5659-94 ORDINANCE NO. 59-94
I
1.
AN ORDXNANCE of THE CITY of CLEARWATER
FLORIDA PROVIDING FOR THE ACQUISITION AND
NSTkU T'I:CN of NON IPA SER`V'ICES/PUBLIC
SAFETY' JND POLICE CO�,..-C-LEX FOR THE CITY F
LEA►RWAIXTIZ, FLCRI A# PROVIDING FOR THE ISSU-
ANCE 'OF NOT 'EXCEEDING l , 5o 000 IMPROVEMENT
�
RE)'ENE ' BONDS, SERIES 1994 (MUNICIPAL ,
SEF2'STICESfP BI,IC S .FETY AND POLICE COMPLEX
PROJECT) r To PAY A PORTION OF THE COST CF SUCH
1994 PROJECT f PLEDGING A JUNIOR ANTI
SUBORDINATE LIEN 'UPON THE CITY�S PUBLIC
'SERVICE im TO SECURE PANT of THE PRINCIPAL
OF AND INTEREST ON THE BONDS I PROVIDING FOR
THE RICHTS OF THE HOLDERS OF ` SUCH BONDS
PRCVIDIN,[G FOR THE PAYMENT THEREOF; MAKING
CERTAIN „ OTHER COVENANTS AND AGREEMENTS IN
CoNNE
'ON THEREWITH PROVIDING CERTAIN OTHER
"MATTERS SIN CONNECTION THEREWITH; AND PROVIDING
.,
AN EFFECTIVE DATE.
BE IT ENACTED BY THE CITY COMMISSION of THE CITY l OF
CLE DATER, FLOR.L- A.L;j as follows:
s��y �a 7�yy�rq°gpp ^g-g�yif
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SECT—:7,N l. r. .,CLt,d9.�V�,d..1.<.�i3Ll. ll .t,� ®.8tDI1VCSiYCa.i' ; OiritdlNCA�.`tll..'Li° TIJ:.: BJ.a'
SUPPLEMENTAL. `T'hi's Ordinance is enacted pursuant to the provisions
of
Chapter 166, ' Part II, Florida Statutes, and other appb�ci ble
provisions of law (the "Act") .
SECTION 2 . DEFINITIONS. The following terms in this Ordi-
nance shall have the following meanings unless the text otherwise ,"
expressly requires
"Additional Parity Obligations" shall mean additional olbli®
gations issued . in compliance with the terms,, conditions 'land
j "$19itatinn wneq va'kirVN b -„4 .$
fCT +e $ n
upon the Revenues m. and rank equally in all respects with the :994 `
Bonds.
"Amortization' `Installments" with respect to an Tern Bond of
P Y
a series, shah men►n an amount`` so desiqnated ,which is establi hed
for the Term Bonds of such series, provided that (i) each uch
installment shall be deemed to be, due on such interest or princ,"pal
maturity date of each applicable year as is fixed by subse cent
ordinance or resolution of the Issuer and shall be a multiple of
,,00 , and (ii) the aggregate of such installments for such series
shall equal the , aggregate principal amount of Term Bonds of 'such'
series authenticated and delivered on original issuance,-
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Prior Bond,,, shall mean the remaining >bonds outstanding of
the Issuers $,64110" 000 Capital Improvement Revenue Bonds', Series
1964 issued pursuant to Ordinance No. 3804-84 and due to mature on
November , 16,, '1494, and of the Issuer's $7, 155, 400 City of
Clearwater.. Florid a lic Service Tax and Bridge Revenue Bond
Series 1955 issued pursuant to Ordinance No. 3932-55.'
"pubpis serfJce Tax" shall mean the taxes (formerly celled
"Utilities Ser*ices Tax.") levied and collected within the area of
the Issuer on ', the purchases of utilities services pursuant to
Section 166. 23i, 'Florida Statutes, and Article III, Public Se: ice :,
Tax, of Chapter a eV of` the Code 'df Ordinances, City :of Clearwater.
Notwithstanding he foregoing the tern "Public Service Tax" shall
only include the 1, Public Service Tax which is legally, i
ava ' 'able
after all deposits; have been made therefrom as 'required pursua t to
the ordinances10f the Issuer authorizing the Prior Bonds.
egistered Owners" shall mean those persons whose names and
addresses appear� on the registration books, at the point in time
when registered 1ownership is to be determined unless: a contrary
intent is deal Indicated by the c4 text, maintained by theBond.
'Registrar.
"Reserve Requirement" for each series of Bands shall be as
determined by subsequent resolution of the Issuer. The Reserve
Requirement for the 1994 Bonds as subsequently determined shall not
exceed the lesser of (i) the Maximum Bond Service Requireme t of
the-1994 Bonds, (ii) 125; of the average annual Bond Se: ice
Requirement of thew 1994 Bonds or (iii) 10% of the net 'procee s of
the. 1994 Bonds±
t
"Serial Bonds>"" shall mean the Bonds of a series which shall be
stated to taturel, J Ln annual installments.
I
"State" s ' all mean the State of Florida.
"Term Bonds1R' shall wean the Bonds of a series all of .
Iwh�oh
shall be stated'to mature, on one date and which shall be subj ect to
retirement b�, ape .< tion of the Bond Amortization Account.
SECTION 31. FINDINGS. It is hereby found, determined and
declared that• !
A) The Issuer plans to acquire, construct, operate and
maintain a municipal services/public safety and police complex, a
parking facility; for , the use of the tenants of the complek and
related equipment (collectively, the .'"Project"") . ;
(,B) The Pledged Funds pledged pursuant to the provisions of
this ordinance are not now pledged or encumbered in any manner®
except, for the prior lien of the Prior Bonds upon the Public
Service Tax.
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slate. Such notice: shall be mailed to the person in whose naive such
Bond is registered at the close of business on the fifth (5th) day
preceding the; date of mailing. Payment of interest ' on the 1994
Bonds may, at +.die option of any owner of Bonds in an aggregate
principal. amount of at least $1 , 000, 000, be transmitted b, Tire
transfer to such owner to the bank account number' on,` file with the
Paying Agent as oI the Record Date upon written request therefor by
the holder thereof for the appropriate interest payment slag All
amounts, due hereunder shall be payable in any coin or currency of
the United. States, which is,' at the 'time of payment,' legal tender
for the payment' of public or private debts.
This Bond lis �one of a uly; authorized issue of Bonds in the
aggregate priTIC pal amount of $ of like date, tenor
and ;effect, ;e . .ept as to numb' installments, maturity and
interest ratei, issued to finance a iportion of the acquisition,
construct ion' a�d equipping of a Mun cipal Services/Public Safety
and Police Co plea for the Issuer, pursuant to the authority of and
in full . compliance with the Constitution and laws of the State of
E'lorida. including particularly Chapter 166, Part II, Florida
Statutes. andx o;ttaer applicable provisions of law (the Act") , and
Ordinance No.1 5659 -94, duly enacted by the Issuer, ion ,
1994, as 'amended and supplemented (hereinafter collectively called
the "Ordinance") ;, and is subject to all the terms and conditions of
such' Ordinance.
This Bona ills payable solely from and secured day a lien upon
and pledge of (11) the Public Service Tax, as levied and collected
by the. Issuer ?11rsuant to Sections 166. 231 and 166. 232, Florida
Statutes and Article III of the City Charter of the ' lssuer, ! which
lien' shall be Junior and subordinate to the lien thereon f the
remaining bonds outstanding of= the Issuer's if Bonds are issued
prior to Novem��er 16a 1994, $640, 000 Capital Improvement. Revenue
Bonds, Series! 1984 issued pursuant to Ordinance No'. 3804-84 and]
$'7, 155, 000 City; of Clearwater, , Florida Public Service T® x and
Bridge Revenue lB(:)nds Series 1985 issued pursuant to Ordinance No.
3932-85, and (2) until applied in accordance with the provisions of
the Ordinance, , all moneys, including investments thereof, in
certain of the funds and `accounts established by the Ordinance, all
11 in the manner and to the extent described in the Ordinance (clollec :
9 �1a f C }= t®g,1. d."� In 1:41 mc7saane pro-iri
ordinance. - _ ° 'his fond does not constitute an indebtednes ,
liability, geneirl or moral obligation, or a pledge of the ' aith,
credit car taxing power of the City, the State of Florida for any
political subdivision thereof,, within the weaning of any
constitutional, statutory or charter'provisions. Neither thy' State:
of Florida nori any 'political subdivision thereof, nor the City
shah be obligatead (1) to levy ad valorem taxes on any property to
pay the principal of the Bonds, the interest thereon or other costs
incident thereto or (2) to pay the same from any other Binds of the
ity except groin the Pledged Funds, in the. manner provided � erein.
it is further agreed between' the City, and the Registered Holder of
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Bonds of authorized denominations of the same Maturity Date and
Rate of Interest for the aggregate principal amount which the
Registered Hold 4z, is entitled to receive at the ea.rl.i,est pig cti-
cabl.e ti c .i x ac'-ordance with the'provi.si.ons' of the Ordinance,a The
City or the Registrar may charge the Registered Holder of such Bond
for B erl such tr4nsfer or <e change of a Bond an amount suff Lcient
to ,reimburse them for their <reasonable fees and any taxi fe :, or,
other governm6nta,l. charge required to be paid with respect to such
transfer , or exchange, and May require that such charge be paid
before' any shoh ; €ems Bond shall be delivered.
I
The City may deem and treat the Registered Holder hereof as
the absolute 'o�iller hereof (whether or not this Bond shall be
overdue) for thy; pur-o®se cif receiving payment of, cr can a count cif
principal hereof, and interest due hereon' and for all other,
purposes, and ;the, City shall not be affected by any notice l�o the
contrary.
f i
This Bond shall not be valid or become obligatory for an
purpose or be iexititled to any security or benefit under. the Ordi '
nance until th4 certificate of authentication hereon shall' have
been execute. by the Bond Registrar.
I
IN WITNESS WHEREOF, the City of ' Clearwater, Florida,, has
issued this Bond' and ha' caused the same I to be executed by the
manual or fac 'ii.'le sio�gnature, of its pity Manager and counters igned
y the manual or facsixile signature of its Mayor-Co�issloner, algid
its corporate, seal, or ,a facsimile 'thereof to be affiked, imprty psed
imprinted, lith ographed or reproduced hereon, and attested the
manual or facsimile signature: of its City' Clerk, as of the I Dated
Date
CITY OF CLEAR.WATER, FLORIDA
(SEAL)
City Manager
Mayor-Commissioner
APPROVED AS TO FORMIANDILEGAL
SUFFICIENCY:
City.,Clerk
City Attorney
1�6
CERTIFICATE y AUTHENTICATION n.y BOND
REGISTRAR
This Bona is one of the Bonds o 'the' issue described ,in the
within-mentiene'd ordinance.
II
B
Authorized Signature
Date of .uth ration
I
VALIDATION STATEMENT
This Bond is, one of a series of Bonds which were validated and.
confirmed -by jj�Ldgment of the Circuit Court for Pinellas County,
Florida, rendered on , ;199
i
The following abbreviations, when used in the inscription on
the face of the wi.th n 'Bond, shall be construed as though they were
`Written out inn fell according to applicable laws or regulatlionss
TEN COO - as tenants in common UNIE TRANSFERS TO MIN AC
TEN ENT - as t.L.nants by the
entireties
JT TEN as Joint- tenants Custodian for
with I right of sur- (Minor)
vivbr�slllip and not as under:, Uniform Transfers to
tenants .in` common Minors Act of
(State)
Additiona3 abbreviation s may also be used though not in list
above.
17
ASSIGNMENT
e(JR VALUE tINTI), the undersigned, �.
r
(the " ransferol'°11 , hereby sells, assigns and transfers iintO ,
(Please insert n � e axed
Sbc 1. Secu. ty or Federal Employer Ident ficat can b, r o
assighee,� e , within Bond and ail. rights thereunder, and H ereby
irrevocably y rilti Lutes and appoints`
(the 1.071tarnsfereeb9) as attorney to register the` tre `nsfer
;O
of thhe rthin Bond on i the books kept for registration thereof Frith
full ;power of `saik).stitution in the premises.
Dated z _
Signature, g as r an
teedd
NOTICE: Signature(s) must be NOTICE: No transfer will be
guaranteed, by 1 aJ member of the registered and no new 'Bone will
New or Stock xcharnge or a be issued in the name of the
commercial balk or a " trust Transferee, unless the s'igna®
compan � ture(s) to this assignment
corresponds with the name;as it
appears upon the face of the
within Band in every
articular, without alteration
or enlargement or anyi hange
whatever and the asocial
Sscuri--y or Federal Employer
Identification Numbe r ®f the
Transferee is supplied.
(End off: Form of Bond)
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subaccounts in the Reserxre Account after all, required current
payments for .he Sinking Fund (including all deficiencies I in
prior payments to those Funds) have been made in full.
Notwithstanding any provision of this ordinance to the
contrary, moneys in each su account in the Reserve ccot k.t
shall be used only for the purpose of the payment of maturing
principal of or interest or making Amortization Installments
on the Bonds for which such subaccount was established" when
the other �tgn�:ys in the ixYking Fund are ansuffi,cient
therefor, and. jor .no other purpose, including the ;payment of
Any other series of Bonds.
In the event of the refunding of any series of Bonds,, 1 he
Issuer may, withdraw from the subaccount within the Resel e
,Account for i sucla series of Bonds, all or any portion of I he
amounts accumulated therein with respect to the Bonds being
refunded and dep€�sit � such amounts as required by the
resolution AuIt �orizing ,the refunding of such series of Bones.
(5) Tae l ssuer shall not be required to make any further
er
payments into the Sinking ,Funs when the aggregate amount I�Iof
money, in the :inking Fund is at least equal to the total: Bond
Service Requirement, of the Boards then outstanding plus the
amount 'of (4dear[ption premium, if any, then. due and thereafter
to become due can .such Bonds then Outstanding by operation of
the Boyd Amortization Account.
(6 The balance of any moneys remaining in the Rev4 ue
Fund after the above required, payments have been made may l be
used by the I,3suer for any lawful purpose.
(7) The Sinking .Fund the Revenue Fund, and all accounts
therein andk any other special funds herein established and
created shall constitute trust funds for the purposes provided
herein for such funds. All such funds shall be continuously
secured in thy:` same manner as city 'deposits are authorized) to
be secured' by the laws of the State of Florida.
Moneys on deposit in the :Revenue Fund, and the Sinking
Fund (except the Reserve Account h,therein' may ;n;:®stew l :nd
reinvested in the manner provided by law provided such
investTnents eIier mature or are redeemable at not lees than
par at ` the Q ti.on of the Issuer not later than the dates) on
which the moneys on deposit therein will be needed for the
purpose of suirC fund. The moneys in the Reserve account in
the Sinking Fu d may be invested and reinvested only , in
Authorized Investments, in the manner provided by law. All
income on such 'investments shall be deposited into the Revenue
Fund, provided,, however, that investment income earned' in the
Bond Amortization Account shalt remain therein or I be
transferred to 'the Principal Account or the Interest Account
23_
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(G) M ; . OF PUBLIC `SERVICE TAX ORDINANCES. The I��s er
will., not emend" .o r modify the ordinances ' pursuant to whic h the
Public Service i Taxi is levied., in any manner, so as to impaj�r or ,
ad ersely 'affect Itb.e rower and obligation of the Issuer to le%- an
collect such taxes or impair, or adversely affect in any mannei e
pledge of such ' tares made herein or the rights of the 'hol.der of
the Bonds. The Issue will do alb things necessa tt� ensure its
el.igi:hility to receive the Public Service Tax. The Issuer shall be
unrondi ticnally and irrev �cabl obligated, so long as ,any o3 the
Bonds. or ,rthe interest 'thereon are Outstanding and unpaid, to levy
and collect the Pilblic service Tax, at rates not less than those
rates 'currently iri effect.
(x) PLEDGED
FUNDS NOT SUBJECT TO REPEAL. The Issuer ha full ' ,
power to irrevocably pledge the Pledged Funds to the pa, ent o: the
principal of an interest on 'the ° Bonds, and the pledging of such
Pledged Funds in � e manner provided herein shall not be subject to
repeal! or impaI me.nt by any subsequent ordinance, resolutin or
other proceediig s the governing body of the Issuer or b� any
subsequent act ;of` the Legislature of Florida.
I) FORC �R ]EHT OP CO 'CTIONS. The Issuer will dili.gi�ntl
enforce and c i l dct the Public, service pax herein pledged; will
take steps, actions and proceedings for the enforcement and
collecti.o of such tic Service Tax as shall become del inque: t to
the full extent permi:tted or authorized by law* and will mail tai.n
accurate records with 'respect thereof. All such Public servic Tam
herein pledged ;shell, 'as collected, be held in trust o be app`lied
as herein provided and not otherwise.
BOOK'S �IvCi� i�c+'JHI?s. The Issuer shall also ��ep boob and
records of the 1Pblic `.s;zrvice `Tax which shall be dept separat and
apart from,all iot!he.r books, records and accounts of the Issuer, and
the Holders shali :have the right at all reasonable times to in'pect
all records, accounts and data of" the' Issuer relating theret+b.
23UkL AUDIT. The Issuer 'shall also, at least once a
hear., ':within six') months after the close of its Fiscal Year, ause
the books record:► and accounts of the City to be properly ,aua ited
by a recognized in.depnt firm of certified public accountants
arc small make general ly available the report of such audits to any
Holder or Holders of Bonds.- Such audits shal.'l contain a coax, lets
presentation of financial' stat.ements in accordance with gene ally
accepted accouhtincI principles. A copy of such annual audit shall
regularly be furnished to any nationally recognized bond rating
service which upon application of the Issuer prior to the iss� ance
of the Bonds, :ssa11 have publi shed a rating on the Bonds and to any,
Holder of any Bonds whip shall have requested in writing that a� co
plr
of such reports be furnished him, provided that the co.;t of
reproducing and Ina it ing such reports shall be borne by the Holder :
requesting such reports,
26
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(2) Tkj e. City Finance Director shall. certify at thel time
of the issuGince of the Ac di.tionaa Parity Obligations that the
Public Sejrs i�!e Tax pledged for payment of any; C� tstaandin
Bonds, the ]Prior Bonds and the Additional Parity Obligations '
proposed , be issued, received by the Issuer during any
twelve (li) months out of a eighteen (1 ) months .immediately
preceding; tl,-Ie date on which the Additional Parity Obiigati.ons
are I issued shall' have been equ,J D to not "Less than 1.00 times
e Maximum Bond Service Requirement (or such higher amount as
is determined by resolution of the Issuer adopted prior to the
issuance of the 1994 Bonds) on the Outstanding Bonds , the
Prior Bonds and the proposed Additional. Parity Obligations
during any lFi,.sca:l. Year in which the Additional 'Parity Pbli-
gations to be issued will be Outstanding.
l � '
The Issuer 'need not comply with the provisions of the
preceding,, ,paragraph in the issuance of Bonds if and ti t:he
extent th:e Bonds to be issued are refunding bonds, is the
Issuer shall cause to be i delivered a certificate of are
independent :certified public accountant setting forth the
Average Ax�nua1 Bond e�vice Requirement (i) for the Bond-ately
thew
Outstandingi and (ii) for all Bonds to be i edi
Outstanding; ',thereafter and stating that the Average Annual
Bond , Requirement pursuant to (i.i) above is not grater
than that set forth. pursuant to (i.) above.
Tara= °
( )_ e Service ice Ta.x for the twelve month period
selected 6u#Suant to Sect:ion 16 (0) (1) above may be adjusted to
include the estimated amounts from such taxes that the Issuer
would havlle ,received from areas that the Issuer has annexed
prior to the a.ssuance of the Additional Parity Obligations and
not fullyli eflected in such Fiscal year.
(4) ;The Public Service Tax for the twelve month period
selected pursuant to Section 16 (0) ,(1) above may be adjusted to
include the estimated amounts from such faxes that the Issuer
would have received during such twelve month period due to any
increase in the rate or rates of such taxes during such twelve
month period and not fully reflected in such twelve month ,
period.
(a) The Ordinance authorizing the issuance of the
Additional Parity Obligations shall recite ` that all of the
covenants, contained taerein will be applicable to such
Additional parity Obligations.
SECTION 17 ® CONSTRUCTION FUND The Issuer covenants and
agrees to establish a separate fund to be known as the ' "City of
Clearwater Improvlemen.t Revenue Bonds, Series 1994 , Construction
Fund, 10 which I shall be used only for payment of the cost of the
;project, which sh;al.l include the payment: of interest, and if due,
2
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SECTION 27- 1: kBLLIT If any one, ormore- of the an afire zena or provisions of this Ordina ce should beI hel
contrary t any e area provision f law or contrary o the p�� li .
of -express laws �rb�ough not expres Is y prohibited, or against pu lic
policy, or, shall for liy reason whatsoever be held invalid, teen
: such covenants.,
rreements or provisions shall. e null an d voi a�
shall be deemed peparate from the remaining covenants, agree. ants
Pr Imes this Ordinance or ,off' the Bonds.
SECTION 28. REPEAL OF I 0QRNSa All rdi-
Al e r r6solu tibns,, or parts thereof, in conflict herewit' are
r repealed o the extent of uch conflict.
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SECTION 29a F'FFECTIVE DAB. 'This Ordinance shall takes effect
immedlately upon its enactmen�.
' PASSED ON FIRST READING, August 4 , 1994
PASSED S COOD MD FINAL READING Au use 18 , 1994
AND ENACTED
"
Rita Garvey
ar
Ma or-commission
attest
i 9"
a E Goo4aau
i C1 erk
Approved 'as t�AG
xM
an ens
41.a�
i
Interin C1
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37
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