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` ORDINANCE NO. 1703 {,: ;+}.'; ;.°;?., , .? .??• ri
AN ORDINANCE AUTHORIZING THE REFUNDING OF CERTAIN •`f'''
???i PRESENTLY OUTSTANDING REVENUE OBLIGATIONS OF THE
. ?., CITY OF CLEARWATER, FLORIDA; PROVIDING FOR THE
ISSUANCE OF NOT EXCEEDING $3,815,000 UTILITIES
TAX BONDS, SERIES 1977, OF THE CITY TO BE APPLIED
TO REFUND THE PRINK'?PAL INTEREST AND REDEMPTION -
PREMIUMS IN RESPECT TO SUCH PRESENTLY OUTSTANDING ;.
OBLIGATIONS; PLEDGING REVENUES DERIVED FROM THE
??. UTILITIES SERVICES TAXES LEVIED AND COLLECTED IN
THE CITY OF CLEARWATER, FLORIDA, FOR THE PAYMENT °
,xx'y OF SAID BONDS AND MAKING CERTAIN COVENANTS AND =;•' ,
AGREEMENTS IN CONNECTION THEREWITH. PROVIDING f , •' . 1.^
,. FOR PROPER NOTICE OF PROPOSED ENACTMENT,
k BE IT ORDAINED BY THE CITY CO =rt: ;?y,;z• r?"
?. MMISSION OF THE CITY OF
CLEARWATER FLORIDA : " .:+= "' S :, €? tv°
54
SECTION l AUTHORITY FOR THIS ORDINANCE. This ordinance
'? ? •r+?z??'i •: sY ?:: f..i`1Li ?f?ir,??Fti .11Y" t
is
;? t F adopted pursuant to the provisions `
of Chapter 166, Part II , ,
$, Florida Statutes, and other applicable provisions of law.
SECTION 2. DEFINITIONS. The following terms shall, have ?x t
?_'.t.. the following meanings herein, unless the text otherwise expressly r.'
requires:
A. "Issuer" shall mean the City of Clearwater, Florida.'
' ;B. "Act" shall mean Chapter 166, Part II:..' Florida Statutes,
i
• k ?, and other applicable provisions of law. j,
(j q {x,?`. C. "1977 Bonds" shall mean the Utilities Tax Bonds,'
Series 1977, herein authorized to be issued, together with any
w,?• Additional Parity Obligations hereafter issued under the terms, '
u 4 fix conditions and limitations contained herein. 4
i t?4 4*'„ •h. ?rt •'I •??• ?.7• t ??.
`1 .v R D. "Holder of Bonds" or "1977 Bondholders" or any similar :• ?:•
term shall mean any person who shall be' the bearer or owner of any = N3"
outstanding 1977 Bond or 1977 Bonds registered to bearer, or not
registered or the registered owner of any such 1977 Bond or 1977
k Bonds which shall at the time be registered other than to bearer.
E. "Additional Parity Obligations" shall mean additional +f?
obligations issued in compliance with the terms, conditions and
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?(" '?•,b..?^.1 n[J??f•;?,. ??Y.°? G.y?=?`)"' wr>?-<R?..', ' 1`%r:;,.. ?.. ?, ,,.s,?.ry,f .• 2 .a,, - ..+
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It" _7711
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_{f.-?..?-. k`•''"IrrairYUirM4'.'_ ?' r".t..'',,r,,,'::sr? ?'F'1
limitations contained in this ordinance which shall have an equal
lien on the proceeds of Utilities Services Taxes, hereinafter defined,
as that of the 1977 Bonds,
F. "Utilities Services Taxes" shall mean the taxes levied
and collected in said City on the purchase of utilities services
•4
pursuant to Section 166.231, Florida Statutes (formerly Section
167.431, Florida Statutes), Gnd Ordinance No. 811 enacted on Febru-
ary 16, 1959 ,as amended by Ordinance No. 1381 enacted on May 15,
rf
,. 1972 (herein collectively referred 'to as "Utilities Services Tax
:i
Ordinance").
i
G. "Refunded Bonds" means the outstanding bonds of the
' following issues: $2,275,000 Utilities Tax improvement Certificates,
dated June 1, 1959; $625,000 Utilities Tax Improvement Certificates,
Series of 1960, dated December 1, 1960, and $1,220,000 Utilities Tax
Improvement Certificates, Series of 1962, dated December 1, 1962.
a
H. "Refunded Bridge Bond's" means the outstanding bonds of
r•?
an issue of $5,100,000 Bridge Revenue and Utilities Services Taxes
Bonds, dated June 1, 1974, to be refunded by issuance of the Utilities
t?4
Tax and Bridge Revenue Bonds, Series 1977, and the Special obligation
> Bonds, Series 1977A, as authorized by separate ordinances herein
respectively called the "Bridge Revenue Ordinance" and the "1977A
Ordinance" adopted on even date herewith.
Ile
1. "Escrow Deposit Agreement" means that certain Escrow
Deposit Agreement {Utilities Tax) by and between the Issuer and a
r
bank or trust company to be selected and named by the Issuer prior to
the sale of the 1977 Bonds which agreement shall be in substantially
r the form attached hereto as Exhibit A and incorporated herein by
reference.
J. "Parity Obligations" means the Utilities Tax and
Bridge Revenue Bonds, Series 1977, authorized by the Bridge Revenue
Ordinancr:: of even date herewith, and to be iss•sed simultaneously with
the 1977 Bonds.
K. "19778 Bonds". shall mean the Special dbligation Bonds,
Series 19778, authorized to be issued pursuant to separate ordinance
of the Issuer of even date herewith, and to be issued simultaneously
Withrthe 1977 Bonds.
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9/15177
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?,?' ?.j .? s: y'd?ay'?j? `? , t .? ? ?. •i!, j.? ?f5? ?}• . J t I • ? ? . ? ?r
F?•;..n??e7?T?•?.f?k`itl?4$su rl?3,t.Eji!•'Y.°1: ??ff?r`" !{s 4+°,I.' ''.1 , ?'?:
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in
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F2.??.?$x?.?3t5Lv?4zitEi.'t tav?•';ti..,_ ... ..f`:! ?:;.i?.,. .:. _ ., .'.'t_f'.'ei?'=??i?.... ,5?•..:.i?st...... .. 1? :P?el'.:•t;.:sec1F?+-'ist
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., L. "Authorized Investments" shall mean direct obligations
qr
of the United States of America, obligations of-its several agencies
which are unconditionally guaranteed directly or indirectly by the
ta" s w`? United States of America, or time deposits in banks or-trust companies
}Y?F represented by certificates cf deposit fully secured in the manner
required by the laws of Florida or such other investments as are
` authorized to be made under Florida law by the Issuer from time to time.
Y
`q "
"
M.
Federal Securities
shall mean only direct obligations
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?•, ???;.'"Jy??:?'
f, or
obligations fully guaranteed as to principal, and interest by,
the United States of America, which are not redeemable at the option
.
tyliF.) ? Zi v?? of the obligor.
t N. "Fiscal Year" shall mean the period commencing on
October 1 of each year and ending on the succeeding September 30.
i1 y
? Z' "•
? O. "Sinking Fund Deposit" shall mean,, in any Fiscal Year,
the amount required to be deposited into the Sinking Fund Account in
`" t
v?>
y jF r Y j
.
e
"
f such year pursuant to Section 15C(l) of this Ordinance and supple--
'
.n 'T v?• ^ 4
t
mental. resolution as provided for therein.
"
Bond Service Requirement" shall mean, in any Fiscal
4;. "Fy Hit Year, the sum of the amount required to be deposited into the
Interest Account in such year, the amount required to be deposited
Kaz•; ?"' into the Principal Account in such year, if any, and the amount of
the Sinking Fund Deposit in such year.
Q. "Reserve Requirement" shall mean, in any year, an
o
t
l t
100%
f
h
i
am
un
equa
o
o
t
e max
mum Bond Service Requirement on the
1977 Bonds becoming due in any ensuing Fiscal Year.
R. Words importing singular number shall include the
plural number in each case and vase versa, and words importing
persons shall include firms and corporations.
SECTION 3. FINDINGS. It is hereby ascertained, determined '
1 and declared that:
,s A. The Issuer has previously issued the Refunded Bonds,
of which the sum of $ 3,535,000 principal amount together with
interest in the amount of $933,643 is outstanding and unpaid
as oC June 1, 1917.
B. The Issuer deems it necessary and in its best interest
to provide for the refunding of the Refunded Bonds. The refunding
9/15/77
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program herein described will be advantageous to the Issuer, by
effecting a projected overall reduction in net debt service appli-
cable to bonded indebtedness and by revising certain covenants and
pledges made for the benefit of the holders of the Refunded Bonds
to allow increased flexibility for investment of funds pledged and
held for part of the 1977 Bonds, all to the benefit of the Issuer,
and to secure other benefits to the Issuer.
C. The estimated cost of such refunding as above described
is the sum of $5,700,000. Such cost shall be paid from the proceeds
derived from the sale of the 1977 Bonds and the 1977B Bonds, the
1977E Bonds and at least the first installment of the 1977 Bonds to
be issued simultaneously, together with certain other funds available
to the Issuer.
(1) An amount sufficient to effect the refunding will be
deposited in an irrevocable escrow account established for the
holders of the Refunded Bonds, and invested in Federal Securities.
The principal amount of such Federal Securities will be sufficient
to make timely payments of all presently outstanding principal,
interest and redemption premiums in respect to the Refunded Bonds.
The interest earnings from such Federal Securities will be sufficient
to make timely payments of all principal and interest on the 1977E
.Bonds and all expenses set forth in the Escrow Deposit Agreement.
(2) Such costs shall be deemed to include legal expenses,
fiscal expenses, expenses for estimates of costs and of revenues,
administrative expenses, accrued interest, provisions for reserve,
and such other expenses as may be necessary or incidental for the
financing authorized by this ordinance.
D. Pursuant to Chapter 166, Part II, Florida Statutes
(formerly Section 167.931, Florida Statutes), the Issuer on Febru-
ary 16, 1959, enacted an ordinance, as thereafter amended by an
ordinance enacted on May 15, 1972, levying taxes (hereinafter called
"Utilities Services Taxes") on each and every purchase of electricity,
metered or bottled gas (natural, liquefied petroleum gas or manu-
factured gas), water service, fuel oil and local telephone service
within the corporate limits of said Issuer; that said Utilities
-Services Taxes are not pledged or encumbered in any manner, except
9/15177
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h i° 'r.. ? •1 Y.. :"j; •.C.' 4?,? .;a i?'a;??r?, ,F`; ?1.. ? 1=. .: ,31(;?-,-. r?,'. c,,•' -r?+ -? v,.err ,ti : j?? 1 ??q, '' ;k."'S, '-.
7. S$ G.. f ? ' . :? .... '. •.h ,` .h y'5,. 'F »i4.5'x"L' .: ? +,. x„?'
xy : ?. ,- lr'i ?i'4' '? •i ••r?Ervf,.•. `?_.. !? Fi••.f :? • •.f: •`Sa+`.??'a?w"f*r•,k`3?,"' ri* „?,r.
i•i:;n.-:.y}? ??? 1. Y ?..''F;,y?1 '" *4xy?,eL;••.I .ti7?s?tt"`+'.? 1? 1F?`ftY7.;?
b, ?+F,f,.s??h1?1???T,r??,,kw:.?;'i??;?.?s?,?•:,pi?i?''r"'?.????:r+c??`?`??" fl`q'' 135 t i3f
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1
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for the Refunded Bonds and the Refunded Brid e' Bonds, and it is x'; `,:. "t'• •.,. :x-?„ J":''
` deemed necessary and advisable to refund said Refunded Bonds and
`. said Refunded Bridge Bonds in the manner provided herein and in the
Bridge Revenue Ordinance and to pledge the Utilitie:: Services Taxer
""?• to the 1977 Bonds to be.issued pursuant to this ordinance and to
K,ki e '
the Utilities Tax and Bridge Revenue Bonds, Series 1977, to be issued
?1 simultaneously with the 1977 Bonds pursuant to the Bridge Revenue
Ordinance,
E. The principal of and interest on the 1977 Bonds and all ;
air required sinking fund, reserve and other payments shall be payable
t1 ۥ solely from the Utilities Services Taxes on a parity with the payment
of the Utilities Tax and Bride Revenue Bonds Series 1977 The rf?.
Issuer shall never be required to levy ad valorem taxes on any real ,,•
property therein to pay the principal of and interest on the 1977
Bonds herein authorized or to make any other payments provided for
A? herein. The 1977 Bonds shall, not constitute a lien upon any proper- 1 H
ties owned by or located within the boundaries of the Issuer, except 0rt.1.4
the Utilities Services Taxes. v
F. The pledged Utilities Services Taxes will, in each
.H? year hereafter, be sufficient to pay all Bond Service Requirements
on the 1977 Bonds to be issued hereunder and to make all required
"? =``I
reserve and other payments required by this ordinance, and, together
with the estimated Revenues to be derived from the operation of the
Bridge which will be available in each year hereafter, after payment
of all Operating Expenses and all payments into the Renewal and
y Replacement Account (all as defined and provided in the Bridge Revenue
Ordinance), will be sufficient to pay all Bond Service Requirements 't
on the Utilities Tape and Bridge Revenue Bonds, Series 1977, to be
issued under the Bridge Revenue Ordinance and to make all reserve and
other payments required by the Bridge Revenue Ordinance.
G. The total indebtedness of the Issuer, within the mean-??
ing of the Act, does not exceed twenty per cent (20%) of the current t
assessed valuation of all real property located in the Issuer, and
will not exceed such amount after issuance of the 1977 Bonds, the ,A
Parity obligations, the 1977A Bonds and the 1977B Bonds.
Ord. '1703 _5.. 9/15/77 Q
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#?t ??"y:s.;?.Y?k?t^v;., f r•: ,> ."?..e;?'?= •.}?} x'i?;,, a F=' ? ?"
'o?, :??Vy.. ??i:t: t s`: d:+k ?,' e, i..... .4:.?i;....«.s~ij1`f'.rs?''?'`•\sr?a.s?'_ :t '? c+• 't .
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SECTION 4. AUTHORIZATION OF REFUNDING OF REFUNDED BONDS.
There is hereby authorized the refunding of the Refunded Bonds in ..
accordance with applicable law and the provisions of this ordinance.
' SECTION 5. THIS INSTRUMENT TO CONSTITUTE CONTRACT. In
consideration of the acceptance of the 1977 Bonds authorized to be
k issued hereunder by those who shall hold the same from time to time,
this ordinance shall be deemed to be and shall constitute a contract
between the Issuer and such holders. The covenants and agreements
herein set forth to be performed by the Issuer shall be for the
equal benefit, protection and security of the legal holders of any
and all of the 1977 Bonds and the coupons attached thereto, all-of
which shall be of equal rank and without preference, priority or
distinction of any of the 1977 Bonds or coupons over any other there-
of, except as expressly provided therein and herein.
SECTION 6. AUTHORIZATION OF 1977 BONDS. -Subject and
pursuant to the provisions hereof, obligations of the Issuer to be
known A? "Utilities Tax Bonds, Series 197711, herein defined as the
111977 Bonds", are authorized to be issued in the aggregate principal
amount of not exceeding Three Million Eight Hundred Fifteen Thousand
Dollars ($3,815,000).
SECTION 7. DESCRIPTION OF 19.77 BONDS. The 1977 Bonds
shall be dated as of June 1, 1177; shall be numbered consecutively
from one upward within each installment; shall be in the denomination
of $5,000 each or integral multiples thereof; shall bear interest at
such rate or rates as are fixed by subsequent resolution of the
Issuer, but not exceeding the maximum rate fixed by the Act, such
interest to be payable semi-annually on June 1 and December 1 of
each year; and shall mature annually or semi--annually on such dates
and in such years (but not later than 199.5). as are fixed by subse-
quent resolution of the Issuer adopted at or prior to the date of
the 1977 Bonds.
The 1977 Bonds shall be issued in coupon form; shall be
payable to bearer unless registered as hereinafter provided; shall
be payable with respect to both principal and interest at a bank or
banks to be subsequently determined by the Issuer prior to the de`:-
;;;?,'' 9/15/77
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:?,: ??. u. i?. ??F'?'-'rte :?j: ???: ;.*,F, .:;:.,•a} t_ }'F: .. ,? ,.,..%.•: ?., +.t•3
€; ? ?"i?i x'Y? ;€1?'t".t1',.y ^'r?!i• ?:,.•'y`?w!t',E?y? .r' ;s? _ ? ?c' .. €,,
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M r;.7`°"i„?F?}}j?,;'/e` ?dr??F .7,+F.?r•7"i''",-?'? ..???., ?? i ^I ? ??' i?+ [l+' is atiF?'}'' 4'--sS?''"`,Y •?*? I? ? +
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livery of the 1977 Bonds; shall be payable in lawful money of the
United States of America; and shall bear interest from such date'
but not prior to the date of the 1977 Bonds, as is fixed by subse-
quent resolution of the Issuer, payable in accordance with and upon ?
surrender of the appurtenant interest coupons an they severally
mature. T
1 _
SECTION B. EXECUTION OF BONDS AND COUPONS. The 1977 Bonds
shall be executed in the name of the Issuer by the Mayor Commissioner _;_ :-4••}f=':.' :i';,
a it Y Manager and shall be attested
by the City C • ',-?; K ,
lerk of the Issuer, ,,
•ti,...,
?rs.'?Y.Y;T`i, •'•.'^r; i ?'=?ti'-Y ??t'F' K.`'`V.' nl.'1.` ,:fir` ,:. ,,,.C:'''? ;,}.??? .r
:,. and approved as to form sufficiency, and correctness by the City
Attorney, either manually or with his facsimile signature, and the
corporate seal of the Issuer or a facsimile thereof shall be affixed 1.
thereto or reproduced thereon. The facsimile signatures of the City ps.>f
Clerk, City Manager, and mayor-Commissioner may be imprinted or
reproduced on the 1977 Bonds, provided that at least one signature
required to be placed thereon shall be manually subscribed. In case
any officer whose signature shall appear on any of the 1977 Bonds;..
shall cease to be such officer before the delivery of the 1977
W Bonds, such signature or facsimile shall nevertheless be valid and
r ?.. sufficient for all purposes the same as if he had remained in office
until such delivery. The 1977 Bonds may be signed and sealed on
behalf of the Issuer by such person who at the actual time of the
execution of the 1977 Bonds shall hold the proper office with the
Issuer, although at the date of adoption of this ordinance such
person may not have held such office or may not have been so
authorized.
The coupons attached to the 1977 Bonds shall be authenti-
" - - oral
-7-
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's?"?Yli?,y.i??,??,???l!rs?Fj?`,•:,1,lstl',+;T-a?.ii{F'i'' ;n??'? F{? ?t ? .'? ..
e;+?!-xi'. '.2 t, '; d,r} r'a?'??5?'.;r., ?.? .._. •••.stf `,.I• ,y-? .t .?
cated with the facsimile signatures of any present or future City
Manager and Mayor-Commissioner of the Issuer, attested by the
facsimile signature of any present or future City Clerk, and may be
sealed on behalf of the Issuer by having imprinted thereon the word
"(Seal)". -The validation certificate on the 1977 Bonds shall be
executed with the facsimile signature of the Mayor-Commissioner. The
Issuer-may adopt and use for such purposes the facsimile signatures
of"any persons who shall, have held such offices at any time on or
E
Iv .Yi:
after the date of adoption of this ordinance notwithstanding that
the,, may have ceased to be such officers at the'time the 1977 Bonds
are actually delivered.
SECTION 9. NEGOTIABILITY AND REGISTRATION. The 1977 Bonds
and the coupons appertaining hereto shall be and shall have all of
the qualities and incidents of negotiable instruments under the law
merchant and the Laws of the State of Florida, and each successive
holder, in accepting any of the 1977 Bonds or the.coupons appertain-
ing thereto, shall be conclusively deemed to have agreed that the
1977 Bonds shall be and have all of the qualities and incidents of
negotiable instruments under the law merchant and the Laws of the
State of Florida.
The 1977 Bonds may be registered at the option of the
holder as to principal only or as to both principal and interest,.
on the books of the Issuer at the office of the City Treasurer as
Registrar, such registration to be noted on the back of the 1977
Bonds in the space provided therefor. After such registration as to
principal only or both principal and interest, no transfer of the
1977 Bonds shall be valid unless made at the office of the Registrar
by the owner or by his duly authorized agent or representative and
similarly noted on the 1977 Bonds, but the 1977 Bonds 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 1977 Bonds 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 deliver-'. The Issuer
may make a reasonable charge for every such transfer sufficient to
reimburse it for any expenses incurred by it; provided, however,
that no charge shall be made by the Issuer for the first transfer of
any 1977 Bond from bearer to the registered owner.
SECTION 10. OBLIGATIONS MUTILATED, DESTROYED, STOLEN OR
LOST. In case any 1977 Bonds shall become mutilated, or be destroyed,
stolen or lost, the Issuer may in its discretion issue and deliver a
s WSRq. i- 't r' ;IT:, r c• r- ?:..r«? t'r ^ ' .{,? +•: - k r: , _ `. .
?"1 t?1 ?{?iw.?.f.`.J_=?'SE?r?s'•:yrF'?:•i:'''1!;'?;' !,?, „'.?' i.1; ,l .. '
,V Irk i{s?i',71??',-??e-,????i;. ?7'?'!?:•?.. S•, . ?,1? . , + ?
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new 1977 Bond with all unmatured coupons attached, if any, of like
+ E ```t tenor as the 1977 Bonds and attached coupons, if any, so mutilated, <P
destroyed, stolen or lost, in exchange and substitution for such
as`:;,f: mutilated 1977 Bond, upon surrender and cancellation of such mutt-
lated 1977 Bond and attached coupons if any, or in lieu of and sub - .•,
tab; t' stitution for the 1977 Bond and attached coupons, if any, destroyed,
stolen or lost and upon the holder furnishing the Issuer roof of
his ownership thereof and satisfactory indemnity and complying with
{E yy!!,?' Ytt,`{k ?,.7??•Y5. 7`$. ;_.?f Ay?y l...a•P3P '+>{ ,•'.•t•z<
'??'•' ?hw ,- ???7K?.*?,• r:? ?;b77.' such other reasonable regulations and conditions as the issuer may :. -,<.'?,.?,;;????,?,;,?,i?.=:•
?t?,'P`P.iM ?'?','?, S?A??',Yt ? st 44 .Y•,'.,5...? :? r<.,•,";"S`.: •;,y' i ''
prescribe and paying such expenses as the Issuer may incur. All 1977 •?'}.j'•rRkZ;: ??;k.;:,.? ..'?
f;}.? F ?p 31 ,, ? k?.E,} sfP Y<'•i IF!".t.'-1T J?. r ter. 1?` f t..j .??.7F'4f{?,
i,+? ? '?tt S'?r ?t•'?iF?\'t}rt'?`,:,?+=•a, r.t i...,: r??i'.i;?:ik<i''•:4;? f{
'x?r?`y?''-.?,,, ?'},?;•. Bonds and coupons so surrendered shall be cancelled. If any such 1977
N ate, •;i:?"???, 1§•.•kr` ?ts•r:r~,' ??:: ! °•y.: f`i t k ;
1?k 7. f1 '{ MSv:i.r F =2.'w.f4i.w F _ In 1 A ,.T kl•{c:.$. •
Bond or coupon shall have matured or be about to mature, instead of ?7w
w A ,PTA' AV, '?+j ??' \
? issuing a substitute 1977 Bond or coupon, the Issuer may pay the j' ?? ?•.? ?
??d,?.lr?i' syY`t? i?1>? ? ,.??,?a?,?c:irc?•?, „?'??? r ,i ? ,?
?; ti?r?ra``''r# same, upon being indemnified as aforesaid, and if such 1977 Bond or
??
coupon be lost, stolen or destroyed, without surrender thereof.
All such duplicate 1977 Bonds and coupons issued pursuant
1a "? to this section shad constitute original, additional contractual
Ne"
obligations on the part of the Issuer whether or not the lost, stolen "
a if,
or destroyed 1977 Bonds or coupons be at, any time found by anyone,
and such duplicate 1977 Bonds and coupons shall be entitled to equal a r". r
}Y t and proportionate benefits and rights as to lien on and source and { fi, °F:FY
1 tE.. r 2 security for payment from the funds, as hereinafter pledged, to the
same extent as all other 1977 Bonds and coupons issued hereunder.
SECTION 11. PROVISIONS FOR REDEMPTION. The 1977 Bonds
shall be subject to redemption, at the option of the Issuer, upon
such terms and conditions as are fixed by subsequent resolution of
3
ti,~ the Issuer, adopted at or prior to the sale of the 1977 Bonds c,s any
k?f installment thereof. Notice of such redemption (i) shall be published at least
thirty (30) days prior to the redemption date in a financial journal
published in the City and State of New York, (ii) shall be filed with
the Paying Agent, and (iii). shall be mailed, postage prepaid, to
registered owners-of-1977 Bonds to be redeemed at their addresses as
they appear on the registration books hereinabove provided for.
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9/3.5/77
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Interest shall cruse to accrue on any 1977 Bond duly called for prior
'`r
redemption on the redemption dato r : if payment thereof has been duly
?.` .?°.;'', .-.' .:. ?. •?;?f?^??? .
provided.
SECTION 12. FORM OF BONDS AND COUPONS. The 1977 Bonds, };?`1?= `.' E :?;`s}rf ¦
the interest coupons to be attached thereto, and the certificate of
validation shall be in substantially the following form, with such
•_'?
-' e? fA r•}t JD•
omissions, insertions and variations as may be necessary and desir-
able and which are herein authorized or permitted or which are sub-
sequently authorized or permitted prior to the issuance of the 1977.
Bonds ;
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4r- +: ?.?q'4, •'.'ti. '
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i-t? t;:.`Eye .+? u?;In ?,. ? t"s'? :#?:P: .'1i o-y.'" ???': '.5??; -ri ., .-r j?yy
? ?'" •;'.,;?,t ?hta ? ??-?' 't ?:+:,"Yn ,??::?:;;??°.r,?rT?:.•-''1:'"?,'?':- `:?,? '?".4e''?:"?°.z`.::;'?`t?c}'-';T,`':3:4rti.?r?":k '
,n('.yH ?{}' ?l, o ..? IM? .,f "11,F'r .,;`hy Jai ? li x -i?'. - (•?? :• t''' " '!-' ? n?T.i '"S.: }.,„" x•r' •`, a ?`'. x :S I'?,y r:
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.:'s. g• 4 "?'?-?L! .14'. '..; •,?',jptzi„ •??'?•?. ,? ,t:,'.4f. i _ .,i. _ -1 .•?'e ?.•q?°t,?'Y..;i'..-..,, _ y?:,-',_:.r #ti 'T
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's ,.>:?-'-+4'•.$??- cjs-,4...? ?t;`?L,a?: 4`?, ems. ,t.:p ! ,: ?; ..5. -l•..,.s,.
e i??tii` '??rishi?i?:'?,tr'r?}.?•tL`en:l..4JiC$rt??-?"`?'ai ?"1rd.?i.a?i?'Cis[i"dri ? t?k?
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F ?
No.
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF PINELLAS
CITY OF CLEARWATER
UTIL17IES TAX BOND,
SERIES 1977
KNOW ALL MEN BY THESE PRESENTS
Florida (hereinafter called "City"), for
promises to pay to the bearer, or if thi
registered holder as herein provided, on
19_, from the special funds hereinafter
sum of
$5,000
that the City of Clearwater,
value received, hereby
s Bond be registered, to the
the first day of ,
mentioned, the principal
FIVE THOUSAND DOLLARS
with interest thereon from at the rate of
per centum per annum payable on
197_,. and semi-annually thereafter on the first day
of June and the first day of December in each year upon the presenta-
tion and surrender of the annexed coupons as they severally fall
due. Both principal of and interest on this Bond are payable in
lawful money of the United States of America at
or, at the option of the holder at
This Bond is one of an authorized issue of bonds in the
aggregate principal amount of $ of like date, tenor and
effect, except as to number, redemption provisions, maturity (unless
all Bonds mature on the same date) and interest rate, issued to
finance a part of the cost of refunding the outstanding $2,275,000
Utilities Tax Improvement Certificates, dated June 1, 1959; $625,000
Utilities Tax Improvement Certificates, Series of 1960, dated
December 1, 1960, and $1,220,000 Utilities Tax Improvement Certifi-
cates, Series of 1962, dated December 1, 1962, pursuant to the
authority of and in full compliance with the Constitution and
Statutes of the State of Florida, including particularly Chapter 166,
Part 11, Florida Statutes and other applicable provisions of law and
an ordinance duly enacted by the City on , 1977,
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as supplemented (hereinafter colt ?ctive3l.y called "Ordinance"), and
is subject to all the terms and conditions of such Ordinance, -?
This Bond and tho coupons appertaining thereto, are payable
solely from a prior lien upon and pledge of the utilities services:
taxes levied and collected by the City pursuant to Section 166.231,
f
"f
rr Florida Statutes (formerly Section 167.431, Florida Statutes) and
;
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Ordinance No. 811 enacted by the City on February 16, 1959, as amended , •
{
by Ordinance No. 1381 enacted by the City on May 15, 1972 (the w '.t-s7Y; yt. '
rr:r "Utilities Services Taxes") on a parity with the City's outstanding ;
n: Utilities Tax and Bridge Revenue Bonds, Series 1977, dated June 1,
N 1977 (herein called the "Parity Obligations"), in the manner provided ' f
:
f 11 „
?t,> in the Ordinance. r.....
(Insert redemption provisions)
Notice of such redemption shall be given in the manner re-
quired by the Ordinance.
This Bond does not constitute a general indebtedness of
the City within the meaning of any constitutional or statutory pro-
vision or limitation, and it is expressly agreed by the holder of
this Bond and the coupons appertaining thereto that such holder
shall never have the right to require or compel the exercise of the
ad valorem taxing power of the City for the payment of the principal
of and interest on this Bond or the making of any Sinking Fund, re-
serve or other payments provided for in the Ordinance.
It is further agreed between the City and the holder of
this Bond that this Bond and the obligation evidenced thereby shall
not constitute a lien upon any property of or in the City, but shall
constitute a lien-only on the Utilities Services Taxes in the manner
provided in the Ordinance.
The City in the Ordinance has covenanted with and for the
benefit of the holders of the Bonds of this issue (i) that it will
not repeal or adversely amend the ordinances levying the Utilities
Services Taxes so as to impair the power and obligations of the City
to levy and collect the Utilities Services Taxes, (ii) that it will
3
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(2)
levy and collect the Utilities Services Taxes at the maximum rates
permitted by law as will always provide funds in any year at least
equal to 14011 of the Bond Service Requirement becoming due in such
year on the Bonds of this issue, the Parity Obligations, and all
additional obligations payable on a parity therewith, and 3.00% of all
reserve and other payments provided for in the Ordinance, and (iii)
that the pledge and covenants in the Ordinance constitute a contract
between the City and the holders of the Bonds of this issue not
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subject to repeal,
mpa
rment or modification by the City or the y s^?# ?r
.
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Legislature of the State of Florida; and the City has made certain c?
other covenants for the benefit of the holders of the Bonds of this '
issue, for the terms of which reference is made to the Ordinance. r?
It is hereby certified and recited that all acts, condi-
tions and things required to exist, to happen and to be performed pre-• t'
cedent to and in the issuance of this Bond, exist, have happened and ,
have been performed in regular and due form and time as required by
the Laws and Constitution of the State of Florida applicable thereto,
and that the issuance of the Bonds of this issue does not violate any
ry,
constitutional or statutory limitation or provision.
This Bond and the coupons appertaining thereto are and have
all the qualities and incidents of a negotiable instrument under the
law merchant and the laws of the State of Florida, <;Y
This Bond may be registered as to principal only or as to
both principal, and interest in accordance with the provisions endorsed
hereon.
IN WITNESS WHEREOFf The. City of Clearwater, Florida, has
issued this Bond and has caused the same to be signed by its Mayor-
Commissioner and City manager and attested by its City Clerk either
manually or with their facsimile signatures, and the corporate seal
of the City or a facsimile thereof to be affixed, imp:cessed, imprinted,
lithographed or reproduced hereon, and the interest coupons hereto
-13- 67
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attached to be executed with the facsimile signatures of such officers,
all as of the first day of June, 1977. } ` ;^tYz
CITY OF CLEARWATER, FLORIDA
:
s
Mayor--commissioner :c; r
1 ,:?• ?:_Yt
(SEAL)
?
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Attest: _?
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City Manager
City Clerk
Approved as to form, sufficiency
and correctness:
City Attorney
FORM OF COUPON
No. $
On the first day of , 19_, unless the Bond
to which this coupon is attached is callable and has been duly called
for prior redemption and provision duly made for the payment thereof,
the City of Clearwater, Florida, will pay to the bearer at
or, at the option of the holder, at
from the special funds
described in the Bond to which this coupon is attached, the amount
shown hereon in lawful money of the United States of America, upon
presentation and surrender of this coupon, being interest then due
on its Utilities Tax Bond, Series, 1977, dated June 1, 1977, rTo.
CITY OF CLEARRWATER, FLORIDA
(SEAL)
Mayor-Commissioner
Attest:
C ty Manager
C ty. C .erk
-14-
9/15177
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VALIDATION CERTIFICATE
This Bond is one of a series of Bonds which were validated
by judgment of the Circuit Ccu t•for Pinellas County, Florida
rendered on the da.y of , 1977.
Mayor-Comm ss oner
PROVISION FOR REGISTRATION
This Bond may be registered as to principal only in the
name of the holder on the books to be kept by the City Treasurer as
Registrar or such other Registrar as may hereafter be duly appointed,
such registration being noted hereon by such Registrar in the
registration blank below, after which no transfer shall be valid un-
less made by written assignment on said books by the registered
holder or attorney duly authorized and similarly noted in the regis-
tration 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 Bond as to principal shall not restrain the negotiability of
the coupons by delivery, merely, but the coupons may be surrendered
with the interest made payable only to the registered holder, in
which event the Registrar shall note in the registration blank below
that this Bond is registrable as to interest as well as principal;
and thereafter the interest will be remitted by mail to the registered
holder. This Bond, when converted into a Bond registered as to both
principal and interest, may be reconverted into a coupon Bond and
again converted into a Bond registered as to both principal and inter-
est, as hereinbefore provided. Upon reconversion of this Bond, when
registered as to principal and interest, into a coupon Bond, coupons
representing the interest to accrue upon the Bond to date of maturity
shall be attached hereto by the Registrar, and the Registrar shall
note in the registration blank below whether the Bond is registered
as to principal only or payable to bearer. The City may make a
. WN dly }k1 t
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reasonable charge "fdr every such transfer sufficient to reimburse it
for any expenses incurred by it; provided, however, that 'no' charge
r,? j, i s
shall..be made by the City for the first transfer of any Bond from
bearer to the registered. owner.
DATE OF IN WHOSE NAME MANNER OF SIGNATURE OF.
REGISTRATION REGISTERED REGISTRATION REGISTRAR
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SECTION 13. APPLICATION OF BOND PROCEEDS. The proceeds,
including accrued interest and premium, if any, received from the
sale of any or all of the 1977 Bonds shall be applied by the Issuer
simultaneously with the delivery.of such 1977 Bonds to the purchaser
thereof, as follows:
A. The accrued interest shall be deposited in the Interest
Account herein created and shall be used only for the purpose of
paying interest becoming due on the 1977 Bonds.
B. To the extent not reimbursed therefor by the original
purchaser of the 1977 Bonds, or provided for in the Escrow Deposit
Agreement, the Issuer shall pay all.costs and expenses in connection
with the preparation, issuance and sale of the 1977 Bonds.
C. A sum specified in the Escrow Deposit Agreement which
(1)' together with the net proceeds of the sale of the 1977B Bonds
and the other funds described in the Escrow Deposit-Agreement to be
deposited in escrow, will be sufficient to pay, as of.any date of
calculation, the principal of and interest on the Refunded Bonds as
the same shall become due or are redeemed as provided by subsequent
resolution of the Issuer, whichever is earlier, and which sum (2) to-
gether with the net proceeds of the sale of the 1977B Bonds and the
other funds described in the Escrow Deposit Agreement to be deposited
in escrow,.if any, and together with the Escrow Deposit Income, as
defined in the Escrow Deposit Agreement, will be sufficient to make
the payments described above and to pay the principal of and inter-
est on the 1977E Bands as the same shall become due and to pay the
Expenses, specified in the Escrow Deposit Agreement, shall be deposited
into the Principal Account and the Income Account established in the
Escrow Deposit Agreement, in the respective amounts sufficient for
such purposes..
Such funds shall be accounted for separately from all other
funds of the Issuer, and the moneys on deposit therein shall be with-
drawn, used and applied by the Issuer solely for the purposes set
forth herein ahd.in the Escrow Deposit Agreement.
--17-
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97
9/15/77
1 ?
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411
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Simultaneously with the delivery of the 1977 Bonds to the
original purchaser thereof, the issuer shall enter into the Escrow
Deposit Agreement in substantially the form attached hereto as
Exhibit A with a bank or trust company approved by the Issuer, which
shall provide for the deposit of sums into the Principal and Income
Accounts and for the investment of such moneys in appropriate
Federal Securities so as to produce sufficient funds to make all of
the payments described in Section 13C of this Ordinance. At the time
of execution of the Escrow Deposit Agreement, the Issuer shall furnish
to the Escrow Holder named therein appropriate documentation to
demonstrate that the sums being deposited and the investments to be
made will be sufficient for such purposes.
D. The balance of the moneys remaining after making all
the deposits and payments provided for in paragraphs A through C
inclusive above shall be deposited into the Interest Account
established herein.
SECTION 14. SPECIAL OBLIGATIONS OF ISSUER. Neither the
1977 Bonds nor coupons shall be or constitute general obligations
or indebtedness of the Issuer as "bonds" within the meaning of the
Constitution of Florida, but shall be payable solely from and secured
by a lien upon and a pledge of the proceeds of the Utilities Services
Taxes as herein provided. No holder or holders of any 1977 Bonds
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 Issuer or taxation in any form of any real property therein
to pay such 1977 Bonds or the interest thereon or be entitled to
payment of such principal and interest from any other funds of the
Issuer excerpt from the special funds in the manner provided herein.
The payment of the principal of and interest on the 1977
Bonds shall be secured forthwith equally and ratably by an irrevocable
lien on and pledge of the Utility Services Taxes which, on a parity
with the lien thereon and pledge thereof for payment of the Parity
Obligations, shall be prior and superior to all other liens or
encumberances on such Uti.litien Services Taxes, and the Issuer does
O?? +•,,.RT? Yy 4 qt?,?. Yh?i:?T4;?.k,`,? ,?.,m 7 • ' 1??.'??'' :? .. iz ..,
ti A.Y\ 1 • •rt'r? ? ? .,
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Y
S .may hC; ? ry.r
hereby irrevocably pledge such Utilities Services Taxes to the
payment of the principal of and interest on the 1977 Bonds, for the
reserves therefor and for all other required payments.
SECTION 15. COVENANTS OF THE ISSUER. For as long as any
S-'
of the principal of and interest on any of the 1977 bands shall be
outstanding and unpaid or until there shall have been set apart in
the Debt Service Fund, herein established, including the accounts
therein, a sum sufficient to pay at maturity, or redeem prior to
maturity, the entire principal of the 1977 Bonds remaining unpaid,
}f
together with interest accrued or to accrue thereon or until provi-
sion for payment of the 1977 Bonds shall have been made in accord-
dance with this ordinance, the issuer covenants with the holders of na
Y1e
any and all. 1977 Bonds as follows:
w
A. UTILITIES TAX REVENUE ACCOUNT. All of the proceeds'' w
of the Utilities Services Taxes, as definied herein, as soon as the
same are collected by the issuer, shall be forthwith deposited into
f
an account to be known as the "Utilities Tax Revenue Account", here-
by created and established. Such Utilities Tax Revenue Account
shall constitute a trust fund for the purposes herein provided, and
shall be kept separate and distinct from all other funds of the
Issuer and used only for the purposes and in the manner herein
provided.
B. DEBT SERVICE FLMD. A "Utilities Bond Debt Service
Fund" (hereinafter called the "Debt Service Fund") is hereby created f
and established for the purpose of providing for the payment of the
1977 Bonds. in such fund, there shall be maintained the following
accounts: a Utilities Bond Interest Account (the "Interest Account"); 'i.
a Utilities Bond Principal Account (the "Principal Account"); a
Utilities Bond Sinking Fund Account (the "Sinking Fund Account"); `
and a Utilities Bond Reserve Account (the "Reserve Account").
C. DISPOSITION OF UTILITIES SERVICES TAXES. All monies at
any time remaining on deposit in the Utilities Tax Revenue Account
shall be disposed of monthly, commencing in the month immediately,
r• •'E S
ri -
-19- , 9115177.
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In
(77')
following the delivery of the 1977 Bonds, only in the following
manner and in the following order of priority:
(1) From the moneys on deposit in'the Utilities Tax
Revenue Account the issuer shall deposit, on a parity with each
other:
(i) into the interest Account, such sums as will be
sufficient to pay one•-sixth of•all interest becoming due on the 1977
Bonds on the next semi.-annual interest payment date and the fees and
charges of the paying agents. The moneys in the Interest Account
shall be withdrawn and deposited with the paying agent of the 1977
Bonds on or before each interest payment date in an amount sufficient
to pay the interest due on such date and the fees and charges of the
paying agent. Such monthly payments shall be increased or decreased
proportionately prior to the first interest payment date or dates
after making allowance for any deposits made into Cie Interest
Account upon the issuance of the 1977 Bonds.
(ii) into the Principal Account, such sum as, when multiplied
by the number of months remaining until the next ensuing principal
maturity on any 1977 Bonds then outstanding the principal of which
is not required to be paid from the Sinking Fund Account hereinafter
created and established, will be sufficient, together with the funds
then on deposit therein, to pay the principal on such 1977 Bonds on
such next ensuing principal maturity date, together with any fees
and charges of the paying agents therefor. The moneys on deposit in
the Principal Account shall be withdrawn and deposited with the
paying agent for such 1977 Bonds on or before each principal maturity
date in an amount sufficient to pay the principal maturing on such
date and the fees and charges of the paying agents.
(iii) into the Sinking Fund Account, a Sinking Fund Deposit
in equal monthly amounts such that the cumulative amounts required to
be on deposit in the Sinking Fund Account on each interest payment
date shall not.be less than the amounts on each such date to be
~20~ t . '
9M/77
.r1
9
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'? ? '•F4:'J• to '.`# :;,j4.. «j dy?` ?F„ ?#"???:? .e ?{?[c s?4':. °°'", ».? ??-v'f P.
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.f, , +tp ' r ''xi:x4 ? ?+;s .???y`!.'+n~:y •t!`?l ? a;?„fI ?, ` •.; 5i.. r?'' ? rf,r ? ° ' Y i?' u i
•a'! i2c e??o V4r, 1• .?p•ti•i?`;^'7,'= y.?iC `:, r ' dt .t'. ??e ?b YF+?p?`' 1?: .r .,°?.y'?'l ?.?'
-,rr' F%+'.," :3;`,n.. ?.`?[?n 1?;yt •saK •f. ,?;?'t.. i•.y; ?; ? ?~,lN<<'-' .s, r ?.. .t;";:`!.'??. Wi ?•'?,:.; f;Z: 1
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" fixed by subsequent resolution of the issuer prior to issuance of
?f Sty ? r ' t 1 x yVe?a }l
the 1977 Bonds (which shall be fixed in an aggregate amount not less
than the principal amount of 1977 Bonds issued which are required to
v T: '
be paid from the Sinking Fund Account). Investments on deposit in
the Sinking Fund Account shall be valued as of the time of their i
.
maturity such that sufficient funds will be available to pay the ' +.
? iN'.4t^y ? -? ?4f r'=?i'*•,_^'SiS?iµ ? ? ..t°'•7- • ?,`;. ?.
ZZA)
maturing 1977 Bonds required to be paid from the Sinking Fund Account
)z SL?t??e(+„} y '3 ? .9?-'•I's h?f??1 P??T'?yi ...:?.`k.'.;,::',r.'aa?d`'.''t.•:.?i.`'.':'.'
;S`Si )M1V` a'? ??1?' ?a.i ff{? a jh • T. •."viim`Y /'.,'"
when due. The moneys in the Sinking Fund Account shall be used only
$?eelN?zz`ro?TvAt}
?w .r `?• paying at maturity Bonds for which nc icest ?
for the purpose of (1) P Y ,:': ,;s;..• i
y An E k r ti;.d i C tip i?
Sinking Fund Deposits are established, or retirement of such 1977_,• {?t
S' jar 1.?t31 E1ft C n
$ 'AN
,? `r Bonds prior to maturity by optional redemption or by purchase in
?-
•'i' the open market at not more than the then applicable optional redemp-
r ds tk 3 :'i
tion price or (2) purchasing or redeeming by mandatory redemption,
f, ?M s any 1977 Bonds of any series for which mandatory redemption is?
established in the proceedings authorizing their issuance. Any
i?
excess of the redemption or purchase price paid for such 1977 Bonds
-v
over-the principal amount thereof shall be deposited into the Sank-
*?t•y
ing Fund Account as an additional mandatory Sinking Fund Deposit #s:
tr
within 45 days after such purchase or redemption.
(2) From the moneys on deposit in the Utilities Tax Fund
,
the issuer shall next deposit into the Reserve Account herein
created and established a monthly sum of not less than one-sixtieth
+? 4
JH?.T
of the Reserve Requirement. No further deposits shall be required tos
be made into the Reserve Account whenever the full Reserve Require-
ment shall be on deposit therein.
Any withdrawals from the Reserve Account shall be subse-
quently restored from the first moneys available in the Utilities Tax
Revenue Account after all required payments into the accounts in the
Debt Service Fund (including all deficiences in prior required pay-
ments tereto) have been made in full.
Moneys in the Reserve Account shall be used only for the
purpose of paying Bond Service Requirements on the 1977 Bonds when
the other moneys in the Debt Service F.und are insufficient therefor,
-21- 9 3
Ard' A1703 9115/77
7s. sA'n-?+a1:71h G•?b.-.?. ?4.?, _. --_. __ .i:..,-r.r _3,.• `li 1 _ __•a??r+-??.1 'St' v-.c
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71 a })?"?F???iz :f ii ?t???%L:r?? ,,•`?.i,?°•. 'r;.l'?r.?a`-` . :?..' .,? . r? .. .1';•,.•?" `1r4 , °,??-. ty?
i1;\ ?
,;sy?_J?[i.a?ff. ?'{." .•V,??','' _' ,'e}r `'1?•ti •,•?1<ri•t,- ,'.?... `. -'4 - ? ,'4' ? ?'., 'y ,
?n
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and for no other purpose whenever the amount on deposit in the `-
'+ 'Ss
Reserve Account exceeds the then current Reserve Requirement, the
excess may be withdrawn from the Reserve Account and deposited in
any other account in the Debt Service Fund.
(3) All payments into the Debt Service Fund shall be
made on a parity with similar payments into the Debt Service Fund ,, -
created pursuant to the Bridge Revenue Ordinance for payment of the
Utilities Tax and Bridge Rev xss sir-°;;..,;,;M:•-,
enue Bonds, Series 1977, ? ?. S,•'?(4) Any balance of moneys remaining in the Utilities Tax;
t t•t f . .nh'1 ^lC?
Revenue Account after making all of the above required payments may
be used for any lawful purpose of the issuer.
(5) Upon the issuance of any Additional Parity Obligations
under the terms, limitations and conditions as are herein provided,
the payments into the Interest Account, Principal Account, Reserve
Account and the Sinking Fund Account shall be increased in such
r
amounts as shall be necessary to make the payments for the Bond
Service Requirements and reserves'for the Additional Parity Obliga-
tions on the same basis as hereinabove provided with respect to the
1977 Bonds initially issued under this Ordinance. At the option of ?5-
the Issuer, separate accounts may be established for any issue of x
s
Additional Parity Obligations, into which sucli'increased payments `
shall be made.
No further deposits into the respective funds and accounts
shall be necessary or required when the moneys in such funds and
accounts shall be sufficient to pay all principal of and interest on
the 1977 Bonds when due.
D. LEVY OF UTILITIES SERVICES TAXES. The Issuer will not
repeal the Utilities Services Tax Ordinance now in effect levying the
Utilities Services Taxes and will not amend or modify said ordinance
in any manner so as to impair or adversely affect the power and obliga-
tion of the Issuer to levy and collect such taxes or impair or
adversely affect in any manner the pledge of such taxes made herein or
the rights of the holders of the 1977 Bonds. The Issuer shall be
_ ?. 4ti ? fan. ? ,`!'?" •4.
r t *? I't`[f_2??? 1?j.'•?N+[+`?.1{^r' t'1',lR.t ••1'. f•: ti3 '{ .-?5? i
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iw3
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S ?- Icy ? .. J'i
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4 h ll "E:} ' .[ 7}.`: !, s y^s. (w t'r ;r?i: eye
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unconditionally and irrevocably obligated, so long as any of the J r.{. ,? sr 4i ?
1977 Bonds or the interest thereon are outstanding and unpaid, to "
levy and collect such taxes, at the maximum rates permitted by law,
as will always provide funds in any Fiscal Year at least equal to ?, "'•
`'.`:'.,;
,
190% of the Bond Service Requirement becoming due in such Fiscal Year
on the 1977 Bonds, the Parity Obligations, and all Additional Parity
and IOQ% of all reserve and other
obligations payments provided for
herein. This provision shall not be construed to prevent reasonable
`
revisions of the rates of such Utilities Services Taxes as long as ;x
,,?
X
?
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(
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the proceeds of such taxes to be collected by the Issuer in each [y
?
•
year thereafter, will be sufficient to meet the above requirements.
y
E. UTILITIES SERVICES TAXES NOT SUBJECT TO REPEAL. The v ,+
Issuer has full power to irrevocably pledge such Utilities Services
Taxes to the payment of the principal of and interest on the 1977 :
• J5
Bonds, and the pledging of such Utilities Services Taxes in the
manner provided herein shall not be subject to repeal., modification,
or impairment by any subsequent ordinance, resolution or other 1? .
proceedings of the governing body of the Issuer or by any subsequent
act of the Legislature of Florida.
"•T
The pledge of the Utilities Services Taxes herein made ?
shall be for the benefit of any Additional Parity Obligations from
' P .
the proceeds of the Utilities Services Taxes to the same extent as
if such Additional Parity obligations had been originally issued
<':
".
hereunder.
P. BOOKS AND RECORDS. The Issuer shall also keep books
and records of the collection of the Utilities Services Taxes, which
such books and records.shall be kept separate and apart from all other
books, records and accounts of the Issuer and any holder of the 1977
Bonds shall have the right at all reasonable times to inspect all
records, accounts and data of the Issuer relating thereto.
G. ANNUAL AUDIT. The Issuer shall also,,at least once a
year, cause the books, records and accounts relating to the Utilities
Services Taxes to be properly audited by a recognized independent
-23- ,
Ord, . #17.03 t .
`?'?_ ,rr.,rLt}' ? }??Nir!' R,t, •yt„`.;?:xis }? `i .lli? ?'.r; ?'9?'P•' 11. :, ? .. ..,. . n ?' r 3r•' .
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9/x.5/77
r" ,il`yf ati "'
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a
1 I
.,?• • • . , 1' • UIAq3 3
? ,? ..r•h;tl wxW. 'LJ
firm of certified public accountants. Such audits shall contain a
V4,
' complete report of the collection and application of all proceeds of
M 1'AA l', S
.?, the Utilities Services Taxes, a schedule of reserves and investments,
`?; and a certificate by the auditors stating no default on the part of
the Issuer of any covenant herein has been disclosed by reason of
such audit. A copy of such annual audit shall regularly be furnished ;
to any holder of an obligation who shall have requested in writing
ri't;'.???j4??"Art •, r..J:: ?,Z.m?•.:. I', ,
'?'?1 ? ?' LE%,1 rS1S? IY •1 ! ..;.1±N4a1MAV I.'!?J'Ti.fy d . y :t'?9"', °1•/k•.'.
that a copy of such audits be furnished him. fro ' .s:• rt::`,?,?•3>t'? p ,
H. ENFORCEMENT OF COLLECTIONS. The Issuer will diligently Mn?+'ti?arrfk Am-L-
enforce and collect the Utilities Services Taxes herein pledged; will;?'
y f '< y
take steps, actions and proceedings for the enforcement and collection
q S' y ''Y3yr 1jSr
of such Utilities Services Taxes as shall become delinquent to the _ .?
i
full extent permitted or authorized by law; and'will maintain accurate
? l?lw
s ,
s
records with respect thereof. All such Utilities Services Taxes ,..s
herein pledged shall, as collected, be held in trust to'be applied ?
as herein provided and not otherwise.
1. REMEDIES. Any holder of 1977 Bonds or of any coupons
'
appertaining thereto issued under the provisions hereof or any Pq
s
trustee acting for the holders of such obligations may be suit, action,
mandamus or other proceedings in any court of competent jurisdiction,
protect and enforce any and all rights, including the right to the y'
appointment of a receiver, existing under the Laws of the State of t ti:A
t
Florida, or granted and contained herein, and may enforce and compel i
the performance of all duties herein required or by any applicable
statutes to be performed by the Issuer or by any officer thereof, ;
including the collection of Utilities Services Taxes. '. ..
Nothing herein, however, shall be construed to grant to any :.
holder of such 1977 Bonds any lien on any real property of the ;;;
Issuer.
J. ACCOUNTING PRINCIPLES. The cash required to be
accounted for in each of the foregoing funds and accounts established
herein may be deposited in a single bank account, and funds allocated
to the various accounts established herein may be invested in a
-24-- g
9115/77
„,..A J Ord. ` , 7•,
i???+r. ?i,?,-ns7wsv ?i-+!PS'{?-. fi'?+.?:°•?"?iis°'I SLc: ..}t, ? _ ,.?r k':. -• _. -,? •rr,i :t.n?:• - .. :;:'Y_ ::: rh
k+rv '3, +»3 sti a' kln.k.. t. .4r.,,``f f?. `Y.?f.11i; y'.l ?` " ,t .. . .? .^?M ! 'y,C; 'r•?.
`' ??i,? 7. `1y•?'?'?f.?^;?..".(?... ]•tt':b'. i+'fin.!!? :'kv'G.. .i ??},? •?,- ,: .A, .. •`i' t•_ .(
:?+?:MT???'Yr,;,?..???!•s?"y?,{t???7`•<?t i. ryM.r,.j3j ?. +r. .?. .. + St
?41.N?y'- s. r:y :5: N.,•: ,F.µ?6:fdr.?aM{'. „?j+ :?''` .' • ? . - '?..
4
t t
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common investment pool, provided that adequate accounting records
are maintained to reflect and control the restricted allocation of
the cash on deposit therein and such investments for the various
purposes of such funs and accounts as herein provided. Investment
of funds allocated to the Sinking Fund Account may be further
restricted by resolution adopted at the time of the sale of the 1977
Bonds or any Additional Parity Obligations.
The designation and establishment of the various funds in
and by this ordinance shall not be construed to require the establish-
ment of any completely independent, self-balancing funds as such term
is commonly defined and used in governmental accounting, but rather
is intended to constitute an earmarking of certain proceeds and
revenues for certain purposes and to establish certain priorities
for application of such proceeds and revenues as herein provided.
X. TRUST FUNDS. All special funds and accounts set up
and created by this ordinance shall constitute trust funds for the
purposes provided herein for such funds. All money allocated to
such funds and accounts shall be continuously secured in the same
manner as State and municipal deposits of funds are required to be
secured by the Laws of Florida.
The moneys in the Debt Service Fund and the Utilities Tax
Revenue Account may be invested and reinvested only.in Authorized
Investments maturing, in the case of the Reserve Account, as deter-
mined by the Issuer, and, in the case of the other funds and accounts,
not later than the dates on which the moneys therein will be needed
for the purpose of such funds and accounts.
The income on all investments in the respective funds
shall remain in such funds and be used for the purposes thereof
unless and until the maximum required amount is on deposit therein,
and thereafter shall be deposited into any account in the Debt
Service Fund, in the discretion of the Issuer.
L. LIMITATIONS ON ADDITIONAL OBLIGATIONS PAYABLE FROM
U'T'ILITIES SERVICES TAXES. The Issuer will not issue any other
obligations, except under the conditions and in the manner provided
-25-
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?• •? '? t?y,`j ??3rPF:s1??{. .: .i1 y'?C I: CY-'>'t;??'i ,?? E i?.1:. ,....t: R. l?•,,, .1, ., ,1•, .
?q r 4 ? R r.', Neu ;.+ :.3 ,<?•'! ? ? ^' ;??r?J,.iy'4 ? ?'4ti?. ?!; a < ' .
,i s???a?IyR?s4.?%[?•?isir. •! ?•ry?i, ?F , .:t? : i .e'?. .'
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herein, payable from the Utilities Services Taxes, nor voluntarily
S?
create or cause to be created any debt, lien, pledge, assignment,
encumbrance or other charge having priority to or being on a parity
with the lien of the 1977 Bonds and the Parity Obligations and the f
interest thereon, upon such Utilities Services Taxes. Any other ?. 9''.•
". •4Y .
obligations issued by the Issuer, in addition to the 1977 Bonds the
Parity Obligations, and Additional Parity obligations provided in
Subsection M below, payable from the Utilities Services Taxes, shall
contain an express statement that such obligations are junior and
subordinate in all respects to the 1977 Bonds and the Parity Obliga-
tionsas to lien on a source and security for payment
from the
w
'a
Utilities Services Taxes.
M. ISSUANCE OF ADDITIONAL PARITY OBLIGATIONS. The Issuer
reserves the right to issue Additional Parity Obligations, payable on
a parity from the proceeds of the Utilities Services Taxes with the
1977 Bonds and the Parity Obligations, for any lawful purpose of the
Issuer upon the conditions and in the-manner herein provided, as such
conditions may be supplemented or amended prior to sale of the 1977
Bonds:
(1) There shall have been obtained and filed with the
Issuer a certificate of the Finance Director of the Issuer (a) setting
forth the amount of proceeds of the Utilities Services Taxes, as
defined herein, received by the Issuer for any twelve consecutive
months in the fifteen full calendar month period immediately preceding
the date of delivery of such Additional Parity Obligations with
respect to which such certificate is made; and (b) stating that the
proceeds of the Utilities Services Taxes for such preceding twelve
month period will equal at least 1.40 times the maximum future Bond
Service Requirement on (i) all 1977 Bonds and Parity Obligations and
all Additional. Parity Obligations, if any, then outstanding and
(ii) the Additional Parity Obligations with respect to which such
certificate is made.
(2) Each ordinance authorizing the issuance of Additional.
-?i`•i•?,A'n.`A ..^••1FT 1111f '( s• .i?_ ?. _---_ ?.?- - ? - -- ?..?...w n / ? el ti 7' ??
ws lS'F`•SJ`FFLG.c7'is-r.`7 r1?,,.?.? ,. ?I.,.. ,? :? ..,,.._ - .., tti?a r?tf ??v-s
"l' •1:.,•?1L ?t"??}S ? 4. f,l w.v5 ' i ?r, o ? 'i ? r.iv' '.f',.'i .i"' ;i.'?.
o .? l.w j??: ?' ?.3' 3t'?,' ^ ,?-:'? '.Y-t. ``. 3 ''1. ?lty .. ?' ? '•?":, ?Vr ????
. ? ?.? n"'•+w ??'• 4 i ^.T ? dj' ?_ vim.. ????'''. ,.'.?? f .??' i S ? ? . s ? . ••.f: ?:
1}..?11.? F€'{!L ikq ?.}'''4 r???T:+: ?.*??C ?.. yL'..s :st•. Vii'. 1 ??...? '?s ''.sr '{F ". ... ? '4 •? ' ? ?I
t? t?Y.?4rt?r?,d'r, r;ri;ls .ti•E`:i.`?' •ii 'S•?> - •I? .. ? ? ? s
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1;
Parity Obligations will recite that all of the covenants herein con-
tained will be applicable to such Additional Parity Obligations. .'t'•rs?:,
(3) The issuer shall not be in default in performing any
:::;''.:i:-'
of the covenants and obligations assumed hereunder, and all payments
herein required to have been made into the accounts and funds, as
provided hereunder, shall have been made to the full extent required. ?'•
(9) The Additional
Parity Obligations shall be dated
.
June 1 or December 1 of the year of issuance thereof, shall bear ?r;;?
? • ?.
n•....
interest payable semi-annually on June 1 and December 1 of each ,
:
,+
year, and shall mature on June 1 or December 1 of the year of maturity w:
M
4
thereof. ?._
SECTION 16. MODIFICATION OR M ENDMENT. No material modifi-
cation or amendment of this ordinance or of any'ordinanca amendatory ?
hereof or supplemental hereto may be made without the consent in
writing of the holders of two-thirds or more in the principal amount
of the 1977 Bonds then outstanding; provided, however, that no
modification or amendment shall permit a change in the maturity of
the-1977 Bonds or a reduction in the rate of interest thereon or in
the amount of the principal obligation thereof or affecting the
promise of the Issuer to pay the principal of and interest on the
1977 Bonds as the same shall become due from the [Utilities Services
Taxes or reduce the percentage of the holders of the 1977 Bonds
required to consent to any material modification or amendment hereof
without the consent of the holder or holders of all the 1977 Bonds
then outstanding; provided, however, that'no such modification or
amendment shall allow or permit any acceleration of the payment of
principal of or interest on the 1977 Bonds upon any default in the
payment thereof whether or not the holders of the 1977 Bonds consent
thereto.
SECTION 17. SEVERABILITY OF INVALID PROVISIONS. If any
one or more of the covenants, agreements or provisions herein con-
tained'shall be held contrary to any express provision of law or
contrary to the policy of express law though not expressly pro--
hibited,,.or'against public policy, or shall for any reason whatsoever
f: I -27 r//ry
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ict {".?±?,r', ?":t :.r,-.. it i ' -r:? 'i"'. '•'.'!; -s" 3 Tyr.rxr c,• q
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w''C t`S'i
.llg,k ?_ i?r.a?'??y 't?. ?t1` !" ?f u'i'? St?l?f?4;?f?t'- n` ? F.. ,Y{C-'i'';' -1i:?; .vti. .? •? ? :? .. ? ? ? ? . ? ' ? . ;Y?_
?.i-:: »?'up???4, .' _??.?i s?z1:1'?rlfw j?"'ie?'? J?:.:.'3 ;..5 ,.'.:r ?t'?e3'`'•. ?
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be held invalid, then such covenants, agreements or provisions shall
be null and void and shall be deemed separable from the remaining ;'..
covenants, agreements or provisions and shall in no way affect the
validity of any of the other provisions hereof or of the 1977 Bonds '
or coupons issued hereunder. ?-'
SECTION 18. DEFEASANCE. If, at any time, the Issuer shall f.. ''
have paid, or shall have made provision for payment of, the principal,
interest, Sinking Fund Deposits and redemption premiums, if any, : • ;...,:??r? 'YI?'''?;" '
with res ect to the 1977 Bonds then and in h
P ? ? tat event, the pledge " t; sad s'r' 'sue' a t .
of and lien on the funds pledged in favor of the holders of the 1977 irP, r r
rr5w???.? ?Xr;"•';
Bonds shall be no longer in effect. For purposes of the preceding
sentence, deposit of sufficient cash and/or Federal Securities or
bank certificates of deposit fully secured as to principal and
"i
interest by Federal Securities (or deposit of any other securities or
investments which may be authorized by law from time to time and
sufficient under such law to effect such a defeasance) in irrevocable
trust with a banking institution or trust company, for the sole
.
benefit of the bondholders in respect to which such Federal Securities . 1?
or certificates of deposit, the principal and interest received will
be sufficient to make timely payments of the principal, interest,
•r
Sinking Fund Deposits and redemption premiums, if any, on the out-
standing 1977 Bonds, shall be consdiered "provision for payment".
Nothing herein shall be deemed to require the issuer to call any-of
the outstanding 1977 Bonds for redemption prior to maturity'
Pursuant '
to any applicable optional redemption provisions, or to impair the `
discret.un of the Issuer in determining whether of exercise any such
option for early redemption. '
SECTION 19. PUBLICATION OF NOTICE OF REFUNDING. Within j
thirty {30} days after the delivery of the 1977 Bonds and the 1977B
Bonds, the Issuer shall cause to be published one time in a news-
paper'published and of general circulation in the City of Clearwater,
Florida, and a•financial journal published in the Borough of Manhattan,
City and State of New York, a notice of the advance refunding of the I
Refunded Bonds.
3.
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SECTION 20. SALE OF BONDS. The 1977 Bands shall be issued
and sold in such manner and at such price or prices consistent with
the Act, as shall be hereafter determined by the City Commission of
the Issuer. However, the 1577 Bonds shall be sold and delivered .;':}.':?,; ::Y_,•.'
only,if sufficient 1977 Bonds, 1977E Bonds,.Parity Obligations and
Special Obligation Bonds, Series 1977A, are sold and delivered at
the same time, in an aggregate amount sufficient to effect the cM`; ;;y`, :~;_';;; f:•= ,
complete refunding program described. in Section 3 of this ordinance.- ,.'- r •;u,;
and of the Bridge Revenue Ordinance. _?? spa
SECTION 21. ARBITRAGE. No use will be made of the proceeds
of the 1977 Bonds which, if such use were reasonably expected on the
date of issuance of the 1977 Bonds, would cause the same to be ,: ffia
z -f+
"arbitrage bonds" within the meaning of the Internal Revenue Code of
1954. The Issuer at all times while the 1977 Bonds and the interest
thereon are outstanding will comply with the requirements of Section
103(c) of the Internal Revenue Code of 1954 and any valid and
?•j
applicable rules and regulations promulgated thereunder.
z.t
SECTION 22. VALIDATION AUTHORIZED. The City Attorney is ti
- fi
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 the 1977 Bonds,
and the proper officers of the Issuer are hereby authorized to 'S
verify on behalf of the Issuer any pleadings in such proceedings. s
SECTION 23. EFFECTIVE DATE. The provisions of this
ordinance shall take effect immediately upon its passage.
i:. E.
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SECTION 24. Notice of the proposed enactment of this ordinance
has been properly advertised in a newspaper of general circulation in
accordance with Chapter 166. 041, Florida Statutes.
PASSED ON FIRST READING September 1, 1977
PASSED ON SECOND AND FINAL
READING AND ADOPTED September 15, 1977
oAttest-
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Mayor- Commis s io
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?(j3?`?rtt ,..Llp•f,`:t??{•6^ i:-?;'•'.:4 -r„h a?i; f` . I''!' '•.?` f ,k: ? ? ? ' '
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!, a? r? k??. re... ?' ?.: ',',.lH?" r.. r ,!, ?(., .{. •?.?••.:., ;:i ?.?4`.'i?. ?.s,'.+?.::' .o?( y'ti •'=?t '1,14.
11 t 1 T?s{?,:t..`t. 1•. Y.. ?• rl?.:i `2,. Y.? l' 'qi'• ^ ?•?• • ?i:'r i{'. 1 a' r S.
r ' ??J?e?l.r, °[. "?7'?..Y7 ?r'fi??:` ' ??1;'f•.r,s ,^' ?.e ?'r?!?J°Id?i?,' S'.°f.?.. •"
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a . t
ESCROW DEPOSIT AGREEMENT
(Utilities Tax)
THIS ESCROW DEPOSIT AGREEMENT, dated as of
1977, by and between the CITE: OF CLEARWATER, FLORIDA (the "Issuer"),
and
a banking corporation organized under the laws of the
as Escrow Holder (the "Escrow Holder");
W I T N E S S E T H
WHEREAS, the Issuer has previously authorized and issued
•
'
'T •?:{,?,Y,?.l,?t{ lair''{
"
•
obligations of the issues set forth on Schedule A, hereinafter de- '. ?l=
&
fined as the Refunded Bonds, as to which the current Total Debt s »"' .
'
Service (as hereinafter defined) is set forth on Schedule A; and
WHEREAS, the Issuer has determined to provide for payment
of'the current Total. Debt Service of the Refunded Bonds by deposit-
h
ing with the Escrow Holder cash at least equal to such sum; and
WHEREAS, in order to obtain the funds needed for such
purpose, the Issuer has authorized and is, concurrently with the
delivery of this Agreement, issuing certain Revenue Bonds and Special
Bonds more fully described herein; and
WHEREAS, the Issuer has determined that the Escrow De-
posit Income, as defined herein, to be earned pursuant to this r;
V,
Agreement will be sufficient to pay the Total Debt Service of the ;
Special Bonds; s '
Now Therefore, in consideration of the mutual. covenants
and agreements herein contained, the Issuer and the Escrow Holder
agree as follows:
Section 1. Definitions. As used herein, the following
terms mean: ?
r
(a) "Agreement" means this Escrow Deposit Agreement.
(b) "Issuer" means the City of Clearwater, Florida.
(c) "Escrow Holder" means
(d) "Refunded Bonds" means the outstanding bonds of the
rl
following issues: $2,275,000 Utilities Tax Improvement Certificates,
:dated June 1, 1959; $625,000 Utilities Tax Improvement Certificates,
Series of 1960, dated December 1, 1960, and $1,220,000 Utilities Tax
=rt - ?.ie}Cl?+r??1 7 fl'y''.. ;w.;r •'. -.r-?'- '._--- q/1 S/77 4 '? ,?? ?ji?.. 1. ..?? "l',;i ;y:? . r?:?"=1:?? =a..- ?? :.Z `' ? ? ,. - .}? ;a,N. a?? ,? .=?=1.•;."^c.n
., ?f,:• is .fir `ter€, rN r'., i.. • '? ?r': .'4 /
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Improvement Certificates, Sexier of 1962, dated December ]., 1962. •'.??', .-??
(e) "Special Bonds" means the Special Obligation Bonds,
Series 1977B of the issuer, authorized by the 19773 Ordinance.
(£) "Revenue Bonds" means the Utilities Tax
Bonds, series 1977 of the Issuer authorized by the 1977 Ordinance. ;... F.,:,
(g) "19778 Ordinance" means the ordinance enacted by
the governing body of the Issuer on , 1977, ?. -
as amended and supplemented from time to time, a thorizing issuance of the Special Bonds.
`zMa;r?k'',"''
(h) "1977 Ordinance" means the ordinance enacted by
the governing body of the Issuer on 1977, .s?? SFFTT' ;'.:
as amended and supplemented from time to time, authorizing issuance
of the Revenue Bonds.
(i) "Principal Account" means the account entitled Prin-
cipal Account (utilities Tax) established and held by the Escrow
Holder pursuant to this Agreement, in which cash and investments
will be held for payment of the Refunded Bonds. ,
M "Income: Account" means the account entitled Income
Account (Utilities Tax) established and held by the Escrow Holder
pursuant to this Agreement, in which Escrow Deposit Income, as `
herein defined, will, be held for payment of the Special Bonds and
the Expenses.
(k) "Escrow Deposit Income" means all interest and other
income derived from the investment of funds under and pursuant to
this Agreement and, after provision for payment of the Total Debt
Service on the Refunded Bonds, any excess cash and principal of
Federal Securities held in the Principal Account.
(1) "Expenses" means the expenses set forth on Schedule C
attached hereto and hereby made a part hereof.
(m) "Annual Debt Service" means in any year: (1) as to
the Refunded Bonds, the principal of and interest on the Refunded
Bonds coming due in such year, and the principal of and redemption
premiums with respect to the Refunded Bonds, if any, called for
redemption in such year as shown on Schedule A attached hereto and
hereby' made a part hereof, and (2) as to the Special Bonds, the
;... ;principal of and interest on the Special Bonds coming due in such
S 'year as shown on'Schedule B.
,:. 9/151
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i',?+a•:?FT w i:! 1. b':,:•
"1"b?r?`,..?. i+ k' 'Sh:??r '_?yc`F,'' t ,' .r `•t •1 r .}: ..? ° ` •?.r"'..'. ti:
?e14py('f7t iiY??r??rr?ddddd .. •;.-!, '?'.?V?+? •:t, c.•.?" .+ Y,r. . ? . ( ?1: ??r.s.; 1..
V?
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aid=i Sla `'t ', ?'? .i, ?'i ",? t,a, y,?. :.f':..'?'' ?'li,?3"'t`? `n ?a•r' aIYT .. .?I'.l'(?j .l•.;;.3"" ?°?i I
.1
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it 1 w •.?'yi irr,? r.? 2,aadY?5T+i l?t? M t ?. ¢Le,, d?5 x?y4r: 1a
•5 (n) "Total. Debt Service" means, as of any date, the sum
of the Annual. Debt Service then remaining unpaid with respect to
the Refunded Bonds or the Special. Bonds, as appropriate.
r (o) "Escrow Requirement" means, as of any date of calcu
?-
7-
?
V
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?
r, •• lation, the sum'of (1) an amount in cash and principal amount of
Federal Securities in the Principal Account sufficient to pay the
Total Debt Service on the Refunded Bonds; and (2) an amount in
cash in the Income Account which, together with all interest due
" &t?
V ill,
+ on the Federal Securities, will be sufficient to pay the Total Debt
s Service on the Special Bonds and to pay when due all. Expenses then
unpaid.
(p) "Federal Securities" means direct obligations of
i
the United States of America and obligations the principal of and
interest on.which are fully guaranteed by the United States of
ti
1
a.i 7 America, none of which permit redemption prior to maturity at the
option of the obligor.
(q) "Call Date" means 19_, the date
on which the then outstanding Refunded Bonds will be called for
„J{
redemption prior to maturity.
t
(r) "Redemption Resolution" means a resolution adopted
by the governing body of the Issuer which provides for redemption
of certain issues of the Refunded Bonds on their respective Call Dates,
irrevocably instructs the Escrow Holder to give notice of such.
redemption, and directs the paying agents of such issues of the Re-
funded Bonds to pay the Refunded Bonds and the interest thereon
,1•
upon surrender thereof at maturity or their Call Dates, whichever is
earlier, including, in the case of payment on a Call Date, the
surrender of all unmatured coupons appertaining thereto.
Section 2. De osit of Funds. The Issuer hereby deposits
$ with the Escrow Holder in immediately available funds,
to be held in irrevocable escrow by the Escrow Holder and applied
solely as provided in this Agreement. The Issuer represents that:
(a) Such funds are derived as follows:
(1) $ from the net proceeds of the
Special Bonds;
(2) $
? ?Y I S' ?" ??? ,,ti , g„?,7 t •:1ti ,?;• ?,.!'{yx .t tj,- .'i::'•w4E:. '. t•-:
T ..1?'tJt L\f,. L•?i?}f•. .-5-: ;1'! .•F.. t.. ;R7" - irk r'S'F r ..
?'is••'••15,?j1flk'4!.^. .E.ic. ,.i1'%?+'t. Kst' -
? 7 :' d' i'4 .t., I•?.I' ..r :1 - i1;•J7f ? T.1i iJN??? ?4r
f?h.h _ ,_? a.1 -Nr w r.l•` ,J?S 1'..'lf}[ ?` .tt`9, •I.r •tt.
;? , l , . ,F i.• Vii. ' ;.'•,. j_F.. '. r ?4.': ., ,I?
from the net proceeds of the
9115177 F/;
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-17
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cyr6v k ?„? ?
w?
M,
-??. ?-e•-':ti$,+.[,1 J#.i;ivrf`.?lp;?--?i?c?-l`.'•'rx )j-sT£E,w-Y•.:.i7`•'?7,??..?.-;h°, :.•,.7y".:,-l-;?'rp(=:gn-.a'a k-, ti, ,xy?in?,:.d...a.E.,Y °•.
?• •S ' '' :•?.l:.?a`w?' •` '7?::'.?.tvSrT.?ild:.iilF.+.ai.riri.Wi _ •'A- . r I ?:;a ? •
Revenue Bonds, and p T ZY"
(3) $ from other legally available
.,.E:y.r..
funds of the Issuer on hand in (spscify Accounts
and Funds). ;s.
(b) Such funds are at least equal to the Escrow Require-
. •SA r!,' -
ment as of the date of such deposit.
Section 3. Use and Investment of Funds. The Escrow
Holder acknowledges receipt of the sum described in Section 2, t
and agrees t '
(a) to hold the funds in irrevocable escrow during the y:.;s,#,;-b.r?:;'• r''Yti,?,., ,
term of this Agreement, s-
(b) to immediately invest $ of such funds
`t?"s1"'.:jd" ,
by the purchase of the Federal Securities set forth on Schedule D
attached hereto,
(c) to deposit the sum of $ in cash in the
Income Account and the balance of $ in the Principal
Account,
(d) to deposit, as received, all receipts of maturing `•
principal of the Federal Securities in the Principal Account and ?
r
all receipts of interest and other income in the Income Account.
7r 4
(e) to transfer to the Income Account, on each interest ??.
payment date for the Special Bonds, any cash and principal of Federal*
Securities then held in the Principal Account which is then in 4
excess of the amount which will be required to provide for payment r. of the Total Debt Service on the Refunded Bonds-
(f) to file with the Issuer written accounting reports,
within 30 days after each interest payment date for the Refunded
Bonds and for the Special Bonds, stating the amounts and purposes of
all payments made since the last report was filed and the amounts of
h
funds and description of investments held on the reporting date, and r
stating whether such funds and investments are at least equal to the
Escrow Requirement.
Section 4. Payment of Bonds and Expenses.
(a) Refunded Bonds. On each interest payment date for
the Refunded Bonds, the Escrow Holder shall pay to the paling agents
for each issue of the Refunded Bonds, from the cash on hand in the
Principal Account, a sum sufficient to pay that portion of the
Annual Debt Service for the Refunded Bonds coming due on such date,
,
s
as shown on Schedule,A.
(b) Special Bonds. On each interest payment date for '
Ord...#1703.
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.the Special Bonds, the Escrow :colder shall pay to the paying agent t
t
for the Special Bonds, from cash on hand in the Income Account, a
sum sufficient to pay that portion of the Annual Debt Service for
the Special Bonds coming due on such date, as shown on Schedule B.
(c) Ex erases. C r. each of the due dates as shown on
schedule C, the Escrow Holder shall pay the portion of the Expenses
coming due on such date to the appropriate payee or payees designated
on Schedule C or designated by separate certificate of the Issuer. 1{
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•
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(d) Sur2lus. on each interest payment date for the (
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Special Bonds after making the payments from the Income
Account `
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described in Subsections 4(b) and (c), the Escrow Holder shall retain `
b:?r<?'j?t?4ti?e
in the Incdme Account any remaining cash in the income Account in excess
of the Escrow Requirement until the termination of this Agreement, and
shall then pay any remaining funds to the Issuer. The Issuer will
apply such payments in the manner provided in the 1977A ordinance,
but the Escrow Holder shall have no responsibility or duty to ensure
that the Issuer does so.
(e) Priority of Payments. The holders of the Refunded
Bonds shall have an express first lien on the funds and Federal
Securities in the Principal Account until such funds and Federal
Securities are used and applied as provided in this Agreement. The
holders of the Special Bonds shall have an express first lien on
the funds and on the Federal Securities, if any, in the income
Account, and on the income to be received from all of the Federal
Securities, until such funds and Federal Securities, if any, and
income are received, used and applied as provided in this Agree-
ment. If the cash on hand in the income Account is ever insuffi-
cient to make the payments required under Subsections 4(b) and (c),
all of the payments required under Subsection 4(b) shall be made
when due before any payments shall be made under Subsection 4(c).
The holders of the Refunded Bonds shall never have any right to
require or compel the Escrow Holder to apply any of the'Escrow
Deposit Income to pay any portions of the Annual Debt Service of
the Refunded Bonds.
Section 5. Redemption of Refunded Bonds. The Escrow
Holder acknowledges receipt of the Redemption Resolution. The
0xd?170.E 75- 4115171 J
s?rcr..±us+-' ? r•r?cK -^.T: '•- :il;,,.;., ._ _ .?. -.•{. _ :yam-.: ._.:;.,,-. r.?fslw7h ^t i7F,
: ??,.i .!?L,'„?,,.?,'?,?'?.1?;:' e?! R ?':i:v:.?'r :Yn ? i (.. Y?i'• :1•• .i?. r. 7 ? :;? ; :r•s ;? ?j . ..??.. ; :M,'? '
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Escrow holder,agrees'to perform the duties set forth in the Redemp-
tion Resolution.
Section 6. Reinvestment.
(a) Except as provided in Section 3 and in this Section,
the Escrow Holder shall have no power or duty to invest any funds
' held under this•Agreement or to sell, transfer or otherwise dispose
of or make substitutions of the Federal Securities held hereunder.
(b) At the request of the Issuer and upon compliance with
the conditions hereinafter stated, the Escrow Holder shall sell,
transfer, otherwise dispose of or request the redemption of any of
the Federal Securities acquired hereunder and shall either purchase
Refunded Bonds or Special Bonds or substitute other Federal Securities
for such Federal Securities. The Issuer will not request the Escrow
Holder to exercise any of the powers described in the preceding sen-
tence in any manner which, if such exercise had been reasonably
expected on the date of issuance of the Revenue Bonds and the Special
Bonds, would have caused either issue to be "arbitrage bonds" within
the meaning of Section 103(c) of the Internal Revenue Code of 1954,
as amended, and the Regulations thereunder in effect on the date of
such request and applicable to obligations issued on the issue date
of the Revenue and Special Bonds. The transactions may be effected
only if (i) an independent certified public accountant shall certify
that the cash and principal amount o-ff Federal Securities remaining
on hand after the transactions are completed will be not less than
the Escrow Requirement, and (ii) the Escrow Holder shall receive an
unqualified opinion from, a nationally recognized bond counsel to `
the effect that the transactions, if they had been reasonably ex-
pected on the issue-date of the Revenue and Special Bonds, would
not have caused such Bonds to be "arbitrage bonds" within the mean-
ing of Section 103(c) of the internal Revenue Code of 1954, as
amended, and the regulations thereunder in effect on the date of the
trans,.ctia s and applicable to obligations issued on such date.
Section 7. No Redemption or Acceleration of 'Maturity.
The Issuer will not accelerate the maturity of, or exs cise any
option'to redeem before maturity, any Refunded Bonds- except for the
ord.;i.- .17.03
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9/15/77 17 5
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redemption provided for in the Redemption Resblution, and will not
accelerate the maturity of any Special Bonds.
Section 8. Indemnity. The Issuer hereby assumes liability
for, and hereby agrees (whucher or not any of the transactions con-
templated hereby are constLmmated) to indemniL,", protect, save and
keep harmless the Escrow Holder and its respective successors,
assigns, agents and servants, from and against any and all l.iabili-
ties, obligations, losses, damages, penalties, claims, actions,
suits,' costs, expenses and disbursements (including legal fees and
disbursements) of whatsoever kind and nature which may be imposed on,
incurred by, or asserted against at any time, the Escrow Holder
(whether or not also indemnified against the same by the Issuer or
any other person under any other agreement or -instrument) and in any
wav relating to or arising out of the execution and delivery of this
Agreement, the establishment of the Principal Account or the Income
Account, established hereunder, the acceptance of the funds and
securities deposited therein, the purchase of,the Federal Securities,
the retention of the Federal Securities or the proceeds thereof and
any payment, transfer or other- Iapplication of funds or securities by
the Escrow Holder in'accordance with the provisions of this Agree-
ment; provided, however, that the Issuer shall not be required to
indem ifv the Escrow Holder against its own negligence or misconduct.
in no evert shall the Issuer be liable to any person by reason of,
the transactions contemplated hereby other than to the Escrow Holder
as set forth in this Section. The indemnities contained in this
section shall survive the termination of this Agreement.
Section 9. Responsibilities of Escrow Holder. The Escrow
Holder and its respective successors; assigns, agents and servants
S
shall not be held to any personal liability whatsoever, in tort, con-
tract, or otherwise, in connection with the execution and delivery
of this Agreement, the establishment of the principal Account or
the income Account, the acceptance of the funds deposited therein,
the.=purchase of the Federal Securities, the retention of the Federal
"Securities or the proceeds thereof or'any payment, transfer or other
application of moneys,or securities by the Escrow Holder-in accordance
9/15177 7
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? •t?! .? ?V,'-¢'?.,?`c.'`;i?I?'.:'e '?iF,s,i ?'jf}'?:r.'?rfl.•'.k?• „r. f f, ',t
,?,w yys'' ?,?' ^'tal?':?(,: r i55i1 ?' • ' ?`_ z' .. ?t .: '
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negligent act, omission or error of the Escrow Holder made in good '`
faith in the conduct of its duties. The Escrow Holder shall, however,,..
t R, +
be responsible for its negligent or wilful failure to comply with its
duties required hereunder, and its negligent or wilful acts, omissions
or errors hereunder. The duties and obligations of the Escrow
Holder shall be determined by the express provisions of this Agreement.
The Escrow Holder may consult with counsel, who may or may not be
counsel to the Issuer, and in reliance upon the opinion of such ;,:".,•; °:;.' 3
counsel shall have full and complete authorization and protection in
respect of any action taken, suffered or omitted by it in good faith
in accordance therewith. Whenever the Escrow Holder shall deem it q?. . .......,?•??(??,?:;?,??;??'_????:•?
necessary or desirable that a matter be proved or established prior`' Eke
to taking, suffering or omitting any action under this Agreement,_
such matter may be deemed to be conclusively established by a '
Certificate signed by an authorized officer of the Issuer. Section 10. Resi nation of Er-.row Holder. The Escrow
Holder may resign and thereby become discharged from the duties and
obligations hereby created, by notice in writing given to the Issuer
s"'a
and published once in a newspaper of general circulation published ;
in the territorial limits of the Issuer, and in a daily newspaper of,
u
general circulation or a financial journal published in the Borough
`E
of Manhattan, City and State of New York, not less than sixty (60)
ti.
days before such resignation shall take effect. Such resignation
shall take effect immediately upon the appointment of a new Escrow
Holder hereunder, if such new Escrow Holder shall,be appointed
before the time limited by such notice and shall then accept the
duties and obligations thereof.
Section 11. Removal of Escrow older.
(a) The Escrow Holder may be removed at any time by an
instrument or concurrent instruments in writing, executed by the
holders of not less than fifty-one per centum (51%) in aggregate
principal amount of the Refuneed Bonds then outstanding, and by,
the holders of not less than fifty-one per centum (51%) in aggre-
gate principal amount of the Special Bonds then outstanding, such
instruments to be filed with the Issuer, and notice in writing given'
by,such holders to the original.purchaser or purchasers of the Special
.; • Bonds and published once , .n a newspaper of general : -I Tculation
;j,'``:,?,?-,,3?"^:?y??,,
;. ,f4 n.rl +'• IFY SA1` •.. nI'11 c1.7'7 -- -L--?
_ .u,...?.?•,-.....??ry:?c_t?xv+.- 4•.. rte; • - ? - ? .. s -Rj ? :'? ;>rasr. ,,e ? ?-
•'ti ti?'??`•.{,11? .u« ?' "s•'.•f ..? N.l r'. is}s'+,=' 4?', ? ? ... ? .. `?•' .7.?, "'°;, y', r
I Y. r? . ??1, k; ? R.:Y•.lJ?ry. '1,?? 75?iy ?N ,;? r' ` . E ' .. Y'?tt •i i '.; t.?L •.? ? , ? {?'.It?
i 3 = '?°"•??}-ax' :.`?°??'!.?•?.ri+,iJ.':d. i.°i?Y?s"°i:????s'?':.?•+?? .?. ;' .i• .?4.•'.Y?., ,?- .?
,i??l•.+Y..?1 F '.v 1'i'. ?. t}.i ?';-? 7?.: Fp:v.:':. •7 ,f•!4'i'.P`i .0• `..
??y;' a?F?'.t •..f in.i; :"+i.4?., u;47:,! .•,?s.7 ? ;.:' =t` 'F +a * ? •hN?
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,• ?' published in the territorial limits of the Issuer, and in a daily
I
,. newspaper of general circulation or a financial journal published
;? in the Borough of Manhattan, City and State of New York, not less
than sixty (60) days before such removal is to take effect as stated '''?•;,',,
in said instrument or instruments. A photographic copy of any instru-
ment filed with the Issuer under the provisions of this paragraph
w
shall be delivered by the Issuer to the Escrow Holder, r'
(b) The Escrow Holder may also be removed at any time for
an breach of trust or for actin or proceeding in violation of or
for failing to act or proceed in accordance with, any provisions
of this Agreement with respect to the duties and obligations of the
Escrow Holder by any court of competent jurisdiction upon the appli-
cation of the Issuer or the holders of not less than five per
centum (5%) in aggregate principal amount of the Special Bonds then
outstanding, or the holders of not less than five per centum (5%)
in aggregate principal amount of the Refunded Bonds then outstand-
ing.
Section 12. Successor Escrow Holder.
(a) If at any time hereafter the Escrow Holder shall re-
sign-, be removed, be dissolved or otherwise become incapable of act-
ing, or shall be taken over by any governmental official, agency,
department or board, the position of Escrow Holder shall thereupon
become vacant. If the position of Escrow Holder shall become vacant
for any of the foregoing reasons or for any other reason, the Issuer
shall, but only with the written approval of the original purchaser
of the Special Bonds, or the corporate successor or successors of
the original. purchaser, which approval shall not be unreasonably
withheld, appoint an Escrow Holder to fall such vacancy. The
Issuer shall jointly publish notice of any such appointment made by
them once in each week for four (4) successive weeks in a newspaper
of general circulation published in the territorial limits of the
Issuer and in a daily newspaper of general circulation or a financial
journal published in the Borough of Manhattan, City and State of
New York, and, before the second publication of such notice shall
mail a copy thereof.to the.original purchaser or purchasers of the
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9/15177
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several counterparts, all or any o£ which shall be regarded for all
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purposes as one original and shall constitute.and be but one and the
same instrument.'
Section 16. Governing Law. This Agreement shall be con-
strued under the laws of the State of Florida.
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed by their duly authorized officers and their
corporate seals'to be hereunto affixed and attested as of the date
first above written.-,
CITY OF CLEARWATER, FLORIDA
(SEAL)
Mayor''-Commissioner
ATTEST:
City Manager
.City Clerk
E APPROVED AS TO FOR21, SUFFICIENCY AND
' CORRECTNESS :
City Attorney
Escrow Holder)
(SEAL) By
Trust Officer
ATTEST:
Trust Officer
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CLEARWATER SUN
Published Dally
Clearwater, Pinellas County, Florida
5TATZ Or FLORIDA
COVNTV Or PINELLASI
motors the undersigned authority personally appeared W. Paul Harris, who err
oerth says that he Is the Business Manager of the Clearveater Bun, a daily newspaper
published at Clearwater in Pinellas County, rloridas that the attached copy of
ultertlsermenl, being a NI I of Proposed Enactment 4
Ordinance
... e ......................................... In the mailer of
Ordinanc No. ].703
• •
....,.•....,..,... .....................,.......................................
XAKRK. ......... . ...... X:CyanaG was published In
said newspaper In the Issues of ....... September., fir, . 19.72 ................
Afflant further says that the said Clearwater Sun Is a newspaper published at
Clearwater, In sold Pinellas County, Florida, and that the sold newspaper has
heretofore been continuously published in said Pinellas County, Florida, such day and
has bean entered as second class mail matter at the post office In Clearwater. in said
Pinellas County, Florida, for a period of one year next preceding the first publication of
the attached copy of advertisement; and afflant further say to has elther paid
on or refund
nor promised any person, firm or corporation any", V=1
for the purpose of securing this advertisement _newspaper.
.
........ ?.....
Swsr'rn to and subscribed before me
I' tnis ..6th..... day of .. . tember., A,D. Is. .77
?•
(SEAL) Notary Public
r
R CS--309
?..-wr.f..r ..... •... ?. ?: ?1-:'"?.:Y?. _r._. v'L"?___ _., 1... `_ rrtP T J,i-...._.,-..?......Y»?1NR ^.• .-.-?
AD
GE1!IOi;170;4`:
HORIMG 9HirREb"ll a
0tl'I A NDING"REV) it1
'Y,dF Ci:EAA?f b
1ANCE--.or.5; NOT}' CI
-1 eO=*1 BERMS tM.q
r '?? THS:'Pra
fF7i4N'AREMI?JbI9.1N RI
t?i1T8TANbING. OBUGA
DFJUVED:, FRm 47v !
SOT the purpose of securing this advertisement for llcat n the a new ' R1rADINilG !47f ? ' 4.'
?u? Gabriel Car?i?ea'.:
;:Mayor-?ina` '"?' ? ,' ,,' •+• '
...... .? ?,Altctf •_ :,.°,w-.'': lkr„
Sworn to and suDac:(lewd briars me '?1%r
20th' September 77 ?9MIy{,
this .. , ..... day of _ ........, A,D. li.. , . ?'XY•.'! iii', ' ???',?,;'.' ;+ p ! ..E1iL•:? liL
1. - -A24
CLEAAWATER SUN
Published Dally
Clearwater, Pinellas County, Florida
5 STATE OF FLORIDA COUNTY OF PINELLASI
Before the undersigned authority personally a 'iN9'I[
pp+arod W. Paul Hams, who on tie>.?•,';f;",s:.r;j •,a';.. ;,
oath nays that he is the Business Manager of the Clearwater Sun, a dally newspaper'
published at Clearwater In Pin•lfas County, Florida: that the attached copy of i;`; '_;.;,,;: .?,- L:
advertisement, being a NOTICE OF PASSAGE OF ORDINANCE,, " "'OF
A1. I ?7RDINANCE
ORDINANCE NO, X703 In the matter of CE*tA64_ I E!
...................... ............................................................. {' PROVh?NG",00A
X3114{slii>iC .................. .............................. , .was published inG'1TX?.gOf jF
SdVt•3dr - 20; x97 r.L1MERES1`.'AND Ill
said newspaper In the Issues of ...................................... . . ............ t TO'.SOM`•PRESE1
":PLEIX}IK' REW
................................................. ... ;`:TIE.gVICF.$:'E
Affiant further says that the said Clearwater Sun Is a newspaper published at A CM;OF•Cjg
Clearwatsr, in said Pinellas County, Florida, and that the said newspaper has MENTSAID
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heretofore boon continuously published In said Pinellas County, Florida, each day and
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has been entered as second class mail matter at the post office In Clearwater, In said I•W1W.yFAOVIDINI
Pinellas County, Florida, for a period of one year next preceding th4 first publication of ;POSED",NA(;jZI11
We attached copy of advertisement; and offiant furth• sa • ha neither paid ?PASSI?D ON FIRST'
nor promised any person, firm or corporation any disco • le, mrnlss sl or refund • PASSED . ON'SECIN
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