Trvst Fund" shall mean the redevelopment trust fund
esteblishea by Section 163.387, Florida Statut�s, for the Community Redevelopment
Ageney.
(Y} "Serial Bonds" shr�Zl mean the Bonds of a series which shall be stated to
mature in ennuel installments.
{Z) "State" shall mean the State of Florida.
(AA) "Tax Increment Reven�es" shall mean the revenues paid into the
Redevelapment Trust Fund. "Available Tax Increment Revenues", for any period, shall
mean all of sueh rever�ues paid into the Rede�elapment Trust Fund during snch perioci,
reduced by all ather obligatians which the Cammunity Redevelopment Agency is required
to make fram sueh F�nd duri��g such period.
{gB} °Term Bonds" sha11 mean the 6onds of a series all of whzch shall be
stated to mature on one date and which shall be subject to retirement by aperatian of the
Bor�d Amortization Account.
Secti�on 3. PINDINGS. It is hereby founa, c3etermined and deelared that:
A. The Issuer now owns, operates and mainta;ins the Parking System and
derives Revsnues from its operation. The Revenues will not be pledged ar encumbered in
aay manner, st the time 4f the sale of any Bonds under this �rdir�ance.
B. The fre� eireulation of tratfic of all klnds through the streets of the
L�suer is �eeessary to the hea�th, safety and general welfare of the inhabitants af the
Issuer; the use by the public aP motor vehicles of all kinds has caused serious traific
congestion in the streets oF the Issuer; ti�e parking of motpr vehicles in the streets has
aontributed to this congestion to sUCh an extent as to canstitute at the present time� a
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t�`�' _ .' '' Y�. publtc nuisQnee wh�eh endangers the health� sa[ety and general welfare of the inhabitanta
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:;; � of the lssuer; the regulatlon of tra[fle on the streets by the tnstallation of parking meters
. f -�,���
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���g �; • •�°� and the imQoeition of charges in eonneettan with suctt on-street parking faclllties has nat
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�t''��''�� ��;�y:�'�i'� celieved tlte congestion except to a limlted extent; thls trafftc cor�gesttan is riot capabSe
�.����Ft ��'� � . e����� .
,�°��u��.� y��- '`�,�r�•�;����' of being adequately abe�ted except Uy pravislons for suific�ent off-street pnrking f��tli-
�yR'�,� � � � !t� ��t�'d ',�Ff i1r.
;��;���' �,�-�.��'���� ties; adequate off-street parktng fae il it ies have na t besn prav[ de d an d i t i s n e c e s s a r y f o r
' F�=i�' �� � ` • ����,;�''' .
�'"'"''` "� �� �� '���«cr��. the protectton of the heelth� safety and welfare of the �nhabttenis a[ the Issuer that the
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��;i���' -` "�`°'�`�'' facilities rovided for herein, descriUed as the 1882 Projeet.
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C. Por firiancing purposes and far the more adequate regula.tion of traffie
and relief of aangestion, the off-strest parking facilittes and the on-street park[ng
iseilities shall remein combined inta a single system (the "Parking System").
D. The Yssuer will derive ftevenues from tt�e aperation of the i982 Projeet
�nd such Revenuas, together with the Revenves derived by the Issuer from t�e operatian
af the existing combined Parlcing System, will be suffieient ta p�y all Costs af Operation
and Maintenance of both the 1982 Project and the rernainder at tt�e Parking System, all of
the principal of end interest on the 1.962 Bonds as the same shall become due and all
reserve� siniting fund ar other payments provided for in this Ordinance.
E. The estim�ted cost of the 1962 Project is the sum of not exeeedir�g
$950,000. Sueh costs shall be paid from the groceeds derived from the sale of tt�e 1982
Bonds, together with other fUnds, if any, avail�ble ta the IssUer.
F. The principal of and interest on the 1982 Bands and all required sinking
fund, reserve and other payments shall be payable solEly from the Net Revenaes as
provided herein. T�e 1982 Bonds shall not const[tute an inde�tedness, lie�bility� general or
m�ral obligation, or v�tedge of the €aith or Iosn of the credit of the Issusr, the 5tate of
�lorida, or any political subdi�ision thereof, tivitt�in the me$ning of any eonstitutianal ar
statutory provisions. Neither the State af Florida, nor any political subdivisior� therenf,
nor the Issuer shali be obligated to �ey the principal of the 1982 Bonds, the interest
tt�ereon, or other costs incidental thereto exeept fram the Net Reveriues, in the manner
provided herein. Neither the faith �nci credit nor the texing power oi the State of Flor:da
or any political svbdivision thereof shall L~e ptedged to the principal of the 1982 Bonds ar
the interest thereon or othar charges ineident thereto.
The 1982 Bonds she�ll not constitute a lien upon the parking System, nr a�y
part tnereof, or on any other property of the Issuec� but shall constit�te a lien only on the
Net Revenu�s in the manner provided herein.
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a. The estimated Net Revenues will be suff{ctent to pay all prineipsl ot e,nd
lnterESt on th� 19B2 Borids as ihe same beeome due, and to make ali requtred sinlctng tund,
reserve and other payments required by this Ordinance.
Se+attpa �1. 198� PR�SC'r AUTHOitFLED. The issver �s �ereby euthorixed
to sequire end construet t�a 2982 Prajeet. The cast of eny Projeet shall be deemed to
tnclude, without ltmitatton� tn add3�ion t� the cast of the items deser{bed in t4�e �l�ns and
specfftestior�s for the Praject, the cost of any lands or interest therein or any other
grapertles deemed neeessary or eonvenient therefor; engineering, legal and f#neneing
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rc;f°`,z5 'l:�'}�:,.� �;`
`C�� ' ,� `."' ;.a^� :�.� ����.; `
.� ._..,�..�i'w �f .;'i"�_..,.. '��:�.. �,� 3
expenses; expenses for estimates of costs and of re�enues; expenses for plans, speaiilca- � Y
�, }
��:�:
tions e�d surveys; the fees af fiscal agents, fln�neial advisors or consu2tents; aaministr�- �::;
t,'":�; '` ���:�-���� "" �-.`'``� tive expenses for plans, spectfieations �nd surveys; edminiatrati�e expenses relating solely
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��r�-�t� � - .r�s,.. •'� .,;.•:-��•;
������" '� ����� ����"��'�� ta tt�e construetion end aequisition af the Project; the premiums end other eosts af
�',� �.:���• 1.'�s.� a f �t ��F .
�• �:�.��,"�- , �� aa ��,�.,-�
x �t. `ti'?� � �� ��'�:� `= obtainin i
„�,-��,��r�.�,_:,�s�t•��,�;� g nsuranee on the Bonds; interest upon the Bonds during eonstruetion and fniiial
�'�
_:,
operation of tf�e Project; ths creatfon and establishment of reasonable reserves for debt
service; discoc�nt on sale of Bonds; repayment ot interim a�dvances and inde�tadness, #f
any; and such other costs and expenses r�s may be necessary or incidental to the financing
herein autfiorized and the construetfon Rnd acquisition of the Profect e�d the placing af
same in operation.
3ect�on 5. THIS IN3TRIIMENT TO CONSTTTUTE CONTRACT. In enn�
sideration of the accepterice of the Bonds a�tharized to be issued hereunder by those who
shsll hold the s�me from time to time, this �rdinarice shell be deemed to be and shall
eonstitute s contract between thc Issuer and sueh i�alders. The covenants and agreemer�ts
herein set farth to be perfarmed by the Issuer shall he tor tha equel benefit, protection
snd sec�rity of the le�al holders af any and all of tne Bon�s and the coupor�s attact�ed
thereto, all of which shull be of egual rank and without preference, Priority ar diskinetion
of uny of the Bonds ar co�pons aver any other thereof, exeept as expressly pravided
therei� and herein.
3ectian 6. AUTFlQRIZATION OF 1982 SONDS. Subject and pnrsuant Lo
the grovisions hereof, obligations of the Issuer to be �awr� ss "Pa�rking System Revent�e
Bonds, Serfes 1982", herein defined as the "1982 Bonds", ars authorized to be issued in the
r�ggregate principal a�no�nt of not exceedlr�g $950,Ofl0.
Sect�on 7. D$SCRIP'�IpN OF 1$82 BOND3. The I982 Bonds shall he dated
as of a d�te and be in such denomine�tions as are fixed by resol�tion of the Issuer at the
time of sale, shal! be t�umbered consecUtively, from one upward; may �ear interest at such
" rate or ratas nat exceeding the leg�l rate, svch interest to be payable on such dates and in
, �g-
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'•C.: ..� �,'��' .s._ .. zr' •e, -.t,.a�+.�..�,
�q � '�' £.•,P' a: 'if� .`7�,•'°� �,,..i".�e�� :.kn/l;.-.s.I,+-.
....iw �f: �Sy'. 't:� !s1'�'•'rhpRr,a,�'
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suet� yeara and shall mature [n numerieal oraer� towest numbers iirst, oa suah dates and in
such years, not exeeeding 40 yeers f�om the date thereof, and �n sueh amaunts as are
[ixed by resalution of tha [ssuer to be adopted prlor to the deltvery of the 1982 Honds.
Sueh 1882 8onds may be issued in ful�y registercd or coupon form; shall be
�ayabte wfth respect to hoth principal and interest� if any, at a bank or banks ta be
subsequently determ[ned by the Issuer prior to the deiivery of the 1982 Bonds; shall be
payable in lawful money of the United States oC Amecice; and shall bear interest, if any,
from such date, but not earlier tt�an the date af the 1982 Bands, as is fixed by subsequent
resa�ntion of the Yssuer� �ayeble in aeenrdar�ce with and upon surrender of the appurtenant
interest coupans as they severally mature.
3ecLian 8. BXECOTIQN OF BONDS AND COIIPON$. Tt�e Bor�ds shall be
executed In the name of the Issuer by its Mayor-Cammissioner and coUntersigned by its
City Manager and its ofiicial seai or a facsimile thereof shall be affixed thereto ar
reproduced therean and attested by its City Clerk. T'he �onds sh�ll be epproved as to
form and carrectness by the City Attorney. The faesimile signatures of the Mayar-
Comrr�issioner, City Clerk and City Attorney may be im�rinted or reprodueed on the
Boads, pro�ided that at least one sigr�at�re required to be Placed thereon shall be
manually subscribed. In case any offieer whose signatvre shpll appear on any Bonds shall
cease to be sUeh officer before the ��livery of sUCh Bonds, such signature or faesimile
shall neverthetess be valid snd suffieient for all purposes the same as if he �aB remained
in office �ntil such deli�ery. Any Bands may be signed snd seaIed on �eY�alf af the issuer
by sue� person who at the actu�l time of the execution of such Bon� shell hold the proper
office with the Issuer, elthough at the date of aaaption of this Ordinanee such person may
not have held sueh office or msy not ha�e been so authorized.
The eoupons attached to the caupon Bonds shall be authenticated with the
�'sesimile signatures of any present or future M�yor-Commissioner, City Man�ger and City
Clerk of the Issuer,and shall be sealed by imprinting ihereon the word "(Seal}". T��
val.idation certifieate on the Bonds shgll be exeeuted with the Pacsimile signature of the
MayorMCammissioner. The Issuer mey adopt and use for suc#� pur�oses the faesimils
signatures of ar�y persons who shall have been sueh offiesrs at any time on ar after the
dste of adogtion of this Ordinance notwithstsndin� th�t they may �ave ceased ta be such
officers at t�r� �yme such Honds shall be actually deliverec�.
S�ctiat 9. NBGOTlABII,l'I'Y AND BEGISTRATlON. The Honds tssued
hereunder shall be ��d sh�il, hsve au af the qua�ities and ineidents of investment securitie�
under the Uniform Commercial Code af the State of �lorida, and each s�eeessive holder�
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: 4�� ._. r.�:,;t�m. in aecepting eny of the Bonds or the coupona appertaintng thereta� shall be eonel�aively
�' .:�r"j.`' $ �1,�i'i.4S,£.
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$' � f��,�� (�.��� �r+ deemed to have ngreed tttat such Honds shall be and 3�ave all of the quslittes a;nd ine dents
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'�Y"��a�.`::�� � x-�tJ�����'���"�'�� of investment seeurtttes under the Uniform Commercial Code of the State of Florlds.
::J �K„? x� �� v+'ry�Y�+<�[1����.'�
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°,.���;�a���� ��,�.�,��,�':a� The eaupon Bonds may be registered� at the option of the hold�r, as to
+��::"'p�,w."'.�; �. r . . .k`c:•'�,;•_�
s,.",.i. i� 1 ,,,� ;;SY'r ���� �, �>,�;
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,;=.,�.a,,�,�� .�..,v �..: ..., prtne[pal only �t the offfce of the City Tr�asurer of the Iasuer, as Regiatrar, or such other
s_.,< .r,w�,�tt�F1'�!' ��r, •...; �i�:
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��'°.84. � i..."� ! i '.:
�'""�u..�;���i�"r� .�'''L'�i`L�;,'::j.._:��: .
;:;�,,�js���.�n,;; sh.,,tye�,,. , Registrar ss may be hereafter duly eppotnted, such reglstration to be noted on the back ot
' f�' e � �'x�•,� .
Y.....r ���:�,,..�'�.`' ., .a�'� ��`''�'�'I';��
�=��i� r� -k..�•7.� �� N, �. �°-;.�, #he Bonds in the space pravided ti�erefar, After such registration as to pr�netpal only, no
eLt;��;�:t}�',f� esy' � i•� ;. `'-";a� ,
:+,w�:.?.w�±! w zi :r��'.,'��. �, ,��c.;Srai:,r
��r,r; ;:s;�.�:;: �:�Rr�;;4�,;y�:, tra;nsfer of the Bonds shell be valid unless made at such office by wrttten assignment oi
' ._'��'���.i�'"��'� ;V7��'. �.,..'r ���
y'��";�"`-����"��''�''�"`'`���;� the registered owner or by his duly xuthorized sttorney in a form sat[sfactory to the
3� y. � .. .�%}.�� V;,�':1��, :: ..ry�
�: �,},': >; ,�'f yti : f � y �,s K.. � oa�• "�''
��(11^tJ.,• y44 ai'S�' �����RY � iJr
i z^�,'''>`� : �'' Registrar and simil�rly noted an the Bozids, but t�e Bonds may be discharged from
r+:.. 'S>>.?. �;Mt „
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�;_'-;;,:�;.�.��,��j,. Y..�r.�.f,;1 reg�stration by being in like manner trsnsferred #o bearer, and thereupon transierability
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1' �"�T�"�' 1 shall not 8ffect the
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r i � J�>•�Y .�'r y� ' � �
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;.�;�<,:.�, f�� v��,�� ,-�.�;�� negotiability of the coupons, which shall continve to pass by deli�ery mere y.
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�.,�� ,• ��• � �- -�- t•��' The Issuer may trea# the registered owner af any ca�pan Band registered as to
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,`p;;����� �«����`�'�;:�= principal only and af any fully registered Bond as the absolute awner for all pUr�oses.
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�,v;;R�;��-���,� ��J�y��•��a;�•-�t� The Issuer may, but shall not be required to, provlcie for the exchange of
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;�,;��•,,��• _ E �;��'�r•. eoupon Bonds for fully registered Bonds and for the exchange of fully registered Bonds for
f,_•'� ��"'N.��`�F kj'��'�y'�' �'.4g���'aY
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;�.��T���.;;�;.,1rn ,;�s��,�,a...��,.�; ;,� cougon Bonds, upon sueh aonditions and in such authorixed denominati�ns as the Issuer
may subsequently determis�e at the time of sale of the Bonds.
3ection lEl. BONDS MUTILATED, DESTROYE�, ST�I�EN OR LOST. in
ease Any Sond shall beeome mutilated, or ba destrayed, stolen or lost, the isst�er may in
its discretion issue and delivar a new Bond wi#h all unmatured coupons attaehed of Iike
tenor as the Bond and attached coupons, if any, so mutil.ated, destroyed, stolen or lost, in
exehan�e and substitution for �uch mutilated BoRd vpon surrender and cancellation of such
mutilated Bond and ettached caupnns, if any, or In lieu of at�d substitution for the Bvr�d
and attaehed coupons, if any, destroyed, stolen or lost, and upon ttte holder furnishing the
Iss�er proof of i�is ownership thereoi and satisfactory indemnity and eomplying with surh
ather reasonable regulations �nd conditions as the Ias�er mey preseribe and paying svch
expenses as the Issuer may ineur. All Bonds and eoupons so s�rrendered st�all be caneelled
by the Reglstrar for the IInnds. If er�y of the Bunds or coupons shall have matured ar be
about to mature, instead of issuing s substitute Bond or coupan, the Issuer may pay the
same, �pon being indemnified as 8foresaid, and if such Sonds or coupon be lost, stoler� or
destroyed� withavt surrender th�reoi.
� Ar�y such duPlicate Bonds and coupons issued Qursuant to this Seetion shall
cor�stitute original, additional cor�traotual o5liRations on tl�e gart of the Issuer whether or
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Ff �
(Form of Caupon �and} �
��J����
UNITSD STA'Tffi OF AMBRICA
3TATB OP FLORIDA
C1TY O� CLBARWA7BR
PARKINC� $Y$TSM RBVBNUB BOND, 3BRIEg 188Z
KNOW ALI� M�N BY THESE PRESENTS, that the Clty of Clearweter� P�orida,
a municipal corporation af t3�e State o[ Florida (hereinafter celled "City"), for value
reeelved, hereby pramises to pay to the order of the bearer hereot or, if this Bond be
registered� ko the order Qf the registered holder, es herein pravided, on the ist day oY
, from the re�enues hereinafter mer�tioned the princl�al svm of
FEVE THOUSAND DOI,LARS
:,� with interest thereon from 1, l982, at the rate of per centum
�
per annvm (_9G), pay�ble on 1, 1982, and semiannually thereafter on
4� 1 and 1 of each year, upon the presentation and surrender of the ennexed coupons
'; as they severally fall dve.
Both the principal of end interest on this Bond are Payable in lawful maney of
the United States of America at or at the
option of the holder, at .
This Bond is one of � dvly auti�orized issue of Bonds in the eggregate principal
emount of r�ot exeeeding $ , of Iike date, tenor and effeet, except as to
nu�nber, mat�rity �nd interest rate, issUed to finance the eost of construction and
acqvisition of aciditions, extensians and improvements to the City's combined on-street
end off-street parking system (the "Parking System"), parsuant to the authority of and in
full compliance with the Constitutian and laws of the State af Florida, including
particularly Chapter In� Florida Ststutas, and other applieable provisians of law, and an
ordinance, duly enaeted by the City on , I982, as supplemented (herein-
after coliectively called "Ordinance"), snd is subject to all the terms and conditions of
such Ordinanee.
This Bond and the coupons apperteir�ing hereto are limited obligations of the
City payable solely irom and secur�d by an irrevocable lien upon ar�d pledge of the net
revenues derived by the City from the operatian of the Parking Syst�m (the "Net
Revenues") in the manner provided in the Ordinanee. This Bond does not constitute an
indebtednESS, liability, general or morgl obligation or a pledge af the feith or loan of the
credit ai the City, the Sta,te of .�lorida or any political subdlvision thereoi, within the
mea[iing of any eonstitutional ar statutory pro�isions. Neither the 5t�te of FIorida nor
any politieal subdivision thereof, nor the City shall be obli�ated to pay the prineipal af the
Bonds, the interest thereon or other costs incident thereto except fram the Net Revenues,
at ; .C,; 1,� �y' �(` . . ' ', fl l�'-/: O� / �Q' � �"
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in the manner provided heretn. Neither the faI!h artd aredit nor the taxing power af the
State af Florida arty polttteal subdi�isian thereof [s pledged to the payment of the
principal of ihe Eonds or the interest there�n or other costs inetdent thereto.
(INSERT R�DEMPTION i'ROVISIONS)
Notice of sucl� redemption shall be g{ven in the rriannsr requtced by the
Ordinanee.
It is further agreed betweer� the Ctty and the holder of this Bos�d that this
Hond and ttte indebtedness evidenced hereby shall not constitute a lien t�pon the Parking.
System, or e�ny psrt thereof, or on any other praperty of the City, but shall constttute a
lien only on the Net Revenues, in the menner provided in the Ordinance.
In and by the Ordin�nce, the City has covenanted and agreed with the holders
of the Bonds of this issue that it will fix, establish, revise from time ta time wt�enever
necessary, maintain and collect always, such fees, rates, rentals and other charges for the
vse of the serviees and faeilities of the Parking System which will always pravide
revenues in e�eh fiseal year svfficient ta pay, and out of such funds pay, 1009�6 of au costs
af operation �nd maintenance of the Parkfng Systero in such year and all reserve and other
paymc�nts pro�ided for in the Ordinance and, together with any future payments, if any,
due to the �ity by the City of Clearwater Community Redevelopment AgeRCy Under a
Cooperatibn Agreement (alI as defined and limited in the Ordinancej 11096 of the bond
service requirement dve in such year on the �onds af tt�is issue, and on all other
obligations payable on a parity therewith, and t�-�at suc1� fees, rates, rentals and ather
cherg�s shall not be reduced so as to be insufficient to provide adequate revanues for such
purposes. The City has entered into certain further covenants with the holders of the
Bonds of this issue far the t�:rms of which reference is made to the Ordinence.
It is hereby certified and recited that all acts, conditions and things requirea
to exist� to heppen and to be performed precedent to and in the �ssuaRCe of this Bond
exis�, ha�e ��ppened and hsve 6een performed in regular and due form and time es
requireci by the laws snd Constitution of the State af Florida applicable thereto, and thet
the issuance of t#�e Bonds of this issue daes not violate any canstitutiona3 or statutary
limitat�ons or provisions.
This Bond and the coupons appertaining hereto ere and have all the gualities
and incide�its of a negotiable instr�smcnt under the law merchant and the laws of the 5te�te
oi Plorida.
This Bond may be registered as to principal only in accordance with the
provisians endorsed hereon.
IN WjTNESS WH�REOF, the City af Clearwater, Florida has issued this 8ond
and has ea�se8 the sarr�e to be executed by the manusl or fecsimile s€gnsture of its
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r.i. �II
i jj Mayor-�Commissioner and cauntersigned by its City Manager, either manually ar by their
I. � I � '�I�.y � l
t tae�t i tts or rate sesl or a fecsimile thereof ta be aiftxed
��� mile s gnatur�s, and c po ,
�'`� tmpressed, imprtnted, lithographed or repradueed herefln and attested by the mannal or
t- ,�
�,�'�;, faesimile signatur� of its City Clerk, and he�s caused the interest �oupons hereto attached
��;r+
�'� ,;, � `; to be exeented with the faesimiie signatures of suetr of[teers, all as of the tirst day oi
- � . � •�.
� �.�;�
��. , I982.
. .�.. . .
(SEAL)
ATTFST:
City CIerk
C1TY OF CLSARWATBR, FLORIDA
ayor-� omm�ss oner
City Manager
Appror►ed as to Form and Correetness:
City Attorney
(Form of Coupoa)
No. $
Unless the Bond to which this eoupon is attached is caltable and shall heve
been previausly duly called for priar redemption end payment thereof duly made or
provided for, on the first day af , , the City of Clearwater, Fdoride,
will �ey to the bearer at , or at the option of the holder at
, solely from the special funds describeci in the
Hond to whieh this caupon is att�ehed, the emount shown hereon in lawful money of the
United States of America, upon present�tion and surrender of this coupon, being interest
then due on its Parking System Revenue Band, Series 1982, deted ,
1982, No. �.
(SEAL)
C1TY UF CLSARWA'I`BR, FLO1tII?A
MayorCommissioner
City Manager
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(Porm o[ pnlly Regtstered Bond)
UH3'I'BD BTATffi OP AMBRICA
3TATB QF FLORiDA
CITY OF CI,BARWATBR
PARKIN(3 3Y3TRR�I ASYBNOE BOND, SBiiiS9 l982
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: �.Ti;.;�•!ri,s �s�� .
;=•:fs. `� ^�'' -�#: KNOW ALL MEN� BY THES� PRE3ENTS that the Cit o: Clearwater, Florida
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� w��°-�����` �•� ��a��. e munielpal eorporgtian of the State of Florida {h�reinafter called "City")� far value
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�•,.,�.�„ ,,��;,�,�),. recei�ed, ,hereby promises to pay to � or regtst�red assigns, on the lst
� y.�`'rE f°'�'� � �.;;�,).�t-Ta;�
+T.,.,} _� ��' ti '��? �T`� ��,�`t�;.
�- .�;rt �.r., , day of , fram the revenues hereinafter mentioned the prirtcipal sum
L F,
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.':-'s.si,..�ti:l� 45T�i•r. '��l^.�i'Te�?'
�'+i:�:+��t'.?�'�: �s' i`�?.^,�!� �.? ;� OL
DOLi.ARS
wlth ir�teresi thereon fram i, 1982, at the rate of per centUm
per annurr� (�4b), �ayable an i, �982, and semfannually thereafter on
1 and 1 of eneh year.
The prineipal of t�is Bond is payable in Iawf�� money of the United St�tes of
America at or a� the option of tt�e holder, at
, and interest on this Bond
is peyable hy check or draft mailed to the registered owner at his address shown on the
books af the Registrar.
This Bond is ane of a duly authorized issUe of Bonds in the eggregate prineipa3
amount oi rtot exceeding � , of like dAte, tenor and effect, except as to
nvmber, maturity and interest rate, issUed to finanee the cost of construction and
acquisitian of additions, extensians and improvements to the City's eombined an-street
and off-street parking system {the T°Parking Systetri"), pursuant to the authority af and in
full eomplisnce with the Constitution and lriws of the 5tate af Florida� including
particularly CI�apter III, Florida Statutes, snd other applicable pravisions af law, and an
ordinance, duly enacted by the City on , 1982, as supplemented {herein-
after eolleetively called "Ordinanee"), and is subject tv all the terms and conditions of
3uch Ordlnance.
T�is Bor�d is a limit�d obligation of the City payable solely from and sec:ured
by an irrevocable lien upon and �ledge af the net re�enues derived by the City frorr� the
operatinn of the Parking System {the "Net Rever�ues") in the menner pravided in the
Ordinanee. This Bond does nat cor�stitute an Indebtedness, liability, general or mare�l
obligation oc s pledge of the faith or losn of the credit of t�e City, the State of Florida or
any politicsl subdivision tt�ereof, we#hin the meaning of any constitutional or statutory
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prov[stans. Neither tl�e State of Florida nor any polttieal aubd�viaton thereof� nor the City
shell be obligated to pay the prineipal of the Hands, the inierest thereon or other eosts
tneident thereto exeept from the Net Revenues, in the manner provided herein. Neitt�er
. the taith and eredtt nor the taxtng power of the St�te of FZorida aRy pol[tic�l subdivision
thereof is pledged tfl the payment of the prineipal of the Bonds or the interest thereon or
other costs lncident thereto.
(INSERT REDEMPTION PROVISIONS)
Notice of svch redemption shall t�e given in the m�nner required by the
Ordinanee.
It is further agreed between the City and the holder a€ this Bond that this
Band and the indebtedne�s evideneed hereby shall not constitute a lisn upon the Paricing
5ystem, or sny part thereof, or on any ather property of the City, but shall constitute a
lien only on the Net Revenues, in the manner grovided in the Ordinance.
In and by the Ordinanee, the City has eo�enanted and agreed with the holders
of the Boads of this issue that it will fix, establish, re�ise from time to time whenever
neeessary, maintain and collact alw�ys� sueh fees, rates� rentats and o�her cherges for �he
use of the servlces and fecilities of the Paricing 5ystem which will always provide
revenues in each fiscal year sufficient to pay, and out of sucn f�nds Pay, 1009�6 of all costs
of operation end m�ir�tenance of the Parking System in such year and all reserve and other
payments gravided fo� in the Ordinance and, together with any payments due to the City
by the City of Clearwater Commvnity Redevelopment Agency under a Coaperation
Agreement (all as defined and limited in tt�e Ordinance) 110% of the bond service
req�irement due in such year on the Bonds af this issue, and on all ather obligations
�syable on a parity therewith, ar�d that such fees, rates� rentels and other charges shall
not be reduced so as to be insuffieisnt to provide adeqvate rQVenues for such purposes.
The City has entered into eertain further covanants with the holders of the 8onds of thi�
iss�e for the terms of which reference is made to #he Ordinanee.
It is hereby certified and recited that all acts, eanditions and things required
to exist, to happen end to be performed preeedent to and in the issuance of this Bond
exist, he�e happened and heve beer� perfarmed ir� regul8r and dUe form and time as
required b�= the laws and Constitution af the State of Florida applicable thereto, and that
the issuance of the Bor�ds of this issve does nat niola:te any eonstitutianal or statutory
limtatioi►s or provisions; further that this Hond and the issue of whEeh it Is a p�rt has been
issued pursuant to the provisians of Section 218.385, Plori�a Statutes.
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..,,� . 5eetion 13. APPLYCATION OF HOND PR�CBEUS. 'fhe praeeeder lneluding
,. �'-=' . _ �
���� ' '"� aeecued interest and premi�m, if any, recetved from the s�lo of any ar ell oC the 1982
�:;;� ?;�' ��� Bohda ehall be depostted ir� a trust fund whieh is hereby ereated, establlshed end
. ?� �,c� " s .
*Y�"3f� ��;� "`� "�.�;,��� designated as the "Sarles �982 Project Trust Pund" (hereinefter ealled the "Projeet Trus�t
4.. .. �.. S .T. � s �� Q
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}�� �i" ��{� �' � ��'•��� Futtd"). The Project Trvst Fund shail be deposited with any banktng instit�tion in the
:��.,.,, j�.,�4��. �` ' �,,�
��+�''�� u f wT>1=�, ,
'�� � St�te af Florida epproved a� a depositary for Tunda af the Iasuer and subsequent�y
.r - �s k[..
' �c'k�������i,r�"4}�,'t.l�hwt�� .
ri,''�=t= .����''�h ��`'Y des{ nated b the IssUer. The roceeds vf the 1982 Bonds sl�all be a Iied b the Issuer
3: $� ,,,;�,r S Y P PP Y
� S �it��l„�'�V �f�L�'- , �+�� P�
'`'°"'���`�"��. �°}�"?i�`l �����•`- slmultaneonsly with the delivery of sueh I982 Sonds to the p�rei�eser therevf� as fouows:
1` e: ' Qj .3'�s�is,F�§ ,�,C�i" ��;r
E..' �W� �iR �d ��.t� �1.5W?'a
..�;..�.r� ����
�;z����.;�;�r.�-�?����-�;<;., � A. The accrued Inter�st �nd capitalized ir�terest� if any� for a perlad r�ot
exeeeding fihe estimated date of compietian of the 1982 Project p2�s 1 yesr, as
determ�ned by the Issuer, sha32 be c�eposited lrr tt�e Irttereat Acea�nt in the 3tnking Fund
�erein ereated and stra2l be useci on2y for tne purpose of psying �nierest beeoming d�te an
the 1982 Honds.
B. At the option of the Issuer, as determined by resolution of tt�e Issuer at
-,:� � .'. � �r ._..''t�;=
�- .. �},� a� or prior ia the sale of t�e 1982 Bonds, s sum not exceeding the Maximum Bond Service
+.6'a7p"}', • . , Z :
�'�wrtlfi � �; .
,�.��k;��,'���, ��� Requirement eoming due an the 1882 Bonds during any ensuing Bond Year ahall be
:a�'�,��s. � � ` t.{
''�r ~ de osited in the Reser�e Aceaunt in the Sinkin Bund, herein created and established �nd
: � �'.�, ..w�.�tf ,�,�` P � y
�:4� ; -�•'��' ���� shall be Used oaly for the ur oses rovided therefor.
w :�A, . ; . ,� �� p P P
:. �r � � -�
��;�"; N ����$� �, C, Unless paid or reimbursed by the original p�rehasers of the 1982 Bonds,
����� � , � � .
t�", �%�i . Y a y 3`` �i
';'i;�;�,�,��k;j� �� �;�, �� the Issuer shall pay all costs and expenses in connection with ihe preparation, issuance and
sele of tlie I982 Bands.
D. The remainder of the Praceeds shell be used oniy for the payment af the
cost of the 1982 Project. Penciing sueh appiication� the moneys in the Project Trust Fund
shall be invested in Authorized Ynvestrnents meturing at or prior to the times when such
funds will be needed, in accordanee with g schedule approved by the Cansultang Engiaeers
and the earnings thereon shall remain in and be available only for tha purposes of the
Pro�ect Fund. Any balance of unexpected moneys in the Project Trvst Fund after
completion of Lhe i�82 I�roject shel� be dePosited in the Renewal and Replacement Fund
t�erein established.
The proc�eds of any Ac�ditional �bligatians shall be deposited into a separate
Project Tr�st FUnd and appiied for the Paym�nt of the costs af t�e Pro�ect ta be ffnanced
by . su�h Addltior�a2 Obiigations in the rrraRner provided #n the ordinanee e�thorizing
issuenee of sueh Additional0blf�ation.
Sectton X4. SPSCiA% OBLIGATION3 OF ISSIIER. ThE 19B2 Bonds shall be
speclal obligatians of th� Issuer, payable solely from the Net Re�enues as herein prov[ded.
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'' � �.r '��,�:5�'^:�`. �: �ri ..f;± <Y� `•isr. �� :�`:��3f,' ;•�; � i:.:'`' }^'is i:•,� �'s'"'���'� ''°r� u��.i '�fi'a' �?!� ��i ,�.• .
._ ��i�,��.< ..�. .��.,,.,.J�f, -....,..:.fa.�i:..._.._, <: , ,N.�`.:_...._.J�',.�:.....,. �`�.r�._�ea�.'j;'r�.n�.,.,.�..;�::��3err��u�"�.a:':�� :i,
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The 1962 Bands do rtot eonstitute an indebtedness, Itability� general or morai abltgation ar
a pledge of the faith or loan of Ehe credlt o[ the issuer� the Stete af Fiarida ar any
political subdiviaun thereof� wtthtn the m�aning of any constttuLionsl or st�tutory
pravisians. Neither the State of Plaride nor any politlenl subdivision thereof nor the
Issuer shall be abligated to pe�y the principsl af the 1962 F3onda, the interest ther�on or
other eosts ineident tt�ereto exeept from the Net Revenues, in the manner provided
herein. Neither the faith and credit nor the texing pawer of the State of �'loricie or any
political suhdi�ison thereof is pledged to the payment vf the principal of the 1982 Bonds
or the interest thereon or other eosts ineident thereto. Ti�e aeeeptance of the 1982 Honds
hy the hotders from ttme to time thereof shall be deemed an agreement between the
Issuer and such hoiders that the B�nds aad the indebtedness evideneed therehy shall not
constitute a lien upon the Parking System, or any part thereof, or any other property of
the Issver, but shall constitute a lien only on the Net Revenues, in the manner hereinafter
provided.
`: �� "��5f �' w'�� The a ment of the r�nei al of and the inter�st on the 1962 Bonds shall be
f�' � PY P� P
' iriSi' . °4 Y�y'..
�i�y�TS � 9 f�' e
;�'�,; "�;��`� � '�'� ���`' ' secured forthwith e uall and retebl b an irre�oeable lien on the Net Rever�ues of the
:���'��"�" '� �;��;����,� 9 Y Y Y
. �"�' �:. ;t . ���„r„ �,,
������� .�' `_' '`'�' �,4c, Parking System, as defrned herein, and the issuer does hereby irrevoeably pledge suct� Net
��lZ K,,• ,•
��i�'�h . • r f :
f:'tk:.�:'� � �l. •'�.r, Re�enves to the payment of the principal of and the interest on the 1982 Bonds, far the
�;� s` �: -��`� ,�
�, ��'
�;��"r �. �' '��^'� reserves therefor and for all other required payments under this Qrdinanee.
,,,�, �
:> M����r: � ,,������
,='h;��'�'��' `�� t� `� Sc�t�o� 15. COVENANT3 OP THE LSSIIER. For as long as any of the
a r•r 'a ' �
�in=l�ii°��` � siY�
t i't �� n:, � ��
,�r.`in d �' . �
���,, ,F� �- ,r .��,..� princip�l of and interest on any of the Bonds shall be outstanding and upaid, or until
iµl' �i � ���'u ., �. ,� Ly.�
�'•�� � e ment hes been p �
.;tz �� � = . �r+ ;f�..
:r�� ���� �Y �� ,�,� p y provideci for as herein ermitted or untii there shnll hav� been set
�,�.YY 3. � .,; ���;
r�,<�'�'�t��:.�? E= s- �
. l . �'• s _ � ' F'
;��„��� ' �; apert in the Sinking Fund� herein established, including the Reserve Accaunt therein� a
rE �;.�4�� V' x'�" � ;� " ��
;��� '���'� � s�'kY sum suffieiet�t to a when due the entire
�� r�•, �, �'v� :,., ,..
tr. �, p y princi ul of. the Bonds remainin un aid
�,1�; .; : . r {�, :
P g A �
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��°.��, �' ` ``�� together wiEh interest �ccrued and to accrue thereon, the Issuer covenants wtth the
� , . �; ; �
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'� ���, 'F�'�.'�� r '� holders af an
��:��s;_}:�r�,.�.�'�_� .�.. Y�nd all Bonds as folIows:
A. REVENUE PUND. The entire Grass Revenues, except the income from
investr�►ents (hereinafter provided for), deri�e� from the operation of the Parking System
shall upan receipt thereaf be deposited in the "City af Clearwater Parking System
Renenue Pund" (hereinafter called the 1°Revenue Fund"), hereby createci and established.
� Such Revenue F�nd shall canstitutc a trust fund for the purposes herein �Oro�ided, and
shell be kept separ�te and �istfnet from all ather funds of the issuer and used only for the
purpases and in the msnner herein prnvide�d, �
$. SINKING FUND. There is hereby ereated and established a separate
f�nd to be designated "City of C�earwater Paricing System Revenue Bonds Sfnking Fc�nd"
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(heretnefter cellbd "Sinking Fund"). There are a;lso hereby crested and e�tabilshed in the
Sinking Pund touc accounts to be knowr� as the '7nterest Aeeount", "Prinefpr�l Account",
"Reser�e Account�' and "Band Amortizatian A�co�nt".
C. DISP�SITiON OF REVENUES. All revenues at any time rem�ir�ing on
deposit in the Revenue Fund shall be disposed of on or before the fifteenth (15th) d�y of
each month, eornmenciag in the month immediately fallowing tt�e delivery of the Bonds
anly in the following meaner and in the following order of priority:
(i). Revenues shall flrst be used to depo3it in the City of Clearwater
Parking System Operatian and MQintenance Furid" (the "Operation and Maintenance Fund"')
which fund is 4�ereby created and esiablished, such sums as �re necessary far the Cvst of
Operatiori and Maintenanca, as hereinabave defined, for tt�e next ensuing month.
(2} Revenues si�all next be used for deposit into the Interest AccoUnt,
sueh sums as wiil ae sufficient to pay one�ixth 41/fi� of all interest beco�ing d�se on tne
Bonds on the next semiarint�sl interest payment d�te.
{3) ReveniAes she�ll next be used for deQosit into the Principal Account,
in any Bond Year in which a Serial Bond mstures, such sums as will be sufficient to p�y
one-twelfth (1/12) of the principal maturing on 5eriel Sonds in such Bund Year.
(4) Revenues shall next be used far deposit into the Bond Amortization
Accaunt, in any �3and Year in which an Amortization Instsllment is due, suct� sums as will
be cvfficient to pey one-iwelfth (1/12} of tha Amortization Installment reqUired to be
made in such Bond Yesr. Such paymen�s shall be credited to a separate speciel account
for each seriss of Term Bonds outstanding, and if there shsll be rrtore than one steted
maturity for Term Bands of a series� then into a separate special eceount in t�e Bond
Amortization Aceavnt for eaa� such separate maturity of Term Bands. The funds and
investments in eaeh such separate account shall be pledged solely to the payment of
grincipal of the Term Bonds of the series ar maturity within a series for which it is
established and shsll not be available for payment� �urchese or redemption af Term Bands
oi Bny ather series or withtn a series, or for trensfer to any other �ecouni 'zn the Sinking
Fund tn make up any deficiencies in required payments therain.
Ugor� the sale of any series of Term Bonds, tt�e Tssuer shall, by resolutian,
estsblish tt�e amounts and rnaturities of sueh Amartization Installrrients for esah series,
and if there �hall he more tt�an �ne meturity af Term 8onds within a series, the
Amortixatin� �nstalimants for t�e Term Bonds of each maturity.
Maneys on deQosit in eech af t�e se�ergta specsal ac�ounts in the Bond
Amortizatian Account shall be used for the apen rnarket purehase or thE redemptio� of
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Term Borids o[ the series ar maturlty of Term Bonds with[n a series for whleh suett
separate spee4ai account ig established or may rema[n in said aeparate s�ecial eccount and
be !nveste� untSl the stated �ete of ma;turity ai the Term Bonds. The resolution
establ�shi�g tl�e Amortizat;an Instsllments far eny ser�es or meturity of Term Bands may
ltmit the use oi moneys to any one or,. more ot �he uses set torth in the preeedtng
sentence.
The required deposits to the Principat Accaunt, Is�ter�st Account �r�d Bond
Amortizetion Aceaunt shall be ed�usted in order to take into account the $mount of
money current3y an deposit therein.
(5) Reven�es shall next be applied by the Issver to maintain in a
separste sub-�ecovnt for eaet� series of Bonds in the Reserve Aeeount a sum eque�Y ta the
Maxirnum Bor.d ServIce Requirement coming due o� each serIes of the Bonds, respeetive-
ly, d�tring a:r�;� easuing Bond Year, which svm snall initially be deposited therein from tt�e
�roceeds of the ssie af such series of the Bands and other funds ot' the Issuer, or, at the
o�tion o�' the Issuer� or� if there are defieieneies, shall be initially deposited therein in nnt
exceeding sixty (80} �qu�l monthZy instellnlents.
Any withdrawals fram any sUb-aceour�t in the Reserve Acco�nt shall be
subsequently restored nn a parity with restorations of all other deiiciencies in such sub-
aeea�nt5, if eny, from the first mone�s available in the Re�en�e Fund �;fter all requirrd
current payments for the flperation snd Maintenance Fund and Sinking Fund (ineIvding all
deficIencies in prior payrnents ta those Funds) he.ve heen made in fvll.
Moneys in each su6-account ir� the Reser��e Accaunt shell be used only for the
purpose of trie payment of maturing prir�cipal of or interest on the Banas af the series for
which such sub-account w�s estsblished, or meturing Amortizatian Installments for such
ser�es af Bonds, if any, �v,��en the other moneys fn the SiNting Fund are ins�fficient
therefor, asid far �o other purpose. '
(6) Upon the issusnce of e�y Addit'sonal Dbligations under the terms,
lirnitations end conditions as ere herein Qravideci, the payments inta the several accounts
in the Sinkin� Fund shsll be increased in such amaunts ss shall be neeessary ta make t�e
paymen#s far the princIpal of end interest on Additional Ohli�ati�ns and, if Term 8ands
are issued, the Amortixation Installments, on the seme basis as hereinabove provic�ed with
respeet to the Bonds initielsy iss�ed under this Ordina�ce. A separete sub-account in the
Reserve Aeeannt shell be established for sueh series of Additional Obligations and
�ayments shall be mede into it ar� the same besis as a�ove gravIded for the 5eries 1962
Bonds.
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The Issuer shell not be required to make any further payrrients tnto the Sinking
Pund when the aggregete amaunt of money in the Sinking Fund Ia at least eqttal to the
total Bond Serviee Requirement of the BQrids then outstanding, plus the 8mount oi
redem�tian premium� if any, ther� due end thereafter to become due on sueh Bonds then
ou�standing by operation of the Hond Arnortizattnn Account.
(7) The Issuer shall next apply end deposit the moneys 3[� the Revenue
Pund into a special account to be known as the "City of Clearwater Parking System
Renewal and Replacement Fund" (hereinafter ealled the 'tRerieWfl3 and Replacemer�t
Fund"}, which fund is hereby created and established. The Issuer shall depostt into the
Renewel and Replaeement �'�nd an amount equa2 ta one-twelftt� (2/i2? af five per centum
{59�6) of the Gross Revenues of the Parking System for the previaus Piscal Year; provided,
however, that so long as there shall be on depflsit in sueh Renewal and fteplacemeat Fund
e balanae of nnt exceeding three per eentum (3%) af the value of the fix�d assets of the
Parkir�g System, eceording ta �the most recerit annuel audit of the Issver� no additional
deposits in such Fund she:ll be required., The moneys in the Renewal and Replacement
Fund shsll be usQd only for the pur�ose of paying the east of extensions, enlargements or
additions to, or the replacement of capito,l assets of the Par};ing System and emergeney
regairs thereto. Such moneys on deposit in such Fund shall also be used to supplement the
Reser�e Account, if necessary in order to prevent a default in the �ayrnent of the
principal or Amurtization Ynstallments of and interest on the Bonds. T�e moneys on
deposit iR sueh Fund shall be withdrawn only upan the authorization of the governing body
of the Issuer.
(8) The balance of any moneys remaining in the Revenue Fund after
the above reqUired payments ha�e been mede may be used by the Issuer for any lawful
purpose.
(9) The Operation and Maintenanee Fund, the Sinking Fund, the
Renewal and Replacement Fund, the Revenue Fund, and all accounts therein and any
other speciel funds herein established and created shall eonstitute trust funds for the
purpases provided herein for such funds.. All such funds shall be continuoUSly secured in
the same menr�er as munieipal dePosits are a�thorized Eo be secUred by the laws of the
State of FZorida.
Monies on deposit in the Revenue Fund, the Operatian and Maintenance Fund�
end the Sinking Fund (exeept the Reserve Accaunt therein} may be invested and
relnvested in the rnsaner Provided by law provided sueh investments either mature or are
redeemable at not less than pgr at the option of the Issuer not iat�r than the dates on
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whieh the rnoneys an deposit therein will be needed for the Purgose of sueh fund. The
maneys in the Aeserve Aeeount tn the Sinktng Fund�and in the Renewel snd Repiacement
i�und may �e invested �nd reinvested only on Anthorized Investments, ln the manner
F�ovided by law. Al,l income an sveh investments shall be deposited into the Revenue
Fund, except however, that investment income earned in the Bond Amortixatlon Account
she�ll remain therein or be transferred to the PrincipaZ Account or the Interest Aeeaunt
and in any event used to p�y matttring prineipal, Amortixation Installments and interest vn
the Bonds within one year after receipt.
The cash required to be accounted fbr in eaeh of the foregoing funds
established herein may be deposited in a single bank aceount, provided that adequate
accaun#ing reeards are maintained to refleet and control t�e restricted elloce,tion of the
cash on depasit therein for the various purposes of such funds as herein pravided.
Ti�e designation and establishment of the various funds in and by this
Ordinance si�all not be constr�ed to require the estabIishr�ent of an� completely
inde�zndent, self�-balaacing funds as such term is commonly defined and used in
governments� accounting, but rather is intended so�ely to eonstitute an earmarking of
certain re�enues end assets of the Parking System for eertain purpases and to establish
certain priorities for appiication of s�eh revenues and assets as herein provided.
D. OPERATI4P� OF BOND AMORTIZATION ACCOUNT. Money held for
the credit of the Band Amortization Account shall be apPlied to the retirement of Term
Bonds as follows:
1. Subject to the provisions of Paragraph 2 below, the Issuer shall endeQVOr
to purct�ase 'Perm Bonds then outstanding at the most advantageous priee obtafnable with
reasonable diligence, such price not tn exceed the principal af such Term Bonds plus the
amount of the premium, if any, which would be payable on tt�e next redemption date to
the holders of snch TQrm Bonds if such Term Bonds should be called far redemptian on
st�ch date from money ir� the Bond Amortizetion Aceount. The Issuer shall pay tl�e
interest acerved on such Term Bonds to the date of delivery thereof from the Interest
Account and the �urchase price fram th� Bond Amortization Account, but no suet�
purchase sh811 be rr�ade by the Iss�er within the period af 45 days immedi$tedy preceding
any interest �ayment date on whicri Term Bonds are s�bjeet to call for redemption� except
from money in exces3 of the amounts set aside or deposited for the redemption af Terrn
Sands.
2. Money in the Band Amortization Account shall be applied by the Issuer in
each Fiscal Year ta the retirement of the Term Bonds of esch series af Bonds, to the
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extent of the Amartizetion Installment, if any, for sueh Ftscel � ear for the Term Bori�s of
each s�eh eertes then outstandir�g, plus the appllcable premium, if any, snd, If the amount
available in such FIscal Year ahall not be sufiictent therefor, tl�en in �r�portian to the
Amortization Installment, if any, for sueh I'iseal Year for the Term Hor�ds af each such
series thet� outstand�ng, plus the applicsble premium, if any; provided, howe�er, that if
Lhe Term Bonds of any such series shalI nat then �e sub�eet to redemption from motney in
.
the; Bond Amortizatian Accaunt and if the Issuer shsll at any time be unebie to exhaust
4'a'�;��.=''���`�,�,. '�xx'�`,�E��`���� the money appZicsble to the Term Honds of such series under the provisions of th�s alause
:_::��;;�;��} ���:� ����"�r�is;ri"
A ' h�. ��i'���i.
°'�'� �,��,���;�i�, �' �+�`��rS:� or in the purchas� of sueh Term Bonds under the provisions of Paragraph 1 above, such
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:.;�3.�s�d,.�'.�#��x�,.��.����?�+> rnoney flr the balance of such monQy, as ihe case may be, shall be retained in the Bont�
i'r ;,�' �'r`a>s �r�•�u :��°%Ey"'� ��'`a .'�
�''�� ���� �K���.hStS+�ir�; 7�.;.H+,Y!.��i'h}%',+
;�;;r=,;��,��;�,���;*z��F��:?�����;��:�": Amortizatia� Aceotii�t and, �s sonn a:s it is feasible, applie� to the Term Han�s o£ such
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3. The Issuer ahall degosit Amartizattan Insta�lme�ts far the amartiza�ion
of the principal of the Term Bonds, together with any detieie�cies for grior required
de�vsits, intn the Hand Amortization Account, such Amortization Installments to he in
such amoUnts and to be due in sueh years as shell be determined by resolution of the
governin� body of the Issuer prior to the delivery of the Terrn Bonds.
The Issuer shall pay �'ram the Sinking Fund all expenses in eonr�ectfon with any
such purcha�e ar redemption.
E. QPERATION AND MAINTENANCB. 'T�e Issuer will rnaintain the park�
ing System and ell parts thereof in gand condition and will operate the same en an
e£fieient and economical manner making such expertditures for equipment and fdr
renewe�Lg, repeirs and repIaeements es may be proper for the eeonamical operatiar� and
maintenanee tnareof.
F: ANNUAL BUDGET. The Issuer shsll ann�ally prepare ana adopt at Ieast
fifteen (15) days prior to the begfnning of each of its Fiseal Years, a detailed budget of
the estimated expenditures for operatifln and maintensnce of the Psrking Systern during
such rsext sc�cceeding Fiscal Year. No expenditure for the aperatian and maintenance of
the Parking System shall bQ made �n any Fiseai Year in excess of the amount provided
therefor in such bud�;et witho�t a i�nding end recammendatian by the duly euthorized
o�itcer in charge tnereof, which finding and recomrr�endatian shall state in dete.il the
purpase of and necessity for suc1� increase8 expenditvres for the operatio� and ma[n-
tenance of the Packfng System, and no such exper�diture shall be made until the governing
body af the Issuer shall hsve aQproved such finding end recommsndation by resolution duly
adapte�. The Issuer shall mail capies of such �nnual budgets and a31 resolutior�s
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����Fs�1`���3�.��fi�����r���ut�n�� �=. .. .
authorizing increased expenditures far operation and ma[nter�anee to any natiane�lly
reoognized bond rating service (the "Rating Serviees"}, prav#ding a r�ting on thc Bonds
upon the issuanee thereof sny holder or holders of gonds wha ghn�ll file his address with
the iss�er and request in wrlting that copies o[ all such budgt�ta e►nd resole�tians be
furnlshed ht�n and shall make ava�lable such budgets end resolutlon� autharizing increased
expenditures for a�erstio� and rnaintenanee at the Parkir�g System at �11 reasonable times
to anq holder or holders of Bonds or ta enyane acting for er�d on behalf af such t�older or
holders.
C�. RATE ORDiNANCE. 'Che Issuer envenant9 to fEx, establish, revise from
time to time whenever necessary, mair�t�,ir� �nd collect alw�ys sueh fees, rates, rentals
and other eharges for t�e use of the services and facilitles of khQ Perking System wi�ich
�`��;=`=Zfi�''���� �;;: �4� f� i� will slways provide R�ven�es and in each Fiseal Yeer sutficient to pay, and out of such
`'` �; `C �T:�x�;�,`iG"'r :y. A�3'. F� : .
� �.::--.�.�c i w 1�•J'�c ' ii
:1;r4'-`��r=��� ��`�������,- funds pay, 2009�6 of all Costs of Operatio� nnd Maintenanee of the Parking System in auch
. 5.r jsY.1���� ; �"�`�;fY �i•: q{r�: ���.s
'f :yat9�l��! V-y�.L^%�#�:.•.�;r�r
;��:��_?� i':�;;L,,��.����;.���, F[seal Yeer snd all reserve and other pnyments provided for tn this Ordinance and,
'r;�;° %;�?'"����`:'� {� 1��,���.
��• r��,s»�.�=:, together w�th any future peyments� Lf any, which the Community Redevelopment Agency
't ~. ��: jF� Y1a.rn-. f v
�'�J``��`�.�.�„��� �"'1s�ii:��: �
�.�_,���'���_�' _:. �' s'4'=`'� is obligated to make to the Issuer under � CaoPeratian Agreement, if any, described in
� ��: r ^ 5 ,, f�,
�-- `�,�ii •Y' �'� �♦ ��ly�
��:;�3 c��:� ;'''��;3-���i�� Subsection T bclow llQ% of the Hond Service Requlrement due [n such Fiseal Year or� all
� a �f.�?�'�S�.F�� �'.�IG:j': 1
.��;;.f�':�:.,trnyA•�,v� xY,
' -�" � �` �:��� �
r ,,, :: Y�n ' � i�c i
���:���;r�� �s -� ������ ouEstanding Bands. The peym�nts which the Community Redevelapment Ageney is
��`t�� '�„j������c7.
itl'�.Y µ�.�+�[ lYl :tv"�'1"'+�r' F�f �s
;� �`�� ���° �..n'�� � obti �ted to make under e Coo eration A reement, if an described in Subsection T
s+�.�.�..��#�.''��'� g P 8 Y�
�.�.�i'i�_sD:t'.�;.f K r!•'l'i=..
� -���`�'Ljx
�' ;.;}- r��'� ����� below, wh[ch are ineluded for such purpose shall not exceed in any Fiscal Year the �ess�r
� T� i�;"F 4•Y. 4
'�'� ' k !.+,�r ' ya.i�tj.��}�€�lr`.S,'6��i
�'.,�:�,� `','},;afr' CT�s��;��}� ��
y�;=<x:����;'��,.���y�� ����� of (t) the Bond Serviee Itequirement comir�g due in sueh I�iscel Year on Bonds iss�ed to
� �� ��_;;�a , .L;,:�,��:.
F�,=,` ,�� ���_.��..��,� €inance a Project located in the Redevelopment Area o tlte Community Redevelopment
• 7 , k, � asn��
; � `r �� ?� '�, , �t '� �-, � p' r � � `� � ` �
•��w ���°�Y� ,�':�t A Such cates,
�,�� :��-r,,�' ,��� geney or (i[) Available Tnx Increment Revene�es during such Fiscal year.
� `R�:Y "F, c....�i r:
� ��i�:+� ci'r-"4a �k�,,
�����,�;,�;;iF�',c�� fees, rentaLs or other chsrges shall not be reduced so as to bs insufficient to provide
Reven�es for s�ch purposes.
The Issuer further covenents and sgrees thst the lssuer will annuslly within
thirty (3D) dsy� after adoption of the budg�t descr[bed in the pracedir�g Subsection �
revisfl such fe�es, rates, rentals and other cherges for the use of the services and facilities
of the Parkfng 5ystern to the extent necessary to �rovi�e the Gross REVenues sufficient to
mest tt�e eoverage requtrements specified above.
H. BOOKS AND RLCURD3. The Issuer shall al�o keep books and recards of
the Net Revenues of Lhe Parking System which shall be kept separate and epart from all
other L►ooks, reaord� and accounta of the Issuer, and the holders of not less than ten per
centum (�09�6) ot t�e Bonds shall have the right at all reasonable tirnes to inspeet a11
records, accaunts and data of the Issuer relating thereto. ,
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I. ANNl1AI� �1UDIT. 'Cha Ie�uor ehall elso, at leeat onee a year, within x20
days after ihe elosa ot lte rilsaal Yoor� anuea tho baoks� rQeorda snd eceounts relating to
the Parking System ko ba proparly audlted by n raCagnlxed independent firm of certified
publie aeeountants and eh�ll makc genarally avnllablo thQ report oi such audits ta any
holder ar holders o[ pands. 3ueh nudlte shnll eontaln a eamp�ete presentat[on of financiel
st�temonts in eeeorden�c wlth gariarnlly eeeepted accaunt[ng prineEples. The auditors
selected �hall he ehanged �t nny tlm� by n wrttten request signed by a rnajority of the
holdflrs of the Bonds or their duly authorized representattves. A eopy of such annual audit
shall regvlarly be furntshed ta the R�,ting Servlees and to any halder of eny Bonds who
shall huve requested !n writing that a copy o[ sueh reports be t'urnished him. �
J. HO MORTaAdE OR SALE OF THE PARKINd SYSTEM. The Issuer wiu ,
not sell, lease, mortgage� pledge ar otherwise eneumber the Parking Syatem, or any
substential part thereof� or eny Revenues to be derived therefrom, exeept as herein
provided.
The foregolrtg prov[s[on notwithstanding, the Issuer shall ha�e and hereby
reserves the right to sel1, lease or otherwise �ispose of sny a[ the p�operty earnprising a
pert af the Parking System whieh the Issuer shall hereafter determine, in the rnanner
provided hersin, ta be no longer necessary, useful or profitabte in the aperation of the
Parking System. Prior to eny such sale, lease or other disgosition of said property, if the
amount to be recetved thereior Is not in excess of $50,QOU, the City Manager of the
Issuer or other d�ly authorized affieer shall make a finding in writing determining �hat
sueh property comprising s pert af the Parking System is no longar necessary, usef�l or
praYitat�le in the oPeration therof.
If the emount to be reeeived from such sale, Zease or other disposition of said
propr,rty shall be ttt excess of $50,DOD but not in exeess of �100,40D the City Manager or
other du1y uuthorized offlcer shali first make a finding in writing deterrnit�ing tt�at s�ch
property eompr[stng a part af the Parking System is no longer neaessary, useful ar
profItable in the aperation thereof, snd the governing body of the Issuer shall, by
resolution duly adopted, aP�tove and cancur in the finding of the Clty Mane�ger or other
duly authorized officer, ar�d autharize sueh sale, lease ar other dispositian of seid
property�
1[ the amount to be received from such sale, lease or other dispasition of sai�
pro�erty shall be (n exeess of $10d,000 but not in exr.ess o� 10% of the value of iixed
assets of the Packing System sccording to the most receni� annual audit repart, the City
Manage� or other duly autl�orized o[ficer shall first make a finding in writing determining
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khat such properiy eompristng a part ot the Parking 8ystam 1� no langar naeoasary, usaful
or protitable in the aperation th�reof� and tha Con�uiting �ngineor �hnll mako Q finding
that it is ln the best intaront a[ tho Perktng Syetam that aua� praporty bo dtaposad of, and
the governing body of the [ssuer BhQll by rasoluiion, duly adopted, npprava pnd aonaur in
the findings of the Ctty Ma�ager or other duly nuthorizod offkea� and a[ tho Consulting
Engineec� and shall authorize suah sale� Ieuse or othar dlspo�ltlon of se,id pr4perty.
AnythEng �n thie subparagraph J ta the eontrury natwithstnnding, nothtng
herein shail restrfet Ehe governtng body o[ the Iesuar or, to tha oxtont euch t�uthorlty has
been vested in hirn by sueh governing body, the City Manngor In the exereise a[ his
discretion, f�om auihorixing the sale or other disposttlon of any of thQ property
eompriaing s part of the Park[ng System, if the Consulttng �ng[neer shall eertify that the
Nst Revenues vf the Parking Syatem will not be materially adversely affected by reason
of such sele ar ciis�ositioR.
If the �roeeeds derlved from any suah snl� or other disposition of the property
are in exeess af 1096 of the vaIue af the flxeci assets of the Parking System aeeording to
the most recent annuai audit and operating report� sueh procseds shall be used for ttie
retirement of outstanding Honds. If the proceeds derived frorn any such sale or other
dispositian of Qroperty are less than 109�6 of the value of the f�xed assets of the Parking
5ystem according to the most recent annual auciit and aperating rePort, such proceeds
shell be plaeed in the Renewal end Replaeement Fund or used for the ret�retnent of
outstanding Bonds, i� such proport[ons ta be determtned by the governing bady af the
Issuer upon the recommendakions of the City Manager. The �ayment of sz�ch proceeds
in�o ti�e Renewal an� Replaeement F�nd sl�all not reduce the arnaunts required ta be pa[d
inta such Fund by other provisions herein.
Nothing herein cantained in this Section nor in this Ordinance is intended, nor
shail it be constrnQd so �s, ta pravent the exercise by the Issuer of its rfght, which is
hereby expressly reserved, to l�ase �ny part or all of the Parking System, except the city
streets and the right to park or� sald streets, to privata aperators under provisions which
are designed to insure the reeeipt of Re�enues which are adeyuate for the requirements of
this Ordinanee. Such lease shall be approved by resolution of the City Commission aRd
additianally a�proved by the Consulting Engineer and shall eontain a co�enant that said
lease sherll be in foree end effect only sa Iong as all peyments required by the terms af
this Ordlnanee she�ll be timely made and [n the event of default on any of the payments
required by the pravisions of this Ordtnance such Iease shall immediately necome void e,nd
of no ef[eet.
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Nothing here[n cantafned in thls Seetion nor in this Ordtnance is Intended, nor
shall it b� construed so as, to prevent the trading in of used equlprnent, ineludEng the
pnrking meters of the Parking Systern, for credit or allowance toward the purehase af new
�quipment, including said perkin� meters, provided that sAid new equlpment is substan-
tfally similar in type, quality and amount as the used equipment so traded (ri for ered[t or
allowanee.
K. INSURANCE. The issuer will cerry adequate fire and windstorm insuranae
on all buildings and structurea of the works and p�operties of the Parking Systctm whieh
are subject to loss thraugh fire or windstorrn, �nd wi11 otherwise carry insurance of all
kinds and in the amounts norrnally carried in the operatian of strnilar facilities and
properties in Florida; provided, however, that in lieu of such tnsuranee the Issuer m�y
establish a gualified plan of self-fnsurance in accordance with the Iaws of the State of
Florida. Any such insurance shall be carried for the benefit of the hol,ders af the Bonds.
All moneys ree�[ved for losses under sny of such [nsurance, except public liability, are
hereby pledged by the Issuer as security far the Bonds, until end unless sueh proceeds are
used to remec�y the loss ar darnsge for whieh such proceeds are received, either by
repairing the property damaged or replacing the praperty destroyed as s�on as practi-
cQt�le.
I,. [10 rftEE SERVICE. The Issuer will not render or cause to be rendered any
free servie�s of any neture by its Parking System, nor will any preferential rates be
estabiished for users of the same class. Whenever th� Issuer, includirig its de�artments,
ageneies and instrumentalities, shall a�ail itself of the faeilities or ser�iees provided by
the Parking System, ar any part thereof, the same rates, fees ar che.rges applicable to
ather customers recei�ing like services under sirnilgr eirrumstances shall be charged to
the Issuer and any sueh departm�nt, agency or instrumenta%ity. Suct� charges shall be paid
as they aecru�, and the Issuer shall transfer frorn tts general funds to the Revenue Fund
suffieient sums to pay such charges. T�e revenues so received shell be deemEd to be
Revenues,derived from the operation of the Parking System, and shall be deposited ar�d
�ecounted for in the same manr�er as other Revenues der[ved frorn suct� operation of the
�arking System.
M. RELOCATION OF I�ARKENG M�TERB. The Issuer will rnainta[n park{ng
meters an all streets where such perldng meters ere located end maintained on the date of
enaetment of this Ordlnanee end will not rernove or �elocate satd parking meters unless
sueh removal or relocation shall be recommended by #he Cansulting Engineer. Notwith-
sts,ndit�g the foregoinq, the removal or relacatian of parking meters where such removal
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ar reloeatton is made neeessary by stceet widentng or street crossings, and the substitu-
tion of or change ln locatio� of parking metera neeessary, essential and requtred for
praper traffic regulatton and cantral, where such removal, r�lncatton or substitution will
Yi� not materially lessen the Rsvenues obtalned from tt�e operatiar� ot the parking meters,
� may be �eeomplished without epproval by the Consulk[ng Engt�eer.
''�:
„? N. ENk�ORCEMENT OF COLLECTiON3, The Issuer wili dtl�gently enforee
;$ � end eolleet the rates, fees and other eharges for the serv[ces and faci[tties of the Paricing
i ;�
°:,^� System herein pledged� will talce a[I steps� setions and proceedings for the enfareemer�t
°i gnd coiiection of such rates, charges artd fees as stt�li become de7irtquertt to the fttll
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�•� extent permitted or author#zed by law; and wi13 meintsin sccurate reearas wit� respeet
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;!` thereof. All �uet� fees, rates, cherges anci Rever�ues herefn �ledged shall, as colleeted, be
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-� 0. NO COIV�PETfNG iSBUSR OWNED, L�ASED OR CONTAOLLED FACI�
�=�.��'p�;`,<<�3����=�����f`����d�M�� LITIES. The Issuer hereby irrevocably covenants that it wili not constract or acquire any
�. ..t. nZ.ii�.flM� �' �'��-�'�`"
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f.' • . l.;r� FT� ' �5' '�l.tf'��',�� ��
�.•�°� y��:#�'���C�'��� �'���;�:��.'�. parking faeility for which no fees or uther che,rges are fixed, este,blished a�d collected and
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.=���a1�4���F,r4��'�G`���� ,��•��t��i �
rs.
� .t,,� -� �, whieh will be competitive with the facilities of tite Issusr s Parking System. The Issuer
� '.'��� t' .R .�7�. iw i �l,i
�'� ���i�j� T=;�:.�
f��fj��.�5�"'�Z. `_..�_.. ��t� �4� +�! ��.
�,.<?.M,S;.�};;°�3� ��,.;� +��,;�y�,��•s: hereby further irrevocably covenants that to the �xtent perrnitted by law� it wiil not
t� s�`r
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. �� �� . .
�� ,•�-'��" ��'� r-� Y perm�t to be ranted, an franehise e
;_,�,�,��� �, „�,-. ��, �_ .. grant, or cause or g y , p rmit or license for the
i� , y�.�, t� „r..��
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�'�;;,�yi��?; cc�rz,,�� rL=�x��=`t construetion, acguisition or operatian of ar�y parking faci][ty on any Issuer owned, issuer
,�',��,:.;ti;�4, '.",.3�,�.+ �':�cY�C:�'�2`3:.?r�!c
;:. -,�,• '>'.^i. �; � rN` 'Y'Q�'r�'�P�y
��'�':�� 3��°�" ����'�^`� j`i:: leased or Issuer contra11ed stf�in th Is r f
�.:�� ,,�; �trtl;{ •{TAlf�r,�;�?�f _ property w' e sue by any person, irm, assoeiation,
e�!:'� { as,S;}tir•'3=f ��''r:c{;i:t�i; ,tg` k.`�•
t;�;,;:� �,' ��F,'`,�;�`'. ;:���; ;�;���
r;,�t�t� u�,��� �- c�•�,��:;, carparation or e encv or other bod�r whatsaever whlch will be competitive with the
•�,°�a.�: �� :w 4 j�� �,1 � J J
:s�' rv_'?
s`����`��`�`� `�`��'�! facilities of the Issuers Parking System in such a manner as to rneterially affect r�dversely
���S,�Y;tu,- r::,�..��- r ,_�;�; �
�4 � �l� Y '4 4 dL
�y����'��,�7�I�j''r�` =i���. �'��s����7��,���
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����.�a�,'����y;��fi�`�"�����•H:����� the Reven�es to he deri�ed from the facilities af the Issuer's Parking System, provided,
r w: :4�1�ii'i�i4:1'f�+���'/,�J n� ���g�+�!!re.� •
,�.�; e�� ����k{�i�'��{�-� ,�i"�f��;'�•
���:��;���� ��;���,y���;��;»,�� however� that the provisions of #his Subsection sh�ll not be construed to affect ar impair
any vested rights under any existing franchises, permits ar license.
p. REMEDIES. Any holder of Sonds ar any coupans appertaining thereto,
issued �nder the provision hereof or any trustee ac#ing for the holders of sueh Bonds, may
either at l�w or fn equity, by suit, action, man�amus or other proceedings fn any cour� of
competent jurisdietfon, proteet and enforce eny and aII rights, incluriing the right to the
appointmerit oi a receiver, existing under the Iaws af #he St$te of Florids, or granted and
contalned �er�in, and mey enfarae ar�d compe� t�e performance af ell duties required
�ereln or by any ap�lf�able statu#es to be perfnrmed by the Issuer ar by eny offieer
thereof.
Nflthing herein, however, shall be construed tn grant to any t�older of �the
Bonds gny� lten on the Parlcing 3ys#em or any real or persanal property of the Issuer.
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�.�v.:�v`'S��:r.l"viit'.;�.�AC�'.���SS'Y'n' �\+��eN2°i' f� _i., i;.� .".�s: �.':,�.ii��!G �.c.`..,�.«.ir< r �....r... ... '�:$��."F!]i1sY37.. :'! "..:: i�z:�.r �� ad r � i�r,•:.a � .,.. ..ar., :�.�2�<. .�...�:i.ii?:: "i�::RC�V:-�M�ZiI.,iW��G�ii�
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Q. CONSULTIN� ENaiNE�R. The Consvltir�g Engineer shall provide the
Issuer with campeteat eounsel af[eetir�g th� proper, efficient and economfcr�l operation
end maintenenae of the ParEcing System ar�d tn eonnection with the making of capital
improvements and renewals end replacements to the Parking System. The Issuer shall,
every three years, cause to be prepared by the Consulttng Engtneer a repart or survey fli
the Parktng Syatem, wit3� respect to the management of the propert[es thereof, the
suffieieney of the rates and eharges far serviees, the proper maintenance of the
praperties of the Parking System, and the r�eeess[ty far capital improvements and
recommendations therefor. Such a report or survey shall also show any failure af the
Issuer ta perform or comply with the cavenants herein canteined.
If any such report or s�rvey of the Consulting Eng€neer shall set forth thst the
provlsions hereof or any reasonsble recommendatians of such Consultirg Engineer heve
not been eornplied with, the Issuer shall immediately take sueh reQSOnable steps as are
necessary to cam�ly with such requirements and recommendations. Copies of each report
or survey shall be available to the Rating Services or any holder of Bonds upon request.
R.. ISSUANC� OF OTiiER OBLIGATIONS. The Issuer wiil not issue any
other abligatians payable from the Net Revenues nar voluntarily ereate or cause to be
created any debt, Iien, pledge, assignment, er�cumbranee or other charge havin� priority
to ar being on a perlty with the lien of the 1982 Bonds and the interest therean upon the
Net Revenues exaept under the conditions and in t�e manner provided herein. Any
obligations issued by the Issuer other than the 1982 Bonds herein authorized and
Additional Obligations provfded for in Subsection 5 below, payable from the Net
Re�enues, shall cantain an express statement that such abligatfons e,re je�nior end
subordinate in all respects to the 1982 Bonds, as to lien on 8nd source and security for
paymer�t from the Net Revenues.
3. ISSIIANCE OF ADDiTIONAL OBLIGATIDNS. Additional Obliga�ians,
Payable on a parity from the Net Revene�es with the 1982 Bands� may be issued after the
issuance of eny 1982 Bonds, nnly for the finaneing af the cost of any Froject and only upon
the conditions and in the manner herein provided:
(a) There shall have been obtained and filed with the Issuer a certi-
ficate of an independent certified public accountant of suitable ex}�erience and responsi�
bllity; (i) stating thak the books and reeords of #he issuer relating ta the colleetian and
receip� of Revenues derived from the aperation of the Parking System ha�e besn a:udited
by him for the Fiscal Year immedietely preeeding the date of sale of the proposeci
Additional Obligations� or for eny twelve (12) conseeutive months period aut af the
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elghteen (18) conseeuttve mar�ths Immediately �reeedfng the date of sale of the propased
Additbnal Obl�gations; {ii} sstttng iarth the amount of Net Revenues, as defined herein,
received by the Issuer for ihe audited psriod referred to in (i) above, wlth respect to
whtch such certlfieate is made; (iii) setting forth Ihe paymenls whieh the Community
Redevelopment Ageney is abligated to make to the issuer dt�ring sueh eudited period under
any Cooperatfon�Agreement, ii any, described in 3ubsection T below [ar Bond �tervice
Requirements an outstanding Additional Ohligations, but not more than the Available Tax
Increment Revenues d�ring suci� audited �eriod; and (�v) stating that the Net Revenues
deseribed in (ii} above, together with the emaunt deseribed in (iii) above, were equal to at
Ieast I.10 times the Bond Service Requirements for the eurrent Bond Year, exele�ding any
Bond Serviee Requirements far the Additional Obligations with respect to which such
certificate is msde.
{b) There shall ha�e been abtalned and filed with t�e Issuer a report of the
Cor�sulting Engineer {i} setting forth the Bond 5ervice Requirement in each ensuing full
Fiscel Ye�r an the Bonds then outstendi�g snd on the proposed Additional Obligatlons with
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;�;�����z°� �--�,�;�"���f��,:�� respect ta wi�ich the report is made, (ii) settin fort3� the ro eeted Net Revenues of the
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� �k•�7�;°���' ,� ;, ..� �' ��,��;��r�' Parkin S stem in eaeh of the next five full Fiscal Years, (iii} setting forth tf�e payments
F � �.ti � � -��,� �, g Y
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�:�_��x������ ��+���;�`� which thQ Commur�ity Redevelopment Ageney wi�I he obligated to make to the Issuer
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�.,�n.k4��;� ���;�t5 �- during eseh of the next five full Fiscal Years under Cooperation Agreements� if any,
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i�w��.!�-� �`�z�� •'����'�R�!�°=� °� Obli ations and on the Pro osed Additianal obli ations with res ect to which the re ort is
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:.>� ;6�,�t � ���,�.;� made, hut not more than {for purposes of this projection) 7596 af the Available Tex
�_�„,:,���:� �,� � . �,;:}��;:sy
�.F i �f'�l t��fi w''� ����,iwF:�Fti �� i:;�
.� t"��"�•��' increment Revenues projected during each sueh Fiscal Yee�r, and (iv) ststing that the
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�+'~�i ,•� ����'�$ ��;s � pro,jected Net Revenues in (ii) above to ether with the amounts described in ui above,
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h4 � t�T
�����M' F;��t+° •���'�'�x��;����� are ro ectec� to be at least e ual to 1.25 times the Bond 5ervice Re uirement set forth in
L. ,�� � -�u., � P .� 9 �i
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>> t:3 3'�..4,.._r.. , � �
�`�"�-��,.:,_,.;:;�� �,�,f" },� (i) abave in each of the next five full Fiscal Years. The Consulting Engineer's projections
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�+ .# � a�`�M1JjS� �* I2 'r3yi. of Net Revenues and ar�o�r�ts described in (iii} above shall i�e based u on such assum tions
3r t�Y.e��S.^r't:.3+`°�i�.�i�{:�f P p
as shall be stated in the repart and as shall be determined by tt�e Consulting Engineer to
be reasonable, and may inelude, bvt nnt be limited to, commeraiaAy feasible future
chaages in the rates, fees, renkais or other charges from t�e oAeration of the Pa;rking
System, Re�enues and Costs af Operation and Ms:intenance of the Praject being financed
by the proposed Additions� Obligations with respect to w�ich the report is made and any
other grojeets then authorized by the governing body of the Issuer, and such assumptions
relating to the Redevelopment Area and Availabie Tayc IneTemertt Revenues es the
Consulting Engineer shall deem rele�ant.
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{c) Eaeh ordinance authortzing the issuance oi AdditionAl Obligatians wl11
reCtte tltat all of the covenants herein contained wtll be apptieable to sueh Additional
Obt[gatians. �
{d) The Issuer sh�ll not be irt defeult in performir�g any of the eavenants and
obligetions assumed hereunder, snd all payments herein required to t�ave been made into
the accounts and funds, as provided hereunder, shall have beer� made to the full extent
required.
T. TAX INCREMENT R�VENUES; COOPERATiON AGREEM�NT.
(1) The Issuer sha:ll ha�e the right to enter Into a Cooperation Agreement with
the Comr�unity Redevelopment Ageney pursuant to wh{eh the Communtty Redevelopme�t
Ageney agrees to make payments to the Issuer from Tax Inerement Reven�es deposited
into the Redevelopment Trust Fund� such peyments to be made far Sand 5ervice
RequiremPnts on any Additional Obligations issued to finance a Project loeated in the
Redevelogrnent Area of the Community Redenelopment Ageney. lf the Coopera4ion
Agreement ineludad the fallovri�g provisions, the Issuer may grant to #he holders of such
Additional Obligations a pledge of and lien an, and may provide that such Additional
Obldgations are additionally payebls from, such payments due under the Cooperation
Agreement, and may include such payments due under the Coo�erat[on Agreement for
purpos�s a€ compliance with Subseetions G and S hereof:
(a) The funding of ti�e Redevelopment Trust Fund ior the duration of s
community redevelopment project shall have been duly provided for, an� all ott�er action
and steps required by law to provide for annual funding of t�e Redevelopment Trust Fund
for s period at least as Iong as the final maturity of sueh Additianal Obligations shall have
heen duly te,ken;
(b} The Community Redevela�ment Agency shall be abligated to make
payrr�ents to the I�suer in each Fiscal Year, from the moneys an deposit in the
Redevelopment Trust F�nd, in an amount equal to the Bond Service Requirement caming
due in sueh �iscal Year on such Additional Ohligatians, to the extent that Revanues are
insuf€icient in such year to make such payments required by Subsections (2)� (3} and {4) of
Subsection 15C hereaf, and to make up ell deficieneies in �rior required payments;
(c) The Community RedeveYopment Ageney shall agree not ko fneur
any other obligations payable frorn t�e Redevelopment Trust Pund unless, at the time tt
incurs such abligation� it ohtains a certificste from a qualified independent consultant
that, after [ncurring s�eeh obligation� the emount oi Available Tax Increment Revenues
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expected to be reeeived in e�ch af tt�e next [ive years is �t lee�st eqvel Lo #he Bond
Servine Req�airement an such A�ditionad Obiigetions coming due in egeh such year;
{�) Th� Issuer shall be abligaied under the Cooperation Agreeinent tn '
use ell psyments received thcrevnder for payment o! 8ond Service Requfrements on sueh
Additional ObligatEonS.
{2) The ]ssver may, at its optian� eencel �ny Cooperetiar� Agreement and
S'�� ti=�7�����:�:��'�;t'� .`.`"c• rejegse tTie lien on �nd pledge oi the p�yments due thereunder far payrrient of any
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`:�':.�N���*��''�;j�•�'"`''{'�" Additionsl Obligations seeur�d thereby whenever: (iy ihere is illed w�th the City Maneger
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f j���"#ry��!.Y'���� i f�4 ��Fi'� gz�`f��� i
°` �� Y'� �'ff:. of the Issuer a rertifieste of an ind�pencient eertified public aeeountant of s�itable
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�. :,�;'� •;=.,'3i�; ���-�'��.K�= z; experience and respp�stbijity statin� that the Net Revenues recetved by the issuer during
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.,� ��r t�a ;*,� „`;
,:.':';;".V>wia�4'�"i.«� er.S.�f ��'� �
k<<;s:�,T�� �t;~'-- �;,���.y�+j�`rF' k:;: the �recedirg Hand Year e,nd the payments received by #he lssuer under any other
. d�t �'�i' + �' l 'A�"''`F}� y��`; 11
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,�irr�i�.-�.-� .����...��',:�-.:
:,. r,;� , r.,.=r,�-� j•���,� Cooperatian Agreements, if any, h�t exclUding ttte paymestiLs received urider il�e Caop-
.�..,, .:r :+ � $�,
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I i'� �" �aa:s�� °���;,;,�'}7� ti�,�= eration Agreemer�t to be cancelled, were at least equal to 1259�6 of the �M�ximum Bond
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1;�� ;;t,r,�}. �{.; ��;r�`i`1�. ,:���:� �� Serviee Requirement coming due an all ovtstanding Bonds in any ensuing B�nd Year, and
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���`.��'�����`�;;-�,���,�i' ��;?' (ii) the Issver sha11 have published a notice in a fineneial journal of general circuletian in
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�'���?�;?�� ��`��.�,��;r�:;�•t�g'� the Boraugh of MenhatteR, City and Stete ot New York, of such filing an� af such
cancellation and �eleese.
U. SALE - L�ASEHACK FiNANCING. Notwithstending any other prnvi-
sians of this Ordir�ance, the Issuer reserves �nd shell have the right #o finance edditions
and Rmprovements to the Qerking System by (1) le�sir�g the same as tenent under lease
arran�ements pursuent ta which the Issuer will pey rent in whole or in part from Re�enues
of the Perking System, in which event the Issuer's obligations to pay rent under the lease
sh�ill constitute Additianal Ob�igations for purposes of this Ordinance, or (2) issuing
Additiona2 Qbligations to finance the acquisition and eonstruction of such sdditions and
imgrovements, selling the additians and improvements to e third party, and leasing the
additlons and impro�ements bsek for operetion a�d ��e as part of the Parking System, in
which event the issuer's obIigations to p�y rent under tbe leese end the payments due on
the Additional Obliga�ians issued to firiance such aeqvisition and construction shell both
constitute Additional �bligations ior purposes af this Ordingnce and the proceeds of sale
af such t�dditions and improvements, when received in c�sh, sh�ll constitute Revenues for
purposes of this Ordinance.
Seetion 16. SALE OF 1982 BOND6. The ]�982 Bands shell be issued and sold
�t gublic or privnte sale at such price or prices cnnsistent with the provisions ai the Act
and the rec}uiremes�ts oi this Osdina�ce as the Issuer shall hereafter determine by
resalution; �rovided, that no Bands snall be issued under t�ia Ordinsnee unless snd uniil all
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outstandit�� obliga;tions pey�bl� fram ar�d secured by a pledge of or lien an the Nei
Revenues ar sny part thereof shall have been p�id, or provision ior su�h payment shell
have beeh made by deposit of fuRds or investments ai Federal Securities in irrevoc�ble
eserow the principa] of and interest on which shsll be sufficient for svch purpose.
Seciion 17. MODIFICATION f2R AMENDMENT. No materia� modificatfan
or amendment of this Ordinsnce or of any ordinar�c� or resolut[oR amendatory hereof or
supg]err�ental hereto, mey be made without the cansent in writing of t�e hoIders o� two-
thirds nr mote in pririeipal emount af the Bnnds then oUtstnnding, pravided� however, that
no modiTication ar amendment shall permit a ehange in the maturity of such Bonds or a
reduetion in the rate of interest thereon, or In the amount of the principal prir�eipal
obligatian or afiecting tf�e uncanditional promise ot the Issuer to pay the principai �i and
interest an the Bonds as the same s�ali eflme due from the Pledged I�evenues or reduee
the percentage of the holders af tre Bonds rec�uired to cor�sent to any material
modification or amendment hereof, witt�out the conse�t ir► writing af the �older ar holders
of all such Bonds; gra��ided, hawever, that no such modification ar amendment shall allow
or permit any aceeleration of the payment af prir�cipal of �r interest on the Bonds upon
any defeult in the payment thereof whett�er or nat the holders of the Bonds consent
thereto.
Section 18. DEFEASANCE. If, a�t any time, the Issuer shall have paid, or
shall have made provisior� for peyment of, the principal, interest and redemgtion
premiums, if any, with respect to �he Bonds, then, and in that event, the pledge af and
lien an the Pledged Revenues in favor of ihe hoiders af the Bonds and al� covenants
hereunder she�ll be na longer in effect. For purPoses of t3�e preceding senxence, deposit of
Federal Securities or bank certificates of deA�sit fully secured as to principal and interest
by FederaI Securiti2s (or dEposit of sny other s�curities or investments whirh may be
e�thorized by lew from time to time and sufiicient under suah law to effect suct� x
defeasance} in irrevacable. irust wit}� a banking institution or trust aompany, for the soie
benefit af the Bondnolders, in respect to which such Federal Securities or certificates of
deposit, the principeI of which, togett�er with the incorr�e thereon, will be svfflcient to
rnake timely }�eyment of tne principal, interest, and redemption premiums, if any, on the
o�tstanding Bonds, shall be considered "provision for payment." Nothing herein shall be
deemed to require the lss�er to call any of the outstsnc3ing Borrds for redemPtion prior ta
meturity pursusrtt to any apPlicable optiane�l redemptian provis4ons, or ta impair the
discretion of the Issuer in determining whether to exercise any such AFL1bR iar ear�y
' redemption.
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Sectton 19. ARBITRAC3E. Na use wW be mede of tne �roeeeds of the Ronds
which would cause the same to be "asbitrage bonds" within the meaning of the Internal
Rev�nue Code of 1954. The Issuer at all times while L�e Bonds and �nterest thereon are
', ontstanding will comply with the requlrements af Sect[on 103{e? of the intern�i Revenue
Code ot 1954 and any valid gnd ap�lieabie rules end regulatioRS pramulgated thereunder.
Sect{on 20. , 8EVERABII.ITY. If eny one or more oi the eovenants� egree-
ments, or provisions of this Orc3irisnce should be held contrary to any express provisian of
law or eontrsiy ta the poliey of express Iaw, though not expressly prohibited, or ageinst
publie policy, nr shall for eny reason whatsoever be held invalid, then sueh convenants,
agreements or provisior�s shall be null and vaid and shall be deemed separate from the
remaining covenants, agreements ar provisions af this Ordinance or of t�e Bonds or
coupons Issued thereunder,
5eetion 21. YALIDATION A�'I'HORFLED. The City Attorney for the Issuer
is riereby euthorixed end directed to institnte apPropriate proceedings in the Circnit Court
of Pinellas County, Florida, for the validation of such Bands, and ti�e prr�per officers of
the Issuer ere hereby authorized to verify on behalf of the Isstter any pleadings in such
proceedings.
Section 22. REPEAL 0� TNCONSLSTENT INSTRIIMEN'TS. All ordinances or
resolutions ar parts 4hereof in confliet herewith are hereby repealed to the extent of such
conflict.
Section 23. EFFECTIYE DATE. This Ordineace shall �ecame effective
immediately upon its enactmsnt�
PASSED QN FIRST I�EADiNG a(iG 5 1Q$�,
PASSED ON SECOND AND FINAL
READiNG .AS ADVERTISED AND temher 2, 198z •
ADOPTED — -
ayor - Com xssioner
A#test•
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City Clerk
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