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ORD�NANC$ NO. 3674-�84
�
AN ORDiNANCE AUTHORI7.IN(3 THB CONSTRUCTION AND
ACQUiSITION OF ADDITION3, EXTBNSIONS AND
IMPROVBMBNTS TO TAE WATBR AND SANiTARY 3EWBRAO�
$YSTEM OF THB C1TY; AUTHORIZINCi THB RBFLINDIN{3 OF TSB
OUT3TANDINC3 UTILITY RBVENUE BOND3, SBRiffi 1976, pg
THB C1TY; pROVIAINQ FOR THB JSSUANCE O�+ NOT
$XCERDYN(3 �43�ODD,OOQ WATBR AND S�LYBR ftEVENUE BONDS,
3BRIE4 19$4, iSUCA BOND3 TO INCLUDE CAPITAL
APPftBCIATION BONDS WHICH WII,L MATURB IN A HI(3HPR
AMOUNT IN LIEU OF INTSRffiT) OF THB CITY TO BB APPLISD
TO PAY THB PRTNCIPAL AND 1NTBRE4T IN RES�BCT TO SAID
PRffiBNT�.Y OUT3TANDING OBLI(3ATIONS AND THE COST OF
SUCH ADDITIONS,� BXXTBN3ION8 AND IMPROVEMENTS;
PROYIDTNG FDR T�fB PAYMENT OF THB RE�UNDINC� BONDS
PROM THE REVSNUBS OF 3AID WATSR AND 3ANI'I'ARY
SBWBRA(�B SYSTBM, INCLIIDING COVEI+iAN'1'S AND
A[3RBEMENT3 IN CONNECTION THEREWITH; PROVIDiN{� FOR
THE SBVERAHILITY OF TH� PROYY,SYON3 HERBOP; PROYIDIN(3
FOR PROPBR NOTICE OF PROPOSBD BNACTMSNT; AND
PROVIDTNG AN B�'FECTIVB DATS.
BE FT ORDAIriED BY THE CI'I'Y COMMISSION OF TSE CFI'Y OF
CLEA,iiWATBR, FLQRIDA:
Section 1. AUTHORITY FOR T�DS OBDINANCB. This Ordinance is
enacted pursuan4 ta Chspter 186, Part n, Florida Statutes, and other applicable �rovisions
of law.
Seetion 2. DBFINITION3. The following terms sh�ll heve the following
meanings herein, unless the text .otherwise expressly requires. Words importing singular
nutnber shall include the plural number in eaeh case and vice versa, snd words.importing
persons shall ineiude firms and corporations. '
"Accreted Value" shall mea�� es of any date of computation with respect to
any Cspital Appreeiatian Bond, an amount equsl to the prineipal amount of such Capital
Appreciation Bond (t3�e principai amannt st its initial affering) plus t}se intcrest secrued
on sUCh Capital Appreeiatian Bond from the date of dellvery ta t�e original purchasers
thereaf to the Interest Payment Date next prece�ing the date af computation or the date
of camputation if an Interest �symenk Date, sUCh interest to accrtis at a rate not
exceeding the legal rate, eompo�tnded serni-ennually, plus, with respeat to matters r�lated
to the paymer�� upon redemption or aceeleration of the Capital Appreclatian Honds, if
auch date af eomputation ahsll not be an Interest Payment Date, a portian of the
difference between the Aeereted Value as of the immediately preceding Interest Payment
Dete and the Accreted Value as of the immediately s�teceeciing Intereet Peyment Date,
calculated based on the �ssumption that Aeereted VaIue aecrues during ar�y semi-ennual
period in eguai daily amaunts on the basis of Q 360 day year.
LKL-OB/OZ/84-836A�1250
Rev.O B/13/84
� Rev.Q7/11/84
Rev.07/18/84
s� . J, Rev.07/24/84
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"Aet" shal1 menn Chapter 188, Part II� Flarida StstUtes, and other r�ppllenblo
provisions of law.
"Addltlona� Bonds'r shall menn Bonds issued on a parlty with the 1984 HonBe
unc�er Secttan 18R h�reof.
"Amortixation Instellments" with respeet to e,ny Term Bonds of a series� shc�ll
mer�n an amount or �mounts so designated whieh is or ara estebltshed for the Term Honds
of sueh seric�s� provided that ii) each aucli installment shall hQ deemed to be due on suah
interest or, prineipal maturity date af each applieable year as is fixed by resoiution nf the
lssuer and shall be a m�Itiple of $5,000 principal arnount (or �5.00D Maturity Amount, in
the ease of C�gital Appreciation Term Bonds}, and (ii? the aggregr�t� of such installrnents
for sueh series �shall equal the eggregate principal amount (or �iaturity Amount, in the
ease af Capital Appreciatfon Term Bonds) of Term Bonds af such serles authentieated and
delivered on origtn�l issue�ncP.
nAuthorized Investmerits'� shall mee►n any of the follawtng if and to the extent
�the same are at the time legal for i�vestment of rnuniaipal fUnds: (a) direct obligations of
or obligations, tne princfpal of t�nd interest on which are uneondition�lly guaranteed by
the United Ststes of Ameriea; {b) bondsy debentures, notes or nther evidence of
indebtedness payable in c�sh iss�ted by e,ny of the following ageacies wf�ose ablfgations
represent f.ull faith �d credit of the United States of Amertce: the Export-Impoct Bank a�
t�e Uniter] States, the i�ederal Fit�sncing Hanks, Farmers Home A�ministrati�n, Marftime
Administration, Pubiie Huusing Authortty and the Government National Mortgage
Assoeiation; ic) certifieates of deposit properly secured �t all times, by callateral security
deseribed in {a} and {b) sbove. Sueh egreements are aniy acceptable with commereisl
banks, savIngs and loar� associat�ons, and m�tUal 98V1ng8 banks; (d) the i'ollowing
irnestments #ully ingured by the i�ederal Deposit Insurance Corporation ar the P�deral
SavIngs and Loan ]nsurance Corporation: (1) eertificates af depostt� (2} savIngs aceounts,
(3) deposit accounts, or (�1) depositary receipts of a bank, savings and loan associetior�s, •
�d mutual savings banks.
"Bondhold+er" ahall mean a registered awner af a Bond as ahowa on #he
registra#io� books oi the Reglstrar.
"Band Service Requirement" for any Fiscal Year, as applied to the Bot�ds ai
any serfes, shell mean the ssum o�':
(1) t�te amount required to p�y the interest beeoming due on the Sonds of
st�ch aeries durtng the �iscal Ye�r, except to the extent that auah interest shall have be�n
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pravided by payments into tha Sinking Fund out of bond pt�oeeeds far a speeifie pertod of
time or by pnyments of [nvQStrnent [ncome into the Sinktng �und from the Bond SQr�ice
Aecount or sny subaecounts therein.
(2) the amount required to pay the prinetpnl of Serial Bonds of s�sch serles
maturtng in aueh Fisagl Year.
(3) the Amortization Installments #or the maturitles of Term Bonds of gueh
series far suah Fiscal Year.
(4) In the event the Issuer has purche�sed or entered into an agreement to
purchase Federal Securities or Authorized Investments from moneys in the Bond Serviee
Ac�our�t, then the iacome received or tn be reeei�ed an such Federal Securities ar
Authordzed Inv�stments from the date of aequisidon thareof to tt�e date o[ maturity
thereof, unless otherwise des[gnated t'or other purposes, shsll be taken into considaration
in calculating the payments whtch will be reqUirec� to be made into the Sinking Fund and
the Bond Servlee Ae�ount therein. Whenever sc�ch income is appl�ed in calcu�at[ng a Aond
Service R�qutrement for any purpose, such ineome shall also be exelvded in ti�e
eomputation of Gross Revenues for sueh purpose.
"Honds" shall mean the Water and 5ewer Revenue Bonds, Series 1,984, here[n
authorized to be issued, together with any Additional Bonds hereafter issved under t�te
terms, eonditions, and llmitetions eontained herein. "1964 Bonds" shall �ean the Water
and Sewer Revenus Bonds, Series 1984, herein autharized.
"Capitat Agpreciation Bonds" shall meen the 1964 Bonds the interest an whieh
ie payable dnly at meturity or redemption, as determined by subsequent resolution.
"Capital Appree[atfon Term Bonds" st�all meen Capital Appreciation Bonds of a
series all. of which ahall be stated to mature on one date, whieh shall be subjeet to
retirement by operattart of the Boad Amortizatian Accaunt, and the interest on wh[ch is
payable only at maturity or redemption.
"Consulting Engineers" si�all mean suet� qvalified and recognized consulting
er�gineers, having a favorable repute for skill and experience in the eonstruetion and
operatlon oi such facillties as the System, at the time retained by the Issuer to perfarm
the aet� and earry out the duties as herein �rovlcled for Consult[ng Engineers,
"Cost o[ Operatian e�nd Mainter�eit�ce" of the System shall mean the current
expenses, paid or aecrued, of operatian, maintenanes and repair af the Systern ss
c�lculated in aeeordance with sound accounting praetiee, buE shell not inclt�de eny
reserves iar �enewals and repZaeemet�ts, for extraordinary repairs or any allowsnee for
depreeiQtion.
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"County�� shall meen Pinellas Co�nty, Fiorida, a politieal gvbdt�islon o[ the
stst�.
"Fs�row Depos[t Agreement" means t�at certain �scraw Deposit Agreement to
be entered into by and between the lssuer and a bank or trust company to be seleated and
rtemed by the Issue� prior to the del[�ery af the 19B9 Bonds, in substantinlly the forrr�
attached t�ereto as Exhibit A.
��Federal SecurIt[es" ahall rr�een oniy direet obligations of, ar abi�get[ons fully
guaranteed as to prineip�l and interest by� the United Statea of America.
"�`Iseal Yeas" shall rnear� the period commeneing o�ti pctaber 1 of eseh year
and ending an the sueceeding September 30, or such other period e,s is at the time
preseribed by law.
"aross RevenUes" shall mean ell income or earnir�gs, ineluding ar�y incame
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from the investment af f�nds �s herein provided, derived by the Issuer from the aperatian
af the System. ,
"Inereased Capaeity Reguirements'� means any inereased demand upon or usege
of the capitel faeilities of th� System resulting fr�m additional conneetions thereto, or
fram substantial changes to or in the use of propertjes conneeted Ehereto.
"Lssuer" shall me�n the City of Ciearweter, Flarida.
"Maturity Amount" means the arnount payable upon the stated maturity of e
Cepital APpreeiatian Bond equal to the prineipal amoUnt thereai pIus a;ll accrued interest
Uiereon from the da#e of issue to the date of maturity.
r'Maximum sond Service Requireme�t" shall me�n, as of any particular date of
raiculation, the greatest amovnt of aggregate Bond Service Requirements for the then
current or any future Fiscal Year�
"Net Revenues" of the System shell mean the Gross Revenues after deduetior�
of the Cc�st of Operation and Mafntenance.
'rpayment Date�' shall mean, with respect to payment to the Bondholders of
principal or interest on the Bonds, or wlth respeet to the rnendatory �mortization of T�rm
Bonds, the date upon whieh payment of such prtncipal, interest or Amartization
instellm�rnt is required to be made to the Payin� Agent.
"Pledged RevenuesT' shall mean the Net Revenues.
"Projeet�� shall mean the canstruetion and aequisition of eddit[ons� extensions
and improvements to the 3ystern pursueuit to the plans and spacifieations of the
Coas3ulting Engiaeera an file, or to be on file, with the �ssuer.
LK L-07/2 4/84-636 A-125 D
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"Put gonds" shalt mean the Term Bonds �o Besignated by resolution ar
ordinanee of the Tssuer nt or prIor to the time the Banda af any series are sold.
'�Refunded Bonds" shal� mea� the Issuer's Utillty Revenue Bonds, Serles 1978,
dated Decembsr i, 1977 (the �T19'78 Bonds").
"Registrar" s4�a�i mean t�e paying sgent far tl�e Bonds, as Tdond Registrar� or
such other persan, firm or corparat�on as may thereaf#er be from time ta time designated
by the LSSUer as the Regfstrar far the Bonds.
��Seri�l BondsT' shall mean any Bonds for the payment af the principaI nf whtch, '
at the maturity thereof, no Amortization Installments are required to be made pMor to
t�e twelve-month period immediately preeeciing the stated date oi m�turtty oI sueh Seri�l
Bands.
�'System" shall mean the c�cnplete combined a�d consolidated water system
and sartitary sewer system of the Jss�ter now awned by the Issuer, or hereafter constructed
or acquired by the Issuer, ineluding ths improvements, extensians arid e�dditlons theceto Lo
be constructed ar acquired eithcr fram the proceeds of the 1989 Honds or from 8ny other
so�rees, tagether with all lar�ds or interests therefrt, including plants! buildings�
maehinery, franehises, pipes, mafns, f�xtures, equipment and a11 proAerty, reai or personal,
tengible or intangtble, now or hereafter owned or used in coruiection therewith, and
inclvding any undivided ar partial ownership interests therein.
"Terrr� Honds" shall mean the Honds of a series ell of which shalI be stated to
mature on one date and whieh sf�all be subject to retirement by operatton of the Bond
Amortixation Aecaunt.
Seetipn 3.
dec�ared that;
FYNDiNGS. Yt is hereby ascertainsd, determiried and
A. The Lss�er now owns, operates and maintain� the �yatem and is
empowered to maintain, aperate, impr�ve ar�d extend s�ch system a�d reg�late and fix
reasonable re:te� and eharges for ttte servicea furnished thereby.
B. The �ssuer derives Gross RevenUes from rates, fees aad charges msde
and eolleeted for t�e serviees an� facilities af the System suppIying water and ssnitary
sewerege services and the Qross Revenues are not pledged or enenmbered in any manner�
except far payment ot the Refunded Hor�ds, whieh pledge and lien will be deieased
purstte�nt to the re[unding pragrum herein authorized.
C. it is neeess�ry and destrable to ecqutre and construct addittotts,
extensions and improvements ta the Sys#em, es provided herein (her�inefter called
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r'project"), in arder to prese�ve and protect the publie health, safety and welf�re of the
tnhabitanta of the Issver.
D. The issver deems [t neeessary and in its best interest to provide far the
tretundi�g of all the outstanding Ref«nded Bonds. The refund[ng program t�erein deseribAd
will benefit the Issuer by reducing the debt service to be psici from the Net Rever�ues oi
the System and permittir�g favorable revisions In restrictive covenants made to
Bondho�ders rogarding the System and the in�estment of funds.
E. The estimated maximum coat of suah refunding es above descrtbed snd •
of the Project is $43,000,0�0, the aetual eost to be determined upon sale of the 1884
Bonds. Suah eost shall be paid from the proeeeds derived from tl�e sale of the �984 Bonds�
and, if necessary, with certain other funds available to �he issuer. An amaunt suffieiertt
ta effeet the refunding will �e deposited in an irrevoeable escrow accaunt establianed far
the holders of the Refunded Bonds, and in�ested in Federal Seeurities. Tt�e prinaipa�l
amounts of and interest earnings from sueh Fedaral Securities will be suffieient to make
timely �ayments of sll presently outstanding principal, Interest, redamption premiums and
other costs and obligattans ineurred in respeet to the Refunded Bonds.
F. The estim4ted pledged Rever�ues will be sufficient to pay ell of the
principal of and interest on the I984 Bonds, as the aame become dUe, snd to make all
req�ired sinking f�er�d, reserve and other payments reqnired under this Ordinanee.
G. Tl�e principal of mnd interest on the Bonds and all required sinking fund,
reserve end other payments shall be made solely from the P3edged Revenues es herein
provided. The Lssuer shall never be reguired to Ieiry ed vnlarem taxes on any groperty
therein to pay the pr�nc[pal of and interest on the Bands or to m�ke any of ti�e required
sinking fund, reserve or other payments� and any failure to pay tt�e Honds shall not g[�e
rlse to a lien upon any property of ar ir� the issuer, except the Pledged Revenues.
. H. The tatal indebtedness of the Issuer, within the meaning of the Lvsver's
cl�arter, does not exceed twenty per centum (2096) of the current assessed valvation of all
real property locr�ted in the Issuar, �nd wIll not exceed sueh amount aiter iss�ance of the
1984 Bor�ds.
�ection 4. A�i''I'HORiZATION OF CONSTRDCTION AND ACQUSITION
OF PRO.TBCT AND RBPUNDiNG U� REPONDED BONDS. (A) There is hereby autha-
rixed the eonstr�etion and scquisitian of the Praject ir� �ceordance with the reQorts of the
Consulttng Enginesrs presently on file with the Tssuer end pureuent to the ple�ns snd
s{rectticstions at such Consuiting Engineers on file with the Issuer as the same mey be
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revised irom time to tirne. 'Ifie cost of such Profeet, in additlan to the items set forth in
the plans �nd speeificat[oas, mey include, but need not be 1[mited ta, t4te aequisit�on oi
any lands or interest therein or any other properties deemed necessary ar convenient
therefor; engineering, legal a;nd finaneing expenses; expenses for estirnates of cos#s and of
revennes, expenses for plans, speeificatians and surveys; the fees of fiscal agents,
finaneieI advisors or consultants; administrative expenses relating solely to the
canstruetion e�nd acquisition o[ the Project; interest upoa the 1984 Bonds far two (2) years
after the de�3very of the 1584 Bonds; the creation and esteblishment of reasoneble •
reserves f�r debt ser�Iee; bond diseour�t, if any, and sueh other easts end expenses,
including legal fees and bond insurance �remiums, ss may be n�cessary or incidental to
the financing �are[n a�tthorized and the construetion and acquisition of the Praject and
t3�e p2acing a[ same in operation.
(B) There is also hereby authorized the refund[ng af t�e autstanding
Refunded Bonds.
3ection 5. ORDINANCB TO CUN3TITDTB CUNTRACT. In cons(d-
eration of the aeceptance af the 198� Bonds by the BQndholders from time to time, this
Ordinance shall be deemed to be erid she.11 canstitute e cantract 6etween the L�suer and
such Bondholders. The co�enants and agreements herein set forth to be �erformed by the
Lssuer shall be for the equal benefit, protection and security nf the legal Bondhplders of
e.ny and all of sueh 198�4 Bonds, all af which shall be of eqc�sl raNc ar�d without preference,
prlortty or disttnetion of any af the 1984 Bonds over any other thereof, except as
expressIy provided therein and heretn.
Section 6. � AIITHORIZATION OF 1994 BQIdD6. Suhject end pursuant to
the provlsions hereaf, Bonds af the issuer to be known es "Water and Sewer Revenue
Bonds, Serles 19641t are suthorized to be issued in the aggregate �rincipal amount of not
ex�eedin� $43,00�,000, which mey mature et a higher �alue to ine2ude the Maturity
Amount oi Capital Appreciation Hands, such total amount not to exceed $75,OQO,OQO.
Sectiori �. DL�SCRIPTIOI�i OF 1984 BOND3. The 198� Bonds, except
Capitel Appreclation Bonds, shall be dated as of a date ar dates to be fixed by subsequent
resolution oi the Yssuer, but not later than thsir date oi deltvery, may be Seriai Bands,
Terr� Bonds, or e combinatton thereof; �hall be designated �'R-_" and numbered
�onsecutively irom ane upwerd in order of authentication; shall be in such denorr:inat[ons,
shall bear interest at such rate or rates nat exceeding the maxim�m le�al rete allowable
by law to be payable at such time�, and st�all m�ture either �r�ually or semi-anr�uelly on
LKL-07/18/84-63BA-1250 7-
ORd. �674-84
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such dates and in euch years and amo�nts, e.il as ahall be dstarmt�►ed by subsequent
resolvtior� of th� Issuer. The 1989 Bonds shall bear interest fram their date ar from the
most recent interest psyment date to whiGh interest he�s been pa[d, until pgyment of the
princ{paI sura.
The �onds shall be issued in fully registered form, payable as to principal and
�remium, if any, upon presentatiQn end surrender thereof an t�e date fixed ior maturity
or redemptlon t3�ereof at the corporat� trust affiee of the pa,ying �gent hereafter ne�med.
Ynterest on eaeh fully registered Bond (except the Capital Agpreeiatton Sonds) shell be
paid by e�ec4c or draft mailed ta the person in whose name the Band is registerea, �,t his or
her address as it a�pears on the BaRd Register maintained by the Hond Registrar, at the
alose of business on the 15th day of t�e month (whether or not a business day) nexi
preceding the interest Payment Date {the '�Recard T}ate"), irrespective of any transfer of
s�eh Bond subsequent ta such Record Date and prior to such t�nterest Payment Date,
unless the Tssuer sh�ll be in ciefault in payment oi �nterest due on such interest paymer�t
Date. In the event oi any sUeh default, suoh defaulted interest sh�ll be payable ta the
person [n whose name su,ch Hond is ragistered $t tfi�e close of business an a speeiai record
date far the peyment of defanited ir�terest as establiahed by notice matled by the
Aegistrar to the registered owner of the B�nds (exeept the CaQital Appreci�tian Borids)
not le�s than fiftzen days precedia� such specisl recard date. Such notic� shall be mailed
to the person in whase name such Bond is registered at the alose of bvstness on tk�e fifth
(5th) day preeedir�g trie date of ineilfng, All payrnents shall be made �n accordanee witii
and pursuant to the terms of this Ordir�ance aad the Bonds and shell be payeble In any eoix�
or curreney of the United 8tates of Amer�ea w�ic�, at ti�e time of payment Ss �egal teRder
for �he payment of pubue ar prlvate debts.
The Capita.l Appreclatfon 8onds shall be dated �s af e, date ar dates to be iixed
by st�bsequent resolation af the Issuer, but nnt Ieter th�n their dffte af dellvery; shell be
designsted "CA-�," �,n� numb�erec3 from 1 upwerd in order nt avthenticstior�; shall matnre
on such detes; the principel amounts thereof sha11 eecrete at the approximate annue�l yteld
{evb�eat to rounding the Aacreted Valuea) all as aet farth by subsequent resolutlon of the
Issver.
No aond shall be valld or become obligatory for sny pur{�ose or be er�titIed to
any seeurtty nr benefit nnder the Ordinarece unt[L the eerttfieate of autl�entieation
�t�dora�d an the 8ond shall have been duIy signed by #he Son� Registcar.
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If the date for paymerit nf the pr[nclPal of, �remium, if any, or interest on the
Bonds st�all be a Saturday, Sunday, legal holiday or a d�y on whieh the banking instttt�tions
�n the city where the cor�orate Lrust offiee ot the paying agent is lneated are authorlxed
by law or exeeutive order to c3ose, then the date for such Payment st�ell be ttze noxt
succeeding tlay which is not a Seturday, Sunday or legal holiday or a d�y on whieh such
benkin� institutions are authorized ta cIose, and payment on such date shall have the same
force and eifeet as if mad� on the nominal date af payment.
The Bonds (except the Capital Appreciation Bonds) mey be issver� or exehanged '
for Bonds in eoupon farrr�, payable ta besrer, in such form, wi#h such nttributes end upon
such eonditions es the Issuer may provide by supplemental resolutions, upon reeeiQt of an
optnion from a natianally recognized t�and eounsel thet sueh issuance or exehange will not
caUSe interest on the Bonds Lo be inelndable in gross inaome of the halder far federal
income tax purposes.
Seetion 8. BXBCDTION OF BONDS. The Bonds shall be executed in t3ie
nar�e of the L9suer hy the Mayor-Camrr�issioner and City Menager and attested by the City
Clerk, and approvec3 ss to farm, suffieieney and correctness by the C[ty Attorney, either
�anually or with h{s facsimile signature� and tHe offieial seal of the Issuer ar a facs�mile
thereof ahall be affixed ti�ereta or reprodueed thereon. The facsimile s(gnatUr� of sueh
affiaers may be imprinted or repro8uced on the Honds. The Certificate oi A�thentication
oi the Bond Registrar shall appear on t�e Bonds, and no bond shall be valid or oblIgatory
far any purpose or be entitled to any security or benefit under this Ordinance vnIess sveh
certifieate shall have been duly executed on such Bond, The �vthorized signature idr the
Bond Registrar ahall be either manusl or facsimile; providec�, hawever, that at least one of
the signetures appearing an the Bonds, shall st all times be a manual s[gnature. In ease
any ofiicec whose stgnature shall appear on ar�y Bonds ahall cease to be such olfieer .
before the delivery of sueh Bonds, such sfgneture or faeslmile shall �evert�eless be valid
a�td sufficient for all purposes the same as if he had remeinad in office until sueh delivery.
Any Bonds rnay be signed and sealed an b�half of the, issuer by svch persan who e,t the
actual time of the executian of such Honds shal� hold the proper oifice with the �ssuer,
although at the date of enaetmer�t of this Ordinance sueh persan may not have he�d sueh
office or may not l�ave been so suthorized.
8eetiott 9� NEQO'i'IABiLiI'Y. Subjeet to the provisione hereof
res�eeting �regtstration end transfer, the Honds shall be and shall have all the qualit[es and
incider�ta of negotiable instruments under the laws of the State of FIorida, end eaeh
LKL-0?/18/84-B36A-I250 -g-
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,i a. - •!'� -t; ,�.. ��isi�' .�t: ^ •d, �r. .�'�.,,ts.':. y'1: 4:5 � ,9jr �.�.
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.3. - ,�..�., ;ir:,f ri• •3•a�Y,'�}„ .��A.. .i.'y':: r'�r5.� .r. '�.
_ . . v.."_....__ . ....... • ._ ..e.. . ,. ._'}.;". F.'.�. •�Ir�•':v :.S?. .��i..V. � _.'�;���i>•�. ii!�:r,�..tr�i'' ,..'�7�ti�'rlr,....�..�',.,..:.1:;ttrd�,S�'.[^�..[fCl, .�.7ri:4 x.
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st�ecesstve ho�der, in aacepting any of the Bonds, shall he eonelus[vely deemed to have
egreed that the Bonds shall be and have ell af sueh quatities and incidents of negotisb2e
instruments under the Undform Camm�rcisl Code - Invcstment Securities Qf tt�e State of
Ploricia.
Seation XD. RBGi�TItATION, EXCHANG� AND TRANSFER. There shall
be a Bond Itegistrar for the Bonds whieh may be the Yssver or a deslgnated bank or trust
comgany located within or wit4iout the State of Florids. The IIond Registrar shall
maintain the registratian books of the Issuer ar�d be responslble for the transfer end •
exehange of the Bonds. 'The Issuer shall, prior to the proposed date of deli�ery of the
Honds, by resolution desigrsate the Bond Registrar end PQying A�ent. The Bond Re�istrar
shell matntein the books for the reglstration ak' the transf�r and exchange of the Honds in
complianee with the Florida Registered PubZic Obligetfons Act �nd the system of
registration as established by the %suer pursuant thereto.
� Bonds may be transferred u�on the registratton boo�CS, t�pan delivery Ea the
Registrar, together wIth written instructions as to the details of the transfer of sueh
Bonds, aiong with the saeial secur[ty r�urnber or federal employer identific�tion �Umber of
such trensferee and, if such transferee is a trust, the nflme ar�d soeial secur3#y or federal
emplayer identificatian numbers of the gettlor and benefiaiaries of the trust, the da:te of
the trust and the name of the trustee. No transfer of any Hond shall be effeetive until
entered on the registretion boolcs meintained by the Bond Registrar.
iTgan surrender for transier or exct�ange of a�y Bot�d� the Issuer shall execute
and the Bond Registrar shall authentieate �nd deIiver in the name oi the reg[atered owner
ar the transferee or transferees, as the case may be, a new fully registered Bond or Bonds
of authorized denominations of the seme maturity and iRterest rate for the aggrega#e
principal amount which the registered owner is entitleci to recei�e at the earliest
gractieable time in aceordanc� with the pravisioi�s of thts �rdinanee. 'Ittie Jssaer or the
Borid Registrar may charge the owner of such Bond for every sueh transfer or exchenge ari
amount suffieient to reimburse them fvr their ressar�able fees and for any tax, fee, or
other governrriental charge required ta be pa[d with respect to aueh trar�sfer, a�d may
reqvire tha�t such charge be paid before any such new Sond shall be delivered.
All Hands preaented for transfer, exeh�nge, redemp�ion or payment (if so
required by the Bond RegIstrar}, shall be aerompanied by a written instrument or
instruments of transfer or authorizstian for exchange� in form end with guaranty of
signeture satisiactory to the Hand Registrar� duly exeeuted by the registered holdar ot� by
hE� dnly authorized att4rney in fact or legal representative.
LKL-07/16/84-836A�1250
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......�a°.t''`a.-.e...r.a.��`e....�..�;t.,.'.7s.`ir.t���,::�a.c.. - - -a:�-.. _ ______-- ��.+i.,.._�.......-..?..f.�..�z1.,. �L�1
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�. `��" ,�; All Bonds delivered u�on transfer or exchenge shell bear interest from the
' � ;Z
�,��'� Freeedtng interest peyment date so that neither gein �or loss in interest shell resvlt from
`�� j �
�y+-.,` .
,;��t� ,�.�;��, Lhe transfer or exchange. New Bonds delivered upon uny transfer or exchange shall be
�� �a�
_ ���� . valfd abltgetions of the Issuer� evidencing the se�me debt as the BonB surrendered, shall be
��{�� � .
��� �• seeured by thts �rdinance and sf�all be entitled to all of the security �nd the benefits
�"�..�'�
�- � ���
tl��� °� '� hereaf to the same extent as the Bonc3s aurrendered.
� .., :, �: �:
s=
The Issuer e;nd the Bond Registrar may tre[3►t the registered awner of eny Bond �
as the abaolute owaer thereoi for all purposes, whether or not such Bonds shall be •
overdue, and shall not be bound by any notice to the coRtrary.
Notwithatandin� the toregoing pravisions af this section, the Isauer reser�es
t3�e right, on or prior to tlie delivery of the Bonds to amend or modify the faregoirig
provlslons relating ta the registration of tne Bonds by resalution or ardinenee irt order ta
camply with all applieable iaws, rules, and regulatians af the United Stetes and/or the
State of Florida reIating thereto.
3ection �.i. BONDS M[Ti'ILATED, DE3TROYED, STOLEN OR L06T. In
ease a�y Band shall beeome muti3ated, ar be destroyed, stolen or lost, the Issuer may in
its discretion iss�e and deLiver a new Band of llke tenor as the Bond so mutilated,
deatroyed, stoIen or lost, in exehange and substitvtion for svch muti3ated Sond �pon
surrender and ca�cellation of such inutileted Bond or in Iisn of and substitution for the
Bond destray,ed, stolen or lost, and upon tt�e holder iurnishing the �SS�er praof of his
ownership thereof and satisfaetory indemnity and cornplying with such other reasonable
regulations and eonditions as the Issver may preseribe snd paying such expenses as the
� TssUSr may {neur. AlI Bvnds so surrendared shsll be cancelled by the Registrar for the
Honds. If any oi the Bonds shall have matured or be abflvt to mature, instead of issuing a
substitute Bond, the Lssuer rr�ay Qay the same, npan being indernnified as eforesatd, and if
sueh Honds bo iost, atolen or destroyed, withaut surrender thereof.
' Any sueh duplIcate Bonds issued pursaant to this section shaII eonstitute
origineI, sddttioaal contraetusl obligations an the part of t�e Issuer whether ar not the
lost, stoler� or destroyed Honds be at any tEme f�und by anyane, and sueh duplicate Bonds
ahall be entitled to equ�l end proportionate benefits and rtghts es to lien on the source and
seeurity for payment from the funds, as hereinafter pledged, ta the same extent es all
ather Bonds issued herennder.
8ection i2. PROVLSIONS FOR REDEMPTION. The Bands ehall be
redeemebte as provided by subsequent resolnYiort of the Issuer.
LKTr-07/18/84-636A-1250
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Honds in denominattorig greater than an authorized d�riomination (Ar
eut3�orized Maturity Amount in the case ot Cbptta� AppreeiQtton Bands) shall �e dQQmed
to be an eqUivalent number of Bands in the denominat�ori oi an authorized denorr�ination or
11+laturity Amovnt. If a Hond is of a denomination or Maturity Amount larger th�n An
�uthorized denominatton or Maturlty Amount, a portion of suah Bond may be redeemed, in
the amovnt pf an authorized denomination or Maturity Atnaunt or integral multip2es
thereof.
Notice of sveh redemption, identifying the Bonds or portiona thereof called for .
redemgtion (i) shall be filed with the payin� agents and any Registrar; and (fi) shall be
mailed by the Registrar, first�-eInss mail, postage prepaid, ta all registered ownere af the
Sonds ; to b� redeemed not more th�n thirty (34) days and not �ess then f�fteea (15) aays
prior to t�e d�te fixed for redem�tion �t their addresses as they appesr an the
registratian books to be maintgined in eccordance with the prdvisions i�erevf. Failure to
give such notiee by mailing to any owner of Bonds, or any d�fect therein, shall not a#feet
the validlty of �ny proceeding far the redemptiari af other Honds.
Notice ha:v[ng been mailed and filed in the manner and under the conditions
hereinabo�e pravided, the Bonds or portions of Honds so called for redemption s?�all, an
the redemption de,te designated in such notiee� beeome and be due and payable at the
redemption priee pravided for redemgtion of s�ah Bor�ds or portions of Bonds on svch date.
On the date so designated for redempt[on� notiee having been mailed and fi�ed snd maneys
for payment oi the redemptiori price being i�eZd in se�arate accour�ts in trust for the
holders of the Bands ar portions thereof to be redeemed, all ss provided in this �rdinanee,
interest on the Bands ar portiorrs of Bonds so celled for redempt[on shall eease to aecrue,
such Bonds and portions of Hands shall cease to be entitled to a:ny lien, benefit or securitv
nnder this �rdinance, and 4he holders or Registered Owners of such Bands ar portions of
Hgnds, shall have no rights in respect thereof exaept to receive psyment of the
redemption priee thereof.
Upon surrender ai any Bond for redemption in part only, t�e Tssuer shall issue
and deIiver to the holder thereof, the costs of whieh ahall he paid by the holder, a new
Bond or Hond� of authorized denominatians in aggregate prineipsl amaunt equal to the
unredeerned port[on sutrendered.
8ection 33. FORM OF BONDB. The text of Ehe Honds, the Capital
Appreciation Bonds, the Certifieate of Auther�tieation end the Assignment �shall be in
substanttslly the iorms attached hereto as Exhibtt B, with sueh omissions� insertions and
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var�attans es may be neCessary gt�d d�slreble c�nd aUthorized and permi#ted by th{s
Ordinanee or by er�y subsequent ordinAnee ur resalvtion ndopted prsor ta the issvar�ee
theceof,
5eetion 14. BDND5 NOT DBBT OF ISSUBft. The gonds shall nat be ac
constitute gen�ral indebtedness of the Issuer within the mean�ng of any roastitutton�I or
sta:tutory Qrovision ar limitat#on, but shall be payable solel,y from and secvred by a�rlor
lien upon snd pledge ai the Pledged Revent�es hereIn provided. No Hondho2der shall ever
have the cight to eompel the exereise of ti�e ad valorem taxing pow�r of ti�e lssuer or
te,xation in any fnrm of any real property therein to pay such �onds ar the interest thereon
or be entitled #o payment of such prIncipAl and intsrest tram any ather funds af the issuer
exeept �'rom tt�e Pledged Revenues in the manner provided herein.
Sectian 15. FLEDGED REYBNDES. Until payment has been provided for
as herein permitted� the payrroent of the prfncipe�l of �nd interest or� the Bonds a4�all be
sec�red forthv►rith equally and ratably by an irrevocable lien on the Pledged Revenues
prior and �aPerior ta �ll other liens or encumbrances an such Plsdged Reven�tes and the
Issuer does hereby irrevocably pledge such Pledged Revenues to the p�yment of tne
principal af end irterest on the Honds, the reserves therefor� and for sll ather required
paym ents.
Section 16. COYENANTS UF THB TSSUBR. Until ali principai af and
�riterest on the Bonds shall i�ave been paid oc provided for as herein permitted, the Issuer
eovenents with th� Boridholders Qs follaws:
A. REY�NUE �UNA. The entire Gross Revenues shall upon reeeipt thereof
5e deposited in the "Water and 5ewer System Revenue Ftind" (I�ereinafter called "Reve��e
FundT�), hereby created and estab�ished. Such Reve�ue Fund shall co�stitute s trust fund
for the gt�rpos�s herein provided and shall be kept separste and distinet from all other
tunds of the Issuer �nd used only for the purposes ar�d in the man�ter herein pravided.
B, DLSPQSITIQN Og REVENUES. All funds $t any time remaining an
deposit in ttte Revene�e �und shell bQ disposed of an or before the twentieth day of �aeh
manth, commencing in the month immediately fbl3awir�g the deli�ery af the 1984 Bonds,
only � ttee fallaw��►g manner and Sn the following order of prIority:
f 2) Funds ahall first be used [or ae{�osit �nto a fund to be knawn as the
"Operation and Maintenanee �und"', whie� 3s �tereby estQblished, of sueh sums as are
necessery for the Cost ai Oper�tior� and Maintenance, for the next ensuing month.
(2} Prom the moneys remain[ng in the Raven�e Fund, the �SS►�er shsll
next deposit inta a separate fund, wh6ch is hereby created and deslgnated Water and
LI{Ir-D7 J24J84-836A-Z 254 -13-
Ord. 367�-B+#
8-2�84
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� �
Sewer Reveriu� Bonds Sinking Fund (hereinafter called "Sinktng Fund"), suc� sums us wil�
be sufficlent to pay {a)'one�ixth il/6) of all fnterest beaoming due or� :he Bands on the
next semt-nnnvsl interest payment date; (b) commencirig in t�e Cirst month whieh is
twelve f12) months or six (6) months prior ta the first artnuaZ or secrtl-anrtu�2 rrtatt�rity
�,:,:�;��f ��� ��' date� respecti�eZyt of any Sertal Bqnds, one-twelfth (!/12? or one�fxth �1/S}, respectively�
x''��. f �'' �
rs:,h ,r, _
��"'��� � �' � of tne arr�ount of SerIal Bonds whlch wiu become due and �ayable on the next annual or
, ..��;.��i.�� : �
J A'�`s
Fi� Z;!�#'� �� 5 '
y;F;l�,��� t serrrf-ar�ne�al �rinclpr�l maturlty date, res�ectively, and ic) one-twelfth �1/12} of the
r y��� � ,
4i�. �:,t �
'+�`���'F -� •� �� Amnrtization Ir�stellr�ent reyuired to be made on the next annual payrnent date or one� •
.� '�
�.��:w. �:� ���.. �. . . � .�
, ' _,
�" �•�' n"� ' sixth fl/si of the Amortizatton Installment required to be m�de on the next semi-arinual
�4 "�fi�''..,� , . : r`:
`•� `�� ;� ; ' � '� } �,�a
5���*�•' �,,,,�� � i�'',1 payment date into a"Bond Amortizatian Aecount", whieh is hereby created and
��`� ,�, a• ,.
: •��
r.2 � ��,3 �.,� establishec� in the Sirilcing Fund. Such payments shall be credited to a separate special
,�•� A �.
��t ti� � " �
�" �� � h aeeount fo�r eaeh series pf Term Bands outstanding, and �f there shall be more than one
��`� - �
� �r- .
�:;��' ' stated maturity for Term Bonds of tt series, then into a separate speciai accaunt in the
�1 �� � y� Sinking Fund for eaeh such separate me►turity of Term Honds. The fvnds and investments
;�'� � . � , .
'`'���-,��` {' in' esch such separate account shall be pledged solely to the payment of principal of the
��
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�t.�,, .+ �`; �'.-` Term �onds of the series or maturi#y wlthit� a series f'or whteh it is established and shall
.��� � �-. � ,� _ ,
nat be availahle for payment, purchase or redemption oi Term Bonds of any other series
or within s series, ar for transfer to the Sinking Fund to me�4ce up any defieieneies in
required payments therein. Tize Amortization lnstallments rr�ay be due either annually or
semi-annuelly, but in e�ny event, the required payments as set forth above snall be made
monthly commenerng in the first manth whlch is six (6) mor�ths ar twelve (12) months� as
the case may be, prior to the date on which the Amortization Installment is required to 6e
made pursvant to (e? above.
Upon the saIe of any serles of Term Bonds, the Issuer shall by ceso�utian�
establien the amow�ts and maturities of sueh Amortization Insta3lments for each series,
s�td i� th�re shall be mor� t�an one mat�trity of Term Hor�ds wit�in a ser#es, #he
Amortizetfon Installments for the Term Bonds of eeen mpt�rity. In the e�ent tl�e monEys
depositer� for retirement of a maturIty af Terrrr Bonds ate required #o be invested, In the
manner provlded be�ow, the Amortization Installments may bs etated in terms of e[ther
the princlp�l amaunt of the investmer�ts to be purchased on, or the eumulattve amaunts of
the principa] amount of in�eatments required to have been pnrehased by, the payment
date of sueh Amartizat[on Ir�stallment.
Moneys an depasit in eaeh of the separate special accounts in the Bond
Amort[zation Aeeount shall be uaed for the open market purchase or the redemptfon of
L�KL-0?/24/84-636A-1250 -14-
Ord, 3674-8�+
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�. �'f.',��,t�a
Term Bonds of the seri�s or mt�tur[ty of Term �onds within a series for whteh sueh
separat� special aceount is established or may remnin [n said sepurate speeial aceount and
be invested until the stated date o£ mat�r[ty of the Term Aonds. Thc� resolution
establishing the Amart�znt[on Instnllments far any aeries or maturtty of Term Bonds may
limit the �se af moneys to any one or more of the uses set forth in the prececiing sentence
and may speetfy the type or #ypes of inve�tments permitted hereurider ta be purchased.
{3) Moneys remaining in the Revenue Fund sh�ll next be npplied by the
Issuer tp maintain s Reser�e Aeeount� whieh Reserve Account is heceby created end •
esteblished, [n a sum equal to and sufficient to p�y the Maximum Bond Servtee
Requirement on all outstanding Honds bacoming due ir� $ny ensutt�g Flseal Year� e;ll or a
portion of which auch sum may be initially grovtded from the proceeds uf the eale oi the
Bonds and/ar other moneys of the Issuer. `I�e Issuer shall thereafter depostt into seid
Reserve Aoeount an amoant equa� to one-twelfth {1/12} pf twenty per cent (2096} of the
differenee betHteea the smount, if �ny, so deposited upon the delivery of the Bonds and
the amount oi the Maximum Bond Service Requirement on all outstanding Bands becam{r�g
due in any ensuing Fiscal Yeer. No fUrther payments shall be re�uired to be made into
such Reserve Aeeount wher� there has been deposited therein and es long es there st�all
remain on deposit therein a sum equal to the Maximum Bot�d Ser�ice Requirement on all
outstanding Hands beeoming due in any ensuing Fiscal Year.
Any wIthdrawaLs from the Reserve Acoount shall be subsequently reatored
from the first moneys availak�ie in the Revenue Fund after all requtred eurrent geyments
into the Sinking F�nd and into #he Reserve Ace�unt, inciuding all defieiencies for prIor
payments, have been mede in fu1L
Moneys in the Reserve Aeeaunt shall be Used only for Lhe purpose of the
Qayment of maturing princiPal (inelud�ng Amortizetion Installments) ot or interest on the
Bonds w�ien the moneys in the Sinkin� Funci are insUfficient therefor, end for no other
gUrgose. Upor� the issuanoe by the Issuer of ar�y Additional Bnnds under the terms,
iimitatior�s and conditions provided in this OrdInanee� the payments iato ti�e Reserve
Accaunt shQll be inereased so that the amount on deposit therein shall be equal to the
Maximurri Bond Service Reguirement on all Honds outstanding and to be outstand[ng.
Whenever the emount on de�asit in the Reaerve Aceour�t exceeds the
Meximum Bond Serviee Requtrement on all Bonds then outstanding, the escess may be
withdrawn end da�osIted into the Stnking Fand.
LKL-07/18/84-838A-1250 ..i�-
Ord. 367+�-84
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The Lssuer shnll not be reqUired to make sny further payments lnta thc� 8inkln�
Fund or into the Reserve Aeeoui�t when the aggregate amount of moneys in the �tnking
Fund and the Reserve Aeeount are at Ieast equa�2 to the aggregate prineipe�t sm�uttt of
Bonds then outstanding, plus the amount of interest then due or thereafter ta become due
on the Honds then outstandtng.
Notwithstanding the foregoing provisions� in lieu af the requtred depoatts of
Revenues into the Reserve Account, the Issuer may cause to be deposited into the
Reserve Account � surety bond ar an insurance paliey 3ssued by a reputable and
recognized insurer for the benefit of the Bondholders in an amount eq�sl to the differenee
between the Max�mum Hond Servlce Requirement and the sums then on deposit in the
Reserve Aceovnt� if sny, which surety bond or insurance poliay shall be pe�yable (upon the
giving af natiee es required thereunder} on any interest peyment date on which e
deficiency exista which cannot be e�red by funds in any other aeeount held pursuant to
t3�is Ordinanee and available for suei� purpose. The insurer providing such aurety hond or
insurance policy shall be an insurer whose municipal hond insu��ance policies insuring the
payment, when d�e, oi the principal of and interest on mun�eipal hond issues results in
such issues beir�g r8ted in the highest rating category by either Stsndard dc Poor's
Corporation or Moody's Investors Service, Inc.� ar their successors ar any insurer who
holds the highest policyholder rsting accorded insurers by A.M. Best dc Cn. or any
comperable serviee. If a disbursement is made from a surety bond or en insuranee policy
pro�Ided pursuant to this paV�agraph, the Issuer shall be obligated to either reinstate the
maximum limits of szteh surety bond or insuranoe policy immediately follawing sueh
disbursement or to deposit into the Reserve Account, es herein provided in this paragraph
for restoratian af withdrawals fram the Reserve Acaaunt, fur�ds in the amount of the
disbursement made under such policy, or a combination of such alternatives,
(4) The Issuer shall next ap�ly and deps�sit ttte maneys in the Revenue
Fund into a special aeeovnt to be known as the "Renewal and Replae�ment Fund", which
fund is hereby ereated. The Issner shall deposit inta svch Renewal and Replaeament Fund
an amaunt equal to one-twelfth (1/12) of five per centum (59�6) of the Gross Revenues of
the System for tiie previous Fiscal Year, or nueh other amaunt as is eertified es nccesssry
for t3�e puiposes of the Renewal and Replaeement Fund by the Cansuiting Engineer and as
epproved by the City Comrnfsstan. The moneys in said Renewal and RepLacement Fund
she:ll be used on�y for the purpose of paying the cost of extensians, enlargements or
additions to or #he replscement of capital assets of the system and emergenoy repaIrs
LKL-Q7/24/84�-836A-1250 -16-
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thereto. Sueit monQys on deposit [n sueh Fund ehall also be us�d to eupplcment the
Reserve Aecount if neeessary in order to prevent a default ln the paymQt�t af the prinelpal
of and interest on the obligatlons.
(5) To ttte extent jvnior Iien bands sre issued and outstanding {wh�oh
subordinated bonds the Lssuer reserves the right to issue), tt�e lssuer shttll next apply
moneys in the Revenue Fund ta the payme[�t of principsl of, redemption premium, if any,
and interest or� sueti subordinated debt oi' the �SSUer.
(6) The balance of any moneys remainiag in the R�venue Fund after •
the above required paymer�ts have been made may eittter be depositPd into either the
Renewal and Replaaem�nt F�nd or the Stnking Fvrid, or may be used for the purehase or
redemption of Bonds, or may be use� by the lssuer far 8ny lswfu� pur�ose of the Issuer.
C. INVESTMENT OF FUNDS. The Operation and Maintenance Fund, the
Sinking Furid, the Reserve Account, the Rer�ewal and Replacement Fund, the Revenue
Fund, the Canstruetion FUnd, and any other speeial funds herein established and ereated
shall constitute trust funds for the purposes pravided herein for such funds. All avch funds
shall be eontinuously secUred in the same manner as stats and municipal deposits are
reguired to be seeurad by the laws of the State of Floride. Moneys on deposit in any of
such f�nds and aeeoUnts may be invested and reinvested In Authorized Tnvestments.
Investments made with moneys in the Constructian Fund, the Revenue Fund�
�he Qperation and Maintenance Fund, the SinkIng Fund (except the Bond Amoridz�tion
Aceount therein), mt�.gt mature not later than the date that such moneys will be needed.
Investments made with maneys in the a:ecaunts in the Bond Amortizatian Account, in the
Reserve Aecount and in the Renewal and Replscement Fund must mature, in the case of
the aacovnts fn the Bond Amortization Account not later than the stated date of maturity
of the Term Bonds to be retired from the svb-accounts in the Band Arrtortization Accourtt
from whieh tl�e investmcnt is msde, in the case of the Reserve Aaao�nt not Iater than the
final meturity of any Bands then outstanding; aryd in the case af the Renewal and
Repleeernent Fund� no# Iater than sueh date as shall be determin�d by the �ssuer. Any and
all income recef�ed by the Issuer from all s�ch investments shell be deposited ir�to the
Revenue Pund, except however, that investment income eartted in the Bo�d Amartization
Aecaunt may be retQined t�erenn or deposited Into the Sinking Fur:d and used to pay
maturIng princi�sl o# and inEerest on the Bonds, at the optian of the Issuer.
The ca,sh cequired to be aeequnted far in each of the foregoiag funds and
accounts established herein may be deposited in s single bank account, and funds allacated
to the varIous sccounts estab]Ished herein may he invested in a comman ir�vestment poaI,
LKL-Q7/24/84-638A-125p
Orc?. 3674-64
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. . . . ����'iR,:1?w��_'�.�. . . . . . .. . . . . . ., ri�`.;�.. . . .f i , . "tt.. ... �,i .t .'��. .....R.... ..�.... .. 1�..�.J .r�ki ,.t;'.�T?� ��TFS . 7'.s� €��
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Qrovided that adequate accaunttng records are maSntaSned to ref�eat �nd eantrol the
restrieted allocatton of the cash on deposit theretn and stteh investments for ths various
purposes o� sueh funds and accounts as hereln Provided.
The designatian and establishmsnt of the vartaus funds in and by this
OrdinanLe shall not be canstrued to require the establishment of any eompleteZy
independent, aelf-balancing funds as such term [s eommonly defined and cised in
governmentai e,ecount[ng� but rather is intended salely to eonsiitute an earmarking of
ceriain revenues snd assets of the Systam �or certain Qurpases and to esteblish eertain .
pr[orities far applteatton of s�tah revenues and assets as heretn provided.
D. OPERATION AND MAINTENANCE. The lssuer will maintatn the
System and all parts thereof in good eondition and will operate the same in an efficisnt
and economical manner, making auch exPenditures for equipment c�nd for renewals, repairs
and replecements as may be proper for the economical operation and maintenanee
thereof.
E. RATE ORDINANCE. Tt�e Issuer has enacted or will enaet a rate
ordinar�ce and thereby will fix� establ3sh and maintein sueh rates and will collect such
fees, rentats end other charges for the serviees end fecilities of the System and revise the
ssme from time to time whenever necessary, as will aiways �rovide Grass Revenues in
eaeh Fiseal Year suffieient to pay the Cost of Operation and Maintenanee of the System
in such Fiseel Year, one hundred iiiteen per centum (1159i6} ai the Bond Ser�ice
ReqUirament beaomiag dUe in such Fiscal Year an the outstar�ding 198� Honds and on all
outstanding Addi#ionaT Bonds, gl�s one t�undred per centum {1DQ96} of all reaerve and ather
payments required to he made pursuQnt to this Ordir�anee. Sveh rates, fees, rentaLs and
ott�er charges shell not be reduced so as to he insuificient to prov{de Gross Revenues for
sueh purpose�. �
F. BOOK3 AND RECORDS, T3�e lssuar she�ll keep boofcs �r�� reaords af the
Systern, whieh such baoks and reeords shall be lcept separate and e�art from all other
books, records and aceaunts ai the Issuer, and Bandholders sheli have the right at all
reasoneble times to inspect all recards, accounts enc� date� of the L�suer rels#ing thereto.
d. ANNUAL AUDIT. The �SSUer shall also, at least ance � year, cause the
books, reeards and accounts relating to the 3ystem to be proPerly sudlted by a recognized
independent fIrm of eertified puhl3c accountants and snall mefce generally avallable the
report oi sueh audits to any Bondholder.
LKL-0T/l.8/$4-fi 36A--1254
Ord. 3674-84
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H. NO MORTdAaB OR SAL� OF TH� SY�TLM. The Issuer Irrevoeably
eovene�ts� b3nds and ob]igotes itseli not to se]], 2ease, eneUmber or ln any mann�r dlepose
of the SysteTn es a wf�ole nntil ull of the Bonda ahall fiav� ��cen paid in fuu as to both
pr��cSpal and {nterest, ar paym�rit shall have baen duly provided for u�der t4��s Ord��ance,
The foregainq prQVisio� notwithstanding, the issuer may sell or dtsQose at, f�r
fa�c market value, any properties or parts of ttte System which tt�e Consultjng Engineer
shall cert[fy in writing are not neeessary for the eontinued operat{on of the System �.nd
thet the sale or dlsposel of which will not adversely effect the Gross Revenues to be •
derived from the System to such an extent thet the Issuer will fail to eomp;y with the
covenants oantained herein, including Section 1&(�? hereof.
'I'�e proceeds derived from sr�y sale or disposal of any properties or parts of
the System ss provided far in the eho�e paragraph shall, in the discr�tion oi the Issuer, be
(!) deposited in the Renewal and Replacement R�tnd gnd used excIusively for the pnrpose
of payfng the eost of extensions, enlargements or additions to, ar the replacement of
eapltal assets of the Systern and for unusue:l nr extraordinary repairs thereto, ar far the
construction or aec�uisition of edd[tions, extensians attd impravements to the System, or
(2) for the purchese or retirement af the Bonds tt�en BUtStRRCiIp[�. However, if t�e
Consulttng Engiaesr certifies that proceeds are neeessary for the purAoses stated in part
(1) above, sueh proceeds shall remain in Ehe Renewal and Replaeement Fund until such
�ertitisd requirements ara satisfied, and the proceeds shell not be used for any oti�er
purpose allaweci by this Ordinance.
I. INSURANCE. 'fhe �ssuer will make adequate provision to maintain iire
and cvindstorm irisurance on aA buildi��s and struetures arid properties of the System
which ere subjeet to loss through �ire or v�rindstorm, pttbltc Iiabtlity insurance, and other
insurance af suei� types and in suct� amoUnts as are normally carried in the Qperatian of
similar pUb1Ic and private utility systems within the State of Florida. Any sueh ineurance
ahall be placed w�th nationally recognized end reputable insurors or vnder St�te epproved
and aiethorized seli insuranae grograrns or any combination of both artd shall be cat�ried for
t�e henefit of the Bondholders. All monies received for Iosses under �,ny st�et� insuranee,
except ptiblic liability, are hereby pledged by the Issuer es security for the Bonds, until
and unless svch proeeeds are used to remedy the loss ar damage for which such proceeds
are reeeived, either by repairing the property d�m�ed or replaeing the property
destroyed wtthtn nit�ety {90) days irom the receipt of such proceeds.
LKL-07/i8/8�4�-636A-1250
nra. 867+F-B�
-�19-
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NO FREE 5ERVICE. 'I"he Issuer wtli not render or eause ta be rendered
pnyt free servicea of any nature by its System, nor wSll any preTerentSal rates be
establtshed for u.gers of the sam� elass. Thts covenant ahell not prevent ��dividual
eontraets vaith other governmentel ent{ttes for the whnleasle delivery of servtaes of tha
System. The Issuer, inoluding its de�artments, ageneies and instrumentalities, shall avail
itself oi the faeillties or services provided by the System or any part thereof, end the
same rates, fees or ehsrges applIcable to other eustomers reesiving like servlees under
slmitar circumstanoea shall be eharged to the Issuer and any such department, ageriey Qr .
instrumeritallty. Such charges shall be patd as they accrue, �nd #he Issver shall transfer
from its general funds suffic[ent sums ta }�ay such eharges. The revenues sa rec�ei�ed shall
be deemed to be Gross Revenves derlved from the operation of the System and shall be
deposited and aeeovnted for in the same manner as ather Gross Revenues deri�ed from
�:��,'�'"�.'�,� `� �; r,��'�',;'i� suah opera4ion af the 8ystem.
:`t�� �°� ��r� - �� ?gaF., '�'�:� �;
4N `Y.�
%? ''�'�y� u�`'`c ��;�,F },+u K. MANDATORY CONNECTION. To the full extent permitted by Iaw the
;����� ,�.�.��, y }� �� .
.�-.�.�� f.•�' �,. �� �. Issver will adopt end keep in foree and effeet an ordinenee requiring that all improved
'�'� p�i T4. ' �� d�
:a ', �.� t V � irF'Y;� �.
,.�`�,��},�'R ;� ;,, ,t��,;�� premises with respect to which water ar sewer servfees from the System are avaiiable
� '�� ���t �.+�" ��:+ 5 � r .
����
_;�a .•, ,�� �F� �',;� shall eonneet sueh gremises to the System ��d shall abt�in availBble water and sewer
� �:�
�'�? �`�y,�" `'' '-,���,�� services only from the System.
���� ��; �� ; �� .
�-� y#.�_�:�. •��... .; �� L. ENFORCEMENT OF COLLE�TIONS. The Tssuer will dillgent3y eniorce
and colleet all fees, rentels or ather enar�es for tY�e services and fac}Iities o£ t�e System
and take all steps, actions snd �roeeedi�gs Yor the enforeement and collection of sach
fees, rer►tsls ar Qther eharges which shall become d�linquent to th� full extent permitt�d
ar authorized by the Aet and by the laws af the 3tate of Florida.
The Issuer will, under rea.�o�able rules and regulatiotts, shut aif and dlscan-
tinue #hs su�plyir�g of tt�e water service and the sewer service ot the System far the non-
paymcnt oi fees, rentals or dther charges for s8id water service or safd sewer servfce, or
either of them, and will not restore said water service or sewer serviee, or either of them�
�atil all delinquent ehsrges for both water service and sewer aecviee, toget3�er wIth
interest e,tid reesonable penelties, have been paid in f�ll.
M. REMEDIES. Any Bondholder, or eny trustee acting for t#�e Bondha�ders
mgy, either at 2aw or in eqt�ity, by suit, action, mendam�s or ot[�er proeeedings in any
cottrt af eomgetent jurisdiction� proteat and enfarce any and all rights, fncluding the right
to the appointment o[ a reeeiver� extat[ng under the 3awa of the State of Florid8, or
grsnted and eontainad hereitt� and msy entoree and compe� the gerform�nae of all cluties
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heresn required ar by any appIieable statutes to be performed by the lssuer or by any
oificer thereof. .
r�g���`� �� '� ' "�` Nothir� herein, however shall be eanstrued to
,�,,. <.�� -` � g , grant ta any Hondholders any
f " ��x' +d ' , ' S' . '�i��
�'�����'�'R, 5 1[en on ar�y real property of the Issuer.
; �•,; y, � . � �'a .
�. ��,s� ; � � . S � �
,'���',r� �. N. CONSULTINQ ENC3INEER5. Tt�e Issver wlll retain an Independent
�o.,.�.� ; '•
r��_r";�`w "k '��, consulting engineer or engineering firm having a favarable reputati�n for skill t�ttd
�_�`=��� ,�, : ' t . .,,�,
.�;.�,��� � ' � s t�
w�-;.�:_ _ �� experience for the design� conatruntion ar�d o eration of stems of eam arable sixe and
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eharacter as the System, far the pvr�ose of providing the Issuer eompeter�t engineering •
�:~�'W�r- , n'
��'ati� ;� . ,
�'��-� � i, ,°� -"* � eo�tnsel in eonnection with the mafcing of the capital irnpto�ements. The Lsst�er may,
� �.
���.fi�,�� �� �x,•
~`-f "�"= �. � �' � however, emplo sdditionai e ineers at an time with relQtion to a ecifie e �
� � • � ? $- Y � Y p ngineerin
�� -'"�
r
� ���� e:nd o��ration problems arising in eonneation with the System.
h ^
�? •', �' ., 0. CITY MANAGER REPORTS. On an annual basis� within 45 days of the
y,. ,� .'�
'1�,�� ' .� �� reee�pt af tha annusl aud�t af the System provided for aUove, the Issuer shall e�use to be
prepsred by the City Manager a repart or survey of the System with respeet to the
management af the proPerties thereof, the suffieiency of the rates and charges for
services, the proper maintenanee of tt�e graperties of the System and the aBCessity for
capitel impravements and rec�mmendatians therefor, Sueh a t�eport or sur�ey shell al.so
ahow any failure of the issuer to perform or comply with the covenants here[n coatained,
including those contained in subsectfon I abave.
In the event that s�eh annUal re�ort renects that the rates and charges for
mervices are Insufficlent to protect the rlghts of the BondhoIders, then the Issusr shall
' take sueh steps es are requlred by �aw to raise t3�e rates and ehargas for servtees. In the
event that the annnal report indicated that the rates and eharges for services shouId be
increased substantially pro rata ae to all c�asses of service, thea, to the full extent
permitted by law, the Issver shall ra[se the rates and eharges for services without the
necessity for notice or publie hearing.
P, NO COMPETING SYSTEM. To ttze full extent permitted by Zaw the
IssUer will not grant or eanse, consent to, or allow the grantinq of any iranchise or �ermit
t
to ar�y person, firm, eorporation or body or egency or instrvmentality whateoever for the
furniahing of water or sar�itary aewerage serviees to or within ttte service area of tlte
System, ii determined by the Consuiting Engineers to be materially corrtpetitive with the
5ystem and adversely affect[ng the Gross Reven�es deri�ed from the ogeration tt�ereoi.
Q. ISSUANCE OP OTHER O�LYGATIONS. The Issuer wEll not issue any
other obligatior�s, excegt undar the co�tditio�s and in the manner provided herein, payable
LKL-07/18/84-636A-1250 -2�-
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fram the Pledged Revenues, nor voIuntarily creaie or rause to be ereated any debt, lten,
pledge, assignment, eneumbranee ar other charge liaving Prtority to or being on a parity
with tt�e l�en of t#�e 1989 Bonds end L3�e interest thereon upon the Pledged Revenues. Any
other obligatioas issued by the L�suer in add{tian to the 1984 Bonds or Additional Bonds
provIded far in subseetion R�elow, payable frorn the Pledged Revenues shall contain an
express s#atement that sueh obligations are junior and subordinate in all respeets ta the
Bonds as to lien on and source and seevrity inr peyment from the Pledged Revenues.
R. ISSUANCE O� ADDITIONAL BONDS. Additional Bonds, payable on a
perity Lrom the Pledged Revenues with the 1984 Bonds, shall be issued only for the
pur�oses of refunding a�art of the outstanding Bonds ar finaneing the cost of extensions,
additions and impravements to the System and fvr the acqUisition and construction of� ar�d
extensions, additions and improvements to� sewer snd/or water systems which are to be
consolidated with the Syster� and operatsd as a single e�mbined utility. Additianal Bonds,
other than for refunding purposes, shall be issUed oniy upon complie�nce with all af the
fallowing conditions:
{2) There shall have been obtained and filed with the City Clerk of the
Tssuer a eertifieate of s guelified and reeognized firm of independent eertified pvblia
aeaountents st&tir�g: Ie) that the boaks and reeords of the Issuer relative to the System
have heen audited by such firm; (b) the emount of the Net Rsvenues derived for the Fiscal
Year preeeding the d�te of issuance of the proposed Additional Bonds or for arry 12
eonsec�tive months during the 18 rrionths immediately �receding the date af the issue�nce
of the Additional Bonds with respect to which such certificate is made, adjusted as heredn
below provided; (c) th�t the aggregate emount of such Net Revenues� as adjusted, far the
period for which such Net Revenues are beir�g eertified is equal ta not less th�n 1209�6 af
the Maximum Bond Serviee Reqviremer�t beeom�ng due in any Fiseal Year thereafter on (i)
all, Bands tt�en outstandi�g, and (ii) on the Addittonal Bonds with respect to which such
eertifieate is made.
(2) Upon recommendation oY the Consulting �ngineers, the Net Revenues
eertified pursuant to ib} in the previous paragraph may be adjusted for purposea of this
Snbsectian by inelud[ng: (s} 100% of the additional Nst Revenuea whieh in the opinton af
the Consulting Engineer would have been derived by the Issuer irom rate increa�es
adapted before the Additians� Honds are issued, if such rate inereeses had �een
implemer�ted before the enmmencement of tl�e geriod for which suct� Net Revenues ere
b�'ng certified, and (b) l009�6 oi the ad�itional Net Revenues estimated by the Consulting
LE�L-07/2q/84-B36A�1250
Ord. 36 7�—kik
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Lngineer to be derived during the first ful� twelve month period after the facllItie� of the
Syatem are extended, enlarged, improved or added to with the �roeeeds af the Addltionsl
Bonds with respeet to whieh such certificate is made. , The sdjustments deserlbed in
Section 18CR)(2)(b) may anly be made if the Net Revenu�s as ad�usted ander Sect�on
lfi(R)f2}�a� for the period for which such Net Revenues are being certified equa�s at ]east
1.00 times t�e Max�mt�m BonB Serv{ce Requirement becaming dt�e in any Piscal Year
thereafter an (t1 all Bonds then outstanding, and (ti} on t�e Additio�al Bo�ds tnfth respect
to which sueh eertificate is �nade. � -
(3} �aeh ordinanee ar resoluti�n authorizing the issuance ot Additional
Bonds will recite tHat all of the covenants her�in contained will he applicable to st�ch
Additional Bonds.
(�) The Lssver shall not be in de�ault in performing any of the covenants er�d
obligations assumed hereunder, and all payments liereIn reyuired to ha�e been made into
the accounts end funds, as provxded hereunder, shell have been made to the full extent
required.
S. COMPL�TION OF THE ISSUER. The Issusr will complete t3ie Project in
an eeanomiaal and efficient ma�nner and wIth all practice►ble dispatch. Thereafter, the
Tssver will maintain the System in gaod condition and continuously operete the same in an
efficient manner �nd at a reasonable eost.
T. APPLiCATIOP� *JF REE�uNDED HONDS FUNDS AND ACCOUNTS. All
moneys in the funda and accounts ereated by the nrdinance whieh aUt�orized the issvance
af the Refunded Bonds may, in the diseretion of the rssuer, be transferred to and
deposited in the �ike funds and acco�nts created by this Ordir�anee or may be used by the
Issuer, in who�e or in part, to effect the refunding of the ftefunded Bonds, as evideneed by
a eertiftcate of t3�e City Manager directing such transfer and use. All funds and accounts
creeted by this Ordinance may be held by more than ane depositary in the discretion of
t�e Sssuer.
3ectio�►1�. APPLICATIO�i OF PROCEBDS OF TH8 18$� BOND3. AIi
moneys xecsived �rom the sale of t�e 1984 Hands shsll be depasited �y the �suer in a
speclal account in a bank or trust comgany and applied by the 1�ssuer ss fallaws:
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(A) All aeerued interest shcill be deposited in the Sinking Fund and used
',W��` �� so3ely for the purpose af paytng interest on the 1.989 Bonds.
,,.. k t " � ` r
:,�;�' ,:
,1,,;:u.�,, }. ',� {B1 A sum whieh togetn�r with, at the discretion of th� Issu�r, moneys
:, ,,�:t "� , �
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; y-;_��, . .,�,�, ��, �� on de�osit in the Reserve Aeeount [qr the Refurtded Bo�ds, wit� be egual to tfie Maximum
Band Ser�iee Requirement on the 19&4 Bonds becoming dua in any Fiseal Year may �e
depnsited into the Reserve Aacount, at the optian of the �SSUer.
(C) Ta the extent not reimbnrsed ar paid by the original pUref�aser of
ihe 198� Bonds, the Issuer shc�ll pay all costs and exper�ses in conneet[on with the .
preparation, issuence and sale of the 1.984 Hond�,
(U? A sum specified in the l�scrow Depos[t Agresment which together
wlth the ather funds deseribed in the Fscrow Deposit Agreement ta i�e deposited In
escraw, will be sufficient ta pay, as of �ny date of ealeula#ion, the prineipal of� interest
an, premium, if $ny, and ather eosts and obligations ineurred witY� respect to the Refunded
Bonds as the same shall beeome due or are redeemed, es provided by subsequent rasolution
of Yhe Tssuer �nd to pe;y the expenses specified in the Escrow F1ePosit Agreeement, shall
be deposited ihto the Escraw Aeeount establ{shed in the Eseraw Deposit Agreement, in
the amounts sutf€cient for such purpases.
Suah iunds ahall be kept separate and apgrt fram all othor funds of the i5suer
and the moneys on depas�t thereln shall be withdrswn, used and epplied �y the Issuer
solely for the p�trpases set Yorth herein and �n the Eserow Deposit Agreement.
Simulte►neausly with the deiivery af the 298� Bonds to the purchaser t3�ereof,
the Iss�er shall enter into an Escrow Depasit Agreeement, in substantiall�r the form
attaehed hereto, with a bank or trust comp�ny appraved by t1�e Issuer. Sueh Eserow
Depasit Agreement shall �rovide fnr the degosit ot sums i�to tha Escrow Accour�t and for
the investment pf stteh mpneys in ap�ro�riate Pederal Seeurities so as ta produce
sufiicient lunds ta meke all of the payments describsd in the first paragraQh oi this
Subseetion 1?D. At tite time of exeoution of the Eserow Deposit Agreement, the Issusr
shall furnlsh to the Eserow Holder named therein �pAropriate documentation to
demonstrate thet the sums being deposited and #he investments to be made will be
suiflc[ent for such purposes.
(E} The remainder of the proeeeds shall be depostted in the Constrvc�
tian Fur�d hereina[ter created.
z (P1 A special fuad is hereby ereated, eatabllshed nnd designated as the
"1984 Water and Sawer System Constructfon Fund" {herein' cerlled tlte "Coastruction
Fund"). 'I'here shQll be �aid into the Conatruction Ft�nd the belanee of the maneys
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remaining after making all the deposits snd pe�yments provided ior in paragrnphs A to D
above.
Sueh fund shgll be acco�nted for separately from all otYter accounts of the
Issuer, and the moneys or► deQostt t3�erein shall be wiihdrawn, used and applted by the
Issuer solely ta tlie payment of the eost of the Projeet and purposes ineidental thereto� as
hereinabove descrlbed and set farth. If for any reason such proceeds or any part t3�ereof
are not necessary for or are not applied to the payment of sueh eost� then the unapplied
proeeeds shall be applied anc� alloeated by the Lssver into the Reserve Account ta the
extent necessary to meet the maximum requirements triereaf, and any balance theresfter
shall either be held in the Construetion Fund to pay the cost of extensions, addit{ons Qnc�
betterments to the 3ystem upon the certifica#ion of the Cansulting Engineer that svch
impravements are needed anci are eeonomically sound and feasible, or at the option of the
Issuer, may be deposited in#a tf�e Renewal and Replacement F�nd, or at the option of the
Issuer may be de�osited into the Sinkxng Fund herein created. All such proceeds shall be
and constitute trc�st funds for such purposes� and there ia hereby ereated a lien upon snch
moneys until so applied in favor of �he Bondholders,
Any funds on deposit in the Consiruction Fnrtd which, in the opinion of the
Issuer, aeting upon the recammendation o[ #he Consultin� Engineers, are not immediately
necessary iar expsnditure, as herein�bo�e prorrided, may be invested as provided in
Subsection 16C hereof. .
All expenditures or disbursements from the Constructlon Fund shall be made
only efter sUCh ex�enditures or disbursements st�all have been approved in writing by the
Consulting Engineers. The dste of completfon o£ the Project shall he determined by the
Consulting Engir�eers� who will eertify such facts in wrfting to the Issuer.
�ection 18. ARBITRAGB. The Tssuer at all times wh{le the Hands 8re
autstanding will comply with the requirements of Seetion 103(c) of the Internal Revenue
Cade of 1554 and any velid sr�d applieable rules and regvlations promulgsted theret�nder.
Section 19. 3ALB OF TSE 1984 BONDS. T�e Honds shall be iss�ed and
soid i� sueh manner and et such priae or pric�s consistent with the provisions of the Act
end the requirements of this Ordinance, all at ane time ar in installments, from t[me to
time, es tt�e issuer shall hereafter determine by resolution; provided tt�at �he first
installment shall be sold e,nd dell�ered only in an aggregate amount suffieient to effect
the campiete refunding program deseribed in Section 3 of this Ordinance.
LK Lr47 /24/84-63 BA-125 0
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8c�tian 20.
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CAPITA�, APPRBCYATION HONDS. k�or tt�e purposes af {i)
re�eiving payment of the redemption prtce if a Caplt�l Appreciation Bond [s redeemed
prior to maturity, or iii) rer.eiving paymcnt of a Cnpital Appreciatlan Bond if the principel
of all Bonds is deelared immedtately due and p�yable under the provisions of the
Ordinanee, or (iit) comput[ng the amnunt of the Maximum Hand Serviee Requirement and
of Honds held by the reg[stered owner of a Capital A�preciation Bond in giving to the
Issuer ar the Trustee asty notice� consent, request or demand pursuant to the Ordinanee
for any purpose whatsoevar, the prir�cipal amount of a Cepitel Appreciatlon Hond shall be
deemed to be its Accreted Value.
Sectian 21. MODIFICATION OR AMENDMENT. No meterfnl modifi-
cation or amendrnent af this Ordir�ance or of any ordirtanee or resolut[on amendatory
hereof or supplemental hereto may be made wtthout the consent in writing of {i} the
insuror under any insurance policy of the Lssaer then in force whieh insures ag�irist nori�
payment of principal of and redamption Qremium� if applicable, and interest on, the
Bonds� and (ti) the Registered Owners of two-thirds or more in the prineipal amount of the
Bonds then outstanding; pro�iding, however, that no �oairi�ac�an or amer�dment shall
permit a ehange in the maturity of the Bands or reductio� in Lhe rate of i�terest thereon
or in the amount oi the prineipal abligation thereof or a[feeting the promise af the Issusr
to pay the principal of and lnterest on the Honds as the same shall beeome due from the
Ple�ged Re�enues or reduce the percentage of Registered �wners required to consent to
any material modifieetion or amendmen# hereof without the consent in writing of any
insuror and of all Reglstered Owners; pra�ided further, however, th�t no sueh
modificstian or amendment shall allow ar permlt any acceleration of the pe�yment of
prineiQal of or interest on the Bonds upan any d�fauit in the payment t�ereof whether or
not the insvror and Registered Owners cansent thereto.
3ection 22. DBFgASANCB AND SUBRO(3ATION. (a) If, at eny time, the
lssusr st�all have peid, or shall have made provision for peyment of� the principsl, interest
and redemption premiums, if any, with res�ect tp the Bonds, then, and in the�t event, the
pledge of and lien on the Pledged Revenues and all eovenants herein in fs�ar oi the
Sondholdera she�ll he na longer in effeet. For purposes oi the preceding sentence, depasit
of Federal 5ecurities or bank aertificates of deposit ful�y secured as to princlpal and
interest by Federal Seeuritiea (or deposit of eny other senurtties or investments which
me�y be autharized �y 1ew from time to time et�d sufficient under sUeh �aw to elfect such
a defeaeance) in irrevoc:able trust with a banking institution or trust company, fvr the sole
LKL�-0?/24/84-836A-1250
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beneflt ot the Bondhotders, In respe�t to whleh sueh F+ederaI SoCUrltles ar eertifieatea oi
deposlt, tho �sr3neipal �nd lntereat receivsd wlll bQ suffteierit to make t�mely payment of
tlte prtnelp�l 01'� tnterest an, redemptSon prsmfums, ff any� expenses mnd any ott�er
obligat�ons oi kh� Yss�er ineuxre3 with respeet to the outstandtng aands, sftall be
cot��[dered "pcavisian for gayment", Natfiirig h�re�s� shall he deemed to reguSre tne Issuer
to eall any af the outstandi��� Bonds for redemptton Qrlor ta meturtty pursuas�t to ��y
appl(cabte optior�a� cedernption provisions, or to impair the dtaeretion a[ the Issuer in •
determ[nfng whether ta sxereise any sueh option for early redemption. •
(b) in the avent any of the princtpal and redempt[vn premiurn� if appllcable,
and interest due an ttte Honds sball be paid by sn insuror pursuant to en insuranee poltcy
whieh tnsures against nan-payment thereoi� the pledge of the Pled�ed Rever�ues and all
covenants, agresments and other oblige�tians of the Issuer to the Registered Owr�ers ta
whom or for the benelit of wham the insuror has made sveh payments, shall eantin�se #o
ex[st and the insvror shall be subrogated to the r�ghts ai sueh Registered Owners to the
full extent of suen payments.
Section 23. PDBLYCATION OF NO'I'IC� OF RBFDNDINa. Within thirty
(30) days after the delivery of the 1984 Bonds� the Issuer shall cause to be published one
time in a newspaper publtshed end of general eireulation in the City of Clearwater,
Rlorida� and a finencial journsl published in the Borough af Mant�attan� City and State of
New York� a notiee af the advance refund�ng of the Refunded Bonds.
Section 24. 3BVERABILITY QF INYALID PROVL4ION3. If any one or
more oi the co�enents, egreem�nts or grovtsions herein cantained shall be helci contrary
to any express provieions of ]aw ar contrary to the polIcy of express 3aw, though nat
�xpressly pronibited, ar agatnst public policy, or shall ior any reason whatsoever be held
t�v�a, thet� such cor►enants, agreements or prov#sions shall be null and �oid �nd shell be
deerned segarable fram the re��i�ing covenants, agreements or provisions and sltall in no
way afPeet the ve�lidity of ar�y of the athe� provssians hereof ar of the Bonds issued
here�nder.
Section 25. YALIDATION AVPHORIZBD. 'I'he City Attorney is author-
Ized and direeted to prepare and file proeeedings in the Circuit Court of the Sixt3� Jt�dicEel
Cirauit of F1orlda in and for Pinellas County, Florida for the validation of the i984 Hondst
and the proper offIeers of the Tssusr are hereby authorized to verify on behalf of the
Isse�er any pleadings in such proceedings.
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Secttan 26. RBPBALINa CLA[I3B. All ordinances or reaoi�tior�s ar parts
thereai af the Tssuer in eanfllet wlth the provlsions here3n eoritained ere, ta ti�e exter�t oi
such eor�ilict, hereby supQrsedea and r�pealea.
Section 27. �Fi�EC'TNB DA'1`B. Thts Ordinenee shall lake effect immec�-
. iately upon Ics puesage.
Seetfon �8. PrTBLIC NO'PICB. Notlaa of the proposed et�actment ot th�s
Ordinance has been proper�y edvert[aed tn a newspeper of general circulatton in
aecorda�ae with Ci�a�ter 168.041, Florlde� Statutes.
PASSSD ON FIRST RSADINQ
PA33BD ON SBCOND RBADIN{3
AND FINAL R$ADINC3 AND
ADOPTBD AS 11,MENDBD.
. Attest:
.. � � _ .
,L;,�,t�� W .�.wr
: City Clerk
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,7�1y 19 , , 198�
Augus� 2, , 1984
ar- omm ssioner
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� Yf _�_� duIy ap�ointed City Clerk af the�
' � City oi Clearwater� P'lorSda, a�rtify �the foregoSn� to be a true and eorreet copy of
� �
drdtr�anee No. eriaeted by, . the City Commtes[an an tt�e `�
��
day of _ _, 1984. - �
� Witness my hand and the seal of the City of Ciee�rwater, Flaride, this _____rt� .
day of , ^ . i884, � � � . ' .
- �, . . , � � C ty Clerk , , � , � - '
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1�1 � � present and futnre Annusl Debt Service payments then retnaining unpsid with respect to
the Refunded Honds.
ib) "A sement" means thls Eseraw Deposit Agreement.
� (c) "Annual Debt 8srvice�� me8ns, in 8ny year, ttie principal of er�d �
. interest on the Refunded Bonds coming due in s�ah year as shown on 8ahedt�le A attaehed
� hereto.
. � • LKL-47/12/84-63BA-125Q _i_ .
' Ord. �8fi74-8k
F.: . . . 8-2-84
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(d) "Honds" or "1984 Bonds�� means the W�ter dc Sewer Re�enue Bonds,
9erles 1984, of the Issuer� authorized by the Ordinenee, as herein defined.
(e) "Eserow Aeeovnt" rneans the account establtshed �nd held by the
Escrow Holder pursuar�t to this Agreement, [n which cash and inv�strnents wtll be held for
payment of the Ref�nded �oRds end the �xpenses.
(f) "Escrow Holder" means , �
Flarida.
(g) �'Escraw Requirem�nt" means� as of any dete of calculation� the sum .
of an amount in eash and prinoipal �mount af Federal Securities in the Eserow Aceount
which, tagether with the interest dus on the Federal Secvrities� wlll be sufficient to pay�
as the installments thereaf beeome due, the Aggregate Debt Servlce and to pay when due
all Expenses then Unpaid.
(h) "E enses'� meens the expenses (ineluding eontraetusl obligations
inourred with respect to the Refunded Dor�ds) set forth on Schedule B attached hereto and
hereby mede a part hereof.
{i} "Federal Securities" means direet obligations of the United States of
Ameriea end abligations the prIncipal of and interest on which are fully gu�ranteed by the
United Ststes of America, none of which permit redemption pt�ior to maturity et the
option of the obligor.
(j1 '�Tssuer" means the City of Clearweter, a municips7 corporation of the
State of Florida.
(k} '�Ordinance" means Ord�nance No. � duly enacted by the
governir�g body oi the Issuer on , 198�� as amended end svpplemented fram
time to time, suthorizing the Revenue Bonds and the Agreement.
(1) t�Paying Agent't shall mean the Paying Agent ior the Refanded Bonds.
(m) "Refunded Bonds" mee�ns the obligattons of the Tssuer set forth ot�
Schedule A attached hereto.
Seetion 2. De it oi Funds. The Tssuer hereby deposits �
,,,_, with the Escrow HaZder in immediately �vailable funds, to be held in irrevacab3e
escrow by the Escrow Holder and applied solely as provided in this Agreement. The Lssuer
represerits that:
(a) Buc� funds ere all derived es follows:
(1) ,� $ from the net proceeds af the Ravenue Bonds,
(2) $ transferred irom the funds held for the
payment of the Ref�nded Bonds; e,nd
LKL-87/24/84-836A-1250
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(3) $ Irom other funda of ihe City.
(b) Sucfi funds� when appl4ed pursuant to Sc ction 3 below, wlll et least
equ�t t�� Eseraw Requirement as of the dat� hereot.
�•� '�- �� `•# `�s pse and Inyestment of Fw�. The Escrow Holder acknaw-
ra, � _� �� � ., , � Sect�on 3,
F ��,.t q ! ,
" .r y, . �T�f
� ' � Zedges rece{pt of the sum descrtbed in Section 2 as►d e�rees:
.�• o�
.��e � 1�y;;: .
'7��%�ifta� • r, ��
��� ��� � ,_ „. (aj to hold the fUnds in irre�acab�e esarow dur[ng the term af Eh[s
Agreement,
(b} to deposit the sum af $ in cash in the �scrow Aceountt
(c) to immediately invest � of suc� fur�ds by the purchese of
the F�ederal SecUrItiea set iorth on Sehedule C-1 Qttaehed hereto,
{d) ta reinvest, �pon reeeipt thereof, any maturing prineiPal aRd interest
of sueh Federal Seeurities required ta be reinvested pursuant to 5ehed�le C�-2. The
Escraw HaIder shall alsa, on such date of reinvestment pursuant to Schedule C-2, pay tn
#he isstter, Par deposit into the Sinking Fund for the Bonds, the excess cash then held by
the Eserow Hatder over the Escraw Requirement as of that date,
(e) ta depoait in the Escrow Account, as reeeived� tt�e reeeipts of
maturing prineipal af and interest on the Federal5eauritiss in the Eseraw Account,
Section 4. Pay�nent, of 8e[unded Bonds snd E�e�ses.
{a) Ref�tnded �onds. �n eaeh interest payment date �or ths Refunded
Bonds� the Escrow Halder sttall pay to the PayIng Agent fpr the Refunded Bonds, fram the
e�sh on hand in the Eseraw Aecount, a sUm suffieient to psy that portion af the Annttal
Debt Serviee for the Refunded Bands coming dve on such date, as shown on Sehedvle A.
(b) E�enses. On eaeh af the due dates as shown on 5chedvle B, the
Eserow Holder shall pay the portion ot the Expenses coming due on such ��te ta the
epprapri�te payee ar pay�es designated on Schedule S end designated by separe�te
eertifiaate oi ttte Issuer.
ic) Surpltis. On each interest payment date far the Refunded Bo�ds,
after ms4ting the payments from the Eserov� Account described iR Suhsect[nns 4(a} and Lb),
the Escraw i�Io�der shall p�y to the issuer any remaining casf� iri the Fscrow Aceo�t in
excess of the Escraw Requirement, to be used for any 1s.wful purpose of the Issuer.
(d} Priori#y of Payments. The ho3dera of the Ref�ended Bonds ahall have
an express first lien on the funds and Federst Seeurlties in the Escrow Aceount until such
funds and Federal Sec�rities are used and applIed as provided in thfs Agreement. If the
cash on hand in the Escrow Aecount Is ever insufficient to make the gayments required
LKL-07/12/84-B38A-1254 -3-
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under Subscetion 4(u)� all of the peyments required under 8ubsection 4{n) ahall be made
when due bofare any payments shall be made urtder 5ubseetiona 4(b) or 4(c).
Section 5. ReinvestmenL
{s) Exaept as provided in Seetions 3 herenf, and in thts Sectlon, the
�serow Holder shall ha�e �o pawer or duty to inveat sny funds held under t3�is Agreement
nr to sell, transfer or otherwiae dtspose of or malce subsEitutions of the Federal Securitiea
held heret�nder.
� {b) At the request of the Issuer anc� �tpon complience with the eonditior�s .
hereinafter atated, the Escraw Holder shall sel�, transier� atherwise dispose of or request
the redemption of any of the Federal Securities acqutred hereunder and ehall either apply
the proeeeds thereof to ti�e full diseharge and sattsfactian of the Refunded Honds or
substitute other Federal Securitiss for suoh Federal Seeurities. The �ssuer will not
request the Escrow Holder ta exercise any of the powers describad in the preeeciing
sentenee in any manner whict� would cavse any Bonds to be "8rbitrage bonds" within the
meaning of Section 103(c} of the Internal Revenue coae of �s5�, as amended� and the
Reg�tlations t�ereunder. The transactions may be effeeted only if fi) an independent
certiffed �ublic accountant shall certify that the cash and prineipal. amo�nt of F�deral
Securities rem$inir�g on hend after the transaetions eu�e completed, toget3yer with the
ir�terest due thereon, will be not Iess than the Escrow Requirament, and (ii) the Escrow
HoZder shall recetve an unqualified opinion fram a nationally recognized bond eaunsel or
te►x caUnsel to the effect that the trans�etions will not cause sUCh Bonds to be 10arbitrage
bonds" within the meaning of Section 103(c) af the Internal Re�er��e Code of 1954, as
amended, and the reg�tletions thereunder in effect on the date of the transacLions �,nd
applicable to obllgations issued on such dete.
�tiari fi. No R�demptian or Aeceleration oi Maturity. The Tssuer will not
aeeelerate the maturity or d�e dat� of the Refunded BoRds.
Section 7. �. The Issuer heraby assumes liabillty for, and
hereby egrees (whether or not any of the trarisaetio[ss contemplated hereby are consum-
mated? to indemnify, pr�tect, save and keep harmless the Escrotv Holder and its
res�ective suecessors, assigns, agents a.nd servents, from snd egairist sny and all
1[�.biL`ties, obligations� losses, damages, �enalties, claims, actione, suits, costs, expenses
and diabursements (lncl►ading legal fees and disbursements) of whetsaever kind and nature
which may be imposed on, incurred by, or asserked against at any time� the Escrvw Holder
(whether or not also indem�ified agair:st the same by the Issuer or any other persan under
LKIrO?/12/84-638A�].250
Ord. 367�+-5�+
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any other sgrQement or ir�trument) and {n ar�y way reiat3ng to or artatng out of the
execution and deliver;,v of thls Agreement, tt�e establishment of ihe Eserow Account,
ostablished hereunder, the aeceptanee ot the funds and securities deposited therein� the
purch�ae of the Federal Securlties, Lhe retentior� of the Fecierol Securities ar the proceeds�
thereof and any payment, transfer or other eppliegtion of fands or sec�rities by the
Escraw Holder in accordance wtth the �ravistons af this Agreement; provided� howevec,
that t�e Issuer ahall not be required to Inaemr�ify the Eserow Halder against its own �
�egligence or wiIIful misconduct. In no e�ent shall tY�e Issuer or Escrow Holder be liable �
to any persor� by reesoh of the transactions eon�emplated hereby other than to each other
as set forth in tt�is Section. The indemnities cantained in this sectian ahall survive t�e
terminatian of thia Agreement.
Seetion 8. R�onsibilities of Fsccaw Halder. The Escraw Ho�der and its
respective sueeessors� assigns, �►gents and serve,nts shall not be held to any personal
liebilfty wi�atsoe�er, In tort, eontraet, or ott�erwise, in connection with ttfe execution a�nd
dellvery of thi� Agreement, the establishment of the Lserow Aceount, the acceptanee of
the f�r�@s deposited therein, the purehase of the Pederal Securiiies� the retentian of the
Federal 5eeurities or the proceeds thereof or any payment, transfer or akner applieat�on
of money or seeurities by the Escraw Holder in any non-negligent act, ron-negligent
ornission ar nor�-negligent error of the �scraw Halder msde in good f8ith in the condu�t of
its duties. T3�e Escrow Holder shell, however, be liable to the Issuer for its negligent or
willful acts, orri�ssions or errors which violate ar iail to enm�ly w3th the terms of thts
Agreement. Tl�e dut��s et�d obligations of the Es�row Holder shall be determir►eti by the
ex�ress provlsions af this Agreement. The Eserow Holder may consult with epunsel, who
may or rnay not be counsel to the Tssuer, and in reliance �pon ttze opinian af such co��sel
s1ra11 have full and complete sutharization and protectian in respect of any aetion taken,
suffered or omitted by it in goad fa€th in accordanee tt�erewlth. Whenever tt�e Escrav�
Halder shQll deem it neaessary or desirable that a matter be proved or established prior to
ta�rit�g, s�affering or omitting gny actian �nder #bis Agreement, such matter may he
deemed ta be canelusively esteblished by a eertifieate signed by a� authorized officer of
ths Iss�er.
9�ction 9. R,esiqnation� of Fscrow Soidcr. Tt�e Eserow Halder may
�esign end there4�y beaome discharged from the duties and obligations hsreby created, by
t�otiee in wtiting given to � the Issuer ar�d �wblished once in a newspaper of general
eireulation;published tn the territorial limits oi t33e issuer, snd in e dsily newspaper af
LKTr07/12/84-836A-1250
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general eireu�nt[on or a finanoial journal published ir� khe Borou�h of Manhettan, Clty e.nd
State of New York, not l�as than stxty (BO) days �efore such resignetion shall take eifeat.
Sc�ch reslgnRtian shetl tAke effect immediately upon the appointment of a new Eserow
Holder hereunder, if auch new Escrow Holder shFill be appointed before the time Iimited
by such natice an� shall theR accept the d�t[es and obligations thereof.
Section 10. Remo�el of Encrow Holder.
(a} The �serow Holder may be refnoved nt any time by sn instr�trnent or
concurrent instrurnents in writing, execvted by tlie holders o£ not less then fifty�ne per '
eentum (51�6) in aggregate principal amount of eaeh issue of Refunded Bonds then
ovtstand[ng, sueh inskrumen#s to be filed with the Issuer, and aotice in writing given by
such holders to the original purchaser or purchasers of the Refunded Bands and published
onee In a newspaper of generel circulatian puhlished in the territorIe3 limits of the Issver,
an@ in a daily newspaper of g�neral circulation or a finencial journ�l �ublished in the
Borough of Mani�attan, City and State of New York, not less than sixty (Bp} days before
sueh removal is to take effect as stated in such instrument or instruments. Photographic
copy of eny instrument filed with the lssuer under the provisions of this paragraph shall be
delivered by the Issuer to the Escrow Holder.
(b} The �scrow Holder may also be removed at any time for any bree.ch
af trust or for scting or proeeeding in vlolation of, or for fsiling to set or proceed in
aeeordance witi�, eny provisions af this Agreemen� with respeet to the duties and
obligations of the Escrow Holder, by any aourt di competent jurisdiction upon the
application of the Issuer or of the holders of not iess than five per eentum (59�6) in
aggregate prIncipal amount of the Refunded Bonds then autstanding.
Seetion 11. &icces�sor Bscro+w Holder.
(a) If at any time hereafter the Escrow Holder shall reatgn, be removed, bs
�
dlssol�ed or ott3erwise become incapable of aeting, or shall be talcen o�er by �ny
governmental official, egeney, department or board, the position of Escrow Holder she:ll
thereupon become vacant. If the position of Eserow Holder shall become vacant far any
oi the foregoing reasons ar for any other reason, the Issuer shall,'but only with the written
approval of the ariginal purchaser of the Refunded Bonds, ar the cor�orate euccessor or
suecessors of the origlnal purchaser, which approval shall not be urireasonably wi#hheld,
appoint an Escrow Holder to fill such �acaney. The issuer shsll publlah notice of any s�ah
apppo[ntment enee in esch week for four (4) sueeeavive weeks in a newspaper of general
circulation publ�shed in the territorial limits oi the lasusr and in Q daily newapaPer of
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genera] circulntion or � tlnane�al jaurnal publishe� irt the Borough of Mnnhattan, C[ty end
State a� New York, end, be£ore the second publicst[on of sueh notiee shall mail � copy
thereot ta the arIginal purchas�r or pnrehe�sers af khe Re[�nded Bonds.
(b) At anp time within one year e�ter aueh vacancy et�all have oceurred,
the hol�ers of a majarity in prineipe2 amount ot each issue oi Refunded Sands t�en
outstending, by an instr�rnent or cancurrent instruments in writi�g, executed by all eueh
bondholders and filed with the governing bady of the �ssuer� may nppoint a suecessor ,
Eaeraw Holder, which ahsll supersede any Eserow Holder theretofore �ppointed by the .
�SSUer. Photographtc co�[es of each such fnstrument ah$ll he delivered �romptly by the
Issuer, #o the predeeessor Escraw Holder and to the Eserow Holder sa uppointed by the
bondholders.
(c) If no appointment of a succeasor Eserow Holder shall be rnade
pursuant te the foregoing provisions oP this section, the halder af any Ref�nded Bonds
then outstanding' ar any reticing Eserow Holder may apply ta any caurt of eompetent
f urisdietion to sppoint e sucaessar Eserow Holder. Sueh eourt may thereupon, after sucri
notiee, it any, as sueh oaurt �nay deem proper and preseribe, ap�oint s sueeessor Escrow
Holcier.
Section 12. Term. This Agreement shal] com�n�nee apon its executlan
and delivery and shall terminate when the Refunded Bonds have been paid and disoharged
in eeeordance with the proceedings �uthorizing thc Ref�ndsd IIonc�st and all amounts held
by the Esarow Holder hereunder have beea applied in accordanee herewith.
�ection 13. 3everability. T.{' any one Qr more of the covenants or
agreements provided in this A�eement on the part oP the Issuer or the Escrow Holder to
be pertornned should be determined by a caurt of co�npetent jurisdiction to be contrary to
law, svch eovenant or agreements herein aonteined sh�ll be null end �Qid �nd shall be
severed irom the remaining covenanta and agreernents and shall in na wey aifect the
validity af the remeintng prav�feians af this Agreement.
Seetion 1!. Cam� t�re arts. This Agreement may be exeeuted in sever�l
c:aunterparts, all or any af which snall be regarded for all purposes �s duplicate origfnals
and shall eanstitute and be but one and the same Iristrumer►t,
3eetio� 15. [3ove�rn Lax. This Agreement ahau b�e construed etnder the
Iaws of the State oi Florids.
Bectlon 16. Secvrl far Acco�a►ts e.nd F�nr�s. All acaounts and fu�ds
ma[nfatned or held purs�tant to this Agreemea# shall be eontinuously sceured in the eerne
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