Loading...
400 616 ORDINANCE NO. 400 AN ORDINANCE PROVIDING FOR THE CONSTRUCTION OF ADDITIONS AND EXTENSIONS TO GAS PLANT AND DISTRIBUTION SYSTEM OF THE CITY OF CLEARWATER AND FOR THE ISSUANCE OF $79,000 _ REVENUE CERTIFICATES OF THE CITY OF CLEARWATER, FLORIDA, PAYABLE SOLELY FROM THE REVENUES DERIVED FROM THE GAS PLANT AND DISTRIBUTION SYSTEM OF SAID CITY , TO FINANCE THE COST OF SUCH 1 CONSTRUCTION AND DECLARING AN VZRGENCY. 9 BE IT ORDAINED BY THE CI Ty COMMISSION OF THE CITY OF OLEARWATM, FLORIDA: I ' ?i 5 y,"?',?, `?`? ?? ?!? ?• is r I1` f 1j? ' rW-U Seotion 1. It is hereby ascertainedp determined and declared that: The. City of Cleurwater, Florida, (hereinafter called the "City") novi owns, operates and maintains a gas plant and distri. bution system, {hereinafter sometimes OmIled "System"),, the construe= tion of which aystam, was financed by the issuance of general obliga- tion bonds of said City, for the payment of %hich bonds said City was required by law to, levy and collect and ad valorem tax upon all taxable property located within the torri.toria,l confines of said City. r (b) The net rovenue of such system during the last three fiscal years has amounted to the following sums: Fiscal Years Net Revenue 193338,666 1934 43,299.01 1935 430204.46 and the revenue of said system has not been pledged either in whole or in part to the payment of any outstanding bonds or other obliga- tions of the City. The estimated not revenue of said system in eaoh f isoaI year uttor the construction of 4-k addit3one and extensiUne to said system he referred to, is in excess of the amount to become due in each such fiscal yaar for pri icipal and interest on the Certificates hereinafter provided for. (a) It is neoessary and desirable to construct additions arxl extens iono to said gas plant and distribution system such ? r .F5 Rrr"?a`:'1's??J?ti?1?`lr??i:;,??L?i.:e?%`3?.1,'f4?f>?ti`?',?';Ssi?l'i?15`•i??F77+tw?:??S?` •?"_'.5!'•7''TF7"y i rnr`;!}_s?iiti.,.?rt't_#_"'p,'`-'f•.'I.' •^'' :•;;. ? ?' ''`%?.?"' cwh';', i.?„-t4?y'iS.i?"? *6'?"S. ?;."+.Y :ST?L? y '?*,z• ' 'c'.. ? ° -' ?' : ` S t t 1 f ? X14 : - 2 - additions and extensions to consist of generating equipment, purifying equipment, motor driven compressors, other equipment to increase capacity and extensions to distribution system. The estimated cost of constructing such additions and improvements is $121,909. Section 2. For the purpose of financing the coat of construct- ing said additions and extensions, in excess of the grant to be made to the City by the United States of America, there shall be issued negotiable gas revenue certificates of the City (hereinafter called the Certif icates, in the aggregate principal amount of $79,000, which Certificates shall be dated December 1, 1935, in the h denomination of $1,000 each, numbered from 1 to 79 both inclusive in order of maturity, shall bear interest at the rate of four per centum (4%) per annum. payable semi-annually on December 1 and June 1 in each year, first interest being payable June 1, 1936, payable as to both principal and interest at the office of the Treasurer of the City, in such coin or currency as is, on the respective dates of payment of the sumo, legal tender for the payment of Public and private debts, shall be registerable as to principal only at the option of the holder and shall mature serially on December 1, in the years and amounts as follows, to-wit: Year Amount Year Amount dpi,,600 ?8 5,00 1937 1,000 1949 5,000 1938 1,000 1950 5,000 1939 1,9000 1951 50000 1940 1,000 1952 50000 1941 1,000 1953 6,000 1942 2,000 1954 60000 1943 2,000 1955 60000 1944 30000 1956 60000 1945 3,000 1957 60000 1946 4,000 1947 4,000 Said Certificates shall be signed by the City Auditor and Clerk, and City Manager of the City and countersigned by the Mayor- Commissioner and sealed with the corporate seal of said City and the interest coupons attached to said Certif ioates shall be "executed with the Taosimile signatures of said City Auditor and Clerk, City Manager and Mayor Comtuissioner. i i t f .4 .. 3 - Section 39 The Certifias.tes anti coupons attached thereto shall be in substantially the following forun, to-wit: No. $i, 000 r UNITED S TAZT.S OF JWERI CA STATE OF FLORIDA COUNTY OF FINELLAMS CITY OF CLEAMATER GAS REVENUE CERTIFICATE The City of Clearwater, in the County of Pinellas, a municipal corporation of the State of Florida, for value received, hereby promises to pay to bearer, or, if this certificate be registered as hereinafter provided, to the registered holder hereof solely from the Bond Fund provided therefor as, hereinafter set forth, the principal sum of ONE THOUSAND DOLLARS ? ? rF..?l:.. ?, ii'. `E,•i '^'9 T ?-ck ?,k e t ?:?tt. 01.,000) on December 1, 19-, and to pay interest on said principal sum semi-annually from said Bond Funds at the rate of four per centum (4%) per annum on December 1st and June l in each ye..+ until maturity of the principal sum hereof, upon the presentation and surrender of the annexed interest coupons as they severally become due. Both principal and interest are payable at the office of the City Treasurer in the City of Clearwater, Florida, in any coin or currency which on the respective dates of payment of the same is legal tender for the payment of public and private debts. This Certificate is one of sn authorized iusuo limited to an aggregate principal iunouat of seventy-nine thousand dollars ($79,000), all of like date and tenor, except as to number and maturity, issued by said City under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, particularly the Oharter of said City and an ordinance duly adopted by the City Commission of said City providing for the " E i jf5 j•?? , fi5y- '1r..Y r 4 - . 816 . construction of certain additions and extensions to the gas plant and distribution system of said City. Said ordinanoe provides that the City shall fix and maintain rates and r ooll.e ct• charges for the facilities and services afforded by the ' gas plant and distribution system, which will provide revenues sufficient at all times, to pay the cost of operation, main- tenance and repairs of said system, and to pay into the Bond ! =.' Fund created and designed by said ordinance as "Gas Revenue .+t Certificates Sinking likmd" a sufficient amount of revenues over and above such cost of operation, maintenance and repairs, to puy the interest on and the principal of said certificates as the some respectively become due. This oertifi.cate and the interest coupons hereunto appertaining axe issued upon the following terms and conditions, to all of which gash taker and ovmer hereof oonsents and agrees: (a) Title to this oertificate, unless registered as herein provided., and to the annexed interest coupons, may be transferred by delivery in the same manner as .a negotiable instrument payable to bearar and. {b) Any person in possession of this oertif'ioate, unless •? registered as herein provirded, or of the interest coupons hereunto ' t ?- appertaining, regardleos of the manner in which he shall have acquired possession, is hereby authorized to represent himself as '• •"•? ,' ?. . the absolute owner thereof, and is hereby granted power to transfer absolute title thereto by delivery thereof to a bona fide purchaser, that is., to any one who shall purchase the same for value (present s .,: or anteoedent) without notice of prior defences or equities or !"4, claims of ownership enforceable against his transferror; every ;?,5 prior taker or owner of this oertif'ica te, unless registered as herein provided, and of the annexed interest coupons waives and renounces all of his equities or rights therein in favor or every Il?,?i`?•?"k'.Y ewe"S Ii'lfi~?4`Y'1 pF'??..' such bona fide purchaser, and every such bona fide purchaser shall acquire absolute title thereto and to all rights represented thereby; and a Z Il r 5 r (o) The City of Clearwater may treat the bearer of this certifioatoo unless registored as herein provided, or of the interest coupons horeunto appertaining, as the absolute owner thereof for all purposes without being affected by any notice to the contrary. Al This oertifioate may be registered as to principal alone in accordance with the provisions endorsed hereon. i It 13 SEXY CERTxFLED, RECITED AND DECLARED that all acts conditions end things required by the Constitution and Statues of the State of Florida and by the Ordinances of the City of Clearwater, A Florida to exist, happen and be performed precedent to and in the : issuance of th&s certificate, have existed, have happened and have been performed in due time, form and manner as required by late. IN WITNESS WHEREOF, THE City of Clearwater in the Coninty of Pinellas, State of Florida, has caused this oertificate to be signed in the name of paid City by Its City Auditor and Clerk, and City Manager, and countersigned by its Mayor-Commissioner and its corporate seal to be hereto affixed; and the interest coupons annexed j hereto to be executed by the facsimile signatures of said City Auditor and olerk City Manager and Mayor-Comm, issioner and this certificate i to be dated the first day of December, 1935. City of Clearwater, Florida. BY i (SEAL) ty miror ler Gounter s igned Oit7 Manager for-Commissioner (VALIDATION ENDO R3EMENT) Validated and confirmed by decree of the Citouit Court of the ' ' '`''`',• Six Judioial Circuit in and for Pinellas County, Florida, rendered ' on the day of 019 }= ° IN WITNESS WHEREOF, I have. hereunto set my hand and affixed the ,;:, .-..,'?".y •°i:.?;' ` e- Y5t',`'•? seal of aaid' Cirou it Court this day of t ? { ??i•g'?C:.?4A?.f, .•l t-)a;r5:,y `.?:, :: .`.; ;?',.,, +'. { . 5 ' . ?f , .e, s ??3}3;???'•"Y?'?Sl?{q'a?'1°sLt++j: 1 ;;•?'X'!r'?'3.? - .,.'S': .i')'.. '_:''.. r, L ;s %??.j`F} ' • .. ,.T?^'!r.` a 1;1?`1???1 - ? : `. 4 ` . , l4 a A i N .1 r 1 rte`.. t J Clerk,, rout Court sand o Pinellas County, Florida. (CERTIFICATE OF RMISTRATION• ) This certificate may be registered as to principal alone on 1 : + t s :ter .x.????• f ;1f•? rtf?i..a; S'4J7 ??•l ?}? i.:Y. Sit ^?::''`'•raiw? the books of the City of Cleantatar, Florida, by the City Auditor and Clerk of said City$ as Registrar, or by such othor Registrar as may be appointed by the governing body of said City, and such registration shall be noted hereon by said Registrar,,after which no transfer of this certificate shall be valid unless made on said books by the registered owner in person or by his duly authorised attorney and such transfer endorsed hereon by said Registrar* This certificate may be discharged from registration by registered transfer to bearer and thereupon transferability by delivery shall be restored, but this certificate may again from time to time be registered or transferred to bearer as before. Registration of this certificate shall,not affect the negotiability of the coupons hereunto attached and said coupons shall continue to bo transferable by delivery and shall remain payable to bearer. Date_ of Registratiom R4p?is ar©d Omner Registrar (COUPOT } Ho • ,?,.?,? $0.00 On the first day of _ 10 , the City of Clearwater .'I Florida,, will pay to the bearer hereof at the off Joe of the ai.ty .r< i ?, 11 d 44 7 - j Treasurer in Clearwater, Florida, rnit of the Bond Fund desoribed ,in the attached oertificato, twenty dollars (420.00) in any coin or ' currency which, on the date of payment of this coupon, is legal tender for the payment of public and private debts, being six months interest then duo on its (has Revenue Certificate dated December 1, 1835, and numbered. A 'gib .L u7-J ?? ,., • .,'fl`c ..tom; i. S City of Clearwater, Florida. BY ty Auditor ?c lark By . city anager, for-Commissioner Section 4. Said Certif icates shall be registerable as to principal alone in accordance with the provisions for registration hereinabove provided for endorsement upon said Certificates, and the City Auditor and Clerk is hereby appointed and designated Registrar for the purpose of registering said Certificates. No charge shall be made to any holder of any Certificates for the privilege of regis- tration herein granted. 'Section b. The City Auditor and Clerk and City Manager are hereby authorized to exaeute the Certificates in the name of the City and the Mayor-Commissioner is hereby authorized and directed, to countersign and affix the.seal of the City to the certificates. The City Auditor and Clerk, City 14anager and Mayor-Commissioner are hereby authorized and directed to cause the coupons attached to said oertifioatee to be executed by their respective facsimile signatures. The certificates shall be and they hereby are awarded to the United States of America at a price of par plus accrued interest and tho City Treasurer is hereby authorized and directed to deliver said certificates to the purchaser thereof at one time or from tirie to time as'he•may deem advisable upon receipt of payment therefor. E , ' I'. `1 a section S. The Sao plant and distribution 'aystem of the City shall be operated on a fiscal year basis, commencing on bray 1 of • 1 r . each year and ending on tho April 30 following. ? Froift "and after the effective data of this Ordinance all of the } revenue derived from the operation of said system shall be deposited 1 as received into an account designated "Gas Revenue Account" (here- f ' ' ? ' ' ': . y ro c:• ? cif a: . 1j,°•7 ttya„3i ti.etY'.} 'S ' r '• l ? - ,'.'s.:?.f.> , !_}'GS r i?r;lr`.::5•l l,•-. .ii?' ?l?F; f , 1 6.+ inafter called the "Revenue Account") and the monies in said Revenue Account ahsall be set aside into separate and special funds, aa• follows: (n.) operations Maintenance and Repair Fund: There is hereby created and established a fund desig. nated "Gas Operation, Maintenance and Repair Account" (hereinafter called the "Operation Account") into which there shall be paid out of the Revenue Account a sufficient amount daring each month to provide for the reasonable current expenses of operation, maintenance and repairs of the gas plant and distribution system. (b) (has Revenue Certificates Sinking kind: There is hereby created said established a "Gas Revenue Certifica.te€: 5inkina Fund" (hereinafter called the "Bond Fund"). Into rhich shall be paid in approximately equal monthly installments during each fiscal year after mulcing the above required payments into the Operation Aocouat, an amount equal to one hundred percent (100%) oaf the amount required to pay: (1) The next maturing installment of principal of any of said Certificates. (2) The interest payments to fall clue on all outstanding Certificates up to and including the date of the next maturing installment of principal, of any of said Certificates and, (3).'An' amount at least equal to twenty peroentum (20,`x) Of 'the sum of the 'amount required by (1) and the amount `required' by (2) in order to provide a reserve I1 • t?t1 'It. ?fl e..F •?s?V4. '.i. :1 5-11 •5.? .:,. .?? •,S•. `i: ,??( -.4 y, ';L f r- t 45. 9 t A 821 g In such Bond Fund. The payments required by (3) shall be continued Antil there is in said Bond Fund an' amount Buff ioient : to meat the next maturing installment of principal of any of said Certificates and the interest payments due on all outstanding 33 Certificates up to and including tho date of the next maturing t installment of principal of any of said Certi.fioatea and the principal and interest payments to fall due during the next two ,,"r, ,.;? .. , •,-?.,•e years thereafter. Na payment need be made into the Bond ' fiscal ` - Fund if, and when, the amount in such Bond Fund is at least ' F' ':rr ; ._.,•. ,,' :,• .' "';. '. equal to the aggregate principal amount of Certificates then outstanding plus the amount of interest then due or thereafter to become due on said Certificates. If in any month for any reason there shall not be paid into said Bond Fund the amounts required by this Section, then an amount, equal to such deficiency in the amount required to be paid into said Bond Fund in such month shall be added to the amount otherwise required to be, paid into said Bond Fund during the next succeeding month. The monies in said Bond Fund shall be used solely for F - the purpose of paying the principal of, and the interest on the Certificates and for no other , purpose. 1 " All monies in said Bond Fund shall be deposited in a ! , 3'. ,,. : • e, bank, or banks, which ars members of the Federal Reserve System and shall be continuously secured by direct obligations of the United States of America, which obligations shall be at all times at ' • ' least equal in market value-.to the amount of monies- . .jj f•„ ', 1 4 _?,... - "' i id B d F n sa on und. ?, f -,= ,?FS:. :.: Y Section 7. The City hereby oovenants and re es with t ag he holders , , •, of such certificates that while any of the Certificates or coupons issued hereunder are outstanding and unpaid; 00 Tho 'City will maintain the gas plant and distribution ..'system in good condition, and operate the' came in an efficient manner k 4 F ' "f `S- f r , rl r . . } T,-- 822 :y 10 and at a reasonable cost. (b) The City shall fix and maintain rates and collect i4 charges for the facilities and services afforded by the system which will provide revenue eufficient at all tunes to pay the cost of operation, maintenance and repairs of said system and to maintain the Bond Fund as hereinbefore provided by Section ! B (b) hereof. (o) The City will not issue any additional obligatione r payable from the revenues of said system unless the lien of suoh obligations on the revenues of said system, is made junior and dubordinate in all respects to the lien of the Certificates .' issued hereunder, and that it will not sell, mortgage, lease or otherwise dispose of or encumber any property essential to the proper operation of the system. (d) The City will maintain insurance on the gas plant and distribution system of the kind and in an amount which usually would be maintained by private corporations owning and operating, , a similar undertaking. ' (e) The City will keep proper books of record and ' account, separate from all other records and accounts, in which complete and correct entries shall be made in accordance ' with standard .. ; " ? .: Principles of accounting, of all transaction + • .. ? , relating to the system. The City shall furnish to any holder' of any of the certificates at the time outstanding, at the written request of such holder, not more than thirty days after the close of each sic month fiscal period complete operating ?r and income statements of the system in reasonable details covering such six months period, and.' nut more than sixty days after the close of each fiscal year complete financial statements of the system in reasonable detail' oovering such fiscal year and certified by independent auditors if so requested. _t. Any holder of any certificate issued hereunder '_.. ?, ,r',•5,:::?st$1 c? _:«»:::zk'tr...ls,.':;.fi_?? { - ;, v;:, ° x, shall }gave the right at all reasonable times to inspect the 'E'? 'E' t r.r.,. ,.r--r.w. •e?+.'+,..?.,"rw!?r?!!'RT??"? '? . ?? r,l ?#.., • t? !r. -'mot :>? 'i , - ,.VF<•' . .??.. 'I?1MW?I ?i?+'AI?'Rd?.thMiS'3I )f Y+...,:. dn..1 '.-. • , .. y '.*, . 831 directod to deliver said cortificatoo to the purchasor thoreof at . one tirne or .from timo to titan as ho: may Gloom advinabl.e upon receipt of, paynolat thorofor. i Section G. The rratorrrorks syaterfl 'of the City oball be operated on at fiscal year basic., coi,miuncinp,, on-Kay 1 of each year °f and ending on the April 30 foll.oaing. r Pz?onl snd after the offoctive date of this OrdillariCQ all of the revenue derived fz,om ti.e opercttiorl of tlaid rraterworho system ;j shall be deposited as received into an account desigrrnated .Ir;"iator- ..;;. 't. 7 . works Revenue A, nt" (hereinafter called the Il liuvenUe lac count") and the monies in snid Revenue Account shall ide into he sat as a?';''' ?a.i separate and special funds, as follows: (d) Operr'tion, Maintentzice and Repair rluacl; Thee+e is hereby created and ostablira hed a fund designil .' . _ tod . -"?'. ??: s :'. ? .<? ?,`i?,n:E°,?; °i•' ?. •. •}?-. tE.`, ,.?f.? , a`t 'f `'??[',:;, ..; L.ir?e.??t=', Ijr,'.i ?.°1?:: ,? t Ifj ?, rlaterrrorlts Operation, Maintenanco and Repair AccountIF (hereinafter called the Operation Account") into which there t,: ,',?;a: tj i;i. ;•: ;, ?' r•µ;. / r? .,, .t„• r ;?;. 11 r: ;k shall be paid out of the Revenue Account a sufficient' r-mount during `. ` + each month to provide for the reasonable curx+c?Ilt e?:pentton of operatiorx, maintenance anC7 repairs of the ErrRtr;rrrorlcs S r .3t0Ill srtifiat.l `'iztsi t: +`1.;4 (U) l'dator'rroz?its;eVEllalie C{ ?to8 S ingr l?u-id: There I hexe? by created road established a II Wateraoxrks RCvorluo Certificates ' l;ifiCt?tBC airllc- ? .:} ,S' ?. .5i5' .tit.. ..r, .'. _f•'?i ' IIII} ,.: 'r ins' Pkud (liefreinaLf i:er called thc? f3antl 1'unrl ) into which shall. be "ll •??; ;:.',=:}r?: ?:i;?',`3' , ?> paid in approximately equal monthly ina tolinten to during each fiscal ?'.?•.. ;? , k ; !'{s:, 'A 4 `'?f,': ; j: -.• :r.. each :t 7'. •,;o yonr after makinG the :Dove -required pa moijts into the Ulaclration I,j' +:llt• .}•-'Cit_: st ``• •?( , .•f.. r#rt''j: :?-: ,'t`.rr.;,' Account, an amount r:quul to olza laLUldrerd percenf. (100;x} of the nrnouni; ''. ? it ifek' ,r, .1' •i r.. ' i _ .•r - .'1'. `.„ ;,';. required to pay: p j' ? i r. r?E i i 1 V'Y e' rrSf ` x S l ;.' =.t.-? {iL• ; .n, 111 ..r„ I. ... i,= °t"fir {• :.`, (1) `Me' neht, Inattu?ing instalttlont of pslilacipc.l of am of said f 1 F l`' Cartifi.cates. (2) The interest payir:onts to fr,.ll due on all outstanding t._1'kf-•7az,?fs};7?y?;,+'rr?s'. p, :,fi :.k,}'14.;,;:..,> "t??a`'•?1?.`+'?'?S,ij:''i'W '1.1` .',t;?' :4• ?.L'! i.?'I t.' - ,• r A,' '- ? A `'t, Certificatos up to and including the dntte of the nee ?4 ? ''G`?t?j,wCFp??a?iSt?'?'r•: ' • .ask;,.'' ',,:i' ., t maturing -.; ~`'3?r••:c':, 14 'y?' 3.}'fL;•''-ii.'; kit;.it•yy'i A '•sy?`3`, ,.-44 , 3n ., {,. principal ny, of said Ga tificates and installment of z of v. ::''; ,s;.•,;"rr?,;.k; '..,, kt, t +r q r> ?•. Y R ^?1` Y•,s??? ?,'S"# 1'iy4?' ? f a.E:.,',.. I . '. 'ta °.:?;??', ?3?. .:A?,,:,•F-,',t,?I` ';'' j ? i??• LS?rr?, ?ci,,'C•4 ?9 %h\,?;E;'?='.t ?v"?= ,?' :, y. YF,. 'i "'r?S.?'; ?.i. ri,; «4...+;^_Y.j?. ''a.. ??'? ?.a ,.d s - •.ir5. ;45-1.:i'„.i,C.r'^.. ='i;'r`. 1:'Sl:t r• ?_r. ?{ ?.y? ?? 5. t •':?-<;%:_:,r•,.? ::°?.K.a:?fi's??irR.°.?:}`psi 1' yti :^?'"?,? r. - r .i i.. :1 "`lid •. •. 'tir?'?.__`-?'' j'r!, t:-?S±?:i `F, ?:>?: f ? 1ar1'? ?y" •'? {" .l y 'rr';I , 4.:5' "Y. ;rE}i'i Y?1.. q'.ri t';(,?'}''{',yti yyr,,•C.`+ °_? - - ? ? , - ' y.? I t t • tL1?Y?.11rr i ' :' ' . -' - . 1's`Zt`. f 77 re I— lYw- p .,I V f; 'Jt' }r ?)!t ,1g) fyRMiK ?+p?lIIPME;\WtSa? ,•. i.x 1. <: l{, .., .., .. .I• .... t. .. - - `i ,... ..... . . .. , _z..... P'. n` i- v'ia'-. .''•ta'.,5 •. y? 3. 832 (3) An Amount at lattst cabal to taent?,* par cotlttun (20 of the sum of the amount roqu Trod by (1) and the runount ; ' requiroal by (2) in ordor to provida it reserve in such Bond Fund. The, paym3nts ragUirod by (3) shall be continued until thore is in said bond fund an amount sufficient to meat the next maturing installment of principal of any of said CortificFttes and f the intorest payvients clue on Lill outstanding Certificates up to and iincluding the dale of the next maturing installment of principal of any of said Certificates and the principal and interest ' payments to fall due during the next tvto fiscal years thcroafter. a ' 1 ('`• '9s:t ?;' No paynent need be made into the Bond Fund if, and trrhen, the amount in such Bond Fllnd is at loast equal to the ag regate principal amount of Car `l.°i a s the , t , C to n outstanding plus the amount of intexoat then ;,ia;„Pt' •,,,,,°r duo or th'-,reatfter to becoina clue on said Certificates. Y ° t? F:r: ,;? 4 :. ' .',' •E, ' f in any month for any reason there shall not be paid into said Bond Fund `?4: ;43; `r='• the amounts required' by this Section, then tun amount equal to such deficiency in the amount required to be paid into said Bond Fund in such month shall be rdded to the tunount othorvise required to be paid into said Bond t-?uid during; the next succeeding month. The manioc in ;;• :.;i,F a= 1 ' ;,;: ->r''.; said Bond Fund shall be used solely for the purpose of paying the principal of,, and the intevc:st on, the Certificates and for no other r<<+:' ':'t `' purpose. All inonios in said Bond Fund shall be deposited in a bank -;} or banks which are members of tha i,'ederal Reserve System and shall be continousl,T z secured b direct by obligations of the United States of America, which obligations shall be at all times at least equal in market value to the amount of monies in said Bond Fund. '..:t•';= ' `;i' ':'..' Section 7. The City hereby covenants and agrees with the i 4,;?` ,,'t?''`j?,. ;t"; 4 '-? •? holders of such certificates that while any t of the C ,,?r;;??zF,, .,`-:?-fi' =i gr.?: •, ertificates or ?E•' . are coupons issued hereunder are outstatxliii a ''u'•' ..'t:r 4?j'{?y?t?:` 1:,'',ir'? i ,' nd unpaid; '1. ?s' r}-• ,;,'t?';'.'t?;? ,E'f" n (a) The City s;i.l.l, maintain the viaterviorks system in good condition and operate the same in an off icient manner and at a ' Y <<, ? -`?'w r? r' I reasonable cost. (b) The City shall fix and maintain rates and collect charges •? GiFYI j? ?t S' {M ?,? .?i 4.I,J;1'.. '•1„ '.n S'.• `,.' {7 g? E. •? ??°G? ??''r for the facilities and slirvicea afforded b the Viaterviorkd system 1i ?Yqt H'lC? Yrii f1. '???3' (t , -''i' -P Ys'• ''' i. =?L?•?A'` ?m _ ' fi?t' "?? „% ?? ..` .'. ?[.'. y:'i ?•_. ':r„"-i ? ????'?`? 5`t , .".-klt,-•?C t„3 t1.;n-.? T rr)?;. , 54 .j„ . 7 ?•99 'a ?1} ?{ ?+,?"'rGiV'l^`hZ'x;MCr,RS37?i'%Char.4rll?q4tnu:•3'hrik?t?l;7t,+t-arkHW.Yw+yeaNUrrrlefg4'•'T•P'r,11E+,?.?wtn'L -Tii •-ree?• ,? .. •,• ?i .Tr?;Si„Y. ::`''t 44. a 't.a ?r I '.7 .1• 7 41' c A;S.. Ott 3 833 Via, j E F . ?S 1 1 F .. „Y ...:Y;L'n".,r.1;15'.suF'.: •:Y.Y. _..._ti.,`..f - lo - ch viill provide rovonuo sufficient at all times to pay the. cost of operation, maintenance and repairs of snid system and to maintain the Bond Fund as hereinbefore provided by Soction G (b) hereof. _71 (c) The City will not issue any additional obligutions payable from the revenues of said vratorvrorks system, unloss the lien of such obligations on the revenues of said systoin, is made junior and subordinate in all respects to the lion of the Certi- ficates issued horeunder, and that It will not seal, mortgage, lease or otherwise dispose of or encumber any proporty essential to the propel, operation of the system. (d) ' The City will maintain insurance on the viaterworhe system of the hind and in an amount vrhich usually mould be maintained 'by private corporations ovming and operating a similar undertaking. (e) The City will keep proper books of record and account, separate from all other records and accounts, in which complete and correct entries shall be made in accordance viith standard principles of.accounting, of all transactions relating to the viaterviorks system. The City shall furnish to any holder of any of the cortificates at the time outstanding, at the oritten request of such holder, not more than thirty days after the close of each six month fiscal period complete operating and income statements of the system in reasonable detail covering such six months period, and not more than sixty days after the close of each fiscal year complete financial statements of the system in reasonable detail, covering such fiscal year and certified by independent auditors if so requested. (f) Any holder of any certificate issued horewider shall have.the right at all reasonable times to inspect the system and all records and accounts thereof. Done of the foregoing covenant's shall be construed as requiring the City to expend any funds other than the revenues.derivI ed from the operation of the vraterviorks system. ,F ' i • 1 • t t t' '' ? . J f ae • ! l? .. I i ,I • r7' F" 'i'4' ? ,?• ,Jr !!il: i•ii qtr j•!? ? i d TV, 777- '' .,;: .. ?",'r: t? .. 4:i1, .. ? ?. A.`, ? :1 ??. ` :;r::.=r, 2 L?, P,t;'?siS•1.??., 'r.. r t• . •t F,'?:i7. .,k ., :,'. it`s .. .. : , ', " _ ;;?1.+`, r!`_'. re` ?f` :.F???, rl{.• •i esi ><?.a ? a .d.r oi.w.y?ta: w.u?. •'- .L". I .3••F t "''823 ` system and all records and accounts thereof. i ., Nono of., the foregoing covenants shall be construed" ns requiring the City to expend any funds other than the revenues derived from the operation of the system. r, Section 8. No taxeo shall ever be levied and no monies shall ever be taken or diverted from any funds of the City for the payment of the principal of or intereat on the Certificates 1 issued hereunder. T r. ? .':. :F•rs¢ Section 94 All, ordinances and resolutions or parts .., a r'i: .'i'{•J. - '? :?_,i.?? •. ?-'.. 1 thereof in conflict with the provisions of this Ordinance are to the ' extant of such conflict hereby repealed. Section 14. An emergency exists., and this Ordinance shall be inforce and affect from and aster its passage.' ' t'•I.. 4e ?.Y?? ??IJ ? t ??},,. f.?H '1 •:'`f4'.I'''.`??-:Y: A :. "• •,`? Passed an adopted by ty. ommisaioner of the City of Clearwater, Florida,, this 6th day of January,# 1936. (Signed) Bay E. Green r gtte6t: Mayor r,,,: J. E. 8atterfisld City Auditor Ole ,';gig!„ E::rp'::.4'{:.: :..?;i-f (.??::•;?'.. i 1 t! t ' :: ?"??, .'i4: +i?!' ?1 E ?. s•_ ?j,.r?^T 1?'1 ? .Fi rl' f '' ? Ir} .? `'fti. ., ' R• t?? ?. ?i? } gq?.,4 ?.z 373 ?A9, it •? ?.,; ? 'L.;. i ? •?r.r .?.:€.4 * ? . ' t r'77 ?nn1sSt's "k h• -0n•vS:ra "c.:a' ?' !s . J!.. '.4, ,wy:s ?? ? • t*y i : py?py2?"r, ?l ???r?? • t '. 't•• ? j •I` •r ???.?<r:?`o"{?.'.=??y,?ii????=A,`-'E.?,? t?•.I•'?A ?i}?J?zr•, ?': ?*''raqq'?•s''LS???J ,??'•,.3?ReY ` :3."i.,? ? .:1? .. t .1 .. ?4 `,ty :i:;?•?.,:, ?..?#=?:,i:3 :J' ??`kiY?,?e.s? .. ?! €: •r .S 4Srjs f' .( r : j 'SI 'err .4?y .?`1':;'t ='.; •f t'•}?//'-:?x' `.I 's ?• ?- s' , ? ?•1? :Ur'`,. ,?i' ,a YlF 1 •53??- ??'n f -? f a ?• •f. ?.` .?• J r }: i• i It !? ! ?, t l?' T?"_-`., S .. yr?#•'?--.3?. f? 3 1 ,frt :%/I l.i?'1??.5 •T3r''.!a?? t. :1 MWWMMWWAMWA ??{ s .»,•.,. °? ' r?• .r,?;"??°}you F>etit`:'