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3175-83io 4 EDi ., r?y,H,r?1?"'`6""'""2??w?'?hi??a•;+'?xtAHd.4;,?° ?s •.:.s ?.:$, (q+tr?a?.?ttc. '1` t'71?L5YitP vSVs: .ioi . ,f? _:a-,._ !?^'..- . E.. 3• 1 ORDINANCE NO. 3175-83 AN ORDINANCE AUTHORIZING THE ISSUANCE OF A NOTE NOT EXCEEDING $993,000 TO BE KNOWN AS THE "CAPITAL IMPROVE- MENT NOTE, SERIES 1983A, OF THE CITY OF CLEARWATER, FLORIDA," FOR THE PURPOSE OF FINANCING VARIOUS CAPITAL IMPROVEMENT NEEDS: AGREEING TO PAY SUCH NOTE FROM REVENUES RECEIVED FROM THE FRANCHISE GRANTED TO FLORIDA POWER CORPORATION: PROVIDING FOR THE SEVER- ABILTY OF THE PROVISIONS HEREOF: PROVIDING FOR PROPER NOTICE OF PROPOSED ENACTMENT: AND PROVIDING FOR THE EFFECTIVE DATE OF THIS ORDINANCE. BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF CLEARWATER, FLORIDA: ARTICLE I AUTHORITY, DEFINITIONS AND FINDINGS Section 1.01 AUTHORITY FOR ORDINANCE. This ordinance is adopted pursuant to the provisions of Section 41-1I of the Code of Ordinances of the City of Clearwater, Chapter 166, Part III, Florida Statutes and other applicable provisions of law. Section 1.02 DEFINITIONS. The following terms shall have the following meanings herein, unless the text otherwise expressly requires; A. "Issuer" shall mean the City of Clearwater, Florida. B. "Obligation" shall mean the note herein authorized to be issued for the payment of costs associated with the various capital improvements described herein. C. "Holder of obligation" shall mean any person who shall be the bearer of an obligation authorized to be issued by this ordinance. D. "Project" shall mean the acquisition and/or construction of the following, together with the amounts borrowed for each: Purchase of Edgewater Drive Parcel $ 440,000 Construction of Police Substation in Countryside 255,000 Purchase of Front Loading Refuse Truck 86,000 Purchase of Printing Equipment for Print Shop 67,000 Purchase of Library Automated Cataloging System 612500 Purchase of Communication Management System 34,500 Purchase of Irrigation System for Glen Oaks Golf Course 25,000 Purchase of Chevrolet Bucket Van Truck =993,000 4,0000 Section 1.03 FINDINGS. It is hereby ascertained, determined and declared that: A. The Issuer provides Traffic Engineering, Sanitation, Public Golf Course, Public Parks and Police services for the benefit of people living within the incorporated boundaries of the City of Clearwater. Ord'.' 3175-83 7/21/83 V 4" ;?E? ?rJ a? ?r• b?aJ??i .r?' ,1 A ,to + ??'?' ,:?, ? Er t41T'kyM'?•' 7•'s.?+R^""*r ?y..??;.?{"?,"`!y.?v.y,,.>>- •- '> ;7;1-??r- ks1i?4, ?------------,..w,.. w?' s;Sr: ? _ 1.' ? _ -eY`,r .??. ? ?r •1: ,ys?' _4. ?,?.??, :'??'. 1;?5}?''.'"•5,.` ?„?'+!S?s!x'4'!',.'`_ -1??r?,??}!;kJ!,,;?x..Y?whk,t?rc?i;..wY?f?,Y,uj?y?? e 'Iwd?'? 1• ??IY'-e+T^ ?: ?.?.-, i, f. •,.1• ,!: .?.?'S'' r rol, 3L 3t?.t+.:..,11r?.Lt'?......,:,?:.:.?.'.•:?':?....?..•;-, .. ,. :'{.c;P. _. ,,.._,.3..'..._.t..,.4,.n,tii;•,.':. g?1. S 4t: ?•1. `l:' Y i(. t3•1S'.` 1 i'.. .... ... ...?4?. .?Et.'.. ,,,. .,J?is;?..SSei:Jifr.....rP.??"esriEil?2L4.dFiit]??Ll?t.?tF?'.??'t?.zti•?.,t,:..r.: .. _?'?.? W&L s. I'm B. It is necessary to acquire or construct the above described capital Improvements to continue to provide these public services for the purpose of preserving and protecting the public health, safety and welfare of the inhabitants of the Issuer. C. The principal and interest on the Obligation shall be payable solely from the moneys received by the Issuer from Florida Power Corporation, its legal representatives, successors or assigns under the franchise granted pursuant to Ordinance No. 1091, duly enacted on July 5, 1966, or any extension or renewal of said franchise or from any new franchise granting the right to supply electricity to the Issuer or its inhabitants (the "Franchise Revenues"). The Issuer shall never be required to levy ad valorem taxes on any property therein to pay the principal of and interest on the Obligation and such Obligation shall not constitute a lien upon any property of or in the Issuer. ARTICLE ii Q '•'Yt .i, I;.r'? ?:. ?. •'t: y;?n ,cif':??.. . 1 AUTHORIZATION, TERMS, EXECUTION Section 2.01 AUTHORIZATION OF ACQUISITION OF PROJECT There is hereby authorized the acquisition of the Project, as herein defined and as further described in the Capital Improvement Budget adopted by the Issuer. The unfunded cost of such project is $993,000 which shall be paid over a period of five (5) years and interest upon the Obligation for not exceeding five (5) years from the date upon which the additional funding is provided and expenses as may be necessary or incidental to the financing herein authorized. Section 2.02 AUTHORIZATION OF OBLIGATION. Subject and pursuant to the provisions hereof, an Obligation of the Issuer to be known as the "Capital Improvement Note, Series 1983A," herein referred to as "Obligation", is authorized to be issued In the aggregate principal amount of not exceeding Nine Hundred, Ninety-Three Thousand Dollars ($993,000). Section 2.03 DESCRIPTION OF OBLIGATION. The Obligation shall be dated August 1, 1983; shall consist of a Note of the Issuer payable in annual principal payments In accordance with the debt service schedule attached hereto, due August I of each year, beginning 1984 and ending 1988, plus interest payments due on February I and August I of each year, beginning February 1, 1984 and ending August I, 1988, at the floating rate of 65% of prime as set by Barnett Bank of Pinellas County, N.A., and adjusted periodically. Such Obligation shall be issued on a note form as provided herein; shall be payable to bearer with respect to principal and interest as provided herein and in lawful money of the United States of America. -2- Ord. 3375-83 7/2./83 '?'.y;a:.9'?,'?..?t:..,"?-.,>'t?.?j;Ye?•;,±.wr,'?iw'V`'':.,ttin 5 •r r # 7 R 3 7 13 . Py 4W IN i '•1""1?:• !Q?. `•YL :lsR,°t"aC'"Y;;; "'µ",?`t't, '^.,?tfc4..?,c ,k .E[=L, •.,?t„r y?y. ti ?.+i, F'? s"?'a>a.s:?> '?',!F!l?sh •?7?.? .?7?i 4 •?':y?`` ',?yr"' t•1:. LiY`,?L: it i.+• + ..`.t? 7 _ .. .., a .. ? .. .-'ffc"•} 1'!ar ?, .. 4: .' {?! t .. _-tr:..l-: ti: .?,..L:`,i????Y.IVr?.S?7 . ??i } r ???Mt?%?i '`'?:C i"'!?" 'e+:rr+z •. 'h+fr •'+•. ?'•`:s ? . t: .':.`°.+a •. ?'r. •r .?_pA ,. ?.?;,..:. }•+ ?:? + :t .'7'YS?:'r .'irr£?'r' .\7';i)?i(; r_.r %' :,. .r.;-`s .i7?1 ?.'eE :??,•..;• .•,-• :,•?'- :.r ;?. , .y n '? %?: y.,c:?i ,dis -+?"',Y sa',? ?.':•,.• ' ' '},1 47 z 4•i..: ?,...s , ?•,. 'E .w- •<. ? ? ? ? ??`fi r?• ?5.?'4 ',???.°,'' ??- 's?f•',Ji:.•, , .'r• ?3.._ .?a,.' ...:; . ?,r'^;' rf l., _ Y?;•':( ,} ? i'?e.l '?,b:? ,mot ?•5+: v.•, %y • ?l?::,z?.-i, .;J : ?wr : riE ? Y . ,lls`F? v''Fl ..: *^s 1 ?? ? ys??? f ?{i"){ ?Cri: l?•.y •. it eg r. :•?,. l,?, f; .?i .<:' '??•' ,ri4,s,,1. ,.s?.1'w".r1' '":4 A. x`'`" (•:z7, l.i`'f?li ?.ry l.^ ?; ''l?•^.r.; ?4 `. ?'Y ._ ? .`ii' v'1`'.17?''F..1;r ` r r a 1 Section 2.04 EXECUTION OF OBLIGATION. The Obligation shall be executed In the name of the Issuer by its City Manager, countersigned by its Mayor-Commissioner and its corporate seal or facsimile thereof shall be affixed thereto or reproduced thereon and attested by its City Clerk. The Obligation shall be approved as to form and correctness by its City Attorney. In case any officer whose signature shall appear on any Obligation shall cease to be such officer before the delivery of such Obligation, such signature shall nevertheless be valid and sufficient for all purposes the some as if such officer had remained in office until such delivery. Section 2.05 NEGOTIABILITY. The Obligation shall be and shall have all of the qualities and incidents of a negotiable instrument under the law merchant and the laws of the State of Florida, and each successive holder, in accepting such Obligation, shall be conclusively deemed to have agreed that such Obligation shall be and have all of the qualities and incidents of a negotiable instrument under the law merchant and the Laws of the State of Florida. Section 2.06 PROVISION FOR REDEMPTION. The Obligation may be redeemed at any time prior to maturity, at the option of the Issuer, in whole at par plus accrued interest to the redemption date upon at least thirty (30) duys prior notice published in a newspaper of general circulation in the City of Clearwater, and given in writing to the Paying Agent. Section 2.07 FORM OF OBLIGATION, The Obligation shall be in substantially the following form, with such omissions, insertions and variations as may be necessary and desirable and which are herein authorized or permitted prior to the issuance of the Obligation. STATE OF FLORIDA CITY OF CLEARWATER CAPITAL IMPROVEMENT NOTE, SERIES 1983A KNOWN ALL MEN BY THESE PRESENTS that the City of Clearwater, Florida (hereinafter called "City"), for value received, hereby promises to pay the bearer of this Note, from the Electric Franchise Revenues, as hereinafter defined, the principal sum of NINE HUNDRED, NINETY-THREE THOUSAND DOLLARS ($993,000), payable in five (5) annual principal payments in accordance with the debt service schedule attached hereto, due on August I of each year in the years 1984 through 1988, and interest on the unpaid balance thereof, from' the date hereof, at the floating rate of 65`hi of prime as set by Barnett Bank of Pinellas County, N.A., and adjusted periodically, such -3- tiY 7/2183 t ?E ea :?av (t ??1• . 0 .. 1 f'? I'm a J s r p. et ,i. i' . 9 k ' ,Z1 'A 1! d i •-,? o ??E t 1 _...r ..r.v r u -Y?'r.G7?±?.?i??,.y...?;` .5.?:??:1:?;.: ._.._ .. a.,JS„?%. ..Y :. A??'?rk?`.??;5 "?'r: _.. ..._.cy.]'F. ;:P?::r??PS.i'.:tf???':. " _.... ..: t°.+4!':_•.7Y?? '?.7x.S#i?#._. m IMIRI'l ' ??:. ,.• ?•{ .'SEC'f?ild'a.'FS?Aa;iecL?dY!'riti'r Interest to the maturity hereof being payable semiannually on February I and August I of each year, commencing on February I, I984 and ending on August I, 1988. Principal of and Interest on this Note shall be due and payable In lawful money of the United States of America at Barnett Bank of Pinellas County, N.A., Acting as Paying Agent, 1130 Cleveland Street, P.O. Drawer 5128, Clearwater, Florida 33518. This Note is a single authorized obligation in the amount of $993,000, Issued to finance the cost of the Capital Improvement Projects described herein under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, including Section 41-11 of the Cade of Ordinances of the City, Chapter 166, Part Iii, Florida Statutes, and other applicable provisions of law, and Ordinance No. , duly enacted by the City Commission of the City on , 1983, and is subject to all the terms and conditions of such Ordinance. The principal of and interest on this Note is payable solely from the moneys received by the City, for a period of thirty (30) years from July 5, 1966, from Florida Power Corporation, its legal representatives, successors or assigns under the franchise granted pursuant to Ordinance No. 1091, duly enacted on July 5, 1966, or any extension or renewal of said franchise or from any new franchise granting the right to supply electricity to the Issuer or its inhabitants (herein referred to as "Electric Franchise Revenues"). The Note may be redeemed at any time prior to maturity, at the option of the City, in whole at per plus accrued interest to the redemption date upon at least thirty (30) days prior notice published in a newspaper of general circulation in the City of Clearwater, Florida, and given in writing to the paying agent. This Note does not constitute an Indebtedness of the City within the meaning of any constitutional or statutory provision or limitation of indebtedness and it is expressly agreed by the holder of this Note that such holder shall never have the right to require or compel the exercise of the ad valorem taxing power of the City for the payment of the principal of and interest on this Note. It is further agreed between the City and the holder of this Note that this Note and the obligation it establishes shall not constitute a lien upon the Project, or any part thereof, or on any other property of or in the City, but shall be payable solely from the Electric Franchise Revenues in the manner provided in the Ordinance, The City has covenanted and agreed with the holder of this Note that it will not repeal the ordinance levying the electrical franchise revenues and will not amend or modify such ordinance in any manner so as to impair or adversely affect the power and obligation of -4- Ord. 3175-83 7/21/83 IMMUM .t? I? ?1?`SPt?''v.?s V.??iY V.h iw•'l.?G?I I" I APM in 4? 'In Fm J.. ?''{...:• .r, ; :Y•'.!`?y.. xs, •..yY?. 1r• Eix`w,ss" 'h ?Ife?;':eYUC `.•.r:i::. i?.°rG•a?`_.,.:f.;.r .. ,.. ?? ..:4''ai' f .. s: Sl .._Wis.. >_r..... .. i:,??: .r r, Ail Y j ?p •,'I.t: n r , ?.?:'_? P: f"zN -.'. s w'.'t,. .GS 3 ? ae'? 3q a w =: ! tr; ? 4'? a4r• 1", ?to ?4 ?y ,,}},,;?73.. ?,: ?, S""e,d;. }?.e??cc,', .,.ite r{'rA., r .S-+`i•', ??? ?»r 1, ?t• ?k ? 3'J' ? ??:F?^tt'Ykf?r,.z?F 'e ?.'' ?, 1 . ,i•.,...?.??. sa ???' ? 'pf'?? ?dr??,? ? s'r . ^e?:w.'"4,...la :.:':?:ri't,^?.,(i'.3?• ???f ,, . ,.i.rr-."'M ; - • iJ -•?'• r+ ,? I a i Y, the City to le and collect the electric franchise revenues or impair or adversely affect In any manner the pledge of such electric franchise revenges or the rights of the holder of the 4; ' S}; `.• 1 ' Note, and that the City shall be unconditionally and irrevocably obligated, so long as the ??. note is outstanding such electric franchise revenues? at a . . „r....: and un y and collect s ..... unpaid, levy c•s . .,a 1 maximum rate permitted by law, to the extent necessary to pay the principal of and interest 'f t 3 , on the Note and to make the other payments required by the ordinance. 4 The agreement to pay the principal of and interest on this Note from the ; . 4 SY{?'1 { S! .JA, .. •.^'. (,' :.•'i..''•'r-f ?it n.{r Electric Franchise Revenues may be discharged at or prior to the maturity or redemption of ;, °''f?`'^?;?.r'?';F the Note upon the making of provision for payment thereof on the terms and conditions set forth in the Ordinance. All acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of this Note, exist, have happened and have- been performed in regular and due form and time as required by the laws and Constitution of the State of Florida applicable thereto, and the issuance of this Note does not violate any constitutional, statutory or ordinance limitation or provision. This Note shall have all the qualities and incidents of a negotiable instrument CITY OF CLEARWATER, FLORIDA (SEAL) Attest By Anthony L. S oemaker City Manager uc e Williams City Clerk Countersigned: Approved as to form and correctness: Thomas A. Bustin City Attorney Kathleen F. Kelly Mayor-Commissioner .. :. Ord. 317543. -5- 7/21/83' CITY OF CLEARWATER CAPITAL IMPROVEMENT NOTEp SERIES 1983A , ..:§ PRINCIPAL REDUCTION SCHEDULE August I, 1984 $ 1501000 ,. ?';: ??? '• t, j;T'A ` a°• August 1, 1985 175,000 fro .)?.^ L,,IrptyC.- { M??<r ?rg.,{. August 1, 1986 „ 200,000 `-w':?:.;;:"?';r• ,,; ?1•,ry+ , August 1, 1987 225,000 `'::jti :.:?;..:s':• '.. -:? .r;. 4. August i, 1958 243,000''>'?'k;: °' 41 993,000 f YE f I , ` :Ord:: 3175=83: 7/21/83 A S ?k ? 7 t1? R !' 3 t?'a:.it1.a.M..t;1.'1•':°ts'4{F:si'';'+rr"r"'!?1C'?,''",LV;4+,?= ?f•rrf",,;r??,$'°3;XS°n'.y'.?pt,.? 1!'f f.. '',' .. .. ??.?`.::?f.Ll ,. ..::3< ..,, u,??'191J .?. ... ... '?r5-d^,: ? -c. ...:.4..0.:"6:. .. .!,i;t a:=kf,i•r`?. .. .. "'fir lx a:-. .... n..^I?..S?'.. t 1 t't, 3 In ?'^r YS "a F., +! t> ,,v}'• W1• f Jr yy., -},/ ^ 6 t? i.T ,k+r? •? ? ??;1'}? + y.'• :!S 1 5, ?•`e ?' aw lyj,"? ?r1c -,}-i5t}r:' ,{, (?? ? ? ? ' ?r e ?{I rS ? ? ? ` < ) .Jr' ??lS ..o?{`,?;FS rr?1>,l ?' `43?., f}' ? F ??, k='`1?,'*!{• ti tis',;-? :^;S,t? ?i`1{ a??1?''..•.•r? '.?.?`'a. "R.i .{ 7I ?•s? Vi a, ='•k. 4`3"r,r° A e' -? } .r q'! 3 -. :,s C 1 aY•.' rs??..:_ ~ f'?. ?:.'-. 7. 7: ?K' +v r .?.' L,, 19` '.? p' "?•si' 'i -t :' , ;1t?:'a`'-a z-tn,?',•t 1'? ''?'• r.V-r: ;7ar'{ . a.-S'w•?i4`?;.c?`? '3` xi Q ';.` Z t x„ ?$• 1 y'L} Sr-. f r, ' v s..;y? 1• f'';•'. .Fj F', , f {! zT T'. xi?1 a.,.,f? ,;C+E 4 ? y: ?° .i-z ?t ?_ ?j.?..§?Sl `? i?br a•..?= z.?5rrr'.t ?'?, Si'?'y . Yi?? 1 a 1 Q,y } .?•"? I. ? F.r r. }? 1?'?t??-' • 'e .?J-''r="1'?!.,1',i?%; ;75r, ?:f •", ??`,y?;•i , ?''!. .n r ? M?°r.i?i.,.i7,rs.?+??e}r:,K+:va..?l:+?rrw'i+riw.w+a.'.:i.,..J.G.+i?S.rr.w.r:li,.lt?-='r-.?.--??=?Y."-„`f+.W+i,.ii?X???...? .?'r,? ,?.• •'? ? t Y- 1' 071 ' ARTICLE III SOURCE OF PAYMENT OF OBLIGATION Section 3.01 SOURCE OF PAYMENT. The Obligation herein authorized shall not be or constitute an indebtedness of the Issuer within the meaning of any constitutional or statutory limitation of indebtedness, but shall be payable solely from, and shall be secured by a pledge of and a lien on, the Franchise Revenues; provided that such lien an and pledge of such Franchise Revenues shall be subject to (1) all existing pledges and liens as of the date of Issuance of the Obligation and 01) all future pledges and liens of such Franchise Revenues to ' secure future debt of the Issuer; provided that as of the date of issuance of an future debt the amount of such Franchise Revenues in the Issuer's preceding fiscal year, after subtraction t.:x?«;:??,?'•,?' " of the largest annual debt service. coming due in any future fiscal year on all debt of the issuer r I oming due in any future fiscal year on all debt of the issuer ,'A',r.rR?v.,f \-'tr6?r 3t3a?+4!°'?'•'}` 'S' "Y'':.: is J?w.'.1 )i'•'p?i then outstanding and proposed to be issued secured b such Franchise Revenues (such debt service to be first reduced by the amount of revenues, other than Franchise Revenues which are pledged for payment of such then outstanding and proposed debt), will he at least 1.5 times ,:?:t r the largest annual debt service coming due in any future fiscal year on the Obligation. No rj "1,' 'holder ?' .1 of the obligation shall ever have the right to compel the exercise of the ad valorem taxing power of the Issuer or taxation in any form on real property for payment thereof, but the Obligation shall be payable only from the Franchise Revenues. Section 3.02 COVENANT TO GENERATE REVENUES. The Issuer hereby covenants a' and agrees with the holder of this Note that it will not repeal the Ordinance levying the Franchise Revenues and will not amend or modify such Ordinance in any manner so as to Impair or adversely affect the power and obligation of the Issuer to levy and collect the ' Franchise Revenues or impair or adversely affect in any manner the pledge of such Franchise Revenues or the rights of the holder of the Note. The Issuer shall be unconditionally and irrevocably obligated so long as the Note is outstanding and unpaid, to levy and collect such franchise revenues, at a maximum rate permitted by law, to the extent necessary to pay the ? ei ? ? •• _???? principal of and interest on the Note rind to make the other payments provided for herein. ARTICLE IV r, MISCELLANEOUS PROVISIONS Section 4.01 CANCELLATION. If, at any time, the Issuer shall have paid, or shall have made provision for payment of the principal and interest with respect to the Obligation, in full, to and In the final installment thereof, then, and in that event, the agreement to pay from Franchise Revenues In favor of the holder of the Obligation shall be no longer in effect. For purposes of the preceding sentence, a tender of the full amount of principal and Interest -7- Ord: 3175=83 7/21/83 f i? .'?;'slow;?w[?,?v(^r•.?'-,?3.7prI•1=?.•:?,^a.rtgf???.?T?y?f"?-r..4 r?YES_t'I?i'. r:45l??i?_. ?4dN)•IIk',`:.SWe ?,'S;u??t,C?i7".. -t?..,, . t?i 6; y1 rl Oue and to become due, to and including the final Installment, on the Obligation or a separate deposit of such full amount In a separate account shall be considered "provision for payment." Section 4.02 SEVERABILITY OF INVALID PROVISIONS, if any one or more of the covenants, agreements or provisions herein contained shall be held contrary to any express provision of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held Invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separable from the remaining covenants, agreements or provisions and shall in no way affect the validity of any of the other provisions hereof or of the Obligation issued hereunder. Section 4.03 REPEALING CLAUSE. All Ordinances or parts thereof of the Issuer In conflict with the provisions herein contained and of the Original Ordinance are, to the extent of such conflict, hereby superseded and repealed. Section 4.04 EFFECTIVE DATE. This Ordinance shall become effective immediately upon its adoption. Section 4.05 EXECUTION OF NOTE. Prior to the execution of the Note provided hereln, the City Manager is authorized to make any insertion in this Ordinance necessitated by , . the execution of the Note. Section 4.06 ADVERTISEMENT. Notice of the proposed enactment of this Ordinance"has been properly advertised in a newspaper of general circulation in accordance with Section 166.041, Florida Statutes. PASSED ON FIRST READING PASSED ON SECOND AND FINAL READING AND ADOPTED Attest r + LuciVe Williams City Clerk Suly 7,' 1983 j.,5 ?r•'}•' ,-3h?'.e 5, tr'y'`: 4, ?`?. ,. } p :i?frw'?f i{f?,:5?-'?:IJ'?`t •?.} •tr .iiY?t?',5??' `.?3 1, 1 i ?q>?:JiCs9'.?G;."?`t r 4f3r,.,Yii., wt 1 i 1 -8- °: 3175.83 .l 7/21/83 July 21, 1983