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TIM 110UTES OF THE CITY C01VISSIOII DF ll CITY DF CL' UVIATSR, FLORIDA
The City Commiaaicn or the City of Clearwater, Florida met in
Special Session at 5:30 P. S1. Friday, January 9, 1942 at the City hall,
with the followin¢ nenbors present:
George R. Scuvy, Mayor Cammianionor
Dan Stoutamiro, 0o=1 anioner
s' Sumner R. Lowe, Commisaioner.
.11 .: .r .i :.•af .....::.'5., .. .,. .... ,. Jesse G. Smith, Commissioner -. '
{t' i4 °t r D. C. Smith, Commissioner
;;•"Mr: Absent: Ilona '
The meeting was duly culled to order by mayor Seavy.
~City 'Attarney Ralph Richards now road to the Board an ordinance rt
to be known as ordinance No. 8 and covering the details of the proposed
F w .;F) t:l<, ^. c rs RefundinB of the Sa!hitary Sewer Revenue Certificates b
,i .',j'•• y Leedy 1'ltlealer Co.
" .i?s ' ,' '` =tfitrr.: yt , fit; ?.,, .?". :,•a
?'r :.. ?d;'?.' ..5` "Y.rra ,: -?f 1. .;?: i1+?ro7:r;^ sii 't:z ?,.:•s•,.'. Fj.4 ,r .:1:': ,
of Orlando, Florida. Uoved by lasso G. Smith,-,seconded by Vr. Lowe, and -,=i s '•.+
--aY,?t:. d. F. n.ai`'ut:..?ty etr i•.f I ?• i.{,. ?yw yu _
'jy-.,?rS}f? •;`F:.`'+t._3.?,.1.ai.?17"7 carried that Ordinance IEO• 484 be passed on its first reading. 1.. f '`?fr?'?#?F'r•• .?"?`?:•..F??•:;.•rty
oved r,
by Ur. Lowe,-,seconded by D. C. Smith and carried that the Ordinance be t ~'ri'C°'`r ruf€ f
''.r-;i't:FS1E.?}r}•.?i, Yai;Y'`;+,f!°;`?,< yy??a'i>??'??{%,t.L;•4".r ????'4.?•", ai
4 v2 ? .? ?'? ?, nt.<' d1 (?» t's.l.. Vt' PE' i•i ?ti..
r `. r r•'+, i}} ?1 ?,r •.•;; }.', '- . passed on its second rdading. Lloved by Mr. Lowe, seconded by '',r. Stoats-
i;.
r: ': 4-'r+s 1 ?° ?`+;1. ' Pic ti'>•., 'G•.' : 'Y
;. -•+',. ? ? -•. ''%f?`s.. ;.s?t.;"?.?,> ?= mire and carried that ordinance Ile. 484 be passed an Its third and final }?{"'•f? +,+ ?. ?{tea=r'' '
`:`;?• }'F??`rr•;`Ay :a ?, r+3 .. .,.. rE it ?, r br}-'b.'
L?`r,llLIw.'1'1sta•f' :,r•,? :q?`','., t.v.'Si?. aaFa. .?.
reading. In all the votinb ou this ordinance there were no negative votes
?. ? ., 3?,1 GY43:?r?': ?.i?a-'r•:'r? F- .e . a's' ? '.?,rr':?' 'ffid ???r?;,;;- .
`:.
S:a 'x+.? t? ?'`?? ti'• '?- f fr,'??e?n:t t-j t+' s"e#ds i -f
,?,, f '. ? .;; ?• _ ,: oast. Below is set out Ordinance Ile, 1x64
?'?'.. ,i)i. r1 t", ":???- r Y = lu• ` ?•. ii y', t, q"1'???i ?Z?•itl i•`?` .
?•?'E„'?S}Fiuy"4`.4y,,CF.'. ?.'f'??{} ,?'f iw•
7rJ{t4}::i
ORDINANCE 110. 484
fj"r ;:?.'. ,. !1 '?r".?• 7r :5y°'{^., x"Y,i`:?%v?rl,.F?A,r'.?' :i'': ^',Sr fx;'fr' x i' f': -rz y. ?S" sr ?..lF?'°• 4
ORDINANCE AUTHORIZING Thb ISSUANCE OF 4259,000
r ? ' ? -
1 ? •: ?'"? % ''-" :;T- GAS PLA14T AND SE,ilr.A SYSTFx.[ RrFUII?7JlG R.?Vr3w?TE
t •e: c' ,?.-> ,?+??z:<:: ? ERTIFICATES OF THE CITY OF CLEARtiiATER FLORIDA 'V ?.?•'. • ' ? ? ? a
To HE PAYABLE SOLELY FRuLi T1r- REV.:U0SS DLritIYED ,c;? t rt 1r.).'•
. '? - ?G.'.ii •'it, ..iw,j. FROM THE OPERATION OF THE SiMITARY 5EYf1;lt SYSTl - • >-' '=.'
r t;,
", r.l. ' '';>• * C•: •`_ 4
AND CkRi1,L4 1ILrVMlUEB DERIVED FsZObI THE QPEiIF?TIOIIS 1 ;•rj ,,r z,+ ,.`.'i.?+*: ? ,_,:
?.,.-
"E:.,.iC??-'. _:•.' r i• f?t:?'.',y,'.? : +,
E?ti;F?':'r'"??} '`r 1• ?+i i'?t` :.`''??' OF THE OAS SYSTF3S OF SAID CITY FOR THE PURPOSE
?? y . `•t,f £„!`rf •i.. i• : <2''i FY «f.' : ? OF REFnljUlCIIIG THE OUTSVavDI11G ST ER R.*rV°,.INE
t':'3 .'1>7'l)j){ft '' ' ° I ry'`'' ' `=' <• CERTIFICATES OF SAID CITY IN VIE PRINCI?AL
f'?f?:i - : C.. ALIOL'NT OF 0259,000;
;31'f: ' ',3" :.; t',?y,,,.;.l?:l,-`•,.?t'1 ,
:f
'a'C`:?•? iliy _.. .sJ??l.i?h .??J. f-'t'li. `? _^:f ,see .: •, .':.E:-`,_::; :{s'i.'.M ?-:f '
BE IT OR=TED BY THE CITY CDLRIIS3ION OF THE CITY ?'•`?„?;?a? r .
t ',t V, t`t'•J'P .t•id c'LZk`?'a+'• ',••., •, ,,li"a:,..,a_'•. .-c i
r : 4 '•= r of CLFARti7ATEft FLORIDA:
.p'}.;,'t-`"=•';?,C?" 1'yL .lu,;.'.,.%„b,,?-, , (t, 3. ii•.4 rl'e}; i.
14, ,,{{ t ?T% ?t
rj ?:;rj ???3?1..',??.;iP:st';k`???i t??.?}lr,, Y,F •`-,.i3-.l,t `?r!ir,'•`r:: rf •,i `'1???;+' '
•.. 3c " } '.' ,raF4 ?k G; Section 1. It is hereby determined and dealdrod that:
i6 _ ,:: ;? • - ?> ,
., .jjV ? }? 4 ..: ''/'ki f?? 'l; i. ?' .'•..:` , i ,f' .t [.? '?Re •.,^?A ??A R.
?tY` tt?'> , `,`LVi •? (at The City of Clearwater, Florida, now owns, operates :t °,' :;fs,?zr',:;L~?°ti'<i::•
,'. 3. and maintains a Sanitary Sewer System (herein called Sewer r:
t .; r .'.y-. ^1...a IS 'Yi re " %, f t' {4'. : ? ?I=.t'"a'':.: •?.L ,e. 1
System") the construction and asquisttion of which was-originally financed
3'tiy:} .?: ?s i i ; .i r i+'. J:1 r-r F--'r.. .", 2. r. ,.. ,,!•t :.•r. ': ?a i.`i.'? 1.
w .-'°?r: C•h:'4?:?'r :t+.S.'•,,.-_r mss: ,, ''%'•-1'c':._- ..,?1.;-E:: a,,;,:'i }
by the issuance of general obligation bonds of the City, for the payment - ,;,rr;.? :. ?,•,• -
k a"3 r
xy of which bonds the City was required by law to levy and collect an
'•'zG s'"?'? =# ..;?f.?f:,viF,"')f'ft ti`, :.?`. ` '??'r?,1; '?
ad valorem tax upon all the tainble property located within the territorial
?., •?:",' `??}Y..'r-?{??F?'` 6+Lr?''i+•ystl'S S*?y?' •,?'St`?=?, '=R7 t.'," `...°
q.; o is ?rY; ; ;' Er { r,:^ F °s
?f;YT n limits of the G
,p;??..i-?i7 ity, and the revenues of amid Sewer System were in no way k J
I-, W
?"++.fP'."r? ?}}?'`''-??'=?a'"'kzf,t;y't'', ?y a!?`_;''•? ;?.sl?;tr,+,?lj. ''
€ :' 4sk ¢' ° pledsad to the payment of such bonds.
!° IIY Y'irkY ";''f i:4t+ntyts,1;_' ((•:: _ :;:,»', 'r'
(b) Certain im rovenents and additions have boon made to
"I V
?,? + ' h rJ :;a,?j 1.-?',;; ? R; t. ^,{pia •c{...
' j??lj' 7 z; ' 1 ? to said Sewer System, which improvemants and naditions were financed by
?9 jiy °q'i' f ?•?lh ?'4e'?_ `?,;}aF :J 4=.?4??: krlf.'}'3r.. .'??; i4•'Y:•?..
F' ??},rie f P "i'> e•;?t???r„ g .f•. ,` +,? ? i ?•C. . J,'
??'' w±? ?"? ,`^??•?`t???'??;?v"1?,{?`1 Sewer Revenue Certificates which were payable, principal and interest _':ti`44sE%:,:'n'::,.?r?4.?•:};° ; ?:, ' ?
solely from the not revenues of the Sower 5yaten. Said .,ewer Revenue
i
d ?''« , '-?-+" +'.''i ,y,, N?+?'yr+. ` "`,`R??/"?Rr!•r'?•Mf .f' ,d'?.M +?,-??... i?.?;?c;}?°^M1 r-
, - '.fir" r w ;-•:-:.: tai .' ??
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t
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o .,:rr=.1.?;+.. st :i?' liL?.t. r_,`fiS}:, ..?,SL 7i {'' ?- +1 <, i f•, -'' } i:: y',?fi' f ? - y,Y ', ?v' - f. zw;
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i •, •' e"'?;j ?i?J.titi ti.?y:'z=,!i."3' s''/3.
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y"' `r^v??'Fn r'1f
???inlwr????.w rrw ww? i?w wwa.n •• _ _ -^ _ ?wwM.k +"•I r?lr
,r..?.?,,,T?.r...,..y.r.?.,....,•?,-...,?..,..rl.?...?...r?,,...y..v_,?.,?.-... ;.,.._, ..a. ,, .r,... ,-,- .,.. _... . _ ... , ...? - ., ? S!„'.r'?r:,.
4?
Certifioatea,;tba..onLr•-ipdebtadnees payable from the not
rovonuoa of the Sdtwcr Systan now outstanding, arm in the amount
of 4259,000, being part of an orxgidal issue of•$261,000, bear-
ing interest at 4: per annum, dated October 1, 1938. Said
certificates are payable on uetobor 1, of each your, $4,000 in
1942 and 1943; x}5,000 in 1944 to 1947, inclusive; 47,000in 1948
to 1951, ineluaiue; $8,000 inU952 to 1964, inclusive; $9,000
in 1955; 410,000 in 1956 and 1957, 912,000 in 1958 and 1959;
913,000.in 1960 and 1961; 914,000 in 1962 to 1964, inclusive;
315,000 in 1965 and 1966, and 014,000 in 1967 and 1968.
There was in the sinking fund astablishdd for the payment of
slid Sewer Revenue Certificates as of•september 30, 1941, the
sum cf 97,660.00.
(c) The not revenues of the Sewer System fcr,the
fiscal years of its pperation are as follows:
Fiscal Year Hot Revenues
3940 $6,310.69
1941 6,220.85
(d) The City of Clearwater, Florida, also now owns, .
operates and maintains a Gas Plant and Distribution System (herein
called „Gas System") the construction and acquisition of which was
originally financed by the issuance of general obligation bonds
of the City, for the payment of which bonds the City was required
by law to levy and collect an ad valorem tax upon all the taxable
property located within the territorial limits of the City, and
the revenues of said Gas System were in no way pledged to the
payrient of such bonds. r..., L4 yswos-
(e) Certain inprovanontn and additions4were financed
by Gas Revenue Certificates which were payable, principal and
interest, solely from the net revenues of the (lac System. Said
Gas Revenue Certificates, the only indebtedness payable from the
net revenues of the Gas System now outstandin6, are in the amount
of $73,000, being part of an authorized isvue.of $79,000, bearing
interest at 4;: per annum, dated Lecember 1, 1935. Said certificates
are payable on December 1, of each year, $2,000 in 1942 and 1943;
$3,000 in 1944 and 1945; 04,000 in 1946 and 1947; 05,000 in 1948
to 1952, inclusive; $6,000 in 1953,to 1956, inclusive, and 06,000
in 1957.
(f) :he net revenues of the Gas system after
allowance for depreciation for the lamt three fiscal years has
amounted to the following sums:
Fiscal Years Net Revenues
'17ndine April 30, 1938 $43,709.07
1939 48,056.61
1.9 1940 48,590.23
Duna 30, 1941 50,13L.
''?w?%^..7is'r?.?'+w !i.1i..:.'?w..xr „'.t..t,?`Rr?+'1+k ?'-?f?A!'•? P?? '+.?"?`'?!"=,'rr.-!4. ?.;.T"•?' .1..?•-e,? yw-,, ..?f,'t?
-r?.,,lr 4 ?y?'r ;?•??'^?r 5 ^T.Yt!{'...-?- •- "?r'.r"'r^?""'?wY'*^'^1 '?r?1'wr?i7lr???
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.1'",.. iz' .1.: r-c9 ° rr.:;--... cwt:. t,: `:::::: '' .at . rr .r..,? a ?F;.,.. °'SUS.?.?'•€`i.'..`,w ,y..t-.. ,..a'.;':'irt" xsce.-•w,....•-'s- ' ?'` s< :S:i::' [ :l ? `r
?'? a :.;.i,. ??L?}3U11`}s.SwLkw.ris??...F•,..as?.?e:ar.e:?j^. r:??s.`ly...,- ?Sr••..'•a`N?-":.:y? 6'," .-. °'TY ?? ?+ ?f •,r f'. f..." '`"'.i', is •.'..v ;(. ?5,.,.
y'?y,Y' ?k5>`d•- _ •, ? X41 .. .. r. ?. = _... _ l .?_,? _ ? ? ? .'?i ,!1.1., ••'f 'p'?.45{..•
±`,,??,_•yJ, 4w • +. +'Fib'tlt^'r?.•w.,'rq}rif-,T:F.?4'?°r'?-7Y^.T ""R„x,T'i"w?T-•'TS??4?t.?w rr+4?-.fT??'S.wy.??l+.
{ r•`?';'e' ±7?a',•?;,... (g? The Sower System and the Gas System are both '
administered by the same department of said City and the not
estimated revenues of the Sewer Systom, togothor with the
: t? `}` ?x °' ' : '':'. revenues of the Gan System huroinuftor plodgod,: in ouch fiacnl
:'°J<`' ;,:•" f years are In excess of the amount to bouome due in enoh such fiscal
ar
year for principal and interest on the Gas Aland and Sower System
Rofundina Revenue Certificates hereinafter provided for, after makinb
provision for the payment of the principal and interest of the out-
:1f2"`, standing Gas Revenue Certificates payable from the revenues of the
Gas System.
•P . ; is ";•r' ' y.; 3: ,
(h) It is hocesoary and desirable in order to reduce annual
<° '•?, `'.'r',; -;l:'•e '; debt service roquirenentn and to provide for the orderly liquidation
' ts:•=v?193;('.': ;. of the outstanding indebtedness of the City's Sewer System to authorize
and issue Gas Plant and Sewer System Refunding Certificates ( herein-
t >[3`.. ;?`;^t• f;d. '' after reforrad to an "Refunding Revenue Certificates", in an a66regate
principal amount sufficient to refund said Sewer Revenue Certificates
Presently outstanding in the aggregate principal amount of 4259,000.
' < is . ?? y :. ° . -• :. 'i.;.. >,,? ?;?;.ds' :
`?' ;F` r;`f "'.:,ti,r •j:: (1) The City of Clearwater has authority under the Constitution
- _ ;??'i•? ,?,, ,tt; - t' ? and Statutes of the State of Florida, inaludine the Charter of said City, ts''. *?,' .,.•f?,?.'??,?:
}?,,• '.M1 .?S ?.:':.'?;°?':•'°'/ s K
?.{' ,•Ek°`: °r• ,d ° to establish and maintain a
municipal sewer system
X;= and a municipal gas systan and in lebally authorized in Its
.'?, !, ?t [:.?yY,?;: •,Zt°• `fh'?.;,?-SiSA?t'' S~q ?yt?'s?ro.f'?:.y,.
proprietary capacity to antiai ate the collection of the revenues to
.'i '?" •:f: t p•e:• `tea ?•.,'"r•l,j f- 4°• }_
. ? 1 : ,`; .' [X ; ?,..k,1 ^ 1r:, +?r? .1'E y,r . ` ?.'•':. t.' ••??s?}w y 11,, 'a.S
:;?J 'N'.":''• +;^.c,'• be derived from the operation of such systems In order to Protride funds
°t,•, {`;?' ' tai ; ',;.' .t a '' zi ;?:..??,.?,.,?.::?? ? it `'=s?,g9t?.?,-•
,:;wa";,
for the payment of the indebtedness incurred in the construction of such
'["_• _{tip Jl?'i" ? S, '.• r,,,y:;et?t:g t.i?.tr.y???? ,tiz}^`ky?,S,r.?
system, or either or them, or in providing essential additions and tic,a:'1..,r,,-;•:F ;afx."r: ';>; ',:{'
i•t?: '`?? t ?s`'VLl •}{?1f? lti?.°?" ' -?. ? ??r :' y?'t'.F?'??'?'.?`•' .}`'!
A,
M' ry
facilities therefor, the exercise of such power being an ordina {`
V f'.
•}',f' ';?' 1:;<.T and usual function of fiscal management incident to the City's authority
t.. 1' '' ?`,i'=•!T. 'r`;tt to own and operate said systems and is authorized by the Revenue Hand
T$41 1. }5.; 'i.i{: iE.. 1.-7 `fr""•i Refinancing Act of 1937 to issue and sell its refunding revenue certificates
for the purpose of refunding its outstanding Sewer Revenue Certificates. y' -': VRJ , :7'°d (? Leedy, Wheeler do Company have aEreed in writing to exchange,
_• ? -rt,F tF: .. :. t'' ..'ttLr. ,t.-e l.`f-.^t'J'''!.t `-,,."?,`
'? i..: at. ?r.y ° ? ?; . s ., :c?•. par for oars the outstanding Sewer Revenue Certificates df said City,
I`l;'i.'=?}Y#'?? r' `?' z".-ir.`' ..., s'tr^?•:,,,, ,
j1 bearing interest at lt,o per annum, for the refundinb revenue certificates `'[''?',•.
:-? '.,1.: 5? ?a F.ft' n?1? - °ie •..'S`.r'?'. r.?i-{r •f;:
i`y:k'ltii?i-`41t• 1t1l1 ' t
o be authorized hereby and to bear interest at the rata of 3j% per annum. i;;`,:°: •? ; ''
lit : a''r rr.7:'J+'.S-? ,.t•.. M. • .
t; ,,,??t -r f'f'i' 4•?Jir:?i?,?:?St?? lZ';,?;' •:ir, + : ? .' c
Section 2. In order to refinance the outstanding Sewer Revenue
4 / f t '
i ? ..?? ,r iYi: ', 3r }5 '?1 • f # F `,T', .'r + i, i'-4°f i
Certificates described In Section 1 hereof, there shhll be issued r r, . > )tee
netiotiabie iiefundine Revenue Certificates in the aggregate principal -
lL'•'•?°? ;''-°`_'`'• amount of ;259,000, which certificates chatl be dated Uctober 1 1941
?• :? '};e•?:;? . =i1f"?,?••,-??'' •?.':';
:?z.;??r,.,l. be in the denominution of 31,000 each, numbered from 1 to 259, inclusive, '
,'t' in order or maturity, and shall bear interest at the rate of three and
3{f
one-quarter per contum (3t,+) per annum, payable aces-annually on :.Aril :'t,,` e ?-~5r.*??&1'`•`'`
ie,
first and Lctober first, the first interest payment to be made April. 1,
1942, bud both principal and interest shall be payable at the office of w '?=;'?F • • :
'); City Treasurer, Clearwater, Florida, or at the option of the holder at
r ? .. the Chemical Rank L: Trust Company, tow York City, New York. Said c rtif :-• ?"?' ?" ? ?
..Gr: ?,y 1.+Fh
?"'? ._,,: ,' ?'? . i.:aa:,.:.?..A? .?f: ., .....'?...? ..•..-•. luw?r"'i'S.n.j.. ? ., +?,'? ?? w'..^ r,,.' •'r:.,'+. `c1?,;.?''•ay_?,.'f»,, - ,,,•'k a
ss y , ? '
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t act-'.: .?• , v
N a °p.
:S'" :S'' f !1_.? t•,.=i° R .:.; II '. is ,•. -
.?r {{ '! Nft
'•I? ° 5 ) ra y)'Z..Y
rye.
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[}-? .y t'` r.. '. i' btt.1 ,?.5a.•7xaLLv.x•. F'ti::.:."`_>^ hsr;-S' .».7i ? ... «i:.. ?,'.`. M. F' &' f:?r " ,.:+.
{ ? i'?f?3 y/JI,,;t2': ?aN'?.,; :.?}?... ?t , , ?. ?'Sw ,r+. W+. ?-.:yi .:r?'? , , . •?+::. '•-?r.r-?• "?" ? , i?r'uw-s .. ii ] i ?:;?'-?,. r.
1?JF J:Ye.A ., r '?Y.`'J ^_ r, _ s E .{, ?(.. •f, s• o
i ,E.. y.Y •{'2?J?ISA- ,ww 4?r?? ;t' ?r ?brfJr:'zS'rlI t >; -_ .n ,
is":i?:`itlJ,9 ?Jk?,?.:,ti'",:_!1i3'`. R,?Ed :;f.- ,?'.?'.{•
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{, '.'rt F/:•" -i:3X(?::?`I'.°.:"
5 ?i..:l., :."f 'a I.'Iw{.,w /T?n?'.l„•+w?-*q'^"^'T'.'?I..I.+Ar^+'?-!w.q/?-e?.1+wV'f
antes shall mature in numuricol order (without option of prior redemption)
on October 1, of each year an follows: 440000 in 1942 and 1943;
1
45,000 in 1944 to 1947, inclusive; $7,000 in 1948 to 1951,
inclusive; 39,000 in 1952 to 1954, inclusive; 39,000 in 1955;
;'.i..' $10,000 Ili 1956 and 1957; 412,000 in 1950 and 1959; $13,000
in 1960 and 1961; $14,000 in 1962 to 1964, inclusive; 815,000
in 1945 and 1966, end 414,000 in 1967 and 1968. Said Corti-
ficates shall be issued in coupon form with the privilego
of registration as to prinbipal only. Said certificates t
shall be executed on behalf of the City of Clearwater by the !
:s•,i. City Auditor and Clark and City Manager and aountersibned
ti t by its Mapor-Commissioner and shall have the oorporate seal
of the City affixed thereto. The interest coupons attached
to said certificates shall be executed by the facsimile sign-
s1.',. f.05r. ..
aturas of the City Auditor and Clerk, City Manager and kiayor-
Commissioner.
•r;•{? }?::1,'? may,, :p`5.???, ;,;t;•F:
' Scotian 3 It is hereby determined that the period •:.a'-
?:• ?? - of usefulness of the Sever System is not leas that thirty r''•' ?: , s'' ?1J= `,'t t
'"'",v S>-'';''r• r?? ?? .E .i (30) Years from October 1941.`
Section 4, he Refunding %evet:ue Certificates and
S nr 5tt? ?, ' ?. +.
5.r ?•f "t t` interest coupons attached thereto and the provissians to be "t•'x ' L ;'. '.i..
"V
.Py:?dF" r.' ..? • , 3 r
endorsed on the back: therof shall be in substantial) the
following form:
4 .4,
;: - .. .« ,000 ;•• ?' .(,'; ,-z`"5+?,??'?"
No. UITITZ) STATES OF ASfERIC,1 4;
STATE OF FLORIDA
. ,; 311,
coui 1 QF PE\Ca,1J•W?A7
CITY OF CL3erl WATEki
CAB PLANT UiD GM MR SY5T13[
i RIFUkiAI3'0 RLrYE1NE CERTIFICaTw?,
, ellea,
The City of Clearwater in the County of Pin
a. munlaipal corporation of the State of Florida, for value received,
Florida /hereby promises to' a to-the bearer, er if this +,,, ,• `='w,?`'
•J' Certificate be registered as hereinafter provided, to the
registered holder thereof, solely from the special fund
provided therefor as hereinafter not forth, the principal
sum of '•}:' `s''03-r''E1t".{'ix?,r?, 3
f`; ;?;: ,.•;;j" ONE THOUSAtlD COLLARS
" i4 r;'• r .; -: Y;4 (¢1,000) on October 19 19_, and to pay from said special
.z ' LJ ?« ; • ? ?. fund interest on said principal sum eami-annually at the
2, c.. YY,..J•}}fit. X±?",??•t'I ;.: r': ?, :i, ,r?'?',yLi 1 '? ,r ??., •`' ,1fY.
t;.
?: rate of three and one-quarter per oantum (35) per annum
;:,iti?;-+ui`;?t.?•?,fie:-?x?'r„"'ifS.':i.e?, i ?ti.?; ?'te'?."t'!;rfl'.'.;'"?.,?
on April 1, and October 1, of each year until maturity of
': ' ' '? ?i}k.c7'•r+W :t! r ,wkra='r!=}a,-?', ?i?i-.•, ••'•k ??'-,;s; ' . J,:-'t?'^`:.'..
;;A?;. the principal sum hereof, upon the presentation an n-
der of the annexed interest aoupaua as they severally become %??' =;:.:'.;'? '.i•? ,:.;;a
due. Both principal and interest of this dertificate are
' NSSAE •v.Ci°« ,tip-y, ?'.•. j.•^`
-+,r•_ ,
t ? a s'r ,? s,•. ayeble et the office of the City Treasurer, Cleasmater,
? ,;,st;°°, ?;, r s.;?:..•'.S;
i' R , p
Florida, or, at the option of the holder, at the Chemical`
t =a fe E'
J !• 4 tJ.:? ? i.. ,; :`;':'.`' ?:-,are'€.'?? "f: ??'''
Bank Cora
a Trust
PanY, is the City and State of Ilew'York
,
t, -'a;,?,,3IJ?«a?'r•.i •Y^-?, ....wi-yC. _...??......+-,.,...... _ .. .. ._ 7 -,.-.,ar'...+.+?rai-Wc_? .-?'t. , ?;.r, ry'."E= ,*a
? ^ , ?.--. -ar...A*^? '-w•" -.? • •.I.r?- ?,,.-.. -+r-.. T- --+,..-' '?-- ?.-• . ;r,? ?, i ? {tt?'?+n<54??i?`. ? ? N' •,,
J I ' f, F.6r "r 1
, i , . r tool ?ns'? , [ t ! .LAt? J
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^,•?,::'y„ ,,c wSi1kYWf', ?i:vr-....W?.1??."x.L.::... '.r_:,.. 4 4' .4.i
r'.it°'rti%'*ts'•f?.r ,wx. ?? Y X r "?: ??:» :?.. ?. ,ti .t.. _ ..?.?. ''1"' t '!%" }' '+?'' ,
: .'{'z ` ?1`Aly' J mot"„y'?T-0•y,.•.-...,.. ,+•'r++'r•••+w.wrf?ew.•.rn .3.:.r?.r••?srs'.AY'K?'?l':"`s'.'wr••r+.-T:••,•w ,.t _ .
;''i?j^' i7-.:',",, :f.tF•?j' E f•yF ?..'?r Y 1, .1, _ r•'' .' 41 ''i r + .'r rt ' .r••",J t'r? '
61 r l„ Z
Jr .,•• .f-•-+,.'„ 115 F '
f E
i j in lawful money of the United Staten Of Marlon.
Thin Certificate is one of an authorizod issue limited to
" ! an eggrogate principal amount of 0259,000, slumbered l to 259, inulueine,
all of like date and tenor except an to data of maturity, issued by duid
City under the authority of and in full compliance with the constitution
,:?•', and statutes of the State'of Florida, partioulhrly the charter of said
City, the Revenue Bond Refinancing Act of 1937, bdirg Chapter 17751
:.
General Acts of Florida, 1937, and an Ordinance duly passed by the
City Commission of paid City. The issue of Certificates of which
this Certifioats is one has been authorized and issued for the purpose
of rufinanoinh certain valid outate,nding sewer revenue certificates of
the City payable solely from the revenues of the sewer syatum of said - r
City. Said ordinance provides that the City shall fix and maintain rates
and collect charges for the facilities and services afforded by the sewer
system and the gas system of said City which will provide revenues 73- 'Z3 +''i s`- ;}
.4•i !'r1a `? 1' . , "+.'? sufficient at all times to pa the cost of operation maintenance and
repairs of said Systems;: dnd':to•-payc?ntor_thd Certificates Sinking ;r;• a:- ' ?.,: `=}:r;.';:.i'Fw'
`r { . 4 Fund created and disignated by said Ordinance as "Refunding Revenue ::,'.:
Certificates Sinking Fund", a sufficient amount of revenues over and ?'i',;, '• 4 yr,•s;i.' % •'s:t
'+• ?E'??' . ?''' 1,?? '(-•.:.??.?. ?•. ,•'?.Li-°k i' aa. ?ti.S: •?, ???'.yt4't:.:. ?•.x':,
,. ?a'rsti,, ?.A'. • ;4 above such coat of pperation,maintenanee and repairs to pay the in- terest on and principal of said Certificates as the same shall respect-
ively become due, and to pay from the revenues of the gas system the
]
principal of and interest on 973,000.00:: Gas Revenue Certificates,
dated December 1, 1935now outstanding and constituting a prior
'.?-. ?";?:•
charge on the revenues of said gas system.
Both principal of and interest on this Certificate are ;;'• _ 6;'
}?• , j1, ' '? " ."t'1 payable solely from said Certificates Sinking Fund and neither this
Certificate nor any of the interest coupons hereto attached shall in
`` q.c l {. ` ;Er= any event conatitube an indebtedness of said City within the meaning
of any constitutional or statutory limitation thereon, nor is the City
. _ ,'-_ ?`•,'' ;$' _, r *'s 74 of Clearwater under obligation to pay the same except from the revenues
. ,.f _.F., :.ors,,, 1 .:?!= • :.; ,?; :
Y F.^,S#.! +ae?t l:. `r<,ti'.??r.'y1. •s '5:.. 1=ri,.•'-,, •j.r ._?„!?.,
derived from the operation of said sewer. system and gas systaa as in the
aforementioned Ordinance provided.
J?s additional security there has been granted to the holder
z' a other Certificates of the '
%Y of this certificate and to the holders of all
issue of which this Certificate in-one, all the rights, ewers and remedies '-
„'?.,.=! i`` •? r' ?.;' . to which the would be entitled if the would be entitled if they were
the owner or owners and had possession of the Sewer itevenue Certificates
G'
y`5'? of the City for the refinancin of which the Certificates of this issue P •. U,4'',
have been authorized and' issued all in accordance with the provisions a `
},f 7}(?f{.{'"s *. sy:;` ,t„ of the Revenue Bond Refinancing Act of 1937.
t``; ` +?'•. ' This Certificate and the interest coupons hereunto a er- ? '.. ,,,`
taininb are issued upon the followini,, terms and conditions to all of
which each taker and owner, hereof ooneents and uareee:
i.h .?;yF t
rya,' ' -x..: ':e°,.T.',"?!•? }. 1:3.?.'Y'
•'?y _ r„ 1 9 -? :°4..,rf: .R4 -.: Stt°t ; r,}"I`, S' i
l:,`?" '?• : ??,. ;?? •) +! • ,,/•• i•: ;,rtSw...,' .;'??,;- << { :r-tir` !? MM'? :L:?` aJ:¢ I ? ?4..' .
? ? ,-. a : `°r .y '•1 :f .'i L" f• ?' .:ry,' A ? _ ?,+• `-??i ,;,: fr 's.i... 6. ,1,s ?k.Y..?;'
}? ?„ ..,,? 7?l1 ..,?',,;,::?::fY?r.?Yr'!!?R?F:S?•l,y; ^'?sL•°?Li:.'ta q':
rol
k ''A,T4`i - 5i.' ?5. ,.e y+•^•. ..,a ,{. •:: ,' r:,? ".? ..t ".. n. «-.. , s.......,.«w. +n ww?- .. .. .'!' : ` .'}`' if' •.Ll- r i{._...
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?"dr.^: . 7. ?a?• , Ir.. c. rv ?' ?t ?.. - •?c`f, •atvr? . 3F...;.', ..i.., ,
s-n5?, R?%r.:E 'ate r «,,..[,?:. l `?»•fl .Oa,'. '+r.o.' .t .'Nn?yy;,,r .-•y.+-.:,i'••:'
%
r it, •. +141 ?'. '5::3:, i.'Y':1;,k51;1'?:[
.-r....?.,..t.S,o..l.?.r„?„?.+s-+.r .'t{rr.r.ww.r.Twrn+.e•-.?... ^,r^`.r?s.-..,?..r . w.?..?-••,.?. 1.--.w ..,. ?-u . ...._:. .- ?.... »..+rnrr'•w•y+f.wos-
(a) Title to this Cortificuto, unless robisterod an herein
provided, and to the annexedinterast coupons, may be transferred by
delivery in the some manner no the nsgotiablo instrument payable to
bearer; and
(b) Any person in possession of this Certificate, unless
registered or herein provided, or of the interest coupons hereunto
appertaining, regardless of the mnnner in which he shell have acquired
possession, is hereby authorized to represent himself as the absolute
owner thereof, and is hereby Eranted power.to transfer absolute title
thereto by delivery thereof to a bona fide purchaser, that is, to any
one "ho shall purshase the same for volue(proBent or antecedent} without
notice of prior defenses or equities or claims of ownership enforceable
against his tranaferror; every prior taker or owner of this Certificate,
unless registered as herein provided, and of the annexed interest coupons,
waives and renounces all of his equities and rights therein in favor of
every such bona fide purchaser, and every such bona fide purchaser shall
acquire absolute title thereto and to all rights represented thereby; and
(o) The City of Clearwater, Florida, nay treat the bearer
of this Certificate, unless registered as herein provided, or of the
interest coupons hereunto appertaining, as the absolute owner thereof
for all purposes without being affected by any notice to the contrary.
This Certificate may be registered as to principal only
in accorddnoe with the provisions endorsed hereon.
IT IS HEREBY CERTIFIED, RECITED AIM DECLARED that all acts,
conditions and things required by the constitution and statutes of the
State of Florida and by the ordinances of the City of Clearwater, Florida,
to exist, happen and be performed precedent to and in the issuance of
this Certificate, have existed, have happeneddand have been performed in
due time, fora and manner as required b;r law.
IN V11M;E35 WHEREOF the City of Clearwater, in the County of
Pinellas, Florida, has caused this Certificate to be signed in the name
of said City and by Its City Auditor & Clerk and City Uanager and
eountersiEned by its Mayor-Cocmtissioner and its corporate seal to be
hereunto affixed and the interest coupons annexed hereto to be executed
by the facsimile sibnutures of said City Auditor and Clerk, City Manager
and Mayor-Commissioner, and this Certificate to be dated the first day
of Cctober,1941.
`:f`(,•, ` {'µ1''t:
-IL41 s.
CITY OF CLEARWA:'ER, FLORIDA,
BY.
ty Auditor er
Counter-signed:
yor-Comm as oner
By
City "nager
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-•``' jf?A-v?yr °;rk,T •'•a?:+,hrrA V, i•i? a:.. , `
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.C3?fr?,i??•;v'./r?? ??!' ?"-?•sj '?'?i :y`'j?yk?•,??.1),??i
(Validation endorsement)
Validated and confirmed by decree of the Circuit Court.of
the Sixth Judicial Circuit of Florida, in and for Pinellas County,
rendered on the _day of , 19b
M WIME'SS MMRSPOF I have hereunto set my hand and affixed
the seal of said Court this day of , 194
er , Circuit Uourt in an or
Pinellas County, Florida.
(Seal)
•(Cerrtificate of Registration)
This Certificate may be registered ns to principal only
on the books of the City of Clearwater,-Florida, by the City Treasurer
of said City, as Registrar, or by such other Registrar as may be appointed
by the goverhing bpdy 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 authorized attorney and such transfer endorsed hereon by
said Registrar. This Certificate my be discharged from registration by
registered transfer to bearer and thereupon transferability by delivery
shall be restored, but this Certificate may abain 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 be transferable by delivery
ans shall remain payable to bearer.
DATE. OF REGISTRATION REGISTERED OWNER REGISTRAR
No.
416.25
On the first day of , 14 , the City of Clearwater,
Florida, will pay to the bearer hereof at the office of the City Treasurer,
Clearwater, Florida, or, at the option of the holder, at the Chemical Hank
& Trust Company, in the City and State of Clew York, out of the Certificates
Sinkine Fund described in the attached Certificate sixteen and 25/100
(416.25) Dollars in lawful money of the United States of America, b6ing
six months interest then due on its Gas Plant and Sewer System Refunding Revenue
Certificater dated October 1, 1941, and numbered
CITY OF CLEAMAMR, FLORIDA
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•.Y':1, '_y:_. .r. :''"? $i ,r? :.?:uc,,,., i:,i33 =?:_.;; .i,W' «?s,. -.?,u?.i, DL.,. _ r,?t. ,;?t: ? 'ti,?». "• ?.:: tom: «c :a` {- EtA ?-S?' `i$=ALL'z'?:.a+a,xu.:.+r,......•?:.?r'FS>%•t=<,,-,.'- ?''?"
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City Manager
Mayor-Coma ea onor
Section 5. Said certificates shall be registerable as f
to principal in accordance with the provisions for registration hare-
s....
inbefore provided to be Andorsed upon said certificates, and the City
Treasurer is hereby appointed and designated Registrar for the purpose
of registering said certificates. 11o charge shall be made to any
.- ( holder of any certificate for the privilege of registration herein 1?
tt granted.
`?• , 'i,' p•?. ?, ,?`? :,?F y,`r>. r,' .. *i?.
i`"s: r."
} Section 6. The Refunding Revenue Certificates, as to both
•, [•' ?,..'?,: ?'' >r'' + . r :.Fr'y `"° ?;" ' 1; `.?,?. , •,? ',fir#`:+;??, . ? ," ?.. -'.? principal and interest, shall be payable solely from and secured by a
- 4 •:?f. t ,• i•:9. ri. '.tC,• ..;i't's LLxln' i-,.r.n
•;l `'k:"t 1• e,?• ?,r
Y',,r;,tti?r ?.'.: ?,r p•?r.'r'?,r, •.7 Yi", rr'.•`' first lion upon and an irrevocable pledge of the revenues derived from
r st''; ; ,• z "`;`,r? ,4 s.. ?,?: J},_ f
. -i;t, ?C • • !; ;:p.G•l:. the Sewer rystem, remaining diter payment only of the .rel,, ud'4:' .?t'•9 t rt,.?'s-•. f:
the pperation of ? s ;<' YS ?,?• 1
t.: ' r".'? ^k'G' '%r :.:5:.'f. T- :s`y?,''"+ fir.-.g+5, ?.ylk?w',?•{::sr,17?.
1. ;k• x ll, ?. ,`-•'?..t .`:'I ?1: 4t:'lT?.c•r J, eJ.r ';'A "r F,k' °s
reasonable and proper expense of operation and maintenance thereof and ae.',r' ,? r Y{'
`''•? venues derived from
by a pledge of and lisp upon such portion of the re
the operation of the Cea System as hereinafter provided. Such certifi-
?,.?
• F, %` ;'F• ?=` .'? ?- ? ?' ? '??•?
`'? :._• F;;' and ratably secured without priority 6 -if zX6 F
?•??:.-` Y reason ; • :
cates shall be equally
? ?°?-ti ? ?_w? ;F ? ?"tr-r ?.5.'.1:'j`, 8k"?•? _?: .Y[rY?? ;: k?"Cxh?(`'"i b.. 1
of number, date of certificates, issuance, execution or delivery. The, ,?;k's• r ,-°-ry;?,,}:'
City shall be under no obligation to pay the principal of or interest
r 3a '??'' J ?Jr, ?,
except from the revenues of `°?e'S;°1'j? =b.?rt',la;iE'r, ??
' '•. on said ' Certificates or any part thereof,
rri:' `F''4.' Cl 1 : '.'t' '='C•..`.?t: , :??1?. ?'.,".,1 -:-.y.? ,. t- t ilk"
a
, i
the Sewer System and Can System as in this ordinance provided, and
1 ?'4? •tp'' ;r .?'.;: ;.,t'?:Y 33.E: '
a =.ti,SF. 3A:: k` J j•.{"'''
3'A,.yr P-, .11".•,: ;. 'i•. ^:4 ,
W",
+' ?': • ?''"-'°? ,A ? ? net create an indebtedness of ' ?''?• ?
issuance of the aertificatbs shall ^P.. , } '°
the
:F' ., ., ? 3.. -t,.,w` ?'i.w?•??Zrr;±;;r5?' .<. ti',
?r`''.?.' 'tis; ;!-:•.? •,t,;'•!'.1• ''- ',-r?.a?:e..:+:,'????.:•?{»w'
0 }'•-a,. :';=1y ,.. r. r
,'. the City within the, meaning of any constitutional or statutory limit-
'4.'.?•` .f?ek.. '°? 'ia.:??'-...?p;?.,,,.?;.ri:+r,'t;?';::?,
aticns thereon. As additional security for the certificates authorized
?: ;?.?`• _. , ,..a•,;rt.., ,.
r: _ICI ='!.r «' ';• Y3. ?,, ,5"_ ?, f,0.- ,
`` _ '*.°`? '•?'x; ?;I. ,.? hereunder, thorn is hereby conferred upon the holders of said certificates
, < •'_` :4 :7t??Tt.,?;???„`•'
each of themr all the ri6htor Powers and remedies which chid hold- £r=
and `
`4• : ". , s -'..,' .1'i:3 ?? `e . ' L='`?r ''•, ?.
.'P:;.r:•`_?t-•o-e }el,+ rt ?,< <,; [+? .'f'r-,i°;,.:`•:-r?1?'':?.#:... 3?. g`:_r•
'???{:'' ('?' , :lit ` i',w,r+ ? ?:'.,`? .. ,?.. a";t4 •v' r_
d had possession of f• ? ``?,?;?
ars would be entitled to if they were the owners an
F
the outst¢ndin6 Sewer Revenue Certificates for the refinancing of !rhick
i V•";?' ~?'r•?-° the dertificates issued hereunder hake been authorized.
Section 7. Each of the Refunding Revenue Certificates shall
contain n recital that it is issued pursuant to the Revenue Bond Re
-_,r, '•i?•. • J 4k,
financing , ```- .?:,.. ,..•? ?,., ,
' -
Act of 1937, Chapter 17751, General Acts of the State of ` " . .
? t• ,G x?, ? ,iJh , . , v .: ,?i •,,..,-.?-'?' `?- `
'
Florida' 1937.
,????? s,it r?.iy?:?;=:tt= °• .,t "°; .'F r....1.'?,yf'3yrt':"`±-• ;;,- 1
Section S. The Sewer System of the City shall continue to
?: ,>;•_+' .
,'?}rjtx-; rin t,. ?r;;??•_•, ,P Fi;° be operated on n fiscal year basis, camrsencing on the first day of
{^t ?•? rY k i'"Y,'a ;? q.'4.??71s:Y ,g `,'+''? ir:'= j : s.:?''a. > ......^'1 ,, a'r "*:'`
September
?, .c€'r.;???i' ,•c,t?.f ° October of each year, and ending on the thirtieth day of A` `;`:' ?` ,? ° .i•'
_ -s: '•ll,?l$j; 9di5"7:Y ?<"+?:??.} ?;:V::'. 1 ?ifi` ?',,,: .?.: :r?t,,,'• ,_ . t
;., following.
r-:- s`•:-•{sir,. }, 1'. E. ?'.t r?t_f. a.?' ?qdF - r.;"r'• ?-,'•} ?a%r-,. :•°, ?-
d.:.. . ':
yr any of the
90 long as any principal of and/ or interest on an,? '.;;',`"'••:?`.s; :::?o< , •,'.;, t`°:
+ ;:i:. r:te •'_'.` •'. ?' 'A'
?N1 Refunding Revenue Certificates herein authorized to be icawsd shell =:?.r a,3, j :,: t•":c "?,??:•}
standing and unpaid, all of the revenues derived from the 1 • ti'+r
remain out ,
N ' .7 t
? opdra ion of said Sower System-shall be deposited ar received into
o-<. ,.:s,.,?•; ?,?;?';?•.? •.
.:•iti'i' i s ':i 5..?, -?a(s.:,"'..,ao f?, i
f Y.:k~r: t:; ?.
,- an account designated "Sewer Revenue Rand" and the moneys in said
M .1'?. „ .•+1 .r. ??..r?`?-.+.A'• .?,.'. ' ?R.-.'r _ : r_. • "; i'i?.`tiS,1'-?'n)`,°F `b'"3?yj ?3•w?,Y'3 f.{;a'ri:
00
`".° .. `^?..' ?.:-.?•?,,,?,."'.,?,n""`?,? ,?'_<".?r:r'.,-y.' ?___?••<' »,w„" , ti7!•?. T. „•a?_ .?? Y. ;Fi.?_.i a'?r`,Sti_.sfal+nTF.E: S'riifP?Y'.?:' '
.. t'?L•.•'tr.. .?: faY•:?::.1''0 .t'w.:"i C:'-'S.*,1y...,, '1:f 1'> . . , - t•'U' '4 •,l°. ..' .:}? Mi?k'•'' '
?-_-, w••+r'-.rY?Kr.w:Yrwlr.r n•-,?..•Yr•,w^-^..- •v.r'+r.•-.-« ...... ..... ......" .,» ,. .....,. _. .-.-»._.... ..._ .. .-....- ..-, .... .. .-.- ..-,»,'.. .?_.... ° ._ . ... _, .t. ... -. .. .. .. ..._ _ ., ,?1
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yL Y f f
.3' ail"?
n=ew I. "^, f
4 wrr S. ?++?:?c{}'ar:wt•?:.'.r?.i.• ? •er': ..a.. . • -i :'?..:, •?r:r- ?l r? ;.'..r'L:y`." ^•'';?e:,;":,""y,;:.- I•^-w«.,+.;..N..,ar.?...:;
: • ?; ? i i'? k '?_.*:i:'. "?.,,r•r,?.a , 4. i,:, ?.r'a 'v € a :3 Y J at ? D l' P? ' ?•, ?` .. ':r •
-',e? .?`s?c; ?'?'Ka +"L.•x .,<k.,
.`r ,??..Y''' .Tr ?'';•i '?,is<'..,?•E,,' r w.wr.VN.N.'!MI±!V•rlrl , r'rf!!r.rr.lrT??tw??w?"w?.T'?y?..w!?}.?..!I?"w i
P1 10 9 0
7z 717777 0.
' F; ?';?:? a '?}4',ls"., ` •?;. tit,' .. .. .? - ., t
jl w7 js
i sewer Revenue Fund shall only be sot aside into soperato and spacial
funds, an follows:
e'
(a) Operation and Maintenanoo Account.
Thar-in hereby orantod and established a fund dcstAkated
' ,' f,:.l' j: r is *{. ; ? •.
"Bawer Operation and Unintannnoo Aaaount" (hereinafter called the
•f'
"Operation.Acceunt") into which there ohnll be paid oub of the Sower
Revenue Fund a sufficient amount during enah month to provide for the
reasonable current expenses of operation, maintenance and ropairs to
the sewer System. Monies in said Operation Account shall be used
solely for the purpose of payLng the reasonable expenses of operating
and maintaining the Sewer System. If in any month the City shall
t' fail to pay the above required amount into said operation Account,
then an amount equal to any deficiency in the amount paid into said`:''
' `?' ;eir'? Operation Account in such month shall be added to the amount other-
'• to the Operation Account in the next ?-
1 ,. wine required to be paid in
j,c,, •'?•' ''' '. liq?{ ,ice j_ .a +f., :: '•''i'',
succeeding month. r? •/ ,,
(b) Refunding Revenue Certificates Sinkint, Fund:
,. ''j'.'.: 3?•l.Yi{;,A /7t 'fir r 1'•'
r' y t
EThera is hereby created and established a "Refunding; Revenue
` '#' { •''.ti r,k? Certificates Sinking Fund" (herainaft,or called the "Certificates
' ?':i ?f•. ?i: '! 1. i.,r:,,r
;Is
Sinking Fund") into which shall ps paid in approximately equal
monthly installments during each fiscal year attar making the above s.alr z {
' • ``. ,, ,, ?,;•,-.. '.:..
. ~'ij-• ?'1e;- "i ? r. . ,;,...?;.y k? ?. ."fir: ,. t.. ".1 • '.
required payments "into the Uperation Account , an amount equal to one
hundred 0 of the amount required to pa
' - per aentum(10/$}- y: 1.,, F•::i :.,,' 1?• ?' ,• , ?
(1) The next maturing installment' of principal of any of
7 >;. said Refunding Revenue Certificates.
(2) The interest payments to fall due on all outstanding
'.d.- •: A' Vii' .E. ? t •t s: ,'(S•.. .•`, ?`.. ?, ', ?
`
Refunding Revenue Certificates up to and inoludin6 the date of the
,,. :?;•' f}????°:?r' --
_- next maturing installment of principal of any of said certificates,
and { ~'?•' ,? ?F .'y,•,r;A
An amount at least equal to twenty per centum (201.)
«: :F,k;:?r' ?yi°`".'`."1?,`•° of the sum of the amount required by (1) and the amount required
by (2) in order to provide a reserve in the Certificates Sinking -' ¦
?und. The payments required by (3) shall be continued until there
is in said Certificates Sinking Fund an amount sufficient to mast
??' ;-' 'p,: ;t?. ? • , T?+:: '4!''`''};' the next two maturing installments of principal ??`' ,^• ? • , ; ?i''
` :' y.:;?° ???£??e.•"_,,r : ??', ra;y.. ? of any of said
Refunding Revenue Certificates and the interest payments, to fall due
during the next two fiscal years thereafter. Na payment need be made
-. Ij!'5 ?! J'4? i_ ; ?iF,` ' `F: ,t .TYi_ "+! t;a ,• ;z? .• : ``?.. r
into the Certificates Sinking Fund, if, and when, the amount in such
[[''' f
-, -.t .`?"? ? •'S:./ 7y" f', f!?j;?F'. p?";f.?'?' I, '' „attJ •.,i M1?, „1,?,y?`,. ' +1'
•'f;,,?;;'?< Certificates Sinking hind is at least equal to the aggregate principal ?,3? ,..,,• r. ,
amount of Refunding Revenue Certificates then outstanding plus the , _ .,.-. .. ;;
amount of interest then due -or thereafter to become due an said ;q4 F.3 F:
''ri. ?,? ??7 f,??yt' ?s ?pS.,?,?a:, „y? •:'ai? ° :???`-•.,fr7i'i. ;?t;'?,y'••s ?'
certificates. If in any month for any reason there shall hot be paid =R•.'>:4 j 4'. `r'; ^='?,,`.
'All
'€r ' ,? "F•' r ?N" 4. Into scaldCertifioetes Sinking Fungi the amounts required by this ?. ;;': ?;:=•r + ii' ';
?.. ? ?r , ?. -?•.- , .,:?>°•.°.:??••.•, r;? :.
?'•? " '? Section then an amount equal to such deficiency In the amount re- d.•• "- ° `.'`rr`': tf`?''
W,q
F`fa .;..' i.:.;11, '(!' •.7', •",f• '1??' a ". .,.:r.•' l 'T .? t i•„,t., `t'farl4?t:':?`?'•rt:.,,;
'ter ? ?+?.?:.Y.Sr?:. f rti. r" •?Tfi^.' • ... ? 'M' 'L:.? t A '?j S, L'?e'i.'k _1. `'.
• r.r. Sri ?'. ?. !..
°'?,,."'??'?,""!!r"'?,'•?!w^' ""'?`•""tlll?'-, ??Fr""" "4„r.' " ?"' '.,??•- -•?r' • +w- ? :.:4?,:'r• L? '? (? '?„7?; s?sj.?• °
T - -
tr.
S: .yam ,n-' .. •]' ea
ft
8 '! ? :-ik• •?. 'ill
k 3€ : f S
.1 • p
Jf:r ,•rt. ':`F'` ..i= •,F?•:t 'ia^al•:' 'r•3 1.1p'":.
a :Fri'
.?.+,k ?? t :jl' t =.C' r. ice` N?f" :4 •?: t.w •f 3 .. ?r' ,¢a?,:.; l` r' -`,'(r 5ti a...; ...1 ...£,1:?.
,c.' .E -,.lu•• ?.e =..a °;? ';t° of.ti , .5 i .,i, ' j ',.ha .,:,I;
i `7r ro. >,'? / 'fir
?>a rF^ ,r.¢. .? YN+?« .?ii?i'rv:'?',aPsix.:e.{,?.ai-.`.?- ?.,.. ... i.a`? ..C,rk , sti;;, r . ....: yl .4r "? k} k, n:.," •`i Si`z?i- .r-.' •F
i ,°A?w,r';,,:?tY^tYi;?'+?3'r ;`'i? {. ! ??? :' r•, ::?:,.?? ?.?. ? •x.•,^ i.- ?-;?3,:: 3 ,? r ,. .:I F1. "•k?
r r j +t:?,?, ^?.?y e;?v "lr"1:?3?`' ;:i.? ? ?. _ .. .. ,. •_ 3; ........r_ _ .. ... _ ... ?. .....?.+t ..? -- .. ?.,.:r. i' '??'
?j','o . _„ ,:i ° ?:` : r+?.. ... r• rim?'•. •.--., .,cw-•rv'a'?.,•, a • • ? - .. .. .. , . r . , ,.- i ? ,.
a°;' ? ? ? - . y i.: •: ' {: '• rte. ;,{1'?!•'rrj". 'c't\ , `.p' ?.'3:', ;, S'^;' -..... ? '
quired to be paid Into said Certificates Sinking r'und in :.unh
?,''.;"!'''fr .• month shall be added to tho amount otherwise required to be paid
into said Certificates Sinkinb fund during thb next suaceodinb
i, month. The moneys In said Cortifionten Sinking Fund shall be used
solely for the purpose of paying the principal of and the interest on
the Refunding Itovonua Certificates dnd for no other purpose. All moneys
-ry' in said Certificates Sinking Lund shall be deposited in a bank, or
F;.E. banks, which are members of the Federal Reserve System and shall be
- continuously secured either by the Federal Deposit Inauranoe Corporation
or by direct obligations of the United States of America, which oblige-
,k: tinns shall ht all times at least equal in market vnlue the amount of
moneys in said certificates Sinking rund. There shall also be deposited
in the Sower Revenue Fund and paid into the funds created and establish-
"' ad by thin Section such portion of the revenues of the Ras System of the
t f-:,. •.
' City not required for the payment of the reasonable current expenses of
a',' operation, maintenance and repairs of said Gas System or previously
pledged by ordinance of this City Commission adopted Tanuary 6, 1936,
to the payment of or to provide security for the outstanding Gas Revenue
+ . ';.:: tr"" •.'' '' '''? Certificates described in Section l hereof authorized thereby, as will
`•'?rii-'r2lbe required together with the revenues of the Sower Systez,. to provide
i, funds sufficient to pay all amounts required to be deposited in the
Cporation' Account under subsection (a) of this Section B and in the
Certificates Sinking r'und under subsection (b) of this Section 6, and
each and every provision of this section shell thereafter apply to such
portion of the revenues of the Gas . System so deposited.
' ,i..i ,a ,- , ,, r. ,?,•. r, Section 9. The City hereby covenants and agrees with the hold-
:: are of the Refunding Revenue Certificates that while any of said cert-
4 ificates or coupons issued hereunder are outstanding and unpaid:
(a) The City will maintain the Sower System and Gas System
s'.
,:€.??„F',., j,,.•_•?,f=`.,?.?,t,; in good condition, and operate the same in an efficient manner and at
.kl : `r'-? .,•.' 'i .'; f?; . -? R?'ij,t?ti€' :i?it:. a reasonable coat.
(b) The City will fix and maintain rates and collect charges
` ::K" ,'+= ? .: ?'r a'•?
for the facilities and services afforded by the Sewer System and the
Cas System which isil1 provide revenue sufficient at all tines to pay
the coats of operation, maintenance and repairs of said systems; to
V;° Y r„ z..' •/ ' ;:,:; ]°''" .,t maintain' the. Certificates Sinking Fund as hereinbefore provident by
,,Section B (b} hereof, and to pay from the revenues of the Can System
all sums constitutin6 claims on such revenues prior and superior to
:? } Y?ISt :*':i ?fl.`;= 1'„ ? "` f?4'i??: > rTTff ?y."A•
the Refunding; Revenue-Certificates issued hereunder.
•fc 1 7f`?.3fan}ii•{?ir,?tl'n•.X.'oS`IS i:-4'.?.i1 R.:-.-.'=? '
4
The City will not issue any additional ab11ations
I,
payable from the revenues of the Sower System and will not issue any
additional ob116ations payable from the revenues of the Gas System
,? rM?„• '???'?.?.'?' XF, salsas the revenues of the Sewer system and revenues of the Gus System
.` available for deposit in the Sewer Revenue Fund provided for in Section
`6' r?. A
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1 4
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IIttSSl?Y??a;i{jT F€4y??i"4"'
}
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-
!
lV `t r.?' 1 '., .t.
rY
y :
jjyy lI
?f; [f?.- °'1 •.. .. ref=•'•~
r. 1 y.?k'S 9r•. w::=p. °? le. t.,ttt':' ?,'. .. .,ice-: :°.x ,',:i is .s
Yt S a• '''Sri' -: i' .. `s?'' °7 .z :, ti
f :,:r? ? wish ..ssa%m.:..i.5.' ... _ >. , 3•?,-' '.,f,. w,
t' iI %1:. s `'?" ? if','.''.:.? <4.. ?: .,.' .;rte:.'. :.t' .,r.. "'?• A^ ?rw Xjt-. ,rso. F,- ,w.,^do ?,r„«+w.,. ,+.L.Stk: "• .s:
., re°`•l {-•???,j?r'g •" ,',, k' it f4 ?. ' , , - . _ _ ? ._ .. ? _ .. ? .. "? `!!°!o= ` `ii'i ,
y:: •rkt°, ;: ri. ;j 1S••:S+;i£. ?i?4';r `' :>r al „.4?? •e?;J .r.??n' ` ?{
P LFe ,.i tAI
? .`r' : ?r`'a,l,1C•u`• .fir
:k
/. :r ??'i.'r,I• . Ai:';,: t.l, ti t•i
. ,r?'r,° tLr ?,•,
W-i i.+LL r yR` r
A-V
;a
8 hereof for a period of twelve (12) consecutive oorithe preeeading the
1
Issuance of such additional obllgaticna nhnll equal at hoot one and
three-quarturn times the amounts roquired to be deposited in the
Operation Account under Section 8 (a) and in the certificates Sinking
Fund under Section 8 (b) hereof and unless it shall be oxprosnly
provided that ouch additional obligations shall be payable from the
revenues of the Ono System only to the extant that such revenues are
not required to provide, together with all revenues of the Sourer
System, funds in an amount equal, to one and three-quarters times
the amounts required to be deposited in the operation Account under
Section 8 (a) and in the Certificates Sinkin6 Fund under Section
8 (b) hereof, or required for the payment of all prior and superior
oharges thereon.
(d) The City will not sell, mortga6a, lease or otherwise
dispose of or encumber, or permit the sale, martgabe, leaso,or other
disposition or encumbrance of the Sewer System or the Gas System or
any property essential to the props= operation of said systems.
(e) The-City will maintain insurance on the Sewer System
and Gas System of the kind and in an amount which usually would be
maintained by private corporations owning and operating similar under-
takings. The proceeds of any such insurance received by the City shall
be kept apart from other funds to be used to replace the part.or parts
of the systems destroyed or, if not so used within a reasonable time
after the receipt thereof, shall be deposited in the Certificates
Sinking Fund.
(f) The City will keep proper books df 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 aeoountin6, of all transaot3ana relating; to the Sower System and
Gas System. The-City shull furnish to any bolder of any of the Re-
funding Revenue Certificates at the time outstanding, at the written
request of such holder, not more than thirty days after the close of
each fiscal period, complete operating.and income statements of the
Sewer System and Gas System in reasonable detail covering such period,
and not more thhneixty days after the close of each fiscal year complete
financial statements of said gntems in reasonable detail covering such
fiscal year and certified by independent auditors if so requested.
` (g) -ny holder of any certificate issued hereunder shall
have the rieht at all reasonable times to inspect the Sewer System
and Gas System and all records and accounts thereof.
(h) The City will not render with the Sewer System or ran
System free service of any nature nor will any preferential rates
be established for users of the nacre class and in the event the City of
t ClearwLter or any department, agency, instrumentality, officer or amployue
thereof.ahall avail itself of the faa4AUIes or services provided by said
s
1• -
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.
tl:r?' `ti aj'3r•'i'i `z's•• '!Y ?.,v .r..
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':? +2i+°1`i''9 5r+t:-•fa r.t'i a 1Z, w.. r:.i?i?' G? _, ts.,F:' :.'.J•-,:
S ., k: tiw ° .''^ti:7.,-•:. "r'•' st.,.. .;aft`"' ' '°'C• ? 1 W? 't5.. ,'t!`
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3 t'•
systems the same rates applioablo to other austouers receiving like
service under similar oiroumutancos shall be chargod to the City and
anyoueh department, agency, instrumentality, officer or employee.
:.•:.' :: Such charges shall be paid an they accrue, and the City shall transfer
from its general funds sufficient sums to pay such charges. The revenues
so received oball be deemed to be'revenue derived from the operation
of the systems and shall be deposited and eacountod for in the same
manner as other revenues derived therefrom.
t} ' `'•.'.''' "': (i) The City agrees that it will, and its proper officers,
i;' agents and employees hre hereby directed, and it shall be nendatory
f '?'=• +? {' '.' I upon then at all times, to perform the duties provided in Section
12 of the Revenue Bond Itefinanaing Act of 1937, the performance of
which duties is hereby declared to be of the essence of the contract
f t-.iCi f "•""::' s `r:" , '; `'; ,('''`'f• between the City and the holder or holders of the Refunding Revenues '
Cert>fioatas and the coupons appertaining tharoto and to be of the
FF7 ?} `4t `SIi ?rr
same force and effect as if out forth in full herein.
none of the foregoing covenants shall be construed as requir-
?`«}}'kstr: of?P''t'r4: ?f;, in6 the City to expend any funds' other than the revenues derived from
^i''.r f1.1?;':;Jr rEt ''s•" 'i:;:. 4 . ., gt ?.?o•, the operation of the Sarrer System and Can System except as herein
expressly provided.
Section 10. In the event that the City defaults in the pay-
' ` :' :?Y `';'' ; °,i •°1; , meat of the principal of or interest on any of the Refunding Revenue
#>°; 'f A' ••.'?;.l:,.;?' wtl:`?`'; Certificates issued hereunder and such default shell' continuo for a
'}l,- j•T l3. ,t;1'l r+S ••':F' i'??•.' 'Y`J}f. Y.I
^'f ;?: period of thirth (30) days, or in tho event that the City, itn
govern- ing body or its officers, o6onts or employees, shall f9il or refuse to
nom 1 with the provisions of the Revenue Bond Refinanoin Act of 1937
or any provision contained in this ordinance, any holder or holders of
i.zr'' any of the Refunding Revenue Certificates then outetundinb shall have
r
:+': •,. ?e i,?'?s,r:Yl };5? the right, in accordance with the proviaiona:of the foregoing Act to
b `[` + ?' %ri.'•i ?'; „'' ; apply in an appropriate Judicial proceeding to any court of competent
jurisdiction for the appointment of a receiver for the Sewer System
., rf?.r.?4yt'?`?'`.'a,?r .C,r'Ci}'?.F?`i'?c1?'`eY?:•?t5••;,?;:, _ .u, ik:,?•> ,Y ';;?°- to perform such note and' in the manner as provided by the foregoing
Act; provided, however, that no receiver shall have any porter to sell,
'_ .,,yE.;•F'.??a?^!,t?,h;`+tt'„,`fr.",?,'s assign, mortgage or otherwise dispose of any assets of whatever kind
A ? ^ t c,E
'r4%?3•s4?E `,si' r`? !°"r?+"`' ?' or cheraoter belonging to the City and useful to tho Sower System, the
E`°.jp?`?,i.'„`y?` `'r Yu;ch4;, .• authority of any such receiver being limited to the operation and
S..>.?j,h?i • ?'..S•,+{. j.. . , is t-
tyn?'`;? maintenance of the Sever System.
It is hereby further covenanted and agreed that in addition
7Uz to the other remedies herein conferred by this ordinance, any holder
-M iL f Rf.aS
of said Rafundinl; Revenue Cortificr.tes or trustee theretdr, shall have
ld-
the right and porter for the enual benefit and protection of all ha
???•;s,? ;• ,Hs?;_?) ;,. erg of said aertif..aates similarly situated, by mandamus or other suit,
notion or proceeding-at law ur in equity to enforce his rir;hts against
r ''''°rx eJ: the Otty and Its City Commission and any of its officers, agents and
employees- and to require• and o??pnl such city or ouch. City Commission :
a.:?Lrf `-??' ?yw•:' ..;w.r.r?u,.::.,:.?:...,+t.3.a_.?t+i.•"4. Ll'._i?.,w!k+.s?-??.s{??:.??.:?_,.3•i.??.r?.
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or any ouch offieers,agento or employees to perform and carry out its
and their duties and obligations under the StatutOb of Florida and Its
and their oovenantaland agreements with the holders of said oortifiactoo;
by notion or suit in equity to require the City and the City Commission
thereof,-to the extent required by the foregoing Act, to account as it
they were the trustee of an express trust; by action or suit in equity
to enjoin any sots or things which may be unlawful or ici violation or
the rights of the holders of eAld certificates and to bring suit upon
said certificates.
Section 11. NO remedy conferred by this ordinance upon any
holder or holders of Refunding( Revenue Certificates Is intended to
be exclusive of any other remedy, but each ouch remedy is oumulgtive
and in:addition to every.othor remedy and may be exercised without
exhausting and without regard to any other remedy conferred by this
ordinanco or the Revenue Bond Refinancing Act of 1937, or by any other
law. No waiver of any default or'breach of duty or contract by any,
holder of said certificates shall extend to nrrahall affect any sub-
sequent default or breach of duty or contract or shall impair any rights or
remedies thereon. No delay or omitsion of any holder of said certificates
to exercise any right or puwar accruing upon any default shall impair any
such right or poker or-shall be construed to be a waiver of any such
default or acquleseenae therein. Every substantive right and every
remedy conferred upon the holders of Mid certificates may be enforced
and exercised from time to time and as often as may be deemed expedient.
In case any suit, action or proceeding to enforoe.any right or uxercise
and remedy shall be brought or taken and then discontinued or mbandoned,
or shall be determined adversely to the holder or holders of said certifi-
cates, then and in every such adae the City and such holder or holders shall
be restored to their former positions and rights and remedies as if no
such suit, action or prooeodinge had been brought or takes.
Section 12. Vo taxes shall ever be levied and no moneys
shall ever be taken or diverted from any funds of the City for the
payment of the principal of or interest on the Refunding Revenue-,
Certificates issued hereunder, except as hereinbefore expressly provided.
Section 13, Tho,City hereby covenants that it will refrain
from claiming or taking the benefit or advantage in any manner whatever
of any stay or extension law whenever enaoted or at any time hereafter in
force which may affect in any way the duties of the City in relation to
the Refunding Revenue Certificates or the lien thereof or the performance
of the covenants of this ordinance.
Section 14. The Refunding Revenue Certificates herein
authorized are hereby awarded to heady, loloeler & Company and the City
Treasurer, after said certificates have been validated by the Circuit
Court, is hereby authorized and directed to deliver said certificates to
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, v , c`;?,?riri,Y??,''"r'.?*e!.'lST•?T'?1"'r_-•r'r!1'faf• + ,."'!??"':'f,^?7'7"'?.";'r"r'?.""....•n:..tom.,-?.?.....?..., •-...v...•t,.,.....""i?*'r;•".'Ft"'*'YK
Leedy, Wheeler & Company in exchange, par for par, for the outstanding
Sewer Revenue Certificates of the City described in Section 1, hereof.
Upon the exchange of the outstanding Sower Revenue
Certificates, they shall, as required by Section 3 of the Revenue Bond
Refinancing Act of 1937 be stamped with an appropriate legond in sub-
stance to the effect that such certificates have boon refunded pursuant
to the foregoing Act, and therediter such outstanding Serer Revenue
Certificates so stamped shall not be cancelled or destroyed, but shall
be kept intact until all of the Refunding Revenue Certificates and
interest theron shall have been fully paid.
Up6n the consummation of the aforesaid exchange, any and
all moneys renhiAing in the Serrer Revenue Fund, Sewer operation and
Maintenance Account and Sewer Sinking Fund created and mdintained
pursuant to the provisions of the ordinance authorizing the issuance of
the outstandinG Sewer Revenue Certificates discribed in Section 1, hereof,
shall be transferred to and be deposited in the respective funds or
ecoounts of similar character created hereunder, and the proper officers
of the City are hereby authorized and directed to affect such transfer.
Section 15. The k;itv Attorney is hereby authorized and directed
to take appropriate proceedings in the Circuit Court of the Sixth Judicial
circuit of Florida, in and for Pinellas County for the validation of
said Refunding Revenue Certificates and the proper officers of the City
are hereby authorized and directed to sign any plandings doomed necessary
in such proceedings.
Section 16. nil ordinances and redolytlons 'or parts thereof
in conflict with the provisions of this ordinance are to the extent of
such conflict hereby repealed.
Section 17. This ordinance shall take effect immediately
upon its passage.
George R. Sea
ayor-Comm ss onar
Attest:
Frank Cooie
ty -u for & Clark
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...jV11A77r ° 77-117777 ° 'Pi'•'.!' C;'.?'.Yr?r,