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to ORDINANCE NO, 1761
AN ORDINANCE AUTHORIZING THE SEPARATION OF THE
UTILITY PROPERTIES OF THE CITY OF CLEARWATER,
FLORIDA, SUPPLYING WATER AND SANITARY SEWERAGE
SERVICES; AUTHORIZING THE CONSTRUCTION AND
ACQUISITION OF ADDITIONS, EXTENSIONS AND IMPROVE-
MENTS TO THE WATER AND SANITARY SEWERAGE SYSTEM
OF THE CITY; AUTHORIZING THE REFUNDING OF $24,637, 000
PRESENTLY OUTSTANDING UTILITY REVENUE CERTIFICATES
OF THE CITY; PROVIDING FOR THE ISSUANCE OF NOT
EXCEEDING $28, 000, 000 UTILITY REVENUE BONDS, SERIES
1978, OF THE CITY TO BE APPLIED TO REFUND THE
PRINCIPAL'AND INTEREST IN RESPECT TO SAID PRESENTLY
OUTSTANDING OBLIGATIONS AND TO PAY THE COST OF SUCH
ADDITIONS, EXTENSIONS AND IMPROVEMENTS; PROVIDING
FOR THE PAYMENT OF THE REFUNDING BONDS FROM THE
REVENUES OF SAID WATER AND SANITARY SEWERAGE
SYSTEM AND CERTAIN INVESTMENT INCOME AND MAKING
CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION
THEREWITH; PROVIDING FOR THE SEPARABILITY OF THE
PROVISIONS HEREOF; PROVIDING FOR PROPER NOTICE OF
PROPOSED ENACTMENT; AND PROVIDING AN EFFECTIVE
DATE,
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA:
SECTION 1, AUTHORITY FOR THIS ORDINANCE. This ordinance
is enacted pursuant to Chapter 166, Part II, Florida Statutes, and other
applicable provisions of law.
SECTION 2. DEFINITIONS. The following terms shall have the
following meanings herein, unless the text otherwise expressly requires.
Words importing singular number shall include the plural number in each
case and vice cersa, and words importing persons shall include firms and
corporations.
A. "City" or "Issuer" shall mean the City of Clearwater, Florida.
B. "Act" shall mean Chapter 166, Part II, Florida Statutes and
other applicable provisions of law.
C. "Bonds" or "Obligations" shall mean the Utility Revenue Bonds,
Series 1978, herein authorized to be issued, together with any additional
parity obligations hereafter issued under the terms, conditions and
limitations contained herein. 111978 Bonds" shall mean the Utility Revenue
Bonds, Series 1978 herein authorized.
D. "Serial obligations" shall mean any obligations for the payment
of the principal of which, -at the maturity thereof, no fixed mandatory sinking
fund or bond reidemption deposits are required to be made prior to the twelve- f,
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`? ,?'?qk •a iVi;may s".?±e?)I r•s?i'':e`;'. k: '?,r AFr, F.%' :. ?E.':'Tt. ?';•;:Tl>' t-'`. ??'I,
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month pe 1mmodiately preceding the stated date of matu ; f such
serial obligations.
E. "Term obligatione+t shall mean the obligations of a series all '- ' '' r.'.? -'? • M
of which shall be stated to mature on one date and which shall be subject to `
retirement by operation of an account in the Sinking Fund in the Band Service
Account.
F. "Mandatory Sinking Fund Installment", with respect to any term
obligations of a series, shall mean an amount or amounts so designated which
is or are established for the term obligations of such series, provided that ?= tr _?, i
the aggregate of such installments for each maturity of term obligations of Ry• 'ti
such series shall equal the aggregate principal amount of each maturity of
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term obligations of such series delivered on original issuance.
G. "Bond service requirement" for any fiscal year, as applied to
the obligations of any series, shall mean the sum of:
(1) the amount required to pay the interest becoming due on the
obligations of such series during such fiscal year, except to the extent that
such interest shall have been provided by payments into the Bond Service
Account out of bond proceeds for a specific period of time or by payments
of investment income into the Bond Service Account from the Sinking Fund or
any accounts therein.
(2) the amount required to pay the principal of serial obligations
of such series maturing in such fiscal year.
(3) the mandatory Sinking Fund installments for the maturities
of term obligations of such series for such fiscal year.
(4) in the event the City has purchased or entered into an agree-
ment to purchase Federal Securities or authorized investments, as defined in
this ordinance, from, moneys in the Sinking Fund in the Bond Service Account,
then the income received or to be received on such Federal Securities or
authorized investments from the date of acquisition thereof to the date of maturity
thereof, shall be taken into consideration in calculating the payments which will
be required to be made into the Bond Service Account and the Sinking Fund
theirein. Whenever such income is applied in calculating a bond service
requirement for any purpose, such income shall also be excluded in the
computation of gross revenues for such purpose.
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H. "Maximum bond service requirement" shall rnean, as of any particular
a f-
date of calculation, the greatest amount of aggregate bond service requirements
for the then current or any future fiscal year,
1. "Holder of obligations" or "obligation holders" or any similar term ' 1. :'` rt q V.q
i1
IY shall mean an person who- shall be the bearer or owner of any outstanding
obligation or obligations registered -to bear-ar, or not registered, or the
ss;?,
registered owner of any such obligation or obligations which shall at the time
be registered other than to bearer,
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J. "Additional parity obligations" shall mean additional obligations
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x?? issued in compliance with the terms, conditions and limitations contained in
Subsection 150 hereof which have an equal lien on the revenues, as herein
defined, and rank equally in all respects with the 1978 Bonds initially issued
hereunder.
K. "System" shall mean the complete combined and consolidated water
system and sanitary sewer system of the City now owned by the City, or
hereafter constructed or acquired by the City, including the improvements,
extensions and additions thereto to be constructed or acquired either from the
proceeds of the 1978 Bonds or from any other sources, together with all lands
or interests therein, including plants, buildings, machinery, franchises, pipes,
mains, fixtures, equipment and all property, real or personal, tangible or
intangible, now or hereafter owned or used in connection therewith, and
including any undivided or partial ownership interests therein.
L. "Gross revenues" or "revenues" shall mean all income or earnings,
including any income from the investment of funds as herein provided, derived
by the Issuer from the operation of the system and deposited into the Revenue
Fund, herein created and established.
M. "Cost of operation and maintenances' of the system shall mean the
current expenses, paid or accrued, of operation, maintenance and repair of
the system as calculated in accordance with sound accounting practice, but
shall not include any reserves, renewals and replacements, extraordinary
repairs or any allowance for depreciation.
_3„
2/21/78
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f . z?':?? ?,s-`k is ,t;g3 . ?,,,, ? i ,, x,??"d c ` <. • ?: i" ? ? ?' ? s.t ?.z: ,t
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! N. "Net oF1V?,t'a1:;;4trR1
'• s revenues" of the system shall mean the revenues .;r-',;?,?'4:,.???'?.°:.?••.
ICY 1 ,'. .? ?''!`lAe 4f'?''1 ii??r gJ*?'r,• A,
tK or gross revenues as defined in subsection L above, after deduction
of the cost of operation and maintenance as defined in subsection M
above.
' O. "Special assessments" shall mean all the proceeds ;,t..
??ti• ????:.??., derived from special assessments to be levied against the lands and - •
,;;k'.•??' { '" 'q??, real estate to be specially benefited by the acquisition and con-
struction of any projects to be financed by issuance of additional
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parity obligations ? which special assessments are, at the option
t r i??k"il''?'4'?F1?'rYtsi:=•'s ?;i-• ?''?'??r °'??'?:a;'„tea
yvr? r>lti; sr: of the Issuer, specifically pledged for payment of the additional
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parity obligations financing such projects, including interest
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on such special assessments and any penalties or moneys received
upon the foreclosure of the liens of such special assessments.
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' P. "Consulting engineers" shall mean such qualified and
recognized consulting engineers, having a favorable repute for skillF
y and experience in the construction and operation of such facilities
f t l x ? Y ?'kYy i
An ?. as the system, at the time retained by the Issuer to perform the ;
e ?.
kc' acts and carry out the duties as herein provided for such consulting
C•1 ? .
1 Cw * y :? in, "rye engineers.
II
Federal Securities" shall mean only direct obligations
?- „ of, or obligations fully guaranteed as to principal and interest by,
'. t ?• the United States of America. ?-•'
• 1 }Fr1f ' i
y ?a R. "Refunded Bonds" means the outstanding Utility Revenue
?- 7 Certificates, Series of 1955, 1956, 1959, 1960, 1962, 1964, 1965,
{ 1967, 1969, 1972 and 1975, of the Issuer.
t'"t S. "Escrow Deposit Agreement" means that certain Escrow f<d
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Deposit Agreement to be entered into by and between the Issuer and
a bank or trust company to be selected and named by the Issuer prior
1
to the delivery of the 1978 Bonds, in substantially the form attached
hereto as Exhibit A.
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T. "1978A Bonds" shall mean the Special Obligation Bonds,
`f
Series 1978A authorized to be issued pursuant to separate ordinance
of the Issuer of even date herewith, and to be issued simultaneously
with the 1978 Bonds. ;
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Ord. 41761 2/21/78 .
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U. "Authorized investments" shall mean any of the follow-
ing if and to the extent the same are at the time legal for investment
of municipal funds; (a) direct obligations of or obligations guaranteed
1.1 by the United States; (b) bonds, debentures or notes issued by any
of the following federal agencies: Bank for Cooperatives; Federal
Intermediate Credit Banks; Federal Home Loan Hank System Export-Import
Bank of Washington; Federal Land Banks; or the Federal National
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r,f Mortgage Association (including Participation certificates); (c) Public
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Housing Bonds, Temporary Notes, or Preliminary Loan Notes fully
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secured by contracts with the United States; (d) full faith and credit
obligations of any State, provided that at the time of purchase such
obligations are rated in either of the two highest rating categories
a
a?=
by two nationally recognized bond rating agencies; or (e) time
deposits represented by certificates of deposit fully secured in the
?o •
manner provided by the laws of the State of Florida.
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V. "Fiscal year" shall mean the period commencing on
October 1 of each year and ending on the succeeding September 30,
y or such other period as is at the time prescribed by law.
i
} SECTION 3. FINDINGS. It is hereby ascertained, deter-
mined and declared that:
A. The Issuer now owns; operates and maintains a system
of utility properties supplying water and sanitary sewerage services
and a system of utility properties supplying storm sewer services, in
and to the City and its inhabitants, and is empowered to combine,
maintain, operate, improve and extend such utility properties and
regulate and fix reasonable rates and charges for the services
furnished thereby.
B. The Issuer derives revenues from rates, fees and charges
made and collected for the services and facilities of the aforesaid
utility properties supplying water and sanitary sewerage services
and said revenues are not pledged or encumbered in any manner and
no obligations of any kind are chargeable against the revenues of
said utility properties, or any part thereof except for the Refunded
Bonds, which charges will be defeased pursuant to the refunding
'Ord.' #1751
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2/21/78
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X71- 71^ x.•.1"}•[5*,?? L .' '?i:` Y,1'_". M1A,
program herein authorized. From and after the delivery of the 1978
Bondsr the combined system of utility properties supplying storm '
sewer services shall be separated from the utility properties supplying e[
i•?ZH i ,
water and sanitary sewerage services, which shall continue to be
operated as a combined utility system (the "system" as herein defined).
C. It is necessary and desirable to acquire and construct
i? additions, extensions and improvements to the system, as provided
yl;,s herein (hereinafter called "project"), in order to preserve and
w' protect the public health, safety and welfare of the inhabitants of
'?.y? • ,.5,'3; ,=rte' "?.. }'U,. t:S'„.; w.=?i; 3*E, the Issuer.
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D. The Issuer deems it necessary and in its best interest
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to provide for the refunding of all the outstanding Refunded Bonds.
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The refunding program herein described will be advantageous to the
Issuer, by effecting an overall savings in debt service to be paid
k4 from the revenues of the system, permitting the separation from the t
system of the utility properties providing storm sewer services, and
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permitting favorable revisions in restrictive covenants made tor? bondholders regarding the system and the investment of funds.
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E. The estimated maximum cost of such refunding as above ;f-
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??described and of the Project is a sum not exceeding S52,000,000 ?
the actual cost to be determined upon sale of the 1978 Bonds and the ,
i^?T•- 1978A Bonds. Such cost shall be paid from the proceeds derived from
the sale of the 1978 Bonds and the 1978A Bonds, to be issued simul-
taneously, together with certain other funds, if necessary, available {'"}
61
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to the Issuer. 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 amounts of such Federal Securities will be sufficient
1^ ? `r
to make timely payments of all presently outstanding principal, <
,
interest and redemption premiums in respect to the Refunded Bonds. =.yt
The interest earnings from such Federal Securities will be sufficient
to make timely payment of all principal and interest on the 1978A
4 ,
Bonds and all. costs associated with the acquisition and subsequent ,
management of such Federal Securities.,
#1761 2/21/78
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F., The estimated net revenues to be derived from the
operation of the system will be sufficient to pay all of the principal
of and interest on the obligations to be issued hereunder, as the
same become due, and to make all required sinking fund, reserve or
ayments.
other pi••'
G. The principal of and interest on the obligations and
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all required sinking fund, reserve and other payments shall be
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??' • ° payable solely from the revenues derived from the operation of the
,?? sewn{ system as herein provided. The issuer shall never be required to
levy ad valorem taxes on any property therein to pay the principal
of and interest on the obligations or to make an of the required
t,,?t: mss, r
yy??•<; h *`s sinking fund, reserve or other payments, and such obligations shall.
I:1 13}1i1-.111.9 not constitute a lien upon any property of or in the Issuer.
H. The total indebtedness of the issuer, within the
meanie of the Issuer's charter, does not exceed twenty
? g per centum
(20%) of the current assessed valuation of all real property located
R l w° t ? T•Ei
in the issuer, and will not exceed such amount after issuance of the
`, ?,',' ,,'? ?';• 1978 Bonds and the 1978A Bonds.
SECTION 4. AUTHORIZATION OF CONSTRUCTION AND ACQUISITION
OF PROJECT AND REFUNDING OF REFUNDED BONDS. (A) There is hereby
authorized the construction and acquisition of the project pursuant
to the reports of the consulting engineers presently on file with
the Issuer and to the plans and specification of such consulting
engineers on file or to be filed with the Issuer. The cost of such
project, in addition to the items set forth in the plans and
specifications, may include,. but need not be limited to, the
acquisition of any lands or interest therein or any other properties
deemed necessary or convenient therefor; engineering, legal and
financing expenses; expenses for estimates of costs and of revenue
expenses for plans, specification and surveys; the fees of fiscal
agents, financial advisors or consultants; administrative expenses
relating coley to the construction and acquisition of the project;
interest upon the 1978 Bonds for two (2) years after the delivery of
the 1978 Bonds; the creation and establishment of reasonable reserves
for debt service; bond discount, if any, and such other costs and
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expenses as may be necessary or incidental to the financing herein
authorized and the construction and acquisition of the project and
the placing of same in operation.
(n) There is also hereby authorized the refunding of the
outstanding Refunded Bonds.
SECTION 5. ORDINANCE TO CONSTITUTE CONTRACT.. In con-
sideration of the acceptance of the 1978 Bonds 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 per-
formed by the Issuer shall be for the equal benefit, protection and
security of the legal holders of any and all of such 1978 Bonds and the
coupons attached thereto, all of which shall be of equal rank and
without preference, priority or distinction of any of the 1978 Bonds
or coupons over any other thereof, except as expressly provided
therein and herein.
SECTION 6. AUTHORIZATION OF 1978 BONDS. Subject and
pursuant to the provisions hereof, obligations of the Issuer to be
known as "Utility Revenue Bonds, Series 1978" are authorized to be
issued in the aggregate principal amount of not exceeding Twenty-
eight Million Dollars ($28,000,000 ).
SECTION 7. DESCRIPTION OF OBLIGATIONS. The 1978 Bonds
shall be dated as of a date to be fixed by subsequent resolution of
the Issuer, but not later than their date of delivery, may be serial
obligations, term obligations or a combination thereof; shall be
numbered consecutively from one upward; shall be in the denomination
of $5,000 each or multiples thereof; shall bear interest at such
rate or rates not exceeding the maximum legal rate allowable by law,
such interest to be payable semiannually, and shall mature either
annually or semi-annually in numerical order, lowest numbers first,
on such dates and in such years and amounts as shall be determined by
subsequent resolution of the Issuer, not to exceed forty (40) years
from their date.
.The 1978 Bonds shall be issued in coupon form; shall be
payable with respect to both principal and interest at a bank or
t. ,_banks,,to be'•"subse uentl determined b the Issuer
q y by prior to the
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delivery of the 1978 Bonds; shall be payable in lawful money of the
United States of America; and shall bear interest from such date, but
not earlier than the date of the 1978 Bonds, as is fixed by resolution
of the Issuer at or prior to sale of the 1978 Bonds, payable In
accordance with and upon surrender of the appurtenant interest
coupons as they severally mature.
SECTION 8. EXECUTION OF OBLIGATIONS AND COUPONS. The
?;??_„Eps?jY?;- 1978 Bonds shall be executed in the name of the Issuer by the Mayor-
'`.
Elaw,,??l. 3 M,??;k...??
Commissioner and City Manager and shall be attested by the City Clerk
?`?.';` F?}'l??l??i?,?xb' R; . ?'1, •='lflY?. t''S';?"`Ai}?
?¢ffm : 4• i of the Issuer, and approved as to form, sufficiency and correctness
ctkr * eL..f ?^ s. F?L
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 thereto or reproduced thereon. The facsimile signatures of
the City Clerk, City Manager and Mayor-Commissioner may be imprinted
or reproduced on the 1978 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 1978 Bonds
shall cease to be such officer before the delivery of the 1978 Bonds,
such signature or facsimile shall nevertheless be valid and sufficient
for all purposes the same as if he had remained in office until such
delivery. The 1978 Bonds may be signed and sealed on behalf of the
Issuer by such person who at the actual time of the execution of the
1978 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 1978 Bonds shall be authenti-
cated with the facsimile signatures of any present or future Mayor-
Commissioner and City Manager 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 1978 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
p6rsons who shall have held such offices at any time on or after the
date.of enactment of this ordinance notwithstanding that they may
7,61 f
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2/21/78
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?+'';" .. `S' ?;.r.?,r,yA?cu?:.?... r'?:fl?'?5,?"??b?.i?_`??ai.=.,6?e?•"?3,Y't:, e'?ria?}% ,s,.}_ _ 1 .'`
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' have ceased to be such officers at the time the 1978 Bonds-are
actually delivered.
` SECTION 9. NEGOTIABILITY AND REGISTRATION. The 1978 Bonds and the coupons appertaining thereto issued hereunder 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 such 1978 f " '•.
4 s 1 Bonds or the coupons appertaining thereto, shall be conclusively
:rI'' • „. i hpw""" I r i S' ,.?'l?':.•?'•4 ,.. i;: c.. ;r '>h. c' 1
-'r`?•` ` y?' '
deemed to have agreed that the 1978 Bonds shall be and have all of
the qualities and incidents of negotiable instruments under the law krr?Ti:%?;r `
? t .?'??'`?,: der Fr Cti3 ?`?,?1
merchant and the Laws of the State of Florida. • ??'?r°"',
The 1978 Bonds may be registered at the option of the
' r4y il"•'i f.? ?.
holder as to principal only, at the office of the City Treasurer,
as Re istrar# or such other Registrar as may be hereafter duly
' ~ • ?yy 5y x' appointed, such registration to be noted on the back of the 1978 y
. ??? • Bonds in the space provided therefor. After such registration as to t
11
* principal only, no transfer of the 1978 Bonds shall be valid unless x "t
?•;i K?' "' ?fit made at such office by written assignment of the registered owner,
or by his duly authorized attorney in a form satisfactory to the
J,k fill y?,k Registrar, and similarly noted on the 1978 Bonds,. but the 1978 Bonds
r?t`.•
may be discharged from registration being in like manner transferred L'
to bearer and thereupon transferability by delivery shall be restored. t•-
At the option of the holder, the 1978 Bonds may thereafter again r ,S
kt from time to time be registered or transferred to bearer as before.
f
Such registration as to principal only shall not affect the negotiability
a of the coupons which shall continue to pass by delivery. The Issuer
may make a reasonable charge for every such transfer sufficient to
reimburse it for any expenses incurred by it; provided, however, that
p t s?,. '
no charge shall be made by the Issuer for the.first transfer of any
1?'fLt-'. r
1978 Bond from bearer to the registered owner and for the first
reconversion from the registered owner to bearer.
SECTION 10. OBLIGA'T'IONS MUTILATED, DESTROYED, STOLEN OR
LOST. In case any obligation shall become mutilated, or be destroyed,
stolen or lost, the Issuer may in its discretion issue and deliver
#1761
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2/21/78
i'
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K? y:H ta: ,7. :.5 ? 5'.'"?? •'?.'. ,."`'r?'..i y?.tF.s.•.?„r Y?''•? ;'i '. ? qi` 'r' r s. ".? ;'. 'j?... .
"•' J???').'r?!r?:.r .. •. .fi{:Y?.', .'. ,.4 a,+?i'..i?.ir ?at.:j?,r>?.,: C. a• 'a?i?
? . ! . • ,is'??'r?" , ti???? '+,;;j"a? ? . ?:'i,,,rl..?' ?Ys ? w° 'i??? 'l ? ?' )gqr?
- w rw: S L?3r; .vti.?,, ' xF ?' ?5:"-E.. tr arv S?il"" a '? :•? a
!frp?•,-. ?'" ? .':5j. ?'{? s;lfpr-rs? ,! ,?. t„''?4t.:r . f-?t•'Z rt,•. ''; ,•,.. .:.n
aid
a new obligation with all unmatured coupons attached, if any, of
like tenor as the obligation and attached coupons, if any, so
mutilated, destroyed, stolen or lost, in exchange and substitution
for such-mutilated obligation, upon surrender and cancellation of
such mutilated obligation and attached coupons, if any, or in lieu
of and substitution for the obligation and attached coupons, if
any, destroyed, stolen or lost and upon the holder furnishing the
Issuer proof of his ownership thereof and satisfactory indemnity
and complying with such other reasonable regulations and conditions
as the Issuer may prescribe and paying such expenses as the Issuer
may incur. All obligations and coupons so surrendered shall, be
cancelled. if any such obligation or coupon shall have matured or
be about to mature, instead of issuing a substitute obligation or
coupon, the Issuer may pay the same, upon being indemnified as
aforesaid, and if such obligation or coupon be lost, stolen or
destroyed, without surrender thereof.
All such duplicate obligations and coupons issued pursuant
to this section shall constitute originals additional contractual
obligations on the part of the Issuer whether or not the lost,
stolen or destroyed obligations or coupons be at any time found by
anyone, and such duplicate obligations and coupons shall be entitled
to equal and proportionate benefits and rights as to lien on and
source and security for payment from the funds, as hereinafter
pledged, to the same extent as all other obligations and coupons
issued hereunder.
SECTION 11. PROVISIONS FOR REDEMPTION. The 1978 Bonds
may be redeemed prior to their stated dates of maturity, either in
whole or in parts at such time or tames and upon such terms as shall
be determined by resolution of the Issuer adopted prior to the sale
of the 1978 Bonds.
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 Borough of .Manhattan, City and State of New York,
(ii) shall be filed with the paying agents, and (iii) shall be '
` } 3A "? ti{':?„Y?.krl`'?`:'•?vt'i;' r_4_`,'• ?;_ a:,.t.i r? p',. i ' .j,l, ,t fs?. '' ;.'?a ? ? .. .. ? ? ?•??
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mailed, postage prepaid, to all registered owners of 1978 Bonds'to'be
redeemed at their addresses as they appear on the registration books
hereinabove provided for. Interest shall cease to accrue on any
1978 Bond duly called for prior redemption on the redemption date,
if payment thereof has been duly provided.
SECTION 12. FORM OF OBLIGATIONS AND COUPONS. The 1978
Bonds, the interest coupons to be attached thereto, and the certifi-
cate of validation shall be in substantially the following form,
with such omissions, insertions and variations as may be necessary
and desirable and which are herein authorized or permitted.or which
are subsequently authorized or permitted prior to the issuance of
the 1978 Bonds:
t
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Or '!'.s?.`,???s/,iY.?,?•t:i.?','.jF/1:. ?I S'•tt,"•i??IFr?: i.?. ?a+??.i-4 i_'(?,? - ? ? ,} ? ? -
+ /Ft:,. '!r r°y?•s"+(pl•?`':j'fr'r: ?, 1;1s1Y .'i j +,Ft F:?; ..?, ; Y?..•, ?° 12/21/.78" - ,
i.? ?1y`'F . r,??'y?y????,! T... i sit. 'Fo- . •?-j.•r`w:°:r,.,?}r,; 71 rx ; ` 4
`iS"7 r?i. •'ii"`?"?'??t?,1 fi'°e. .'i^ .. ",?•tir;.,r•- .:••.., "r1 1t {Y-t ;fi4..., .tjf `•?,. ??? } ??ri'? s `ZS
r .r iA,y[•
lY ¢ Y •n i -r`?''ag° ? r.+'?:sk:, '.?: .:.,,a._:.r:':.? !,{r`te' .? ti ??
p S, ss,??++:f`% yy?'yE, i. ?. ?• : y 5,,.;14't y?;til', . •'t,i • 4x p slur `y , ?,y{?, sF dry
•'+rf '±?, .,?y?i#h.?k???3`Q'U?+'L ??`S`, ??.?.w''?s;l?r;f,'t.r;..^`y,.".t4:i;^;kJ??d.t:?.'?t.L'?"`I?•',}; ::14t.?; G'..Y-?i'rNf
No. $5 r 000 ti °: l1
a UNITED STATES OF AMERICA
STATE OF FLORIDA
t4 COUNTY OF PINELLAS
CITY OF CLEARWATER
UTILITY REVENUE BOND
SERIES 1978
KNOW ALL MEN BY THESE PRESENTS, that the City of Clearwater,
°•;?'; ,,;? t??., Florida (hereinafter called "City"), for value received, hereby
'a Sic' tg,.4k a k.e ;,. •«; , y?,
a i, ' r,'s-iMh
promises to pay to the bearer or, if this Bond be registered, to the_
registered holder, as herein provided, on the first day of October, , f
'*r 19 , from the special funds hereinafter mentioned, the principal
!' ^ 1y t r
" sum of
FIVE THOUSAND DOLLARS "
oj . , , 1.1 t . t, h,..,,r •' ,
>n??r ??yyy??-?? ?.? ?;• and to pay solely from such special funds interest thereon from ;.
at the rate of per t
centum ( %) per annum until payment of the principal sum,
such interest to the maturity hereof being payable on and
semiannually thereafter on the first day of and the first
P
?• r' E ON day of in each year upon the presentation and surrender
t:?,, b z
of the annexed coupons as they severally fall, due. Both principal
i?? < yry.Y t ' ??????a ? h
of and interest on this Bond are payable in lawful money of the
ti `? p R a United States of America at
T 1 . 'ty ? X
r
up or, at the option of the holder, at
'' • n 'k `7' teThis Bond is one of an authorized issue of bonds in the
..k aggregate principal amount of not exceeding $28_i-000,_000 of like
1 f '4 2' ti ls91 S:
' date, tenor and effect, except as to number, interest rate and date
of maturity, issued to finance part of the cost of refunding the
a? ..
outstanding Utility Revenue Certificates, Series of 1955, 1956, 1959,
1960, 1962, 1964, 1965, 1967, 1969, 1972 and 1975 of the City, and
the cost of the construction and acquisition of extensions, additions
and improvements to the utility system of the City (hereinafter°
called "system"), under the authority of and in full compliance with
the Constitution and Statutes of the State of Florida, including
particularly Chapter 166, Part II, Florida Statutes, and other
a livable
pp proJisions.of law, and Ordinance No. , duly enacted
by the'City on the day of , 1978 (hereinafter called
i4 •.
lit}. , • 1 -1^w '
Qrd, 01761. 2/21/78
.F ,?'4 rr lYF'ax. •SK1?,. ?p ''}`:i?t? , ,'.. .. ,. •?„ ! 3 SS i'•i?+?r?'..
,?•'?,?;e'.l?V', ?I:F'?'' F'??S'''ZS',r. Fr"'f?.i-.,? '°1',r.' ''L .: +, .• . k •
Rs '?V ".t.r±Y: °?•fl .. ?'r•ii ',ili , ?.' 1 ?^,
41
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' ..". ...._, .':.' , .. ?.z? .-.. t. •. ... :5.:., i_-}.i--2 _:• :<??::d.?+bix_?l.F"la•r r:?:. u'lT7R"cft+aoi[,L
OM
7V
1
"Ordinance"), and is subject to all the terms and conditions of such Ordinance.
?;w t
This Bond and the coupons appertaining thereto are payable solely from rt .. ',` +
and secured by a prior lion upon and pledge of the net revenues derived by the City from the operation of the system in the manner provided in the Ordinance.
The ordinance requires that certain deposits
from the revenues of the ?`'? '•":. '?'?r.••,???;-,???
system shall be made into the sinking fund and therein invested as provided in
the ordinance. Except for investment income therefrom, the funds and invest- t
ments in the sinking fund are required to be held, used and applied solely for ;a . :' >:,::_. ''-'' °•_::?
r rrE' ;Fi,. E?. '
the payment of the principal of the bonds maturing in the year
(provisions for redemption prior to maturity to be inserted in accordance
with a resolution to be subsequently adopted by the City.
)??
Notice of such redemption shall be given in the manner required by
the Ordinance.
This Bond does not constitute an indebtedness of the City within the
meaning of any constitutional or statutory provision or limitation, and it is
expressly agreed by the holder of this Bond and the coupons appertaining thereto
that such holder shall never having 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, reserve, or
other payments provided for in the Ordinance.
It is further agreed between the City and the holder of this Bond that fiMW6W AVW!'
this Bond and the obligation evidenced thereby shall not constitute a lien
upon the system or any part thereof or on any other property of or in the City,
but shall constitute a lien only on the revenues derived from the operation of
the system in the manner provided in the Ordinance.
The City, in the Ordinance, has covenanted and agreed with the holders
of the, Bonds of this issue to fix, establish and maintain such rates and collect
such 'fees, rentals or other arges for the service s and facilities of the
system, and to revise the same from time to time whenever necessary, as
will always provide revenues in each fiscal year sufficient to pay all costs
of operation and maintenance of the system in such year, one hundred twenty-
five per centum (12516) of the bond service requirement, as defined in
such Ordinance, becoming due in such year on the Bonds of this issue, and
on all other obligations payable on a parity therewith, plus one hundred
Y t-' 2761•, -1
??9{"^?`3''},T?.F?;S:,?,??x. ,; i,?.?:'[?•?[?,* ;i:.y? :t,: '.s :-r•=`:u'r,. a+t-- ?:.^s?.n:Y r'nvs-s.^=?rf.?'"?.±s!?•,'?i, ?'f`;?7 >3'I?1 ?`y# ..+?(s_'?x?.-t?4 ???
[?6z .f?}?''3>.S t?.l•+E: .iKi .`r.. ,??, ... i• •:?: t• i}? ,,p., ?i•`.A ?1;?<?
;! [k•4?'!, 's;?'ct.J, ,'{:!' :fit •? ,r <.1': -?• 1 ..t!
l
00"
NO
i- 4M"
per centum (1.008) of all reserve and other payments required to be
made by such Ordinance, and that such rates, fees, rentals or other
p charges shall not be reduced so as to be insufficient to provide
adequate revenues for such purposes= and the city has entered into
certain further covenants with the holders of the Bonds of this
j? issue for the terms of which reference is made to tl?e ordinance. , :.
: ':
t,,
•
't It is hereby certified and recited that all acts, conditions
and thins required
g to exist, to happen and to be performed
precedent
` 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 ?7t x-
11 -
'b?v''`;'?': ;
Laws and Constitution of the State of Florida applicable thereto,
r.
r
and that the issuance of the Bonds of this issue does not violate any
constitutional or statutory limitations or provisions. t;
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. _
This Bond may be registered as to principal only in accordance
with the provisions endorsed hereon.
IN WITNESS WHEREOF, the City of Clearwater, Florida, has
issued this Bond and has caused the same to be signed by the 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, impressed, imprinted,
lithographed or reproduced hereon and the interest coupons hereto
attached to be executed with the facsimile signatures of such officers,
all as of the day of 1978.
(SEAL)
ATTEST:
CLty Clerk
CITY OF CLEARWATER, FLORIDA
By:
Mayor-Commissioner
City Manager
-15- -
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2/21/78
= .
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APPROVED AS TO FORM, SUFFICIENCY AND
CORRECTNESS:
My Attorney
FORM OF COUPON
No.
On the lst day of 19_, 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 utility
Revenue Bond, Series 1978, dated , 1978, No.
CITY OF CLEARWATER, FLORIDA
(SEAL)
ATTEST:
City Clerk
By:
Mayor-Commissioner
City Manager
(To be inserted in coupons maturing after callable date)
."Unless the Bond to which this coupon is attached shall
have been previously duly called for prior redemption
and payment thereof duly made or provided for."
VALIDATION CERTIFICATE
This Bond is one of a series of Bonds which were validated
by judgment of the Circuit Court for Pinellas Countv, Florida,
rendered on the day of 1978,
Mayor-Commissioner
S
17??'tF 1"? ? "?i??f`ijt:•1??(i j? ?,Vf: "45_???jo: rt'. 1 ??? :'•',
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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 be hereafter'duly appointed,
such registration being noted hereon by such Registrar in the regis-
tration blank below, after which no transfer shall be valid unless
made by written assignment on said books by the registered holder or
attorney duly authorized and similarly noted in the registration
blank'below, but it may be discharged from registration by being
transferred to bearer, after which it shall be transferable by
delivery, but it may be again registered as before. Such registration
shall not restrain the negotiability of the coupons by delivery. The
City 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-City for the first transfer of any
Bond from bearer to the registered owner and for the first reconver-
sion from the registered owner to bearer.
DATE OF IN WHOSE NAME SIGNATURE OF
REGISTRATION REGISTERED REGISTRAR
'•2/21/78
i V,f1 •? :?'?,5:; ,:. r _ -rr : ev ??sr'. _.? . ?.•- r;..., -Frwj
i gg..?? i r al,T=r.i :???4?,A+.i-Y? ,:y2• ';;Sr:; 'r . ? } ?' ? i ,.. .. ? : I .?? ? ?,. °'1'.?~ ?•}'?,?• ? +,?:•J
S? aV ??vC?:'F'` ,.r? .7`7741 /fy? '"?};: •s!1', ? `5i•, ?._•'r <.: 'f?• 1 f•? Y 1!:' ' i 4 ..?rXi
' R g.+? .?Y..•??'C"?1,? ,w?•5; ,'aM isi?(. `?3• r; ' + ,i? t ?t
?'?`'7'?'%? 4te1?i;`???"';s1}'}?'?S •?+"4}"`-r??'•'s"i`."Y. ,,ii,, , S J°?'.
0?",S 1'Sf?''?}."liC'i?r..?:'?:F.ji?,??i!'?.L2' ?t; r,.':t. "?4.? ri • ; f
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SECTION 13. OBLIGATIONS NOT DEBT OF ISSUER. Neither the
obligations,nor coupons shall be or constitute general obligations
of indebtedness of the Issuer as "bonds" within the meaning of the
Constitution of Florida, but shall be payable solely from and
secured by a prior lien upon and pledge of the special funds as
herein provided. No holder or holders of any obligations 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 obligations or the interest thereon or be entitled to
payment of such principal and interest from any other funds of the
Issuer except from the special funds in the manner provided herein.
SECTION 14. PLEDGE OF NET REVENUES. The payment of the
principal of and interest on the obligations shall be secured
forthwith equally and ratably by an irrevocable prior lien on the
net revenues, as defined herein, derived from the operation of the
system, and the Issuer does hereby irrevocably pledge such net
revenues from the system to the payment of the principal of and
interest on the obligations, for the reserves therefor, and for all
other required payments.
SECTION 15. COVENANTS OF THE ISSUER. For as long as any
of the principal of and interest on any of the obligations shall be
outstanding and unpaid or until there shall have been set apart in
the Sinking Fund, herein established, including the Reserve Account
therein, a sum sufficient to pay when due the entire principal of
the obligations remaining unpaid, together with interest accrued or
to accrue thereon, the Issuer covenants with the holders of any and
all obligations as follows:
A. REVENUE FUND. The entire gross revenues derived from
the operation of the system shall upon receipt thereof be deposited
in the "Utility System Revenue Fund" (hereinafter called "Revenue
Fund"), hereby created and established. Such Revenue Fund 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.
-18-
, `•; ;Orel:.. # . 1761 2/21/78
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B. ASSESSMENT FUND. All of the proceeds of any special
F •. Y ?? \ r
' `. assessments which may be pledged for payment of any additional parity
obligations, as soon as the same are collected by the Issuer, shall
be forthwith deposited into a fund known as the "Assessment Fund",
hereby created and established.
??. 9a• . ??;?; ?,??, ??,? C. DISPOSITION OF REVENUES. All revenues at any time
remaining on deposit in the Revenue Fund hereinabove created and
use ;WQ S
,established shall be disposed of on or before the twentieth day of
each month, commencing in the month immediately following the
delivery of the obligations, only in the following manner.and in
the following order of priority: r
(1) Revenues shall first be used for deposit into a
fund to be known as the "Operation and Maintenance Fund", which is
hereby established, such sums as are necessary for the cost of
operation and maintenance, as hereinabove defined, for the next
ensuing month.
(2) From the moneys remaining in the Revenue Fund, the
Issuer shall next deposit into a separate fund, which is hereby
created and designated "Utility Revenue Bonds Service Account" (here-
inafter called "Bond Service Account"), such sums as will be
sufficient to pay (a) one-sixth (1/6) of all interest becoming due
on the obligations on the next semi-annual interest payment date;
(•b) commencing in the fi.rst.month which is twelve (12) months or
six (6) months prior to the first annual or semi--annual maturity date,
respectively, of any serial obligations, one-twelfth (1/12) or one-sixth
(1/6), respectively, of the amount of serial obligations which will
become due and payable on the next annual or semi-annual principal
maturity date, respectively, and (c) one-twelfth (1/12) of the
mandatory Sinking Fund installment required to be made on the next
annual payment date or one-sixth (1/6) of the mandatory Sinking Fund
installment required to be made on the next semi-annual payment date
into a "Sinking Fund", which is hereby created and established in
said Bond Service Account. Such payments shall be credited to a
separate special account for each series of term obligations out-
standing, and if there shall be more than one stated maturity for
2/21%78
5
r y? y •s'?tL.iK,.+ :xd• '?c" •?rcdi.?+r..? ?i. .. .. '- it,
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term obligations of a series, then into a separate special account
imffw? in the Sinking Fund for each such separate maturity of term obliga-
tions. The funds and investments in each such separate account shall
be pledged solely to the payment of principal of the term obliga-
tions of the series of maturity within a series for which it is
established and shall not be available for payment, purchase or
?y
f
} redemption of term obligations of any ether series or within a
series, or for transfer to the Bond Service Account to make up
any deficiencies in required payments therein. The mandatory Sinking
} Fund installments may be due either annually or semi--annually, but in
any event, the required payments as set forth above shall be made
t
monthly commencing in the first month which is six (6) months or
f twelve (12) months, as the case may be, prior to the date on which
the Sinking Fund installment is required to be made pursuant to
5
€, (c) above.
Upon the sale of any series of term obligations, the
Issuer shall, by resolution, establish the amounts and maturities
of such mandatory Sinking Fund installments for each series, and if
$x
there shall be more than one maturity of term obligations within a'
f series, the mandatory Sinking Fund installments for the term obliga-
tions of each maturity. In the event the moneys deposited for
retirement of a maturity of term obligations are required to be
invested, in the manner provided below, then the mandatory Sinking
# Fund installments may be stated in terms of either the
y principal
amount of the investments to be purchased on, or the cumulative
amounts of the principal amount of investments required to have
been purchased by, the payment date of such mandatory Sinking Fund
installment.
Moneys on deposit in each of the separate special accounts
in the Sinkinq Fund shall, be used for the open market purchase or
the redemption of term obligations of the series or maturity of
term obligations within a series for which such separate special
account is established or may remain in said separate special account
and be invested until the stated date of maturity of the term obliga-
tions. .The resolution establishing the mandatory Sinking Fund
--24-
?s Qrd41761
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v t ' {`• f ?U 'sysy'; r,. ryya ?S Y - ' - .SyY ' H f r'.
_ 11
z1 ?• 4A ? ?;s! ?.??? {?,. ,•x"{i?` ?.??tid???`,L? ?t"t"i'???? ,G;,•7?y`?t.,'?' ? ,i , ryrF?
! .+1 ????? ? 11. .r.+?. {7 aiw; f,iJn,r .. ??`A`; ?., is ?- 17'•, i??:T S ?+' #
SI,?' ,?r €. fr'.I Y .+; v y, 1 ?. s ,y; •, ?.4•.F. 4th.,, 'z•y?? r s?:? ; 1
s ? S.? r' R?i ?: ? ?.?/ ct'y?YF ;v1'•,tS';??,; ? ?` r tC ???? ,4 ? ! ,
r0 r. J p:'''..:5• r.,.., y.rr! S r '>. a 7^'. F.., . 4:r •
]. 3.. { f?fir 4 ?,,I ,Fe. r*?zat?, f. .44 r.?ijy ?.•y':?<? •Fti r +t
'N.
?'- •f 1111 1 r, 1 ' ?'•i
Y
i i• '°Z l A ?'? Y? ?? F ! ,1# T
';,I,.
installments for any series or maturity of term obligations may
•I' P .
FM
E
o moneys to an oreof the use '
limit the use of s set forth
more
Y one or
in the
.• ? ?p? preceding sentence and may specify the type or types of
investments permitted below to be purchased. 4
{3) Moneys remaining in the Revenue Fund shall next be
applied b the Issuer to maintain a Reserve Account, which Reserve
Account is hereby created and established, in a sum. equal to and,.
t. r La sufficient to pay the maximum bond service requirement on all r,,:;:.-: n.f •:: ,: .
• J ? t,???r,. outstanding obligations becoming due in any ensuing fiscal year, ,, ?? , -i??;i:•?r''" ,,,
all or a portion of which such sum may be initially provided from
?? ??,!°.?, ?...'?,;s?.' .., ; ' ?•su<?-' the proceeds of the sale of the obligations and/or other moneys of V
?' dl ?aJ??1." Sr;?7.}Q"???;F Tt..• ..' ft?. e-4 t .tl
??r• ,? : v„: the Issuer. The Issuer shall thereafter deposit into said Reserve( ,
1,d}4'g sy: F k !' '. • Account an amount equal to one--twelfth (1/12) of twenty per cent
uMx?.? ?xrzyr (20%) of the difference between the amount, if any, so deposited
upon the delivery of the obligations and the amount of the maximum }
c • bond service requirement on all outstanding obligations becoming .a
due in any ensuing fiscal year. No further payments shall be
rr required to be made into such Reserve Account when there has been
deposited therein and as long as there shall remain on deposit
therein a sum equal to the maximum bond service requirement on all
-i? outstanding obligations becoming due in any ensuing fiscal year. ?.
Any withdrawals from the Reserve Account shall be sub-
sequently restored from the first moneys available in the Revenue
Fund after all required current payments into the Bond Service
• f'" n Y.j
r Account and the Sinking Fund therein and into the Reserve Account,:.'
including all deficiencies for prior payments, have been made in
full.
Moneys in the Reserve Account shall be used only for the
purpose of the payment of maturing principal (including mandatory
sinking fund installments) of or interest on the obligations when
the moneys in the Bond Service Account are insufficient therefor,
and for no other purpose. Upon the.issuance by the Issuer of any
additional parity obligations under the terms, limitations and
conditions provided in this ordinance the-payments into the
Reserve Account shall be increased so that the amount on deposit
r'
-21-
?' '•.l tfb• ';ih Sl:• y l ?.:? ?,i• s4\;i^. E" r. 'y ;µ;t. •'
'•I iir.P1 N•'. .I'."?
I!,> r r
2/21/78
6 4
k
?j
V¦
4. ?
t;
? t {f
i
therein shall be equal to the maximum bond service requirement on
a11 obligations outstanding and to be outstanding.
Whenever the amount on deposit in the Reserve Account
exceeds the maximum bond service requirement on all obligations then
outstanding, the excess may be withdrawn and deposited into the Bond
Service Account or the Sinking Fund therein.
The Issuer shad not be required to make any further pay-
ments into the Bond Service Account, including the Sinking Fund
therein, or into the Reserve Account when the aggregate amount of
moneys in such Bond Service Account and the Sinking Fund therein,
and the Reserve Account are at least equal to the aggregate principal
amount of obligations then outstanding, plus the amount of interest
then due or thereafter to become due on such obligations then
outstanding.
(4) The Issuer shall next apply and deposit the moneys
in the Revenue Fund into a special account to be known as the
"Renewal and Replacement Fund", which fund is hereby created, The
Issuer shall deposit into such Renewal ind Replacement Fund an
amount equal to one-twelfth (1/12) of five per centum (5%) of the
gross revenues of the system for the previous fiscal year, or such
other amount as'is certified as necessary for the purposes of the
Renewal and Replacement Fund by the consulting Engineer. The
moneys in said Renewal and Replacement Fund shall, be used only for
the purpose of paying the cost of extensions, enlargements or '
additions to or the replacement of capital assets of the system and
emergency repairs thereto. Such moneys on deposit in such Fund
shall also be used to implement the Reserve Account if necessary in
order to prevent a default in the payment of the principal of and
interest on the obligations.
(5) Amounts of special, assessments on deposit in the
Assessment Fund, if any, with respect to any additional parity obliga-
tions for payment of which such special assessments have been pledged,
shall be used,.on or before the end of each fiscal year, for payment
into the Bond Service Account, including the Sinking Fund and separate
3'.
?„? ` Ord :.' 417r• .
-22-
2/21/78
LIC Shy •Si '.?C' ?`_'t. Is?'13
MP
0
dw
r
®A
?Y
• e y c
special accounts therein and the Reserve Account of amounts required
f+??
to be paid therein with respect to any additional parity obligations
for payment of which such special assessments have been pledged and,
h
to the extent of such payments in each year paid into such funds and
y
accounts from said Assessment Fund the amounts of revenues required 1,
'
I
to be paid therein from the Revenue Fund may be reduced accordingly,
= .:.
. '.;
..
i
h
i
i t y
?
t•''
'
:"''-
} n
n t
e Revenue
(6) The balance of any moneys rema
ng ,,,
•. '
Fund after the above required payments have been made may either
V
be deposited into either the Renewal and Replacement Fund or the 1,! i'x e??wlyr `?fi ii i•A Z.. ea
v?Y,, 3r :.
b
d f
i
h
d
i
h
ce Account, or may
Serv
e use
e Bon
or t
e
nking Fund in t
S
bli
b
d b
I
i
f
i
th
d
gat
ons, or may
e use
y
ssuer
empt
on o
o
e
purchase or re
for any lawful purpose of the Issuer.
t
d M
i
F
d
th
B
d S
i
ti
O
un
a
n
enance
,
e
on
erv
pera
on an
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(7) The
r Account and the Sinking Fund therein, the Reserve Account, the '
Renewal and Replacement Fund, the Revenue Fund, the Assessment
Fund, the Construction Fund, and any other special'funds herein
established and created shall constitute trust funds for the purposes R
provided herein for such funds. All such funds shall be continuously
secured in the same manner as state and municipal deposits are required y;
to be secured by the Laws of the State of Florida. Moneys on
0 b
i
t
d
d
-
f
d
d
i
i
accounts may
e
nves
re
un
s an
e
an
n any of such
depos
t
invested in Authorized Investments.
Investments made' with moneys in the Construction Fund,
~?;.rf• .. the Revenue Fund the operation and Maintenance Fund, the Bond
4 Mfr Service Account (except the Sinking Fund and accounts therein) and 'h
R,fx the Assessment Fund must mature not later than the date that such y R F
moneys will be needed. Investments made with moneys in the accounts
in the Sinking Fund in the Bond Service Account, in the Reserve
Account and in the Renewal and Replacement Fund must mature, in the 4..?
case of the accounts in the Sinking Fund not later than the stated 5' ?•
date of maturity of the term obligations to be retired from the
F.
accounts in the Sinking Fund from which the investment is made, in
the case of the Reserve Account not later than the final maturity of
any obligations then outstandingi and in the case of the Renew-1 and
?4 ,,? Ord.`h76]. 2/21./78
rr
h.sr i{• ~?,Y_ Y s,q•.v°„ •'!" •lY` ? ?. ' 3 ,.. t rh : ? t "# • ?'`?' ",try ,
?, ?rL ieM1jj,y, lf,? ?!``"t.??ttt:, `J:`:?Fti; • i. :!'':.;. , ? }'r.` ,, , ?'?: ,
0
R?6?R!+•9?i?,. 4?'. ., It??'if r ,_?: ?..i' ?. ?. •.n s ,r,,? ?'i: i.: ?.?, a yf';.:
4
!` [y?' 1'• ?d yj
is • ?e•s? NIT cs ?j ?'??'f;?. • ,? . ?>i ????r?,•?:?c?#?rt •l?,y ??,.. V ?'#s,? ?,` ? 1
,? "•
"kGr.}%;1'??'?{4;2 "•C S.! q'dJ .,s'; . k.•?.?k?°J.{:..`y';\i rt: ri'?; ?."<'.. ks':r. 4) ?•d?? <` wr. J
z,
f
Replacement fund, not later than such date as shall be determined by
the Issuer. Any and all income received by the Issuer from all such
investments shall be deposited into the Revenue Fund, except however,
that investment income earned in the sinking Fund may be retained
therein or deposited into the Bond Service Account and used to pay
maturing principal of and interest on the obligations, at the option
of the Issuer.
The cash required to be accounted for in each of the fore-
going 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 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 funds and
accounts as herein provided.
The designation and establishment of the various funds
in and by this ordinance shall not be construed to require the
establishment of any completely independent, self-balancing funds
as such term is commonly defined and used in governmental accounting,
but rather is intended solely to constitute an earmarking of certain
revenues and assets of the system for certain purposes and to establish
certain priorities for application of such revenues and assets as
herein provided.
D. OPERATION AND MAINTENANCE. The Issuer will maintain
the system and all parts thereof in good condition and will operate
the same in an efficient and economical manner, making such expen-
ditures for equipment and for renewals, repairs and replacements as
may be proper for the economical operation and maintenance thereof.
E. RATE ORDINANCE. The Issuer has enacted or will
enact a rate ordinance and thereby will fix, establish and maintain
such rates and will collect such fees, rentals or other charges for
the services and facilities of the system and revise the same from
time to time whenever necessary, as will always provide revenues in
each fiscal year sufficient to pay the cost of operation and mainten-
ance of the system in such year, one hundred twenty--five per centum
-2a--
r,}s% Ox 41751
PFTUI-.t.6'jd>4 r"Sl.,s,}kip"'•;, ;?. .Y „:'
`_4t+. 4l1 p ?V` ?r,?rp °`?t'tf i t .:.. •, h', . ]?
2/21/76
.s fit..
i < .s'!s as ,t
S '•i' i `, t i r3 i.?.?t?f,44,C.c?a`r•V.
¦
Am dw
'a
.r
5.:
IM
0 y r''
a.Y'.?. i.. • iY..'. +? 4 'S ?r . i ?.: r. * -.?„k'?iy, iA i .3}W.Ya{S?'..E?1
' 1 ? 1 J
1 ?y
(1258) of the bond service requirement becoming due in such year on
1
the outstanding 1978 Bonds and on all outstanding additional parity
- "` obligations, plus one hundred per centum (100%) of all reserve and
other payments required to be made pursuant to this ordinance. Such
??i?CZ r nyF
rates, fees, rentals or other charges shall not be reduced so as to
be insufficient to provide revenues for such purposes.
j ?' i yA
F. BOOKS AND RECORDS. The Issuer shall keep books and
S1 ' S YrY
ty???tfS i e??'`' records of the revenues of the combined system, which such books
y".
>... and records shall, be kept separate and apart from all other books,
jy?;(„YIwE,`" yr ,3;,,,•t? records and accounts of the issuer and any holder of the obligations
r r L??`l??ti•iki?T 5.43 E' ?i?.y t.3
shall have the right at all reasonable times to inspect all, records,
'??I ?Mr?e4? ?E ? ?rJ?r ? Y?yY'.
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 system
and to the collection of the special assessments to be properly
audited by a recognized independent farm of certified public account-
ants and shall make generally available the report of such audits to
any holder or holders of obligations.
H. NO MORTGAGE OR SALE OF THE SYSTEM. The Issuer
irrevocably covenants, bands and obligates itself not to sell.,
lease, encumber or in any manner dispose of the system as a whole
until all of the obligations then outstanding shall have been paid
in full as to both principal and interest.
The foregoing provision notwithstanding, the Issuer may
sell or dispose of, for fair market value, any properties or parts
of the system which the Consulting Engineer shall certify in writing
are not necessary for the continued operation of the system and that
the sale or disposal of which will not adversely affect the revenues
to be derived from the system to such an extent that the Issuer will,
fail to comply with the covenants contained herein, including Section
15(E) hereof.
The proceeds derived from any sale or disposal of any
properties or parts of the system as provided for in the above
paragraph shall, in the discretion of the Issuer, be (1) deposited
41 1.1k
2/21/78
}llij ?r 3y•w?. jr..
jj
Ss'Yji:t.
I.
t
W
lit'
01-11??'T-?`-1111 tti 1
in the Renewal and Replacement Fund and used exclusively for the purpose
of paying the cost of extensions, enlargements or additions to, or the replace-
ment of capital assets of the system and for unusual or extraordinary repairs
thereto, or for the construction or acquisition of additions, extensions and
improvements to the system, or (2) for the purchase or retirement of the
obligations then outstanding. However, if the Consulting Engineer certifies
that proceeds are necessary for the purposes stated in part (1) above, such
proceeds shall remain in the Renewal and Replacement Fund until such
certified requirements are satisfied, and the proceeds shall not be used
for any otherpurpose allowed by this ordinance.
.
'f 1 I. INSURANCE. For so long as any of the obligations are outstanding,
the Issuer will make adequate provision to maintain fire and windstorm
insurance on all buildings and structures and properties of the system which
are subject to loss through fire or windstorm, public liability insurance, and
other insurance of such types and in such amounts as are normally carried in
the operation of similar public and private utility systems within the State of
Florida. Any such insurance shall be placed with nationally recognized and
reputable insurors or under State approved and authorized self insurance
programs or any combination of both and shall be carried for the benefit
of the holders of the obligations. All monies received for losses under any
such insurance, except public liability, are hereby pledged by the Issuer
as security for the obligations, until and unless such proceeds are used to
remedy the loss or damage for which such proceeds are received, either
by repairing the property damaged or replacing the property destroyed
within ninety (90) days from the receipt of such proceeds.
T. NO FREE SERVICE, The Issuer will not render or cause
to be rendered any free services of any nature by its system, nor
will any preferential rates be established for users of the same
class. This covenant shall not prevent individual contracts with
other governmental entities for the wholesale delivery of services
of the system. The Issuer, including its departments, agencies and
Ora #1761:;..'. 2/21/78
r *, rte. ;''i??
,; }A
? Y
}' C:^s'?.L.?-ia y?:? :YP e?F :? a'S^ ;?: •?,: SSA C:''i?? :`. ..e%. •r•'?1 l?'.?x.., Jr, ?. iJ.n '!..
i ?1kk?WWit?f 'l`.?`±`i?,Y?': ""? 7?..1•?(,1.??.•r ,N_ r?lf} , ?\•;?eY ? `_?' ?.
';ta:'t.'t?•s':`Y?j'?t`r;?'"3'?'''4???"'?°' ?"•j:'??z'`Y?:?. :?#:,i.. _ .s " ,. ? r?
¦ll
'4.
a= R.?r.i r^
1 1
1 1 , 1
instrumentalities, shall avail itself of the facilities or services
provided by the system or any part thereof, and the same rates, fees
or charges applicable to other customers receiving like services
under similar circumstances shall be'charged to the Issuer and 'any
such department, agency or instrumentality. Such charges shall be
paid as they accrue, and the Issuer shall transfer from its general
funds sufficient sums to•pay such charges. -The revenues so received
shall be deemed to be revenues derived from the operation of the
system and shall be deposited and accounted for in the same manner
as other revenues derived from such operation of the system..
K. ENFORCEMENT OF COLLECTIONS. The Issuer will diligently
enforce and collect all fees, rentals or other charges for the ser-
vices and facilities of the system and take all steps, actions and
proceedings for the enforcement and collection of such fees, rentals
or other charges which shall become delinquent to the full extent
permitted or authorized by the Act and by the laws of the State of
Florida.
The Issuer will, under reasonable rules and regulations,
shut off and discontinue the supplying of the water service and the
sewer service of the system for the non-payment of fees, rentals or
other charges for said water service or said sewer service, or either
of them, and will not restore said water service or sewer service, or
either of them, until all delinquent charges for both water service
and sewer service, together with interest and reasonable penalties,
have been paid in full.
L. REMEDIES. Any holder of obligations or any coupons
appertaining thereto, issued under the provisions hereof, or any
trustee acting for the holders of such obligations may, either at
law or in equity, by suit, action, mandamus or other proceedings in
any court of competent jurisdiction, protect and enforce any and
all rights, including the right to the appointment of a receiver,
existing under the laws of the State of Florida or granted and
contained herein, and may enforce and compel the performance of all
duties herein required or by any applicable statutes to be performed
by the Issuer or by any officer thereof.
VA
-27-
?.. Ord. 01761 2/21/78'
r.
wX
go `77
a
7 7 77
??' f;?? +,' iS,?w?i. ,.;litk!`•?."5'^?;?'?l?i:??,'. ? `.5 „i . ,1: .r ?.j"i ?. .. ? - t P' .itnr; ??,' °,' , .•?•?•. `1,??..,'t,.?yy t
's?,?JS-Ls,?l?a, Yt?lffl???wx;?1?+?,?,?;,s`•':?•r'i?`S•'.ik ?'_•.V4? ? R ?,?
1?. .'! ? F•??`',?•. hY?1 .?f S1'4ry.4.['?H?"l?T. ? r < .. f , ;R
/-
;,•'"t i ti r..t; •?} Yet; .
??i __--.? iR4 r'$!5? .`*c"?`;I.?+?p'S5'!?f?•d.,';'l,.'??,s.:r+„"Ssa" :?`"+et%f,?'•r'
''? L ? '7t '? , ?', .,, Jti 'k f"y- NL ? ' ?'? ? tip. .{? ?+? ,S.• • -
F. a?lQ
1' :r° ? •????r? bT`.S? `y C;r`T Fk, yy Y+ ;?N "
+ hl ? rV"4 o- f• ti i+,a? ', aY. S r? ?Cr? i' {r },?` t?:hA,' i:{ A t
_.,
?T.t 1e..}}' R"1: 4(,Jr. ?.'?s ? .?° ??<i•1, j?,`a,t"., sr. •, t ?,..???gii?.!M1?'.'i''7,?`f`?•,a t t
?•t? `y?^,:jL?T`;fi i??+?'?'9a ?j,;H?A".?:?''?ivti^?ralnr., :.E ?s ? s, ,:a'F"'- j:?r:'? .t•..? .tra.• ' i3"f. ? tt• i ?n
Nothing herein, however, shall be construed to grant to
y r)I Z,
(1y1y. "?a•.Qj`iy{ any holder of such obligations any lien on any real property of the
i?'3 ,+. ?. ??z•,r ..;;?•?a..,1..: Issuer.
M. CONSULTING ENGINEERS. The Issuer will retain an
K
independent consulting engineer or engineering firm having a
favorable reputation for skill and experience for the design,
construction and operation of systems of comparable size and
he systemr for the purpose of providing the Issuer
:''rx??A???"??.??.?.?,.t.:..?,c?;?•:.character as t
t r c•+
competent engineering counsel in connection with the making of the
M. ' capital improvemanis The Issuer may, however, employ additional
-:? ? '``°, ,.'';'?;?•?,;, •,?" •d ;'
,,t; „engineers at any time with relation to specific engineering and
Mxi•?%.Poperation problems arising in connection with the system.
N. CITY MANAGER REPORTS. On an annual basis, within 45
?r?;-,,.41?;,-?`q;-?'?.? '?•? ,? days of the receipt of the annual audit of the system provided for
y"+nl}t y M1 e
above, the Issuer shall cause to be prepared by the City Manager
'? S a F r
r .ysi k ?,s ? #a
a report or survey of the system with respect to the management of
the properties thereof, the sufficiency of the rates and charges for
services, the proper maintenance of the properties of the system and
the necessity for capital improvements and recommendations therefor.
•`.. I , ,. Such a report or survey shall also show any failure of the Issuer
,`?, to perform or comply with the covenants herein. contained, including
.`• rep: those contained in subsection I above.
In the event that such annual, report reflects that the
rates and charges for services are insufficient to protect the
rights of the bondholders then the Issuer shall take such steps as
{ r .S:
' are required by law to raise the rates and charges for services.
In the event that the annual report indicated that the rates and
charges for services should be increased substantially pro rata as
to all classes of service, then, to the full extent permitted by
law, the Issuer shall raise the rates and charges for services
without the necessity for notice or public hearing.
0. NO COMPETING SYSTEM. To the full extent permitted by
law the Issuer will not grant or cause, consent to, or allow the
granting of any franchise or permit to any person, firm, corporation
•?j
A .
.. ,'i : : Qrd '#1761
! ? Syr .?u??. r::??`:xc.?.;;. its •Ls' a., '". ; j
i r..?,•, •'?'t?"'-? '{{{?'t„+f 4, {. y_a 7.`,?. e.: •t Vii:'; „'?
28-
2/21/78
' ? Ott
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t,, <
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b. ?
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a i
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ilk
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or bony or agency or instrumentality whatsoever for the furnishing
of water or sanitary sewerage services to or within the service area
of the system, if determined by the consulting engineers to be
materially competitive with the system and adversely affecting the
revenues derived from the operation thereof.
P. ISSUANCE OF OTHER OBLIGATIONS. The Issuer will not
issue any other obligations, except under the conditions and in the
manner provided herein, payable from the revenues of the system 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 1978 Bonds and the interest thereon
upon said revenue,. Any other obligations issued by the'Issuer in
addition to the 1978 Bonds or additional parity obligations provided
for in subsection Q below, payable from such revenues shall contain
an express statement that such obligations are junior and subordinate
in all respects to the 1976 Bonds as to lien on-and source and
security for payment from such revenues.
Q. ISSUANCE OF ADDITIONAL PARITY OBLIGATIONS.'Additional
parity obligations, payable on a parity from the net revenues of the
system with the 1978 Bonds, shall be issued only for the purposes
of refunding a part of the outstanding obligations or financing the
cost of extensions, additions and improvements to the system and for
the acquisition and construction of, and extensions, additions and
improvements to, sewer and/or water systems which are to be'consoli-
dated with the system and operated as a single combined utility.
Additional parity obligations,•other than for refunding purposes,
shall be issued only upon compliance with all of the following con-
ditions%
(1) The net revenues derived from the system (called
"System" for the purposes of this subsection Q during any twelve
fg
(12) consecutive months out of the eighteen (18) months immediately
preceding the issuance of the additional parity obligations, plus
the net revenues derived from any existing sewer and/or water
system which is to be acquired from the proceeds of such additional
parity obligations, during such twelve (12) month period, shall be
at least equal.to one hundred fifteen per centum (115%) of the
s.;. , -29-'
Ord,.:. #1761 2/21/78
til.!•..'ti _ i. .. 1" _ "!'i. v,MN ..'f' ,tr4 .'•fi ? rig. y.. ,..?;N?.f.?l
d .?'. i s'y?;x?w ?`'tibr!IC?t? #? ? ' ' ?E • .. . r. _ ?;?7",,.. ..4z` , y.r'fr . •i'?`
f •'? S ? 5.?1, i? i. s .'`r; .: n I':Lt.'i 4 •r ', s ,,?' ,a`' 1.,
xy, ; rti. ,? ? ,,??bi, .?+Fe?,`',Z+,;? ii..rtsl ?'1•.°...,.:f'' ''' • ,st .. '
,
•f
401
s l
H UNAi12
maximum bond service requirement in any succeeding fiscal year on the t
1978 Bonds then outstanding, any additional parity obligations theretofore „.k tk; ;,; ;k fir
issued and then outstanding, and the additional parity obligations then
proposed to be issued. "•h; r a 3 ;: s
(2) The net revenues derived from the eystem during any twelve (12)
consecutive months out of the eighteen (18) months immediately preceding
.
.. ,.rte hl
?
the issuance of said additional parity obligations, plus the net revenues
derived from an existing sewer and/or waters stem which is to be acquired
from the proceeds of said additional parity obligations, plus the average
annual amount of net revenues which the Consulting Engineers shall estimate,
in a certificate filed with the City Clerk of the Issuer will be derived solely
from any additions, extensions or improvements to the System to be financed
with the proceeds of said proposed additional parity obligations during the
three complete twelve month periods immediately succeeding the completion
of such additions, extensions and improvements, shall be at least equal to
one hundred thirty-five per centum (13556) of the maximum bond service
requirement in any succeeding fiscal year on the 1978 Bonds then outstanding,
any additional parity obligations theretofore issued and then outstanding,
and the additional parity obligations then proposed to be issued.
The Consulting Engineers, in estimating such net revenues to be
derived from such additions, extensions and improvements in ouch three
complete twelve month .periods'imniediately succeeding the completion
thereof, may take into account any increase in rates for the services and
facilities of the System put into effect prior to the issuance of such proposed
additional parity obligations provided, however, that the Issuer, in the
proceedings authorizing such additional parity obligations, shall have
covenanted that it will not thereafter reduce such rates unless such rates
as so reduced will, in the opinion of the Consulting Engineers, produce
revenues during the three complete twelve month periods thereafter at
least equal to one hundred thirty per centum (130°116) of the maximum bond
service requirement in any fiscal year thereafter on the 1978 Bonds, including
any additional parity obligations hereafter issued as provided herein, any other
TV's 7.
-30-
2/21/78
L 4
a
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._ - ^;rt; ?, ik?3x3?S;f•FY "r•ybS Y?:.?...,• i'y:h ?•.;4:r,;. '4;,f,. - •?:' t:?
N 4;
Bonds or other obligations payable from the revenues of the System,. '
# and said proposed additional parity obligations, and one hundred per
=?b centum (100%) of the cost of operation and maintenance of the T
-System, and all payments required for the Reserve Account for the
obligations issued hereunder and the Renewal and Replacement Fund in
i
such fiscal year.
?,? t ? ;si.tr In the event an existing sewer and/or water system shall
be acquired and financed ith the issuance of such additional .....?,??r. .
•'!t t `??4?MS4t? :;ft' f''`=1 .Trf^?i?{{''? '?;y.? °+'?;
parity obligations, the net revenues derived from such existing
acquired system during the twelve (12) month period referred to
above, shall be determined by deducting from the gross revenues,
as defined herein, of said existing acquired system, the operating
expenses, as defined herein, of said existing acquire? system during
such twelve (12) month period, so that the net revenues of such
existing acquired system for such twelve (12) month period will be
computed on the basis of the usual practice of computing net revenues
for municipally owned sewer and/or water systems regardless of the
method of accounting for revenues actually used for said existing
acquired system prior to its acquisition by the Issuer. Such
computation of the net revenues derived from said existing acquired
system for such twelve month period shall, for the purpose of this
Subsection Q, be approved by a qualified and recognized certified
public accountant and the Consulting Engineers.
(3) Each ordinance or resolution authorizing the issuance
of additional, parity obligations will recite that all of the cove-
nants herein contained will be applicable to such additional parity
obligations.
(4) The Issuer shall not be in default in performing any
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.
R. COMPLETION OF PROJECT. The Issuer will complete the
project in an economical and efficient manner and with all practi-
cable'dispatch. Thereafter, the Issuer will maintain the system in
flood condition and continuously operate the same in an efficient
--31-
'r??; 2/21/78
.TV, ?,f' rk'. ,t-:.F' ?.?:1,' 45:3.°i' Ir'. `,r
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fi Y S Y `+-'1 i3?t. of 7A'• '.t .;,..., s..
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manner and at a reasonable cost.
5. APPLICATION OF REFUNDED BONDS FUNDS AND ACCOUNTS.
All moneys in the funds and accounts created by the ordinances
which authorized the issuance of the Refunded Bonds may, in the
discretion of the Issuer, be transferred to and deposited in the
like funds and accounts created by this ordinance or may be used
by the Issuer, in whole or in part, to effect the refunding of the
Refunded Bonds, as evidenced by a certificate of the City
Manager directing such transfer and use. All funds and accounts
created by this ordinance may be held by more than one depositary in
the discretion of the Issuer.
SECTION 16. APPLICATION OF PROCEEDS OF OBLIGATIONS. All
moneys received from the sale of the 1978 Bonds shall be deposited
by the Issuer in a special account in a bank or trust company and
applied by the Issuer as follows:
A. All accrued interest shall be deposited in the Bond
Service Account and used solely for the purpose of paying interest
on the 1978 Bonds.
B. A sum which together with, at the discretion of the
Issuer, moneys on deposit in the Reserve Account for the Refunded
Bonds, will be equal to the maximum bond service requirement an the
1978 Bonds becoming due in any fiscal year may be deposited into
the Reserve Account, at the option of the Issuer.
C. To the extent not reimbursed or paid by the original
purchaser of the 1978 Bonds, the Issuer shall pay all costs and
expenses in connection with the preparation, issuance and sale of
the 1978 Bonds.
D. A sum specified in the Escrow Deposit Agreement
which (1) together with the net proceeds of the sale of the 1978A
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, premium, if any, and interest
on the Refunded Bonds as the same shall become due or are redeemed,
as provided by subsequent resolution of the Issuer, and such sum
t
k
-32-
.417 61
?`? Arm i f fit, lY:;t . ' r, -.?.• .ti,
???}- R'?,?tdL??? ;,ti'?•? ?F f?Fj{ ?5?1 1? ..y i4. .r.r 1 .
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2/21/78
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...H1.rnM°•?IbA???t.S?;SY.R??'•J +s1`',^
?r .
i
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ee,•.A -,V V. yp- j ..........•
O-V
,4.J? Eya ? E..?.?--'r,??r?'?4x1+??? "ti'`?'.y?+?'?•t;'M ??b{•^?,. ?fi CF, E }
$ "lE '' °' a+ 1+tY r Y.? Es i : ?j" w?? i ,d , ry( fL ?C' '1?? ?-?}ySF;x''})K ?l' * t
it ` y ? ?? ,. `f.•%r'.? r?.,??=?;,4:'t ?, ? n ..?, ? ,. , , • ? ,
+ ?. J
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(2) together with the net proceeds of the sale of the 1978A Bonds
and the other funds described in the Escrow Deposit Agreement to be
6? .
deposited in escrow, and together with the Escrow Deposit Income,
will be sufficient to make the payments described above and to pay
the principal of and interest on the 1978A Bonds'as the same shall
become due, and to pay the expenses specified in the Escrow Deposit
i?
Agreement, shall be deposited into the Principal. Account and the
m
Income Account established in the Escrow Deposit Agreement, in the
i•
respective amounts sufficient for such purposes.
Such funds shall be kept separate and apart from all
other funds of the issuer and the moneys on deposit therein shall
be withdrawn, used and applied by the issuer solely for the purposes
set forth herein and in the Escrow Deposit Agreement.
Simultaneously with the delivery of the 1978 Bonds to
the purchaser thereof, the issuer shall enter into an Escrow Deposit
Agreement, in substantially the form attached hereto, with a bank or
trust company approved by the Issuer. Such Escrow Deposit Agreement
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 paragraphs (1) and (2) of Section 16D 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.
E. The remainder of.the proceeds shall be deposited in
the Construction Fund hereinafter created.
F. A special fund is hereby created, established and
designated as the "1978 Utility System Constructiom Fund" therein
called the "Construction Fund"). There shall be paid into the
Construction Fund the balance of the moneys remaining after making
all the deposits and payments rrovided for in paragraphs A to ?
above.
Such fund shall be accounted for separately from all other
accounts of the Issuer, and the moneys on deposit therein shall be
-33-
<ord A. ' 417 61
2/21/78
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+. 1
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akaY
Y/ withdrawn, used and applied by the Issuer solely to the payment of
the cost of the project and purposes incidental thereto, as herein--
: ? r? ._?? °•?jr`t
above described and set forth. If for any reason such proceeds-or
any part thereof are not necessary for or are not applied to the
ipayment of such cost, then the unapplied proceeds shall be applied
tp - a' and allocated by the Issuer into the Reserve Account to the extent
necessary to meet the maximum requirements thereof, and any balance
thereafter shall either be held in the Construction Fund to pay the
cost of extensions, additions and betterments to the Project upon
the certification of the Consulting Engineer that such-improvements
*? 'r'F? . r.1 F Y 1l ??5''t F
'h 4e.I} / FF .F 1'
are needed and are economically sound and feasible, or at the option'
t r+:
?, . X_?. ? ?of the Issuer, may be deposited into the Renewal and Replacement Fund,
*,? t'_4•ta?,''?:iyy? or at the option of the Issuer may be deposited into the Bond Service
r«v"??'; '?'z' F''?y, s???n?'?-• _ Account herein created. All such proceeds shall be and constitute
trust funds for such purposes, and there is hereby created a lien
upon such moneys until so applied in favor of the holders of the
Y
obligations.
Any funds on deposit in the Construction Fund which, in
the opinion of the Issuer, acting upon the recommendation of the
consulting engineers, are not immediately necessary for expenditure,
as hereinabove provided, may be invested as provided in Subsection
15C(7) hereof.
All expenditures or disbursements from the Construction
Fund shall be made only after such expenditures or disbursements
shall have been approved in writing by the Consulting Engineers.
The date of completion of the project shall be determined by the
Consulting Engineers, who will certify such facts in writing to the
Issuer.
SECTION 17. ARBITRAGE. No use will be made of the
proceeds of the 1978 Bonds which, if such use were reasonably expected
on the date of issuance of the 1978 Bonds, would cause the same to
be "arbitrage bonds" within the meaning of the Internal Revenue
Code of 1954. -The Issuer at all times while the 1978 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 applicable rules and regulations promulgated thereunder.
?`?.', ` • -34-
#1761 2/21/78
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- . - - ,:, s Fla .'"h"°'?7:T?'?' ??:`?- .;i ... •r . • W?sy''?1"?'?r'"?,?':?
?.. ? .... .+. -. .. .i, 7. ....?s•l1,;.?:.,.,. .. .. .el:..d?sti.,c?..C=.?1Li r:. ••S??tiR'? ????????::r'?s3?: :>??'t ?i?'?r.;!i=.?dii
f
SECTION 18. SALE OF OBLIGATIONS. The 1978 Bonds shall
be issued and sold in such manner and at such price or prices con-.
sistent with the provisions of the Act and the requirements of this
ordinance, all at one time or in installments, from time to time,
as the issuer shall hereafter determine by resolution; provided that
the first installment shall be sold and delivered only if the 1978A
Bonds are sold and delivered at the same time,' in an aggregate amount
sufficient to effect the complete refunding program described in
Section 3 of this ordinance.
SECTION 19. MODIFICATION OR AMENDMENT. No material
modification or amendment of this ordinance or of any ordinance or
resolution amendatory hereof or supplemental hereto may be made
without the consent in writing of the holders of two-thirds or more
in the principal amount of the obligations then outstanding; provided,
however, that no modification or amendment shall permit a change in
the maturity of such obligations or 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 obligations as the same shall become due from the
revenues of the system or reduce the percentage of the holders of
the obligations required to consent to any material modification or
amendment hereof without the consent of the holder or holders of all
such obligations; provided further, however, that no such modifica-
tion or amendment shall allow or permit any acceleration of the
payment of principal of or interest on the obligations upon any
default in the payment thereof whether or not the holders of the
obligations consent thereto.
SECTION 20. DEFEASANCE. If, at any time, the Issuer
shall have paid, or shall have made provision for payment of, the
principal, interest and redemption premiums, if any, with respect
to the obligations, then, and in that event, the pledge of and lien
on the revenues of the system in favor of the holders of the obliga-
tions shall be-no longer in effect. For purposes of the preceding
sentence, deposit of Federal Securities or Bank certificates of
-35-
-Ord. #1761 -- - -
7, 'P
2/2X/78
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W ?a' T• • ?? ?' ?4•^L a'??h ??w! ?: ~3i?i?.i.(i? .'jyv
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deposit fully secured as to principal and 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 or certifi-
cates of deposit, the principal and interest received will be
sufficient to make timely payment of the principal, interest, and
redemption premiums, if any, on the outstanding obligations, shall
be considered "provision for payment". Nothing herein shall be
deemed to require the Issuer to call any of the outstanding obliga-
tions for redemption prior to maturity pursuant to any applicable
optional redemption provisions, or to impair the discretion of the
Issuer in determining whether to exercise any such option for early
redemption.
SECTION 21. PUBLICATION OF NOTICE OF REFUNDING. Within
thirty (30) days after the delivery of the obligations and the 1978A
Bonds, the Issuer shall cause to be published one time in a news-
paper published and of general circulation in the City, and a
financial Journal published in the Borough of Manhattan, City and
State of New York, a notice of the advance refunding of the Refunded
Bonds.
SECTION 22. SEVERABILITY OF INVALID PROVISIONS. If any
one or more of the covenants, agreements or provisions herein
contained shall be held contrary to any express provisions of law
or contrary to the policy of express law, though not expressly
prohibited, or against public policy, or shall for any reason
whatsoever 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 obligations or coupons issued hereunder.
SECTION 23. VALIDATION AUTHORIZED. The City Attorney
is authorized and directri to prepare and file proceedings in the
Circuit Court of the Sixth Judicial Circuit of Florida in and for
i
-36-
t: °Ord'.' X1751
2/21/78
,d Nii.vlj l??`9:
,iy ?i??y.Fili.?`'h4.4dJ.'A •T/r4,•
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?•Mr4 r•M.?,?i4 tli.'?..i? w•.yY•r.. s' W, ?4?'?- +Y- ...• -.--..?'??b"1'VKY?.M?ww?r .I . •? . ?-.Y . MII +i
Pinellas County,. Florida.for the validation of the 1978 Bonds, and
the.proper officers of the Issuer are hereby authorized to verify
on behalf of the Issuer any pleadings in such proceedings.
SECTION 24. REPEALXNG CLAUSE. All ordinances or resolutions
or parts thereof of the Issuer in conflict with the provisions
herein contained are, to the extent of such conflict, hereby..superseded
and repealed.
SECTION 25. EMCTIVE DATE. This ordinance shall take
effect immediately upon its passage.
SECTION 26. PUBLIC NOTICE. Notice of the proposed enactment
of this'ardinanca has beau properly advertised in a newspaper of general circulation
in accordance with Chapter 166. 041, Florida Statutes.
PASSED ON FIRST READING
PASSED ON SECOND AND FINAL .
READING AND ADOPTED
AS AMENDED
Attu '
C Clerk'
February 16, 1978
February 21, 1978
GET/ G
Mayor- Conuniss' er .
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::..?.,' .,•".?;;L;>.`. Puhiirhsd Ontly OL.?
'r`=z:, , "TATS or Jf'LOAfD/{ Cfrarwatrr. Pinellas County i 1r•il ' ?" O ?Ce 8s?age,: w_ I
Jrr r: x,,
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or P111914LASI ¦?/?p¦F ¦?¦yA.,' :.?,r. { r ` ,.
f.L,•'' . •7{.:n/4;?M
oat
. olhal h be ulydarslgnad authority roonal: ORdIN ,"NO." 781: ;
h says VP °rart w. ANO O ,
d',°:,":: , .' 1!7 -`Y,.; • . pabllshr he Aurlnrrr Manager a! th. CI>,nrxaler sun°ul Harrca. 'Rho oa ?IN/IAICE AQIIVG TfIE' SEARA7'10??
d at Cirarwptsr in Pinellas Cou a dollDTTYP
• rlnrldat t daily n?+rapapo A•f t , 6 ROpEATI()R
' adn ntr tr'
•,.??^_ ,.-Liri•. r. ttle•rrrent, hrln that the atlnch• 'FTHEvi'YOF
a • , ?1o t:I.Q C. d , P CES A N A
SEWERAO .O?''RID8ER G .. WATER?i11YA ?
• ;`..;?:.?i' ? `,?'<'•:;;':' ?,:, ,, . .. I ........ . ... . .. . ... . . ... ...... .. , . , . , , , .. ... • .... PION AND A ?t UTNORIZINIa' CQN
rl" '=s,? `' ? , ,4 ''•'k`a-:.:,a ',. .4r...nc 6 . ...... . ..... . .... ... . . ....... AND I R CR ISl•ITON OF ADb1TI0N EX
.. ND U
FOR
ia?
d n•rttpapar in ttr? Peru F ? GTFi4. eras ?IDING00 UTILITY E REVENUE ISSUANCE BOO`.F'?NOT:'EXUEFe ?rn*H(
a:y :'• >,. ;: ; :; , •s or ebruaxy 24?„ 7978 Published In ! W }
CI Y TO RE APPLIED TIM TO P SEIIIES'?"0
O STAN DI INTEREST IN RESPECT'[ E$I t'
Afdant further says that AND S PAY Y, .
l t
"'r =?::,"w to 'L:a C sarrrnt•r. in .a he said Clsnrwat• OF LICA77ONS
id Pinellas Count r Sun is a newspaper SUCH ADDITIONS E AY'TNI??
.;`, .;•; ; : _ .; .: ,: hrrrtolorr been continuously Y• Florida, and that the said new
VA
r ?s.•t:: „`,r;?"?;?,''.?i?`?;3ti:.,, is has been ortIffito iq?hlishad in said Pinellas Count F published at M NNTS;G ROVIDING F?ORxTI;N? 'AND
spaprr has BLINDS TNE.I'AYMENT-OF.
:'? ' ;'1 ;i ''sE ' .tt ='?-, ,',• !lnallas County. 'na Florida as , s•c[orand n pario4 of one year next Post Office (n Glrarwat4 Pr. fn said TAIN SANITARY SEWE '??N?'OF ?A??..
:,,•r, ;t ?Y .??f } he alto ehrd copy of adrrrtirem•nt; and afilaor next Pr r DOE $Y$PEIY[ , jp?
lorr ptniled any person. firm or corporation any the neither at the this disc t¦, mrrris a bar paid PAND?A REEM >,., a'CER?!#IN
mrnt for bIlz o on or reload I. NG' I'^r'CONNEMON'
d newspaper. 7IiEPROVISIONS.HEREOF. fiflR'THE'SEpARABILI p
NC''ICE OF PROPOS LING' FOIL PRO ER
j:7].v wj?Jl
!Sworn to AN EFFECTIVE DATE, NTH AND PROWI)ING'
and euhsertArd brlorr m• --• • :..... PASSED ON FIRST
s4; i X9? 24Th • , day of F PASSED ON SPREADING, Feprtiliry °ia 1470: _ ?;
' `*"Rr,1 >~uarY ..... A.D. 1e,.78 ADOPTED AS AMENDED, Feb FINAL•.ItEADING:P
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