5564-94 I!
ORDINANCE NO. '5564-94
T ORDINANCE PROVIDING FOR THE ACQUISITION D
CONSTRUCTION: OF ADDITIONS, EXTE ►IONS
P UEME�TS AND REPLACEMENTS TO THE GAS SYSTEM
OF ITHIE .CITY 07 CLEA WATER, FLORIDA* PROVIDING
F Rj `, 'HE ISSUANCE OF `NCT EXCEEDING $8,2500000
O S.; SYSTEM REVEN UE BONDS, SERIES 1994A, AS
ADDITION,AL F :QTY OBLIGATIONS OF THE CITE'
PUR I UANT TO 'IRE CITY�S OR GINAI, ORDINANCE, TO
Y) T: E COST' OF SUCH 1994A PROJECT; PLEDGING
E j iET ` REVENUES OF THE . SYST TO SECURE
R? YML-IT OF THE 'PRINCIPAL OF AND INTEREST ON
THE ONDS'; PROVIDING FOR THE RIGHTS OFi THE
HOLDERS OF SUCH ,BONDS PROVIDING :FOR,:THE PAY--
Mtn I THEREOTIF MAKING CERTAIN OTHER COVENANTS
ADD AGREEMENTS THEREWITH* PRO®'
VIDING CERTAIN OTHER MATTERS IN CONNECTION
T ERE41TITH; AND PROVIDING AN EFFECTIVE DATE.
i
I , i
1 j
EE IT ! ENACTED BY THE CITY COMMISSION OF THE CITY OF
CLEARWATER, ! FiORIDA, as follows:
SECTIOl AUTHORITY FOR THIS ORDINANCE: ORDTNANC E TO BE
U RLM ENT�lLe This t rdinance is enacted pursuant to the -Pro• isic ns
off ' Chapter , Pr° II, Florida Statutes, And other: app; icabl�
provisions 9f ]yaw, (the "Act"), and the Original 'Ordinance, herein-
i..
after ciefinedia `This Ordinances is supplemental to the original
Ordinance and ` all provisions of the Original Ordinance not
supple�ente�, � odif.ied superseded or repealed by the proyisicns
hereof . shal3 Via.} remain in 'full' force and effect, `b app1. to the
1994A..'UOnds!, here inaftei[ defined, to the same ext6n't and in the
same., $Wanner i as such ' provisions apply to the Parity Bonds,
hereinafter idefined, and (c) are incorporated herein by rev erence
aas . ifu1 ;set forth.
SECT10 2n DEFINITIONS'. Unless the context otherwise
�=c4a.x.La.�.�g �°�.a=� r_c.t.8�„� a�=a xB;i�a..i :Lai t.��.3�s Ort�3,a3i�T.1lCe s.�.a.�:4 JCl�Ve '�.1Cte
meanings specified in this section or in Section 2 of the a i 'in 11
ordinance. S�cards importing singular number shall include the
plural. number! in each case and vice versa, and words im; ortin'g
persons shall include firms and corporations.
{
i
" dditio� dl Parity Obligations'' shall. mean add .tionai
obi igations ' a I Ox6d in compliance with the terms, onditie ns and
l itatioz�a J dontai.ned in the Original Ordinance and. i'Ir this
ordinance and which (i)' shall have a lien on the Pledged R� enues
equal, to that of the Parity Bonds and the 1994 Bonds, (ii) shall.
be payable fro m the Net Revenues on a parity with the 'arti Bonds
i
r the 1994A "��.,3�-�g :and �...i i i� reran) � ru l- ��`€ .fie �S�>.a" � T€�' h
the 'it odds -,nab t,
Bond :Regrirs trar¢ or "Registrar" shall mean' the officer) of the
Issuer cr the bank_ or trust company which the Issuer may f Ip time
to time des igni to to p rforr, the duties herein set forth for the
Registrar of the 1 9 A Bonds.
onds0 -s,ha 11 mean (i) the Bonds authorized' under the Osri ina�.
Ordinance,ce, in 10 ding but not limited. t® the Par qty ho ds and the
1394 Bonds! arld (ii) any Additional- Parity obligations 'i issued
hereafter in accordance with the provisions, of the, iiginal
ordinance and this Ordinance
Sa # sh
ar J mesh th � Internal Revenue nue ' Code of 1�co e" ! J_ as
amended, and the regulati ons and rules thereunder in eff e:t
or
praposed.
:"Consti7uption 'Fund" shall ;mean the Construction Fund created
and establishpdc .pursuant to Section 17 of this 'Ordinance.
"Consulting Engineer"' shall mean such qualified and recognized
independent consulting engineer, having favorable repute or skill
and experiehc , with respect to the acts and duties to be pr ovided
to the 'Issuer, as employed or retained by the Issuer to perform the
acts and carry out the duties' herein provided.
"Contributions. in Aid of Construction®' shall mean any amount
or item of m.on'9 services, or property rece: ved by the Issu4�r, any
portion of` which I is provided at no cast to the ut,il.ity,l which
represents an.' addition or transfer ' 4:o the capital of the $ystem,
am which is utilized to offset the acquisition, improvement or
construction costs' of the System.
"Cost of C)t aera►ti on and Maintenances" of the' System shall l Mean
F y
all current I expenses, paid or accrued, for the operation, main-
and ;repair of all facilities of the System, as calculated
in accordande with sound accounting practice, and shall include,
without li iting the generality ; of the fo�°egoing, insurance
premiums, administrative expenses of the Issuer related so: eiy to
the System, ;labor, cost of materials and supplies used for current
op anon, and chargses for the accumul tio�a of appropriate,reserves
serves
for .current 'e:kpenses not annuall t' hilt Wh, ch are ig�-i„vh 'ac
may, reasonably, e expected to be incurred in accordance wits sound
accounting practice, but excluding , any, reserve for renewals or
replacements,, for extraordinary repairs or any allowance for
"Credit Facility” or "Credit Facilities" shall mean 'either
individually, C5�rl collectively, as appropriate, any bond insurance
policy, surety, bond.', letter of credit, line of credit, guaranty or
other instrii'ment. or, instruments, that would enhance the credit of
th e:'-. n =�'�3 -oh 1 r §,rma Ca �.t 'C i J,'4,:y a:�ha-1...�'s. t �2.� .a=. a n�g-3^i bond
Yn t "ince,, 8 bond,d, 'fir t-her, a�s�* ..i- �..g"�+.s '�s.v.a a w � �.�;'`� �'����
or, allocated to a subaccdunt in the Reserve Account in ,the ,Sinking
s�und.a
'C' 'edit: a
y Issuer. shall mean the provider of a CI ed.L t
acili.ty
°RGas System Manager" shall mean the Managing Director and
executive Officer of the System of the City of Clearwater, 'lo: ida
II
'Cross evenues" or "Revenue's" shall; mean all moneys rece'ive
from' rates, fees j rentals or other charges or income derived from
tole investment a:)f funds, unless otherwise provided herein, by the
Issuer qr , accruing to it in the operation of =the system, all
calculated in arc iardance, with sound accounting �iractice. �
""Holder of� Tk)nds" or "bondholders",, car any similar terra shall
mean any' person 1 who shall be the registered owner ("Registered
Owner") of any ire,!gistered 1994A Bona, as shown on the books an
records of the bond Registrar. The lssta�r riay deem �xad trea� the
person in whose name any`,. 1994A Bond is registered as .the ;a si Lute
owner thereof, for the purpose of receiving payment of, or on
account of, I the 'p'rincipal o~ redemption price thereof and interest
due thereon, and for all other purpo es.
' Issuer" ; shall mean the City of Clearwater, Florida.
IvNet Re°venu' 6s" shall mean Cross 'Revenues less. Cost oaf Aera-
tion and ainienancea I�
111994A toads" Shall mean the obligations of the I suer
authorized to i he issued pursuant to Section' 6 of this Ordinance,
'
which 1.994A Bonds; are to be issued as . one series, designated the
Series 1094A 80.ad s
111994A Project" or 111994A Projects" shall wean the addit, ons,
extensions, supplements or replacements of the existing S,° stem
within Pinellas County, Florida, for areas currently served h the
System, pursuant to plans and specifications on file with th@Gas
System Manager ' and the City Clerk and such other ' capital
expenditures as set forth in the plans and specifications onr file
a^sciager ci� the City e1 eYC, or any other lawful
purpose related to the system or the 1994A Project, all as
subsequently determined by the Issuer,.
"Ordinance'! s l mean this ordinance here-
after shall orc��,, ante of the Issuer. as ��aere-
after amended and supplemented from time to time in accordance, with
the provisions' hereof.
J
0—r m.::.7 inaI .i1�_T,-aa.x».�'� .r s a.� ae_-an a cs =� �ee irk' s:s r .eT'A'rd iianc_°:�
'S, "8 � % £s: -�� ,-r -� �.-� Pte.:_ �
3,t � .�� � ,�.Al�. a :...... .p�-' m rC.> .-.v�+..�§�YwTs�$w.� �s<. .�..�rM.A���sw�.
k P X. t A. s
tire in accordance with the provisions thereof.
I
$pa7^ity Bons" shall the outstanding Ga System Rexene
Bonds, Series A991.
e�
"Project ,C�a..>,.s shall moan. all 'costs authorized to be ' ax.d'.
from the onstruct ion Fund pursuant to Section 17 of this Ordinance
to the extent pear°ml tted under the 'laws of the State of '�°lorida� it
is intended tth4t, this def ini.tion be br oa.d ly construed to enoozi pass .
all costs, e4eris>es and liabilities of the issuer related tc� the
System phich on .1,ttae date �f this Ordinance or in the 'future: t .all:
be permitted to be funded With the proceeds of any series of fonds
pursuant to the laws of the State of Florida
"Reserve !Re uirement" for each series of Bonds shall be as
determined by ` sabseguent resolution of .he Issuer. The Reserve
Requirement for tlfte 1994 Bonds ' shall. be the lesser of the
Maximum Bond Sleiviee Requirement of the 1994A Bonds, (ii) 1 F `% of
the average annual Bend Service Requirement of the 1994 Sonde, or
(iii)' 10 1 of the net 'proceeds of the 1.994A Bonds.
"System" 1 shall mean the complete gas system now owned,
operated and maintained by the Issuer, together with any and < all
assets, improvements, extensions ` and additions thereto hereafter`
constructed or acquired.,
` 4
SECTION ,� ,� ].����GS.. It is h...reb, fC7B.ln , determined and
declared '°that.1
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(A) The 11stuer,has heretofore enacted the original Ordinance
authorizing toe issu nce of certain obligations to be secuk d by
and payable from the .Net- Revenues, -and providing for the issuance.
of Additional ' Parity Obligations, upon the conditions set forth`
therein, to he payable on a parity from such Net Revenues
(B) The :Issuer now owns, operates and maintains the B,) stem
and will °continue to derive revenue from the rates, fees, rentals
and other char6es made and collected for the service of such
Sysgem, which Revenues and the other revenues. pledged' pursuant t�
thprovsiois of the Original � are
not
encumbered in any manner, except for the payment of the Parity,
Bonds.
(C) it is necessary and desirable to acquire, construct and
erect additions, extensions, supplements or replacements to the
System constituting the 111994A Projects" , as more 'particularl,� set
forth in the plans and specifications on file or to be on fileM', ith
the Gas System:Manager and the City Clerk, in order to preserve and
protect the public health, safety and welfare of the inhabitants of
4
? CQ`9F.?g "s'" rer $^r �,�, n_sv do funds for s:a'Y 1.
pus 4
) The cost of such 1994A projects shall be paid from the
proceeds of the 19 ,4A Bonds.
��..) The :�°�.n�3,p�.�. of x��'3d interest C�X1 t�."Le �.99 Ba�nd
nd
required in ih `t7 d, eserve and other payments shall 'fie �ayable
solely from t e Not Revenues derived from the operation of the
System, as provided herein and in the Original. Ordinance. The
1994A. Bonds: phal1 not constitute an ' indebtedness, Aa i i it �
gen eral. or ' oral obligation, or a. pledge of the faith, cr6di.t gar
taxing power; of the Issuer, the State, or any po ,itical s bdi� isior�
thereof, with n' the meaning of any constitutional, statutory or,
charter pro i.lsions. neither the State of °lorida no `r any
politic sub ivis on thereof, nor the Issuer shall be' obl igated
(1) to levy ;ad on any property to pay, the principal
of the 1994th Bonds, the interest thereon, or other costs, incidental
thereto ,or (2); tc pay the same from any other funds o: the ' slue 11
except 'from the Iet: Revenues, in the manner ,'provided herein i and in
the Original; drdin :nce.'
Tie 9,94 A 'Bonds shall not constitute a lien ,u,po' n the E stem:
or 'any ,part ,thereof, or :on any other property of the Issuer, but
shall constitute a first and prior :Lien only on the Net. I2e��:��ues in
the manner provided herein and .in the original Ordinance.
(F) The}he estimated ated Net 'Revenues to be ! derid f r m the
operation of: the System wile be sufficient to pay all princ: pal of
and interest on the Parity bonds and tae 19,94A Bond, as the same
become due,,,, and to make all required 'sinking Fund, Reserve and
other payments required by this Ordinance and the 03 igi.n '
Ordinance.
Ordinance i.n Section 1 �' t��`ereef
(G) The arg�na , _)
provides for the issuance of Additional. Parity obligations under
the terms, 1i#citations 'and conditions provided therein.
(H) The 1 Issuer has o~eam al ed with the terms, conditions and
restrictions' contained in the Original 'Ordinance. The 'Issi�er is,
therefore, legally 'entitled to issue the 1994A Bonds as 'Add:�tional.
'93�a ,;-ors P°t l: • b++ °d..t,.. ° s-1 t • tion
, aa.a,...w..,� r„ra✓�.:x.�Ka�s..:..i�i:., irv;�s.aaina �,.st� s��.£:i..a:iU.�1.GC�6..�.SJii Ltle
Original Ordinance.
The 1994A Bonds herein authorized shall be on a1, parity
and rank equally, as to lies on and source and security for payment
from the Net Revenues and in all other' respects, with the ''Panty
Bonds.
SECTION 4 ZHF IE ORDINANCE TO CONTTgI` OIT �C '. con--
sideration of the acceptance of the 1994A Bonds authorized to be
issued hereunder by hose who shall hold the same from 1�ime to
5
t this, r h Or `; aI '�c-_�`�z�-�s��lz,�++ sh 11 .�,��. EaCRO M-
be ild, slhalll a contract bet.,a en the 1 s r and surf
01 de€"s b. o vas ni t ann -trenmenn herie :sit forth, to be
performed gay. the Issuer shall be for the equal benefit, 'protection
and security! of thf- ,ega.l Holders of an,y and all of the Bonds, all
of which shall e of equal rank anti without preference, priority or
distinction of i any of the Bands over any other thereof, except as
e press.Ly prov.ided therein and herein.
S TIR S m AUTHORIZATION OF 1994A' BONDS AND 19' 4A C E ` "S
Subject d:' an Pursuant to the provisions hereof, obligations of the
to be, k.rlown' as ` "Gay System Revenue Bonds Series 1994A"
herein defined as ,the 11994 Bonds" are authorized to be is �ueda
the aggregat6 principal amount of not exceeding; $8, 250s000 to ( )
finance the cs s of the 1994A Projects of the Issuer, if make' a
deposit to the, deserve :account in the Sinking Fund to satisfy the
Reserve equiitement for. to purchase a 'debt service reserve fund
policy or sure ): :
ue. s t :, as determined resolution of the issuer adopted
prior to the' issuance of any series of 1994A Bonds) and pay
the costs of issuance of the 1994A I3c�xzds
The i994A' X82"o]ects are hereby authorized and expendx tur s from
Revenues of ;the System are authorized to be made for coats �of the
1994A rojects,. �hi'ch casts- so ,paid' sub eg'�ent to tie ;adopt'* of
Resolution N6. '94-21 or as otherwise authorized ed hereby, are to be
reimbursed from proceeds of the 1994A Bonds.
SECTIONT 6 DESCRIPTION OF 1994A BONDS. The' 1994A Bondsl shall.
be Issued in fully registered form, may be Capital kppreciaation
Bonds and/or- Current Interest Bonds, shall be dated; shall be
numbered® shall be in the denomination of $5, 000 each or integral
ultipl s
thereof for the ''Cu'rrent Interest Bonds and in $5, 000
maturity amounts for the Capital Appreciation Bonds or in $5, 000
multiples then 6o'f, or in such gather denominations as shall be
approved by Ithe Issuer, in a subsequent resolution prior to the
delivery of ithe 1.994A Bonds; shall bear interest at a freed or
floating rate meat exceeding: the maximuIP, rate allowed by lawf such
interest to be pcaya i s semiannually on such dates and in such years
wand amounts, : aand shall mature on such dates "'and in such years, and
in such amount s a ll as shall 'be fixed by resolution or ordina nce of
the Issuer adopted prior to the delivery of the 1.994A Bond The
1994.E Brands are to be issued in one or more series, from time to
v x.ainc� clvaicx: axa, t.its¢+...c..ivla %a J_ w.vALLF.i.�1..1via .fJF.816td7,, C1lAS.d, .3.L, ,l.;:5 4E.t--U $$1
more than one series, each series is to be separately desi.gnz ted as
determined by resolution of the Issuer adopted pri o the
issuance of any such series of 1994A Bonds.
The 1994A Bonds shall be payable with respect ` to; principal
(and Compo n red amount i.n the case of Capital Appreciation iBonds)
upon presentation and surrender thereof on the date fixed for
maturity or redemption thereof at the office of the Band Registrar;
shall be payable in any coin or currency of the United States which
6
see. iTae o4 �"s�l���l�l�t �a legal���. � n� � for t�i� '�s��77�i+�?nt �� � ��� off`
a.i�`-'�,,to is 3 ail� il-,I i l b7se—a . .. `r e � from, ch Via.+. 4 l'ailt a t
�-a ,1121.e t.han thi� Clate of '.he 1-994 Bonds, as I's f ixed bV subsequent
resolution sir ordinance 'of the Issuer', payable in accordance, wit
and Sursuant to the term—. of the` 1994 . Bends.
lnterest on the 1994A Bonds which are Cures* t In"terest 'Bonds
shall be, paid=by check or draft mail.e to the Registered owners at
their, addresses as they appear on the hoes and records of the Bond
Registrar, at` the close of business on the 15th day ' of the montha
(whether' or not 1 a business day) next preceding the interest payment
date for the 9j 9`4A Bends (th'e . "R cord late��� � ���^es ��ot�tee, o f are
transfer of the 1394A fonds subsequent ' to such Record Dat , and
prior to such; i fit-erest p yM.ent date, 'unless the Issuer: shall I e in
default in the payment cf interest due on such ' interest payment
date., In the' eNapent of an such default, such defaulted interest
shall be payablb l to the .Registered Owners at the close of taus mess
on, a special i-dC ord slate' frrr' the payment of 1efatlte4 interest a
established by i notice ma ilea to` the persons in whose names such.
1994A Bonds are registered - at the close of business on the Ifift
(5th) ,dad pr ce ing the date of mailing. payment of interest on
the'. 194A Bonds, :gay, at the option of any owner of 1994A' Bards in :,
an aggregate 1 am6unt of at least $I, 000, Qoo, be t�ra,ns�-
mitted wires tr. nsfer to such owner to the bank account. rnumber on
file' with the Paying Agent as of the Record Bate upon written :
request therefor 1?y the holder thereof for the appropriate interest '
payment date.:
If the date :Eor ent of the principal of reiva'y i an
p" , premium, y,
or interest on the 1994A Bonds shall be ;a Saturday, Sunday, regal
hoi.;�day. or a Ball on which the banking institutions on,s' in the city
where the corporate trust 'office of the Paying Agent is located are
authorized b :yaw or executive order to close, there the oat i or,
such; paay ent . sl4 al be the rgext succeeding day which is � of a
Saturday -� ng
institutions 'are authorized to close, and payment on such date
shard have the saarae force and effect as if made can the nominal date
of
, payment.
The 1994A Bonds may be issued or exchanged for 1904A Bonds in
doupan farm, pal able to bearer, in such form and. with .such attri-
Mutes as the issuer may provide by supplemental resolutions, upon
Y•,g,fa 0-.' 9't'k• ^-F +nr.ri rptv�, i ra z° nr Fr.�vn r n$-m` r^..� 1
��.... V,_ ,.spa __vssc aesa a...n.4aa ayes.s...a. .. e c�',,F�'&x_R f.�i,%A AJWIIU 0 �CITIEEwra2,.
that such i ssuar cea or exchange will not cause interest on the 111994
Bonds to be includable in gross income of the Bolder for federal
income tax purposes
SECTION 7 . EXECUTION QF BONDS. The 1994A' Bonds shall be
executed' in the 'name of the Issuer by its City Manager, counter
signed by it's: Mayor-Commissioner and attested, by its City Clerk,
and its official seal or a facsimile thereof shall be affixed
thereto or reprodluced thereon, The 1994A Bonds shall be' ap��roved
7
to 1forrn atnd legal, su.-E f ic icy b- the City Attorney f the
v
'# .��'" rFz<�°. ��.-;a a a. mss : e 4,� ..,. ;Lt;� �,.��'��..c. s m&,v �� R i n"-te l---
�:r ep =��- o ton the 94 s ��, a� � t f f
3.:..w.d° ed�.,.- .G,c �-,�=r .�d°T_�. .,� ��a ..� �'°_ �,k a t�°F".,.. � .,.
t on of the Bond Registrar, hereinafter described, 5shall appear on
the 1994
Bond's and no 1994A Band shall be valid or obligatory for
any, purpose or be entitled to any security or benefit under this
Ordinance unless such certificate shall have been duly exeClLted. on
such L994A `'Eioyid. The authorized signature for the Bond Rec; .istrar
shill at all times be 'a manual signature. In case any 11 officer
whose signature, shall appear on any 1994A bonds shall oast to he
such 'officer �aFefore the delivery of such Bonds, such signa acre
facsimile shhall nevertheless be valid and stiff**ent fir all
purposes the same as if he had remained in office until such
delivery. _ Any 1994A Bonds may be signed and sealed pan ` be:'half of
the Issuer by s�;!ch person who at the actual' time. of the ext�cution
of such Bondi shall hold th. proper office with the Issuer '
although at the date of enactment of this Ordinance such per:`on may
not have held s: ,chi office or may not have been so authoriz d.
SECTION, S NEGOTIABILITY AND REGISTRATION.
(A) N,tGOTIABIL,rTY. The 1994A Bonds shall be and shall have
all of the al.-Li ti es and inoa dents of negotiable i.nstruants ! under
the C�ni.form 'Commercial Code - Investment see: rit.ies of the Late of
Florida, and each successive Bolder, in accepting any of the 1994A
Bonds shall :be iconc'lusively, deemed to have agreed, that such Bonds
shall be and' have all of the qualities and incidents ref negotiable
instruments I un Uniform,
der the Commercial Code nvestment
Securities of the State of Florida.
(B) RE611STRATION, AND TRANSFER. '
'RANSFER There shall be a Bond 'Re is-
trar for the 1994A. Bonds which, shall lie a bank or trust company
located within! or without the State of Florida. The Bond Recii.strar
shall maintain: the registration books of the Issuer and be rdspons-
ible for the; transfer and. exchange of thie 1994A Bonds. The Issuer
shall., priori tea the proposed date of delivery of the 1994A Bonds,
by reso'luti on designate the bank. to serge a a Bond; Registz�ar° and
paying Agent. The Bond Registrar shall 'maintain the books kor the
regi.strati.on, of the transfer and exchange of the Bonds in 6ompl; ®
ante with an= agreement to be executed between the Issuer and such
bank as Bond; Registrar on or prior to the date of delivery of the
1994A Bonds. , 'Such agreement shall set forth in ;detail the duties,
rights and responsibi1itJes of th, n;:b es tl,eh v-ete.
The 1994A : Bonds may be transferred upon the registration
books, upon delivery to the Registrar, together with vlrritten
instructions as to` the details for the transfer of such` 199`4A
Bonds, along with the social security or federal e �ployer
identification number of such transferee and, if such transfi�ree is
a trust, the j, ame and. social. security or federal employer
identification numbers of the setrlor and beneficlaries of the
trust the date of the tryst and the name of the trustee. No
�raz s'fe of any PL 99 4 A Bond shall be efflEe t- 'ur_t=1 nte—V d on thle
in all casew3 of the transfer of the 19942A, Bands, the Registrar''
shall enter the transfer of ownership in the registration books and
shall` auth>entica,te and, deliver in the name of the transf r ee o..K.
transferees a 'ne F ful.1y registered 1994A Bond or 1994EA Bands of
authorized de om hat ions of the same maturity and nter'e4t rate for
the aggregate principal amount which the Registered Owner is
entitled to receive at the I earliest practicable time in accordance
with the provisions of this Ordinance. Any 1994A Bond dr Bonds
sh a 11,1 1 be I exchangeable for a 1994A Bond or Bonds of the same
:maturity and i rib.--rest rate, in any authoriz , but in
a
a principal amount equal to the unpaid principal. amount +ofl` the
1994A Bond or tones presented for exchange. Bands to be exchanged
shall .be surrenderead at the principal office of the Registrar, and
the Regis trar eh�. deliver in exchange therefor the 1994A B: � or
Sands which the 8� dholder rmakine the exchanges shall ,be entitled to
receive. The ; s;msuer or the Registrar, may charge the Registered.
Owner' of such ,! 6s: �A fond for every such transfer ®x° exchang an
amount suffic .ent to reimburse them for their` reasonable fecal and'
for any tax, fee;, or other governmental charge required to be paid'
with respect to 1such transfer, or exchange, and may require that
such charge be ' paid before any such new 1994A Bond shall be,i
delivered.
All 994 ar.`�
� ids delivered upon transfer or exchan e shall bear
g
interest from isuch date that neither gain nor loss in interest '
shall result, from the transfer or exchange..
All 1994A Eoinds presented for transfer, exchange, redemption
or payment (if so required by the Issuer) , shall be accompanied by
a writaen instrument or ,instruments of transfer or authorization
for ex^hanga, in form and with guaranty of signature satisfactory
to the Issuer !mind the Registrar duly executed by the Registered '
Owner` or by his duly authorized attorney,
�I
SECTION 9;s 1 BONDS MUTILATED. DESTROYED, .STOLEN OR LOST. in
case any :Bond ;shall become mutilated., or be destroyed, stole` or
lost, the Issuer may in its discretion issue and. deliver a new :Bond
of like tenor as the Bond Iso mutilated', destroyed.,' stol esn or lost,
in exchange and substitution for such mutilated Bond upon surrender
$ • _1_
atat4 cancel �t-y r, � q -p- y.�
.a.u.w.e.via e;i,o_ o�'7 Mi�..LA il3ld 6..$.:R C.$1.. 'it Bon' or in lieu or and su.d..+st�'
tution, for the a6nd destroyed, stolen or lost, and upon the Holder
furnishing the ,Is suer proof of his ownership thereof and sati sl ag
Mary indemnit and complying with such other reasonable regul.atlions
and condi.tions as the Issuer may prescribe and paying such expel uses
as the Issuer may incur. All Bonds so surrendered shalm- be
canceled by the Registrar fear the Bond.s. if any of the Bonds shall
ha e matured or, be about to mature, instead of issuing a substitute
Bond, the 'Issuer may pay the same, upon being indemnified as afore
-
9
said, and such fonds be lost. stolen or destroyed, w thout
t..um.. enie5 ez .v .s.sx6,._3&
Any such duplicate Bones issued,pursuant to this section shall
constitute original,, additional contractual_ obligations on to part
of the Issuer whether or not, the lost', stolen or destroyed B nds be
at any .tire found by anyone, ' and such duplicate Bonds sYal1 be
entitled to e�[u tl and proportionate benefits and rights as o lien
on the sourpe end security for payment from thy: funds,. as herein
after , pledcjed, to the same extent as all other Bands" issued
hereunder.
SECTION, 1l, BOOK ENTRY SYSTEM. Notwithstanding ;the prove
sins Sections 7, 8 and 9 hereof, the Issuer may, at ,its pIDption,
prior to the da"me of issuance of the 1994A Bon€ sj elect too use an
immobilizatio n system or pure book-entry system with res pect to
issuance or such 1994A Bonds, provided adequate records rill big
kept with respect to the ownership of such Bonds issued in
boob-entry fokm or ;the beneficial ownership of bonds issued in the
name of a nominee s lone as any Bonds are outstanding :
b6ok-entry forma the provisions of` Sections 7 S and 9 � this
ordinance Shall ,not be appli.cabie to such 1994A Bonds, The � etails
of 'any altern4t,ive system 'of .issuance, ,as described in this Para-
graph, shall be sot forth in a resolution of the Issuer duly
adopted at or . a °ior to 'the sale of such Series 1994'A lends
SECTIO14 11 .." PROVISIONS FOR REDEMPTION. The 19'94A. Bondy shall
be subject to "redemption" prior Ito their ,maturity, at the op- ion of
the. Issuer, ;a such t mes and in such manner as shall be f: wed :.by
resolution of , the Issuer duly adopted prior to or at the lime of
sale of i.he P19�s4C7nd5,
i
Notice `of such reder�pt;ion will. be given by the 'Registrl��r (who
shall be the ' ]eying gent for the 1994A Bonds, ' or such, other
person, firm z cc� por"atio as may from time uo time be ;des,'gnated
by ;the Issuer' as. the Registrar for the 1994A Bonds) by a�aaUi.ng a
copy of the redemption notice by first°-c3.r'llss mail (postage p:-epaid)
not more than 'thirty (30) days and not less than fifteen (1.5) days
prior t o the date fixed for redemption to the 'Registered Owner of
each 1994A tonal to be redeemed. ` in whole or in part at the ,< ddress
shoTrn on the rENa3istration books. Failure to give such notice by
mailing to any Registered Owner, of Bands, or any defect tl`ere n,
shall not affect the validity of any p,�-r...--A,ng for ��_
r..e......... ......a...� .a.n,>s. a..sx� ,.s�eK.Se GiKJn
of 'other Boh,ds. All. 1994A Ends or portions thereof so called for
redemption will cease to bear interest after the sp' ci.fied
redemption date provided funds for their redemption are on deposit
at the place of payment. at that time,
upon surrender cif, any 1.994;x. Bond for redemption in part only,
the Issuer shall .issue and deliver to the Registered Owner tihereof,
the costs of which shall be paid by the Registered o ner,e a new
10
;.; ,
,.� a 01 r4 Sa
Whenever j alp x 99 4 Bonds, shall be delivered to e It
Registrar for` I n el.lat on, upon payment of• the principa I a
Ount
t ereo R air f
' ir replacement, 'transfer or exchange, suds 1994 6 ;
shal tae canc4le [ and,, tie r ��ae
l, st of tae Isslier,! destroyed day the
ond,' Re � tr .,l Mar a to - c t at o ddstru t o:
s x' en OA' q �n such �e�t its, n � �e furxaished to' the Is uer.
'S TI 1. o one tee 0 n'0 99 '
Bonds l 1.2, orm Vit,h Uc .
, a er +R+Ye«d. nac esary and,
` w. and, ax 01 nan ,or
b any
tai the Iss
ner.eof
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(Rem hder ,of itet oial l e�t3an
i
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.. ,E ¢3i Bond"
U-KITED STATE.-S, OF AMERICA
STNrE OF FLORIDA
CITY OF CLEARWATER
112AS SYSTEM REVENUE BOND, , SERIES 1994A
Dated '
Rate pf Irjtere Maturitv Date Date Uzi
Registered Qiri
Principal Am Pul nt m
{
' KNOW ALL ]KEN BY 'THESE PRESENTS that the City ,of Clear ater
Florida (herei{na.fter called "City") ® for value received, hereby
promjses tca ' pa to the Registered Owner ` identified : aboi�e, or
registered as6igns,; on the Maturity Late specified above, the
Principal ou;n*t shown above. solely from the revenues hereinafter
mentioned, and -to pew solely from such revenues a interest: on said
sum fr m the Dated Date of this Bond; or from the most recent
interest payne7rit date to. ,which interest has been paid, at the rate
of interest Per annum Set Ecru's above until l p��'�iient of SU sUM,
such i i- terestt being payable _ , and semi-
annually therelafter'; on the first day of and thee first
dad i _ of each °ear. The principal. oaf and premium, if
any on this d are payable: upon presentation and surrendet here
of on the date If'i:ed for maturity or redemption at the principal
Off ice of- (the "Paying Agent") in
Florida, or at tine office designated for such
payment of any successor thereof. The interest cn this 'Box°d, when
due and payabloe shall be ,paid: by cheek or draft 'ma.11 ed to the
person In whose' name this Bond is registered, at his address as it
appears on the books and, records of'' the Send Registrar, t the
close o busIness can the 15th , day of the month (whether or not a
business day) next preced inq the interest payment date (the '� ecord
Date") , irrespective of any transfer of this Bond subseculent to
such Recor€i Date and prior to each ` interest payment date, unl.e s
t ie City shall be in default in payment of interest due on such
interest payment. date. In the event of any such defaults, such
defaulted interest shall be payable to the person in whose name
such', Hand is registered at the close of business on a special
record date foie the ;payment of defaulted' interest as established by
notice mailed y the Registrar to the Registered Holder 'of the
Bonds not less han fifteen (15) days preceding such special record
da-t'e. Such notice shall be mailed to the person in whose name such
Bond is; registened at the close of business on the fifth (5th) day
12
i
. � . ling. Payment o interest n the 1994 A
11 J5 o id ay, pce r �� i x of a��y owner �,.gf :L 994A .��'onds J. n ggra -
i rs transfer to'' such owner to the bare ac-count number on f il.e with,
the Paying ,Agent as of the Record Date upon written request tr ere-,
for by the holder thereof for the appropriate interest pal ent
date. ,All a ounts due hereunder shall be payable in any coin or,
currency of the L'Fnted :tates¢ 'which is, at the O pay ent,
legal tender fair, the payment of , public or private debts.
' This Bonn one of a duly authorized issue of Bonds in the
age:-regate principal amount of $ of like date, tenor
and effect, except as to number, inst:l_l�ents,. mat��r»Ity and inter='
eat rite, issu d to finance extensions, improvements, and addi.t�ions.
td--the Gas By tam of then issuer, pursuant to the authority of and
i full complifa.a'ce: with the Constitution and laws' of the State of
°'l,orida, incl uding particularly , Chapter 166, Part. II., Flo rida
Statutes,, and 'oth'er, applicable pravisi ons; of 1at� '(the "Act ,� and
Ordinance No. t 511 i -91 , duly enacted by the Issuer cn Fitt ust, 1 ,
1391, as suppl6mented by Ordinance o.` 5564-94, duly enacted bbl> the:
Issuer on Mugu t �1 , 1994, as amended and supplemented, (herei.na� ter
collectively cal,ed the "Ordinance") and is subject to ' a.l.11 the
. terms and cond;iticns of such Ordinance.
It is provi'd'ed iri the Ordinance that the Bonds of this ii.esue
will tank on a {pEir,,ity 'with the outstanding Bonds of an 'issue o�� Cas
System Revenue! Bonds, Series 1991, dated September 1, 3.391, of the
Issuer (the Bonds',') ® This Bond and the Parity Brands are
payable' solely' ftom and secured by a first and prior lien upon and
pledge of the # N.i Revenues, as defined in the Ordinance, which
consists of the h6t revenues derived by the City from the operation
of the System ;(thle A Net 'Revenues") in the manner "provided in, the
Ordinance. finis! Bond does not constitute en ,indebtedness, 1ia�bi,l.-
ity, general or oral obligation' or a pledge cf the faith® credit
or taxing 'power o the City, the State of Florida or any political
subdivision thereof, within the meaning of
any constitutional,
statutory or charter provisions. Neither th;- ,;,Mate of Florida. nor
any political subdivision thereof, nor the Cisy shall be obligated
(1) t levy a spalor°em taxes pan any property o pay the principal'
of the Bonds, the interest thereon or other costs incident thereto
or (2') to pay° tie sa :e from any other funds of the City, eNrcpt
from. the Net Revenues, in the manner provided herein. lr is
a ua c sxca sz+�� +s xas Vrt xa a ram �a .y. and the Req.' 5t red Ho der of 'r-c' is;
Bonn that this Ban d! and the indebtedness evidenced hereby shall not.
constitute a 1 ien' �spo the System, or any part thereof, or ox any
gather' pro erty of the Cite, but shall constitute a first and prior
lien only on the Net Revenues, in the manner providle6 in the
Ordinance'.
(INSERT REDE:IAPTION PROVISIONS)
)
13
i
Bonds i n; denosmina.tions greater than '$ , 000 shah. be eel��ed to
be an u'S vale a^t v 'x„e<° s �r*>n s+P > g g. s '�": �c 9 apf= y
� =.b. Dto a ds, "., s, the 'e=._ �.�_: �. c�..
tit ent as I. d �o iP.at r, ;1 r 'er than , 0`00, � �ty�o
of. such may be r�.deemed, but Bonds shall be redeemed only i the
principal amo nt of , 000 or any integral. multiple t.h 'rec�f'a In
the event any ion the Bends or portions thereof are' called _f or
redemption asi a; Oresaid, notice thereof idertif ing ,the Bos gar
Portions thereeof to be redeemed will e given by the Registrar (who
shat] be the, pa i,ng agent for: the Bonds, or such lather person, firm
or corporation �a:s stay fr® time to time be designated by the ' City
as the 'Registrar for the Bonds) by mailing a. copy of th' redemption
tatice b firt7las nail (postage prepaid not, more than t i.rty.
(3 ) ' days and dt, less than fifteen; (:1 ) days prier td "the data
X
ed .for redemption to 'the 'R gi 4tered Holder of each Bond 'to be
redeemed' in whole or in part at the address shown tan the r gis-
trati on books4e 'ailu.re to give such notice by mailing t(` any
.egitered €older of Bonds, or any defect therein,' shall net affect
the. Validity' of any proceeding for the redemption' of anther B' nds
All Bands s l called` far' redemption 'will cease to bear int rest
after , the spedi'fiedi redemption ' date provided fends f'or heir
redemption are Iran deposit at the. place of payment at that time.
upon surrender o:f, any Bond for redemption is part only, the citry
shall issue and de liver to the Registered Holder thereof, the costs
®f which' shall be paid day the Registered Holder,' a new Bond or
Bonds of cl hoi zed denominations in aggregate principal amount,
,equal to the' lint edeemed ,;portion surrendered.
if the: d far payment of 'the principal of premium, if any,
or interest an !his Bond shall ire a Saturday® Sunday, legal holiday:
r a day on uric banking institutions ' in the city mere the 't;ar
porate trust 6ff �ce caf the plying agent is located are authorized. '
by law or executive order to close, then the date, for such payment':
shall be the near succeec-'intt ;'day which is not a ,Saturday, Su'nda.y,
legal holiday! pax° a 'day, on which such banking i.nsti.tuti.onc are
authorized to ; close, and payment on such date shall nave the samo
force and' off 01ct; as if made can the nominal date of payment.
(To be in �,�here appropriate on,face of bond. "Ref e. ce
is hereby made to the further provisions of this Bond set forth on
the reverse si:de hereof,, and su.ch further provisions shall' fa all
purposes ,have 'te� same effect as if set ,forth an this i sem "
In and bV 4711ie3 nrd i n.aln-ce� t•he C t y l ac YYa���, �,-.y.�,� «. � a
_ --- — - c,d-nan d aucsna a�gr. V_-%A
with the Registered Holders of the Bonds of this issue that it will
fix, establis�Yi, : guise from time to time whenever necessary, main-:,:
and coll��iz always, such fees, rates, rentals and other,
charges for the use of the product, services and facilities of the
System which wi l : arrays provide revenues in each year slaffil Tent
to pay, and out~ ' of such funds pay, 100% of all costs of oper t:ion
and maintenance14 of the System in such year and all reserver,. and
other payments provided for in the Ordihanc' e and i 1.2 a of the bond
service requirement due in such year on the Bonds of this issue,
i
i
h $ .`eoz, rates;,. r a Wit , n�� It b a� .�;e --� h aJ 3 n -e
reduced so as to be insufficient to provide adequai to revenues for
such purposes`. The City has entered into certain further covenants
it the Holders of the Bonds of this issue for the terms, of which
reference i.s ma.de to the Ordinance.
It is hereby certified and recited that all acts, condj�tions
and things re fired to exist, , to happen and to be;. pe fc: ;ed p ece;-
dent to and in the issuance of this Bond exist: have happens d and
have been pe °fo cued in regular and. due for l+. and time as reguii ed by
the laws and 6onstitution of the Mate of Florida applJ cable
thereto, and that the issuance of the Bonds of this, issue does not
violate any con'sti.t.utional or statutory limitations or'provisi.ons's-.
`his Bond is and has all the qualities and incidents l of
negotiable i ns tanxment under the uniform Commercial Cade
Investment ecu. i.ties of the Mate of Florida
The Bonds are issued in the .form of fully re. istered II bonds
g
without coupons in denominations of $5, 000 or any integral mu]�tipl
of $5, 0100. Subject to the limitations and upon pay-Ment Cf the
charges provided in , the Ordinance, Bonds may be exchanged for a
life ~aggregate )rincipal amount of Bonds of the same mai turf ty of
other aiathori4zed denominations a this Bond . is transferable 'by the
Registered Folder hereof in ;person or by his attorney duly autho
rued in' writing, at the above-mentioned' office of the Regi» tra.r,
but only in the manner, subject to the limitations and upon pa yment
of the cha.rg4i�s provided in the Ordinance, and upon surrender and
cancellation ;of this Bond® Upon; such transfer a new `Bond or�Bonds
of the same maturity and of authorized denomination or denomina�
do'ns; for the 1same aggregate principal amount, will be issued to
the transferee In exchange therefor. Bonds may be transferred upon
the registration boobs upon delivery to the Registrar of the Bonds,
accompanied by 'la written. instrument or instruments of transfer in
form and with guaranty of signature satisfactory to the Registrar,
dull executed by the Registered Holder of the Bonds to be trans
ferred or hid; at orney--in-fac:t or legal. representative, conts ining
written instructions as to the details of the transfer of,I� such
Bonds, along with the social security number° car', federal emjeloyer
identification number of such -transferee and, if such 'transfe:�ee is
a gust, the name and social. security car federal employer i.d.e -
tifi;cation numbers of the settior and beneficiaries o the gust,
the 'federal. employees identification number, and date of the trust
and the name ', of tire: trustee. In all. cases of the °transfex of a
Bond, the Regi l trar shall enter' the transfer of ownership n the
registration b6oks and shall authenticate and deliver in th,. name
of the transferee or transferees a new fully registered Bond or
Bonds of authorized denomina-tC. of the same Maturity Date and
Rate of Interest. for the aggregate principal amount the
Registered Molds;r is entitled to receive at the earliemot practi-
cable time in accordance' with the provisions of the rdinanc:el: The
15
City or the Re' geistrar may charge the Re gstered Iffold-er off s nlyd
r ab rse t- am for their roasonabie fees and an 11,rax or
eh -MUt
ether erx er�.tal charge required to be paid i.th respect tO such
transfer
or exichan e, and may require that such charge be, paid,
before any such new Bend shall be delivered.
'The fit� s S. deem and treat. the Fe A
st
red Holder hers of �.s
the absolute owner hereof (whether or net this Bend shall. be III over-
duel'' for the pu °p,pse of rreceiving payment of or on account of prin-
cipal 'hereof 'and interest due h aeon and fiat all gather purl cses',
and
the, City: =shall net be affected her any notice try °the ontt racy.
This Bold shall not be valid or become obligato fog and
purpose or be 46n titled to' any security or benefit under the I rdi
a.n e
until the ,:2!-tificate of ,'authentication hereon shall have
been executed b 'the Bond Registrar,
IN I ^SS kI2LtJF`
� E , the pity of, Clearwater, Florida has
issued this Bed aril has caused the ;same to be executed b the
manual or faosi-, ile signature of its City Manager and counterp , ned
by the manual o;c 1 acsi ile I signature of its Mayor-Commissioner'. and
its corporate! si6al or a facsimile' thereof to he .affixed, impre sled
imprinted, l ithographed or reproduced .hereon;, and attested k thy!
manual or facsimile signature ®f its City Clerk, as ' of the iDated '
Date—
CITY OF CL AB.WATER, FLORIDA
(SEAL)
City Manager
II
Mayor-Commissioner r--
APPROVED ASITO ,FORM
AND LEGAL' SUFFICIENCY:
IENCY:
City` Clerk
city Attorney,
� °�� ''ilr'.�RT't�a': O AUTHENTIC t°�°.8F aatlND M,Ce�3,�.`✓"-,�<•g�R... f
li
'his Bond !as cane of .-he Bonds of the issue described in the
within--?ment oneid ordinance.
By''
Authorized S �natur
Date' of Authentication
,
l�
Thte " loiwing abbr laat Qns< t1 en used In the n scrI pt 1,on n,
face 0° n@
5.. awe}'1 a..R '��.s°S« .bo F E 6 '$.:.4.. Aso:. 41 -FA '+v= f were
e
` n _ g4la on
`E'EN COX as te' mats in comm-on
UNIY TRANSFERS TO KIM &&
TEN ENT as;; tenants by, the
e tir ties
(CU
TEN as; joint tenants Custodian for
w tb right
of sur- in or)
` vivoirs`ii a and not as under Uniform r�Y3 fe2 s to
teizaht_ 'in common ' Minors Act of �—
(State):
Additia a L abbreviations may also be used though not iri list
above
' ASSIGNMENT
F V UE :RE : E
i
� .� . : the undsrsigned.
(tl� 'Transfer'Or e) hereby sells, assigns and transfers >unt,
(Please insert nz6ze and
Social Security.� air' Federal Employer Identification number of
assignee) the within Bond and all rights thereunder, and i''ereby
irrevocably! conaititutes and appoints
(t h6 11rCransferee°l as. attorney to, 'register tine transfer
of the = it � 8a d 'o the backs kept for registration t e�°eaf , �rit�Z
full caer of s�a : t tuts cn in the nremises.
Dated
E
o
I
Sig�.,ature gttar�s�r�_eed o
f
NOTICE: Signatures) must be NOTICE: No transfer �I � e
guaranteed b)t �a naember of the registered and no new Bond wiI
New York Stock , Exch nge or a be issued in the name of the
commercial bank car a trust 1 na-� , �
cc any. ture(s) to this assi$i grment'
corresponds with the name as it
appears upon the face ti the
within Bond in every pa: ticu
lar, without al.teraticn ear,
ever and the Social Securi ty or
Federal Employer Identif ipation
°umber , of the 'transferee is
supplied.
(End of Farm of Bond]
�7
Q NJ
11 L, 4 a onddig , w a s a _ was 7;ys r °
«. 3 ...:a �. .- .5..,.6 1,.5 r a'
a h: provided) be Considered to be Additional ' art
Obligation i4 sued -ender the authority of the original rda.nanc ,
and shall he entitled t all the protection and; sec .rit y provided
therein for the Par it y Bonds, and shall be in all respects ep it' ;d
o the SaiTte' i , 1tms and privileges enjoyed by , the (Parity
Bonds.
The covenants and pledges contained in the Original Ord ' '
r n i 'ance
shill be applicable to the x99 Bands heroin authora�:zed in like
manner as a�pl cable to the. Parity Bonds. The principal I f and
.in.terest an the, 1994A. Bonds shall be pa able, from the Sinking Fund
established in -the Original Ordinance on a rarity with the iParity
Bonds , and paylments shall be made into such Sinking Fund by the
Issuer in amounts fully sufficient to pay , the : principal of and
interest on` t� he 7Parity Bonds and the 1994A Bonds as such' principl
and interest; bred, me due.
SECTION! 3-4 . APPLICATION Off'" 1994A BONa PRQCE4EDS. The
proceeds, i.ncll.a ing accrued interest and premium:, if any received
from the sale of any or 'all of the 1994A Bonds shall` be ppl ied. by
the. Issuer aii; fo1lows:
s
(A) The accrued interest shall be deposited in the Interest
Account In the Sinking .Fund created in the Original. Ordinance and
shall bd used only for the purpose of pa ined'; interest becoming due-
on the 1994k Bonds.
��) i7n,less, Pr>��ided .��-om other funds of the Issuer on the
data of issuance of any series of 1994A Bonne as set' foa�°th �n
Section 16 CBj of the Original Ordinance, a sum equal to the R serve
Requirement: ' foi. the 3394A Bonds shall be deposited in the
suiracccrunt in the Reserve Account in the Sinking Fund, herein
crested and° iestablishe€� for the benefit of the. 1994A Bond< and
shall be usedl +only for the purposes provided therefor, or, if
determined b' s ilbsequent resolution of the TSSuer, a sum eg�aal to
the premi of a debt'' service reserve fund policy or surety
p�rovi.ded, in 's�atis>fa.ction of the Reserve Requirement for such series
of 1.994.E Bonds
(C) Unla�£ laid n� rx��m3�ts�sa��ar_7 by
the 1994A Bonds, the Issuer shall pay all cons and e pena6es in
connection with the preparation, issuance and sale of the 1994A
Bonds.
(D) The ,ba.l�anve of the 1994�� Bond, proceeds shall be ;deposited
in the Construct ion Fund.
S CTION 15. SPECIAL OBLIGATIONS OF ISSUE The 1994A Bonds
shall be spec a,;l 'obligations of the Issuer, payable olely from the
Net Revenues as herein provided. The 1994A Bonds do neat cons,titu e
t b, C�.".ar3 d i t o r t,---X e t-- ,r s�'r'e O lnh `sue er,` ,
state of Flori a or � .'< x Poll.'tic al. subdivision t'�ereof , ��.th���Y*,the
meaning, of constitutional, statutory or charter provi. ions.
eit,er the States of Florida nor any political subdivision thereof ,
nor the Issuer shall be obligated (1) to'' levy ad oral rem taxes h
any property to; pay the 1principal of the 1994,E Bands, the interest
thereon. or other costs incident thereto or (2) to pay t:he� same
from any other funds of the Issuer except from the Net Revenues, in
the manner pro*;�d.ed herein. The acceptance of the 1994A Bonds by
the Holders frontime to time thereof shall be deemed an agr' dement
between the Is1 suer and , such Holders that the Bonds an(�. the
indebtedness evidenced thereby shall not constitute a l.ieh upon the
System, or 'any !part thereof, or any other property of the Icisuer, '
but shall constitute a first and pri.�r lien only on th$ Net
revenues, in 'the manner here:ina f ter provided. The Net ' R.eN enues
shall beaedi ately subject to the lien of this pledge :without are
physical del iv6ry thereof or further act, , and the lien of ; this
pledge shall �be y alid and binding as against all parties h�avisn
lams cf a p kind i n tort', contract or otherwise againsi the
Issuer..
The'' payment of the principal. of and the `i.nterest on th.e lBonds
shall be secUread forthwith. equally and ratably by an itrev cable
'
lien on the '` et Revenues of the System, as defined herein, � on
parity with the Parity ands and the Issuer does hereby irrevocably ,
ledge such Net' Revenues of the System to the payment. o; the
principal of and the interest on the 1994°A Bonds , for the reserve
therefor! a: d` four ,all- other required paymenta.
' i I
SECTION i16. COVENANTS CAE THE ' ISSUER., The provi sio: s of
Section 16 of. the original ordinance shall be deemed applicable to,
this ordixaanc� ar�d shall. apply to the 1994A Bonds issued pursuantl
to this rdihance as though fully restated herein.
SECTION CONSTRUCTION FUND., The Issuer covenants and
agrees tc eetabl i,sh a separate fund "Co tae known as the 'City of
Clearwater Gas System Revenue Bonds Construction. Fund, 11 which ishall
be used only fob paymment of the cost of the` 1.994 Project, which
shall include the payment of interest, and if due, principal, on
the 1994A Bands prior to the date on which the `1994A Projellct is
fully placed` 'in service.` Moneys in the Construction Fund. until
applied in payment of any items oaf the cost of a Project, shaGll be
held in trust b � the lesuer as shill be szbject tow a lien and
charge in favor of the Holders of the Bonds and for the fulrther
security of such ;Molders q
The Issuer shall establish within the Construction Fund a
separate account in the Construction Fund' for each series of Elands.,
The Issuer covenants that the acquisition, construction and
i_nstallat on`of each Project gill. be completed without delay and in
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h E�,Wu d! encri.neerin ,- ct_ce . he issuer shall make
izburse- a 3t O-: Pa-yn its fro- tile CtAmP� r uction 'and OnJky to s -�y
the cost of ai Pr_°D_e t,
notwithstanding an f the ath r provisions of this S e t o
7, prior to the date the 1994 . Project is placed in service, av`:
thereafter to the extent that other moneys a.re not available
therefor .a aoizni s in the Construction Fund shall be applied t�q tha
payment of principal., and interest on Bonds when due.
Promptly after the date of the com letion of : a Project g as
determined bytthe Gas Systen Manager, and after paying or making
provisions for the payment of -A 11 unpaid items of the' cast of such
Pr ct, the Issuer shall .deposit in the following order of, prior-
ity any balance I of Taoneys remaining in the Construction Fund in (1
another accountsot the Construction Fund for which .the Gas Shyster
Manager has 'stated that 'those ' are insufficient moneys r prese t to,
'pay the cosh of t:he, related Proj'ac.t, (2) the Reserve �cc�un , to
the extent of: any deficiency therein, and (3) such other find car
account es ta1bI i,sip e hereunder~ as shall be determined by ;the' City
Commission , of the Issuer, provided the Issuer has receiv4�d an
opinion, of Bond C(),, nsel to the effect that such transfer shall not;
adversely, a f f dc;t, the, exclusion, At any, of interest can the !ends
from grass i co e for federal income, tax purposes.
SECTION 18 1. AvaNI, ING AND SUPPLEMENTING OF N t�
CONSENT OF HOLDERS OF BONDS. The provisions of Section 17 cif the
Original Ordinance shall be deemed applicable to this Ordinance and
shall apply t6 the 3.9194A Bonds issued pursuant to this Ordinance as
though fully; restated herein'.
li
SECTION 19 . AMENDMENT OF ORDINANCE WITH CONSENT OF HOLDftS OF
C d b The prbvisions of Section IS of the Original Oros ,ante
shall be deemed applicable to this Ordinance, and shall apply to the
1994A Bands issued pursuant to this Ordinance 'as though fully
restated herein!
SECTION �0 ' DEFEASANCE. The provisions of Section. 19 of the
Original Ord.i.nan ve shall be deemed applicable to this Ordinance and
shall apply to the 1994A Ronde issued ',pursuant to this Ordinanice as
though fully; restated herein.
SECTION 21. GOVERNMENTAL PEORGAN ZATI®N. The provisio s of
Section 21 of original ordinarnce shall be deemed .ppl.icab e to
this Ordinance and shall apply ,to the 1994.A Bands issued ;pur,suant
to this Ordinance as though fully restated. herein.
SECTION 22 , TAX COVENANTS.
(A) The ' Issuer covenants with the Registered. Owne rs of each
series of Bonds Uphat it shall not use the proceeds o such series
of Bonds in any manner which would' cause the interest on I such
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Bonds to, b- � ' become. inalu%dab in the g : E ,��� ��
the R q ii ste ed t kwner th6reof for federal ra income tax urpo et ,
0E) The Isisuer covenants with the Registered Owners ol� each
series of Bonds that neither the Issuer nor any person under it:
control a diirie tion will make any use of the proceeds of sU$_i�h
series of Bonds ('or 'amounts deemed to be Droceeds under the I'Code:)
-in any manner which would cause such series of ' Bonds 'to be
"arbitrage bonds:p within` the mear'ing 'of 'S ction l48 of the Coy Coe 'and,
neither the Issuer nor easy other person shall do any act or fa it to
ado any pct whil6h would cause the interest on such series of ?.Bonds
to become izicIt1idable in the gro s incomx e of the` Re istered Owner
thereof for federal iincome tax urooses.:
C) The Issuer hereby covenants with the Registered own rs of
each series
of. B«nd.s that it will comply Frith all ;,provisions of the
Code necessary tp mal r tai n the exclusion of <interest' on the fonds
from the gross income of the Registered awner� thereof for 0deral
income tax pure es, inc ludirg, in particular,lar, the p yz ent �� and,
amount required to be rebated to the U. S. Treasury ,pursuant It s the
Code.
SECTION COVENANTS WITH C ED��ZACIILITY ASS Eft. The
Issuer, may make such covenants as it may;, in its .sole discretion,
determine to Ibe appropriate with any Credit Facility lssuerr that
shall agree to provide, a Credit Facility that shall, enhance the
security or the value of the 19,94A Bonds '. Such covenants zz ay be
set forth in ;a resolution adopted. prior to or simultaneousll with
the sale of the 1994A. Bonds and shall have the same! effect as i f
such covenants were set :forth in full ire this Ordinance. '
SECTION 41. PRELIMINARY OFFICIAL STATEMENT. The distribution
of a Pre?imihary official Statement relating ;to the 19.94A Bonds is
hereby 4pproviad ir,I such form and substance as shall be approved b
the Mayor 6n4 City Manager of the Issuer. The Mayor and th, e City
Manager are 'hereby authorized to deem such Preliminary Ofi'ici.al
statement as "'fill irralga �rithin the ��aeaning of Rule 15c--2-12 c�f the
Securities and 'Exchange Commission, except for certain ®°perakitted .
omissions" s' defined in such male.
SECTION '25 VALIDATION NOT RECU1RMa In that the Ci. r� has
revi.ously ralidated the issuance of its bonds to financ,e the
os ndx anson ac u sit i �n anc. rr nstruc to on of to its
System, and all of the 1994A !Projects authorized hereby constitute
additions and e;KPansions of its existing System, the Cit has
determined not to validate the 1994A Bonds,
SECTION' 26. SEVERABIT TTY. If any one or more of the �cove
na.nts, agree�ents, or rovi sions of this Ordinance should be held
contrary to anyl express provision of law or contrary to the 1�01i y
of express law, , though hot expressly prohibited, or against public
P
or shall for° any reason whatsoever be held invalid,: thin
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» � a � e,s n Rm . and r I
shall e A ed s a� a� t f Ye the r °& � � �°
RCTION 71.
nances or, re so A on , or parts hereof �n conflict: - ew�»t, are
repealedi to the extent of, such conflict. . ,
EFFECTIVE I LLZE m This Ordinance ,shall take e f fe
ol
PASSED, ON FIRSTI READTNG
i
PASSED ON SECU D 'AND FINAL �A t 4!, 1 94
AN � �]�IUD
D ECfiEDD
i >to Garvey
Attest
nt ra E. :Gold'eau
CitV Clerk
l
Approved j-
and le al �� > �n
.oz �
Interim : v �tt:cq mey
0 II
I
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