3040-83s
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ORDINANCE NO. 3040-83
AN ORDINANCE AMENDING ORDINANCE NO. 2799-82; AUTHO-
RIZING $950,000 PARKING SYSTEM REVENUE BONDS TO FI-
NANCE ACQUISITION AND CONSTRUCTION OF ADDITIONS,
EXTENSIONS AND IMPROVEMENTS TO THE PARKING SYSTEM
OF THE CITY OF CLEARWATER BY REVISING THE RATE
COVENANT AND ADDITIONAL BONDS TEST; PROVIDING AN
EFFECTIVE DATE.
BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA, as follows
SECTION 1. Ordinance No. 2799-82 of the City Commission of the City of
Clearwater, Florida, as previously amended, is hereby amended in its entirety to read as
follows:
"AN ORDINANCE PROVIDING FOR THE ACQUISMON AN-33
CONSTRUCTION OF ADDITIONS, EXTENSIONS AND IM-
PROVEMENTS TO THE PARMG SYSTEM OF THE CITY OF
CLEARWATER, FLORIDA; AUTHORIZING THE ISSIIANCE BY
THE CITY OF NOT EXCEEDING $950,000 PARE314G SYSTEM
REVENUE BONDS, SERIES 1983, TO FINANCE THE COST
THEREOF; PLEDGING THE NET REVENUES OF THE PARK-
ING SYSTEM TO SECURE PAYMENT OF THE PRINCIPAL OF
AND INTEREST ON THE BONDS; PROVIDING FOR THE
RIGHTS OF THE HOLDERS OF THE BONDS; PROVIDING AN
EFFECTIVE DATE.
BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA, as follows:
Section L AUTHORITY FOR THIS ORDINANCE. This ordinance is
enacted pursuant to the provisions of the Act, hereinafter-defined.
Section 2. DEFINITIONS. The following terms in this ordinance shall have
the following meanings unless the text otherwise expressly requires:
(A) "Act" means Chapter 166, Part III, Florida Statutes, and other applicable
provisions of law.
(B) "Additional Obligations" shall mean additional obligations issued under
this Ordinance and in compliance with the terms, conditions and limitations contained
herein.
(C) "Amortization Installments" with respect to any Term Bonds of a series,
shall mean an amount so designated which is established for the Term Bonds of such
series, provided that (1) each such installment shall be deemed to be due on such interest
or principal maturity date of each applicable year as is fixed by subsequent resolution of
the Issuer and shall be a multiple of $5,060, and (ii) the aggregate of such installments for
.such series shall equal the aggregate principal amount of Term Bonds of such series
authenticated and delivered on original bssuanee.
LKL 01/28/63 11103
Rev. 2/24/83
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(D) "Authorized Investments" shall mean any of the following which at the
time are legal investments for the Issuer under applicable laws for the moneys held under '
this Ordinance then proposed to be invested therein: (a) [United States Treasury notes,
bonds, bills or certificates or Indebtedness, or obligations for which the faith and credit of
i
the United States are pledged for the payment of principal and interest, and/or (b)
x
obligations of Federal Farm Credit Banks, or their predecessor issuers, which are Federal
Land Banks, the Hanks for Cooperatives, and the Federal Intermediate Credit Banks,
and/or (c) obligations of the Federal Home Loan Bank Board, and/or (d) obligations of the
Federal National Mortgage Association, and/or (e) time (including savings accounts) or
t1c'
demand deposits in any bank or trust company authorized to accept deposits 'of public
funds, which are fully insured by the FSLIC or FDIC, and/or (f) repurchase agreements :?.;;;.x?,',?;•+,,??,'. ?:,.
with a financial institution or recognized dealer which are fully secured at all times by
I xj °. +
obligations described in (a) through (d) of this definition.
(E) "Bond Service Requirement" for any Bond Year or Fiscal Year, as
applicable, as applied to the Bonds of any series, shall mean the sum of., t
(1) The amount required to pay the interest becoming due on the Bonds
of such series during such period, except to the extent that such interest shall have been
x
provided by payments into the Sinkng Fund out of bond proceeds for a specified period of
time. '
(2) The amount required to pay the principal of Serial Bonds of such
series maturing in such period. , s
(3) The Amortization Installment for the Term Bonds of such series for '
such period. In computing the Bond Service Requirement for any period for Bonds of any
series, the Issuer shall assume that an amount of the Term Bonds of such series equal to 1 '
+
the Amortization installment for the Term Bonds of such series for such period will be
retired by purchase or redemption in such period or that payment of such amount of Term
Bonds at maturity will be fully provided for in such period. When determining the amount
ej.
of principal of and Interest on the Bonds which mature in any period, for purposes of this
Ordinance or the Issuance of any Additional Obligations, the stated maturity date of Term
Bonds shall be disregarded, and the Amortization Installment, if any, applicable to Term
Bonds in such period shall be deemed to mature in such period. t
4 . -ry
(F) "Bond Year" shall mean the annual period ending on a principal maturity:
date, t},I
(G) "Bonds" shall mean the 1983 Bonds and all Additional Obligations. "1983
Bonds" shall mean the obligations of the Issuer authorized to be issued pursuant to Section
6 of this Ordinance.
LKL 01/28/83 #103 -2-
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'SA` :,tiz
• ... ' ' ?" `:alai
(H) "City of Clearwater Redevelopment Agency" shall mean the City of
Clearwater Community Development Agency created under Section 163.356, Florida y?y
Statutes, pursuant to Resolution of the City Commission of the City of Clearwater. `i
(I) Cooperation Agreement shall mean an agreement between the Issuer
and the Community Redevelopment Agency pursuant to which the Community Redevelop- -
ment Agency agrees to make payments to the Issuer for Bond Service Requirements on
any Additional Obligations issued to finance a project located in the R '' ?•'F;' 4; " = Y:,'
edevelopment Area ?: 1.- •; ?:7:•' ri;;..H•.':;r?•'.•
of the Comm
unity Redevelopment Agency. .?'a?'?,;?.',?•'#Fl. i`1•:'i.l.}r; n?•''•` tJ:*??'r l.htla; yk?.
°i,??.i:'a°?s ??. ti`_;f'a?;;i.P:•a:isr?:?.f?::y','.??.
(J} "Cost of Operation and Maintenance" shall mean all current expenses, aide
or accrued for the o ,y is ••
peration, maintenance and repair of all facilities of the Parking ;s;t.• r;f,,,at,. ` '
System, as calculated in accordance with sound accounting practice, and shall include,
without limiting the generality of the foregoing, insurance premiums, administrative ,? •`
expenses of the Issuer related solely to the Parking System, labor, cost of materials and -F
r
supplies used for current operation, and charges for the accumulation of appropriate ? i
reserves for current expenses not annually recurrent but which are such as may reasonably
be expected to be incurred in accordance with sound accounting practice, but excluding
i,
any reserve for renewals or replacements, for extraordinary repairs or any allowance for
depreciation. w'
(K) "County" means Pinellas County, a political subdivision of the State. i'
(L) "Federal Securities" shall mean direct obligations of the United States of
America and obligations the principal of and interest on which are fully guaranteed by the '11
• ' iiSE
United States of America, none of which permit redemption prior to maturity at the -•
option of the obligor.
J2..
(M) "Fiscal Year" shall mean the period commencing on October 1 of each
year and continuing to and including the succeeding September 30, or such other annual
period as may be established by law as the Issuer's fiscal year.
{N} 11 ?Ft F• ,±,?
Grass Revenues" or "Revenues" shall mean all moneys received from .
1;11
rates, fees, rentals or other charges or income received by the Issuer or accruing to it in
••S?
the operation of the Parking System, all calculated in accordance with sound accounting
practice. ,, •?,
(O) "Holder of Bonds" or "Bondholders" or any similar term shall mean any
person who shall be the bearer or owner of any outstanding Bond$ registered to bearer or
not registered, or the registered owner of any such Bonds which shall at the time be
registered other than to bearer.
(P) "Issuer" shall mean the City of Clearwater, Florida.
LKL 01/28/83 #103 -3-
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???. }.??.'13:'. _•.Str i'xw`" .*!: 14r1£irt.,, •??.
.?'????T:?>!'17. 7E>•?e?-1.?? -}`.r.?.??2.fi'k.'dii? ?!5f; y i"? ?:? S'.:' i'.;?..•.
4
(Q) "Maximum Bond Service Requirement" for any series of Bonds shall
mean, as of any particular date of calculation, the greatest amount of aggregate Bond
Service Requirements for the then current or any future Bond Year or Fiscal Year, as
applicable.
(R) "Net Revenues" shall mean Gross Revenues less Cost of Operation and
Maintenance.
(S) "Ordinance" shall mean this ordinance of the Issuer as hereafter amended
and supplemented from time to time in accordance with the provisions hereof.
(T) "Parking System" shall mean all of the Issuer's existing off-street and on-
street parking facilities, excluding those facilities now in existence for the use of which
no fee is charged as of January 1, 1983, until such time as a fee is charged for the use
thereof, together with any and all improvements and additions thereto hereafter con-
structed or acquired.
(U) "Project" shall mean the acquisition and construction of additions,
extensions and improvements to the Parking System. 111983 Project" shall mean additions,
extensions and improvements to the Parking System consisting of a parking lot adjacent to
the Performing Arts Center and Theatre and related site improvements owned and
operated by PACT, Inc. to be constructed pursuant to the plans and specifications on file,
or to be on file, with the Issuer.
(V) "Redevelopment Area" shall mean an area designated as a community
redevelopment area by the Community Redevelopment Agency pursuant to Chapter 183,
Florida Statutes.
(W) "Redevelopment Trust Fund" shall mean' the redevelopment trust fund
established by Section 163.387, Florida Statutes, for the Community Redevelopment
Agency.
(X) "Serial Bonds" shall mean the Bonds of a series which shall be stated to
mature in annual installments.
(Y) "State" shall mean the State of Florida.
(Z) "Tax Increment Revenues" shall mean the revenues paid into the
Redevelopment Trust Fund. '.'Available Tax Increment Revenues", for any period, shall
mean all of such revenues paid into the Redevelopment Trust Fund during such period,
reduced by all other obligations which the Community Redevelopment Agency is required
to pay from such Fund during such period.
(AA) "Term Bonds" shall mean the Bonds of a series all of which shall be
stated to mature on one date and which shall be subject to retirement by operation of the
Bond Amortization Account.
LKL 01128/83 #103 -4-
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• ? •? ,. YX . ..', ,.?', ,1 , >:',Y $... FwC??"F3 l4,li. :a. .S a (7'1 .. •4?;`~ .C•
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(BB) ""Traffic Engineer" shall mean the Traffic Engineer employed by the
> Issuer.
Section 3. FINDINGS. It is hereby found, determined and declared that:
,.
"° ?" t !. A. The Issuer now owns, operates and maintains the Parking System and
l fI , r?r
derives Revenues from Its operation. The Revenues will not be pledged or encumbered in
1 any manner, at the time of the sale of any Bonds under this Ordinance.
B. The free circulation of traffic of all kinds through the streets of the
Issuer is necessary to the health, safety and general welfare of the Inhabitants of the
.. •4,,:;:?.?...?..?.???Sd:« w,?r„ Issuer; the use by the public of motor vehicles of all kinds has caused serious traffic
,' r congestion in the streets of the Issuer; the parking of motor vehicles in the streets has
contributed to this congestion to such an extent as to constitute at the present time a
?`S^g''w\x:r public nuisance which endangers the health, safety and general welfare of the inhabitants
'of the Issuer; the regulation of traffic on the streets b the installation of parking meters
{.,,y,? ?&.- -?; • ' . ? and the imposition of charges in connection with such on-street parking facilities has not
.?? ;fly T+' ,.
relieved the congestion except to a limited extent; this traffic congestion is not capable
k14 `,1L of being adequately abated except by provisions for sufficient off-street parking facili-
6YG; F .
ties; adequate off-street parking facilities have not been provided and it is necessary for
the protection of the health safety and welfare of the inhabitants of the Issuer that the
, . presently existing Parking System be supplemented by the additional off-street parking
f...? ?' ? ?, ? .•? ? ?,
facilities provided for herein, described as the 1983 Project.
y.: C. For financing purposes and for the more adequate regulation of traffic
qY{p?a}k( and relief of congestion, the off-street parking facilities and the on-street parking
facilities shall remain combined into a single system (the "Parking System ?# f ?!'ws,"•,?'•n? D. The Issuer will derive Revenues from the operation of the 1983 Project
;. ; .` and such Revenues, together with the Revenues derived by the Issuer from the operation
of the existing combined Parkin System, will be sufficient to pay all Costs of Operation
and Maintenance of both the 1983 Project and the remainder of the Parking System, all of
E ' the principal of and interest on the 1983 Bonds as the same shall become due and all
reserve, sinking fund or other payments provided for in this Ordinance.
E. The estimated cost of the 1983 Project is the sum of not exceeding
$950,000. Such costs shall be paid from the proceeds derived from the sale of the 1983
' Bonds, together with other funds, if any, available to the Issuer.
F. The principal of and interest on the 1983 Bonds and all required sinking
fund, reserve and other payments shall be payable solely from the Net Revenues as
provided herein. The 1983 Bonds shall not constitute an indebtedness, liability, general or
,`t?",?'wtkrer??
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K LKL 01/28183 #103 -5-
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,4??_c.s'.L'w;':. °..+,t•? .. txE.; . r-.r?•_? ?.it ?3`S _?.? ?? f?Ya,...r'=; _+ Y.?-,_ ?._..?..
moral obligation, or a pledge of the faith or loan of the credit of the Issueri, the State of
Florida, or any political subdivision thereof, within the meaning of any constitutional or
statutory provisions. Neither the State of Florida, nor any political subdivision thereof,
nor the Issuer shall be obligated to pay the principal of the 1983 Bonds, the interest
thereon, or other costs Incidental thereto except from the Net Revenues, In the manner
provided herein. Neither the faith and credit nor the taxing power of the State of Florida
or any political subdivision thereof shall be pledged to the principal of the 1983 Bonds or
the interest thereon or other charges incident thereto.
The 1983 Bonds shall not constitute a lien upon the Parking System, or any
part thereof, or on any other property of the Issuer, but shall constitute a lien only on the
Net Revenues in the manner provided herein.
G. The estimated Net Revenues will be sufficient to pay all principal of and
interest on the 1883 Bonds as the same become due, and to make all required sinking fund,
reserve and other payments required by this Ordinance.
Section 4. 1983 PROJECT AUTHORIZED. The Issuer is hereby authorized
to acquire and construct the 1883 Project. The cost of any Project shall be deemed to
include, without limitation, in addition to the cost of the items described in the plans and
specifications for the Project, the cost of any lands or interest therein or any other
properties deemed necessary or convenient therefor; engineering, legal and financing
expenses; expenses for estimates of costs and of revenues; expenses for plans, specifica-
tions and surveys; the fees of fiscal agents, financial advisors or consultants; administra-
tive expenses for plans, specifications and surveys; administrative expenses relating solely
to the construction and acquisition of the Project; the premiums and other costs of
obtaining insurance on the Bonds; interest upon the Bonds during construction and initial
operation of the Project; the creation and establishment of reasonable reserves for debt
service; discount on sale of Bonds; repayment of interim advances and Indebtedness, if
any; and such other costs and expenses as may be necessary or incidental to the financing
herein authorized and the construction and acquisition of the Project and the placing of
same in operation.
Section 5. THIS INSTRUMENT TO CONSTITUTE CONTRACl?. In con-
sideration of the acceptance of the Bonds authorized to be issued hereunder by those who
shall hold the same from time to time, this Ordinance shall be deemed to be and shall
constitute a contract between the Issuer and such holders. The covenants and agreements
herein set forth to be performed by the Issuer shall be for the equal benefit, protection
and security of the legal holders of any and all of the Bonds and the coupons attached
LKL 01/28/83 #103 -6-
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,' '°! ; Y. ^?.:?'r `,?` "?.?,'?'txs ; ::^1 1?,. ??" 5 . r '.l' i .. •'YS'' ::. , ` _ i''l?: `•?. .,,` . : *y?» 'yr" «?i" s .t ., i .;
,y' ai'7' i;? ?' ?`i= .:<.'v:'!a' ?+'` .; • ;s,.,;.• ..?, ?z.??y^?; :.t.?4?,s;.Y?•? F 'L '%?.`?• 3'fd??'-'? x 'e ,? • :?
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>tf;fi,s
? ?"? : 't.r t F.M;' a ??i 'i sti •:'r F," .d'.??'c."?ti}'.,".'.?'i,.?,. ? .'S"ti; oi?',•.f,''?B F,`;. -``LL ? r?.
. ,? if1F.; <.fa? ?,r7 `?. ?' w? _ "?,?:,i .t: `.•.. ti . t !r 4 ,sa€l?,. t, + -?cw .? rd•Y',}Po ..s •r.; ?,q . L r.8 °? k
i' ;a;Yt'{ .r.,+: C?y 'q'-.?"7 R'u Y ;?s ??•d:•: %?l'!S"k?t,, 1`F; ',1; y '.rf 77 f,i `F
Y.; i N' .. Y 3'.,...; 4 ?i +. ,. `jai. 1!t ':5?' ?=? ? ??'?? ?ttiid•: x f'..:`,>? . d: S'.Sy't?s',iY'°i S« . k=..Si', •,j:: , _• ,? • ?' • '3 c .1
f `' t t= fw 3 ?` ?
t'dvi {? .;', ,. x.?' S"fir O• 'r,,*
thereto, all of which shall be of equal rank and without preference, priority or distinction 00,
w; s of any of the Bonds or coupons over any other thereof, except as expressly provided
!! therein and herein. ..
Section 8, AUTHORIZATION OF 1983 BONDS. Subject and pursuant to
the provisions hereof, obligations of the Issuer to be known as "Parking System Revenue
iPi r'c ? ?i 4 .. •
Bonds, Series 1983", herein defined as the 111983 Bonds", are authorized to be issued in the
b aggregate principal amount of not exceeding $950,000.
;t¢4'fF r'S r r}r Section 7. DESCRIPTION OF 1983 BONDS. The 1983 Bonds shall be dated
as of a date and be in such denominations as are fixed by resolution of the Issuer at the
•t 'Y?.9 F'S ti '',., ?a'7, ?,r?y.',i •,: ?- ry.,s.`.;..? t
"fy time of sale, shall be numbered consecutively, from one upward•, may bear interest at such
',}, '? }?• ? ? •'j:'r,?'.•;','' f?.=. .!} a..L?r,>?.?• `r?.,=?.
qi+rt t 4[ :. .... `.., .' Sr *Z•+'^L '.L 6.Sf""1.,.:.
y ,:l 1t ??T iF`, ..t..i:' t. E'r:'Yr;r,".. ?`': j • +
}s^? ,?qi+ e ?YY' 14•_•y$k e 1'x'.,,7..!
c4 •tk ?irft S J°! YS ' . t, ,y. ±.,F.,'. A ,h
71
,b W , Bit, .4. rate or rates not exceedini3 the legal rate, such interest to be PaYable on such dates and in t.. Fg such years and shall mature in numerical order, lowest numbers first, on such dates and in
T??ftg,?'l?r?? f. r?r,???;?': ?'?? r` kYrF r.,•,' +{. Yt 7 'y•'•,
such years, not exceeding 40 years from the date thereof, and in such amounts as are
` ' ?q? "t f`? , r 4 •' fixed b resolution of the Issuer to be
by adapted prior to the delivery of the 1983 Bonds. :fzt?a'a.
t 4L
°' T! Such 1983 Bonds may be issued in fully registered or coupon form; shall be t ;?
A payable with respect to both principal and interest? if any, at a bank or banks to be4 i
.??•l?,?r,??, y?.
subsequently determined b the Issuer prior to the delivery of the 1983 BondsT • shall be
+- payable in lawful money of the United States of America; and shall bear interest, if any, i
E
from such date, but not earlier than the date of the 1983 Bonds, as is fixed by subsequent
> r
resolution of the Issuer, payable in accordance with and upon surrender of the appurtenant
?Z interest coupons as the severallmature.
Vii. t 1 ?'
i Section 8. EXECUTION OF BONDS AND COUPONS. The Bonds shall be executed in the name of the Issuer b is Mayor-Commissioner and countersigned by its
xx.•'t City Manager and its official seal or a facsimile thereof shall be affixed thereto or
reproduced thereon and attested by its City Clerk. The Bonds shall be approved as to
°
form and correctness by the City Attorney.' The facsimile signatures of the Mayor••
Commissioner, City Clerk and City Attorney may be imprinted or reproduced on the
+?}+
Bonds, provided that at least one signature required to be placed thereon shall be ,YYY? ?. ,Sty t. 1
manually subscribed. In case any officer whose signature shall appear on any Bonds shall
cease to be such officer before the delivery of such Bonds, such signature or facsimile
Z N.'f fa
shall nevertheless be valid and sufficient for all purposes the same as if he had remained
in office until such delivery. Any Bonds may be signed and sealed on behalf of the Issuer
by such person who'at the actual time of the execution of such Bonds shall hold the proper office with the Issuer, although at the date of adoption of this Ordinance such person may
not have held such office or may not have been so authorized.
LKL 01/28/83 #103 -7-
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' The coupons attached to the coupon Bonds shall be authenticated with the
facsimile signatures of any present or future Mayor-Commissioner, City Manager and City
Clerk of the Issuer, and shall be sealed by imprinting thereon the word "(Seal)". The
Ets'r r validation certificate on the Bonds shall be executed with the facsimile signature of the
?{y Mayor-Commissioner. The issuer may adopt and use for such purposes the facsimile
signatures of any persons who shall have been such officers at any time on or after the
date of adoption of this Ordinance notwithstanding that they may have ceased to be such
officers at the time such Bonds shall be actually delivered.
Nt,..,
rz,; sr,,; Section 9. NEGOTIABILITY AND REGISTRATION. The Bonds issued
si rte ra ?'.
hereunder shell be and shall have all of the qualities and incidents of investment securities
under the Uniform Commercial Code of the State of Florida, and each successive holder,
in accepting any of the Bonds or the coupons appertaining thereto, shall be conclusively
deemed to have agreed that such Bonds shall be and have all of the qualities and incidents
of investment securities under the Uniform Commercial Code of the State of Florida.
The coupon Bonds may be registered, at the option of the holder, as to
principal only at the office of the City Treasurer of the Issuer, as Registrar, or such other
Registrar as may be hereafter duly appointed, such registration to be noted on the back of
the Bonds in the space provided therefor. After such registration as to principal only, no
transfer of the Bonds shall be valid unless made at such office by written assignment of
the registered owner or by his duly authorized attorney in a form satisfactory to the
Registrar and similarly noted on the Bonds, but the Bonds may be discharged from
registration by being in like manner transferred to bearer, and thereupon transferability
by delivery shall be restored. Such registration as to principal only shall not affect the
negotiability of the coupons, which shall continue to pass by delivery merely.
The Issuer may treat the registered owner of any coupon Bond registered as to
principal only and of any fully registered Bond as the absolute owner for all purposes.
The Issuer may, but shall not be required to, provide for the exchange of
coupon Bonds for fully registered Bonds and for the exchange of fully registered Bonds for
coupon bonds, upon such conditions and in such authorized denominations as the Issuer
may subsequently determine at the time of sale of the Bonds.
Section J.O. BONDS MUTILATED, DESTROYED, STOLEN OR LOST. In
case any Bond shall become mutilated, or be destroyed, stolen or lost, the Issuer may in
its discretion issue and deliver a new Bond with all unmatured coupons attached of like
tenor as the Bond and attached coupons, if any, so mutilated, destroyed, stolen or lost, in
exchange and substitution for such mutilated Bond upon surrender and cancellation of 5'uch
LKL 01/28183 #103 -8-
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mutilated Bond and attached coupons, If any, or in lieu of and substitution for the Bond
and attached coupons, if any, destroyed, stolen or lost, and upon the holder furnishing the
Issuer proof of his ownership thereof and satisfactory indemnity and complying with such
other reasonable regulations and conditions as the Issuer may prescribe and paying such
expenses as the Issuer may incur. All Bonds and coupons so surrendered shall be cancelled
by the Registrar for the Bonds. If any of the Bonds or coupons shall have matured or be
about to' mature, instead of issuing a substitute Bond or coupon, the Issuer may pay the
same, upon being indemnified as aforesaid, and if such Bonds or coupon be lost, stolen or
destroyed, without surrender thereof.
Any such duplicate Bonds and coupons issued pursuant to this Section shall
constitute original, additional contractual obligations on the part of the Issuer whether or
not the lost, stolen or destroyed Bonds or coupons be at any time found by anyone, and
such duplicate Bonds and coupons shall be entitled to equal and proportionate benefits and
rights as to lien on the source and security for payment from the funds, as hereinafter
pledged, to the same extent as all other Bonds and coupons issued hereunder.
Section 11. PROVISIONS FOR REDEMPTION. The 1983 Bonds shall be,
redeemable by operation of the Bond Amortization Fund or at the option of the Issuer, as
provided by subsequent resolution of the issuer adopted prior to delivery of the 1983
Bonds.
Notice of such redemption (i) shall be published at least thirty (30) days prior
to the redemption date in a financial journal of general circulation in the Borough of
Manhattan, City and State of New York; (ii) shall be filed with the paying agents; and (Iii)
shall be mailed, postage prepaid, to all registered owners of 1983 Bonds to be redeemed at
their addresses as they appear on the registration books hereinbefore provided for.
Section 12. FORM OF 1983 BONDS AND COUPONS. The text of the 1983
Bonds, the interest coupons and the certificate of validation shall be in substantially the
following form with such omissions, insertions and variations as may be necessary and
desirable and authorized and permitted by this Ordinance or by any subsequent ordinance
or resolution adopted prior to the issuance thereof:
LKL 01/28/83 #103
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j?,?,?„T?;;??y4'??:•-?rt'x*et''v"Y}..• ? >`• a .. .^?'?,? ?`? '_:-:•:;. ?.?' .??:'? :,?. .,jd•.
" ...a.. ? _?`•:. ? 't-'?,?.C z. .'..::r..P'3:i^•.'r'e.t'i•..'?i??a?"4.G?5+??'.;?.a:??.+3?i4S'i:G.:rD?'• _
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: --V
(Form of Coupon Bond)
'UNITED STATES OF AMERICA
STATE OF FLORIDA
CITY OF CLEARWATER
PARKING SYSTEM REVENUE BOND, SERIES 1983
;5,000
k . {' }'xa KNOW ALL MEN BY THESE PRESENTS, that the City of Clearwater, Florida,
a municipal corporation of the State of Florida (hereinafter called "City's), for value
received, hereby promises to pay to the order of the bearer hereof -or, if this Bond be
':.
iN
registered, to the order of the registered holder, as herein provided, on the 1st day of
LFA E: ' n,;iP tar^";? `'
from the revenues hereinafter mentioned the principal suns of
-, `;f •, : L p`L fM1'R FIVE THOUSAND DOLLARS
1. S IV': l
with interest thereon from 1 1983, at the rate of per centurn
F I F'. L "?` ?d
Y`': F4{`T,°t} f fb?R per annum payable on 1, 1983, and semiannually thereafter on
}? i and 1 of each year, upon the presentation and surrender of the annexed coupons
n { t as they severally fall due.
'EJ; s1-? 's Both the principal of and interest on this Bond are payable in lawful money of
a? R
the United States of America at or
at the
option of the holder, at
This Bond is one of a duly authorized issue of Bonds in the aggregate principal
amount of not exceeding $ , of like date, tenor and effect, except as to
number, ,maturity and interest rate, issued to finance the cost of construction and
acquisition of additions, extensions and improvements to the City's combined on-street
and off-street parking system (the "Parking System"), pursuant to the authority of and in
full compliance with the Constitution and laws of the State of Florida, including
particularly Chapter 166, Part III, Florida Statutes, and other applicable provisions of law,
and Ordinance No. 2799-82, duly enacted by the City on September 2, 1982, as amended
and supplemented (hereinafter collectively called "Ordinance"), and is subject to all the
terms and conditions of such Ordinance,
This Bond and the coupons appertaining hereto are limited obligations of the
City payable solely from and secured by an irrevocable lien upon and pledge of the net
revenues derived by the City from the operation of the Parking System (the "Net
Revenues") in the manner provided in the Ordinance. This Bond does not constitute an
indebtedness, liability, general or moral obligation or a pledge of the faith or loan of the
credit of the City, the State of Florida or any political subdivision thereof, within the
meaning of any constitutional or statutory provisions. Neither the State of Florida nor
any political subdivision thereof, nor the City shall be obligated to pay the principal of the
Bonds, the interest thereon or other costs incident thereto except from the Net Revenues,
LKL 01/28/83 #103 -10-
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Fr"4?.E _ ?`„hrc ;3y°tA r?;"5'???'"?*Y+?r?sr??.,?Y.rr?y7..-? .. r:^Ha??^y{?. ?, 't y?.•..3? i9 a '?y', M-?,+??+,?',+re. •?¢!j?"r>
,:?:.s ?.{ , °.pV??•f?5'k?{it,,.4.a•..?}}....:yna ..,}.'.r. ,_1..+2v-_. .e.r-_„t 5;.., ... .._ .._..s ?.-•?o..: .?. ?i':..c:.:h'.d•.?l._.. ???S.e?Fr?i....:,t':.Y'i•. J: u'.ly?.'v":??SY?v°.t?.t
4D
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In the manner provided herein. Neither the faith and credit nor the taxing power of the
State of Florida any political subdivision thereof is pledged to the payment of the
principal of the Bonds or the interest thereon or other costs incident thereto.
(INSERT REDEMPTION PROVISIONS)
---Notice of such redemption shall be given in the manner required by the
Ordinance.
limitations or provisions.
Investment Securities of the State of Florida.
• It is further agreed between the City and the holder of this Bond that this
Hood and the indebtedness evidenced hereby shall not constitute a lien upon the Parking
System, or any part thereof, or on any other property of the City, but shall constitute a
lien only on the Net Revenues, in the manner provided in the Ordinance.
In and by the Ordinance, the City has covenanted and agreed with the holders
of the Bonds of this issue that it will fix, establish, revise from time to time whenever
necessary, maintain and collect always, such fees, rates, rentals and other charges for the
use of the services and facilities of the Parking System which will always provide
revenues in each fiscal year sufficient to pay, and out of such funds pay, 100% of all costs
of operation and maintenance of the Parking System in such year-and all reserve and other
payments provided for in the Ordinance and, together with any- future payments, if any,
due to the City by the City of Clearwater Community Redevelopment Agency under e
Cooperation Agreement (all as defined and limited in the Ordinance) 140% of the bond
service requirement due in such year on the Hands of this issue, and on all other
obligations payable on a parity therewith, and that such fees, rates, rentals and other
charges shall not be reduced so as to be insufficient to provide adequate revenues for such
purposes. The City has entered into certain further covenants with the holders of the
Hoods of this issue for the terms of which reference is made to the Ordinance.
It Is hereby certified and recited that all acts, conditions and things required
to exist, to happen and to be performed precedent to and in the issuance of this Bond
exist, have happened and have been performed in regular and due farm and time as
required by the laws and Constitution of the State of Florida applicable thereto, and that
the issuance of the Bonds of this issue does not violate any constitutional or statutory
This Bond and the coupons appertaining hereto are and have all the qualities
and incidents of a negotiable instrument under the Uniform Commercial Code -
This Bond may be registered as to principal only in accordance with the
provisions endorsed hereon.
IN WITNESS WHEREOF, the City of Clearwater, Florida has issued this Bond
and has caused the same to be executed by the manual or facsimile signature of its
LKL 02/24/83 103 -11-
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??lt;`f}';y, 1{'I,ST>q??? Y•+y??l :?+y ?'i:?°•I.{!.'{«
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Mayor-Commissioner and counters[ n?{
?. `'?'L, ?,5?r ? a; t? : , '• `
gnsd by its City Manager, either manually or by their
facsimile signatures, and its corporate seal or a facsimile thereof to be affixed, w s'.' ° t'.•-4 "`'
Impressed, imprinted, lithographed or reproduced hereon and attested by the manual cr
facsimile signature of its City Clerk, and has caused the interest coupons hereto attached
to be executed with the facsimile signatures of such officers, all as of the first day of
1983.
CITY OF CLEARWATER, FLORIDA - ;
(SEAL)
Mayor-Commissioner
F 0
City Manager
ATTEST: Approved as to Form and Correctness:
'41
City Clerk City Attorney
Mayor-Commissioner
City Manager
ATTEST:
City Clerk
LKL 01/28/83 1103 -12_
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P
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PROVISION FOR REGISTRATION
This Bond may be registered as to principal only in the name of the holder on
as Registrar, or such other registrar as
the books to be kept by the City Clerk of the City,
may be hereafter duly appointed, such registration being noted hereon by such Registrar
In the registration blank below, after which no transfer shall be valid unless made by
written assignment on said books by the registered holder or attorney duly authorized and
similarly noted in the registration blank below, but it may be discharged from registration
by being transferred to bearer, after which it shall be transferable by delivery, but it may
.. ; ..;
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•
felt
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be again registered as before. Such registration shall not restrain the negotiability of the
9?k' t
coupons by delivery merely.
r•
DATE OF IN WHOSE NAME SIGNATURE OF
REGISTRATION REGISTERED REGISTRAR ,
t`
4 1
ty
(Form for all Bonds)
VALIDATION CERTIFICATE
This Bond is one of a series of Bonds which were validated by judgment of the
Circuit Court for Pinellas County, Florida, rendered on , 2982.
Mayor-Commissioner
LKL 01128/83 #143 . -13-
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No,
S
UNITED STATES OF AMERICA
STATE OF FLORIDA
CITY OF CLEARWATER
PARKING SYSTEM REVENUE BOND, SERIES 1983
KNOW ALL MEN BY THESE PRESENTS, that the City of Clearwater, Florida,
a municipal corporation of the State of Florida (hereinafter called "City"), for value
received, hereby promises to pay to , or registered assigns, on the 1st
day of , from the revenues hereinafter mentioned the principal sum
of
DOLLARS
with interest thereon from 1, 1983, at the rate of per centum
per annum (_%), payable on 1, 1983, and semiannually thereafter on
1 and 1 of each year.
The principal of this Bond is payable in lawful money of the United States of
America at or at the option of the holder, at
, and interest on this Bond
is payable by check or draft mailed to the registered owner at his address shown on the
books of the Registrar.
This Bond is one of a duly authorized issue of Bonds in the aggregate principal
amount of not exceeding $ r, of like date, tenor and effect, except as to
number, maturity and interest rate, issued to finance the cost of construction and
acquisition of additions, extensions and improvements to the City's combined on-street
and off-street parking system (the "Parking System"), pursuant to the authority of and in
full compliance with the Constitution and laws of the State of Florida, including
particularly Chapter 168, Part Ill, Florida Statutes, and other applicable provisions of law,
and Ordinance No. 2799-82, duly enacted by the City on September 2, 1982, as amended
and supplemented (hereinafter collectively called "Ordinance"), and is subject to all the
wnd conditions of such Ordinance.
This Bond is a limited obligation of the City payable solely from and secured
by an irrevocable lien upon and pledge of the net revenues derived by the City from the
operation of the Parking System (the "Net Revenues") in the manner provided in the
Ordinance. This Bond does not constitute an indebtedness, liability, general or moral
obligation or a pledge of the faith or loan of the credit of the City, the State of Florida or
any political subdivision thereof, within the meaning of any constitutional or statutory
LKL 01/28/83 #103 -14-
(Form of Fully Registered Bond)
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?"?> ??. 'e,Ki ? r .%1? fdtnC°6 f? a• ., Y. =s•".. •,t:... "'s,c•?.. ...'?•' tr,•?'r, .i '.•- ?'•'- - ? ?T?`s`.?i`???••?
S t ' i' r: .r .e.Is •t ,' ti .s' ?r .:: C ' ; s ?''.t.'., , 1': 'z 'Ie.9
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i- ?!` }"rre: ff-';.'h :r. J, 3.'l,°'`i,. , S, ?' y•.. '-' ii?? + • .? {,' t!: '..,pfi?rJY.. ,r". F• ?;';;i''°' .y4 ?'? i'r
? „'J i `?"r;?".s:#.{? , vr,. ?„.};rte yy, r`7.: r. `•+t? '' t ;`':ir?E?t :-?:?y ?? ?,• . '..?, '4•?"?' ?r-?? •+'?::? ?a
`- yySCR°!Ya ?ct4d°', '^Y:.$i-.? `gi'?i;'?'•'i ."?i? f?..,"V;*.' •'4
?! _ ? i ??..?,Y_"=,.r,.. rzxi r t+' X rs ?' Ma•?? jki,r'7 5 I?` ,?4 :. •r
( •?i,^???;'•?x ????'?t?r?`r's fZ `y?:'rr.s..'. . rn, ,???j?Y??':2?i..,...??,•-•; •cr?'`,??M r;r?•.??iErL.a:"°:n?;T:?,?;k' ?.'?"r` ee
' E L# a7. ,#r '• 4 .. ax ?r'`• ? ?{ t •d .rSj' u' `l• `,'?'{ w;1 J }"tf•? r5 '??' `_ ? {
:•riy r.Y9:. r °'{ .. ; ' i , fi7 ° ;1° `' ?r'a? ,?,r Yya.. S E.??< v jr + ?n 7: `,. .
., f! x; ry ?::?y;;µ s:f f :.'•.a .s..= ?,. 1, n?cc°'+^ j? ?•;`{? ;5? y V d'•.ej.+?r'` • , . ?
* x?+1ta 1. 1'Mty 1.F s-{E Pi.YIV ri T F ti .{. tp,',?-'•,` i+?S n 'e4".7..1 1 *+a? i?' • ••,rtt 'V••?1,. '?„[,?? ' ' Q , ? a 1
+?? ?• {r7 t' r ?. C• ?f':s',w'.e:? ?•I ^•< "F -bi .,l ;.'+,?•. s'7+?• ?s i t •S'? ? YY+?'?E''Y°.5. ? c9 • -r41? a? 5 .
.i ??t$ _?,:?.t'?h•?t`a?'?sz.:+? ";?;•A•h.-.•,r??:i::a?.:;?fi:a..,:L+i.?a:::..J..2;';.Zx?'???5?:1;???:.rt'TS.x ??..>?ti?`J"? `t. .•'_?'a?--r.>•2M.: ?
w = r Fem.- - :.t. r :°r,•;,rS ?d', t. .. ,; ?.':.. ti X?:?:,
,?_ '?.^? 'y?ta:4?,f? ,a rd?ri•: x: +.?" *,.j.. ?'s":1+'.j-..^;t',.`y?;'i i. ? .+t ::r - ..?:,?:r,,liS...'?^u.????:?1.+..4'??::crrr.,.+?%j:>s ' .t
t ,u.?S,yL:s1,.,,7..,t! rr ,r;::ti; •?"; .r, .-t??; ,.:?-:t?,. ?y'. :?+a:'?v t?J'':.S :e,!?:#r, } t.?,. l• ;.k• ?a '?'
? t c :t.•.7 .,;~:'.:??"?:F.-:.. _ .;:•` .3)+?,,t°:r•,E.•a a;°a,', .4f?'}?fa^:,i_?1's ?''t^•jr?i'<` '• r ]
? •;ww,...,,;.a:.•?.rw+ryeUC?f:aiiwsi?i ? arealrY'ti: {a. Y• .,r a E 2
!. ' . ? . ,1:?},ti?'r iry????T•q? 4 :??fyi p7rhy??P.f•?4',??'?4?i^ ? r
provisions. Neither the State of Florida nor any political subdivision thereof# nor the City
r
shall be obligated to pay the principal of the Bonds, the Interest thereon or other costs
:fir .. ? .' :? f :.,•,, .? ' ..
lncidant thereto except from the Net Revenues, In the manner provided herein. Neither
the faith and credit nor the taxing power of the State of Florida any political subdivision
?s thereof is pledged to the payment of the principal of the Bonds or the interest thereon or
'fey s S,p7a'E other costs Incident thereto. r
?E ?tY j.t fib{`_? ! ??? f ??i?'?? 1
'i• ?°+a°'??}?J i.r??rr;,;' (INSERT REDEMPTION PROVISIONS)
?+:Yy t, ?Cwe'l'?{i 1'h°:?FTyy:Et `•'P Ira;. e,>'''?•'..Ni:j.J,^y ??`? 't=J1{ •
Notice of such redemption
t '
shall be given in the manner required by the ? , ;.; ? ?;.?"y'?f'x• "?rM??'??r' err ??°rr:`.
;g
a?Y. h Frf'? t Ordinance.
we??t?isl9?yr?? ??xjv ?:;.t•;Y?,.?x;€rSia.yc..i;.;a't?;,}? ia. •n?:, t
,y i djCC?tt?YY?EE'? f.? ? t' •? i ''' `S' rs: r ?;, a':,, `` "hr:.
,•F'$p ??6 wi .E ? ? + r: N.'?i AT'i:?ltir •'r;1.?' 3'.? ?• ??K ??•
It is further agreed between the City ??r::`'-n ?•
t and the holder of this Bond that this t°=?, .:? ?'r ?°• X33 =:?`
f., ,?i5 ?? q :; ?4??. .t "w• Ti•". yt-2.r,?YkE"? T ? ?N??1 A? T
Bond and the indebtedness evidenced hereby shall not constitute a lien upon the Parking
? • Fd S,J'l??i^!,F" 7J 1Y Pf,If yC? '`.1';l? ??'? •. ?,} ?1 .. x ;3 ""P
''` ?'+R?Yx"?? ?,t?.?ri??3=???,??.?:r•; System, or any part thereof,
or on any other property of the City, but shall constitute a ??.;,,?;? •?,? :.;,
°' lien only on the Net Revenues, in the manner provided in the Ordinance.;
w., In and by the Ordinance, the City has covenanted and agreed with the holders t
of the Bonds of this issue that it will fix, establish, revise from time to time whenever
i
s E'' a , w ~ • ?1a• ' necessary, maintain and collect always, such fees, rates, rentals and other charges for the
? ry, maintain and collect always, such fees, rates, rentals and other charges for the
-use of the services and facilities of the Parking System which will always provide -
revenues in each fiscal year sufficient to a and out of such funds a 100% of all ecsts
??};TM 10 i of operation and maintenance of the Parking System In such year and all reserve and other
payments provided for in the Ordinance and together with any +
and, y payments due to the City
'IP, . by the City of Clearwater Community Redevelopment Agency under a Cooperation t t'
Agreement (all as defined and limited in the Ordinance) 14086 of the bond service ?' '.;?• '
f? rSy
fi?Jar?• ,? requirement • due in such year on the Bands of this issue, and on all other obligations
m i 'Y # ti? S }
payable on a parity therewith, and that such fees, rates, rentals and other charges shall `
1K;Er r
not be reduced so as to be insufficient to provide adequate revenues for such purposes. x ?` .?? • ? on,,
' t The City has entered into certain further covenants with the holders of the Bonds of this
issue for the terms of which reference is made to the Ordinance. ,;.? ??• .,??-.?,? ,
It Is hereby certified and recited that all acts, conditions and things required
to exist, to happen and to be performed precedent to and In the issuance of this Bond
exist, have happened and have been performed in regular and due form and time as
required by the laws and Constitution of the State of Florida applicable thereto, and that
the issuance of the Bonds of this issue does not violate any constitutional or statutory
limtations or provisions; further that this Bond and the issue of which it is a part has been
Issued pursuant to the provisions of Section 218485, Florida Statutes.
LKL 02/24/83 #103 -15-
mod? 3 4 Id -? f'3 /- ?3
€ ( ?TPj•? t ; ? ? n} 1 jwi?;. ' ??r g4?h R a4Y :± if3~ N l x 1 i•^..,i. , a.
.. ....._:?'++?7Y .. i' ?.... Ft?_v .. ?-. '.f. ?i. .. .'r?:'.•:S't"a r. ..,• .???Gal[L'.,.c.?.i? ix_..f'.: ,.. .. ....;5i????diss???.rC?,C???dRY T A11t.'Y•r.+?.?...
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.
s
This Bond is and has all the qualities and incidents of a negotiable instrument .;
41
under the Uniform Commercial Code - Investment Securities of the State of Florida.
IN WITNESS WHEREOF, the City of Clearwater, Florida has issued this Bond
and has caused the same to be executed b the manual or facsimile signature of its
Mayor-Commissioner and countersigned by its City Manager, either manually or by their ;
facsimile signatures, and its corporate seal -or a facsimile thereof to. be affixed,
Impressed, imprinted, lithographed or reproduced hereon and attested by the manual or
/i, ?-•'h,'}
facsimile signature of its City Cleric all as of y
the first da of 1983. ; ' *.i?;•?' ?:.'?':?,=:,r ?.,
RAr'?., _ n r.1
CITY OF CLEARWATER, FLORIDA
(SEAL)
Mayor-Commissioner
City Manager
ATTEST: Approved as to Form and Correctness:
City Clerk City Attorney
VALIDATION CERTIFICATE
This Bond is one of a series of Bonds which were validated by judgment of the
Circuit Court for Pinellas County, Florida, rendered on , 1982.
Mayor-Commissioner
LKL 02/24/83 #103 -16-
save -F3. v-2/-X3
16111111 li
Fr43Z- '.fl"
PROVISIONS FOR ASSIGNMENT
rt Y,,,
77 a j'
For value received, the undersigned sells, assigns and transfers unto
La
the within Bond and
all rights thereunder, and hereby irrevocably constitutes and appoints
attorney to transfer.the within Bond on the books kept for registration thereof, with full
power of substitution in the premises.
Dated:
LKI, 01/28/83 #103 ' '. -17W
s}y,{,(.!Try {??`J?'yi ?1T` 1;1 ,y`.??Y:.Y? /rt{^^JJ --r'???, •Q .0.?..?T ?9'??`' .. "?` ? ? ?} ?w???' • Y .
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Section 13. APPLICATION OF BOND PROCEEDS. The proceeds, Including
accrued interest and premium, if any, received from the sale of any or all of the 1983
Bonds shall be deposited In a trust fund which is hereby created, established and
designated as the "Series 1883 Project Trust Fund" (hereinafter called the "Project Trust
Fund"). The Project Trust Fund shall be deposited with any banking Institution in the
State of Florida approved as a depository for funds of the Issuer and subsequently
designated by the Issuer. The proceeds of the 1983 Bonds shall be applied by the Issuer
simultaneously with the delivery of such 1983 Bonds to the purchaser thereof, as follows:
A. The accrued interest and capitalized interest, if any, for a period not
exceeding the estimated date of completion of the 1983 Project plus 1 year, as
determined by the Issuer, shall be deposited in the Interest Account in the Sinking Fund
herein created and shall be used only for the purpose of paying interest becoming due on
the 1983 Bonds.
B. At the option of the Issuer, as determined by resolution of the Issuer at
or prior to the sale of the 1983 Bonds, a sum not exceeding the Maximum Bond Service
Requirement coming due on the 1983 Bonds during any ensuing Bond Year shall be
deposited in the Reserve Account in the Sinking Fund, herein created and established, and
shall be used only for the purposes provided therefor.
C. Unless paid or reimbursed by the original purchasers of the 1983 Bonds,
the Issuer shall pay all costs and expenses in connection with the preparation, issuance and
sale of the 1983 Bonds,
D. The remainder of the proceeds shall be used only for the payment of the
cost of the 1983 Project. Pending such application, the moneys in the Project Trust Fund
shall be invested in Authorized Investments maturing at or prior to the times when such
funds will be needed, in accordance with a schedule approved by the Traffic Engineers and
the earnings thereon shall remain in and be available only for the purposes of the Project
Fund. Any balance of unexpended moneys in the Project Trust Fund after completion of
the 1983 Project shall be deposited in the Renewal and Replacement Fund herein
established.
The proceeds of any Additional Obligations shall be deposited into a separate
Project Trust Fund and applied for the payment of the costs of the Project to be financed
by such Additional Obligations in the manner provided in the ordinance authorizing
Issuance of such Additional Obligation.
Section 14. SPECIAL OBLIGATIONS OF ISSUER. The 1983 Bonds shall be
special obligations of the Issuer, payable solely from the Net Revenues as herein provided.
LKL 01/28/83 #103 -18-
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f! .'Iii ?•
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a r--, ..i,+^?!i^;'t ?'??tF?.??,,1'lh?:?.:'.t}F!'?t?!•?Y ??:u °-. i.:S,'A?t'"'' ...,.?rttiC'' ? :,
??? 'rr'?l;'^"??•fl?ar.?n??r„.57??'r'"fi.Y,,,t???sn"' th`. ? .. .• . gin;:
,yt -•a-F !••3: .. .y' i? .?4 ..-:: ?. ?''??i ?'. `.?C° .` r ?`.i3?i 3?'i ''kl ro ?r rti t ? "61A
a!x ??;..II?,il?-.!!4?!?rai?"y 41?:.. ?_..si4t?._.,:i. -a. . .. .__ .._ ?_.`..rtt^:t 4'l?i?w ?..e s'd :': _4 _. t•..?i•s. •ta_?..,<r?.i41.?1as:'. ?k :; A?hS. i:i:?:•?q All
C
The 1983' Bonds do not constitute an indebtedness, liability, general or moral obligation or
a pledge of the faith or loan of the credit of the Issuer, the State of Florida or any
political sobdivison thereof, within the meaning of any constitutional or statutory
provisions. Neither the State of Florida nor any political subdivision thereof nor the
Issuer shall be obligated to pay the principal of the 1983 Bonds, the interest thereon or
other costs incident thereto except from the Net Revenues, in the manner provided
herein. Neither the faith and credit nor the taxing power of the State of Florida or any
political subdivison thereof is pledged to the payment of the principal of the 1983 Bonds
u
or the interest thereon or other costs incident thereto. The acceptance of the 1983 Bonds
by the holders from time to time thereof shall be deemed an agreement between the
issuer and such holders that the Bonds and the indebtedness evidenced thereby shall not
e"`dr Ite, s ? ?r Sti????r:t, fl
3„;,?} ; {t?Et . rM} constitute a lien upon the Parking System, or any part thereof, or any other property of
the Issuer, but shall constitute a lien only on the Net Revenues, in the manner hereinafter
provided.
The payment of the principal of and the interest on the 1983 Bonds shall be
't
secured forthwith equally and ratably by an irrevocable first and prior lien on the Net
Revenues of the Parking System, as defined herein, and the Issuer does hereby irrevocably
pledge such Net Revenues to the payment of the principal of and the interest on the 1983
Bonds, for
the reserves therefor and for all other required payments under this Ordinance.
t fib 4
Section 15. COVENANTS OF THE ISSUER. For as long as any of the
principal of and interest on any of the Bonds shell be outstanding and upaid, or until
payment has been provided for as herein permitted, or until there shall have been set
NJ; g.
apart in the Sinking fund, herein established, including the Reserve Account therein, a
sum sufficient to
pay when due the entire principal of the Bonds remaining unpaid,
together with interest accrued and to accrue thereon, the Issuer covenants with the
holders of any and all Bonds as follows:
A. REVENUE FUND. The entire Gross Revenues, except the income from
investments (hereinafter provided for), derived from the operation of the Parking System
shall upon receipt thereof be deposited in the "City of Clearwater Parking System
Revenue Fund" (hereinafter called the "Revenue Fund"), hereby created and established.
Such Revenue Fund shall constitute a trust fund for the purposes herein provided, and
shall be kept separate and distinct from all other funds of the Issuer and used only for the
purposes and in the manner herein provided.
B. SINKING FUND. There is hereby created and established a separate
fund to be designated "City of Clearwater Parking System Revenue Bonds Sinking Fund"
LKL 03/02/83 #103 -19-
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:!s ?°H-'??, ?IY'?.t?l;'r%''•?1iu?e .fir.
i
'tf'I.??''°?w.?H`•j,•.?.?}i?Yi?1?l?e??'}?i/????yi(?,/'R ?
' .?J?}'^•?1w':.? 9: M?.-.???ji'.? t1 ?5'i iL4R
?,.,. _:lt.?i;f+??7 ??: ,'1?11a°?rLyu???Rt'; ? •
7
I
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y S `??', . ?J!:nv£eK.My'iit??"c. dr. ;? •°, 7.•,« ?? ,`? r?`i„? +?- ;,x,.?,r?,.t:..• !y's?•,
cF', s=?t?r':.'!' ''x. *;..?z???_,.k ?..._ ..... .•r ,. ''?;?. .... •? ',... .. .. ? "? ,.. ....... ? a. 'tad:>`.: ?..?. ??? ~..
1: "i=,t°:':'s ?:..r :\:Gr ^;r',?? :;4•'-i: •i?.a .fu ?; ,... ..f•,: ra?r ::?iT. ,_2?:=.eali;rf'?`..?:t s_t..f.?Ytii.
(hereinafter called "Sinking Fund"). There are also hereby created and established in the
Sinking Fund four accounts to be known as the "Interest Account", "Principal Account",
"Reserve Account" and "Bond Amortization Account".
0. DISPOSITION OF REVENUES. All revenues at any time remaining on
deposit'in the Revenue Fund shall be disposed of on or before the fifteenth (15th) day of,
each month, commencing in the month immediately following the delivery of the Bonds
only in the following manner and in the following order of priority:
(1) Revenues shall first be used to deposit in the City of Clearwater
Parking System Operation and Maintenance Fund" (the "Operation and Maintenance Fund")
which fund is hereby created and established, such sums as are necessary for the Cost of
,
Operation and Maintenance, as hereinabove defined, for the next ensuing month.
(2) Revenues shalt next be used for deposit into the Interest Account,
such sums as will be sufficient to pay one--sixth (1/8) of all interest becoming due on the
Bonds on the next semiannual interest payment date.
(3) Revenues shall next be used for deposit into the Principal Account,
in any Bond Year in which a Serial Bond matures, such sums as will be sufficient to pay
one-twelfth (1/12) of the principal maturing on Serial Bonds in such Bond Year.
(4) Revenues shall next be used for deposit into the Bond Amortization
Account, in any Bond Year in which an Amortization Installment is due, such sums as will
be sufficient to pay one-twelfth (1/12) of the Amortization Installment required to be
made in such Bond Year. Such payments shall be credited to a separate special account
for each series of Term Bonds outstanding, and If there shall be more than one stated
maturity for Term Bonds of a series, then into a separate special account in the Bond
Amortization Account for each such separate maturity of Term Bonds. The funds and
investments in each such separate account shall be pledged solely to the payment of
principal of the Term Bonds of the series or maturity within a series for which It is
established and shall not be available for payment, purchase or redemption of Term Bonds
of any other series or within a series, or for transfer to any other account in the Sinking
Fund to make up any deficiencies in required payments therein.
Upon the sale of any series of Term Bonds, the Issuer shall, by resolution,
establish the amounts and maturities of such Amortization Installments for each series,
and if there shall be more than one maturity of Term Bonds within a series, the
Amortization Installments for the Term Bonds of each maturity.
Moneys on deposit in each of the separate special accounts in the Bond
Amortization Account shall be used for the open market purchase or the redemption of
LKL 41/28/83 #103 -20-
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.i.'r'''.j.Y??, ?*\{' OYrli:j..i it,{aM1,?1. i ,?• i 4'?1'k?`k
• :ins .'y?t.$yjMa3T?<yj f?211 ?+?,??a'•
w. .,t y?r r." s P
i, l., :j. ,. s•?.s>I °:a•K? fs'Iri.°:,q.N, S.ai i'r. y.
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' •• .,.\ ."i' •;' ri+. - Zvi} f r'k'r?^gSy'? ti 7;g?:• , '
., 'y.f1 "?f::'`.Y;:;l,?s`,1r°`?. Ii. ?f•°`%iL"?`5"?w'fl\7 ?.9 ma'r'.
' '??.r X41 i,?,`*l:k. 3\ 7'.yii a 2M 4- •1/ +f• L' td .? 1
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??'RS;I{#*??`•3r?.`.A=?v?•?.?•.° A4?:;.'1'??.'"',9j?^!'?`+{•4''?:'"''xr .,''., '?}'c3.'q'73,.?lel.r "?5. T7"
5.'?. 4C:... Fx.?',(r=. .... _, i.l. ?: ?,r.:'?. ?•e?:.«!..c :.. .'.:: .. .''»,y::,i....?'.:r^_.:.',:? ?il?.'„;':`, f.:•_ ..t i:A <:s4 ;•?S??r»..
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;n ., ?..- dl,S '?J+^, [n."" 1 i4]T.'t '.y ??.. •- - .,5`ok.'?s',i i .?pr.,.?.7Ys.Y'J- ?!?1S"•...,?„_
Y.,q '?.? i 4?? •'?'A, j ?. l .?{fC ?: r,''A: r^!t";;.A art t; ?•}S ?e.•?,sm'?,?
??pLL rr ;ti`i-`+; x?AS,.l7 x}''? •a• :;s ???.F' 4 c•r
,".';???i.?tC;vt?,fi'; ~?'''"'?ZY.'?C3,s'?:. ?;.i:S S.` ,i-- ?"'?a.. t'.? ••;.'`''`y Y•i''iA?`4. 1?'?''-:d ?4i
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Term Bonds of the series or maturity of Term Bonds within a series for which such
separate special account is established or may remain In said separate special account and
be Invested until the stated date of maturity of the Term Bonds. The resolution
establishing the Amortization Installments for any series or maturity of Term Bonds may
limit the use of moneys to any one or more of the uses set forth in the preceding
sentence.
The required deposits to the Principal Account, Interest Account and Bond
Amortization Account shall be adjusted in order to take into account the amount of
money currently on deposit therein.
(5) Revenues shall next be applied by the Issuer to maintain in a
separate sub-account for each series of Bonds in the Reserve Account a sum equal to the
Maximum Bond Service Requirement coming due on each series of the Bonds, respective-
ly, during any ensuing Bond Year, which sum shall initially be deposited therein from the
proceeds of the sale of such series of the Bonds and other funds of the Issuer, or, at the
option of the Issuer, or, if there are deficiencies, shall be initially deposited therein in not
exceeding sixty (60) equal monthly installments.
Any withdrawals from any sub-account in the Reserve Account shall be
subsequently restored on a parity with restorations of all other deficiencies in such sub-
accounts, if any, from the first moneys available in the Revenue Fund after all required
current payments for the Operation and Maintenance Fund and Sinking Fund (including all
deficiencies In prior payments to those Funds) have been made in full.
Moneys in each sub-account in the Reserve Account shall be used only for the
purpose of the payment of maturing principal of or interest on the Bonds of the series for
which such sub-account was established, or maturing Amortization Installments for such
series of Bonds, if any, when the other moneys in the Sinking Fund are insufficient
therefor, and for no other purpose.
(6) Upon the issuance of any Additional Obligations under the terms,
limitations and conditions as are herein provided, the payments into the several accounts
In the Sinking Fund shall be increased in such amounts as shall be necessary to make the
payments for the principal of and Interest on Additional Obligations and, if Term Bonds
are issued, the Amortization Installments, on the same basis as hereinabove provided with
respect to the Bonds initially issued under this Ordinance. A separate sub-account in the
Reserve Account shall be established for such series of Additional Obligations and
payments shall be made into it on the same basis as above provided for the Series 1983
Bonds.
ZKL 01/28/83 #103 -21-
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_r.:•ter:oJ:,,c?°Itidy'JS.:Aiti;?,'?•s..?;%.?.?7Q??;,??,•`P??-;g• -
pSY:.\Rl ?iKr•?`?4:'?arl?1•?f.?x1f•.ilW?f??h :y....' :?.
.'i'C.?%ii^?,y,[:;:ei.`.r)ft:?'?V'bAlr,}::...: hrr: v'o 'r• t
k'r
_ _ ..1•: v, :3 .`.'.'u4.t:a en`3?.•'? C:S s'... k r ?: ?l E33?d
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9;
'17 '71'L-ax 7;l'?EY EC'??
The Issuer shall not be required to make any further payments into the Sinking
Fund when the aggregate amount of money in the Sinking Fund is at least equal to the
total Bond Service Requirement of the Bonds then outstanding, plus the amount of
redemption premium, if any, then due and thereafter to become due on such Bonds then
outstanding by operation of the Bond Amortization Account.
(7) The issuer shall next apply and deposit the moneys in the Revenue
Fund Into a special account to be known as the "City of Clearwater Parking System
Renewal and Replacement Fund" (hereinafter called the "Renewal and Replacement
Fund"), which fund is hereby created and established. The Issuer shall deposit into the
Renewal and Replacement Fund an amount equal to one-twelfth (1/12) of five per centum
(5%) of the Gross Revenues of the Parking System for the previous Fiscal Year, provided,
however, that so long as there shall be on deposit in such Renewal and Replacement Fund
a balance of not exceeding three per centum (3%) of the value of the fixed assets of the
Parking System, according to the most recent annual audit of the Issuer, no additional
deposits in such Fund shall be required. The moneys in the Renewal and Replacement
Fund shall be used only for the purpose of paying the cost of extensions, enlargements or
additions to, or the replacement of capital assets of the Parking System and emergency
repairs thereto. Such moneys on deposit in such Fund shall also be used to supplement the
Reserve Account, if necessary in order to prevent a default in the payment of the
principal or Amortization Installments of and interest on the Bonds. The moneys on
deposit in such Fund shall be withdrawn only upon the authorization of the governing body
of the Issuer.
(a) The balance of any moneys remaining in the Revenue Fund after
the above required payments have been made may be used by the Issuer for any lawful
purpose.
(9) The Operation and Maintenance Fund, the Sinking Fund, the
Renewal and Replacement Fund, the Revenue Fund, and all accounts therein and any
other special funds herein established and created shall constitute trust funds for the
purposes provided herein for such funds. All such funds shall be continuously secured in
the same manner as municipal deposits are authorized to be secured by the laws of the
State of Florida.
Monies on deposit in the Revenue Fund, the Operation and Maintenance Fund,
and the Sinking Fund (except the Reserve Account therein) may be invested and
reinvested in the manner provided by law provided such investments either mature or are
redeemable at not less than par at the option of the Issuer not later than the dates on
LKL 01/28/83 #103 -22-
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wm'? tie! :?`•'1',??°'? ? ?A'<: 4;.' es ,r•.?a'C°r?: Kyf.;..,1}??,*?"..'??"}a'??? ** ,! .F???ufr,w?' ?, i
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which the moneys on deposit therein will be needed for the purpose of such fund. The
moneys in the Reserve Account in the Sinking Fund and in the Renewal and Replacement
Fund may be invested and reinvested only on Authorized Investments, in the manner
provided by law. All income on such investments shall be deposited Into the Revenue
Fund, except however, that investment Income earned in the Bond Amortization Account
shall remain therein or be transferred to the Principal Account or the Interest Account "
and in any event used to pay maturing principal, Amortization Installments and Interest on "'s;„ ;'y; .', ;{';•: r
the Bonds within one year after receipt,
N ?WfA .ry+,? ?u,P:tii: y
The cash required to be accounted for in each of the foregoing funds ..?,?:t7 ' .? ?,.? : , f?„ ,?• r.,,; .
established herein may be deposited in a single bank account,
y provided that adequate 11 . _; ;r3,,,,y`,.x?-(Y??? ; '•• ? '¢•.
accounting records are maintained to reflect and control the restricted allocation of the 1 1
cash on deposit therein for the various purposes of such funds as herein provided.
The designation and establishment of the various funds in and by this
Ordinance shall not be construed to require the establishment of any completely
independent, self-balancing funds as such term is commonly defined and used in
governmental accounting, but rather is intended solely to constitute an earmarking of
certain revenues and assets of the Parking System for certain purposes and to establish
certain priorities for application of such revenues and assets as herein provided,
D. OPERATION OF BOND AMORTIZATION ACCOUNT. Money held for
the credit of the Bond 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 endeavor &
to purchase Term Bonds then outstanding at the most advantageous price obtainable with x
reasonable diligence, such price not to exceed the principal of such Term Bonds plus the4 ;
amount of the premium, if any, which would be payable on the next redemption date to
the holders of such Term Bonds if such Term Bonds should be called for redemption on
.(;j; ;
such date from money In the Bond Amortization Account. The Issuer shall pay the
ht
interest accrued on such Term Bonds to the date of delivery thereof from the Interest ±? t;
Account and the purchase price from the Bond Amortization Account, but no such purchase shall be made by the Issuer within the period of 45 days immediately preceding' ••
any Interest payment date on which Term Bonds are subject to call for redemption, except
from money in excess of the amounts set aside or deposited for the redemption of Term
Bonds.
2. Money in the Bond Amortization Account shall be applied by the Issuer in
each Fiscal Year to the retirement of the Term Bonds of each series of Bonds, to the
LKL 01/28/63 #103 -23-
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•i' seg. u s•; ,/:i•., .'.:c.i`??;a`,,. ....-eu:.•.?`.)_??,:s???ui:.31?sd?:'?i-Zx??..5'????
et S.',Yd e..5.?r'• ....?C..1-1 _. _ ,... .? I' as a. ..a 1 e. • ..._ _ "S ..... . ...... .. .:.G $: ... ._ ? 4:.P
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x extent of the Amortization Installment, if any, for such Fiscal Year for the Term Bonds of
each such series then outstanding, plus the applicable premium, if any, and, if the amount
F•i available in such Fiscal Year shall not be sufficient therefor, then in proportion to the ;`'., •:
SSA Amortization Installment, if any, for such Fiscal Year for the Term Bonds of each such
P •t* '
series then outstanding, plus the applicable premium, if any; provided, however, that if
f ? j the Term Bonds of any such series shall not then be subject to redemption from money in ?-
1S?'"
the Bond Amortization Account and If the Issuer shall at any time be unable to exhaust , .'',?„1"?•??.?Y.:`
} { .. ! i,e 1. _.
'i7'."r.. ,t. i ? ????5ysi _,..:.Y,J?'a . f.'.S;'•'.? i
the money applicable to the Term Bonds of such series under the provisions of this clause
?''' •,•?`,' Y= or in the purchase of such Term Bonds under the provisions of Paragraph 1 above such
Cow; » ?! ??`q-??L: ?, '!i'1'•1nr;vx;i ?a;'?.`' Vra??,Yt `?ir:i:ri"??i t
.??+` money or the balance of such money, as the case may be, shall be retained in the Bond =asMF;.;:cf?,::?;?,•• ?ti%•?:?'?,,? ???'•
°?krl.i
Amortization Account and, as soon as it is feasible, applied to the Term Bonds of such
{ti ` . s series..
3. The Issuer shall deposit Amortization Installments for the amortization
'zl
? ;? of the principal of the Term Bonds, together with any deficiencies for prior required
deposits, into the Bond Amortization Account, such Amortization Installments to be in
1 <«:'` '. t such amounts and to be due in such ears as shall be determined b resolution of the
}.:? n ' .=tx governing body of the Issuer prior to the delivery of the Term Bonds. s s >
The Issuer shall pay from the Sinking Fund all expenses in connection with any s
'Ire
such purchase or redemption.
E. OPERATION AND MAINTENANCE. The Issuer will maintain the Park-'
?F )Lf-" . E,"° • ing System and all parts thereof in good condition and will operate the same in an
j efficient and economical manner making such expenditures for equipment and for s .-
#? k renewals, repairs and replacements as may be proper for the economical operation anda
a;,,'`•_
maintenance thereof.
F. ANNUAL BUDGET. The Issuer shall annually prepare and adopt at least
fifteen (15) days prior to the beginning of each of its Fiscal Years, a detailed budget of
the estimated expenditures for operation and maintenance of the Parking System during
such next succeeding Fiscal Year. No expenditure for the operation and maintenance of
the Parking System shall be made in any Fiscal Year in excess of the amount Provided`, s
therefor in such budget without a finding and recommendation by the duly authorized
officer In charge thereof, which finding and recommendation shall state in detail the
purpose of and necessity for such increased expenditures for the operation and main-
tenance of the Parking System, and no such expenditure shall be made until the governing
body of the Issuer shall have approved such finding and recommendation by resolution duly {.
adopted. The Issuer shall mail copies of such annual budgets and all resolutions
LKL 01/28183 #103 -24-
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.. .?f 3.li'L a"4v`R L.. Yf?{~d i??'a jY'?m M1fkY?..r•il?t•E..?ri\14'?S :?vC'i.??'xJhY(??Yw???? ?i. }tYd? , s ;`_ •rsw
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authorizing increased expenditures for operation and maintenance to any nationally
recognized bond rating service (the "Rating Services"), providing a rating on the Bonds
upon the issuance thereof any holder or holders of Bonds who shall file his address with
the Issuer and request in writing that copies of all such budgets and resolutions be
furnished him and shall make available such budgets and resolutions authorizing increased
expenditures for operation and maintenance of the Parking System at all reasonable times
to any holder or holders of Bonds or to anyone acting for and on behalf of such holder or
holders.
G. RATE ORDINANCE. The Issuer covenants to fix, establish, revise from
time to time whenever necessary, maintain and collect always such fees, rates, rentals
and other charges for the use of the services and facilities of the Parking System which
will always provide Revenues in each Fiscal Year sufficient to pay, and out of such funds
pay, 100% of all Costs of Operation and Maintenance of the Parking System in such Fiscal
Year and all reserve and other payments provided for in this Ordinance and, together with
any future payments, if any, which the Community Redevelopment Agency is obligated to .
make to the Issuer under a Cooperation Agreement, if any, described in Subsection T
below, 140% of the Bond Service Requirement due in such Fiscal Year on all outstanding
Bonds. The payments which the Community Redevelopment Agency is obligated to make
under a Cooperation Agreement, if any, described in Subsection T below, which are
included for such purpose shall not exceed in any Fiscal Year the lesser of W the Bond
Service Requirement coming due in such Fiscal Year on Bonds issued to finance a Project
located in the Redevelopment Area of the Community Redevelopment Agency or (ii)
Available Tax Increment Revenues during such Fiscal year. Such rates, fees, rentals or
other charges shall not be reduced so as to be insufficient to provide Revenues for such
purposes.
The Issuer further covenants and agrees that the Issuer will annually within
thirty (30) days after adoption of the budget described in the preceding Subsection F
revise such fees, rates, rentals and other charges for the use of the services and facilities
of the Parking System to the extent necessary to provide the Gross Revenues sufficient to
meet the coverage requirements specified above.
H. BOOKS AND RECORDS. The Issuer shall also keep books and records of
the Net Revenues of the Parking System which shall be kept separate and apart from all
other books, records and accounts of the Issuer, and the holders of not less than ten per
centum (10%) of the Bonds shall have the right at all reasonable times to inspect all
records, accounts and data of the Issuer relating thereto.
LKL 02/24/83 #103 -28-
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.; y '?^? : •c•si'' r lir:t-5 .;, ? Yl ?!y ' y, 11;'•??Swl,?lt:Vgt .
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1. ANNUAL AUDIT. The issuer shall also, at least once a year, within 120
;t
days after the close of its Fiscal Year, cause the books, records and accounts relating to
the Parking System to be properly audited by a recognized Independent firm of certified
public accountants and shall make generally available the report of such audits to any
holder or holders of Bonds. Such audits shall contain a complete presentation of financial
statements In accordance with generally accepted accounting principles. The auditors
selected shall be changed at any time by a written request signed by a majority of the
holders of the Bonds or their duly authorized representatives. A copy of such annual audit
shall regularly be furnished to the Rating Services and to any holder of any Bonds who
shall have requested in writing that a copy of such reports be furnished him.
J. NO MORTGAGE OR SALE OF THE PARKING SYSTEM. The Issuer will
not sell, lease, mortgage, pledge or otherwise encumber the Parking System, or any
substantial part thereof, or any Revenues to be derived therefrom, except as herein
provided.
The foregoing provision notwithstanding, the Issuer shall have and hereby
reserves the right to sell, lease or otherwise dispose of any of the property comprising a
part of the Parking System which the Issuer shall hereafter determine, in the manner
provided herein, to be no longer necessary, useful or profitable in the operation of the
Parking System. Prior to any such sale, lease or other disposition of said property, if the
amount to be received therefor is not in excess of $50,000, the City Manager of the
Issuer or other duly authorized officer shall make a finding in writing determining that
such property comprising a part of the Parking System is no longer necessary, useful or
profitable in the operation therof.
If the amount to be received from such sale, lease or other disposition of said
property shall be in excess of $50,000 but not in excess of $100,000 the City Manager or
other duly authorized officer shall first make a finding in writing determining that such
property comprising a part of the harking System is no longer necessary, useful or
profitable in the operation thereof, and the governing body of the Issuer shall, by
resolution duly adopted, approve and concur in the finding of the City Manager or other
duly authorized officer, and authorize such sale, lease or other disposition of said
property.
If the amount to be received from such sale, lease or other disposition of said
property shall be in excess of $100,000 but not in excess of 10% of the value of fixed
assets of the Parking System according to the most recent annual audit report, the City
Manager or other duly authorized officer shall first make a finding in writing determining
LKL 01/28/83 #103 -26-
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P' 1' t:'C;:.tyi:. ,(.T•°filaplN '3r'>•a•Y.?.+?`a?•'?r?' ? •Y't.7J,':t' -F??;,4
4., r..r±f«:;::? r-: K<,., r;a?'rv.y?"`'.!•• ?c"r?':y?y'"'?,;";».4tvex:;+,? a,?s?•?-t. r? ?,+L'^?r, .,?.- ? •? . • :. '. ,
- .. ,.. ,..? ., _, ...53`sin`?$'€'.t?i'y?.?•.?_?r'?w3::$3`-f >'_:i;.-,. :i ?'.'?::o'•??%vSF!:i'?s..? ` 4
- ONE
' that such property comprising a part of the Parking System is no longer necessary, useful
or profitable in the operation thereof, and the Traffic Engineer shall make a finding that
' it is in the best interest of the Parking System that such property be disposed of, and the
` governing body of the Issuer shall by resolution, duly adopted, approve and concur in the
findings of the City Manager or other duly authorized officer and of the Traffic Engineer,
>,°•R k t and shall authorize such sale lease or other disposition of said property.
k
"'''• x:? r ? ? # ? ???i ? ?? Anything in this subparagraph J to the contrary notwithstanding: nothing
yea-l3? f herein shall restrict the governing body of the Issuer or, to the extent such authority has
y?4Y4??? Y H??' been vested in him by such governing body, the City Manager in the exercise of his
z r6 discretion, from authorizing the sale or other disposition of any of the property
comprising a part of the Parking System, if the Traffic Engineer shall certify that the Net
Revenues of the Parking System will not be materially adversely affected by reason of
t f\7',
such sale or disposition.
If the proceeds derived from any such sale or other disposition of the property
u iF yr ? 31'
i•,= ? , :Y . are in excess of 10% of the value of the fixed assets of the Parking System according to
the most recent annual audit and operating report, such proceeds shall be used for the
Y retirement of outstanding Bonds. If the proceeds derived from any such sale or other
disposition of property are less than 10% of the value of the fixed assets of the Parking
51
System according to the most recent annual audit and operating report, such proceeds
-all
if shall be placed in the Renewal and Replacement Fund or used for the retirement of
)i? Y?t?i y ,'1? ? 1•'7} • ,I,
.'iz't war 3 s? . E; outstanding Bonds, in such proportions to be determined by the governing body of the
+'`{ 3 4 Issuer upon the recommendations of the City Manager. The payment of such proceeds
,?'? ?• r?;?{ into the Renewal and Replacement Fund shall not reduce the amounts required to be paid
into such Fund by other provisions herein.
ir1? t r' Nothing herein contained in this Section nor in this Ordinance is intended, nor
shall it be construed so as, to prevent the exercise by the Issuer of its right, which is
hereby expressly reserved, to lease any part or all of the Parking System, except the city
streets and the right to park on said streets, to private operators under provisions which
are designed to insure the receipt of Revenues which are adequate for the requirements of
this Ordinance. Such lease shall be approved by resolution of the City Commission and
additionally approved by the Traffic Engineer and shall contain a covenant that said lease
shell be in force and effect only so long as all payments required by the terms of this
Ordinance shall be timely made and in the event of default on any of the payments
required by the provisions of this Ordinance such lease shall immediately become void and
of no effect.
LKL 01/28/83 #103 -27-
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4' '?4° ?' r .{.: r+a?<?t;?''ti , r? . Rf : 'v.;'c.."?,' • -a?••::,M1 ,, s' . X?' - ! .,I.; i s+ . [i4; ?, MA 1, }}((s .
r{' ?4.?t' •S. Y.y sh r '.' .. '. • er ,,'.. t ,' u Sd4.?i?," eLL C Y' ?' "5
i' c''?: F?" .`? L l Orrw.w.3:?.-r??.'.r~c_.:.'...uiNrRl:MltRYkk,1U' ',i3.ri•.,w-}:`^'fi?ii;?-.2.L:.i.'?.Y?.:.1°s"a }7?jfEF'_s..CwL+??. y f... r?k.
it ` ;,i F e''s?t•''f{a'R
? Al
CD
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,
i
" V i ¢r Nothing herein contained In this Section nor in this ordinance is intended, nor
shall It be t.>. construed so as, to prevent the trading in of used equipment, Including
t
the
n .,, parking meters of the Parking System, for credit or allowance toward the purchase of new
equipment, including said meters
a:? } .-z,`' parking , provided that said new equipment is substan-
=3 .;'
tM tially similar in type, quality and amount as the used equipment so traded In for credit or
?S i
allowance.;
K. INSURANCE. The Issuer will carry adeq
oats fire and windstorm insurance '.«-.?i`?•".?.,?,{;;4=??*? Viz''
51
t: `t ??? r ;a :1; a,;,%?? aksl:; of^ is 4<*, F
on all buildings and structures of the works and properties of the Parking System which ' `:;Lyz' 1 ;r?j`i'?tez<.•
F.? ?L •? ',??,-`?d r'er; S?:.Sy. 3`ri S, Xy „31?r. S
:tip1:?• are subject to loss through fire or windstorm, and will otherwise carry insurance of all
. '•= t'=_i -
¢? i? . • 5?i- . Y+'? ,Ri<fk?,. ,'va(ti?'y;?l ; +yt? "'.`u •t;`5,?. a v' .
kinds and in the amounts normally carried in the operation of similar facilities and
properties In Florida; provided, however, that In lieu of such insurance the Issuer may i +
4•F lA
establish a qualified plan of self-insurance in accordance with the laws of the State of
r• .?.j ,rK Florida. Any such insurance shall be carried for the benefit of the holders of the Bonds.„"` i Y y , p public liability, are
r; All manes received for losses under an of such insurance axes t ublic liabilit
X, 1
'
?''f '''-,?c ,r€r•: hereby pledged by the Issuer as security for the Bonds, until and unless such proceeds are
used to remedy the loss or damage for which such proceeds are received, either by
repairing the property damaged or replacing the property destroyed as soon as practi-
cable. #.?
L. NO FREE SERVICE. The Issuer will not render or cause to be rendered any
??? ``{}' f 4-4 free services of any nature by its Parking System, nor will any Preferential rates be Al
ail
' s established for users of the same class; provided, however, that free services may be ;n
}.4
4`r,; provided for the use of designated portions of the Parking System so long as, prior to the.,,
r furnishing of such free services, the Issuer shall obtain and file with the City Clerk a
zY . t . report from an independent qualified parking consultant stating that in his opinion such ' .
free services will not cause the Revenues of the Parking System to be reduced so as to fail to comply with the rate covenant in Subsection 15G hereof. Whenever the Issuer, '
??,s• • ?' ? j r ? ? try' ,
including its departments, agencies and instrumentalities, shall avail itself of the ;
t
7 facilities or services provided by the Parking System, or any part thereof, the same rates, ' ' ry
fees or charges applicable to other customers receiving like services under similar '
circumstances shell be charged to the Issuer and any such department, agency or
r'
instrumentality. Such charges shall be paid as they accrue, and the Issuer shall transfer
from its general funds to the Revenue Fund sufficient sums to pay such charges. The 7r•
revenues so received shall be deemed to be Revenues derived from the operation of the
:i
Parking System, and shall be deposited and accounted for in the same manner as other
Revenues derived from such operation of the Parking System.
LKL 01/28/83 #103 -28-
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S ,'v?'' ?., ; jri ',1. r!. .:i .,..?''.?? •e?r:.;.:,' ';,.:"I':??a? •S. ' '•re: i_:. ?? ``r°in;8 '1':.t2".a ..f?: cY y. :r;:?:i?:: o-:?+:
=i^.4`, ,.r•>..' p•',yi ; ?S`,3'yP.`a,``.'"" i+" art "5?j: tz}s+7'.?'"`7:h'; 5\t'i?.,?.. 8t+a:'slt_'..r. t•'' .d
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e -s? ' ?: ??4 y? .'.s['• , ? •?"?9, ?t.. s . - -s,,y rah`-?,.'" ?"x' ,?, : .7?^-: ? ?*? .af`??. ?S}?"rt.? '?,;;tt` ''"? ?`d> ' ?",j `'?
S''x.f=r=Srri:?.tr?;;???r??(?lf? sus Z'x. A
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1r . ?:.? .. ?ti?r•![S ?e??'#V"'r`y`yr?'S.°'& <Sst' a• ? Y ?, i ?'? ?'.??? '• W..Y"K?
? , <i? ? •'??, }, ?. 4?-••.4?,.f`?' •r a. ':s 1 °.?.-?.r.,, h ,R! ?4 .a"+4?., xt L.+•?/'?,rt, ?dtt.t '
'4. ,x•M' z???
`? w. , ?, ???ji.7 ":,%?y ?e..r,?i,?!?Z;ti1'a?,t.e.ak.^i.°?.i°;u-'s_t?'}'i .. :?: d"s •.! ;, g•. %' ,.t-•' ,'?•X+y r !
.. a: r:(i =S ,kF. ,r, ?9' a'''. s. •r ?;,;,??.i:r. --,'cr {. j}"?•;,?t?:'a'? i 4"..:? #?'.s h.• ;F?.tF?.
^,3 ni a a? .A .r T••? ? .w r, _Ft t: ?.a ? sI":? a r, 's
' `' tx ;6r •?v ?, ?.Y.Y ? tti iS.'r¢°,.• j '.t,'... ??4 <",. fir.: '-.f?! ?".. •t>`ar..' r4. t', l? i%'' .?;'?,`]`r-... ,1 ?t r?.Ftl?j ?y?y a;;?t• 1
?` aee? i„`:`ra.?.w.'}•.....<_.. .., ...:w:L+d+Ii?GT.?2?7Lwa3?#fi'•_ .?1:.:?,:•?5.+a+X"Y.•3.nc}ii;Gw+?
r 4' •,r
M. RELOCATION OF PARKING METERS. The Issuer will maintain parking
meters on all streets where such parking meters are located and maintained on the date of
/t
enactment of this Ordinance and will not remove or relocate said parking meters unless
r 5 s5 L?
N?tf;a{ auch removal or relocation shall be recommended by the Traffic Engineer. Notwith-
standing the fore oin the removal or relocation of parking meters where such removal
or relocation is'made necessary by street widening or street crossings, and the substitu-
.' Vy ; ale: Lion of or change in location of parking meters necessary, essential and 'required for
proper traffic regulation and control, where such removal, relocation or substitution will
=t? s tva, not materially lessen the Revenues obtained from the operation of the parking meters,
may be accomplished without approval by the Traffic Engineer.
F 4'ii ?t:ti?C' R
N. ENFORCEMENT OF COLLECTIONS. The Issuer will diligently enforce
krC^h? and collect the rates, fees and other charges for the services and facilities of the Parking
ft System herein pledged; will take all steps, actions and proceedings for the enforcement
cj {N1. ?n. Y 4 5 h
;? , ,,•;r. and collection of such rates, charges and fees as shall become delinquent to the full
extent permitted or authorized by law; and will maintain accurate records with respect
?, -
thereof. All such fees rates, charges and Revenues herein pledged shall, as collected be
held in trust to be applied as herein provided and not otherwise.
;.? O. NO COMPETING ISSUER OWNED, LEASED OR CONTROLLED
FACI- ilk,
LITIES. The Issuer hereby irrevocably covenants that it will not construct or acquire any
,,rd's parking facility for which no fees or other charges are fixed, established and collected and
kR6 which will be competitive with the facilities of the Issuer's Parking System. The Issuer
ZV ;Zr
; hereby further Irrevocably covenants that to the extent permitted by law, it will not
f ant or cause or
' N • ; gr , permit to be granted, any franchise, permit or license for the
h?yr tf't
construction, acquisition or operation of any parking facility on any Issuer awned, Issuer
:. , ]eased or Issuer controlled property within the Issuer by any person, firm, association,
I?N
k'.. 'I corporation or agency or other body whatsoever which will be competitive with the
4111 ' A ?..
facilities of the Issuer's Parking System in such a manner as to materially affect adversely
?1# the Revenues to be derived from the facilities of the Issuer's Parking System; provided,
however, that the provisions of this Subsection shall not be construed to affect or impair
t
any vested rights under any existing franchises, permits or license.
? s
r"
• ; P. REMEDIES. Any holder of Bonds or any coupons appertaining thereto,
x•4
issued under the provision hereof or any trustee acting for the holders of such Bonds, may
either at law or inequity, by suit, action, mandamus or other proceedings In any court of
} competent jurisdiction, protect and enforce any and all rights, including the right to the
appointment of a receiver, existing under the laws of the State of Florida, or granted and
LKL 01!28/83 #103 -29-
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t
•`•??ee?L"-.. ,'?.1.L'`_'? ?=_4"Y e:.:?.L '??"•a'.i?1??: •w.iti•.
i
°,m
v'
M
2 30y0 -913 y-z/- 3
` .1 .y,,y??p..?(y?' S'k,;'T'..-`.•,.:gqK•"`.''dR:fv,?""°'ctrsi,•hi,;+'?"1;,?,,.? :E°"'fi?..:,r...,ytib,.??±xgiKS'? •'C;c''f_rs"7? _ .v. t, M
?. F?'3r? s •,°l.cw }. r+ 't?'3: •:r .3},_' {;f^. ?r >?,77y?•.:vi '-?%:?; •t?;:,'.:i,.:?:?,'r.r='?''•t;:r21? ??y?!(' }?tS T'';?4?r;,S :%;S{?$;.^?', ?,?i.'1`
?Y??ik'viii'?R^'`•.t?tis.._??li?i..,sa...?.f S?.e :.. n , _.....K:'rn.. .., .'?.....,.?..=,...s...r t..+•`..;.,...: .. .3 .C. S!?,_..,'?:_.....? t`.??a.s?.,,c??a'lI=S?c?..?'
:,_4 __•l.. _?'?>, ^''"'::n,? r?i•: ? `. 1. f. ,.•{?ti. ?'+':? yx :?a:•??:ia 'i fi'?r,": s•.:?i w,
FL:IY'.Al.??d'(tNeFIDnryri?.?_'. s??.,.,...:•.efl'1YLSavih[I?+raw..
r
+ contained herein, and may enforce and compel the performance of all duties required
.g N herein or by any applicable statutes to be performed by the Issuer or by any officer
thereof.
Nothing herein, however, shell be construed to grant to any holder of the
Bonds any lien on the Parking System or any real or personal property of the Issuer.
I?A
.?T_
TRAFFIC ENGINEER. The Issuer shall regularly employ n Traffic
_ P4.
;'4:•,),?r, LEngineer who shall provide the Issuer with competent counsel affecting the proper,
,` ?- • .21M efficient and economical operation and maintenance of the Parking System and in
J ( Via(
connection with the making of capital improvements and renewals and replacements to
r'?aw
the Parking System. ,
R. ISSUANCE OF OTHER OBLIGATIONS. The Issuer will not issue any
other obligations payable from the Net Revenues nor voluntarily create or cause to be
created any debt, lien, pledge, assignment, encumbrance or other charge having priority
to or being on a parity with the lien of the 1993 Bonds and the interest thereon upon the
Net Revenues except under the conditions and in the manner provided herein. Any
obligations issued by the Issuer other than the 1983 Bonds herein authorized and
Additional Obligations provided for in Subsection S. below, payable from the Net
Revenues, shall contain an express statement that such obligations are junior and
subordinate in all respects to the 1983 Bonds, as to lien on and source and security for
payment from the Yet Revenues,
S. ISSUANCE OF ADDITIONAL OBLIGATIONS. Additional Obligations,
payable on a parity from the Net Revenues with the 1983 Bonds, may be issued after the
issuance of any 1983 Bonds, only for the financing of the cost of any Project 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 experience and responsi-
bility: (1) stating that the books and records of the Issuer relating to the collection and
receipt of Revenues derived from the operation of the Parking System have been audited
by him for the two (2) Fiscal Years immediately preceding the date of sale of the
proposed Additional Obligations, or for any twenty-four (24) consecutive months period
out of the thirty-six (36) consecutive months immediately preceding the date of sale of
the proposed Additional Obligations; (ii) setting forth the amount of Net Revenues, as
defined herein, received by the Issuer for the audited period referred to in (1) above, with
respect to which such certificate is made; (iii) setting forth the payments which the
Community Redevelopment Agency is obligated to make to the Issuer for Bond Service
Requirement on outstanding Additional Obligations or will be obligated to make to the
Issuer for Bond Service Requirements on the Additional Obligations with respect to which
LKL 02/25/83 #103 -30-
?. 3dNd-83 A3
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•' `?: ,' tis+?':u ti: i, of?+?I :.`? _•r Y3:;.'sir'?kn..
v
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W:
t- t,?.v?.!? s'rr.,;."'•*Y„"FE?'SYr1'.?•'?`•`?. ',?! t.et4F? k??"?'
4#`"??y t5,.?t veyn"sCYt r •?.,e .. ,t; ...t,}:.. rs7?r r+?"`Y`?"S?.'.. ?,,:.• y.S '. J".1?: II'?
.. ..w }.t >.:.Y»... •?f 15 :. 4iF.i... .,. r ., ...,ts<.... ?',L ..'i:: ;i'.,;?:<•,:`r_<r:!..??'.?:hl:??<ea. ?`' ?'NyyN .`'"„s.?•?"3c?.:.'k' y''le ? .....
F - ." 1 t I ::ai .,T: `:Y-,. ?-! - .,.?,? t? v :''t" -.:: r -'..: •1. Y.1e"?.. ?{
?r? .er ?•pt?' ..:.u'SRy.:.f? '? (,: ?.. .t'. • r•..r . .. e ? '4! .:i• .? :y " ?'f •.?i.."Z.::,,..?:w:.::a1.?r.:s?v:?iitFi7fi<itRicfi
the certificate is made during such audited period under any Cooperation Agreement, if
any, described in Subsection T below, but not more than the Available Tax Increment
Revenues during such audited period; and (iv) stating that the annual Net Revenues in the
first twelve (12) months and in the second twelve (12) months described in (ii) above,
together with the amount described in (iii) above, were equal to at least 1.20 tunes the
Maximum Bond Service Requirements in any Bond Year on the 1983 Bonds and all
Additional Obligations, if any, then outstanding, and on the Additional Obligations with
respect to which such certificate is made.
(b) There shall have been obtained and filed with the Issuer a report of the
Traffic Engineer (i) setting forth the Bond Service Requirement in each ensuing full Fiscal
Year on the Bonds then outstanding and on the proposed Additional Obligations with
respect to which the report is made, (ii) setting forth the projected Net Revenues of the
Parking System in each of the next five full Fiscal Years, (iii) setting forth the payments
which the Community Redevelopment Agency will be obligated to make to the Issuer
during each of the next five full Fiscal Years under Cooperation Agreements, if any,
described in Subsection T below for Bond Service Requirements on outstanding Additional
Obligations and on the Proposed Additional obligations with respect to which the report is
made, but not more than (for purposes of this projection) 75% of the Available Tax
Increment Revenues projected during each such Fiscal Year, and (iv) stating that the
projected Net Revenues in (ii) above, together with the amounts described in (iii) above,
are projected to be at least equal to 1.50 times the Bond Service Requirement set forth in
W, above in each of the next five full Fiscal Years. The Traffic Engineer°s projections of
Net Revenues and amounts described in (iii) above shall be based upon such assumptions as
shall be stated in the report and as shall be determined by the Traffic Engineer to be
reasonable, and may include, but not be limited to, commercially feasible future changes
In the rates, fees, rentals or other charges from the operation of the Parking System,
Revenues and Costs of Operation and Maintenance of the Project being financed by the
proposed Additional Obligations with respect to which the report is made and any other
projects then authorized by the governing body of the Issuer, and such assumptions
relating to the Redevelopment Area and Available Tax Increment Revenues as the Traffic
Engineer shall deem relevant.
7
(c) Each ordinance authorizing the issuance of Additional. Obligations will
recite that all of the covenants herein contained will be applicable to such Additional
Obligations.
(d) The Issuer shall not be in default in performing any of the covenants and
obligations assumed hereunder, and all payments herein required to have been made into
.Y?
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FZ?!}s v'1%SI^' ty1#T.Yl:k^i':YF?I•?i>?•?"c'?... .
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LKL 02/25/83 #103 _31-
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r'd'e .:¢',f:, , - .1 d ?.,!.?.:x ?.'t? .:; ." ; . .,t: _>.-, ::# `,.f ' '' w;7 .5-.:" • ' ?' .a.G ? ?'i? 4 "n ? ?"+ ?. a'-?'...?r'`.
',°j. .tii.°{.?e 4 •f. ..f s i;L7??' ` I'i?.". ', t?:,? ? ?;?_Z?r3.,ts ..'e` ,'??'??? ` ',1 ,1R
'? .??-...i ..i .-^. ?' ,.';3• i':- 4, ' ''r .j •..'•,.; W' ? ?' .°,, r' 7 l}3j r;Ya., 4?j?3 ?r. ,`5??:.,qy
i A,x h' i :fyt ,t ?'?- Y, a,:?A 1;?. ??-?`?'?5...`6,rfr'•Sil.fi?? ?ih?n-'?.?i. ?1Sr• ? I-A1?
t?S."?jy??" s -?
' c,d??Y ,?j a.?,+{ ??,, .w, 4 n? ?! Fa ??'.. ?? ?:7" , r • } x.
. , :. x!,'.?a°yi :i?K.;.a G:,?i• '`?, d•. i`^{'?T 3r?„tw-,', y. 0 }r- '0 - s v 't s
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?%J?. .,_?. p????Y t t •;3 ,sly,'{r_.i? ,.s ' s, Sri ?s?°?.r'r y, ;.?.'c:..l, ra' .r: 3...-. te..- ;?"'f
_•F yyq + "}fp.^?, ?r'::i,- ?' i:?4; nr w:,t ti r.: a,r.x Y ']?, ra(??$i?pg 1: ?.? ^'c a
t ? f
?d.F,;?6 ?a.vCi"'C:, ryA9 ?•??a ?4I ?'?f'•???,:1' .'4••e?e,'? J.,i..y??i:???'i GT S"Y?i?L,'4 3tg ?? .5+? "".°,V ?• ?S. ''`?. ?•
?'?.?.?"'? e?Y'•?'i.t:,?.t ? ti(.,J??i. _ '? x? 3'..,;? -?41 S'ii ?-+?? .Yf??,; ly#'.o ?tR.s"._ r i
s ?" rv.?s i i ': sst •.ti.?,: +3.1:. 3 T .1 `r °''rb.i . :'r'.'' S ' - , r•?? ?,,, C t?'?:, .i• ,w, t.,,?.k>•.p r '] i {.?' ?s ^i? i
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the accounts and funds, as provided hereunder, shall have been made to the full extent
required. i
T. TAX INCREMENT REVENUES; COOPERATION AGREEMENT.
(1) The Issuer shall have the right to enter into a Cooperation Agreement with
the Community Redevelopment Agency pursuant to which the Community Redevelopment
Agency agrees to make payments to the Issuer from Tax Increment Revenues deposited ?
Into the Redevelopment Trust Fund, such payments to be made for Bond Service
:; - `-?;,? i-;. ' ?.. ? ? ?•: ,.?: ??' fir; ,
Requirements on any Additional Obligations issued to finance a Project located in the
=_`Kx'rir"'?
Redevelopment Area of the Community Redevelopment Agency. If the Cooperation
,. ,... , ,,
;?l??r<??r': Fft.3'r"i;;,Vja1+??. /,??,y. ?!} .ir•.
Agreement includes the following provisions, the Issuer may ant to the holders of such
Additional Obligations a pledge of and lien on, and may provide that such Additional Ir.r,?,.wr,...s
Obligations are additionally payable from, such >kr
payments due under the Cooperation
Agreement, and may include such payments due under the Cooperation Agreement for r x
purposes of compliance with Subsections G and S hereof: '
(a) The funding of the Redevelopment Trust Fund for the duration of a
community redevelopment project shall have been duly provided for, and all other action
and steps required by law to provide for annual funding of the Redevelopment Trust Fund
for a period at least as long as the final maturity of such Additional Obligations shall have
been duly taken;
(b) The Community Redevelopment Agency shall be obligated to make
payments to the Issuer in each Fiscal Year, from the moneys on deposit in the
Redevelopment Trust Fund, in an amount equal to the Bond Service Requirement coming
due in such Fiscal Year on such Additional Obligations, to the extent that Revenues are
insufficient in such year to make such payments required by Subsections (2), (3) and (4) of
Subsection 15C hereof, and to make up all deficiencies in prior required payments;
(c) The Community Redevelopment Agency shall agree not to incur
any other obligations payable from the Redevelopment Trust Fund unless, at the time it
incurs such obligation, it obtains a certificate from a qualified independent consultant
that, after incurring such obligation, the amount of Available Tax Increment Revenues
expected to be received in each of the next five years is at least equal to the Bond
Service Requirement on such Additional Obligations coming due in each such year;
(d) The Issuer shall be obligated under the Cooperation Agreement to
use all payments received thereunder for payment of Bond Service Requirements on such
Additional Obligations.
LKL 01/28/83 #103 -32-
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'•,kiit a'?a y.r'"=J'"
.YI 1 y''i'7i`+•n"t .rd??: :.•, .: '. .•.: 9,'tAR ' _
S am.a „s. .R'?F• ..:t.?:y - ., tY,',y.,i. 14?". ,.;:,i.?.,= t; 'iy .[. d•
?, 5 ?? ?`. ,lf J ?'lr* ??'5.+1,??'%.r. Wit{, t7 L'?S q.'.•d tS°??y?'?M1. ?' 3''CF ?11{?!t.:4.r?f?iSf'I' ? •,? ?T, `. lY {•fi.?
i ,
a Ltij i'`! s 1 1:x?t it p,,, F' 1l S t'3?1b?.ir. ?? 1i4; t4.'.3?"? ?` "? ,.??:fi;7t•?;2tr .r 2t:,%',I?:??5'? ?i?r`? ay??.?.it, f 4. ,fi`s:'.:b'f. t 1,° :t .r„rt'a• Y:^?'r; 3.L ?{: ?,,i r .`t,. ?. ?`s sky" ..ts..
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f (2) The Issuer may, at its option, cancel any Cooperation Agreement and ., ?.:c?*'a• •`"
release the lien on and pledge of the payments due thereunder for payment of any
°y?
.?? Additional Obligations secured thereby whenever: (1) there is filed with the City Manager
A
of the Issuer a certificate of an independent certified public accountant of suitable
experience and responsibility stating that the Net Revenues received by the Issuer during
' %'> ?• "_ '.,. the preceding Bond Year and the payments received b the Issuer under an other
S': .:'t`fIr '?aij:?$?'?7 7• s y"'?IYYi"f
Cooperation Agreements, if any, but excluding the payments received under the Coop-
`i eration Agreement to be cancelled, were at least equal to 1259x6 of the Maximum Bond
Service Requirement coming due on all outstanding Bonds in any ensuing Bond Year, and
? iw 3 t j??p=S ±y ' FA '?'.?r r ;..`?, ' 3 - ^,_ ., ?•rl••., ??°`` i,°';i'f {! r..?' -
'f lV x?5?:1 .7. t c:•': •r • 1'.M 1''1•?3 1• (;.
:,sr. (ii) the Issuer shall have published a notice in a financial journal o
>;+ R ' + of general circulation in ? ?.;''*
Y >??t ' S' r'.s,?.i. "i?•.?; ' ?? ?.?ai fFP?.?•? +: f.?' ?2',??'(,
the Borough of Manhattan City and State of N '.
ew York of such filing and of c Y
;t , , ??l ? ? ry ??? a S' C ,,'?.`ci: `; 1?.?r?i- ? "" ??="-•+-!
}},, } ,, ,?r1,: S-cr?,EdJ •??i i5?•'?,T"s ;,';!".?...f,•ry: yF r *y.,,aij: ?rY...
,; ; ??1;?'',?r~;:.,?=rnTY.,t?,.s;•;' cancellation and release.
-?eo•?t!->.k` i?rr?rf `,?? c:':.5:: .°s:yy,,.> ,, r as ,?
.w.s ?w •:u.'t•,,; i?lf.. elr=,.?r;..•:t ur..°77?1K'??? •'`iiy§"}?wp?,•F •.
1?3t' '`K,,,?1??', ?,;?;st;,:?"•?.;;. U. SALE LEASEBACK FINANCING. Notwithstanding any other provi-
1"?Y.4:i44'?o,`?x? ?+ tf
'' sions of this Y • °r; ,Lp F,?? % ?r ?z, t. Ordinance, the Issuer reserves i i
and shall have the right to finance additions
t. .lF iC4 + i?t? ztr`???•'?fry' Y j1:.'
•. ? ? ? Fa{e !.T? era 'i-' • t 3 ?
and improvements to the Parking System by (1) leasing the same as tenant under lease {.
arrangements pursuant to which the Issuer will pay rent in whole or in part from Revenues '
iw<xh?Y of the Parking System, in which event the Issuer's obligations to pay rent under the lease
rf
05
c shall constitute Additional Obligations for purposes of this Ordinance or (2) issuing` #'_•?
Additional Obligations to finance the acquisition and construction of such additions and
improvements, selling the additions and improvements to a third party, and leasing the
additions and improvements back for operation and use as part of the Parking System, in
;y }"t }5 k;S L i } which event the Issuer's obligations to pay rent under the lease and the payments due on
g+l, 7, irfl?y? t ? •_ ,.JJ'JJ77i .!' ? ?i,-?,5(¢t
the Additional Obligations issued to finance such acquisition and construction shall both
>'t constitute Additional Obligations for purposes of this Ordinance and the proceeds of sale
of such additions and improvements, when received in cash, shall constitute Revenues for z
`jgpurposes of this Ordinance. s?
e-7 W-1,
,... Section 16 SALE OF 1983 BONDS. The 198 H d z=` `
,4:? 3 on s shall be issued and sold
at public or private sale at such rice or prices consistent with the provisions of the Act t a..51
and the requirements of this Ordinance as the Issuer shall hereafter determine by
• h .''e = ~tl, dry L
resolution; provided, that no Bonds shall be issued under this Ordinance unless and until an
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outstanding obligations payable from and secured by a pledge of or lien on the Net
`F Revenues or any part thereof shall have been paid, or provision for such payment shall
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` have been made by deposit of funds or investments of Federal Securities in irrevocable V -
escrow the principal o and interest on which shall be sufficient for such purpose.
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LKL 01/28/83 #143 -33-
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.Sa+ah+t}tSasw.s?iY°i,'t"+e^?*•'""tQb?*??"' - ':' .' '`_ •_ .r•? ?•<„N '`"+ °?'
.?: `' '• -• ?::;;,:,.+.?es.St:x e,?,y'tw'.:3:,, i- •'i' iP.?'?;'Yw 9.....'a
:)' t:? •_ ? =-1 Nl. rCyt',:'.iFl?1 'i'.F". .'?! ! 4'54•. ':+'i ? 1'3s1. S•n
• _' S S i'' i. • i r;r r? jC ~? ?;Ni %•"'.. ?' ,st1.,+'2.'?,•q'YyY.., .t'
` t1.?k"€jtpai ttt ra?.sf s:k?{ a7 .
?3 S'.j t ..F °•; ,.;SsSr?: s,. t 1?.'3 I, j
a' •f,,S3 ;1i?3- ,, .v;?.:u;' . It r. &" '?r'?i''?+'?Z
r ??. r? "?" C';r . v ; f..:?. ; u ? ?' b ,Si 21a"• t d? - l? ??' !4? ` ?, r.'; d•: ??. ? ? A ?{ y?
+ti+.ti?g:°" a: :. ??J+'I r?. . ,a'• S,•';"?ri• pi i1 t?.y ,F:.??"' S ?.•1 r' k:?i±t5 ^.e..;j: ?e'9•i._ s:'fCa. ? ?? k?..`:^??? a. +.?1V3}i`V'•
? Ae t ? s? , J?x ?."T° l' v a) ? }•. ,, •.'?.., i. 5: Tr ?r'?L.? ?- •N` p? a f.
S ?? rr++ t 4? • ?..' ., ?a .i.'. ?:.-., Si?...5 `1.4 1?'. ?;.'.: °?iJ+i' '?.l ••1.' 4 (i'?K S.• .?,
.±I! t?''... ;t Tb .ei..,Y a.•r''.•4',. ??1•. "'•?..-. ^f '" r? x,': }..?.'?' fi?•"'>•.s: toyt ?k'>:; ky ?s :r?????r'c.. C'.y?. -`+ ?{
A*- T 'Y; . a.•1..;. M1?e. :w. 'S', r"tiq (, P•r'?i.?. h,r 1!. Z?y :,.. ?q' ?. ?, f. .?•
Y,ti+ -td ?:.';:'•f 3'3•+:.a t.#'?'?+yG
f'?• ?: .z-:; r':'.. ... .- _ c s??_+ s tea' 1b-_ __..i_,_'1 Jr 5?,+.?.tb_,s'".. '•: .."3i7i3"s,:7 r ? "5:
'r•. .?i?f.irr?a?..:.i.u.-.?i?rr?K?7e71 _ - _ _-_ _ , ..; '!
Section 17. MODfFICATION OR AMENDMENT. No material modification r' a. ?•`
or amendment of this Ordinance or of any ordinance or resolution amendatory hereof or
supplemental hereto, may be made without the consent in writing of the holders of two-
thirds or more in principal amount of the Bonds then outstanding; provided, however, that
no modification or amendment shall permit a change in the maturity of such Bonds or a
reduction in the rate of interest thereon, or in the amount of the principal obligation or
affecting the unconditional promise of the Issuer to pay the principal of and interest on
the Bonds as the some shall come due from the Pledged Revenues or reduce the.
°? - •,..? .' ' ?.: yy.a.?,;? ,..ter
•' ?4 ?,: .;t .`.4:r "mss: •f?+x?".???Fi t
percentage of the holders of the Bonds required to consent to any material modification `, 5p
yt:- • ,?, a.' .+ ' }?' i
or amendment hereof, without the consent in writing of the holder or holders of all such
sh?? y
Bonds; providedt however, that no such modification or amendment shall allow or permit
any acceleration of the payment of principal of or interest on the Bonds upon any default
in the payment thereof whether or not the holders of the Bonds consent thereto.
Section 18, DEFEASANCE. If, at any time, the Issuer shall have paid, or
shall have made provision for payment of, the principal, interest and redemption
premiums, if any, with respect to the Bonds, then, and in that event, the pledge of and
lien on the Pledged Revenues in favor of the holders of the Bonds and all covenants
hereunder shall be no longer in effect. For purposes of the preceding sentence, deposit of
Federal Securities or bank certificates of deposit fully secured as to principal and interest
by Federal Securities (or deposit of any other securities or investments which may be
authorized by law from time to time and sufficient under such law to effect such a
defeasance) in irrevocable trust with a banking institution or trust company, for the sole
benefit of the Bondholders, in respect to which such Federal Securities or certificates of
deposit, the principal of which, together with the income thereon, will be sufficient to
make timely payment of the principal, interest, and redemption premiums, if any, on the
outstanding Bonds, shall be considered "provision for payment." Nothing herein shall be
deemed to require the Issuer to call any of the outstanding Bonds for redemption prior to
maturity pursuant to any applicable optional redemption provisions, or to impair the
discretion of the Issuer in determining whether to exercise any such option for early
redemption.
Section 19. ARBITRAGE. No use will be made of the proceeds of the Bonds
which would cause the same to be "arbitrage bonds" within the meaning of the Internal
Revenue Code of 1954. The Issuer at all times while the Bonds and interest thereon are
LKL 03/02/83 #103
dL•. 3v Vd -Y3
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outstanding will comply with the requirements of Section 103(c) of the Internal Revenue
Code of 1954 and any valid and applicable rules and regulations promulgated thereunder.
Section 20. SEVERABILITY. If any one or more of the covenants, agree-
ments, or provisions of this Ordinance should be held contrary to' any express provision of
law or contrary to the policy of express law, though not expressly prohibited, or against
public policy, or shall for any reason whatsoever be held invalid, then such convenants,
agreements or provisions shall be null and void and shall be deemed separate from the
remaining covenants, agreements or provisions of this Ordinance or of the Bonds or
coupons issued thereunder.
Section 21. VALIDATION AUTHORIZED. The City Attorney for the issuer
is hereby authorized and directed to institute appropriate proceedings in the Circuit Court
of Pinellas County, Florida, for the validation of such Bonds, and the proper officers of
the Issuer are hereby authorized to verify on behalf of the Issuer any pleadings In such
proceedings.
Section 22. REPEAL OF INCONSISTENT INSTRUMENTS. All ordinances or
resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such
conflict.
Section 23. EFFECTIVE DATE. This Ordinance shall become effective
immediately upon Its enactment."
SECTION 2. EFFECTIVE DATE. This Ordinance shall become effective
immediately upon its enactment.
PASSED ON FIRST READING
PASSED ON SECOND AND FINAL
READING AND ADOPTED
April 7, 198 3
April 21, 19b3
yor-Commissio er-
test:
4
City Clerk
LKL 01/28/83 #103
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