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'�: iq� .;,`.. a�'.; � o-ti,�., �'�si�s.:�; • rr.v°,�s.,,'�'t.`:'.;Y' .`�;E:=d��3.a.�e.<�iLi°`',,.'•�''.A .i, lt�!�.;,��t: � _ .LS ,SL'4 �4�iti..,�S�'4�L�'"��Y--.,n__ ._..�t?`,"2�.-a.%•l���..Sn:i� =�:�...r .v�z;311..3 ,.%�.�:�:�,�a.`�a:.,_._ .,�. .-.��.�'w''-'rN:__....F.,.... �',�;�....,..., ... r.,..l,...�.'%,.�:f='_<,..,�_.eJrrhri��ue�� A m 0 r r � � $ 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. 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Kli.i.�d tt��:�.r�yyt = Y ti _ � ., . . .. . � k .s...v _.,�.:.�_F2`.. _. _„� _�o,.''_ `� .. _ . �_:.._:s7_ ... _T-� _ <... _ . .-'Ji`:".a .-- '. _. � .. :.. .__ , t.. -'- - i.3 _.!._ �,.x.'� ._Y._.�5�%ewR� . � � r � 6 �1�.�;� i`ri 4."r`y'1` . .:+ '� ,'i�' ';. ;: �,�'is � '<<,� h;�,i.^�:l 4"�;i�:; ° i��.�,���'�` �'.E:: `.�' _f. .,�a;.`, :L ., r :�s�� � ,4:".3N. ,.i'y ' •I�•: �1c 'A�.. ,".'�.'.:• �� -.i�� ��7� r`• . :��nwr.wwrw.k..i'.���r r. . �:a � Y � "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 , LKL-47/x4/84-636A-I.250 -2- � .,, 8B 7�-84 '.i e�Z-84 �, i � � � ;,a��s�. r � n��,� ...a. .;",, -.t` :. "ti� _ ' °t.,....s.. 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'r„ t. �^^.{n'�� ��eb' .•F: �� ,''t^ '.'�a � : � _" } f,^ "-`��'� '''� �1 i.".s, t �'"�' � : i:�:r.,.'� Y,.r= �. � �Se �.. i� w „.�'a �� >�.;.s,�, "y .cy�4i':�•oJi:I:;��. :� ,E�''si. �,t3 ;lfi�r`j.:a:7.����.',; �>i •r.+;�,+s'•��•J.,;.c��*��.� „r•:,q� �';sY�:��r;:�� r.�Fa�.,� ��'+X���u�:�; ..�sx. •�!: y°�£.��,j�; `,,t��3�. ��y' � ,t_.f: Fr;4 •�; .f' ,�t. �;i�°z�.., �y.� (y }.a »; � . ;'t�°',� '�� ,.;f y � :',� ���#�° .;�i� i�9i. . s.•:i��.`��; .k ,� i .�_,.:�;:r.` • .1�:`..'1~' ���.rY.2i �.y���. `2. .�<<r�yt.. �f� '�tl:� A!'Tl:i: � �, Yyi.�{q. s� ; '� . .� " :.' : • , �r yf . _�• -.'.,'t_ id,aiii.:.�,'�� ..w '� �9 • _'f��+, i,. .r:...�.� is. �iYS.r:.i=4.*.�°. �s;H. x;7e ,.2'i�. :i"' x.��.ir.' `.it;P�2;1-� '�ti'_`. �, a. w.�' 4`�:e��.S.°,�i�,��5"t�..�.i�.t.S� k.�``te � r a�. a,t. s,s'+d�p � ;:`"�•••�.��.i� . �:;'°� ..r�.., .-� �; r� � ��•:i.; � : ,._ "' - r':�'.� �a�?; rr'..�`.?��Y'�.� Y�`4�k%.,�� �;- °�i. .'F2t� . y', (`e.�r� '{�i,�,'� hC.u;.a"i.`ie � � 4 r'«�_r,.c�:���a� .IIY_ �° 1� ii�.A� ''4:t2�r 1�a�" 1�,''. i�.-�:a�� S: t jy 'kT'z.. 'J+��' �' .fls'.;' !'.t. �.�`I �>�'a', .i;.i�'.ui'.�Ls.�•.iS,r.';:','✓. ',.,c'4:%.'. �;?'i�J ! :�"'4>:.a ' �.�f. �.�. . .. •�. }. � �. .tj�,i.. ,:q'i.. �':pr.a��,',.':i��,- ��. .a' ^; i:. :;4a:r . ; _ `�r• .,.r,'�+�, .;tf<�"•�';�z� c�.-t.t, . wri� 3wy�`,•',�':��, :t,t:�y. ,' , ��a'y' t p'��.i ':E�. ;{ �'._' �.. � . ., . . . . . . _., r� _ c ,. ..'3 .�.'¢f_,-.tiy'.�; a...� �� ��,}' :i>.. '�w a;" �4: � � �.. t^ 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. LKL-07/18/64-836A-1250 � . �s��•a4 -3- ���w�T w �� "�i.. . y.�r : �; � .R � � r � � � - � �` S .;Y 7 , r � � 'e� 1. �St. � �. 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Y.�. �.i • :.Y 5 .-e � P. •._t.z�y�r.;� '�r�.a'.. �''t�' �.��g"�'�?i.� �e. 'c�?:er."�•���i5:d exg,_.�.'� �:�,y�i.:�s�E47�."�: :�1r .,r� :w�.uYS"•'�'�`rJ rr ,.'�a. '.>i . 4; ii3'� ;i. y' ��Y" - "'��� :�t��:' '�S �.. 1.4`'�"`•�� `� i.�,., •- tF •• ,"Cr s:� °� ..,s:.a.�....��y`�, �•'.i�N, 4�;r..'- °t. '"��� � .4.e; :1^ S, 1d% n .sC'S��.s1 i{ �t�1 )• : •1 �? ds� i. k '�,"1:. �'� • S .d:1`,� :�F. ✓� F T .�-.j �"' .�.�},� ,S w � �i'i�' �f. ��` , 1.. �.s .':?. :tip`� . y�t'' �•`�":' ` 17•. -.I.r '.71!': t ! t 1 .,4k�, r�, °r.m•}.ii.tir°`;� ;j.; ,.�r. s �ea �fi �,"* � ' e :,i'. '�� 5 � 3.��t, � c p a'�'{ 9-:,^�� ,�-� ;��.: � `�: '` ..i'.'�' �� :�t.:.,� .. .a: ls..sa`;FS�.?*. .�"l .S:-�l�c �t,. ';�.y '�,'wlFL° d :L=� 'i5.. � C" �rt{`:,���: ':y,,.}�; 9.. � t''� - .r' r, .i. ti.,r"1 �s,•.(., , Y4:�:'le wr�� '.y.j�`�' • k'""..-.•'•a �'�.o,�:'�'� ��. .l>r "}97��°`��5���� ��'i,'��'�:v..�i-:.�.z1'�i;�• $'�.�_.._��$..�.�.,:.7F�l+::.f'C� �.1,..,.,�.t"�:s�3��^i;:. ,_ .� .. , .. �-'`c;.:,.,.. °%:i�'.',�.:.::i�=�,.:r._..F'�.;:;:�'>'n'�:+�ni 5_ >�::.,.�1?�37tis!^ .:!-, a hK � �� � ,,,: .•,�W • -���<<; ti`�s�t��" :T• :.{� '',' `t.•.-. � `'i. . �'.�� , . . . .. :' .: .l:..i: . .s,. %+°;. 1 � i � ",.ti. k "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 . 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 �, ; �97�1�d� -4� e��..�w ,� . j� 1 Y � � 5 � � �`4 :� ;�,1 i� r' :;{ � -� '�� ., � _� `,4 � '.1 ,� ��� �� T' � tTt� i..�s � :i � .� ! i ��' •.7 r .". . : i, �' � � � .a ..�^�, cr�! «,.'�, R�?f ' ..r .s.,a�4ry .�,':n�f'. .r,.,y:rf:��'.. '.9" �.��.,�x;� _ '�t ya,. ,�.ra,. .:.'.Yr:.,y�•h,,.v<.a ._.w.ra*r.'a":.'•�h•a°;� . . •:i..•tn� ,�.,.'�t:. . .-I:a-a{i� ,..'� ,*e„�wn.:.� ,f. , , . • , . . . .' _' , ',; .J t' .ti• �lF�f'...= . . ' ' � ' , � ' • :. . '��'� . . ',.a..• � ,.- �: . , , �.. � r ts. , . ... � ��, E'�.�a•y� . , , , , ... . '� : �.. ,, .,._ .. a � . , . . ::y„��., ' . ,,. : , A�: •. . fT� A:''t'fr..,. . . . � � .p': . ��.. 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' ,�'4`•0•1;;�� i�fi±.v ��y t•'. .�.1f' �7 '�7"^ F1'��:i' '���:i�','. 1 ,.� ✓+. r 7"y�' "'T,�' i.'; ��' ".t ; '.T, ,I � .l ..vlS• 2�� '�i�' '.C° .1. rm�• j { + y..i'. �q il a.�,. ,�-4 ,'�i, •r. z.��r'.,:�,� ,e�. °3 .s '���a°'.`R�'vLt: '� .i9� T ` a� ''-yh} , Hr .�F 4 _ i `i' a.`i' .r�t ''4` ',R_?`::N�' .'� },.: i. ��ti� ie i � � � �' . S 4-' :1•�:� �l., 5'•: 1 �`.t' .y�. �^ e:y .r2:; t' �ko'£. . �� •r.�A c l ? ,{`l .,h- P ? � y� �9�- h" �'..'. ;Y: , n. .`.,c'�": r'`�'� ti � Si� �T�.'�' P:° s�_� `r3j' '�s •°a"."�! �' S , a "<:A� �r= ,~ o' �:a�� .,� .}. +�„ �`,iii"., lyp.R�p'° .�, 3. }" ..Y q . ?%.`F W ��2'�'4 : � r:, .. i.i . `�, ���� : J`..:! • s 1= I': '• 'i i E.SfC.� • .'t � i;y •c•=�ti� ;'.:.. 1 .:..�!:•..;'..« it � wsa� Cy4 �y, .� f "r:��"`,�i�sd'>.�ii�,,.y,s .^.a. ,.!' �!•� :�� :��y�,i�,°er-�� �7..:i. ,5�...i.. •e. .1�.�:'I"� .�. ,.� i�.t.. ��n.• ,hx4�.�,4'�. G.�`.4�M �;4 n��.y�� �� � r. ,«„ . Y.. .S', `1r.�.R. • i. � s. '��i~ i�r �..�'� �� .,�.: : {�':::^��'S.:-:"��{•+ . �. . '.,�.. .t .�+�,L t ..i 4�'., � , k�i. �_ ';j''";y.°�,3. .:a� ?1r: c.: a�.s�a t�l.s ,`.:.1 ; '_�J . f:. S.i, „::, �;;�.,:t;§}`, . 'e.'•;�'. . , 'F'..��`� t�� , r' .�. �._ �: ' :� �� ,�' � �: €� nLS .5;..�, �.R :� �,3 . ��.'� 3 l • .i� ��,k�• �Y'�'\ 1� ' `�'.i�:s.:s �i 1 y �� � ,Le�.. •�� ! .� • T . ;�;'. ,st, ;��: °3; :,y. :,s.:, �;•} - .'s' ,..y. •�'3':'S-: t� r r>'�°' 3� � �!.^4-, K ` �i ��.e�.. �F� �4 ;:k:� "s }.ti-�' .pi:' �'+; : • 4�i,,�('k:� t �ii.A .;;; ��77�r1X� Y�'��.L.�t.., � _:�r ��,k?? �4j � .1si '�� .S{.. �fe , �..�. .1 � �.I.� � �i�; 1� <.4. F SL)r�.., n -i � .�Z I ! KF:h ` � F`. . . .. '/�.` .t-'�'. 'J�� ���i. �:��':=.�r,:�r� .�• vt'r :�..r.�. .��i'. �ti�... .,��,»R,�{:o, � ��"{.{;{�i.1$.� F, �• ��r%t�:�:w..:.�..__.. _—__�_ . _. . . , _ r_ ..._ . . . � . --,_�_�L._...�.:�:..�..._.� , r f .r.": . r^.a . � _ :I� . , ih ..:•":k �� .�i�'i.�_�:ia ,t ..:a..lt c"tiC�:�.�E: r� ,' 'e��r r:r' "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 �xr,-oz�a4�8�-s3�,�-�aso ORd. 3G74-8�F .��_ 8�2-8� ,� .'�l � „F I �e � I i~� t y�.: � sM1}' . ;"� 1 � :; i A � •4 !'—, .. � :a o; .� .��} :y .? �J .. �' :,,�. ,1, R,'. ,�1 �� � a w� A. � �� � � ; .�M i ? . ;. ■ 4 � � �k � .� i 4 �� . � .{ ��r . � . .��� :.` � �,� � • • ��P F J:� s�.1- ' ;{.: rf f ( �i j+ n i�y. � ;�i 4 �F� , .l' � �� � �. � � { .;? �.;. `:,�: � ��x?� �Y'�i L' "r � '" "~ ;:. � z �i�, �� N�}Y'k��?�-.-���,.�-,.',�.'�"k,��1��.TiRA!h:tih�y�,�H,�f?•,,•.?�i%�"#,:;et=��..i.�n-�;<<?`fY�'{.ss`'Xs�:i�a.f,.�•t^.�,s 1�.�wh'�::f '��'s�*'-'A�"1�";'�'"'�1�:� '. n tW'•�....:c-.••y4�.T.v:^. +v.u:.,�R, r. �,w �..�w' rA�'Y��r ''tt fYt 't•'• ` di 1�` s`.'. A. ,'?'�"c��•. 7r" .k•>;?"" .+�k. , �� ? ba� "�:e.,i� i�' F ' '�t+=�} . . 1' . . . . ' • ;j., ,, R4 ' . .'. Y �. rt::.:�j�Ffi.. :`� ��`. +.s. c. ' ^� • ''I'.rxS4. ' � ':�!'�t'.$;i�yv.�'S j : ��, � ' . " ' .'. . '•' . . 3;i �}, d '�,.. � :..�F' �;�s; � F_ '�s° y.3�'H.. :�:� .'Ar�rt'�.i.�.:.�` .'t. ..ry�:,... .y?'.,�.r.'irW- :5' . .'i: �i. �,c«'.'S,e�Y�".' '•f-•-„�h:c7�, ;i�.� {l.' . � kt.,'�.�.� .a. ?. F "il'.� ° � 'i.�`.� ::�' .�4•.;:; i.'.�:•�.f . .iC`•;' 4�.�'t� ..�K ;,r.; ?: ' ';7 . ..+. ��.s t - i S" . 1'. .. �� ' r"'• ; '�T' »+• .t• ':t, •;t: :�.�. ,5=' ?- �i� dr..r.� i.'` t ' :'�: : - 3" . tiY,... 'i � �Yy' �.4i"' %,' '_,S`�'.�' ��i�i. " , i.. , • r ' �.a.y- � p l ` ' �����},. ,.`^f:: sT�,-: .r',i.`.�• e. �_'`����.. <�r.;� � �., @ � . �i< ' �'�' �'`:: ' i y '4:��r� °'w7�r.rk':';c:L.:`� ,Y;��`-.t.<_.. - �"' ,.�'7 .,T',. �, ...`�.%1 �=�r �w 1i"' �1.:�-1�.y. 13,1i, � �r: �':�•:�,'' t. "�•' .�r'...:,r. s �y.fr..,: v�, ;.�,: y, rF.; .f`. �.i "¢. �i r'-r•' si ��' :3f �?.: �� � ,�w � 'L� � o� +�`. :.'�.1 .:{^. <<t ';�°!., ey° .i. , '(:w ,tia:4 �•is..� y y'i%::�: r'<" � . . 1 '� °v L ��r' ` ;'r`, i {3v e't : ; '� ��ti'�7: :r� 'i�' ''r;�" .:4� ::r:.:� a �i''�';.;. p f °�:.�� ..�' '.'3.-�.,�a �^' r�xqC• �f : •�i �,t�.� :,:.� 1,�.�' y.�. '�'L .i•s �.�'r• t�:� s •.t�'��,i t n . ! ���{. .a�"� .i :•���. f£..l�..l.� �'i, �f%� .:t;'�^ Jt�l'��.4i'iGR����1,�i�� f�: Y�� .�:^.Y j i � �J �. k�'.a+°�:r'� �a�sy�� `i:`�`• �t,,..n,��. '��`� :.1;: {y ��c, �r..�_�nm_S��•w�..5r.��.'�^� .i�•` 3/ !.' "~'J er .�'.. i�a`� •��.. 7° .a- ,t. sti.°t '€. 4. �•:�i.e ��'.51 ti si a .-+*!.% ! t.. t S�': ;'.° '• I:::6 h*:°. �.r j�' { i �� �'i #, S i(' � [ .�"rY ' 7. �'�i LY, l 'i � -}, i e. 1�,; � � ••id� s�e..Y f':' y :.'Y.� +�T� � ��Y' f � «ti3�.�' I�•;..r .iT'. Y �'� 4 + .i H.`J�� � .•� . . i��•�F!., .t' �.7 .s f:: 4' 3' � t _ „a�". i. ..]a"'<.. ;?yy,.t,e. ,1r':�•t>'L'^�•.�H.'s. a�4n :iti•i .�.v t: � E t .".1 'r:., , ^� �7' . �., � � i i; : i L�- : .�^ri• � K �r �! ' '� i }.. ' �x" .:'a< �-SRw'• s ''� R�. F� •`1... � t> >.i. - F .� z t h Sy� l _a:r`i- °•'?�' C '����• ..v.� i' ..>E •i�" _-3"�•, "t .,3� :�f� �/ Al. ���. � 'i� .x'�-� ��r �±. i�' 'f.�+ �s': ' S es- 2 ,t � .7 .� '`* _L t .t- "o �!.� :�''.'` •Ct' :rt. ,.{ �`i� f. ,�ti i, ..�. ��.. �,y �Srt� �t' !'.. :7� �$ y :i"' •.["' '7' •J. �� ,.?r %�'�'f. W' '� a' i '�[� '•K'�' ,.�) ` �:}` ,.•�'X ".F' �l. A�. .fe "SF 4�.i .,';�'•i`' ° i j ;P;` S 3. s'1 �s. � R�� F'- ..L, r.'` � n� S'. ,1. � ,�"'' I}� .r.. a: .� '�F s.. l, . �} �F ".�- +� ��.. ':4e' ��:fi a �:: ,�i q :�l :�JJ 7. ,� � +,.•,. ;;t•. ': ,�;. ,li 1� i d?..7.r4\.i" :E: .! tiL .��a '.t. �.{. •S. 1 � i4:�� s.�F�� �'. t, a.i" 4 ` :T,l:. � ,, y . �.�. .:l; a,. :!.4%ii � . �,. . � W� , i�i.�l�:. i�'IF£'.�JL2Ybi'��1�.�'�i2^f'�S"�4'.*i,I'�9�.�7:F«.`7Y"�1'_...,.:k.i'.5.1:1iF.`•E....l��f�ti`.'.:'Y]Y�S ..hR: ."�i'r.�.,r... ..i.Rt::'o:: ��:�i�!.nt_.^•e !.i':L[:".i?:'.:.,::..� §S'.•it�'.i:�'....I:.u. �..�t�iF'G..,�r.C1sF..17_�:1aer. ,e�.�C",:°9S'A:'t ...., r` ?: A,: %S `'.i" �� f�.�:`..4� .�ar:S��a ;%.�c�'= :��i3'� —�: ;.:; ��.���' � ,,,�e; ..;��'s' 't:w`�-i , t,6,-"`'E': : 'rt= '•c t� �; � 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 LKL-07/18/84-638A-x250 ORd. 3B7�-8+� -8- 8-2-8k t f� t �'' �i �,. � ,i �. . ^ �. fe � r- ��a � ., �' _ ;. a�' �` ��. ��� , �t ,'.,i ra "i c� �; s, ;�'� d4 � �,,. �� ;`''3 ��� � ,;_ ,`� � ��=, `�.: � �'` i i���`, .�■ �� ,� . .� � �.a;A!r� :�T";si+"�y?'C�.M,:'�`�'rYK53hv.�"!C''i•.F.�'�Mr^nhi4'�'4.7-�•S'� - r:s3,P.t . , ns., r.y F:� .,c.-�SP';.n,-:a�� ..:4;^:,' �[.`u.y...�..�+z.,..t.uy:«.r..`Tr"r7'txw.,..« .fr:,�n..�-asr.r"!ti�'f::' .. 't�vr� . � . ya,�r�t+ �� �3(•"4:��.`�;�•!t:' �t ' fr�'"(.�� ,,`..;1. ��� ' . . ' ` . ' ' .. ' ' � . 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S. y..�.+3 �.t^ � _a° 'P ^ .f.'' � .t> .� �� '§ 1' � .Y"�� el°.: [ •i1 'j��.F' . � . Y rr .1�� ' 1., r4�; �'..'i � j(' c ° ,�'�. '�.-�^ ,i' i. � � j `>' -a�+�` �-�,µ �H'�(n re=� ��'� .i� .:1� �5,�, :i. Ys4�,'.rs S' Y��L� �%i�� ) � . ,''lan� :4 .r "4.� `.k. 3 3 �t 7' . .^J11�f5i��ii�tl�U.ti1..�-��S ������Mi+M�•_�w.���..�.�u..�'_' .. __ . ... . . ';l: .si�� ...__ .. ... x.. .. .'tr�: _ . ^{}.�.,. . « � . .. _ . _...: �4�...�:.h� �, � 'i•,e<.�.� T��-fln1�.L�n�wa�.�aY.3��F_YU �' `i C t ;`h iv ;`.�� � : :�: t a' a ;k�r;, a �... 4�+. i �; t r.�: d �, �rl`: r.. � 1 � � ' � 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 $75,OQO,OQO. Sectiori �. DL�SCRIPTIOI�i OF 1984 BOND3. The 198� Bonds, except Capitel Appreclation Bonds, shall be dated as of a date ar dates to be fixed by subsequent resolution oi the Yssuer, but not later than thsir date oi deltvery, may be Seriai Bands, Terr� Bonds, or e combinatton thereof; �hall be designated �'R-_" and numbered �onsecutively irom ane upwerd in order of authentication; shall be in such denorr:inat[ons, shall bear interest at such rate or rates nat exceeding the maxim�m le�al rete allowable by law to be payable at such time�, and st�all m�ture either �r�ually or semi-anr�uelly on LKL-07/18/84-63BA-1250 7- ORd. �674-84 8•Z-aK e � �, � . t� �°i �v� . {�i.� � ��h� .t =�i r ��� . � .�a� ,�%'• � :;7 � • G"�' 4 y "i� F::, i i�i '��;:;, i i �« . �'�' x-; � � _:�:. � ;a$ , . .i.'�• � �•�, � �� r:, .�z`=� � � .. 1 • � � � } i� � ! 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' ;tR,[�^� &w ? 3 f:� 'Y�:�4c<t` ir., ,��.-.'i*`�y ,.r :�i. �;r t'.,' `.4: }; '� =�1' .;: .s.f ''fi. �'' l "-.�`. l,�i,'.iE'�.P c �:���;,,��i.>rs,� M.v. �,��.r � .�,. s�. _• Y�� ds T�,t; 1 �` F "t�a "r. {i`s ;..y�'s> ..5` ,•i :�.t •{•�:5.:��± :�. :r�+-•.:� br r. 1• YS^ ��... �> 1' .J .K: i4''"l .i' - 'ti, i : .\�Fi�5i5 .Y::�'..� f.4. �Z�e�� "�� � �. .i �:M`�yl�a {r! Y :.�`. ',�5� ( .!, t:a�;� _ ��[scTe. .�:,.. +� ,}�� �.) �.�t. �$.� .�_. �w N.�" Y» . .S-a�;t f' �..� .% . i � - ".a°'II. r t;. 't`. r��� Cs�. �.P . 4�� ,-L ' � I �i.l. f.i:'. nrM . "."f 'A-', .c '".�'s. t ro. �!�% +�r.i' f.� •r� 1' �t e7.'�� "1'. ���'• F • t � 1'r r. , 't � .i����i r :�i' K ! 'r�li �'� ' _� ��• d<�r ����'.t:'i:`tt�;�..�,��,` 3'�tk".r 'r�. EN+��` �9..�.��1' F. �. �"�r .�i ," i., s-. t'. C�'t, s. � .�. 1� .r 'Yt! :t'' ..4. ��.d re..� �I ;I; .i .,g., }.-s. d. ��e,.�` •'�.�'.•,.•*� C" •b �. .[ a _ �x� • i; • �•-�. ��: ��,.rt:� ., n�� �...�r�<:.;'�.�;:,�,��.�.. .�,1.�"�:> �;' ,�..d� �T.:" u : � i �,� ;3 'y''� .s y� �t?� ,� ;`a +r ?�: "{• ` v'' a -.�':i:r:tii... � .f'�h� �� : r. . F : ' L'{'� �.�L 'tic}��.�."�. :ir.: � .3�' ..,1 �,1^ •,i..4 t•:.�.r. • �....l��:a':.A".�a...�r �yR ..��i G t 1��'Ti . _ u n�_ , � �$fl�tedGSlk��ifnr.�....�Lai�.....�..���..��.��_' _—__ . 4 . ��� . � . ..e . . .'i5�'�"'..<,' . _ .. . _ . _....`�' ., k �.� •.�f_+r�._. �': ryr}� vh.L3'� �i',",�P'.:'t4. �,�.��Aa��.`:jly � � S 1 y � 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. LKIr-0?/18/8�l-83t3A�1254 -B- -•1 ,Y.��" � �,� � oud. ��7�_a� •-x..�� r�'"'sT'' } ,�^ ;![� . "� ?k-�2��%>�#r�a';4� -'`°•� 3 x .i.. �� �Y :x .� # r� � � ^� �S, . �'' , }� } :. ' •sa � '4" �. �� �' "'� w y" ' �' : .' 4 � ' ,�}.� �� y� �• �j�'� � � : :�{�,+,+ +�' R ,�;��Tr • 'S;", � +�; S�!1 .. 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Fi" osi•' ".i..��ri� S}''% .%�;:':Ri�», i�,r'M' :i�i�.x�����t�"•.4�. tcj�.a�.. 7 '4 ,1 � <" � fi . y .t: t ' �' 4 £ 3'. .,,5'' ` � ��� `',&�i�'` �,e"'= � 'ta �j '� f�.�dS; •.r.3n,�4%i ;:4e��°o� �+el�.��.}s. f�•.csa .e' •y`� �.t,��C;�.••..�5;�. #,r �ti,':°..ti;F:-;...�; �.���>�,�' Y:� '>'..J�i�,�..F;�.K�,.;'..•r .�F:�w.ta! ��' t' ,.aY��".z.. .z �„�,'.vs .y.Y t, yLE;: .. r.i .��; ��. � :# ���sl.:...�..? .i�, >v;i.'�� .C�,i�'. a '� � t� �F . �s:�k .;S°t.:�`r, .'� '�r7 .�.�:'ia��%��,�.,�.,.�."`,.'>.�e:; ;v:r�.r.,'°. i.�ti'+l °1'Me `�t;°,:`. ,y.�s�.F.•;��,'.i�'`f;'t?���'-' �'.r.�yiR'%}i°r`..?:�'. i ,.k:.lrer � I�� ~�t.r.�'..^.,' - . ;1-1`Pi yr.;7�;.�;=:�jY.,��;r.��tes,: : �,r�sd''...�'�a'�:'a+�.l;..�,���,,Y�;;����.Sa�'.����„;� vL.�!� Y. ,r ',ff' ^��. •�,,, Y .jrry `4:.b.e .IEi' �`a�.h' FTr;tda .�(�:y.T 4..,y «�{���ig^'p�:i: a��� S ' A �f... T� F" ti.��ti"':F ..6t �i4 : !.%S� `�I"�2"a�!'��F., t•, .y'',': A�.r ;`. :�5� ia : � J'::':x i .� .# �'i .�.� .r5'�' '-�s. n'°..� !•�r. 3 f..r6. t ,r: „r.�' +� ��i";:5r ���`f;„,n.SY,e ^:r•y:x'`•,°s.ia` 1 t.^^�1LiT-wiiy`{�i ».};4��; .�!•.�,_ ='�'•f,i N � ` .... '�+wi.w_�..�..1.>.,.t..._..v.•'•,^.:_.�•:�:' �...�. �;e::.�,f:vi'1 ' •�:�".. 'LDr1. t $'. i� ='•. �y .Li..:..6.�'_- _ ...i�,'..Si:..�rr.i1:.:.i�i..' i � i.� �'9�..a.�..'=1.s_.....c?L=_.!:it.'.'. .._ . ' 7`_:�ti. �1.....h�:p: [e!�_V�t'.� . C.� . � . � ��6 � : J 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- OMd. 3fi7�F-B� 8-2-8u w� �,���Nr�� �'*�'i'ty,;i.�_i1��"��'.!W.�(� ,:i,���Y:.�i.'; . ,f �,' �, "` '�:'R`' �' � �i ' -`�` 1'r"� � �:4°�,4e:. , �y�l . .�.r�'Y j ..,,,r;, y�s . 3 w . i : ; �, ��? ,�.�� � =F� � £! �, t��j l�6 �� �r .� � � . .> y. . b 'r: , ^ e � � Y . � . . .:Y ' � �. -�:� __ i�i�".eSi _ �`� ♦ 3• ,; Y I <,» � � � r .�.� r , '� � � � �;'� " +r 3 �4 1 `� e i i F� , �� � ��'� � y� � s!_ .. i .l � � � ; � j � , � � ...�{. i� ,i i� �` � ' �y :�,�. . ��'r� � ��` � r�'�` 1 <-, = s. �� �� �J ��+' � �'+ � ��F,^�" � �'�i•�� �:,: .� � �;� r • �, �, ,�� � w ? 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Z" �c �ki� ' W � xi^ `�<r ;i• ��:'� •ir'. : YcZ::-��^,� .3 :.sF,-•� •}'� p= >�L?� �,. :f. �' �4��>�!."9�:i�.,y .Y`.'S ,Le 11 ��3^��'a"d".1 n� � ��` �Y" � ,i a. - •!'� -t; ,�.. ��isi�' .�t: ^ •d, �r. .�'�.,,ts.':. y'1: 4:5 � ,9jr �.�. .d, =<<��',.i�� =f'- G::�'.3�„ r:'�' �, i.t� i ,.�', .�, . .+i. .?' z .,C=°� ai .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. � � ~` },�'�' 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 -10- � nHc4. 367�+-8�i 8-�-84 � '. � , � �� � .� '. i. r `.�-:� Z i0 .., a.. � ��� e � .st.. �li� �F . E V ■ � � ' ��1 �i .. f ,� � �S! s ;i � qF l 'F . � � -,'� f� '- (:; ;, �� �� ,e e� 'k :�, � �� t, . le '( �` �-' `a i ' 4i� i� =� �'�� 11fK�� �,.�' ';�'C•S`t;`.%��,1'",..n �.. .�. , ..rr. ��k• .�.I...1'; . . • . �' . '��'�=.�I ?SS'�:bt�\"!Y)Ia'AM�T�..IIt�FE{•�,.�����t'.- �4've.1j�',!.�.5"`"!:..^:.E.�..,,..���,; , ih� wi,, =.��.�re.�.;z,.I ::s .� . ' ." .. , _ ,. r:,.�. � ��S-. . " . .,1,..s - �.� j. 9,S ,i�r!t •'S."''�L'f'Z1 e !is'�.:u.. 1 �3�:.} . . ' ,�7�•;" .! 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'",��'>�n� .i� .i_ .r�` :r' :i�� Y•:' .c,i.. '.i..?ier,.ti 3�L..A,y,rsr•�'*�� xi +4 i� .�� ���r. s•z.'oi(v�...�' N^��a:7';.yy,� .- . y:�. � Y � !:' � v� ��� fi� �.�� -� � �vr � : .a .>a� y= �} e4� .. r'. :t...a ,<��� aa-t�,�+` �,.�1:eF�+rY, y i.�� � i � �ew �. •:,t`f"�` •. i ' r".-, ;r.':. ..:-�>-; . Y i, ° 4'.t . ' '�.. �,�.ti• ��, ,i _ :, i !; �:..::1 : 3 . �,.s- i�r°�'. �"� ��, `y,. �, s :� ;(..i}�� ., •�;ii_.�' ;�3. 'i•.. � ,Y�'4'� -4f. �. .a .,.1. � ,95.-��'�i''.,.,. "�..F'..• .�t �a'� il�. 'y' ......�a°.t''`a.-.e...r.a.��`e....�..�;t.,.'.7s.`ir.t���,::�a.c.. - - -a:�-.. _ ______-- ��.+i.,.._�.......-..?..f.�..�z1.,. �L�1 � ^� � 1 � ' �. `��" ,�; 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 �Ha. ��7w-aw -ii- 8�-2-84 � w-.f: .�. r :`� � .•• i< < s _� q � � • � 1 � 1 :P: f' '�t r'} � � � ��5� ` .`y � f g : '�k,� . .� � .gn�� � A�a, �� ., ,�ry ` ,� � ,.�� � '}�R i '� � v � �� M1� �.aid� "''%;!p{�:,l,t,r �3� .ft r+, y �� . , �i=,+�.r. �►.,��.s;.,n-���—..-e.r, ar'w^G�;r'W '�>,._±ri-- k� xr.x.�, r.e'Re�.wa;r.� ..��..�.— . "n�2"�' . � PV.*.v;!g.y . �•c�:'r;t+'•,,.,A.,.wia'rR�.,�.� `s. '^�t;: "`.t . ' �i�.i: „ �i. ..�.5. ...p�� .: . .. � . �?,; .1.,� �i;'... "'�"f�i.. . . :r . • ' V ' } �] P '. � � . �. y,,5�; �,',;;;y,r , . . . ;J' S. � '� S . , l' 1"� ��.' ' "�;7:. .�V r� �� . .i.�:. . �: ;5, .'x: � �� . 1 °��4 �•1`. ri�: ... �. � u'Lr" ,�€."'.,:^'�'i �5���", '.5,v� .:a� a ` �,: .;�}`��;.u' °cy - , (. .,�� z� :i tiri• ,c� �a:_' �',p,:,ti,� �vi. S �. i,:.> �,a .'�Y.�j':.', ;r.. aii .� ��,.t:w' �i ''i � �.. `t . 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''Y.'': �.f.+ . ��s�� .t . •°'d..- ..��+.`� :l: <r' j `4: t� 'S'�t� �n' - . 1... ,ai' ti1' �:��• •� ei?':'' d A<. .'s s� fy'�'•"+� �.St: .:4i+�'t' b�•. .5� h > 9.^'C� "i�. � ;'� :'.' y ; �,=,'.,�y . v° )>� ,�;�:. .;. .u`s •�;. ='!: .''G�' a' :'!. ° y .r � �i�•- �t� i"a ;'"r."i:' .}:;� �,g:� ,.d- t�' •3' Jd '�'2°. ,,} 't'" •t�'.�r 9rdl: .a'� 9� ,s ( .� 4,' .l ���3u �k��i• Y ,�l ..✓r aY._i %• 1 ;.1. �L�.i:�:'.: ��t�.�r •_��:i �"t^ l �'2`" �.i'.�� ..S„ :U.::r ��i 1� ,F': '`�f s� �`'Y':-7: i.e���•� �.'� �. �bi��t lY a�4. i�t!^".3. YL '<Y,. e,. '.1:f,: �=, « i 2 � y`>w��, ;.-�''' r�..y.: s�� :+n' c • �n. a�'� ,i..-•,, :� , �•F'. ' ,e, „� � : a.,•.. � i` '-7 .: •: : ': r_ � � .e ' , �. �, i • � -� • �.,`s.! . „ ".;;F... . 'c%�: � r=. : , i, : ,'�,' 3� f^ 9�t 'sc' P: e`:�': �,;:.�'• u .'�T�. .i:.;�..• .,�` :.i_ �' r:i• a�?'�w �' ^;. ,.q.,.+iAtri y� � :`e'i' r �..: �' .nx "ad '�� it t :;�� '�L.', '.t',.i.r. al v v "'l: >�a :�. 1'� � .,. '.n.,�ysy� ..x�. .. f{�� ..'.4" L .c ....�. J� �r� '-1.��r i- �� �-�: ' ��. : s�: ' �+ �r �. �L� `'1 r'-'� �. .� •r;� "''i• .t: ',r�:;,, . s.' '� ° ` . C:, . � : ..# ' t r +�,'i �n �. �� ,�5�: �1't l"' .\' . � 7�.. �}sY'•".7 �� F� i � f'�♦ ' �-W � �� 'S. • y . ,` t; .=,a'�T' :, i i + '�r :W. �Zs�� �s. 1�; .r; .'l�e��:.i�� a.y r'4e�: ..l: :r,i?�:w;��:: � ♦T'�:.. �+d� � a r� � �o � �` . . _ ; {.s • ,r- s ,^ x,�' t ry'' s , v �� �y �Tj� .�y.: ;�ti..�:;: 5��_, t�• tif.M: (+i�''� q`' { Pa�"sa>z � �.s��;� :��i �, Lv.� r�. b "h'� � a a ' � �j yf�..�.♦ �' �.`f t Lfa'� �S 1 "', :¢la l� v�����` Y ��e�.n.����+��ii�::�%i:i� �•��� ''�, ri.s' :.;t,�.' �;�� ,s: �'r;:.r�3 i,.,t�'c.�°�._... .._,.r..,... �._ ,_,... .r°.�, �r��.f.- f4:,.:.,�.._ _ r°,��!?_..��'�$e�.h:,:d�t•..i.::FS':f.._r.,.�-:�[.:Ff,^i�c5.;��ti'.�,u�� ., 5•� j`r ;•'N. ,�t�"� � j��}''�.,y:4y.a;y;��`: j1�`!.'Z �•'I_`r{4� ' `'':14yf^�"��ee'�.��o4�::fi'�'a4.•.. ;zti �' e f :�x �� ,� A .�� �s , .,;..'l»;. :,�.'f' -��;. ;,r-; �i...�bw :�:•: �'�-'-�r:,.�-.,;} °, ': ,q'., �.. ',.s:a �'i;.+;ii:�`�� `z�^��",:'�''1�.,�.�y�;i,:: ":S;':;, ,• �It43�k��- __..����. ,.,��`'...__ iti��'•..,..'.'.e.' ��„"J �:1; s : f�. � 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 LKIr-07/18/B4-636A-Z250 0l4d• ��7#•#M �12- �-2-e� � .y +� { �• 'q� :,'.;!' �'1'y • .� :;' st ',�� ! h � �ro ,�'� � � wt,�'; r ': r..�.,�# tf ' �s � .4 =, L :l:+�+ � � ��. �- . !• �i� ` i ♦K C E P t.t' � � � H^ (` .a` �' '� ; i �`�i � `S�w �, ���� i 'g'�Y' � ' �i � V�� � � �� � �,"��,� t �'"i��� ,i I�.n' �'(<3 ,��� , ��`� ti� i''.t' zf ! ,���1?�E:� '�, ��} � ���`_ ��:��. �,�r �� .� � . �, � -�; ���;���� �y�i � r`..'``�-�� � `� � s ";�:° � `���'�' i �;},:����� . ° � ;� :Z S , �;�F����`k f���� �s �;��s � r + � `.'.� �'�s;��",:'.�'�' ' ,i�' �.,, l� . , � »�,�:' . .�A¢.b�,.i �.a .4� 'I.�•�=j•yv. y�;A � y. :,.re•ya� � .� rY�..+' ?' ' �; . .5�iy.a„_. ,� p.r{s,-.a ;.r � . 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F,i � p. �`j �� .l i� �,� . .h�:�: �: F,f ._YF..c� Y i.'.' r ��. n( . �°Y�..i7y�.,Y' �{';. .�t �.t�.. .li':;"4`'�:;�a.. •y�. ..3,; '�.;:'• }+:.,' .�.!'�3"x,(.� ..�_,•��.x { :F,.�-�: tci. ZY��!,�� ^.y���)�:a�.G. a,l.�n �.,J�i',.Y. t!. � 'iJ� • •if. ...e� ,7r' : 4�i1 s ( ���s'C•;.) ..���yC} =r� .i'�.�,'`t, .>" S,' °t.�t `1.:: .�4�.�i.:' :!c`.-�ct.: 11.-rs,.l�^C". i.S,Vr .ai`t �j' 4'�r �.. `.t.�.. {. 1':.�.i•�. �6' ��r.` �. �a � � ���: �i; �' .. •>•..r.�,; Y�` ,k� �3,. .F. .y'�s.. sti ft• � �•-. tY ''i���r. �P�- ��; i"w^.` ",y�ti�i�'i -a. y!:,' ,r.. .er � 'a3 • ' 4l�'� �`�'� ,.t�. �;'1 :�tj.w' ��� :^:""�xa�a1?°"a <'�. 3`�� �:.vi ;-s• .i l. R + .:1'., :.:. . 4 = r �..'.•,' [_ � +' f:,��'S; • .��w.�w�u�w.�.o,�::�.. �.....•�.:....:.-�..1 C.:�.��`�,���.�s..��+..'..-�.�-„—..ca--+:.�.r=`!------M.° �1�:`: "S? ✓;Y .{.r p F :•,r�. •-.t. F�. .r G'.%i,�: s:� � ! . ,'. { �.:..t:. � ,, � 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 , .� ;� � `� �� ;� r'� � �� «<�, -:; ;•�i � >. : �yt , "'�� aS`; �' �� � � $ �; ; ,. 5 ., � ,, � � a � , ��� �� ;; � 1 � . !�� � a � • `j. 1 5 � � � l ?. �� � G ? F . � . .� � • � �� .� i � t ��, I �t , }'�j 'i � ; ,` � ,, �,,_a �. . ���; �'�� �r ` =��' � � r,'j�..;:;�a+ew�f:.a,;�. Y��w . . �'��'.th`h wiCN'ps:'t"t�° ` z?� �s—•.x!,:y�.�+etlS�}`'���°��1'!� ca.w�.,•.�,�Pr�a..:. , ,. .� . t �wr;-�t, 9� ` �. , �•i '' s "Y 5°^�'.74�'.,. ,,�4i f,n.� . . . � . , . � . �'' . . � . . . . . .' r5. .k. '�s }4�:::t��.:' .'a.. �� :ti� ��+.'' ' t° � . �i...'A.. '�' �,1�`s` 'cU `.;: i1,x�.;.}`�(.l'� %t� �T- � ,n�, r�� `��r i. ��s.::. . :H,'. ; E'��, - „ii:`. �.a.: ,t.:,;.:.",7 � :t,,�t9 .S 'a� .i, r. .a�' �'�' . .'('•'�:}., ;i. ,�.. ;:,�, .,�jln:•e: R£ . ��.� .if '.(. 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'i��{.yl, .�;;.=G',"i�'_:lFU.:.:i�>if3�,y3, �,�f�'r,*.;k•>.. �. !��• ` 3i . �.....___._ .. . � . . .. :�'t s.� . `�... � .~'v:,. - .. � � ... �i� . . '�c. . ,..t a..,•,Lr... � � _ :,5'.L .�...g�;Q"��� � � 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 �� �:.. • ° �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�+ e-2�8�+ � m t ,��;�� ���� ti�� ��;�� �,�. e�� ._ n � .����p����ti�=�.�1C��'�F c`}��� l�, ,� i■ S� ,r�� 0 :�,t"q:,,+��;',��w h l.11. :r�er• , N 'M „xe Y sY :S^.. . "�Y' � - f iM+� f �..'"' e , . � � '.l��+ , SMv �ni1" t .�j�"7"ye4 �� , �s..n.. ':'!. . . . , . .. 'c'" �tn' �."f. .tVt;;.'?' 'f+l.r,u, rb��*.rs.Mfy.�� :t ..?4w�H a...�. s.s��,�...1�«.�:� �y"y�a: 6;. ��e.0.', . 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'sf v:\Sr�: ��lr ���A"!�� ;;�'i'.�i vw'It ��`.@-t��; t' r�'���� t•�f� .��� ••';�' �'x .�:f. �s• ,i,�..x�..i''�".�1 �' +t' ,.3-.'i`. .F��1<",1� ��� .r "•:�i.°�+�:•��. L::.Wyl, ��+rS.'�L�.,..�.'�r1..4L�'� �`� "�f, �. t' ' ri';;.,., ,.. ',f.tii �::" .t '�'}°,. � +.' t., t�. 4 < �}' �r5`, �(� l�: ,,ji� . �\::� �1 iy�,i�:k=�,%;.�r,.. •F,x] q�, x.•'d� s�!' � 3r� � ..P:�e.��. y:°Ci1'�F` }i.-: } J -$�.. f"I`.�� �`��.ir. . "F.� f .'' �' �..�`. 1.': :��, j y .'T' :,5� ii��t :..1. ir'i�t.� . ,fs ' 1'i.7 tt �A•�,' N',.. 5T :� ' rk: .�. '��•1..�` °��,Yn '.ja 1�' ��� t.t'. �''6..>.1'�'3. .R}:w�s �j "y�.� , ��','• ,i•1,� 't', '.� .'Se'i"''.a!,' y°..5, it: .i. �:b ' t' � ��� �� =.3'.t ti� �:y.v. � i'y�::ij'.:yr i�Yci��J: � S�� . j ';i`;. - =!_�`'• . �,� ,'.ti>�1:¢, .•.�, ��`4�. ����. L' ..... .. .. . . . . .. . .� , r _ � . . . �. � . � . � . � . ... ,• . . . . .. ,, p. . . �. , ';' .., ..� • ,, . ,,: � . . � .,. � ..� . .., . , ., �, . . , . . . . , . . . . . . �.�� �.` , . c ,�:....!<:'«_,�.,.;:•,.,..�.s.�.,i:....x.i..... ---'�-;�-'' — -- - -- - , ._ . . ., . .�...:..«,....:...:....,. . . .�. .�__ ___� ,,.. .._ � . � , , t .� _ . _ i.. ,,=- '• - — ---------�i3i- x�r_a_:,�'�/a 3 �. �'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 �w�w��{ �� ��: �;ti�4 �:° � ,� � . . ,k 4. � � �� `i� ,�. ��a 3 � .�s■ .� � .� � .� �! .,.� .■ r '; } q �. � ��, 't .� �: : �.' ,: � .'4 � "<L.���', �, `�. �r . . f �, >.� . ��� �. ' +' [ � F�� j ;�7 ��� , <' ;� �� '.{�i + •'�{� �� 1 �`iy� k ' ., �.. 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'.�.�' � �� 4'�Y:� .1'Y ES i.1�y{.�. �,A:: �„� .� � �5,•.\Kn�.'.ns 7��34w� .S':Cr Y�'�.5:��.A':n':��"'�� �ii '. ;�'e . . `•e,�W:"S •,��.:, �}:3A.� �!� e { °��j.r��iF.'.�'�I�.��y .<f1J#��i.��i;°i?�ti4z l.a �.y.w'... 3'sx�i�"`'�,l.MiV.tr�i.;TS,eAe ,.:.� .;.'s.R y;_ [,4 � � .��,„ r.��.r-ss��t ! ���',s�,� v',,. ,'ts' '�'�;?�� `���'�.3 ;'..y �.� S�>>(.F' .: v ' } . ,� [; ; `:.jt... .�••�t7i 3� r.. .. ��I�s't �:� . ,.. _:_ ... . ?f�� .. .... � . f � . �..:. � . . . �' :�' ...�`��. �u z '� _''•=` . �1a � � ,ykilY!+' S�.l� N.4! y?R���1•"���f'.. i�`a��l` 1 {.A'}i.��1ai�:wt'.lr�. }S:�t ..1a � �rX'.�.,R. �.�,�65.M •'1:•i�, �e�' .�:i '��'.:"3`,t��-':,;� �d;+�s' �.z.. 'f�,. . s�a��,+„n •�3,...: �ra:'..�'.- »;�p'',;'.k'���sir�k'.��t�tiV?iE ���i;'tr" tiFrt'°,a'`s.-'q_... �i �. ,-r�+ p' r! i"'.y.:�'` �. �:,r•f'� T'y', lA ��: a,f�qt` `�7' .'s• s'F,.::�' , :i•°. : : ,�' s� •�',Y�i�<;*lt ur�];� [�s� :.Y. ?••,� 7:', . '�, ':A' .�°�S �. ._,.__ ,. . :i . . _ "a .... .;r: . .. .. _..._ +i, �' �i�RE�: � ,� ,xs.�g y'.t,�bh'is.y�e+,i.�; _• •�n�s.�*�Pao+.r!�+r0�e� . ...�...i.�t ...•.:i� as.�.?.:.a',�•[?{ie•.:,.°.e..i�.af�1c�:.#:.`_t:'., . 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- Ord„ ��7�-�k �«7••9k � r �. i� ; 1� 1 ti � ! i� � j .y �� � �. ., � .�: �d `i.°' {i � ��� �, �� ; '�� .,'u� i.-. � .f'S e. �::<:, ,-,: f ,� u �at"�:��r�. , ..a.Yy�,. .:'n�.�i�, a.t].tf.�"x� S ` 'i»:•-,�""�,« •- "�- . �. .. "' s: �C":.p�.,:2,p,•�fsqi�,:o.��sr.�� ba„h�_.:.:..d�..}„i«e�;y!r!ra�' , . x�.rs�y4! . . 5" . � .,. " � . . . , ' � ' ,:�a,�-,.���F. t"i . .7 ,1 . . � �.L. '°.k,. F'F� s :>' • •:3�� .;,.{.'a��.! :�..4,�'.;� ,�� .-;Y�� e��. E�C'�.�yi�€�r.e�;`y`� .!' :E�%:�` ;'it� `�. �., et�,i':.�",5'• ',''..°:R'��i�,: '�"a',_�,3:�r ,`F`C':',.: �r'`JC..��: ';VrCr'.'..i�. fS��: �; � F"�'[; .'�.� "° ; ..�,h:,%:-;' 3• 's �r l.R eS.tfx;: ;•{ s,. �,��iiRei7. 'ti rs..• � ♦ :'�r,� ��� .s.. .)°�`,f . '�� e .i � �"'� � i `� � "i. ;.r� � '.ir :���_Ep°a�`�' �. �.��,e.i � . ti„�_ ,� �f •. ,�, ;t_'r ..a . ,t � =.;�: "ch �t �,;_;� . ; ;,`.. �,E�;�_r: ;-;� . .r., i.-f,Cl��ri§S.r. �j ,� C.>'�: J ;ir .�i�i�•i :i,r.:e-,�.-�2• t.3,�: .'�.:;;:�::.��:•_. �.i'''�` ir ;e ,.i" �e,} NyS� �{� �f�J-4 _� � �,5:,, y'., ��5v� '•<�` ♦ 5... 54::_ �Si•.�. ..{ .i .ri r ..�'+ ' � • ��M1'� ,�$'_�.I �,,!'i��}�.6e .�.1�� .1' ~'.i c .(^ .)' ehe'.� ..f�. � .4.^ -ff,� +Z:?•j�i, ��fl Y' A ,7�t{. .��.�-` 'x.i; ,SD Jt:.! �F:' �p. ,•J. $^: 4' ..�� t.��E{` t� .� :.�. �j'� 1..� ..1 �F,i, .�=F: .i.. +�1�:.P. _ � sy;, S :�.. ..�5. _S s�s� t 1. : �F `. Y � Y Q � "� � ..i.',.'' .� . ,C... � "" - ^ '. :. .. ' ' „y.f . - �f��,.;.� •. rs{. �i ;'7 �t�'y��i . a' ; �^vy. :1', .:i :,.�y: rit' , r ..� e•', 'x" .:s, ^�,_%' rR�3� � A'�}'""P•�4C':I.'��.: .`.t .J.�•�rs rrs.��'YIe ''I'�� ,t ��,5 .:ie•��.e'l� t� .S .RiR��" . :�� .�, ��iq�• �y'.L t�' � t. !.if �: i�t3�. . � y.t •�i,.'�..' 4. � 'F '� . �l` � � I ._�e.. .4,�' �r`� :,�. .�' •.�,s, ;4� � i � 1 f t�`'pr'�; � i .i �.� . .�•.�.w ..Sy. i1{ � �..�r..i'p�, y ; . Fi : » .&�'�t. �Y .�.!'�r.� j�'` }[ �' �'af i�.'?.7K°. •':�t' � (•� . �i.- ' .•S• I�. 7 5 . � }. Ss rxs"-`=,r,3AC: 3{ �� T' R.'4�.�j,��:.4l.�`�f't�s��� d.Fit 1�!'y •� .•E' ,J F{•�!,• ^�""�V'��� •.�?�> ..Yi�.�'��`^�^�rl:v�4;�� r5' Ny��.i F° �•� � ��}j I � irk x4} _ '����.�'S�'1.. ��: µl�'o- !Ep ,�.,1'�x'.'^' �•)T '��� • �..� lfr+�'�� .�� F'i.'.71 i,a.• .a'' ;'le;7'.i, �� ' t y '"-� �'•lr� •. 4't s.., q�" �S 1. •�i �. �yi • �C:�te ,'i � FS••^� '' • '� 'k: � °iie:Jtiy�.4.,M�� l.yf �+.5 �. ��a�,� y.rs �fi:'.Ys` �'�i?h.��'i�eyb:t _ 'v�.'�i '.}:r r.,�F: §�.T'.^�� ,ir :g.i � s� .. ��^' p� �a � ..t k .S'l.qr.::. � .�� y, yC�.•l'e. 5;�.":r v:%d. .y` � v�' i �� �•,#:t � � Yf J �. "'R�C:1�i. �Y. lr,�i ynf?,�.• ��E�3'j�i.fdr�i`••��tf�.;.'%' �,/�_•f'i1k�fC °j3� � ��•�f.' �•r�. -. Y'Y•4�•.i�{u.irnaa�.:.Rl tl�� SMe1}��;� �h� . .. xi: rh�t?S �t1: Y. '�S 3'���ls•_ `"I -c•� .?iES; ..C��.S'i ��5�'_ 4'�.: ._ ir,'`i"����i.�. .;...� ..,.i-,��� 6..'�.,.:.4 . �.3 4� ;qi�r'�<'�.�.i;``i,'Si ..S':: P e'��;y . ' ',�.Y . 'Y:,: ,.'` 1T�i�� °� ',�v:�.�:g ,Svr � i '" '� ' •. ' �. `� ,' '3:1�'�� ; ..fs� . ;�',:P it ;+n. ,�i�<ec .�r. `1',.�'').C. f,.,f'.�a={'.1� �i .;-'a.,{�s�{. .) 5 .' . � i1 •�;. ��'.f i„ ,� .t��. � .�,.er .i�Y� •�5• �� ' i;'•'q� �•t��,��yY�.,,d •( . . � , t.� T'� � �S' .:.tz�:w.l..}w1:1i.� �wF/.s..S:.i✓.ii.t..�,ta.»i�.:Ya.�.i3�A1� 12� �!' 1 e ?�l'i .....cv �•w. �S-€'��... "'s, ,t,,..�.f�N :i ';r'; ��iJ�iY.,}��.;.'�� .`i s � _ '� , t1 :Er'�R, .'I x'�.as�,�7 P �'y�`�� • i �{ �! .i� ..7:'�'y :.'y` S'•'�" '��°'� �:i 4 '�r -.^f'� ,�tef �iw :� �.,�^ � ;_ .,� '. a , � °, � ,R; r�- t �;j �. ,;n . � r .. .:.t's': _ . .. &� r.��.-t„�;� 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 ..17_ B-2-84 s g�rt•� � �1 �'1 �Sta' i s�x �' � r7r,; .. �.n.-. . e,. .,t`.. �,� ..�C6 1 �a:+. .y.trrv,�t,•x,�;,,...: .:��TF'4s..., r , .. ....,, ..3 v••,.,.� _ ..J�p• ,.�r..,; :r = s "��• 'a`f: . .. . . . . . , , , . . . i it:," .. . . . . � r. . . ,i' �� . . .. ; . ' .;y�si. ..;' 4�;.� 4 , ' . , . ist' ' . .} ' . . ' ' 'r'��.�'; . .7c..�, .! i}' >,, a�°,��}. 4 `w�� :`, i�' . . �x . . ,a� .,e °I:f'qt.i,"f�,"stt�:i%•�f�_p 'v .i� �•� . �• .`��'�: 4�'.,�rw,�5 .r.x� §��;y^ d 1'.�• ,�[5s . ;:,r,'.:'� - , i. � j•i•, .. �, , . , . �. ``��, ''a': �. ',� 'e 'i�, -}��• I� ,�•r�i'.,f.r�..,.o^::� �1'n'4 'C',��`r ri.; ' %{+irys 1;� .i.K. 1 r r'. ' �4.' ;.'F� �.a:. _.N 'il, '•r . �.'i � '.1:a�'•'° ,�3 �`: .-s"C; le , ' .'t. - J � •: �` i ,%^ , . .. e �.. .<� 4; , _. . : �=1� ��` i �. l •,�!' ;s. ``.n. ri`. f 'i�� y: �:�': «;."�.'� .��. � J�' . r:� �, . `r� ` �'r s�.a• + �lrr�7 . •�''.`. : Y:�� .d�i' 'i'i i..`:.' � . '-+. r >I:� s'� ; .� .�.. ¢� _ !E � z �:YA �>r-,'a'r �' 1 h . ! �Ff-�:%�,'i' `�°... ` rr � vF •'v`i.� d �.d ` ,.5 , b": S # :.t, �;' ;�� { e �., j� ` P . ..T� ' �''f - e K `.��. t� � ;��.� .x'r: : ''}'i r/ n.� . 'Ij� h f ki'.: .`�`' '`b ..,�.t y t:�' y• .�. `' x.. ..y.. r $� •�a� ! .f�,g � . �j .: '� T •.», , 4 �i �' �'i•.5..• �,r,� •'t ,7t', .,r : }� . 1 � t. �i! a',- �€" ' a', •. rt:e. 'r."� �,. �.. } - �� � c . 'e �'t'.`' .;;. ,. -i,��f •.'�t ..;i. :.{'a .i'i�Y�: fR A'ian !. .p� � ,?:` . S x ��L yQa,Y � � 11 �' S,� '.�'^:.� . 'L.. ,i. �1 ,i' .lj Wt. •�i'$ �i^+�3.��-.3 .l� !L`^ ,} � •.d':,� "�t`".: �.✓{!' t[i�y LL� el_ .'.�s»•�`�, �;,��. _.:•.. �,Co eJ..". .�7i ..� )rv. 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"+h ^ ,.'°S" •T.'' ,'� o .�4, � i � dfi.'!.-et,.. 3 �i� �.?. a, .N_.�rl�e i� -3� s%" .(� :i'` � `� .. � :.t::;g`^� e.> .%' � _�`r�:.: :�,� ¢ t, '� �'�^ ,-E�t� �r• F'ti{L�'�• .�'. ..�:�f:.is�. " rC-^,.,.'�.i'?',��.�' f :L':y' �r ,.�st �'}''�:;°,c'`�x ,} �'.: .a'.F,`,�.'r' : :a"Crt 7,r '�'4�..•i� �,e t° fr:4 � ��- :.�.ti'� „ r � . �r°,. � �£ �' ' t�..�. ,'�i , x�, si�i�", al,: .. �g.e� ,rT?�� J� • :.r .d X"r l a�.�5� ��.�' i.�` , F. i�..4� �,,f.f,,n ets. �.A'q ,'�+i r � wa.rµ,•, ':;F-�, .�y;` p E' ]q'. •" ..�•�'s`��"� 1:4:,:vx. �a.� . w�Rr�. .6 .tc-r��i:�-, .Po 3�. 4 ly.J�.a :ti� :r.� .�°- "�' " ;,.` { '�� ,I�S '�.N-�,.T`� �-r �'`�:`y�rt,��tir � `�,`'�'`*�.T;fi:�t`:S,•t a`i. s•;°y.iya,�i.,,.s'" ;'i�, >'• 6'�"t.�.Ca',+. : o.'• ' "3; �� . i� S�-.7' �1 .?;'7f'",* ' `�', < ��r :.��.,�:; r �-. 1'� '} . c: , F _ ...y, ..4<� � t.� :�� ' ,$ . 'i 'i;.t,;:r, :.r .� ; . �y°,,;..tt€� , {' z� �: .'�t � �. � ;,..= �.ad� ,f�:�. :t �,;�' '`1°• �w� .,�,`.�r r. '�✓-..i�L .�t;, q,�a,;...,f,C`,-�..,�° .s.�, .,�_,.5�a5;y;i`.r�;'.:w�4l�"r.,1,;yr ���} �jt�,f{.,�C T'��' f -.Y,i'.'r�f.E �: 4 .. i• e 1�� 4 . " �,na ;;,•:'' s�: K .a�7,. �a: ir. y�.7. ^ r;i� 'i' .���'�1 ".�'°�M'�!F'k�'F� �y`? `" �h� ` " ,�t.:�.r �." ��,� i.�. ..7 :i•F. �f ils: f Y•�� L�'�v�F �,1' iiv _��, !,FY� ,�.,,.: ,,;•.;P {. � ..A' •Y .7:` '." . . i.)...a� ^� . j ��9� 1�. :����t��.�'.��.�_�A� . h�i � �1 �1�'r�.f t iS 0' �' F 1 'b ;: <; 4',�.i r::. :i&j,;i#�,r ,�.: �E.�" '3-. t�; ,i. '��' ,,Y,�`q;l�..��. 4�,s�;f, .i°ry-.�'�,`� '�t' ;�s �•,5 #�� "'1 Y ��.�^ i. .'y .� :� i���.`.�.�,��t .4�:�.r`.. S.r i ,k'!'..:, A N �]F,��.ii,' ! a,���� Pr� 're,: ;f; ' ��;': ' � °•��`_ s �'.�� i���.� ,�y , '�i•'.. ,. ., , s? , ::' �•' +t.` �';t"� .1,.•�I �..�,�.4�;�.�•' r "`:i,:' '.�:: .'"r�` . . . . ����'iR,:1?w��_'�.�. . . . . . .. . . . . . ., ri�`.;�.. . . .f i , . "tt.. ... �,i .t .'��. .....R.... ..�.... .. 1�..�.J .r�ki ,.t;'.�T?� ��TFS . 7'.s� €�� �}�.a ;��?' 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. 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"l. al. ,Y[ ' ;:% _ :,g .g, 4� A^. iF'S'" j�/r�°��+✓ 54w { i.. r:'1i�t�%{.�`�, .1.; �fi:1 �5�. _}., ,'3r .�'C.1�e.• �'Y` !�~.�}..4,�.." �_ d�I �V"'° i 'Sik• 4 e'* ���^'�.,�"`, ,�� qT.-�r. ';r� ��i±r �., ��t.. ;c r'y�;;' .h.,.y ::4, " =.'.e�'.5,�° .r,t"` fa >'�'s �, e�"P � i }� � �: .,i '� . �k '��`':c>'f..;'a"zr�'�' •� r�.,�* i° , f .� x l . ���` �x: `U:. . �,r'_ , r _ t' a�`T„rr° .Cr ti%t. i.C,�::� r. ,y� ry rq� �x}:R`�'��,�e.l�,'1i� �°"�'"^Y..f`S .1:�i���}:�`.:✓7S�,r�,::i• '!�;�H � .,.rtyT.:� -.t- .�.�i� �-s�J:•',. ,:ti�.,,� :c'�.7 g� a �d:�,�°����:. z'�iD,s.,;,� :7l �, �, � �. e�. •waa�lf•�#�r. �t. .--, 3: !A-�J..! � ;r .y.�a e c= 3.'1 �r:, . �•..t�,tf':;_��.;.,'. �,-ryi>'�::�.� :�"�Fc,� � 'r F � ��syhsrk -h:: - ..`�°.,�."'>`F_�.�r�.. gy ��� � ,.,�'.. i �.e sr .,� R .a: ' � r£�'� .K; e . { .,r `S�:�rYv,: � . L, ' ':S ,eti.';.`.� -„ 'i; �e • tYa �S :�. , �. � ,'%.•:f:.:?° ' S� �;'1 • ;.i� , L';:- . t�e,. �,: I ° �.a�z '}i� . ri'. 3'�', �'f ° ,.��s:.... � � �' .�Z��.y , �'� T��'�A' �t�,�� j� ;c� 1 .02 i�,.�. _,.�;: �;:4 e: ;e;�' ' S � ?7, ; �i,''\; .:�;:�., . ,. °' � S.? .�� _� �:l";`•5°s r;,i?.�' f` ':�,. � k." • �(^�'.�,�i°s.dt:'.`< k �.� , ,n �, :� ., ° :�� �.f ' �,a .j��.. � � r <. •"; a �" °�•° ''��_ ��.'.... e� . i °rs'` .?+lxc`, y:l_ �� r L'��._ . u�SkE:.tt.. r�%+�._f �. .�i`a��'.i`��:3 7 s�. �r i �., e •� .��_ ..#:�,.�� �,.�5 z;• a:.',�'.i',t'� . i`•° � st':,= . ,..t;,,.�.=. � � 5 • �_#�,', ..� , _u�:.�.�,:r .._s_ � m ',s'i.�•ei• •;1;.; : •;;€�ti'�r�;-';; a.^' � •= ;�.' 6•,,ri;�,'° ic"-�. �i:' �`��_ °,�'>�'°`' A�,,,:��,y�- • ?Z,��� ..F' ij a . -�; ���,, j" � .y. 'w��rr r D• ; L` l.-'' I#EM31._ , _'.�'.•. f`: , i.... .. . , r�� , . �t•t � � '�y `':f 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- B�2«84 ' 4�>ti. p S , ;�i �t�S i e � �:� �'R r� �•� �_` i f � �� ;! � :� �� � °� � �' �`%�"•;54a.t ���"' ���� . .."��'���f;�,�aa�ias��,''��:��' �;�"•�t i � � 1_,.•.w � t"+ .•' .. .. �� . )• / �.. . Sy �+... _. . k .� "i �' . , � ,a.. ��;� { � � . . s � �. F 5 �,1� 'f / '�'�� 't:. ' � �yL}�:. ' ,' �. �•, � � t i: ' �r.,y �,,. � . Nw w ��� f: � i i J .yi •� .r i d% . S�7 � x;e.'' i :os.e.�',Y� 3. �LF R ,�f k'� �• . � � p i � q ��:t ! �� � � .:�;� N� .i �}. � ;' #r�L ti � . �:, �' ;'�°'j '� � �'R' ,¢t! � 1 �?.,m Y�. 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F?� f � `+- - � ' x. .f' n tny t 'i :'4� �i� ='r' e. J .1�..4.• �j+S 't�-+A: 8°i• e�`. e �� r� n� r:i� > .i�� ( :fr � �•. •.'4 �! .ti ^ .+3 1 � �.k 1 . 1 ��4,�" &' '.7 • �,i' i��• rc .'� f d- .� 7 ��'i's „tw� . 7�: ' i�'.d;,"• � Y� • � �. �.�.r ��y vf" �1 [�! `,!'•9• � ��i% .�� `�d'. ` �'i .1 . {.� � h�& i8� - •�i•.'•' .i" .��''••. ;�` �" c� x <a. • :,,,,. , �; YG. �.; '�r,� �e c•. .f'�,..(: [ , y�: .l';q. . � •t_,� r C. G ''r :f `�x1=�'.:�� ^rk, "�l:+• Y A�'r�- :i.. ,rf �3 'p a. aF `Y � ;Pk ~ :�Ai{�f ti` ~c. :\` .'l i Je. � t }� k �4',' f.. 1.I 1 t•r .ii:' I ) 7'��+ 't 19ti. �' j'�, f. :: 3,`.� �;' 14 r r � t `�i... t: -"` ^ ` S • �`��l,, s . : �,-.�F +. ..,���' 'a : �' , ���; e !i,' 4J ` i. '1�� v t+. r: °.Y•r;S� :e: % i'• �..s*- „,f^. i' :ti .t, t�r"i'_`�.•�'_ �*s °�7 �'= �� � F .r'�{,` � �.'� . s `� . •t :' � ; .:',�'-�.� �x � ,. J ,�., � .1• �k'•.� -•1�,', :':,;:.°. : e�:, r ���°., Y�.' .5°� ' �s •!C �n' ..i �t'u�✓ �'F '" .� i.� L i ���:rt i'r. � . t� _.3 . - �. 7.:. ft" �s �� qa �`'.}�l� ~�%'.•i� ' i �'t' s L. �X � � s', st" ..� : ...� t „- �`r � . k, � t�,_'u,' � �w. �� M '�. i:F ,�..x „_�, S' e' 7 � � F F , �aE ��:'r . �� ,�� :.4:•�.:.h ��' , � 1=• ` � . .s' '��.r� }. ''1 - ' C::,'. ,� �!• ^. _ .`.•7 .� : � s s`.nw P f. } c3'�'.".� ` {�.7 � .'� " "9�.: 7 f � i: ' .f S.�r. .1 = l `* �-1} '^Y.', °? .�I.a �'� •.,;' . '1E . ��i i . L" � s:r�.r .i, �l � I C.' •�:f• �'S�� .f ✓.. at•`%�}''•';t�'^ SiS,� �i" .> .G` . �,���^:�p• S.i.:,�i .1'i •3l � ♦ 1 ° �,i p�.y.a il 'ti.:,•e• �y � F. .�. .� .d � , r r .3 . ..f�'� •'E,..:" �y�. .� r-.t ',.i' \`' �t:' rJ�'.;`: t 'Y�' ° da 4}'.' F .ti': .�". .1:� R.�, �.S' �"1 i••i L. .S� i � .} ,.1'' 'S�. -1 �4i� '� � �: i f i� ` r•� 1 ��. S , , t' •.. :.r ^�, • '1 r • '�^ i i� {� .; ;,f' ��t. 1j� p y� �.i.i. <°�i„ �t,• 1 7� ;�� ;C �:ti� 9r J`• A S- � t �'ri�'� , ' �``.� . . . i �t� 5 . "��� `a...i ' l• � ,-s {: `@: +x* . s , r , , , s �a. :,.., �.," i ♦ : ...,w .,< s :..:L . . .. _ '.�k _�'�a��.K�r:�:.,i��.:`j, . . . R::: „ . , . . , ,. _. . .. . . . . . .. � ... , .... _. ,, u�...�;E� � . .,..S;r�3����C •�"i:- ,, �''!a'J J. � 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 I�KL-07�18/84-B36A-1250 -2�- �rd• i4��•�K � �—?w8� S� i . } k i' .,.. ; F" _ �� _ � ��. ` � �i � ii� y �,y�. ',g. ��, ��ti 4 . k� F,,:. , �� �� =�.° � �{l�`ey��' j a �lh� ;'�'-,;r'' � r� ; �; ;� �' �� �) ;�i' .�� t�' +� �� ry > :' �. : 4 � ' .� � �V �5� �% �-�. �+.; ��'� .g'. . .�6 e �; � �si::. �. �' �� { :,�, � � w �'4y� 1r�: M �E, r� <� � +�f» S •� Si i � �F� . �" ��� Y 3 ��. 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'';J'i� }:'ti%."Kn:::. a�w-� ..ti , *�. :���. •�,'F�t°:•�'��i.`�r":S- .�r'� �'� �%r :'<: i.r��ti.. �•�' '.i•� `i..C_:' ..frw :�;.v'»�.�.,. i,�.1.^, :�r','�. ..a..' ` ..4'� " X �;r�.y. nroY ,e: '�� � "�F'i>ie:" �:s� `v;r.� rl.4 � l�r: �J z .iJititi :'`�ru�"' .s�°«r '�' . � . s,�t1 3 :•:P;... ,� �, , s .� : , �., - :_�i.Ze:'� . .a�` .�" "y . . ; 3 rt.. , i'�;i ,{. `�:� p. '���' ;i;'� �lr'; .!.' �i•z.1��' ^''�° c. $.< ;i J.. ff �= '� '"•',t' 1�";;•.Cir`f"ict,�i�� ��#::+; ..��.s'� tc f��' .k �R�� aa �x :�«.� t• :.C.,'a� e,°� L\f : �SY +.� '- k �.'�+t^ St'. • . . }. ., �...��z�'a._rf�i.�,*fi':_�4'C,�.�"�.,e..."l�.:e.+.:.°�` ._:?.':' �2 v..�i...,... .. � ....�:"v�..r,'Y.°.`'e'::,.'.::. .,....�........�'-�C:'�. ..i..�.::�:�'cl�l.rt; i°�K' . ..�%.�: �. 4' .,,.. ��: f.. x_.__.,::. :� .d ? ..rr.;, a�L �q:'"F+.��°: °: i���:.�.A.�°.°"i A`� .r'� �°'.S 15{�...�^z.`.l�`�.°'�e. _ii:6. '��. �. r '�.r:. .e.. ,...'^'.f"�q'. S,"'i.t"� y`. . '1 �i 4 t� ;•::ri "••, s.:F.7...' � . �Y';M... ?�ti : �ri t 'Y'.�., fy;iS,,°'� ti4.!'.�S?. [.�:t _�i'. ..� :tr t')�` .�j�� M 'f.FY :.'�a.�'..<:��: . •'»'.. . ,s"�<4��3.�4f'~ '.P:fl" y3.'i(p�,�,� <� _.;'�'>atr::�e1�'°t:`:i;;..,�:�d��: �r:,. ,., .t ':�i. 't� •:�.�,��(.!..'�.'.: ; �.:. �;r4�.,_.ft� 11r�.�..�. �_ ... . . t . a . . . . , r .. `..} . . . d .� r �...,i � [ : ''S't:� � , � 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 �,��;�a��:= � � P gY P �,� - G }�t ° ,�.xN, i � � t °� a. . e - .� � x �t�. 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�- Ord. 3fi 7�-8�} , �-2-$� :.4'f�;6rv�%9'.tF+'t.��r��� � f � # ;: �. k � � � . �. „ � .'�� l: . .�7 !y f � � ;�� , .t's; . ,..e �y¢ � � _ t;�' ;: � �... €,,, : b.,, � �;�: v ��i: � ��:. � ?3 � -;F, ��t.?���v'i�'�'¢'R1j4'""i_ '�`�. +�«y.j( .*r,9:...•.r'J+��.k-r^".ar.-•w:.;.c^e� .-��-M!.r°' ,��°,•a",��te�.�•it`h`��:!�'ri;?resd�!;A'MF-�!+lPY,r,tR;�,• ;-.�«ps���;�'!^CP...�, t-wvKSpw" rx�y� nsti+�-��,;w+trvn3.• ; F. ;` t i` .�". t . � ;lb."':`,',.. .� ° . . , �,� �: „ s w �..� � :.�'� ���`�i. { e�'. , . • , - � - f ( . .,�=ys:. � F p�� tu�S'�K�� '•J 4� i�' ��1�' .JS �$��,�.� �dj`���,(:R�#-���?. :_�`i.�'1,1 ���;�:`i4�.�.;" ,�z �i, r` �i.'..�, �.r . 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'�::° 's;��'l :].r1'1. q .�3 .E? �.�; �:t7 ,i. ��, ,�Sr;::,? �.a„', .:�.:e.r< ne.d�.° .�:�,. 1'R^� M�. ��g� c?. �:�.✓'� s<'�;} '�'}', U1n�i'::}s ,L", :.ai 'Y .'l+,`' "L l.d.i_ i-� �� X L , �,: ',{� "9.': :.J:7'. '"s, ':i: ( �'j�' �c �.E , s'6 ,�t °�4 �1s'.1 ;�< � f. �• s'. �S ,'\���7�: •J��:i.�. ���..�r.�� i�f:"' �,.°,.. �L'.°!J: �'S. '4:! .1 ,.Sri'' <S'� �.#..,-a 'i•: Sti — .y .�. ,.X, � t�v. �a� .f..- '•=i, ��te •a,• ;�?1 4. '.�` �e.r � �tii �T� �:s t'%¢. �., .t`•r'��'ar'�„`9'•.'t�.•;-'' :'e" �3 .t.. � >'; r .�. Y��;•, �4'.;.t�i. '..+• ts`,`- �r 'if=:� ::e�' j, �•ryr♦ .€��+s�'1•� r:�°. rs� .:.B:d•t'. �r"�r'�b' `r.�:b_.4 { :.[ {..•��..�� �`ia,°..-4. .t ...A, tr�. Y" wd .! �y i�" �'�. e.:°� �', f^�" .�+� 'E��. �H. y > d 1� $• .SJ".� 1 .�t"i'�}i'E •! '.,i 'IP�. .h4��': i• '�5�. '."YM .'� �SL 5 �n' xi: ���, v.`]�'. � .!. � .S' 6.'�e t .'..�� .Y� . R .'l� .i '�$�..vi C i S. 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'S�:ri. .i:,,. : ��'l�. .Y "�h-" V �'1} .1 �..,1� �y Y( �p �S °.S� , f_ ,7 a '• � F: � �� .��i.��, 4:: � . ,�j V ��L�,j 'A. �: a: ..A J.�' '.i:'aj'@:: n�.ti �i;::e "✓.��,^ a}:..t. ;2"l�.i' E-}•�.k°' 3; :1'g '� .Sr..� ��e:'`t',e..��t .°i`<,f:st�l:�"�'�`4��. ��< e .r H`'Y,. �� ?i:e`'3� ..S�r��1�'.�4, F��'..i,t.. .i!'�,4�,3a)'A;.R�.y,cs::'. �!„' 5;.;'y.:,`.. �:�£, :s`i�'�' .n;,, i�{�. ,�'i. � ,A .ti . .�%'..s..s.i'r�"�1���rti�.74.4.'r`�`�.-FS.,,..�Y,tifi,.�f ..'� . .o�...iV1 ...�G b.�.�.;'';.�: .E: i..,. �.....i-......_1f��Sr.�.�f`.��>.. �i��,..�s�`��.':; . .,,. _.M�.L Y„ �¢:a �=i.j.�m_=:t�*.. ,1r�.!:X�c_._iS:54^4f it.t.:ks��Y�t,..'��"vt�:: e �'.t�E11YX� 'v'r.Ss?��..'•t. Y'.i� ?+�'. �v .i`' ,�s '°'.°rs".y.;' .�,��J: �.3F ;•a;,::`}.' ;.'�..i„ :�� ..tt,f'"'r�'�'s!'- •i',. y ,°..�:�:r$• .. �y�:`�r' .> >...:i.��F_� ?• �!y pA,.;:.•...'�- ih�....__. .. . . - .,a . . .. � . �s:.'. , . . .�,.. � c ry..� . , :��k�Z♦ .. �� I.. rJ. �a' r � 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 -22- ��'nZ�87 � °•i : 1° i, } � A +. r � �y ;�n..•.� ..•�;r�a s� ..^„�,c�e=a�:;n-c' te. ��s�,a;«a-z�ar,� �tiT,�M....��s.r�:m.�y... r. �e ;»,�r •,«o�`�.,�... .�+sdy�t: ��'C�.la,•Y�+f���ad�� � .. �""74s".irsiw�t•.6T: � "�m�. y . ��5�' �� .i .?r� ,'� , . . � . . . ,. , . , . . , . ..:1:' <..:�.��x��::k'i -�% • ' � t .y.�)��,4�,'i'"��:'ty.�i:<.::�°'"�CY"_,' .�' � ���^' ^.'i�:,�`�i3f�4°.�s;S�;i.� !"' 1 ' :� ze`'.' , y.�,c;=,:; „ � a: .. .] , t;� �, r. 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Is:^.Jj' *J�, l�'<.s':�'�'i"':. �:�t.-'�"v.a ,��p.e�M,y,-'+f;...i �f�,5���."�7;i�k°i�i�.. .�;�`i1!CT�.L '.r�,fi: ��.iy .'�e4J f��,ax�°`:'�+$�y} 4:."t".�.`�T., r.y ��r,';^.'1?`''" s%f' .�i �T,,"� "v.x�:��'��'i�' �a¢ .�r•�.� q"', �..: 'kft? ,'y�M•}�in i F;�v.� $�.i'���;;!�i�i��,�St J!�=;;,:�� i��.; ° .;k:y:ola '�.� ..;�"f,,..:. vg e s �y� (,•:,�',4, rta_ v -+;: ji•`t'u;?'i:?a.�.s •Qf. � �li.1. y,� }�'� '*� �}r�`�r,�1 E11!�,d^-�����:.uirx:�'.;�i:..ty,�ri=�?._-.r.��,�5�;f:._��i.`�.*.L'�. -.a.�I•���i.ifZ�:,,._... ,&°l•t...�ilj;�°•fu�`T'•�:; pt �S:�.iS .tai'<,'4r:..`,'�)s�=?'','_���'�!+1°�4i�ar��,T-.:.�£�n''.'i.�i�'�+4;��� _ , e-t�"�r,'t�a� ru �' � ' :-�.` ;F�p :"t,, � `i,.; �:,�%tt.L•;eRi. ��e :L�Y: ;i�';aks�f,. ? sc^5.:�.�4}{..~.;�.^��,(�i 5},: ��` �f:'.'L'��..L e�i%�F�: f�,�.i.'S .. _- . ... . .ti`.-, �.i,.. . .. , �..i . �� 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: � LK L-D? /2 4 i8 �-6 3 8 A�12 50 Ord. 8�?��8q 23- 8�2-8M }r •{. C. 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'�y�::'�.�;'�... ..r�..s� ��f�.,.a. i. r..y, �jr =-0F' F� f �fY' � �,� L b9 . • .� � � y . ..� . , :• , f r .r . �* �� .. .�.: !', i' ' y6h.� .�:1 '•tS 3 �.5.'�a.31 . 'h� J �'x , s.- �� :'L�. •rl. i. . �'N.r�.: a .S .a i . . J . o . ��,.'. ..�3'L..�',�':'�!�ei?"z:;}:�.:<r.�... <..�:.!•.,.:�,._,.s.�Cl!rr . ";, .•�a».e � .., . . _._ _ . . .. _ .. .. . ,a xe:. ..�f..�.i_t:�71._f�f.a.�7:..,.r.'Y�. .�n*.1.. _� .h.. .� . � � � �i f F � �' ;�:'.����'���:� �° '"• �.�. �. � •-i �;`4t� �i �? .�.<.j,2'.,.�. e ;w �.,7�,w-�,.� :1,`Y'4-�4,a�!t':..'I',F,? `� t.'.-;,wrr°�' � S3� ��a7'�;.�'*.'q:�i�W = ��.�,� r.,..�: ��,t�Cil� a...E,a'�•�: �' �Y�x-.�d;f��sir.,,�.. �.ie�' � .,t� i:.;� ;'Ji'",^ei,,.�F�l j� ih:�+S"t1.i•e.�. '.�':f�<g,:;; �e ,�.iii� a��+�ig¢A C. � �11 �. .i � ' •�tf«, R'�.4'a"•M. �::"'.. . . _ . . . .. .. ....... _. ,. .,°;... ►"�►J .'�5'_ •Jf r (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 "� , � �:,`- ; 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 LKL-�07/i�/84-838A�1250 -24- � � ��• ����+M�� �w���� � i � 0 � w ia t� �., P � e i r �F F,". e �,}� y� ;yi +`g t 't!`rt/�+�'•C�y��.�L,Y� ""K'�,,�5?ry'. :,C`Y, ii"�Jy�i:-� 'ts.�. 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'U `6��.},,;_f•-'��o' S:. ",.:�. �. ��:. . � � f�:�.:*; . +:.. !,:i;c'r. h [�' �.�:. AY;��:i�.rt...,°41s�'fi•"mi���.?^�...IY�7,. .a � � sa: t e7 '� :e �Jlt.;, i. �r.x _ ,a...'•:i i,... 1 t'•.i:��3:. fsk��,: � � r , , ., :.� wr.�rd✓'�� ei' ti'S'. � ' �'����-r. "�����df .'f�s e++.l•rri.' •a� ,�.l�•��"1 �..�. .�tii��.°.c �:d Ui ,*,�t;''T: e-`4. '''c '7 "�.s.jF,'r,�{Els�. . . �`� ,i: � ��rtihii�.:i:1�.a.iae».i:a:::•.�e:i.�*�F,���.sIJ `+m.+..� � 45� �w )' 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 flrd, 3674-84 -25- 8-2-84 � � y �. r' � i , x ,, ,'�� ��.� � �?�'�;y"?S+�a7�;?'I�('r?�!��Ijy:., r•xw� ..�tv�'a�3'9.`n''9".a�-y�,�.,;-r.,F`.. `�.;:,E" "'�..�,R'�'�c�};4',�� e�i:v�.r�.'-''�}ry�.�'ii;�:6:,�,��,Sw.�:.«�t�;,..lw...,.'�.�.r,� .�««,�•f+ ..n+..�r9's�'�"r';r.i� ,nri+'�' . r � �" �y�. � ' � � . . . ' � . ,� ��fi;�r .9 �4� . ' �f�t . '" '. .Yw+Y��,<<..'�i '�•i� �il.+�4���:��a�� iM=, r ;�, : ..� ;€p :,i "� ¢. . . . i�. :.�., "sD" J�"'�}' �'•��.'+i•l_Y,5•`�•.F i,.);. �...��:..1•Sip �.i:�}�c r{`.' .�3���' 7:• .�(., `'?�.r�+;.•' ,i�,w... i%r�' ri•� antai�Y't:�: �r:� .�� ��� c�t:p � ,r,.i.�y �;j'j / �,j.. .�� �i� -,J'._' .:5�.�.(:.'. .,.Ka..i:'� ..'�t�.ia y��-5 f�wii .�i9o:. ' ar ':f�•-L•• '�. ,'e'�' :'.+�.°� :'�:F' ';F°,�•i. ..r,.�.''f.'~�"r .i. 1 '°�C�: ✓.'r'� ^.{`s �!` . `.�t`L" �"' .c�: t_)�. •{, i,¢�`�'�sir��,.�,;�.:,��'.'1. �1 L.... .� • 'l3• �1�:� S�: i.' �R "Yis,ti E p., ;5 y':;, .�;,�it.�,� '.i'. { . , i A�t'�..+ n�=i�.�,.i . :S .S, �. +»' y,. 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'�Y^w",d � ��:, pc�r 'x. jrr. .er��y.� �,..{:�.i .�a(`f:�:1..�y ��.� e{c��� �4:�;,a:. �i}i:e •� w?i�:�,:"'.°�'si .'�L" 't'�'�4:^ :i'_er '�`?,�1.. `'r�,x,.:��..[(s+ �� �:���3 ��,..��.+.i^tt.�i�.±sY}C`"„`lv.'.i_li� � � . c�..JT, i..i.if•h !rc�k.�w i.._'@J,.F_i�.� ... . . .� e,. , .w(� ... 'I�'e'��Liiv�.•.r, s&.'_..� . �i�el..f,. c�'/` s� . llf�tie��CJ kt��?.!�$:t.,.i i��..�'S1 r._�aaiaRi '7 �.. t.���.. '„t; i � S,�t��ai� �� +ti'r?yi� i. 'rr:4�iJ� .�ft :3�'a �7�r � a�e�A`.h.i:Q-.y�}.�.y". .a9u ���1,a�iil,..`;��•�;[� F; ,!, �n , ••a�q.a..fi`,S„7.y'f , .'1...va..�e....._.�r..r�i.',.,. ':y"r`;:V:-.. . 8c�tian 20. ��E:�� 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 Ord. 8874-6� _2g.. 8-2-8� �'E°.—M�..G.t �� 'a �. .,..�:�� Sr `.�$. . .� / ' t.� �i $ � � E' ,� A A� �� : �� 1; r �,; � ��. ��; �;; �: �t F; :i '�V z� ,��y� •rtiaf'`°`.,,':..iy••.. ,.r�a=.�x..t'. 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F� y ': " ' -'.:: ,�I.: ,�Fqi; y � � ��je'.' .�3:"j.�la �'�' �,: a�lFn' r.,�; ^ ;;' }j F .. ` :Jt!' °i•`�.g. �1�(i..�Ji_�a �%l! a w.:...1: S..�s�.i.:WAY/.Lr.. � , � 1 :��'.e . }A., .�',�}.�,r.e�'M,' • =`e� ��k' �. _ „t�, j`,.': '.y,, .:�,eti'' ?. 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. LKIr-0?/1B/84-�$36A-i2S4 -'�7- o�ra. ss��-e� ��2��� ; Y�" j � { � � � d� � Fv r... ..>,. s :;�' � .. t� M • .. a,, �.'i_�...%. sr. ,:.A'tr:?. i�[i a.. '.'i. , li ;:a-•. ,., ,A� � � °�i ry!'� y��'.�`�� ' i � Secttan 26. RBPBALINa CLA[I3B. All ordinances or reaoi�tior�s ar parts thereai af the Tssuer in eanfllet wlth the provlsions here3n eoritained ere, ta ti�e exter�t oi such eor�ilict, hereby supQrsedea and r�pealea. Section 27. �Fi�EC'TNB DA'1`B. Thts Ordinenee shall lake effect immec�- . iately upon Ics puesage. Seetfon �8. PrTBLIC NO'PICB. Notlaa of the proposed et�actment ot th�s Ordinance has been proper�y edvert[aed tn a newspeper of general circulatton in aecorda�ae with Ci�a�ter 168.041, Florlde� Statutes. PASSSD ON FIRST RSADINQ PA33BD ON SBCOND RBADIN{3 AND FINAL R$ADINC3 AND ADOPTBD AS 11,MENDBD. . Attest: .. � � _ . ,L;,�,t�� W .�.wr : City Clerk � ,� • , � � - ' � � . . , � . • . ;', , ' . . . . . . .C• . . ' � . , ,' , . ,i., , . . . • ' �. r . . . . :^ `.<, �-. .' . . 'LKL-07/18�84-638A-i25� : �,�, , � . , ;�e , �. . , . >.�. , , ;�:;� ��::-� ' �rd.: � ii7M•#� , � � . ,7�1y 19 , , 198� Augus� 2, , 1984 ar- omm ssioner 26- � M�•�/�1 w �t ,.�� . , � . � ,. � 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 , , � , � - ' � . . � � 3 ' , � � I • . ... . � . _ .. '�, ' . � , . . ' . . ,. f . ' , . " ' ' ' . � ' .. .f . � • � . . .�. . . . . .: . .. . � � , ' , . . � . . .. . , .. � ... � . ', " . . .1 ' . ' , . ' � . . � . , . . . � ,' � . '. . . ; , . . . , . 4 , . . . . . . , , � • � • . . . • . . • . ' . � ,3. � . � ' � e : ' � � � . ' � . .. . � ' . ' . . . .. ' . . . . .4 . . . . ' . . . � . , . • . . . . �� ' . � . . . . • . ' . , ' : • . • � � ' 't • � �. . . 1 . .. . • . •• ' . . . ' . . � ` . � ' . . . I �•' e ` . . . � . . _ � . . , ' ` , . ' � • • � � . � , � ' e , , r ,1•�' , , . , . � ' 1 • • • . � , . . � ' � . . � � . ' . . � . - _ •'l1��5�1 � ' . � t, � , . � ' � � � . � . � �' ,. . . ', . . . . . `jf��A,,^•a.. 1�'S.r,':3: . ' �'. � i,. '§�- i . � � . . • � i �, � , . ,.. ; 5.n. .' �' . ' �1^ . . . . . . . . • . . ., „ . f,�'� �:}_� �i'�,, . �1.' , . , ' ' ' ' . , . � . . , , � ' . .. . . ! 'y.�. �r'�` r 15�� .��,..}.� � • ' � , . � ' ' . . . . . . . � `ti � � � . '1'` C� -•s}'' • 1`� : .• . . •:5 • ' ' ' � ' . . � � },,:4 � �. ., . (, � . ' ' . .. ` .. . � . , ' �. . , � . .S,z' 3.�'=i ,f,'_.: . � . . ' . . . . . ' ' . .. . � . , , , '�i>� , � . . ' . " . , . . . . , . .. . . i �. : Y'':. � . � . . . ' . . . ' . . . _ . ,}y, ;'t�. e �� �4 ' i . Y - . ' . ' ' ' ,' ' ' . . ' ' ' . .• ' ' ' . 'r6� ,�=1�:�' I . ' • ' . . ' ' . , � �: �'{- .h' V • ' ' . 4 . . . ' � . ' , . ' , ' ' i�-i Y?� ,.' Hrt'. . . . . •, .. . • ' . . . .. .. . ' ; , � . . ... . , • . . . . � � �.•�- �ye.�F . ..r � � �. - , ' - � ' , . .z �;. .�. ,. '.,> .LKIr47/16jB4 B � � .. . ,' . g- � . , . . � `�� -,;: �-63 A I254 , -2 . . ' � ' ��' � . � �: �~,;y- �yi.� `f, .. '�:r, ' •i . . .. . � . , . . . • . r , ' ' - . . ' . " .r ;i: �.�fi':;';.� �i�: , b: � ' , ' ' . .. . ' '. : i� ' . ; ;c.. ' - -' _ ,-' ,i . , r}' �� y'i�• � Ord��.' :�3fi7�--84-��. ' . � _ ' Bw2-8►� • .� . ,� . .. : `. �v,:���r;,:}: ;`: .. . � ', ... - , . . . . . . ,,� ..t'.i . . � .. . . . . � 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_ . 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Ji`4."�,�"`i� Itrw'.,c -.i:'rk'.�'r:'ri" ��• `.C.f �`.... - �.�:.i�.:. ,�� � �1' .i 1 i' .� 1: t�V��f1 'g .�a,.,,,,,�,�� �'f'''':5 •w�. �Y..S��}�' 't•s,t'k�t.. .,.�, .h�t":.:?`. � S �ic:s'�"s�y:!';4i.� �.}�t� f;',:r,;�t;����.f#`k r:,.3`tia'"s,..� �z„ tt;; :..�a q�'` �ia� ar +y � t �r �-• s;}o , �t x� ' 4'i� K����j?l?,2� r���'.'hjiir,xii.l:\i'iy���� f�.ili_�i.a 4. �f ��b�4u yii i� :1-4 z �Y�W }t f ` YN Y{sr�...}a�i:fi:w`�Q,}jK`�"}�py..r�yPU'°�'� �.:.4'"�' �.+3�'�S. r' n'Ur� }��V�,".�°'d� hd,';�is:�a� �ci,.. ,,.-ir,r ;�,.w,•t qt: r, kYf,)f , 5�.�^+r 'hr. ye g.i��F.i , r.a '✓i.�°t i"' '� +, S; �":•'.�i �.,, 7'r- 5 Z �,*. �S' cw t • �,,+ : . .` y. .44 t ; j.�: �.,�.,,. V .��::,,7,r,'�,..� i�{f��.•r.:3a�.ei.�;':�'t. ..�...j:�.� ;�: .-°p: k�,'�{ i, } .r-...1.��rw-�•, >;..� �t3°. ,z,s'.�:t's: �';,t: :-5-.; ..,.P�..���.::,:.a. � � • � �1 � i. (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 ..Z� ��• �O�`�Ar$7 Q�i�VT ��� ? �,i r.w r-...-' .fA 'rrr t'.eL[ �-., +rr,�f MdR��.T'�'."."�.+r�n-+.;. - . :t.rHa`^,�k+irf� ?; : yr�if ..cirtA�vr,n��}'"f.,�.�cx�..,ST!*"y*.vt.w�.�,.ey�xs. �.t,ys�v+y2y.,...�.�.1 • -b... ,*�c�p.�r� ,,'� `p•`r'r"'�t' . . � 1ti pl' �k�.r•..-sY7;"eY.. '�^�: it��� ' . ' , � � � - . �' �.'�� .. . ' S: RA i' ,i � ' : � . . . . • J''a P's fi � �y' . . , .. vr: kt.�` .:�-�'-'�'�.�: ,t� �f��:; ''��: t4', z' `tyi'� `,�9 'J�r;�' °�:: `�r����'}°�c:i �"a';.�'s'''�. {�fi � X • ' " ' '.c'r'�.a ':v,�: 3�f.'„�'..�� .;... :.�:�f.�: �S` ``F•h.'�` �,�,. ...�. :,i:Y:•� y' 'Lyi' 'S.� .'�z� - :i?' ,�� ;.�• ..4�'` r,. '�,L� .�s �t;;: .�ti •:,�,'r' „�r ;r� d a'iw;F $`��k.+,:�e""•'r�� ��. • �•_,.�,� °� . i� �Yf �.'P>.r-' �'F�. � �j'. 'Y:. 7�,1: �9 S.'1?,l !�S `Y i�'• v. i '�'. ' :z'l�iy'C� q:;". f�l�• '.Fi^ ��d��:: •'7-.yv. .. .sr� .x.. 1 .•as�.. ��t. 'r"' ''i.i': ti.i ..�,f.� ��� �as. ��s. �1��!';:,tic,. �,2. .r•w "V:' ?� ,�g"• 7, t',,f � '�t?� "y}'` .!� .} �i� ,�S" ��`��".'d�.`eR .3 'L;��,.�'�'i :i.� k. . u. , F.:�{ �. ri• •� � k"�+ : t;W - �. ��'� r° `{� . :� 5 '.��. ,s^� �i' .g ,G�:._. °y<,":. .a� ..� [ � ',� �. ; (� c�i.. ,'•�'•.F 'i ��h � ;�,� !j., .ti� ':a,., 1�•. ,��~} .�i.' i�'s. +i^ '3..s. �I� .�{�. �'X:.� ) �GY '�k�%�.,...#. s�l � F ` S"�. � 5'� •54�� �? •`�.'� ••.4, �ti." : _ ,�t.' :.i'., i :� ..{ ,;�. .�! f'��.4.. .�'•l:"•'�+" i.�.,.'4�..` rv .���= '.iri' ' ',A :i7�Ie i�C.,�: �.{.i� �`.y�•� C.� � 4^ T:I� '.1 " :�I? ."A }... .yan ��•. �4^ •�I.:4�- .�"�1� ^ } T'�w� t"ta:'s .�"rS ':i�."'i4. �5'�"Iti �'o�^ .� ?l.t: .F� �� .l's.•9�' �S�'� .;�3t� �e• J., ��� h ��' „t ' t:� A -,i=. �i '�. .•�. � n� y,.op:: Er. 'bs:,':5: ;.L` .A. •j.'��.r.^ �:x� ..� � ,,<• °i'�' • c,' .tr�S l ,p� �� i�y r� ,t- .s•,tE'•� .��'•�•1- ( �+�' :t:� .ry' .'t�:' 8i� .�. ,'sr.r[� :ti�'r�.i � h� ;.g� ^.4�'i .+�'i7;:' a. i���i'r�•t�•r. �;.••Y.i ..tv��r�-�:,P', '.•t'� .,r� '.Y`''.�.:0�. � �r .�..i «�.ii?�`� `C ��Kd 7%s '^•.3. ;,:��, r A rc �.�� � � . ::_ , �'.''�e� r:.�r�'�:' � �.:' _ c � t�. �.?' �' fR , '.�,1 � X- ..:..r, .�.�. =i� s•' �;�t,.�M.�}:.rf.�,`���6"< ;�. �a' 7. ,-i, v�,`:;,��:s� �:Y.f.,.e,.; X 3��"r'�t�':,=.:r.a�, 3y � �, s�,�. � '.' �.,. �i..:�y;�rn`h",.'4.��^:s:�:%:i°��:.''?�:..tSr...aiz;�'.�i_:.:,�.b.�.�'1s.:�ab....._�:e....•.ij.''�r�Y'.�%'a.�:.'.:f•..�....�.. .,..... _,.s�..�'.;.:`:..._ o,.�,,.. :�i:;t�i'Y.i...,�r<...:s:.ari�'i�°%,�s-=&si+dawr� �igy"I,'F.�.'4r' . �C."' '7,�A 'S'� . �1'�i�{`. ii.';.'.s 3."t� "�� �� � 1 i '� '`P�.•'':�, t�-'�.��.,�,�;� 'rS:'�`•�fr :.t�c: .�..:.�,.i,.'.. `�,'�i:¢i� `-l:.R'.i�;�,�»4 ` .'!• ... :�'��' . � '.E ��.,r�:.':: ��;� '.i' :�4_^ ��. ' , `�� . / i � (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- ard. 8874-8+� e..z-e� � x'�� �. r ( .j I t , °, �., ,, � r;-s � �` � � S �� �� :3 ��i i ,s �]'�.� .':_� 1�ib�`+���`�`*}: �� 4 4� ��f�.c%d� � ¢�� .y � `'' 1 ' ,> � ti� . � � . 5. � � a . ,r .� � e �{ } �� s i j��T t .'�x "� +�� . � �' � s jY �'. }' �t � i' � .�.' y a _ ,Lti4 "�, 'r '� � � � ^� � ��k 2 ` .p �� `. 2 . �' ��„� y, ' � �����: -II ����� ' � �� �• r .��y))?��� � p�Y�4f� .�v ��{ tl� . � �{��ja�.M��:.n '�.� 2 � �. �. 4 , �' ��� a kr • ., 0 "'�'r' �� i, • ; '.. .`;-� ; j •,�°e �' � t' .� N:=' ,c4,£��"�'"'; '�;,^:k=w>•�.!"r�w. . �:�^��.. . ` r.r..fYr :y :�»�,,.yr , . wr�..,.s.^ ; m..; . '��k•'w-.,, ..�: �,,. ;.�,���^Y> .«a �...s.. a��p.�,wy . . . •,y,r . •. �,: s. �My�°`;�E'.'"''" �'S!r r`.? b Y�tl.-'f+? �; � ! �f.l � ! . . . , . 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I` i�J.:� f:.'�- '! i �,a ��', :x�' +::o:� i`4: J � �i iF. �r°� r:•" y '`,`•� .4' !r=�:- ,i�n� i:�:i+:'ai."ar��.��3 y �6{�.'F� '..{.ay. �} `��d••�;'� r�.� � � ��tia rj. � � 4 � 3�� T 1. i�� �f. .i ` _, r' • E . t• t .tl.� j�� ���1 t .i''.i. .'1°^:'': -t� .b.4� -R ;,. -r`,.n r.. .:a�x.s� Ais. . .---�...�..'J.'`>.�t..ii::i.r..b:4��.r.iru�u':- -.i..t�ut.s'�i�1'�t�i�ii�;:-'fi?�f�{iSS.Z?.i_��1�.?.._.,�'�_x.'.__'.t.us�i.r�...�_.�1•�_�!:����.'.���_�tD'. 0 • , t:: fY -; i.y', 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�+ -4- $-2-S�F m 0 � 4� i � � _ i - �� �; i� !a 2 ar i :,� �d ,s;i { k �j'< �,. . �� ;>: 4'� t�t, :�- E. �., ��:_ +^,}y'";e§ez�,+�l-sE.'��. . «?.v�, x-...1< ;,s.,l., .,. ����^�—_._ .4•o- ' �,;�.. �w,. �. � . . . . �'�f° � � ...°i�. �r . .«.�,.,.{�r'�v.�,, .�......v,,,.,�y,"!'e.-., . 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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 Qrd. B�TU-64 _5- 8�2-84 Cr �; d �r� '�� L!: ..i �i1: l� �� .y� # Y' . w� . � �� cj • t � i �b, k.� � � � AS-� .� ., �4 :, ; � r' Z .� "� :�.' `:i �'I :'� � 't � *, �r �` � � r .a. �� �rP• t< ,?'�"�-�+;��,x'���ri�?'"!'•:�.'.ti���°9.y�g�"»"hi�.;cw�.ir..+,r.,an,.,'t..^ ,. °�"��.:'r`�ti`�•�;7,cw��c;' , ;�^ '�,.; ':� ' .f,.6.c._a��n..�.�r.^. +svr.��ra. ,,r.l. ��rv� .. , e,�- ..�t"7..'.�`tn � * r:a_ �gw�'t.��+t 1 ,Ya ,�.rn't;° '�'^'i° 'b"�..�n• r� ��:� .y-. '^�y" �`` .s F` "','� �'Y,:.�P'S)•' a�c .6' . . � , , . 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'''"'�=:i<� ''.{.� � j`i�� '^"' 'p`� •s ;'• t;`i`:��e ': �r'�j-. .:�s.,. i'.. �;5;:l."�t;�:�.F �we��i�,l.� � . .. . , ,_ .. .. ♦ � ,.:�. .f. ,..t.li ` :.'i`;`., ,.�+v';l..i,''uii. -:tr5 �'E,t .�i�' ' ,;,.",',i.;A�; "=�;s1 '7,'°�� '.f����.� �:ri.`i:l',��.j r;1 :. ,��..,�.,; ..t.;,t a_-.i...''rtv �1�FF.,'.LYii„=r15'. � 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 �KL-Q7/24/84-638A-1250 -8- Ord. �d7+��E4 t�7-�K s� irr! .� � � }t 1 '� i 7 S � �, �.-. � .''� � , ( �`� � �4 .i �,'.� i��e^� . •:a �t ' ':� ��� � :'`�,`��` � (Y„�r�.�w��l.�,,Y.�t*r�„F:•�.-,H»r,a,••t-'-,'"'rY41��1�rre::;^�+w-.,�.� «r.,.n,�',i'r.�;r.J'�^i '�7:•r..�..�°��Y�aF-ts.fl;.��'s.�w n-.�; .v.t..f�.• r . 5 +�su". '"'t�^t•` } �'irh•ar _-.. ��?:�'� ' ',s, � � . 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' �„�'7Y iJ.; '� "°'i' �'.-�?i'e ° `.t;i " '�°r, y�i;`�...i. t`' £ �}tl` 4a'. ..°i�j:e"•w:}'=)1':,�;'t:K�' 'Y:+h=�`:1tia.Fe ,�y�'e•.rs.:.te :°;"r:�i.�¢�('.,1a �:H',"� �ir � _'�; »:� �'f ; ;''�r . ;' : "' ,.i•-':.:'�i-��1�. ;`,`r F't AG�#:.�.:1.. . . �. ,-c� . :�r�`��1 �i���... .. �t.. _ ._ ... �a ,e ��k kb; � � � ;�. ti�s �?=`�.P�n��^±�,��j!!�y:.�.�'y.. �o.►,� .� , .,. .:°.x.��^=.F.,. .:����.':r: Q� 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 LKL-07/12/64-636A-1250 Crd• ������� _7_ �••x-eY � ��� � �� , * . �.�:,�,, r� `�`. ,�'�n,�!�!!� , , :� �,��;' x � C : `��� =�; :- °i ��'`° �tz :w. . . :�': ':�-���::�';::!",�i�• t��4"� + ,"�� :� � � , �. a1 . _ �.. ,.« �4 � l�x;'�. y,. .�,� �f si a�q i!" .^�•"~~F'•%� Z'��''iYy'$.;,,�' t�y�"r�'= ;yd���J� hH� Sw ��' . : YY�y :'< y�'�MwiJ. �yi.� ��.. �F . 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