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608 ORDINANCE NO. 60$ AN ORDINANCE PROVIDING FOR THE CONSTRUCTION ?.,•.:.,..-4•ri,.. } IMPROVEMENT AND EQUIPMENT OF A COMMERCIAL AND RECREATIONAL BUILDING AND A PIER; AUTHORIZING THE ISSUANCE OF $3251000.00 YACHT BASIN REVENUE CERTIFICATES; AND PROVIDING FOR THE RIGHTS OF THE HOLDERS THEREOF. , BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF CLEARWATER, FLORIDA: ARTICLE I _4: ??:.,r.rv,; ??•':i. 'rat -,?•? ,?y"?'? ??i?;? ?F.,•, a. ??.a.. is S;S•:r?t{.' f; ,.. STATUTORY AUTHORITY, FINDINGS AND DEFINITIONS. 1. AUTHORITY OF THIS ORDINANCE. This ordinance is adopted pursuant to the provisions of Chapter 9710, Special Acts of the Legislature of Florida, 1923, and amendments thereof and supplements thereto, being the Charter of the City of Clearwater, and other applicable provisions of law. It is hereby found and determined as follows: (A) That the City of Clearwater is now the owner of land, premises and water rights in said City, known as Land Lot 2, the West one- half of Land Lot 5; all of Land Lots 7 to 13, inclusive, and Water Lot 1 of the City Park Subdivision, Clearwater Beach Island, Clearwater, Florida, and that the revenues to be derived from the fees, rentals, or other charges for the use of said land and water rights and facilities constructed} and to be constructed thereon, as herein authorized are not pledged or encumbered in any manner. (B) That the construction, improvement and equipment of >i a Commercial and Recreational Building and a pier (herein called "Yacht Basin Facilities") as hereinafter described, are for a proper municipal purpose, and it is imperative in order to preserve the public health and provide proper recreational facilities for the inhabitants of the City of Clearwater that said Yacht Basin Facilities shall be constructed, improved and equipped in accordance with the provisions of this Ordinance. (C) That the revenues to be derived from the Project hereinafter described, including the Yacht Basin Facilities, will be sufficient to pay the principal of and interest on all of the Yacht Basin Revenue Certificates issued Apursuant to this Ordinance and to make all i .1 i, e( 1 reserve, sinking fund and other payments provided for in this Ordinance, r and to pay the necessary cost of operating and maintaining said Project, (D) That the principal of and interest on the Yacht Basin Revenue Certificates to be issued pursuant to this Ordinance and all of the reserve, sinking fund and other payments provided for in this Ordinance, will be paid solely from the Revenues derived by the City from the operation of said Project, and it will never be necessary or authorized to use the ad valorem taxing power.or any other funds of said City to pay the principal of and interest on said Revenue Certificates to be issued pursuant to this Ordinance, or to make any of the reserve, sinking fund or other payments provided for in this Ordinance, and said Revenue Certificates issued pursuant to this Ordinance shall not constitute a lien upon any of the properties of said Project or upon any other property whatsoever of the City. (E) That there has been issued under date of July 1, 19509 $115,000 Commercial and Yacht Basin Revenue Certificates, to finance the cost of the construction, improvement and equipment of a Yacht Basin, and that it is expedient and advantageous to the City, to refund the outstanding certifi- cates of said issue by the sale or exchange of the certificates hereinafter authorized. (F) That construction, improvement and equipment of said Yacht Basin Facilities shall be undertaken and completed in accordance with the plans and specifications proposed by the Cityts Engineer, and heretofore filed in the office of the City Auditor and Clerk, at an estimated cost of $325,000. Such cost shall be deemed to include the refunding of the out- standing certificates of said issue of Commercial and Yacht Basin Revenue Certificates, dated July 1, 1950, issued to finance the cost of construction, improvement and equipment of the Yacht Basin and the cost of the construction, I y. l v'j improvement and equipment of said Yacht Basin Facilities pursuant to said plans and specifications, including the acquisition of any lands or interest therein and of any fixtures or equipment or properties deemed necessary or convenient therefor, interest upon the Yacht Basin Revenue certificates issued pursuant to this Ordinance prior to, and during and for six months after the completion and placing in operation of said Yacht Basin Facilities; engineering and legal expenses; expenses for estimates of costs and of revenues; expenses for plans, specifications and surveys and such other expenses as may ..2- Ore) . -0 loom . . . ??, •?t. •. 'y; i5v °+ ?D,l: p:fit" " .r ? .. . `', 9 1? ' , f . : i i r lttt ? ?v •?e ?Ct V y . F 'F. . 1 f• ' , F} is 1' be necessary or incident to.the financing authorized by this Ordinance, and the construction, improvement and equipping of such Yacht Basin Facilities and the placing of same in operation. 2. ORDINANCE TO CONSTITUTE CONTRACT, In consideration of the acceptance of the Certificates authorized to be issued hereunder by those who shall hold the same from time to time, this Ordinance shall be deemed to be and shall constitute a contract between the City of Clearwater, Florida, and such certificate holders, and the covenants and agreements herein set forth to be performed by said City shall be for the equal benefit, protection and security of the legal holders of any and all of such Certificates and the coupons attached theroto, all of which shall be of equal rank and without preference, priority or distinction of any of the Certificates or coupons over any other thereof except as expressly provided therein and herein. •?? i_ V 3. DEFINITIONS. The following terms shall have the follow- ing meanings in this Ordinance unless the text otherwise expressly requires: (a) "City" shall mean the City of Clearwater, Florida. (b) "Act" shall mean the Charter of the City of Clearwater, constituting Chapter 9710, Special Acts of the Legislature of Florida, 1923, and amendments thereof and supplements thereto. (c) "Certificates" shall mean the 03 25,000 Yacht'Basin Revenue Certificates authorized to be issued pursuant to this Ordinance and any additional Certificates hereafter issued pursuant to subsection 13 (L) hereof in the manner therein provided, and the interest coupons attached to said Certificates. (d) "Holder of Certificates" or "Certificate holder", or any similar term, shall mean any person who shall be the bearer or owner of any outstanding Certificate or Certificates registered to bearer or not registered, or the registered owner of any outstanding Certificate or Certi- ficates which shall at the time be registered other than to bearer, or of any coupons representing interest accrued or to accrue on said Certificates. (e) "Yacht Basin Facilitiest' shall mean the commercial and recreational building and a pier constructed and to be constructed in the area of the Project pursuant to the above mentioned plans and specifica- tions of the City's Engineer. (f) "Project" shall mean land, premises, water rights, and areas within the City known as Land Lot 2 and the West half of Land Lot 5; -3- or,a.::'I `I V : i 0) t0 ?r i 1 r , ..... If Mfr ... '[ ) r ' 4 J ?' 1 1 l l , t Land Lots 7 to 13, inclusive, and Water Lot 1 of the City Park Subdivision, Clearwater Beach Island, Clearwater, Florida, and all improvements or facilities now or hereafter located or constructed thereon, including the Yacht Basin facilities, together with all buildings, fixtures, equipment, and all property, real or personal, tangible or intangible, now or hereafter owned or used by the City in connection with such pxlo ject or such Yacht Basin facilities. 3 (g) "Revenues" shall mean all rates, fees, charges, rentals, or other income received by the City, or accrued to the City or any Board or agency thereof in control of the management and operation of the project, all as calculated in accordance with sound accounting practice, f "Revenues" shall be specifically deemed to include, without being limited to, any and all rentals or other payments received by the City from lessees, licensees, or other persons for said project, or any part thereof; provided however that whenever and wherever the City shall lease or license any portion • r of said project under terms providing that such licensees or lessees have made or shall make capital improvements to said project or a part of parts thereof, which capital improvements shall accrue to and the title to which improvements will vest in the City only the net rent or license fees so paid or accrued to the City shall be considered as "revenues" under the terms of ' this Ordinance. (h) "Operating &Tenses" shall mean the current expenses, paid or accrued, of operation, maintenance and repair of said Project and shall include, without limiting the generality of the foregoing, taxes, insurance premiums and administrative expenses of the City properly chargeable to the Project, labor, the cost of materials and supplies used for current -' operation, and charges for the accumulation supplies used for current operation, and charges for the accumulation of appropriate reserves not annually recurrent but which are such as may reasonably be expected to be incurred in accordance • with sound accounting practice. "Operating expenses" shall not include any allowance for depreciation, renewals or extensions or any charges for the accumulation of reserves for capital replacements, renewals or extensions; :- provided however, that whenever and wherever the City shall lease or license .' e'>..3:`• .' : ; . any portion of said Project under terms providing; for the payment of net :;•:. '°:.: -. rentals to the City and whereby the leasee or licensee pays part or all of the costs of operation and maintenance, then the part of such costs of opera- 5 .?E Lion and maintenance paid b such lessee or licensee shall be included under 4 "A F ` r ;l?k j. } -Ord. (mow ',, f z .. .:???yi i.4,µ dr :.'• vit, :'.J ..? }n., Y:?':lS:. the term "Operating Expenses" as used in this subsection (h). (i) Words importing singular number shall include the plural number in each case and vice versa, and words importing persons shall include firms and corporations. ARTICLE II AUTHORIZATION, TEINS, EXECUTION, REGISTRATION AND ISSUE OF CERTIFICATES 4. AUTHORIZATION OF CERTIFICATES. Subject and pursuant to the provisions of this Ordinance, Certificates of the City of Clearwater to be known as "Yacht Basin Revenue Certificates" are hereby authorized to be issued in the aggregate principal amount of not exceeding Three Hundred Twenty Five Thousand Dollars ($325,000) for the purpose of refunding the outstanding certificates of said issue of $115,000 Commercial and Yacht Basin Revenue Certificates, dated July 1, 1950, and to finance the cost of the construction, improvement and equipment of Yacht Basin Facilities as provided in this Ordinance, 5, DESCRIPTION OF CERTIFICATES. The Certificates shall be dated July 1, 1951, shell be in the denomination of $1,000 each, shall be numbered from 1 to X215, inclusive, shall bear interest at a-rate not exceeding the legal rate payable semi-annually on January 1 and July 1 of each year, and shall mature serially in numerical order, lowest numbers first, on July 1 of each years $5,000 in each of the years 1952 to 1956, inclusive, $10,000 in each of the years 1957 to 1965, inclusive, and $15,000 in each of the years 1966 to 19799 inclusive. The Certificates maturing in the years 1952 to 1960; inclusive, shall not be redeemable prior to maturity. The Certificates maturing in the years 1961 to 1979, inclusive, shall be redeemable prior to maturity, at the option of the City on July 1, 1960, or on any interest payment date thereafter prior to maturity, as a whole or in part, in inverse numerical order, at a redemption price of par and accrued interest to date of redemption, plus a premium of Five per cent (5%) of the par value thereof if redeemed on or before July 1, 1963; or a premium of Four per cent (4%) of the par value thereof if redeemed thereafter but on or before July 1, 1966; of a premium of Three per cent (3%) of the par value thereof if redeemed thereafter but on or before July 1, 1969; or a premium of Two per cent (2%) ?' 6a4 _Jr r"its '1 • s of the par value thereof if redeemed thereafter but on or before July 1, 1972, and without premium if redeemed thereafter; provided that a notice of such intended redemption shall have been published by the City at least once, at least thirty days prior to the date of redemption in a financial paper published in the City of New York, New York, and provided further that if less than all of said Certificates subject to redemption are so called for redemption, the notice of redemption shall state the identifying numbers of the Certificates to be redeemed. Said Certificates shall be issued in coupon form, shall be payable with respect to both principal and interest in lawful money Chase of the United States of America, at the principal office of the National N. Y. Bank of New York, New York./and shall bear interest from their date, payable in accordance with and upon surrender of the appurtenant interest coupoms as they severally mature, 6. EXECUTION OF CERTIFICATES AND COUPONS. Said Certificates shall be executed in the name of the City by its City Auditor and Clerk and its City Manager, and countersigned by its Mayor-Commissioner and shall have impressed thereon the corporate seal of the City. In case any one or more of the officers who shall have signed or sealed any of the Certi- ficates shall cease to be such officer of the City before the Certificates so signed and sealed shall have been actually sold and delivered, such Certi- ficates may nevertheless be sold and delivered as herein provided and may be issued as if the person who signed or sealed such Certificates had not ceased to hold such office. Any Certificates may be signed and sealed on behalf of the City by such person as at the actual time of the execution of such Certi- ficates shall hold the proper office in the City, although at the date of such Certificates such person may not have held such office or may not have been so authorized. The Coupons to be attached to the Certificates shall be authenticated with the facsimile signatures of the present or any future City Auditor and Clerk, City Manager and Mayor-Commissioner of said City and the City may adopt and use for the purpose the facsimile signature of any of said persons who shall have held such offices at any time on or after the date of the Certificates, notwithstanding that he may have ceased to hold such office at the time when said Certificates shall be actually sold and delivered. 7. NEGOTIABILITY AND REGISTRATION. The Certificates -6- } i •ti 4 . - ? s a 4? r i , 4W 4M . ' y ? ' .. .1. .... a J...._ ' ...:h :.... ;. . _..r . • ta.9'• . .. ... .. .. .. . ... shall be, and have all of the qualities and incidents of, negotiable instruments under the law merchant and the Negotiable Instruments Law of the State of Florida, and each successive holder, in accepting any of said Certificates or the co upons appertaining thereto, shall be conclusively deemed to have a 3 . 3. s E .: Ate, ':".? •:<<7. .".''c;?r: agreed that such Certificates shall be and have all of the qualities and incidents of negotiable instruments under the law merchant and the Negotiable Instruments Law of the State of Florida, and each successive holder shall further be conclusively deemed to have agreed that said Certificates shall be incontestable in the hands of a bona fide holder for value in the manner pro- vided hereinafter in the fora of said Certificates. The Certificates may be,registered at the option of the holder as to principal only at the office of the City Auditor and Clerk ' i of the City, such registration to be noted on the back of said Certificates in the space provided therefor. After such registration no transfer of the C rtifi t h 11 b slid l d -l e ?a es s a e v un ess ma a at said office by the registered owner, or by his duly authorized agent or representative and similarly noted on the Certificates, but the Certificates may be discharged from registration by being in like manner transferred to bearer and thereupon transferability by delivery shall be restored. At the option of the holder the Certificates may thereafter again from time to time be registered or transferred to bearer as before. Such registration as to principal only shall not affect the negotiability of the coupons which shall continue to pass by delivery. $. CERTIFICATES MUTILATED, DESTROYED, STOLEN OR LOST. In case any Certificate shall become mutilated or be destroyed, stolen or lost, the City may in its discretion issue and deliver a new Certificate with all t unmatured coupons attached of like tenor as the Certificate and attached coupons, r if any, so mutilated, destroyed, stolen or lost, in exchange and substitution for such mutilated Certificate, upon surrender and cancellation of such mutilated Certificate and attached coupons, if any, or in lieu of and substitution for the Certificate and attached coupons, if any,' destroyed, stolen or lost, and upon the holder furnishing the City proof of his ownership thereof and satis- factory indemnity and complying with such other reasonable regulations and conditions as the City may proscribe and paying such expenses as the City may incur. -All Certificates and coupons so surrendered shall be cancelled by the City Auditor, and Clerk and held for the account of the City. If any such a Certificate or coupon shall have matured or be about to mature, instead of Ord. -4 MOM - 7 - y _ F ., d of= Y;' '?Y v '+f .r y .uP S 'P x} a.•:??E. n-.? .. v . ..r..,.. fit..-,,. s+r• ? r -, 1-! :? ? ?•F? •? , ?".??r .,,ref I; t " I' » ! '.: ? : ?;??$??ITi_; _-: C;`.SIB.., ;•ir`. 4 - 9 G' ,IJ• Ie? S f> r= r:3^,S .il.?Y ',f t •r'aii.'=?•'. ?'Y.J.I *:: SF JqJ ,5'1 p qq F . 78. •r.•i Yl?tn'• 5'?J?' x?r?'?'i ::?:«?'?'r?`?'''°'. n , j .ls+^,r Cl. aw P't K «+'•s.?, c tex»....n'a_'; :ot":.J: r.•511....+? ?'k„..a.J:"::«M..?1 ?'.:+r:?4s3?i1...;' 1 .. t ' issuing a substituted Certificate'or coupon the City may pay the same, upon 1. being indemnified as aforesaid, and if such Certificate or coupon be lost, stolen or destroyed, without surrender thereof. Any such duplicate Certificates and coupons issued pursuant to this section shall constitute original, additional contractual obligations on the part of the City, whether or not the lost, stolen or destroyed Certificates or coupons be at any time found by anyone, and such duplicate Certificates and coupons shall be entitled to equal and proportionate benefits and rights as to lien and source and security for payment from the Revenues of the Project with all other Certificates and coupons issued here- under* q. FORM OF CERTIFICATES AND COUPONS. The text of the Certificates, coupons and provisions for registration shall be of sub- stantially the following tenor, with such omissions, insertions and variations as may be necessary and desirable and authorized or permitted by this Ordinance, or any subsequent Ordinance or Resolution adopted prior to the issuance thereof: si3 (Ord ?a?• rrr?'•_ '.: X11' • '' ? ?4?.r ?' :. `':r i r`'i, ':.'p?{+ car{;{? ?. ',- 1%'?r•.1' r>' . ;f : • ?ij7f.iair,?l:!?C$L?V.,;,;;.,,•K,.•:?,?:Ji??.?s"rn': ?? •fFr :'Pt:r?.ls rt ,•t.a'F'. t ..1: ff vt ':?' •L: S? ••. ,.J., t. i:yi C i i NJWS 1 r M . 6, 1 . UNITED STATES OF AMERICA STATE OF FLORIDA CITY OF CLEARWATER YACHT BASIN REVENUE CERTIFICATE 1 $1,000 KNOW ALL MEN BY THESE PRESENTS that the City of Clearwater, in Pinellas County, Florida, for value received, hereby promises to pay to the bearer or if this Certificate be registered to the registered holder as I i i .I S !! herein I provided, on the first day of July, 1§ , from the revenues and special funds hereinafter mentioned, the principal sum of ONE THOUSAND DOLLARS ($1,000) with interest thereon at the rate of per centum %) per annum, payable semi-annually on the 1st day of January and the lst day of July of each year upon the presentation and surrender of the annexed coupons as they severally fall due. Both principal of and interest on this Certificate are payable in lawful money of the United States of America at the principal office of the Chase National Bank of the City of New York, New York, N. Y. This Certificate is one of an authorized issue of Certificates in the aggregate principal amount of $325,000 of like date, tenor and effect, except as to number and date of maturity, issued to refund the outstanding Certificates of an issue of $115,000 Commercial and Yacht Basin Revenue Certificates, dated July 1, 1950, and to finance the cost of the construction, improvement and equipment of commercial and recreational building and a pier in the City of Clearwater, under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, the Charter of the City of Clearwater, being Chapter 9710, Special Acts of the Legislature of Florida for the year 1923, as amended and supplemented, and other applicable statutes, and an Ordinance duly adopted by the City Commission of said City on September 10th, 1951, and is subject to all the terms and conditions of said Ordinance. This Certificate and the coupons appertaining hereto are payable solely from and secured by a lien upon and pledge of the net revenues derived from the operation of the Project described in the Ordinance authorizing this issue of Certificates in the manner provided in said Ordinance and does not constitute an indebtedness of the City of Clearwater within the meaning of any constitutional, statutory or charter provisions or limitation, and it is expressly agreed by the holders of this Certificate and the coupons apper- taining hereto that such holders shall never have the right to require or compel the exercise of the ad valorem taxing power of said City, or the taxation of real estate in said City, for the payment of the principal of and interest on this Certificate or the making of any sinking fund, reserve or other payments provided for in the Ordinance authorizing this issue of Certificatese it is further agreed between the City of Clearwater and the holder of this Certificate that this Certificate and the obligation evidenced thereby shall not constitute a lien upon the aforesaid project, or any part thereof, or on any other property of or in the City of Clearwater, but shall constitute a lien only on the net revenues derived from the operation of said Project in the manner provided in said Ordinance. The City in said Ordinance has covenanted and agreed with the holders of the Certificates of this issue to fix and establish and maintain such rates and collect such fees, rentals or other charges for said Project and each and every art thereof and to revise the same from time to time whenever necessary tsubject to the provisions of any contracts with lessees or licensees of such Project, or any part thereof) as will always provide revenues sufficient to pay and out of said revenues shall pay, as the same shall become due, the principal of and interest on the Certificates of this issue, in addition to paying, as the same shall become due, the necessary expenses of operating and maintaining said Project, all reserve or sinking funds, or other payments provided for is said Ordinance, and'all other obligations payable out of the revenues of said Project and that such rates, fees, rentals or other charges shall not be reduced so as to be insufficient to provide revenues for such purposes, and said City has entered into certain further covenants with the holders of the Certificates of this issue for the terms of which referehce is made to said Ordinance, Ord -` fc c - 10 - ?? i? Y i, L VIA The Certificates maturing in the years 1952 to 1960 inclusive, are not redeemable prior to maturity. The Certificates matuRng in the years 1961 to 1979 inclusive, are redeemable prior to maturity, at the option of the City on July 1, 1960, or on any interest payment date there- after prior to maturity, as a whole or in part, in inverse numerical order, at a redpmption price of par and accrued interest to date of redemption, at a redemption price of par and accrued interest to date of redemption, plus a premium of five per cent (5%) of the par value thereof if redeemed on or before July 1, 1963; or a premium of four per cent (4%) of the par value thereof if redeemed thereafter but on or before July 1, 1966; or a premium of three per cent (3%) of the par value thereof if redeemed them after but on or before July , 1969; or a premium of two per cent (2,%) of the par value thereof if redeemed thereafter but on or before July 1, 1972; and without premium if redeemed thereafter; provided that a notice of such redemption shall have been published at least once at least thirty days prior to the date of redemption in a financial paper published in New York City, New York. It is hereby certified and recited that all acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of this Certificate, exist, have happened and have been performed in regular and due form and time as required by the statutes and Constitution of the State of Florida applicable thereto, and that the issuance of this Certificate, and of the issue of Certificates of which this Certificate is one, does not violate any constitutional, statutory or charter limitation. This Certificate and the coupons appertaining thereto, is, and has all the qualities and incidents of, a negotiable instrument under the law merchant and the Negotiable Instruments Law of the State of Florida, and the original holder and each successive holder of this Certificate or of the coupons appertaining thereto, shall be conclusively deemed by a s acceptance thereof to have agreed that this Certificate and the coupons appertaining thereto shall be and have all the qualities and incidents of negotiable instruments under the law merchant and the Negotiable Instruments Law of the State of Florida. The original holder and each successive holder of this Certificate, and of the coupons appertaining hereto, shall be con clusively deemed to have agreed and consented to the following terms and conditions: (a) Title to this Certificate, unless registered as herein provided, and to the annexed interest coupons, may be transferred by delivery in the manner provided for negotiable instruments payable to bearer in the law merchant and the Negotiable Instruments Law of the State of Florida; (b) Any person,in.possession of this Certificate, unless regis. tered as herein provided, or of the interest coupons hereunto appertaining, regardless of the manner in which he shall have acquired possession, is hereby authorized to represent himself as the absolute owner hereof, and is hereby granted power to transfer absolute title hereto by delivery hereof to a bona fide purchaser, that is to any one who shall purchase the same for value (present or antecedent) wthout notice of prior defenses or equities or claims of ownership enforceable against his transferror; every prior taker or owner of this Certificate, unless registered as herein pro- vided, and of the annexed interest coupons, waives and renounces all of his equities and rights herein in favor of every such bona fide purchaser, and every such bona fide purchaser shall acquire absolute title hereto and to all rights represented hereby; and (c) The City of Clearwater may treat the bearer of this Certificate, unless registered as herein provided, or of the interest coupons hereunto appertaining, as the absolute owner hereof for all purposes without being affected by any notice to the contrary. This Certificate may be registered as to principal only in accor- dance with the provisions endorsed hereon. 11 - Crd•--o 6 0v 1 of i • ?1 _- .: t," :yi• SFr.r`JJ?ti i'°{n.?J,='ll ".:G? .id7?[°L:,..f .'..:.;,"- -,,9. .. ` 4 i• . r s f • , . .. ,e .1 r L' teen: 7 'S" o4 4 ? ? -. 4 . y. li•(..ri•:'l.-., `=-`::s dv,:}i:1,.r.•e,. ..r. .... • >na T x"? r-^ '"`t..'° _ r 4` , ..,. .u.. < , ..... , ...it'3.t,: ?--Y•r, i?:;i>i.•° ye ?' p} .?•?.. „4i /.?,'t.'! l:, eta 1 .. Y , Y y.l • . S f , 1 1' . 1 kr' :'. IN WITNESS WHEREOF said City of Clearwater, Florida, has issued tl%is Certificate and has caused the same to be signed by its City"'Auditor and Clerk and its City Manager, countersigned by its Mayor-Commissioner and its corporate seal to be affixed hereto and has caused the interest I coupons hereto attached to be executed with the facsimile signatures of all of said officers, all as of the first day of July, 1951. CITY OF CLEARWATER9 FLORIDA BY ty Auditor and Clark (SEAL) BY ty Manager Countersigned: Mayor- omm ss oner r ' FORM OF COUPON No. $ On the day of , 19 , (unless the Certi- ficate to which this coupon is attached shall have been duly called for redemption and provision for the payment of the redemption price duly made) the City of Clearwater, Florida, will pay to the bearer at the principal office of Chase National Bank of the City of New York, New York, N. Y. from revenues and special funds described in the Certificate to which this coupon is attached, the sum of Dollars ($ ), in lawful money of the United States of America upon presentation and surrender of this coupon, being six months interest then°due on its Yacht Basin Revenue Certificate, dated July 1, 1951, No. CITY OF CLEARWATER, FLORIDA BY City u t or and Clerk BY City Manager Countersigned: ayor-Comm ss oner Ord , o& - 12 .. 3 . 1. Sy• ,'r. r +4 4WI 1 ..,. -. .. - ., : .. . <., ..est. r.. i.M , ' 1 •l,tom' •1 't: tYr S r'V iqR I;K i, ?i FAar. 1'g'?.. CiI -dye '; 3' Jt,°• 's tea.. '1.54 `a+:•.- 1 1.: fC`.. .Y?..e-"`5''nt r`•1:.a. .. i?l•'?j• ..-i:+h. et ik 4!I •' ',l s ',f''j•; i.: ?r :?',S;i. V``?I; t :;•? t.). i• ' `es.-. "Cs- .r *?Y-'ie',' .. , +''?'."r,:i va• ',r YM1 .fit .. °' ` , F., (FORM OF VALIDATION CERTIFICATE) ; 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 Clerk o the Circuit ours o ° Pinellas County, Florida ",,': :;,:,.' •.. (PROVISION FOR REGISTRATION) This Certificate may be registered as to principal only in the name'of the holder on the books to be kept by the City Auditor and Clerk as Registrar, or such other Registrar as may here ter be duly appointed, such registration being noted hereon by such registrar in the registration blank below, after which no transfer shall be valid unless made on said books by the registered holder or attorney duly authorized and similarly noted in. : j ., . ' the registration blank below, but it may be discharged from registration by being transferred to bearer, after which it shall be transferable by delivery, " . but it may be again registered as before. The registration of this Certifi- cate as to principal shall not restrain the negotiability of the coupons by delivery merely. a '-• DATE OF IN WHOSE NAME REGISTERED SIGNATURE OF REGISTRAR s: REGISTRATION " , ,. lea'- _ >k•; ' ,- '.^'•6` , , , 4fi •,-.t°.. :1•.'aL r c ay:ei rR;, fxLr ",, '`pC.k ??:?1?:yf.: „= 3.•.? -'S :.`.ia•it'.i?i?,s_ M1i`,, t•'?. •" ? j YJ'?1"AJ y s,-r •??',, s-,ir `,t ., f.e } -t., ' :-?.:•''yt. Y.r. `I'";;?']Y. ,?.,'., y'l i.J.:- °x.t-t'r +4; •,?- ' 13 Q *0 r J. . ' ' I ARTICLE III ,a -."K.%. 1.?'?,t'?{f?,' Fey `'jM1 -',v +q? 1? ',' • 0 COVENANTS, REVENUES AND APPLICATION THEREOF. 10, CERTIFICATES NOT TO BE INDEBTEDNESS OF THE CITY. Neither the Certificates nor coupons shall be or constitute an indebtedness of the City, but shall be payable solely from the Revenues of the Project, and other special funds, as herein provided. No holder or holders of any Certificates issued hereunder, or of any coupons appertaining thereto, shall ever have the right to compel the exercise of the ad valorem taxing power of the City, or taxation in any form of any real property therein, to pay said Certificates or the interest thereon, or to be entitled to payment of such principal and interest from any other funds of the City elcept the net Revenues of said Project, as provided herein. 11. CERTIFICATES SECURED BY PLEDGE OF REVENUES AND SPECIAL FUNDS. The payment of the debt service of all of the Certificates issued hereunder shall be secured forthwith equally and ratably by a lien on the net Revenues derived from said Project. The net Revenues derived from said Project in an amount sufficient to pay the principal of and interest on the Certificates herein authorized, and to make the payments into the reserve and sinking funds and all other payments provided for in this Ordinance, are hereby irrevocably pledged to the payment of the principal of and interest on the Certificates herein authorized as the same become due. T . 12. APPLICATION OF CERTIFICATE PROCEEDS. All moneys received from the sale of any or all of the 6325,000 Certificates originally authorized and issued pursuant to this Ordinance shall be deposited by the City in a special account, and shall only be used for, and applied by the City solely to, the payment of the cost of the construction, improvement and equipment of said Yacht Basin Facilities, the refunding of said out-- standing Certificates of an issue of $115,000 Commercial and Yacht Basin Revenue Certificates, dated July 1, 1950, the establishing of a Reserve Account in the amount of $15,000 which is hereby created; and other purposes provided in this Ordinance, and for no otherpurpose whatsoever. If for any reason any portion of such proceeds of sale of the Certificates are not necessary for, or are not to be applied to, the aforesaid purposes, then such unapplied proceeds shall be deposited by the City in the Reserve Account hereinabove created, in the Sinking Fund to be established pursuant to 14 _ o1-a.46bP i Lfl?lj P ' { I - Lx Ir 7, 7, Wk; :i subsection D of section 13 of this Ordinance and shall be used only for the purpose of the payment of maturing principal of or interest on the Certifi- cates when the other moneys in the Sinking Fund are insufficient therefor, and for no other purpose. All such proceeds shall be and constitute a trust fund for such purposes and there is hereby created a,lien upon such money, until so applied, in favor of the holders of the Certificates. Moneys deposited in the special account pursuant to this Section 12 may, pending their use in the manner in this Ordinance provided, be temporarily invested in direct obligations of the United States of America maturing not later than six (6) months from the date of purchase or must otherwise be maintained in cash. 13. COVENANTS OF THE CITY. So long as any of the Certificates shall be outstanding and unpaid, or until there shall have been set apart in the Sinking Fund herein established a sum sufficient to pay, when due, the entire principal of the Certificates remaining unpaid, together with interest accrued and to accrue thereon, the City covenants with the holders of any and all of the Certificates issued pursuant to this Ordinance as follows : A. RATES. That the City will fix, establish and maintain such rates and collect such fees, rentals or other charges for the services and facilities of said Project (subject to the terms of any valid leases or licenses then in force), and revise same from time to time whenever necessary, as will always provide Revenues sufficient to pay, in the manner specified in Section 13 of this Ordinance, and out of said Revenues shall pay, as the same shall become due, the principal of and interest on the Certificates, in addition to paying as the same shall become due, the necessary expenses of operating and maintaining such Project, all reserve or sinking funds or other payments provided for in this Ordinance, and all other obligations or indebted- ness payable out of the Revenues of such Project, and that such rates, fees, rentals and other charges shall not be reduced so as to be insufficient to provide Revenues for such purposes. B. REVENUE FUND. That the entire gross Revenues derived from the operation of said Project shall be deposited in a special fund in a bank or trust company which is a member of the Federal Reserve System, which fund is hereby designated as the "Yacht Basin Revenue Fundsf (herein called "Revenue Fund"). Said Revenue Fund shall constitute a trust fund for the r 15 r Qrd . ?--? ? 04 c'.10 1 F u I t?. !r [t p p p p s p a an s nct from all other funds of the City and used only for the purpose and in the manner provided in subsection D of this Section 13. C. OPERATION AND MAINTENANCE. That it will maintain in good condition said Project and will operate the same either directly or through lessees or licensees in an efficient and economical manner, making such expenditure for equipment and for renewal, repair and replacements, taxes and insurance as may be necessary for the economical operation and maintenance thereof from the Revenue Fund. D. DISPOSITION OF REVENUES. That all Revenues at any time remaining on deposit In the Revenue Fund shall be disposed of in the following manner and order of priority: (1) Revenues shall first be used for the payment of all current Operating Expenses of and taxes levied upon the Project as herein defined, to the extent that the same are not paid by lessees or licensees. (2) Thereafter from the moneys remaining in the Revenue Fund, the City shall not later than the first day of June and the first day of December in each year apportion and set q part out of the said Revenue Fund and deposit in a fund to be known as the "Yacht Basin Revenue Certificate Sinking Fund" (herein called "Sinking Fund"), which is hereby created and established such sums as will be sufficient to pay one-half of all the principal and interest on the Certificates issued hereunder which shall mature and become due within such fiscal year. In the event any withdrawals are made from said Reserve Account, heretofore created out of capital, such withdrawals shall be restored to said Reserve Account from the first available Revenues which are available after all payments have been made for maturing principal of and interest on the Certificates. M ur oses rovided in this Ordinance and shah be ke t in arat d di ti c w:' t l Ale The City shall not be required to make any further payments into said Sinking Fund or into the Reserve Account in said Sinking Fund when the aggregate amount of funds in both said Sinking Fund and said Reserve Account are at least equal to the aggregate principal amount of Certificates issued pursuant to this lOrdinance then outstanding, plus the amount of interest then due or thereafter to become due on said Certificates then outstanding. (3) Thereafter from the moneys remaining in the Revenue Fund, the City shall establish and set up a Renewal and Replacement Fund and 0 w 16 QrJ A6 6V L e 0`1 d? . i a `?•?* S • .. ? r' • C Y I ' 1 h 1 i d fund f h R F d h fir d f G i ?,r.4!± F.^r`Vr»?"ajl ,t`.; .?v1 h•'rS ?}S a:.. ?. .N.t, '„wit Gy:.i??`•>'t. ?'ia: ?'?;>.,` s all pay annual y nto sai rom t e avenue u$ on t e at ay o June of each year an amount equal to three per centum (3?) of the Revenues actually received and collected from the operation of the Project during the preceding twelve (12) month period. 'rho moneys in such Renewal and Replace- ment Fund shall be used only for the purpose of paying the cost of extensions, improvements or additions to, or the replacement of capital, assets of, said Project, or any part thereof. (4) if on any semi-annual payment date the Revenues, together with other available funds, are insufficient to place the required amount in any of the funds as hereinbefore provided, the deficiency shall be made up in the subsequent payments in addition to the payments which would otherwise be required to be made into the Funds on the subsequent payment dates. (5) Thereafter, the balance of any Revenues remaining after all other required payments into the funds provided above have been made, may be used by the City in any manner required or permitted by law. (b) The Revenue Fund, Sinking Fund and Reserve Account therein, and the Renewal and Replacement Fund, and all other special funds set up and created by this Ordinance shall constitute trust funds for-the purpose provided herein for such funds, and shall be deposited and maintained in a bank or trust company in the Clay of Clearwater, Florida. All of such funds shall be continuously secured in the same manner as State and municipal deposits of funds are required to be secured by the laws of the State of Florida; provided, however, that the obligations securing such funds shall be at all times at least equal in market value to the amount of money in ' (said funds. The moneys in the Reserve Accouht in the Sinking Fund and in1 the Renewal and Replacement Fund may be invested by the City in direct obligations of the United States of America or must otherwise be maintained in cash, E. SALE OF PROJECT. That said Project, or any part thereof, may be sold, mortgaged or otherwise disposed of only if the net proceeds to be realized shall be sufficient fully to retire all of the Certificates issued pursuant to this Ordinance and all interest thereon to their respective dates of maturity or earlier redemption date. The proceeds from such sale, mortgage, or other disposition of said Project shall im- mediately be deposited in the Sinking Fund and shall be used only for the h - 17 _ r . 'fit ?p U9' L' purpose o:' paying the principal of and interest on the Certificates issued S pursuantfto this Ordinance as the same shall become due, or the redemption a of callable Certificates at a price not greater than the redemption price thereof. After all of such principal and interest shall have been duly paid and retired any balance remaining in said fund shall be remitted to the Citye I ? . f . The leasing or licensing of said Project, or of parts thereof, shall not be deemed to be a sale or disposition of such Project as long as the City receives reasonable and fair rentals or income under such leases and licenses and the same are payable into the Revenue Fund. F. ISSUANCE OF OTHER OBLIGATIONS PAYABLE OUT OF REVENUES. That the City will not issue any other obligations, except upon the conditions and in the manner provided herein, payable from the Revenues derived from the operation of said Project, nor voluntarily create or cause to be created any debt, lien, pledge, assignment, encumbrance or any other charge, having priority to or being on a parity with the lien of the Certificates issued pursuant to this Ordinance and the interest thereon, upon any of the Revenues of said Project pledged as security therefor in this Ordinance. Any other obligations issued by the City in addition to the Certificates authorized by this Ordinance shall contain an express statement that such obligations are junior and subordinate in all respects to the Certificates issued pursuant to this Ordinance as to lien and source and security for payment from the Revenues of said Projecte G. INSURANCE. That the City will carry, or cause to be carried for its benefit, such insurance, and in such amounts, as is ordinarily carried by private corporations owning and operating similar improvements and facilities in the area with reputable insurance carriers against loss or damage to the Project, and said property loss or damage'insurance shall at all times be in an amount or amounts equal to the fair appraisal value of the buildings, properties, facilities, improvements, furniture, fixtures and equipment of said Project. In time of war, the City shall also carry in said amount such insurance as may be available against loss or damage by the risks and hazards of war. H. BOOKS, RECORDS AND INSPECTION. That the City will keep books and records of said Project which shall be separate and apart from all other books, records and accounts of the City, in which complete and correct entries shall be made in accordance with standard principles of brd (0Y _18_ /7 4M AN 1 • .. •w.1yt•)Kc{Vi'Ra111•.1J1M{LR'•a'•?': w. .`y.., .•-u. w.. ... ..... . .. , ., . .. 1; `• • 1???5}'• . i .. - .. ..., ....?r,:r .: ...w .i'?:s`r?:r:4;;'FN?1r_dl1E..e',].• , • - . .. k r erE1_ accounting of all transactions relating to said Project, and any holder of ` a Certificate or Certificates issued pursuant to this Ordi.nanco shall have the right at all reasonable times to inspect said Project and all, parts .k thereof, and all records, accounts and data of the City relating thereto. The City shall, at the end of each fiscal year, cause the books, records and accounts of said Project to be properly audited by an independent certified public accountant of recognized standing and shall, upon request, make available within 90 days after the and of each such year, the report of said auditor at all reasonable times to any holder or holders of Certificates issued pursuant to this Ordinance. Promptly after the receipt of such audit report a copy thereof shall be mailed by the City to any Certificate holder who shall, have filed his address with the City and requested in writing that copies of such reports be furnished him. I. CONSTRUCTION AND MAINTENANCE OF YACHT BASIN FACILITIES. That the City will complete the construction, improvement and equipment of the Yacht Basin Faciliti.ee provided for in this Ordinance with all practicable dispatch, and will maintain said Project in good condition and continuously operate the same in an efficient manner and at a reasonable cost. J. SERVICES RENDERED TO THE CITY. That the City will not render or cause to be rendered any free services or facilities of any nature by said Project, nor allow any use or occupation thereof without f reasonable charge therefore, nor will any preferential rates be established for users of the same class, provided however the City shall not be required to charge ordinary pedestrians who do not maintain a business or occupation at or in said facility for the privilege of going in and upon said facility or any part thereof; and in the event the City, or any department, agency, instrumentality, officer or employee thereof, shall avail itself or them- selves of and use such Project, or any part thereof, or occupy said Project, 1. or any part thereof, the same rates, rentals, fees or charges applicable to other parties using like facilities under similar circumstances shall be i charged the City and any such department, agency, instrumentality, officer or employee and all such rates, rentals, fees or charges shall be reasonable. The City shall require any lessee or licensee to observe and enforce the provisions of this subsection J. Such charges shall be paid as they accrue, and the City shall transfer from its general funds sufficient sums to pay such charges. The income so received shall be deemed to be Revenues derived r 19 r Or'J . 46 ov i? } -? E 7 4M :..??. from the operation of the Projecto and shall be deposited and accounted for in the same manner as other Revenues derived from the operation of the Project. K. OPERATING BUDGET. That the City shall annually, at the same time and in the same manner that it prepares its annual municipal budgets prepare and adopt by resolution of its governing body a detailed budget of the estimated expenditures for operation and maintenance of the :.;,.fir!; eI Project during such succeeding fiscal year. No expenditures for the opera- tion and maintenance of such project shall be made in any fiscal year in excess of the amounts provided therefor in such budget without a written finding and recommendation by the general mahager of such Project or other r duly authorized officer in charge thereof, which finding and recommendation shall state in detail the purpose of and necessity for such increased expendi- ture for the operation and maintenance of such Project, and no such increased expenditures shall be made until, the governing body of said City shall have approved such finding and recommendation by a resolution duly adopted. No increased expenditures in excess of ten per centum of the amounts provided :. for in such budget shall be made without the further certificate of an independent recognized consulting 'engineer that such increased expenditures are necessary for the continued operation and maintenance of said Project. The City shall mail, copies of such annual budget and all resolutions authori- zing increased expenditures for operation and maintenance to any holder or holders of Certificates who shall file his address with the City and request in writing that copies of all such budgets and resolutions be furnished him or them, and shall make available such budgets and all resolutions authorizing increased expenditures for operation and maintenance of such Project at all , reasonable times to any holder or holders of Certificates issued pursuant to this Ordinance, or anyone acting for and in behalf of such Certificate holder or Certificate holders., ?. L. ISSUANCE OF ADDITIONAL OBLIGATIONS. That no additional obligations, as in this subsection defined, payable pari passu out of the Revenue Fund shall be created or issued after the issuance of any Certificates ' pursuant to this Ordinance, except under the conditions and in the manner herein provided. . No such additions pari passu obligations shall be issued or created unless the "net earnings" of such Project during the preceding 20 410 r 'I twelve consecutive months shall equal at least one and one-half times the highest aggregate principal and interest requirements for any succeeding twelve consecutive month period on all Certificates theretofore issued and still outstanding under this Ordinance and on all such additional obligations to be issued, and unless the proceeds derived from the sale of such addi- tional obligations shall be used solely for the purpose of making repairs, improvements, additions or extensions to the Project. "Net earnings" as used in this subsection L are hereby defined as Revenues less Operating Expenses* The term TTadditional pari passu obligations" as used in this subsection L shall be deemed to mean additional obligations evidenced by Certificates issued under the provisions and within the limitations of this Ordinance payable from the Revenue Fund pari passu with Certificates originally authorized and issued pursuant to this Ordinance. Such Certifi- cates shall be deemed to have been issued pursuant to this Ordinance the same as the Certificates originally authorized and issued pursuant to this Ordinance, and all of the covenants and other provisions of this Ordinance (except as to details of such Certificates evidencing such additional obliga- tions inconsistent therewith), shall be for the equal benefit, protection and security of the holders of any Certificates originally authorized and issued pursuant to this Ordinance and the holders of any Certificates evidencing additional pari passe obligations subsequently created within the limitations of and in compliance with this subsection 1. All of such Certificates, regardless of the time or times of their issuance, shall rank equally with respect to their lien on the Revenues and their sources and security for payment from said Revenues without preference of any Certificate, or coupon, over any other. f' The term "additional pari passu obligations" as used in this subsection L shall not be deemed to include bonds, notes, certificates or other obligations subsequently issued, the lien of which on the Revenues of such Project is subject to the prior and superior lien on such Revenues of Certificates issued pursuant to this Ordinance, and the City shall not issue any obligations whatsoever payable from the Revenues of said Project which rank equally as to lien and source.and security for payment from such Revenues with Certificates issued pursuant to this Ordinance except in the manner and under the conditions provided in this subsection L. 21 - Ord f 1 ,,, No additional obligations, as in this subsection defined, shall be created at any time, however, unless all of the payments into the respective funds progided for in this Ordinance on Certificates then out-- standing, and all other reserve or sinking funds, or other payments provided for in this Ordinance shall have been made in full, and the City shall have fully complied with all the covenants, agreements and terms of this Ordinance. M. REMEDIES. Any holder of Certificates or of any coupons pertaining thereto, issued under the provisions of this Ordinance, or any Trustee acting for such Certificate holders in the manner hereinafter provided, may, either at law or in equity, by suit, action, mandamus or other proceeding in any court of competent jurisdiction, protect and enforce any and all rights under the laws of the State of Florida, or granted and con- tained in this Ordinance, and may enforce and compel the performance of all duties required by this Ordinance or by any applicable statutes to be performed by the City or by any officer thereof, including the fixing, charging and collecting of rates, rentals, fees and charges for said Project subject to the provisions of any valid leases or licenses of said Project, or any part thereof. In the event that default shall be made in the payment of the interest on or the principal of any of the Certificates issued pursuant to this Ordinance as the same shall become due, or in the making of the payments into any reserve or sinking fund or any other payments required to be made by this Ordinance, or in the event that the City or any officer, agent or employee thereof shall fail or refuse to comply with the provisions of this Ordinance, or shall default in any covenant made herein, and in the further event that any such default shall continue for a period of thirty (30) days, any holder of such Certificates, or any Trustee appointed to represent Certificate holders as hereinafter provided, shall be entitled as of right to the appointment of a receiver of such Project in an appropriate judicial proceeding in a court of competent jurisdictiaa, whether or not such holder or Trustee is also seeking or shall have sought to enforce any other right or exercise any other remedy in connection with Certificates issued pursuant to this Ordinance. The receiver so appointed shall forthwith, directly or by his agents and attorneys, enter into and upon and take possession of such Project and each and every part thereof, subject, however, to the rights of -22-- ©rd . `#• 6 a 4 i E ti', Ii r .1 j 11 ? i ..`$1` sal ??'• ;{,, ?,R,n 'j. 1 I any lessees or licensees,.and in the name of the City shall exercise all the rights and powers of the City with respect to such Project as the City itself might do. Such receiver shall collect and receive all Revenues, maintain and operate such Project in the manner provided in this Ordinance, and comply under the jurisdiction of the court appointing such receiver, with all of the provisions of this Ordinance. Whenever all that is due upon Certificates issued pursuant j to this Ordinance, and interest thereon, and under any covenants of this f Ordinance for reserve, sinking or other funds, and upon any other obligations and interest thereon, having a charge, lien or encumbrance upon the Revenues of said Project shall have been paid and made good, and all defaults under the provisions of this Ordinance shall have been cured and made good, f possession of such Project shall be surrendered to the City upon an entry of an order of the court to that effect. Upon any subsequent default, any holder of Certificates issued pursuant to this Ordinance or any Trustee appointed for Certificate holders as hereinafter provided, shall have the same right to secure the further appointment of a receiver upon any such subsequent default. Such receiver shall in the performance of the powers here- i.nabove conferred upon him be under the direction and supervision of the ?. .. court making such appointment, shall at all times be subject to the orders and decrees of such court and may be renoved thereby and a successor receiver E`. appointed in the discretion of such court. Nothing herein contained shall limit or restrict the jurisdiction of such court to enter such other and further orders and decrees as such court may deem necessary or appropriate for the exercise by the receiver of any function specifically set forth herein. Any receiver appointed as provided herein shall hold and operate such Project in the name of the City and for the joint protection and benefit of the City and holders of Certificates issued pursuant to this Ordinance. Such receiver shall have no power to sell, assign, mortgage or otherwise dispose of any assets of any kind or character belonging or per- taining to such Project but the authority of such receiver shall be limited to the possession, operation and maintenance of such Project, subject to the ; rights of any lessees or licensees, for the sole purpose of the protection of both the City and dertificate holders, and the curing and making good of any default under the provisions of this Ordinance, and the title to and 213 Ord Sr 9 ; tj; 4F; i- ; ' i Ir ownership of such Project shall remain in the City, and no court shall have any jurisdiction to enter any order or decree permitting or requiring such receiver to sell, mortgage or otherwise dispose of any part of such Project. /The holder or holders of Certificates in an aggregate principal amount of not less than twenty-five per centum of Certificates issued under this Ordinance then outstanding may by a duly executed certi- ficate in writing appoint a trustee for holders of Certificates issued pursuant to this Ordinance with authority to represent such Certificate holders in any legal proceeding for the enforcement and protection of the rights of such Certificate holders. Such certificate shall be executed by such Certificate holders or their duly authorized attorneys or representatives and shall be filed in the office of the City Auditor and Clerk. N. ENFORCEMENT OF COLLECTIONS. That the City will dill- gently enforce and collect all fees, rentals, rates or other charges for said Project, and take all steps, actions and proceedings for the enforcement and collection of such fees, rentals, rates or other charges which shall become delinquent to the full extent permitted or authorized by the Charter of said City and by the laws of the State of Florida. ARTICLE IV MISCELLANEOUS PROVISIONS. 14, MODIFICATION OR AMENDMENT. No material modification or amendment of this Ordinance or of any Ordinance or resolution amendatory hereof or supplemental hereto, may be made without the consent in writing of the holders of two-thirds or more in principal amount of the Certificates then outstanding; provided, however, that no modification or amendment shall permit a change in the maturity of such Certificates or a reduction in the rate of interest thereon, or in the amount of the principal obligation or affecting the unconditional promise of the City to maintain rates and rentals for the Project, as herein provided, or to pay the principal of and interest :•,:i = on the Certificates as they shall come due from the Revenues, without the ,t. consent of the holder of such Certificates. 15. SEVERABILITY OF INVALID PROVISION. If any one or more of the covenants, agreements or provisions of this Ordinance should be held contrary to any express provision of law or contrary to the policy of „_ ,. ?e?., _,?..=. ??{'-,••'•'."?.-: or express law, though not expressly prohibited, or against public policy, '• r? '? N?Pyr1.Y=s°??tf-r?, :a'i5il:.er??r}. `F ;.3 ;. 24 - iy. MOM 3 . ?" .. .. ... ." ? -' .? ?_?-....._? .. .. .. ". ... ..?.. ?? .??-. .. ... .- ... ..""rte ..??.?.?. _ _ • .....-?.?? _? t " r 1 shall for any reason whatsoever be held invalid, then such vovenants, agreements or provisions shall be null and void and shall be deemed 1 j , separable from the remaining covenants, agreements or provisions, and in no way affect the -validity of all the other provisions of this Ordinance or of the Certificates or coupons issued thereunder. 16. REFUNDING OF CERTIFICATES. If the City shall at any time hereafter issue Certificates, by sale or exchange, to fund or refund any of the Certificates issued pursuant to this Ordinance, the Ordinance or other proceedings authorizing the issuance of such funding or refunding Certificates may provide that the holders of such funding or refunding Certificates shall have the same lien and all the rights ahd remedies of the Certificates so funded or refunded; provided, however, that such funding or refunding Certificates shall be in like principal amount and shall bear the same dates of maturity as the Certificates funded or refunded by the issuance thereof. 17. That Charles E. Ware, City Attorney, be and he is hereby authorized and directed to institute appropriate proceedings in the Circuit Court of the Sixth Judicial Circuit of Florida, in and for Pinellas County, Florida, for the validation of said Certificates, and the proper officers of the City are hereby authorized to verify on behalf of the City any pleadings in such proceedings. The Certificates hereby authorized shall be sold and delivered in such manner and upon such terms as shall be deterp mined by subsequent action of the City Commissione 18. That it is necessary for the immediate preservation of the public peace, property, health, and safety of the City of Clearwater and its citizens and inhabitants that the construction, improvement and equipment of said Project, as authorized herein, be undertaken and completed with the least possible delay, and this Ordinance is hereby declared to be an emergency measure and shall take effect upon its passage as provided by law. 19. That all ordinances and resolutions of the City Commission of the City of Clearwater, or parts thereof, in conflict with the provisions of this Ordinance are to the extent of such conflict hereby super- seded and repealed. r 25 - Qrc? #? b o S /0 ¦ F ' 4 '1t, ` '.1. ?. •i.. .,r: .,?":, it ':''. ? 1 R` ?? +'l .??'.SV t, i is j`:. :p°. ?,7 ?.., i 4•. .w 3. - ? Y? r y r _t. ':?l 't ? '{ pr r• , .'? ..f...rv 5 Y"sw- 777 W"t V, {• '1. t?`??tr, ,.fie _ J-?':. •. -f ,st, r ;r. $ tLt,- :'r r, , -r':^.:,:,:' ,s. ,1•. y ~_? ff ' v ? `'4'GSr ' 9• .:.L•: "'y ?'i ?' --r ..I • 1' ~ Y. .R-. ? b• ? rr+E l .ti.t.. ! . CL? w,S. :?, •? A 1-X'S1 .5, .%?"`. -v, v ;?y.; a -.•?+'-: ? SYµ •'? d'- `li ? , 1+•'?. L{ 1 ?fl. 4 ..K' ;.+' ? I'? ^. , t!J ..??': l'... . . H L' Sr ?y 0. ,;"k ?:?. ? °r=.,. - _ '.s .r' '•n• 1 ? . ?. fI':3-. ASS' ?'? `? LL ...ry4`, ,{ Y b if - fit .?. .. 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W >•?1 ° ??ssee I' .1 1 '' £:,?y '1•iF°4C \ } s' .< f,f?t 1:" A '• rry?t .. i. }., rt ?'li !:i T-?'v?..?ijx??1r',??1']-:r??.,>••?.-b5,;? ' t °j ?.t l• ` ? a ? ? 1 11 -?i'x .l°a:: ,. -.'f'42??? ?ik •,I ?•s'>• 'r•? ?i;S-i?`?t?,a?i7?!?.fS'[:`^Y'?Ps t;" ?-4 ' . ... 1• , °: Jed "'+!f?•1 r '. `fii?'`',1 .4 ?I.y s, .?" •. PASSED ON THE FIRST READING ,?,pgusb13, 1951 ' ,? ` :?"SYi,•..'+j `-Y:'"' .i'fs' f ?y F'{Y. £p ? • ? ? ? - PASSED ON THE SECOND READING A 0. 1251 'r. .i. },'?i"?i..-)f,/lVs ,?e y."•t Yiw??,• ° ' PASSED ON THE THIRD READING 3eA emb2ri „0 1951 14 ?{i ?xFa :rt?.'r•?,i a???f;??;-?»niw.•s? :: : `, ? - `/ rI.• ?/? ? i? ., .. ?. ... _ .. yor- q s8 oner ATTEST :_ ..t. :`rL' a •. •.f< , ?Z:Sm • ; k .. r: •''- ...ir.0 Ss. ?. i .l "•' ?'° • ?t. ? ' '!..`•: "' .?••F'?;" "'•?-. Lire': 3.' :- ;•, ..9r ?-9y''F :' •.i•'.l' ?,1? .'•`l7''.'?' '!d.,????'ti.'".'? ;:``.a"ey ?t'srs.?.?:fk7: I} .??. ,'? ?; .••;e X1:.3;;=r,;' R' . ••. ?-?;- o an er'px+`?- :f.Y-.}....,4 -,, 1'i.'-'? .,rVl?t;d. :'. ,. ,1J,k:k '-t'T" 3•^,9 Kf FL -; city it a; c ?reSi ?? 1`?+sl+?•' e; :?5.''?tEF ?, "• .''{t.F`tt„i'':s:?,Ft? ': £': Cr - ? ? fts''r,??; a'F?„+?, fp{??' 1;?'?k'??.'. ` > •~?''?'?J g'"?`+'?=??ii' ?`•,;::t,??..;?. Yl ?r?i-.• `xe,i:?•?Wec+,%,fi s. `r i"''', :rma-, , :.rr;}.. `.:; ?y5 ? ? • ? ??..tp' •'tcN???- ?b• i7C'tr?,,, ?s`,?;;? i - qs, r:i:' .-,.i„?^,'''' ?? ':<?•}?iY- .: .'= ', .( t'??1r?`, ? "' ZJ4•x???,•?'.i: i i ?. •; ? ,E } lPawY?., ! ?* ? ?lT3,R •Vr'gi? S,?'?`:3:?` '; '. •a 4!'^, °ti ?' eti. • i•?i 'l ',??y.• ?,}? r?;j??.'r•, ?i.'" "S?}'l AY"'#.+a,?^} F r n, yj, ? ,? i ,? ?ftt4 ? yy , a.? • •. k.tr . ¢.1? 1 ?? i M1:? ^?''.d !'i ti-i `t'? 4'? +?t`}•.? t4.. ?:' s. _?.< ,x..,'?,';I.:'`::, a v'iF•?:t? ,?•??ltr Yr'1'i1}L p?.S,. .? rs' ?'i`. : • ;y?' ? ix'r ? ;t';,3t`i_ ar 'fiery°?!: i? li. ''f,t: r' '.Y'! .i?(?P ['=`°a`f.., :`?u' v¢?°???' ?'Ad??3?'r f??,i3 1"`' • re .j. ]?n.t r?? ?`?3'',`'S ?i s •? ' 1 f ?,°? ? ? ??'ay;?f?°'#.?5.?, ?r ,,: r'.Y +:4.i ;'?"f,'` ;?'S;t:,'?''.'i, S`4 'i° ??.3.,:a?'"r:: •ta+:t'°??': ?! -?i,°?1.?•. ?i ? ;-r _'.?.r. , s,. ? :' : a:?°:z, 1,.,, "`,j'. t?'t??'!af $4i •r ??x !'+?T:?... t y. :,4 rl,i • .,;5 ;,.. .k , 1/P rF ',.lap ,''y?,•ki 3,h, 7- f y?? r p l?. i' •_'i ?j:.St'^ .+. ?f. ,.?r,' ' !4r• 4 fJ54?. f',? ?,SA'{,'ll" ??., ,.. •'r?}."•J,>'r` "t7?5:kf'J ?'?;<{L•Ij..,i-'4'.:.1'.?•, 9, 3 01 `'? ?: •':? _?.:r .fie' f','°?'`?G?`.`?"r' 1 `t?A,F' i °- ?'•ti .'a,'3'r• ?? `g' ? s :[?-J ,• {:'? .. .;' %I'y •'`a'fi. ?;FFt??:'x?r?`,??'9 ),IS•:rt-. .•;??j?L:y ,. -•'ii?w:', 52,?j'' t,,.- l•'aa? ?E~i ii,.F ?? ? 5.;:„E7 4 e?t.y ???:*'? ?"' ? "?" ri1?,,. ?,,°4;-?`: ?? Y.t:`... ?.Y?A::3`Y ` •'t ?,? ,r"?F?kp?rh "Y.l 'y!?v?:?':?t?;<j.f'; :tf?,>f r,.?'..?yfx ,.c. `:?:?.??;-}??•' 6?;??f'?i?' ?'',?'' "r ? J j it ?• Y =- r 9't .,rf - - - ?,? "tpiik,?i 01? THE CLEARWATER SUN rut }faked pally w , Clearwater, Ulncllmi County, Florida COUNTY OF PENEL&&S: STATE OF FLORIDA Before Ilia tnulcrslgnct3 utelhorlty personally appeared 1V. S. 7A inch tvhn on oath. says that he Is the General Manager of the Clearwater Sun, a dully newspaper published at Clearwater In P(uetlas Colony, Florida; that the attached copy of advertisetent bola a ?$8?'.NRti;9.4. n. 1Vatit:e,of, vinwiv..o$ ordinance No: 608 , ` .....fir ......... In the matter of ?, • iapr ygMent 'nnd 'equipilyfinti of a comrierc al , 1 recreational building...... ot¢,.,,,for„the U Wi tii{?AT?3tifPlr`f ] ? ............................ ... .. .... ..alS X*t, was published In sald'nowspaper In the Issues of ....P.qPxqMh-qr- -1.3-t.. 01 ............... ................................................. Afflant further says that the said Clearwater Sun to a newspaper pub[(ahed at Clearwater, In said I1(nellas County, Florida, and that the said newspaper has heretofore been continuously published in said Pinellas County, Inorlds, each day and has been entered as second elms mail matter at the post office In Clearwater, In said Pinellas County, Florida, for a period of one year next preceding the tint • - . ' :' ' ' ` "' publication of the attached copy of advertisement; and afflant further says that " - he has neither paid nor promised any person, firm or corporation any dlseount, rebate, commission or refund for the purpose of securing this udvertt most for publication In the said newspaper. Sworn to apd bed Wore r' .. . `: O a tt?mb@t` :. • =f"`' me this .. day of A. D. 19.5a. . v'.s x x W , , ; Q ,= ,`,;F" (8137AT+) Notary Public Mn}cry public, State ai F"lorlde at lcrce V commission expires April 24, 1955. landed by AmaticitE &uitx r" of ll. y. E'.1 T? '? 7?iy?' .??K'F?'.'Vi'e` -?? ?!Me-Y?y.+!?',x,:r••?-r•r.?•.r?.?c.?,??t.. ..y,•r- 'is?•n.'.r.r.=•rnt•: . :1. `,,.,.y':rs r(:'.'.'.a 6 .t'al> -?(w-y.?, :.?' • ? r„ •x ::v."-.°i!.',"3'"r«'txw..t nr....•. -N.`^.... • . 1. .r•' "t. Mr Notice' . ., Lh:uai. IvoTICr: NOT1C1: Ilf' J AlliAGn' Ole . ' (JILI)INANCI: NO. 6011 NOTICW 18 1119REaY OIVEN of 111t Ir4ev0lf0 of the followlhlf OrdinArrce of tiro elly? of Ciearwalrr Otdh1anre• No. 6U6. AN OItDINANeh PROVIDING V()It TItE , coNSTIJUCTION, -1510 PFtOVPbtEN'r AND 1:QUIVATENT Of, i A COMMMIWIAG ,AYI) •1tVCIIISA? TIONAL nUILDING AND A PIER: k J AUTIFOF2I21NG TI[F.:Ifi81fA QCA or fi2b,UD0.i1D YACit'r 1rAKIN' IiFVF.NIII?1 Arrn PRO lUINO L , i ; CATlst3t CFRTIIF VOIt 'ru , RIM TS Ole TILE IIOLU- } 11n8 TIMIAEOF. I.Wxed en first resdirM Atlft?iat 19[14, , 1051. Yassrd on record trading.. Autust • . 4001-1051i 4001-1051i '14reyrlesnbcr . I'assra On third i'eadihX, r 10th,.1851. " li O. 1Vp13GO L'l?y Audltor}i? 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