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ORDINANCE NO. 1734
AN ORDINANCE AMENDING ORDINANCE NO. 1703 OF
THE CITY OF CLEARWATER, FLORIDA, AUTHORIZING
ISSUANCE OF NOT EXCEEDING $3,015,000 UTILITIES
TAX BONDS, SERIES 1977 OF THE CITY, IN VARIOUS
RESPECTS; PROVIDING AN EFFECTIVE DATE} AND DECLARING
AN EMERGENCY.
BE IT ORAINED BY THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA:
SECTION 1. Ordinance No. 1703, enacted by the City
Commission of the City of Clearwater on September 15, 1977, and
entitled:
"AN ORDINANCE AUTHORIZING THE REFUNDING OF CERTAIN
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 PRINCIPAL, 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
OF SAID BONDS AND MAKING CERTAIN COVENANTS AND
AGREEMENTS IN CONNECTION THEREWITH; PROVIDING
FOR-PROPER NOTICE OF PROPOSED ENACTMENT."
(hereinafter called the "Original Ordinance") is hereby amended in
the following respects:
A. Section 2P of the Original Ordinance is hereby amended
to read as follows:
"P. "Bond Service Requirement" shall mean, in any Fiscal
Year, the sum of the amount required to be deposited inro the
Interest Account in such year, the amount required to be deposited
into the Principal Account in such year, if any, and the amount of
the Sinking Fund Deposit in such year, reduced by the actual or
estimated investment income earned or to be earned on investments in
the Sinking Fund Account in such Fiscal Year whenever the maximum
required amount is on deposit in the Sinking Fund Account."
B. The second paragraph of Section 14 of the Original Ordinance
is hereby amended to read as follows:
"SECTION 14. SPECIAL OBLIGATIONS OF ISSUER.
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 Utilities Services Taxes which, on a parity
ord. -1734 11/23/77
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with the lien thereon and pledge thereof for payment of the Parity
Obligations, shall be prior and superior to all other liens or
encumbrances on such Utilities Services Taxes, and the Issuer does
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hereby irrevocably pledge such Utilities Services Taxes to the
principal of and interest
payment of the
on the 1977 Hands, for the
reserves therefor and for all other requ ired payments."
` C. The first paragraph in Section 15C(2) of the Original
Ordinance is hereby amended to read as follows:
., 11(2) From the moneys on deposit in the Utilities Tax
Revenue Account the Issuer shall next deposit into the Reserve
Account herein created and established a monthly sum of not less
than one-sixtieth of the Reserve Requirement. No further deposits
shall be required to be made into the Reserve Account whenever the
full Reserve Requirement shall be on deposit therein."
Ds Section 15L of the Original Ordinance is hereby amended
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to read as follows:
"L. LIMITATIONS ON ADDITIONAL OBLIGATIONS PAYABLE FROM
UTILITIES SERVICES TAXES. The Issuer will not issue any other
obligations, except under the conditions and in the manner provided
herein, payable from the Utilities Services Taxes, nor voluntarily
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
interest thereon, upon such Utilities Services Taxes. Any other
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-
tions as to lien on and source and security nor payment from the
Utilities Services Taxes."
SECTION 2. All other sections and provisions of the
Original Ordinance not herein expressly amended, shall remain in
full' force and effect.
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SECTION 3. All axdinancr?a of the City Commission of the City of ;4 f d?
Clearwater, Florida or parts thereof in conflict with the provisions of this , :`'±,: s;'.'!?•••?`
ordinance are, to the extent of such conflict, hereby superseded and repealed.
SECTION 4. This ordinance is adopted as an emergency ordinance
pursuant to Section 166.041, Florida Statutes, and Clearwater City Charter. ??;?'=?`st',.,'•`:5 .:Fr:.t?'' ,
SECTIONS. It is hereby found, determined and declared that this ?I .
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ordinance is necessary and urgently needed for the preservation of the health,
" safety and welfare of the citizens and inhabitants of the City of Clearwater, in
F1 5 3 U1
that the amendments provided in this ordinance would permit the investment.'
tsE??'`F'?'?;
earnings in the Invested Sinking Fund Account to cover debt service on a one to
f• ? 4`'. one basis, rather than a 1.40 basis, for parity bond test purposes and Reserve
Pit
tc Account rnquirerx.ent purposes, -altar the Invested Sinking Fund is fi=lly funded a •
sF +
(before the Invested Sinking Fund is fully funded, the interest earnings will i
automatically reduce Bond Service Requirements under the exiting ordinance ,
c -
:` provisions); by reason of such fact an emergency is hereby declared; and that
': t s this ordinance shall be in full force and effect immediately upon its passage. A
This ordinance shall automatically expire ninety (90) days from the date of its
!1i
passage unless the ordinance is submitted during such time for consideration as
a non-emergency ordinance.
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' PASSED ON FIRST READING • November 23. 1977
> PASSED ON SECOND AND FINAL
READING AND ADOPTED November 23, 1977
Mayor- Commis sio
Attest
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Ci lerk '
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'Ord
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11/23/77
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CLEA.RWATEit SUN
Published Dally
Clearwater, Pinellas County, ytorlda
"TA'l'li pt FLORIDA CCVMTV OF PIMILLAIt
lefom the undersigned authority personally appearad W. Paul Bartle. who on
oath 5672 that he Is the /uslness Manager of the Clearwater Sun, a dally newspaper ." '!T^t-rat
published at Clearwater in Pinellas county. riaridat that the 'attached copy of "r%;, 5•
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advertisement, being a , 00ti e , Of , Paggage,.0:C; OXftnanee , ' Y X1,
........ , . In the matter of jf%? i?4
AVC11,44AIPe. #..1734 ............... . ... gip. ` INA
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X Ibw . ............. ..... . ....... ... i?lfi;+i??Cwas published in tYI$SUIIf CI
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said aewspaPar to thgk lasues at NQVat s . , r3Q.s . ,a 7]........ ,
............. ..... I................
Arrant farther says that the sold Clearwater Sun i2 a newspaper published at '` ZAWZt
Ctaorwatsr, In -old Pinellas County, Florida, and that the sold newspaper has
heretofore been continuously published In said 7inellas County, Florida. such day and ??PTE1
has kwn entered as second class mail matter at the post office in Clearwater, in sold
Pinellas County. Florida, for a period of one year next precedin thA first publication at
ohs attached copy of advertisement: and afflant furthers R he bat itber paid
noupromfsed any person, firm or corporation any die o , re , commis, n rdund ?'
for-the purpose of securing this advertisement for Il t th neworspaper. `?4Y.?e
Sworn ,to and subscribed before me
this 30?h •, day of NO Qr,,, is. 7.7
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10TAxy rums sra,t el
(SEAL%' Notary Public "r+r caMMls;icrl rxll;,i; W.7 tai +:el?
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' ORDINANCE NO, 1734
• , ?r teC• 4?; rl
AN ORDINANCE AMENDING ORDINANCE NO. 1703 OF THE CITY OF CLEARWATER, FLORIDA, AUTHORIZING ,
ISSUANCE OF NOT EXCEEDING $3, 815, 000 UTILITIES
TAX BONDS, SERIES 1977 OF THE CITY, IN VARIOUS
RESPECTS; PROVIDING AN EFFECTIVE DATE; AND
DECLARING AN EMERGENCY; AND PROVIDING FOR
PROPER NOTICE OF PROPOSED ENACTMENT
'.>, ',`? ?f•; :fit
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY
OF CLEARWATER, FLORIDA;
SECTION 1 Ordinance No 1703, enacted `' . i •F.:.':
by the City. Commission of
the City of Clearwater on September 15, 1977, and entitled;
"AN ORDINANCE AUTHORIZING THE REFUNDING OF CERTAIN
VIA,
PRESENTLY OUTSTANDING REVENUE OBLIGATIONS OF THE ?`{
CITY OF CLEARWATER, FLORIDA; PROVIDING FOR THE
ISSUANCE OF NOT EXCEEDING $3, 815, 000 UTILITIES
TAX BONDS, SERIES 1977, OF THE CITY TO BE APPLIED
TO REFUND THE PRINCIPAL, INTEREST AND REDEMPTION;
PREMIUMS IN RESPECT TO SUCH PRESENTLY OUTSTANDING h'` r
OBLIGATIONS; PLEDGING REVENUES DERIVED FROM THE
•i
UTILITIES SERVICES TAXES LEVIED AND COLLECTED IN ;r^
THE CITY OF CLEARWATER, FLORIDA, FOR THE PAYMENT
OF SAID BONDS AND MAKING CERTAIN COVENANTS AND t.
AGREEMENTS IN CONNECTION THEREWITH: PROVIDING
FOR PROPER NOTICE OF PROPOSED ENACTMENT;
(hereinafter called the "Original Ordinance")is hereby amended in
the following respects;
A. Section ZP of the Original Ordinance is hereby amended to read
as follows:
"P. "Bond Service Requirement" shall mean, in any Fiscal
Year, the sum of the amount required to be deposited into the Interest Account 11
in such year, the amount required to be deposited into the Principal Account'in
such year, if any, and the amount of the Sinking Fund Deposit in such year,
reduced by the actual or estimated investment income earned or to be earned
on investments in the Sinking Fund Account in such Fiscal Year whenever the
maximum required amount is on deposit in the Sinking Fund Account. "
B. The second paragraph of Section 14 of the Original Ordinance is
hereby amended to read as follows:
"SECTION 14. SPECIAL OBLIGATIONS OF ISSUER.
The payment o£ the principal of and interest on the 1977 Bonds
shall be secured forthwith equally and ratably by an irrevocable lien on and
1
Ord: ,1734' ?t i -1- 115/78
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$. L?}}• .;?+ „ail.,;:, tpY'?1:r . .. i.,r'A \,? 1 .s?..:l?'„ .' ,;?'".
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and pledge thereof for payment of the Parity Obligations, shall be prior and superior
to all other liens or encumbrances on such Utilities Services Taxes, and the Issuer
does hereby irrevocably pledge such Utilities Services Tuxes to the payment of the
principal of and interest on the 1977 Bonds, for the reserves therefor and for ;y,?,; s
;
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r°
,
,
.
all other required payments.
C. The first paragraph in Section 15C (2) of the Original Ordinance = = '
is hereby amended to read as follows:
"(2) From the moneys on deposit in the Utilities Tax Revenue
Account the Issuer shall next deposit into the Reserve Account herein created
and established a monthly sum of not less than one-sixtieth of the Reserve ° • F . t 1
Requirement. No further deposits shall be required to be made into the Reserve
Account whenever the full Reserve Requirement shall be on deposit therein."
D. Section 15L of the Original Ordinance is hereby amended to read
as follows:
"L. LIMITATIONS ON ADDITIONAL OBLIGATIONS PAYABLE
FROM UTILITIES SERVICES TAXES. The Issuer will not issue any other
obligations, except under the conditions and in the manner provided herein,
payable from the Utilities Services Taxes, nor voluntarily 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 09? 9WW"
Parity obligations and the interest thereon, upon such Utilities Services Taxes.
Any other 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 Obligations as to lien on and source and security
for payment from the Utilities Services Taxes. "
SECTION 2. All other sections and provisions of the Original Ordinance
not herein expressly amended, shall remain in full force and effect.
_2_
r. ord,• #1734.
1/5/78
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r` SECTION 3. All ordinances of the City Commission of the City of *';.
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Clearwater Florida or arts thereof in conflict with the provisions of this :• r
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ordinance are, to they extent of such conflict, hereby superseded and repealed.. •?a
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is ordinance is adopted as an emergency ordinance pursuant
SECTION 4. Th
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to Section I66.041 Florida Statutes and Clearwater City Charter.
SECTION 5. It is hereby found, determined and declared that this
ordinance is necessary and urgently needed for the preservation of the health,
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ti safety and welfare of the citizens and inhabitants of the City of Clearwater, in _
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that the amendments provided in this ordinance would permit the investment ;„•
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•
earnings in the Invested Sinking Fund Account to cover debt service on a one to
one basis, rather than a 1.40 basis, for parity bond test purposes and Reserve j
Account requirement purposes, after the invested Sinking Fund is fully funded
(before the Invested Sinking Fund is fully funded, the interest earnings will
automatically reduce Bond Service Requirements under the existing ordinance
provisions); by reason of such fact an emergency is hereby declared; and that
this ordinance shall be in full force and effect immediately upon its passage.
This ordinance shall automatically expire ninety (90) days from the date of its
passage unless the ordinance is submitted during such time for consideration as
.
t? a non-emergency ordinance.
SECTION 6. Notice of the proposed enactment of this ordinance has
?f been properly advertised in a newspaper of general circulation in accordance
b with Chapter 166.041, Florida Statutes.
PASSED ON FIRST READING December 15, 1977
PASSED ON SECOND AND FINAL
READING AND ADOPTED January 5, 1978
59?_ ???
Attes Mayor- CommiesWer
"40•
C}i Clerk
,
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;s Olyd.? 41734 .. 1!5/76
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CLEJkAWATER SUN y y ' 4
';?a r0.
Published Daily
Clearwater. Pinellas County. Florida
STATS OF FLORIDA f§ ?l ' k t 4t?s k
CO'"TY OF PI„ELLASI ?.`'7777.r,: c -r : ?r, if { k i?? t? °: r
!f' Y' f', i h.
Before the undersigned authority personally appeared W. Paul )foals, who sn ?'??, ,' „•: :irr?
NT?l
oath sot's that he to the Business Manager at the Clearwater Suit, a dally newspaper+. [ ?• '??w ; f,::, ??; ?,Y',' ?- `''? ' '
gqFt,v r1'i
published at Clearwater In Pinellas county, Fiorldar that the attached ropy s1
. .... . ........ . . . .. . .. r`< ` , ; , •••777 'r c a s • ; ;t's : !.`
advsttlsomont, being a , , I IR g A ], notice
........................................ In the matter of ?'M tE4bORf1?'.teClt? f ;. '
Q d n a #?. c.t? ?.7.? 4. A '?tlrtwa ' • i N'':: ,„'
?? f t>titrat .t;
Lxx xxxxx was published In = ?''tAN QlW1NANC'`ANE[?p
Air1 ,•5. ?f ?r' j
said newspaper in the Issues of , Doc a mb o r 12. ! 1 9 7 7 .. . . . ....... . . . . ... . . ¢•; t'4![ ?' C?'Y Ohm ??ppJ? ??,?
;,t T!t(iRl [Nqd $0 C1?$1?'; ?. (gat
.............................................. .. ..... .... ., ,.. ........... `?,,I„1Jxm,LUT'+1'1'?8 r 1
Afitant further says that the sold Clearwater Sun is a news '','GS'I°? V?Lf?i0L8'
Paper published at
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Clearwater, In said Pinellas County, Florida, and that the said newspaper has t EPFCTI"pA'r"? ;
GEI?CYI''JIIAVWII WtR A' . ,
herstoiete been continuously published In said Pinellas County. Florida, each dot' and
has been entered as second clams mall matter at the post office in Clearwater, in said r' ¦.?..POBt A?fi' . d,,4 z.C? r;: yr;.
Pinellas County. Florida, for a period of one year next preceding the first publication of ;'t,'!3 d.?llB' lftf4
the atlachsd copy of advertisement: and aftiani full ts a be has either paid } ; C !? 1!tl1? lie Df l?Yt'.? '
not promised any person, firm or corporation any disco t commis oa or rotund 'Ql 1 OJ00Glit AtflfltM4t,a ,p ' • :: ' `' _<« ' ' '
tp ! ,?,
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for the purpose of securing this advertisement for !c It In th s d newspaper. ,0
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Sworn to and subsrrlh d ,r ,r' 1 `"?'., ".y4a,!?'-3.+. ,a• ?: :1¢ , ;
e before me EA [ ` y; 9,' s d S „•Y;. t' '''may,
12
--F.rl,i 'f .R :t,E „".si;i,?ro'[ sr.,? :t?s?x:s,.r r?,???•x'•' ?f}}•'?Af.Yr?t' 'i
this ..7.2.tt3•. .. day at A.D. 18?7.
IlQTARt pUe11C, ttTATi al TLDRtl7A eft UY,i `h""x;;,, s... •< 'S Qt i
tSLAL)" tart' ub C " ""AIr COMMISSItH Exr[RES MAI is, Il:i
?t]kAIQ Ti1iU iiHLIAL 1111. U1sDisWWMA i
CS-3D9
CLEARWATER SUN
Published Daily
".rA Clearwater, Pinellas County. lriorlda
'f'E OF FLORIDA
COUNTY OF PINELLAS:
LaLots the undersigned authority personally appeared W. Paul Harris, who an
"'''a""' "" +"`>;'""';!?"" "•°"+??-° ?5
p
oalb says that be Is the Business Manager of the Clearwater sun, a daily newspaper
ubltehed at Clearwater In pine! t,tiry 3 i,.
Pas Count Florida; that the attached copy of
'....•r:5. ; t, t : ry `? ?,5, s rr,
advertisement. being
V,, , .'.t'd0:??'C?lpiCi. h
=''?: r t? ??f r,f3R?IF,i+3C$rNO 1`13a~'n
7.3;4 .......................................... In the matter of ,-.?,? tn??,.
....... • . rLSS[10 '!'ER;.?'LBRTDA,':IItT
iw xx ................ . ....: . . ..xXXXX ............ , ........... 'TAX-BONDS -'l b'r c >sNa
• • • . • • ........... .. C*615 was published in 'RESPEC'Sr8';'c' ![Q. lrJ w Cy;uV
said newspaper In thw Issues or .7s?11?TA>•5'.,?,O.x..197> DECLAMN# ?ERt3 jj
:PROPER.Nd'1"1 `C? NA
EV D E? 11K1Si
.. ' ......... ....... • ............. ; Pi153Et1'QN-FII'I': REli1116;'Decetttber 13?
Affiant further says that the said Clearwater Sun is a newspaper published at op ?vAU.P
Clearwater, in •aid Pinellas County, Florida, and that the said newspaper has f.:';,.;I, - heretofore been continuous) r ? y published In said PInellaa County, Florida. each day and h,-
has been entered as second class mall matter at the post office In Clearwater, in sid 01F
Pinellas County, Florida, for a period of one year next procedinq a first publication of }? ?;•
'he attached copy of advertisement: and afflant Curt or s t he has ithet -.. 6•?s?"y`•!;s'}tl ?,7
nor promised any person, firm or corporation any disc Pre 1a?'R.•G,Wh11e}iPed
for -thd purpose of securing this ads rtisement for lle n In th tlewapaper. ,S82id ?0' ?.?.•.;';:?C?,iI:., i» 3:?.4'1. ;, , .'?%r7ir"33.•,'??' r,r;
SMa1n to and subscribed before me
ns> .r 1 Rth/d/ao f .Ja11paXY..... A.D. 18.7.$.
VOTARY PUBLIC, UAT£ of r1C@I03 at LAfaC
(SEAL) , Notary public try cad•?ustoa t.AtITIE3 a;r,T ??, trsl
p6::7ED TY.is EL4.12AL 1119. L'NOEI; HITEAS
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