84-20
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Rr~OLUTJON NO. 84 - 20'
A RFSOLUTlON AWARDING $ 7.100. nnn GAS SYSTEM
REVENUE BONDS. SERms 1983, OF TUE CITY OF
CLEARW ATER, FLQRIDA; AUTHORIZiNG EXECUTION AND
DELIVERY OF A BOND PURCHASE AGREEMENT FOR SUCH
BONDS; FIXING THE DA1'E, DENOMINATIONS, MATURITIES,
INTEREST RATES. INTEREST PAYMENT, DATES, AND
REDEMPTION PROVlSlONS WITH RESPECT TO SUCH BONDS;
A UTHORIZING USE OF OFFICIAL STATEMENTS IN
CONNECTION WITH THE MARKETING OJ! SUCH BONDS AND
OTHER ACTION IN CONNECTION WITH THE DELIVERY OF
SUCH BONDS; DESIGNATING A PAYING AGENT AND
REGISTRAR; AND PROVIDING AN EFFECTIVE DATE.
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WHEREAS, The City of Clearwater, Florida (the "Issuer"), has previously
authorized the issuance of $8,650,000 Gas System Revenue Bonds, Series 1983 oC the
Issuer; and
I.
WHEREAS, the Issuer hereby finds that the timing, size and complexity of the
financing and the present volatility of the municipal bond market require that its terms be
negotiated at private sale rather than offered by co:npetitive bid at pUblic sale in order to
assure the most favorable terms in the bond market and, therefore, has determined to sell
such Bonds (the "Bonds") at private, negotiated sale; and
WHEREAS, the Issuer has received a Bond Purchase Agreement (the "Bond
Purchase Agreementrl) from William R. Hough & Co. as Underwriter (hereinafter called
"Underwriter"), the acceptance of which the Issuer determines to be in its best interest;
I.,
and
WHEREAS, the Issuer desires to approve and authorize use of the Official
Statement in connection with the marketing of the Bonds and to authorize the taking of
all other necessary action in connection with the delivery of the Bonds; now, therefore,
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BE IT RFSOLVED BY THE CITY COMMISSION OF THB CITY OF
CLEARWATER, FLORIDA:
SECTION 1_ AWARD OF BONDS. 'The Issuer hereby finds, determines and
declares that the timing and size of the issue and complexity of financing plan for the
Bonds, and current rapidly changing bond market conditions require that the bond issue be
negotiated at private sale rather than offered by competitive bid at public sale in order to
assure the necessary flexibility to cha:tge the maturities, redemption features and interest
rates necessary to obtain the most Cavorable terms in the bond market. The negotiated
sale of the prinCipal amount of Bonds stated in the title of this resolution and in the Bond
Purchase Agreement to the Underwriter is hereby authorized pursuant to Section 218.385,
Florida Statutes. The ofter In the form of the Bond PurchflSe Agreement, attached hereto
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Res. 84-20
3-1-64
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8S Exhibit nAil and made a part hereof, rclntlng to the purchase of the Bonds Is hereby
accepted and such principal amount of Bonds are hereby awarded and sold to the
Underwriter at the purchase price and upon the terms and conditions set forth in the Bond
Purchase Agreement. The Issuer acknowledges receipt of the information required by
Section 2l8.385, Florida Statutes, in connection with negotiated sale of bonds. A copy of
the Underwriter's letter containing the required information Is attached to the Bond
Purchase Agreement as Exhibit liB".
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SECTION 2. DESCRIPTION OF BONDS. The Bonds shall be issued in fully
registered form, shall be dated March 1, 1984, l'ihall be in the denomination of $5,000 each
or any integral multiple thereof and numbered consecutively from one upward, shall
mature on September 1 in the years and amounts set forth on Exhibit A to the Bond
Purchase Agreement and shall bear Interest, payable' on September 1, 1984 and
semiannually thereafter on March 1 and September 1 of each year at the rates of interest
;
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f'" " . optiorlal and mandat~ry'-redemptio~ prior to maturity upo~ 'the 'ter~ms"and in th~ 'manner ' .
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::: . set forth on Exhibit A to the Bond Purchase Agreement.
set forth on Exhibit A to the Bond Purchase Agreement.
SECTION 3.
REDEMPTION PROVISIONS. The Bonds shall be subject to
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;~ SECTION 4. APPROVAL OF OFFICIAL STATEMENT FOR BONDS. The use
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the Bond Purchase Agreement as Exhibit C, and made a part hereof, with such revisions as
are consistent with the Bond ~urchase Agreement and as shall hereafter be approved by
the Mayor-Commissioner and City Manager of the Issuer, such approval to be evidenced
by their execution thereof, is hereby authorized and approved in connection with
marketing of the Bonds, and the proper officers of the Issuer are hereby authorized to
execute the final Official Statement and to deliver same to the Underwriter.
'1.
SECTION 5. EXECUTION OF BOND PURCHASE AGREEMENT AND
AUTHORIZATION OF ALL OTHER NECESSARY ACTION. 'The proper officers of the
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Issuer are hereby authorized and directed to execute and deliver the Bond Purchase
Agreement and to execute the Bonds when prepared and deliver the same to the
Underwriter upon payment of the purchase price pursuant to the conditions stated in the
Bond Purchase Agreement. The Mayor-Commissioner, City Clerk, City Manager, and City
Attorney for the Issuer are each designated agents of the Issuer in connection with the
issuance and delivery of the Bonds, and are authorized and empowered, collectively or
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3-1-84
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. Individually, to ~c 011 Action and steps to execute and deliver any and 011 Instruments,
documents or contracts on behalf of the Issuer' whleh are necessary or desirable In
connection with the execution and delivery of the Bonds and which are not inconsistent
with the terms and prOVisions of this resolution and other acllons relAting to the Bonds
heretofore taken by the Issuer.
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SECTION 6. DESIGNATION
AND
PAYING
OF
AGENT
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REGISTRAlL
t is hereby designated and
Florida National Bank
approved as paying agent and registrar for ~he Bonds.
SECTION '1. EFFECTIVE DATE. This resolution shall take effect immed-
I,,;
lately upon its adoption.
PASSED AND ADOPTED this 1 st day of
March
, 1984.
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William R. Houg,h & Co..
ONE FOURTH STREET NOATH
P. 0, DRAWER 1051
ST. PETERSBURG, FLORIDA 33731
(813) 823-8100
March 1, 1984
BOND PURCHASE AGREEMENT
$7,100,000
CITY OF CLEARWATER
flORIDA
GAS SYSTEM REVENUE BOHDS, SERIES 1983
The Honorable Mayor and Members
of the City Commission
Clearwater, Florida
The undersigned, as Underwriter (the "Underwriter") hereby offers to enter in-
to the foll owi ng agreement wi th you (the "Ci tyll) , whi ch upon your acceptance of
this offer will be binding upon you and upon the Underwriter. This offer is made
sUbject to your acceptance of this Bond Purchase Agreement by execution of and
delivery to William R. Hough & Co., 924 Florida Federal Building, St. Petersburg,
Florida 33701, on or before 9:00 p.m.Eastern Standard Time, on March 1, 1984.
1. Upon the terms and conditions and upon the basis of the re-
presentations herein set forth, the Underwriter hereby
agrees to purchase from you and you hereby agree to sell and
deliver to the Underwriter all of the Gas System Revenue
Bonds, Series 1983 (the IIBondsll) in the aggregate principal
amount set forth above at the price of 97.757~ of the par
value thereof plus accrued interest to the date of closing.
The Bonds shall be dated March 1, 1984, shall mature, bear
interest and be redeemable all as set forth in Exhibit A.
As a condition of the closing of the Bonds you will deliver
to the Underwriter an executed official statement relating
to the Bonds in final form acceptable to the Underwriter n~
later than the date of closing. In addition to the forego..
ing, you hereby authorize the use by the Underwriter of and
confirm the information contained in the preliminary
official statement dated February 27, 1984, which is attach"
ed hereto as Exhfbit c. You further represent that when
delivered and paid for by the Underwriter in accordance with
the provisions of this Bond Purchase Agreement, the Bands
will have been duly authorized, eKecuted and issued and will
constitute legal, valid and binding obligations of the
City. It is understood that you w111 be relying on the
opinion of LiverlOOre Klein & Lott, P.A. respect to this
matter.
2.
-
Res. 84-20
OGGC'l 3-1-84
STATE. COUNTY AND MUNICIPAL BONDS
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The Honorable Mayor and Members
of the City Commission
Clearwater, Florida
Page 3
(b) That at any time prior to the closing the
Underwriter shall receive the following doc-
uments:
(1)
The unqua1 Hied approving opinion of
Livermore Klein & Lott. P.A.. Bond
Counsel to the City, dated the date of
closing. addressed to the City. sub~
stantially in the form to be included
as an appendix to the official state-
ment;
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(i1) The unqualified approving opinion of
Johnson, Blakely. Pope, Boker &
Ruppel. P .A., Counsel to the
Underwri ter, dated the date of clos-
ing.
, (i 11) Evi dence of a rati ng by Moody IS
Investors Service. Inc. of not less
than Baa and a rating by Standard &
poorls Corporation of "AAA" based upon
a commitment of insurance from
American Municipal Bond Assurance
Corporation (AMBAC), the premium for
such insurance to be paid by the City.
(tv) Such certi fi cates. instruments. docu..
ments and proceedings as the Under..
writer may reasonably request on the
advice of its counsel to evidence the
truth and accuracy of the official
statement and the due performance or
satisfaction by you at or prior to
such date of all agreements then to be
performed. and all conditions then to
be satisfied by you. in connection
wi th the transac.ti ons contel11l1 ated
hereby.
If the Obligations of the Underwriter shall be terminated
for any reason permi tted by thi s Bond Purchase Agreement.
neither the Underwriter nor you shall be under further obli-
gation hereunder except as hereinafter provided.
5. In accordance with Florida Statute 218.385. the Underwriter
hereby discloses the information required on Exhibit B at-
tached hereto.
6. Any notice or other communication to be given to you under
th1 s Bond Purchase Agreement may be glYen by mat11 ng or
delivertng the same to the City Manager at the principal
84-20 CO-fIr- 3 3-1-84
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The Honorable M~or and Members
of the City Commission
Clearwater, Florida
office of the City, and any such notice or other communica~
tion to be given to the Underwriter may be mailed or
delivered to William R. Hough & Co., 924 Florida Federal
Building, St. Petersburg, Florida 33701.
7. As evidence of the Underwriter's good faith under this Bond
Purchase Agreement, it delivers to you herewith a certified
or official bank check payable to your order in the 3mount
of $142,000. This check is to be held by you uncashed until
the closing as securi ty for the perfor-mance by the Under~
writer of its obligation to accept delivery of and pay for
the Bonds as herein provided. In the event the Underwriter
shall co~ly with such obligation, the check shall be re-
turned to the Undenlriter at the time of del ivery of the
Bonds, and the Underwriter shall pay the full purchase price
of the Bonds as provided herein. The check shall ~e return-
ed to the Underwriter shaul d the City not accept this offer,
or should the Underwriter terminate its, ob1 iglltfons
hereunder as herein provided, or should the City be unable
to deliver the Bonds in accordance with the terms hereof.
If the Underwriter shall fail to take delivery of the Bonds
in accordance with the provisions of this Bond Purchase
Agreement, the check may be retained and cashed by the City
as and for full liquidated damages and neither party shall
have any further rights against the other. No interest
shall be paid by the Underwriter or by the City upon said
check.
8. This Bond Purchase Agreement is made solely for the benefit
of the City and the Underwriter and no other party or
parties shall acquire or have any right hereunder or by vir-
tue hereof. All your representations and agreements in this
Bond Purchase Agreement shall remain operative and in full
force and effect regardless of any investigation made by or
on behalf of the Underwriter and shall survive thr. delivery
of the Bonds.
Page 4
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WILLIAM R. HOUGH & CO.
BY
CITY OF CLEARWATER, FLORIDA
Adopted and approved this
day of March, 1984
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ATTESTED:
CTtY Clerk
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Mayor of Clearwater, Florida
This Bond Purchase Agreement is approved as to form and correctness this
day of . , 1984.
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Res. 84-20
(;1 fy Attorney
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3-1-84
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EXHIBIT ^
Year Aroount Rate ~ Aroount ~
-
1986 $70,000 6.000~ 1992 $105,000 a.200~
1987 75,000 6.500 1993 110,000 8.400 I '
1988 75,000 7.000 1994 120,000 8.600
1989 80,000 7.500 1995 130,000 8.750
1990 90,000 7.700 1996 145,000 8.900
" , 1991 95,000 8.000 1997 155,000 9.000
1998 170,000 9.100
$1,405,000 9.50$ Term Bonds due September 1, 2004
$4,275,000 9.70$ Term Bonds due September I, 2013
.. Redemption Provisions ,'I .<.
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The Bonds maturing in the years 19B6 through 1994, inclusive, shall not 'be,'re':':.. I...:'
deemable prior to their stated dates of maturity. The Bonds maturing September,
1995, and thereafter, shall be redeemable prior to their stated dates of maturi~y .
at the option of the City, in whole or in part, and 1f in part, in inverse order of' 'f'''' . .
order of maturity, on SeptelTber 1, 1994 or on any interest payment date thereafte....; ~I l I::
at the redemption prices (expressed as percentages of the principal alOOunt::tq' b,~o; :;~'
redeemed) set forth below, together with accrued interest to the date fi.)(e~,.fp,~\ ,0 ::,"
redemption: ' .
Redeuw;>ti on Peri od
Redemption Pric'e' :
September 1, 1994 to August 31, 1996, inclusive............... 102 $
September I, 1996 to August 31, 1998, inclusive............... 101 1/2
September 1, 1998 to August 31, 2000, inclusive............... 101
September 1, 2000 to August 31,2002, inclusive............... 100 1/2
September 1, 2002 and thereafter.............................. 100
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Mandatory Redemption
The Term Bonds maturing on September 1, 2004 and September 1, 2013, respec-
tively, are subject to mandatory redemption ; n part prior to maturi ty by lot on any
September 1 on or after September 1, 1999 and September 1, 2005, respectively, at
the principal amount thereof (without premium) plus accrued interest to the date of
redemption, from funds which the City has covenanted to deposit in the Bond Amorti-
zati on Account in the Si nki ng Fund in the amounts and upon the dates spec Hi ed
below:
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EXHIBIT B
1- Itemized List of Expenses
a) Travel and Out-of..Pocket (includes computer) $ 1.389
b) Clearance and Handling $ 3.750
c) Cosmunications, Cusip. MSRB, PSA $ 220
,
d) Closing $ 2,000
e) Underwriter's Counsel $ 6.000
No compensation is to be paid to anyone to act as an intermediary between the
City and the Underwriter.
3. The expected Underwriter's spread is $22.43 per $1.000.00 par value of the
Bonds.
2.
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4. The expected management fee to be realized is $5.00 per $1.000.00 of par
value of the Bonds.
5. No fees or bonu~es are to be paid by the Underwriter.
6. The Undenrriter 1s~
William R. Hough & Co.
Post Office Drawer 1051
St. Petersburg. FL 33731
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R..~ 84-20
3..1...84
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EXHIBIt c.
Prellminnry OOidnl ~tutel1lent Duted February 27, 1984
lf1 till' (J/II/lfllll (If 1111I111 COlllud, Ihr illf('n'.ll (1Illhr Bonds Is. /IIlllrr t'.tisl/ng Ifill'S, rrgllfal{ml! amljud/rilll dt'd.doll,f, t'xt'mplfrmn
elllfrdl'rllf fllWIllt' ItUll/(em I/mllfll' 1111I11/,1 Illllllht' Infut'sllflerrofl 11ft' rxcmplfrom 11Ixml01lllfldrr 11l,.law.wflflr SII/Ir (JfFlorfdll, t'XU/II
r.llalt' ItUt.lllfll!IILtt,f (mpo,l,.tll1y Cfu/plrr 220, Florft[a SIll/liltS. 011 fllfcrt's,. illCCllIlt or prldiu on clr/JI (/bIIgmlon.r oWlled /ly ('()fporlllltl//s.
NEW ISSUE
Ratings: Standard & Poor's: II AAA II
(AMBAC Insured)
$7,825,000*
CITY OF CLEARWATER, FLORIDA
GAS SYSTEM REVENUE BONDS
SERIES 1983
Dated: March 1, 1984 Due: September 1, (as shown below)
The Bonds arc being issued to provide funds to finance the costs of additions, extensions and improvements
to the City's gas system,
The Bonds will be issued under and pursuant to Chapter 180, Florida Statutes, and other applicable
provisions of law, Resolution No, 83-68 adopted by the City Commission on June 2, 1983; and Ordinance No.
3176-83 enacted by the City Commission on July 21, 1983. as amended and supplemented,
The Bonds and interest thereon ure payable solely from and secured by an irrevocable first and prior lien
upon the Net Revenues derived by the City from the operation of the City's gas system.
The Bonds shall be subject to redemption prior to maturity, at the option of the City, on September I, 1994
or on any interest payment date thereafter, as more fully described herein,
The Bonds shall be issued in fully registered fonn in the denomination of $5,000 each or any integral
multiples thereof, each exchangeable as more fully set torth herein, Principal on the Bonds is payable at the
corporate trust office of , Paying Agent. Semiannual interest (payable March I and
September I. commencing September I, 1984) is payable by check or draft mailed to the Registered Owner.
MATURITIES, AMO~NTS, RATES AND PRICES
Y~lIr Amount Rllte Price YCllr Amount Rille Price
1986 2000
1987 2001
1988 2002
1989 2003
1990 2004
1991 2005
1992 2006
1993 2007
1994 2008
1995 2009
1996 2010
1997 2011
1998 2012
1999 2013
(Plus Actrued Inlcmt)
Tilt' Bonds are offt'rt'd II'htll, as amI if ismed and ft'ct'il....d by Ilrr Undemrilrr, and subjtC1IO IlIe uflqllalij'U'd opinioll as 10 lilt
Il!gal/Q' oflllr BOfldsll)' Li\'trmorr Klein & Loll, P.A., JacksO/II'IIIt', Florida, BOlldCOIIf/Sel, Ctrwlrr ItRalllllllrtrsll'iII be pelS:rrd UpOlI
for lilt CilY by Tllolllas A, Buslitr. Esq" City Alloml')', Crrla/fllegal tII11llrrs II'IIf be passed ltpollfor Ille Uflden~'riler by Jolmsoll. Blakely,
Pope, Domr & Rll/lptl, P.A.. C/,."n1'flltr, Florida. CmmsrJ 10 11ll! Ul/llen~'rilcr.ll is expt('led 1I1011lle Dondswlll bl.' amJ("bfe for drlll't')'
(n Nl.'w York. Nt\\' York on or almUl MarddO, /984.
William R. Hou.9.h & Co.
"'Preliminary, subject to change,
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No dealer,~oker~ salesman or other person has been authoriz~to make any
representat1ons~ther than as contained in the Official Statement~nd if given
or made, such other information or representations must not be relied upon.
This Official Statement does not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the Obligations by any person
in any jurisdiction in which it is unlawful for such person to make such offer,
solication or sale. The information contained in this Official Statement has
been obtained from pUblic documents, records and other sources considered to be
reliable and, while not guaranteed as to completeness or accuracy, is believed
to be correct. Any statements in this Official Statement involving estimates,
assumptions and matters of opinion whether or not so expressly stated, are
intended as such and not as representations of fact, and the City expressly
makes no representations that such estimates, assumptions and opinions will be
realized or fulfilled. No information, estimates, assumptions and matters of
opinion contained in this Official Statement, or any sale made hereunder, shall
under any circumstances, create any implication that there has been no change in
the affairs of the City since the date hereof.
IN CONNECTION WITH THE OFFERING OF THE OBLIGATIONS, THE UNDERWRITER
MAY OVERALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE
MARKET PRICE OF SUCH BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHER-
WISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY
BE DISCONTINUED AT ANY TIME.
TABLE OF CONTENTS
Summary Statement......................................................... P ~~~
Introduction..................................................~........... 1
The Bonds.........."..................................................... 1
Registration........................................................... 2
RedeRlpt10n Provi s1 ons. . . . . . . . . . . . .. . . . . . . . . . . . . .. . . . . . . . . . . . " . '" .. . . . . . . . . . 2
See u r i ty " . . " . " . . . . . . . . . . . . " . . . . . . . . . . .. . . '" . . . . . . . . . . . . . . . " . . . . . . . . . . . . . . 3
Rate Covenant.......................................................... 4
Additional Parity Obligations.......................................... 4
Municipal Bond Insurance.....~.......................".................... 5
The System......"..........."................................"..."............ 6
Physical Description................................................... 6
r~anagernent. . . . . . . " . " . . . . . . . . . . . . . . . . . . . . " . . . . . . . . . " . . . . . . . . . . . .. . . . . . . . . 6
Gas Supply.............................."........................"...... 7
Rates) Fees, and Charges..........................,.................... 8
Service Area........................................................... 9
Outstanding Debt........................................".......,...... 9
Comparative Financial Statement........................................ 10
Estimated Debt Service Requirements....................................... 11
Coverage of Debt Service by Net Revenues.................................. 11
The Project............................................................... 12
Sources and Application of Funds.......................................r.. 12
Underwriting..... "'""..................."..................... 1-.............". 12
Validation................................................................ 12
Legality.. ."...............""................................................ 13
Tax Exelllpti on" . .. . . . . . . . ... . " . . . . . . . . " . . . . . . . . . . . . . . . . . , . , . . . . . . . . . . . . . . . . . .. 13
L 1 t1 gati on. . . . . . . . . .. . . . . . . . . . " . . . . . . . . . " . . " . . . . " , .. . . , . . . . . .. . . " . . . . " . . . . .. 13
Proposed Constitutional Referendum on Revenue Limitations................. 13
Rat1 ngs. . , . . . " . " " . . . . " . . . . . . . . . . " . . . . " . . . . . . . . . " . . . . . . . . " . . . . . . . . . . . . . . . .. 14
Miscellaneous..........,..........................."...................... 14
Authorization of and Certification Concerning Official Statement.......... 14
APPENDIX A - The City: General, Economic and Financial Information
APPENDIX B - Report of Consulting Engineer
APPENDIX C - Report of Independent Certified Public Accountant
APPENDIX D - Ordinance No. 317S-B3, as amended
APPENDIX E - Form of Munfcf.pal Bond Insurance Policy
~ APPENDIX F - Form of Legal Opinion
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SUr9tARY STATEMENT
{Subject in all respects to more complete information contained herein}
"
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Issuer.......................City of Clearwater, Florida
Issue........................Gas System Revenue Bond, Series 1983
Principal Amount.............$7,825,OOO (preliminary, subject to change)
Dated........................March 1, 1984
Fi rs t Coupon................. September 1, ,1984
Matur1ty.....................September 1, 1986-2013
Optional Redemption..........September 1, 1994 at 102%, plus accrued interest
Registrar and Paying Agent...
Ratings......................Standard & Poor's: AAA
,.,.. ,
The purpose of this financing is to pay for costs of additions, extensions and
improvements to the City's gas system.
Security - The Bonds are payable solely from and secured by an irrevocable first and
prior lien upon and pledge of the Net Revenues derived by the City from the operation
of the Ci ty' s gas system (the "System").
.. . Pro Forma Coverage of Maximum Annual Debt Service by Net Revenues:
"'.._,' .
^udlted Unlludlted ProJected-
~ 1m. 1982 -'~ 1984 ~ 1986 .!2ll
. , Net Rovonues SI.366,016 S1.014,454 S946.312 SI.182.600 SI.696.500 S2,160,700 $2.387.400
Coverllge of
M&)(lmlMll ^nnulll
Debt ServIce
($805. 969) 1.69)( 1.26)( 1 .17)( 1.47)( 2.1Ox 2.68)( 2.96)(
. ,
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Rate Covenant - The City has covenanted that it will fix, establish, revise from time
to time whenever necessary, maintain and collect always, such fees, rates, rentals
and other charges for the use of the product, services and facilities of the System
which will always provide Revenues in each year sufficient to pay 100% of the Cost of
Operation and Maintenance of the System in such year and all reserve and other pay-
ments provided for in the Ordinance and 125% of the Bond Service Require~r.t ~ue in
such year on all outstanding Bonds and any Additional Parity Obligations.
Additional Parit,)' Oblf gations may be issued' provi ded that Net Revenues duri ng the
illlOOdi ately preceding Fi seal 'tear or duri ng any twel ve (l2) consecutive calendar
months of the eighteen (18) calendar months immediately preceding the sale of any pro-
posed Additional Parity Obligations shall have been not less than 135~ of the Maximum
Bond Service Requirement on (1) all Bonds then outstanding, (2) any Additional Parity
Obligations issued and then outstanding and (3) the Additional Parity Obligations.
Such Net Revenues, for this purpose, may be adjusted by the Consulting Engineer to re-
flect rate Changes and/or acquisitions by the System, as provided in the Ordinance.
The City of Clearwater~ the county seat of Pinellas County, is located in the middle;~
of the west coast of Florida on the Gulf of Mexico, 22 miles west of Tall1>a. The 1983" ,'1
population of the City was estimated at 91,879~ The econolT\Y of the City is based pri- :. ':'
marily on light manufacturin9, tourism and related services. . :\'~
*Source: Report of Consulting Engineer. See Appendix B. p.13.
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OFFICIAL STATEMENT
$7,825,000*
CITY OF CLEARWATER, FLORIDA
GAS SYSTEM REVENUE BONDS
SERIES 1983
INTRODUCTION
tit
The purpose of this Official Statement, including the cover page, summary state~
ment and appendices, is to set forth information concerning the City of Clear-
water, Florida (the ItCity") and the Gas System R~venue Bonds, Series 1983 (the
ItBondsU) in connection with the sale of the Bonds and for the information of all
who may become holders of the Bonds. The Bonds are being issued pursuant to the
Constitution and Statutes of the State of Florida, including particularly Chap~
ter 180, Florida Statutes, and other applicable provisions of law, Resolution
No. 83~68 adopted by the City Commission on June 2, 1983, and Ordinance No.
3176-83, adopted by the City on July 21, 1983, as amended and supplemented (the
"Ordinance").
The Bonds are being issued for the purpose of financing the costs of additions,
extensions and improvements to the City's gas system (the "System"). as describ-
ed hereinafter under the caption liThe Project".
I , ~. .
The references, excerpts and summari es of all documents referred to herei n do
not purport to be complete statements of the provisions of such documents, and
reference is directed to all such documents for full and complete statements of
all matters of fact relating to the Bonds, the security for the payment of the
Bonds and rights and obligations of the holders thereof. Capitalized terms used
but not defined herein have the same meaning as in the Ordinance unless the con-
text would clearly indicate otherwise.
THE BONDS
The Bonos shall be issued in fully regi stered form, in the denomi nati on of
$5,000 each or any integral multiple thereof, shall be numbered consecutively,
from one upward, shall bear interest at the rates set forth on the cover page of
this Official Statement, such interest to be payable semiannually on l~arch 1 and
September 1 of each year, (commencing September 1, 1984), shall be dated March
1, 1984 and shall mature on September 1 of each year in accordance with the
following schedule.
Year
TmJO
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Amount
Year
WUU'
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Amount
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Interest on the Bonds is payable by check or draft mailed to the Registered Own-
ers. Principal on the Bonds is payable at the corporate trust office of
, Paying Agent.
*Preliminary, SUbject to change.
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In and by the Ordinance, the City has covenanted and agreed with the Registered
OWners of the Bonds that it will fix, establish, revise from time to time when-
ever necessary maintain and collect always, such fees, rates, rentals and other
charges for th~ use of the product, services and facilities of the System which
will always provide revenues in each year sufficient to pay lOOt of the Cost of
Operation and Maintenance of the System in such year and all reserve and other
payments provided for in the Ordinance and 125% of the Bond Service Raquirement
due in such year on all outstandi ng Bonds and on any Addi tianal Pari ty Obl i ga-
tions. The City has covenanted that such rates, fees, rentals, or other charges
shall not be reduced so as to be insufficient to provide revenues for such pur-
poses.
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Additional Parity Obligations
Additional Parity Obligations, payable and secured on a parity from Net Revenues
of the System with the Bonds, may be issued after the issuance of any 1983
Bonds, for construction and acquisition of additions, extensions and ilTProve..
rnents to the System or for refunding purposes and upon the following conditions:
{1} The Net Revenues derived or which would have been derived, if adjusted
as set forth below, from the System, either during the inmediately preceding
fiscal year or during any twel ve (12) consecutive calendar months of the
eighteen C18} calendar months il1100diately preceding the sale of the proposed
Additional Parity Obligations, at the option of the City, shall have been not
less than 135% of the Maximum Bond Service Requirement which will become due in
any calendar year thereafter on (a) the Bonds then outstanding, (b) any
Additional Parity Obligations issued and then outstanding, and (c) the Addition..
al Parity Obligations then proposed to be issued.
In determining the amount of Net Revenues for the purposes of paragraph (1)
above, the Consul ting Engineers may adjust the Net Revenues by adding thereto
the fo11 owi ng:
(a) The Net Revenues (computed for such utility on the same basis as
net revenues are computed for the System) of any gas util ity which the City
shall have acquired prior to the issuance of such Additional Parity Obligations
or which the City sha 11 be acqui ri n9 from proceeds of such Additi ona 1 Pari ty
Obligations; and
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(b) In the event a change has been made in the rate schedul es for
services from the System prior to the issuance of the proposed Additional Parity
Obligations for a part of such 12 month periOd referred to in (1) above, and
such change has resulted in an increase in Met Revenues. such amount of
additional Net Revenues which the Consulting Engineers estimate would have been
received by the City during such 12 month period if such change in such rate
schedule had been in effect during the entire 12 month period; and in the event
a Change has been made in the rate schedules for services from the System prior
to the issuance of the proposed Additional Parity Obligations for a part of such
12 month period referred to in (1) above, and such change has resulted in a de-
crease in Net Revenues, by subtracting therefrom such amount of the Net Revenues
which the Consulting Engineers estimate would not have been received by the City
duri ng such 12 month referred to in (1) above, if such change in such rate
SChedule had been in effect du~ing the entire 12 month period.
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Fiscal Year
GROSS REVENUES:
Sales to Customers
Servi ce Charges
Interest Earnings on
Investments
Gas Appliance Divfsion
Other
Total Gross Revenues
COST OF OPERATION A~D
MAINTENM~CE :
Personal Services
Purchases for Resale
Oper.Mater1als/Supplies
Repairs & Maintenence
Interfund Admin. Charge
TaKes
Other
Total Cost of Operation
and Maintenance
Net Revenues
~.
CITY OF CLEARWATER, flORIDA
UTILITY SYSTEM - GAS DIVISION
CQtI)ARATlVE FItlANCIM. STATDENT
1978-79
$3.890,308
136,319
42,411
(15,793 )
~
4.Ubl.bb1
865.277
2.076.787
32.673
34.153
244.452
85,040
292,655
3i.631.037
~ 430.524
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Unaudited::
1979-80 1980-81 1981-82 1982-1983 ::~
$5.685.818 $6,704.066 $1,207.960 $7,501,408 ,,:.:,
135.814 138,151 138.098 192.951 ::
,'T\;
57.887 33.179 -0- -0-
(15,712) Cl,564- ) (23,716 ) (al
8 334 10 257 5.329 -0-
5.872.141 6.884,069 7,327,671 7.694.359
849,230 897,837 1.019,100 1.118.029
3,743.374- 3,558,600 4,273,153 4,475,952 ,
45,211 55,638 66,270 110 ,884 ~,
34,023 25,448 15,474 62.650A
339.261 425,993 440,377 449 201 ,..';
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108,978 138,499 150,570 149.463 :,
185,952 316,058 348,273 381,868 ',}
,
5,306,029 5,518,073 6,313,217 ~748.047:...:,:
$. 566..1~?, ~1~366,O16, ~~Ol4.4~~ $
Source: City of Clearwater, Annual Financial Statements, 1919-1982, as restated.
Unaudited amounts provided by the Finance Department.
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(a) In prior years the Net Income (Loss) of the Gas Appliance Division was included as a :~
non-operating revenue (expense) of the Gas Division. Beginning Fiscal Year 1982-83 the .,}
revenues and expenses of the Gas Appliance Division are included with the operatfng \:t
Revenues and Expenses of the Gas Division. ,,,~
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ESTIMATED DEBT SERVICE REQUIREMENTS
YEAR PRINCIPAL RATE INTEREST TOTAL
1984 .. 0 - $363,513.14 $363,513.14
1985 - 0 - 727,026.28 727,026.28
1986 $ 75,000.00 6.000'l. 727,026.28 802,026.28
1987 80,000.00 6.500 722,526.28 802,526.28
1988 85,000.00 7.QOO 717,326.28 802,326.28
1989 90,000.00 7.250 711,376.28 801,376.28
1990 100,000.00 7.500 704,851.28 804,851.28
1991 105,000.00 7.750 697,351.28 802,351.28
1992 115,000.00 8.000 689,213.78 804,213.78
1993 125,000.00 8.200 680,013.78 805,013.78
1994 135,000.00 8.400 669,763.78 804,763.78
1995 145,000.00 8.600 658,423.78 803,423.78
1996 160,000.00 8.800 645,953.78 805,953.78
1997 170,000.00 8.900 631,873.78 801,873.78
1998 185,000.00 9.000 616,743.78 801,743.78
1999 205,000.00 9.500 600,093.78 805,093.78
2000 225,000.00 9.500 580,618.78 805,618.78
2001 245,000.00 9.500 559,243.78 804,243.78
2002 270,000.00 9.500 535,968.78 805,968.78
2003 295,000.00 9.500 510,318.78 805,318.78
2004 320,000.00 9.500 482,293.78 802,293.78
2005 350,000.00 9.625 451,893'.78 801,893.78
2006 385,000.00 9.625 418,206.28 803,206.28
2007 420,000.00 9.625 381,150.02 801,150.02
2008 465,000.00 9.625 340,725.02 805,725.02
2009 505,000.00 9.625 295,968.76 800,968.76
2010 555,000.00 9.625 247,362.50 802,362.50
2011 610,000.00 9.625 193,943.75 803,943.75
2012 670,000.00 9.625 135,231.25 805,231.25
2013 735,000.00 9.625 70,743.75 805,743.75
TOTAL $7.825.000,00 $J5.1~~.746t~~u $~3.591.14~,~5
COYERflGE OF DEBT smVICE BY tET RE\'EHUES
Audlted( I) UnaudltGd(2) Projected (2)
Fiscal Vear Ending ..!ill.. ~ ~ 1984 19B5 1986 1987
Gross Revenues $6,864,089 $7,527,671 $7,694,359 58,634,800 510,185,700 $1t,910,800 S12,9Dl,100
Cost of Operation
end ~Intenance 5,51B.073 6.313.217 6,748,047 7,559.500 8,633.500 SJ. 894.400 10,738.000
Net Revenues 51,366,016 51,014,454 $ 946.312 51,182,600 S 1,696.500 $ 2,160,700 S 2.387.400
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Mllxlnllm Annuli I
Debt Service 805,969 805,969 805,969 80',9651 805.969 805,969 805,969
COv.r~ge of Maxl~um
Annual Debt Service
by Ne1' Revenues 1.69)( 1.26x 1. 17x 1.47)( 2.10lC 2.68)( 2.96x
(I) City of Clearwater. Annual Financial Reports.
(2) CIty of Clearwater Finance Department.
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General, Economic and Financial Information
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APl'aDIX A
llE CITY
GEMERAL All) ECC*I41 C IIl'CH4t\T I (It
I.oartlon. Size end Population
The City of ClellMfllter, the county SOllt of Pinel Ills County (the third most populous county In
Flo~ldll), Is geogrllphlClllly 10000ted In tho middle of tho west coast of Flo~lda on the Gulf of Mexico. It
15 sltUlIted lIpproxlmlltely 22 mIles west of Tampa and 16.mlles ncrth of St. Petersburg. Stllndlng on the
highest coastal elevl:ltlon of the state, tho city limits comprlso lIpproxlmately 32-1/2 squlIre miles,
Including 8-1/2 squlIre mIles of wateMfays and IlIkes.
CI08Mo'ater Boach, IS corporate pllrt of the City, Is an active beach cOl1'lllllnlty and Is connected to the
Imln pllrt of the City by Memorial CtIU5OWllY, a four~lane, toll-tree drive stretching IIlmost tvo miles
IIcross ClellMfater HlIrblr. BusIness on CIOllrwllter BOlIch Is lIIlIlnly tourist-oriented, with Its hotels,
IIOte; s and gl ft shops. MlIny fino homes, ISplIrtments, lInd condomln I ums ofter pi oasant, seml-tropl cal
Island eCeomMOdlltlons to permanent residents end ~Inter lInd su~r visitors.
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Tho 1983 POPUlllt'lon of tho City of ClellrwlItor Is ostlmllted to be 91,879 persons, or 12. of' the
estimated population of tho County of 765,700. The followIng chert shows tho historical popullltlon of
the CIty for the ten-year period 1973-1983.
,',
C I TV OF Cl..EMMATIR. FLm I D,,\
HlstmlCAL PCPUIATI~
1913 - 1983
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Year
Population (a)
f'opuhrtlon (a)
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1973
1974
1975
1976
1977
1978
66,234
70, 737
72,483
76,980
79,370
82, ISO
1979
1980 (Census)
1981
1962
1983
84,940
85,528
87,859
89,707
91,879
"
Source: City of Cleerwllter Planning Depllrtment.
(a) "Populetlon Est I IlllIted 1970-1979" frolll the Plnellas
Department; 1980 Census; 1981-1983 - Bur&llu of EconomIc and
University of Florldll
County Plcnnlng
Business Rese~rr.h~
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History
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The ar~ no~ known os CIOoiWlIter wes first explored In 1528, or 92 years before the pilgrims londed
lrt" Plymouth Rock, by Panfllo de Narvaez, a SplSnJsh explorer. Oe Narvaez encountered e Icr90 tribe of
Indlcns" whleh his ormy drove out. The Indlllns reCllptured their torritory, however, and hold It until
conquered In the Seminole Wars of 1835-42. The Indians who Inhllblted this area are said to hove called
It "Pocotopang~n mooning ~clear woter," 50 nomed for the mcny springs of clear fresh woter thot bubbled
olong the shore and even below the wcter-Ilne at low tide.
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Settlers begon IIOvlng Into the cree llroond the tlmo of the Seminole WlIr5. The first wcs Dr. Odet'
Phllllppo, II French count who hlld boan c surgeon In Nopoleon's ncvy. He built" plantotlon tor his
family In the mid-1930's. This site Is now known as Phillippe Park, Just elIst of present doy
CIGaMfllter. Fort Harrison, nllmed for General William Henry Harrison, WIIS built on the bluffs overlOOking
the harbor In 1641. The fort, used as en outpost encampment for soldiers stotloned lit Fort Brook (now
Tampa), wos IIbandoned when the wcrs ended a few months lator. The territory Wes then openod by the
Federcl Government for homestGlldlng under the Armed Occuplltlon Act. James Stevens WlIS the first of tha
homesteaders, stakIng out the tort end Its surrounding lIeres cs hIs claim, and was granted the first lend'
title In 1842. This wes the begInning of Clearwoter as It Is known todey.
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Tho oerly settlon~~t, whIch edoptod tho nema of Cloer Wetsr Herbor, grow s'owly for several y~rs "S
en Ilgrlcultural and fl~hlng community. Its only outsldo conhcts were by horse-lind-buggy, wllgon or by
foot to Templl, or by 51l11001lt 100 miles up the Gulf to Codllr Key. Tho fIrst aroll school WlIS built In tho
6lIrly 1850's, tho first post office WllS estllbllshed In 1859, lInd II rllllrOlld WlIS built through Clollr WlIter
Harbor In laB8. Clollr Wator Harbor WIl~ Incorporllted In 1891. According to tho U.S. Pnst OffIce
Depllrtment, "Clollr WlIter" boC1l1l'la one word JlInullry 19, 1895. ClellrWttter Harbor recelvod 1I specllll town
chertor In 1897. The "Harbortt 11'115 dropped from tho nllmo, In 1906 when the ect crolltlng PInel Ills r.ounty
11'115 pllssed by tho Stllte leglslllturo In Mey, 1911, ClelSrWlIter boCllmo tho county SOllt llnd Clellrwllter WllS
chllrtered liS II munlClplIllty on MlIY 27, 1915.
CI Jftlto Qnd Physlogrllphy
Clellrwlltor Is sltUlltod two-thirds the WilY up the PInel Ills Penlnsulll. WIth the Gulf of Moxlco
dIrectly on 1he wost, and TlImpa Dcy two mllos to tho Ollst, wInter lInd summer temperatures lire modol"etod
by the constllnt flow of clolln, weter-borno broezos. Averil go wlntor tempereture 15 lIbout 60 degroos F,
with the lows seldom bolow 50 degrees F. Summer temperlltures lIverllgo lIbout 81 degrees F. with highs Just
ebovo 90 degroes F. Averego rellltlve humidIty Is 75% and preclpltlltlon Is Ilbout 55 Inches annulIlly.
Except for tho bellch lInd shoreline lIreas, tho buIlt-up lIrell ot CloarwlItor has an olovetlon of from 20 to
ovor 60 foot. Oarnllges to the aroa from troplCllI storms. tornlldos, hurl" I ClInos, or seismIc dIsturbances
o~er tho yuars hilS not beon of sorlous consideration.
Govorn.....t and M.ln I stratton
ClearwlIter hilS 1I CommI5slon~./lnllgor form of government. Foul" COlm1lsslonors end e
MlIyor~mmlssloner. elected at 11Irge end servIng overlappIng two-yoar terms. sot tho pOlicy for munlclplll
actions lInd stllndllrds. They llppolnt the City Manager and the City Attorney. All other lldmlnlstrlltlve
llnd profosslonlll positIons are lIppolnted by the CIty ~~noger In llcoordllnco wIth the Clty1s Clvl I ServIce
Systom besed on merit prIncIples.
The City /5 II member of tho Notlono' loaguo of Cltlos, FlorIda leaguo of CitIes, U.S. Conferonce of
Mayor's, PublIc Technology Inc., lInd the FlorIda SunCOllst l.ollgue of CIties. ActIve IndIvidual rnomborshlps
are I1Illlntlllnod with III I llpproprlllto professlonlll lIsslclotlons such liS the NlItlonal CI'P/ ~ll!nagemont
AssociatIon. tho MunIcipal Flnllnco Offlcors Assoclll1lon. the Amerlcon Instltuto of PIMoers, end tho
~merlC4n PublIc Works AssocIatIon. In 1976, Clearwllter Was seloctod to recolve lIn I.C.M.A. Management
InnovatIon AWlIrd for Its natlonlllly recognized communIty plllnnlng lInd growth control procoduro~.
The approxllMtoly 1,500 city employoes lIro covorod by the Clty'~ Clvl I Service Ll:lw whIch provldos
for al I personnel roc:rultmont. promotion, eVllluatlon, and dIscIpline to be conslstont wIth publIc
employment merIt prlnclpl09. Throe omployaa unIons represont Clearwater's 11Ibor forco: Frllternlll Ordor
of Police: Internll1lonlll Assocllltloo of FIre FIghters: Colll'11unlcdlons Workers of Amer'cll~-othor city
employeos.
TroospoH-ctlon
CIOllrwator. on the wostern edge of the SuncOllst, Is one of Florldll's most accessIble cltlos.
Although hllltwllY down tho long penlnsulllr st~to, It Is oeslly reached vlll the N5tloo's Interstato HIghway
System which moshQS with tho Stllta's hlghwllY system. PInel Ills County lInd ClellrwlItor are served by thr06
J!I!IJor CtlUSOWllYS end brl dgos over Tllmpa BlIY, by U.S. 19 lInd 1-275 to the north and south and by 1-4 and
U.S. 60 to tho ellst. Stote Roods 590, 686, lInd 55 also lIfford access to the City.
Moro than 1I hundred flights a day In lInd out of Tempe Intornatlonal AIrport, approxImately 20 mIles
from downtown ClearwlIter, glvo wldo 1111" travel llnd commercllll coverllge vlll such airlInes liS' All" Cnnlldll,
All" Florida, 081tll, E~st9rn, RepubliC, Northwost, TWA, Pon Amerlclln, lInd Unltod Airlines.
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Since 1973, tho City has annually plannod and adopted 0 II~ year comp~ehenslve CapItal Imp~~vement
Program end has establlshod formelllzed budgetIng, accountIng, and reporting control on every capital
Improvement project undertaken. Quarterly reports ore provided to the CIty CommIssion Indicating the
financial status of the entlro range of active capltel Improvoment projects, and to mGke any adjustments
nocessary. The polley of the City CommIssion hes boon to hold the trensfer of the surplus generated In
tho Utility Fund to appro~lmGtely $750,000 per year to tho Generlll Fund. The all'lOunt expected to be'
transferred In the 1983/84 budget yoor Is $750JOOO.
In the 1983/84~1988/89 Capital Improvement Program, Clearwllter contInues to tllke II consorvlltlve
apprOllch Inti nanclng cap Itlll Improvement projects. An llnlllys Is of the roconrnonded fund Ing sources
reveals thet $37,990,148 or 72~ of the total recommendations are dorlved from current revenUes on II PIlY-
llS-YOU~go blls I s. Projected borrow Ing (loases" short~term borrow I ng, bonds) accounts for S 14, 646, 650 or
28% of the totlll. A summary of the 1983/84-1988/89 Cllpltlll Improvement Program llnd 1983/84 Cllpltlll
Improvement Budget, Including ~econrnonded funding sources follows:
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5
CllY OF CLENWATER AM) PltEllAS COUNTY
SElECTED ECOtOUC D.\T^
~Ioy-.nt Sntlstlcs
Yellr AverllQe
1977
1978
1979
1980
1981
1982
1983
PI ne I Ills
County
7.7t.
6.3
5.4
5.4
5.9
6.5
5.4
Stllte of
Florldll
8.2t.
6.6
6.0
5.9
6.8
8.2
7.5
Tompll/St. Petersburg
SMSA
8.1'
6.1
5.4
5.1
5.8
7.3
6.4
,.
i
Un 1 ted
1!!.!!!.
7.1t.
6.1
5.8
7.1
7.6
9.7
8.0
Source: Florldo StotlstlCllI Abstroct, Bureou of Economic end Business Rese!!rch, Unlvorslty of
Florlde.
largost Q-ganlzatlons By Nu.ber of &pl0y0es - 1983
Honeywell, Inc., Avionics Division...............................................3,800
Plnelles County..................................................................2,300(~pprox)
Gener~1 Telephone................................................................2,900
Morton Plan Hospltat.............................................................2.310
CIty of C'eer~atei...............................................................1,500
Sperry Gyroscope.................................................................1,300
Fortune Feder!! I Sllvlngs & LOlln Assocletlon (Home Office)......................... 488
358
352
300
291
280
Concept. Inc.....................................................................
Cleancater Conmun Ity HospTtel ..... ..... .... ......... ............ ..... ..... ........
IrwIn Yecht & ~rlne Corp........................................................
Pioneer Foder!!1 Scvlngs & LOlln Assoclotlon (Corporote Office)....................
Bllrnett B!!nlt of Pinel IllS County, N.A.............................................
Source; Plnellcs County Industry Council end Dlrect Inquiries.
Utilities (19n-I963); City of Cleenfat..
Franchise. Wllter. Sewer. Electric
~ Tllx Connections Connections Customers
1972 S 437,299 25,171 18,759 29,960
1973 519,498 26,451 20,363 33,072
1974 709,651 27,434 22,308 34,836
1975 1,038,355 26,680 20,516 36,224
1976 1,232,506 27,103 21,849 38,236
1977 1,483,887 27,883 21,903 40,110
1978 .1,690,959 28,941 23,538 41 ,928
1979 2,025,946 30, 084 24,730 43,517
1980 2,238,442 31,432 25,882 46, 147
1981 2,765,994 32,402 27,224 47,472
1982 3,936,924 33,024 27,883 49,036
1983 3,286,665 33,5:57 28,850 50, 164
. FISCIlI Year Ended September 30.
Source; City of Clearwllter Ilnd Florida Power Corp.
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1lE CITY
FI tWI: I AL I tFOONI\T I ON
-
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The following Inform8tlon Is supplied for Infor~tlonal purposes only. Tho Bonds are payable solely
from sources described In this OfficIal Statement and are not payablo from or socured by the goneral
funds of or any ad valorem ta~lng power of tho City of Cloarwater. Florida.
Gonenl.I Fund
Audltod
1980 1981 1982
Revunues
Ta~es $13.179.979 $1',106.105 517,673,420
Licenses. Permits & Foes I, 04 I, 867 1.065.897 943.547
Intergovernmental 4,167,171 4,546.677 5,454,996
Charges for Services
Adm. Chgs. to Other runds 1,471,102 1.630,516 2.058.509
Other Charges 481.274 503,421 550,462
Fines, Forfeitures & Penalties 414.134 494,762 600,373
Mlscol laneous Revenues 656,391 748,877 826,550
Total Revonues $21,433,918 524.296,455 526,107.877
&pend I tures
City COIl'mlsslon
AdmInistratIon
Legal
CIty Clerk
Finance
Personnel
Non-Departmontal
Police.
Fire
Publl c Works
Community & Redevolopment
Traffic ~nglneerlng
Parks & Recreation
Library
Planning
BuIlding Inspection
Beach Guards
Total ExpendItures
S '96,241
4'6.552
199.302
161, '96
771,936
313,714
96.112
5,385,722
4.111,971
2,054,058
210,457
I . 611 . 038
3,505,356
790,547
290,688
547,716
83,123
520,667,729
Excess (Deficiency> of
Revenues over EXpenses
S 766,169
Other Flnanclnq Sources (Uses):
Operating Transfer In
OperDtlng Transfers Out
Excess (Deficiency) of
Revenues and Other Sources
Over EXpenditures and Other Uses
S 1,646,273
(2,109,998)
502,464
5 114,611
436,942
229.152
198,021
917,669
386,406
381 , 820
6.172.660
4.665.442
2,491,980
249,249
1.963,651
3,954,772
983,335
332, 145
678,482
90,671
524.267.008
5
29,447
5 173,688
431.057
373,718
237,370
1.026.187
440,497
427,966
7,019.866
5,097,021
2,745,217
.273,979
2,173,313
4.365,956
1.089,031
362.961
785.352
93,519
527.116,718
S
991.159
$ 1,790,586
(2.124.164)
304.151) .
5 1,832,238 .
(2,296.678)
. 526, '19
Source: "Annual Financial Reports 1960-1962 and CIty of Clearwater, as restated.
-12-
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&ployees' 1W\.lon Plan
,'~
The Initial Employees' Pension Plan became effective In 1945 pursuant to e specIal act of the.{
FlorIda legislature and referendum approyod by tho City of Clearwater voters. Most City employees are:p
coverad b.t the Plen whIch Is exempt from City and employeo particIpatIon In the Federal Social Securlty....t1
System. The Plan has been emended several times. with most recent changes approved by referendum.held'h
Oecember 12. 1978. . " :)
Baglnnlng July I, 1963, the City adopted a 40Nyelir funding program and each yoar thereafter, tha,i"
Plan has been fundad In accordance with the recorrmondatlons of Its consultIng actuary. A nel/ 3O-Y811r :.~.
..;<
fundIng plan SOlely for the additional benefits approved by the Oecember 12 referendum was adopted and/'
Implemented as recollWllOnded by the consultIng actuary, effectIve January 1, 1979; en addItional actuarial.,
.,.
accrued 'lab! Ilty rosultlng from a change In assumed rotlremont eligibilIty for hazardous duty employ~\;
Is being funded over a 30Nyear period begInning January 1. 1981. Thore Is also a credit, or decroastlln:i'"
the actuarIal accrued liabilIty, due to the January I. 1962 change In actuarial assumptIons. Which will;?
be credited ovor a 30-uoar parlod beginning on January 1, 1962. . ~?
1 ,,>,
;" ~~";:)
Tho present status as determIned by tho consu ltlng actuary. the Wyatt Co., Is represented by th.:~
follol/lng su~ry: .j
- "'~
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..~~}
CITY OF CLEARWATER EMPLOYEES' PENSION PLAN
Actuarial Valuation as of January 1, 1983
I. Number of covered employees (Including 175 retirees
and beneficiaries and 4 termInated vested)
2. Annual covered payrol I
3. Total annual prospective pension payable from plan
4. Total annual penSion being paId
5. Present value of future benefIts for:
a. Retired employees
b. TermInated vested employees
c. Active employees
d. Total
6. Unfunded frozen actuarial accrued liabIlity as of 1/1/83
.7. Actuarial value of assets
8. Presant value of future normal cost
(5.d.- 6.- 7.)
9. Present value of future compensation
10. Nor~1 cost percentage (a.dlvlded by 9.)
11. Annual nor~l cost for 1963:
a. Retirement benefits (2.x 10.)
b. Death benefits
c. Disability benefIts
d. Cost of vesting
e. Return of employee contributIons
f. Estl~ted e~pensos
g. Tota I norm81 cost
12. Net funding requirement applicable to the City:
a. Annual normal cost to City
b. Total amortization payments for Item 6.
c. Sub-totDl
d. Less: Estimated employee contributions
e. Net funding requirement applicable
to City as of January I, 1983
f. Plus: Interest adjustment for 15 months
g. Required contrlbu1'lon for Fiscal Year beginning
October 1. 1983
1.214
S 18,383,188
$ 23,048,3~
S 1,086,261
$ 1.\,236,520
S 155,445
S 54,234.454
$ 65,626,419
S 7,399,,061
S 43,422,726
$ 14.804,612
$164,019,622
9.03.
S . 1,660,002
S 118,499
S 321,543,
$ 173,04'
$ 366,560 :,
$ 128.050. '.'~.-'
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,$ 2,767,699, :J
5679,063 ,::f:l'
$ 3,446,762. ;,
$ 1,470,655
$
$
$ 2,150,504.
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Flr.-n'. Relief and Pension Fund
Prior to 1963. Cloarwater ~Intalnod a Firemen's Relief Pension Fund for the benefIt of City of
Clearwator fire fighters. In 1963. now pertlclpotlon In tho plan was discontinued (fIre fighters
employed slnco 1963 are covered under the Employoes' PensIon Plan) and ,the City negotiated a lImited..'
liability to III!llntoln tho Flromen's Rollef and Pension Fund In an actuarlallY sound condItIon only to the ..;~
extent of D 0.3 of a mIll property tax contrIbutIon. If that revonue should over be Insufficient to fund' \
at the current benefIts, the benefIts were to be adjusted as nocessary. Howevor, In 1980, the City had
legislation passed whereby the benefits of the plan are to'oo guaranteod evon If an Increase In the. '.
annual contribution Is requIred.
CITY OF CLE~W^TER FIREMEN'S RELIEF. AND PENSION FUND
ActuarIal Valuation as of January 1, 19B3
I. D. Number of active fIremen
b. Annual covered payroll
c. Number of retired flromen (Including
widows receiving benoflts)
d. Annual pons Ion being paid
e. Value of one ml II
2. Present value o~ all future retIrement and
survivor benefits;
a. RetIred employoes ond survivors
b. Non-retired omployees and survivors
c. Total
3. Actuarial value of assets:
a. Statement value of assets as of 12/31/62
b. Present value of future firemen's
contributions (6~ of sDlarv)
c. Present valuo of State premium taxes
15
S 191,802
53
$ 613,351
S 2,525.350
$10,072,658
S 2,093,181
$12,165,839
$ 32,525
S 27.104
d. Toto I
4. P~esent valuo of future norlll!ll costs
(Item 2.c.mlnus 3.d.1
5. Present value of one mil I for 24 yoars
(Increasing at 7. per yeor)
6. Level percentage of one mil I requIred to
fund the plan (Norlll!ll cost percentage)
(Item 4. dIvIded by Item 5.)
7. Required contribution for City
(Item 6. ~ Item I.e.)
8. Estimated expenses as of
January 1, 1983
9. Total required contrIbution for CIty
(It om 7. + Item 8.)
10. Inter~st adjustment for 15 months
It. Roqu I red contrl but 1 on for f 15 ce I. year
beginnIng October I, 1983
(Item 9. + Item 10.)
S 2.834,072
$ 9,331,767
$60,60B,400
15.40)'
S 3B8.904
$ 19,014
S 407,918
$, 36,000
$
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Ten largest TIIJqI"''''.
Yeer FlIded Sept..... :10. 1982
j'
Assessed
Ta)(D8Y.... Type of Bu.1 ne.. Value
Clearwater Mall Shopping Center 521,409,300
Countrysldo Mall Shopping Center 16,019.500
HolIday Inn Surfslde Motel 13,292,800
Sheraton Sand Koy Motel 10.740,600
Holiday Inn Motel 6,042,400
Sear.. Countrysldo Department Store 7,641,100
Oak WInds Apartmonts Apartment Comple~ 7,363,800
Bonk of CIGlrwater Oanlt 7.070,000
J.C. Penney, Countryside Dopartment Storo 6,542.500
Caribbean Gulf 1,Iand Motel 6,539,000
Resort
Total $104 681 000
....,...1.....
P..-cen....
to To11Il
t.ssessed Value .
1.07.
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.67
.54
~40
.38
.37
.35
.33
.33
The above Information Is baled on Information publIshed by the Clearwater Sun. Monday,
1983. p. B-1.
Sourcel City of Clearwat.r
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Direct and Overlapping Genoral Drobt as of SoptMbor 30, 1983
Non Self- Sel f"
DIrect Debt General Support I ng Supporting
Obi I Qlltlon Revenue Debt Revenue Debt
-Gen~ral OblIgatIon Bonds, 1971 S4,100,OOO
-General ObligatIon Bonds. 1978 1,410,000
-Rocreatlon Revenue CertifIcates, 1954 Serlos
-Uti I Ity Tax Bonds, 1977 Series 5 22,000
-UtilIty Revenue BondS, SerIes 1978 3.290.000
-IncInerator Revenue Bonds S24 J 790, 000
" -UtilIty TllX and Bridge Revenue Bonds 360,000
Series 1977
-Pllrklng Revenue Bonds 6.060.000
-Gas System Revenue Bonds (this Issue) 950,000
-All Other Including Notes, ~lortgagos, 7.825,000
.-:\. Contracts & L~ase Purchase Agreements (I) $3,943,732
,
Tota I 01 rect Debt 55,510,000 S7. 615. 732 $39.625,000
Overlapping Debt
','
Plnollas County BOllrd of County CommissIoners
-Certlflcatos of Indebtness (Payable from 5 mill
LImIted Ad Valorem Tax) $2.895,000
TOTAL OVERLAPPING GENERAL DEBT 52,895.000
City's Share of Overlapping Debt (2) 453.357
Total Direct and Net OverlappIng Debt 53, 34B,357
(1) Some portion of thIs dobt ~y be self-supporting
(2) Applicable percentago of Overlapping debt based upon ratio of City's 1963 estlmllted na1' tllKable
assessed valuation (52,527.928.070) to that of the County (516.147.044,884) (15,66%).
.' '
Percentllglt of Not Direct General Bondod Debt to TO)ClJblo Assessed Volue
DI1d Not Bonded Debt Per ClIp Ita
Las1" Ten FlsaIIl Years
'; I:
1973 66.234 5 298;894
1974 (II) 70,737 668,648
1975 72.483 770.014
1916 76,980 853,173
1977 79,370 973,499
1978 82.150 1,036,499
1979 84,940 1,097,636
1980 85,528 1.216.049
1961 67,428 1,590,467
1982 89,328 1.995,652
1963 91.679 2,527,928
(II) Assessed valuations were changed
at 75~.
Source: Annual Financial Reports llnd CIty of Clearwllter Planning Department.
56,867,614
6.691,188
6,493,633
6,263.779
6.010.187
5,713,600
6J996;250
6,540,606
6,067,221
5,790, 131
5.324.614
(or Just) value,
. of Not
Direct
Genora I
Bondod Debt
To Assessed
Value
2.30~
1.00
.64
.13
.62
.55
.64
.54
.38
.29
.22
whereas
Not 01 roct
Gcmeru I
BonckKf
Debt
Por CIIpltll
'.j
Fiscal Popu le- Ta)ClJblo Gross less Net
Year tlon Assessed Dlroct Sinking Direct
Vllluo(OOO) Genoral Fund Genera I
Bonded Bondod
Debt Debt
: ~ .
56,975.000 $107,3B6
6.800,000 IOB,812
6.600.000 101),.:167
6,375,000 111,221
6,125,000 114,813
5.650,000 136.200
7;200,000 203,750
6,620,000 279;392
6.410,000 342.779
',975.000 164.669
5,510,000 185,186
to reflect 100$ of ~rket
5103.69
94.59
B9.59
81~37
75.72
69.55
62.37
76.47
69.40
64.82
5B.37
prior YOllrs llre
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The s stem contains a total of 746 val ves. Of this total figure, 114 are
isolalion valves which are used to control smaller sections of the syst~m
in case of emerg~ncies. These isolation valves are inspected annually. T e
City maintains the remaining valves in their five year program to insure
their proper working order. All valves are tagged, mapped and numbered for
proper identification.
The City protects its steel mai os from corrosion by use of a dedi cated
cathodic protection program. The cathodic protection program is broken down
into three segments:
1. All coated mains are inspected once a year.
2. An electrical survey is done, on a three year program, for all bare
steel mains.
3. Customer service 11 nes are surveyed' annually on a random percentage
basis.
Three gate stations are maintained semi-annually. Regulation, odorization,
atmospheric corrosion and relief capacity are inspected to insure their
safe working order. There are 64 regulator stations designed to supply
various pressure levels throughout the system. These smaller stations are
maintained and serviced on an annual basis.
Once a year a diver is used to inspect the systems three sub-aqueous gas
1 i nes. . A report of this inspection is made to insure that compl iance and
safety is met. In addition to the three sub-aqueous lines, the City also
visually inspects 33 creek crossings throughout the system.
The City takes pride in ,its record as one of the best maintained and
operated municipal gas systems i~ the state of Florida. This can be further
substantiated by the State Inspector's Office.
E. Gas Purchase and Sales
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The following information has been compiled by the Clearwater Utilities
Department to present the hi stori cal growth of the gas 'system. Tabl e 1
illustrates the gas system has grown significantly since 1955.
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Present planning is to complete all of the above defined segments by
January 1. 1986. The listing by segments does not indicate the order of
construction or a priority requirement. Additional planning wl1 1 establish, ,,;t
the time each segment is to be constructed and the order in which they will, d'i'
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Install approximately 22,800 l.f. of gas main along
McMullen-Booth Road from Mease Cli nic to Curl ew Road and then
east to Racetrack Road. This is to be a 6" main except for the
subaqueous cross1 n9 of Ta rpon Canal whi ch will be 12" ma in.
install approximately 19,660 L.F. of 6fl and 8" gas ma1 n along
U.S. Highway 19 from S.R. 580 to Curlew Road, then east along
Curlew Road to McMullen-Booth Road.
Install approximately 36,560 l.f. of 611 gas main along U.S.
Highway 19 from Curlew Road to Tarpon Avenue.
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Segm~nt B Install approximately 5,500 L.F. of 611 gas main along Tarpon
Avenue from Alternate 19 to U.S. Highway 19.
Segment 9 Install approximately 39,600 L.F. of 6" gas main along
Alternate 19 from Curlew Road to Tarpon Avenue.
Segment 10 Install approximately 16,370 l,F. of 4u gas main along Belleair
Causeway from Indian Rocks Road to Gulf Boulevard then North to
City limits (includes crossing Clearwater Harbor).
Segment 11 Install approximately 3.050 L. F. of 411 gas mai n al DOg Indian
Rocks Road from Rosery Road to Ponce de leon Road.
Segment 12 Install approxi~ately 22,400 L.F. of 6" gas main along S.R. 580
from McMullen-Booth Road to Racetrack Road.
Segment 13 Install approximately 11.900 L.F. of 6" gas main along
Phillippe Parkway from 7th Street to S.R. 580.
Segment 14 Install approximately 8,950 L.F. of 6" gas main along
McMullen-Booth Road 'from S.R. 590 to rail road; from rail road to "
Drew Street; and from Drew Street to S.R. 60.
In addition to the above main extensions. various items of equipment, for
operation and maintenance, will be purchased to serve the gas system.
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Table 4 summarizes the construction costs for each of the above
These construction costs were prepared by the Clearwater
Department. Briley. Wild & Associates. Inc. has reviewed these
costs and found them to be reasonable and acceptable.
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The project costs. including construction. technical services and ftnancing
are estimated to be $6.559.000, as shown in Table 5. The $6.559,000 project
cost will be paid from the proposed $8.650,000 revenue bond, issue and from
interest earnings on the invested construction funds.
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TABLE 4
GAS SYSTEM IMPROVEMENTS
ESTIMATED CONS1RUCTIOM COSTS
Clearwater, Florida
t.'
Segment Length Estimated
Number (feet) 'Cost
1 5,280 $ 82,400
2 18.060 382.700 .
3 20.980 486,800
4 19,390 290,800
5 22,800 362.900
6 19,660 309.100 '
7 36~560 665,200
8 5.500 108.200
9 ~9.600 697.700
10 16.370 1,075,300
11 3,050 30,100
12 Z 2,400 322,300
13 11,900 162.900
14 8,950 250,500
\ Subtotal 250,500 $5,226,900
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I Miscell aneou s (1) 220,000
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I Total $5,446,900
~ (1 ) Includes gate station, small mains, service connections
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TABLE 5
GAS'SYSTEM IMPROVEMENTS
PROJECT AND FINANCING COSTS
Clearwater, Florida
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Construction Costs
Construction
Equipment
Conti ngency
Engi neeri n9.
Total Construction Costs
$5,446,900
170,800
561,300
380,000
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Bond Issuance.Expense
Bond Insurance
Bond Discount
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Total Other Costs
TOTAL PROJECT AND FINANCING COST
$ 63,375
201,000
195,625
806,000
$1,266,000
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The Utflit.ies DepartEnt has estiaated that 125 new coomercial/incUtrlal Cu~;
lIIers will be added the ffrst three years and the ayerage consumption will,"~
18~00J ther:DS per year. Based on the SUney results and the 85 requests'. fOr
service the Utilities DepartllE'nt projections appear to be a reasonabl,! forecuti~
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The Utilities DeparUent estfmtes 750 nev residential custoar:rs, eadt tlsfag-Q'r
average of 70 tbentS per IIOnth, will be served ff'OlJl the new dlstributfon SJsb!iii
mains within the first three years. The 1980 census data indicates approx1.~'"
1y 3,275 homes are heated by LPG and 4,725 heated by fuel oil within the e~
eel service area. Based on this census data the projection for 750 r.et resi~~~
tfal custoQers would be reasonable. .:;:,
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The aYerage mnttJly residentfal cansUlDptfon c1sring 1982-1983 in the present ser-::.
rice area, which was a war:aer than norual winter, was 67 ther"IDS. Thernfore...ule1
70 ther'lllS per DOnth far residential use as projected by the Uti lity DepartJien{
is reasonable. ' ,lIt
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3. The City will continue ta .pass throug,- the cost of gas for resale whfch .'1~;
in addition to the rates required to Deet operating and debt serVice'
expenses. " n;
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Asstlnptfons used in Eking projections for expenses are as follows:
1. The cost of gas will increase 5 percent in 1984 and 7 percent thereatter.~
However, the increase fn the cost of gas wfll be passed throdgh to 'UHr
COftSUDer. ' h .
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3. MatetrlalThand supplies vary depend;ng on inventories and operating rclnUiiJ~
~n s. e llaterial and SUpplfes cost h 5 ..., . .',
1978 Th t f as averaged S 3 000 per year since'l'o
sys~a is eex~~~de~. IIaterfal and supplies will increase ~s the distributi~t'
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4. Taxes haye averaged about 2 percent f th ')~
anticipated the taxes will continue toO remaien operating revenues and it f~~.
revenues. at 2 percent of the operati~g~;
~ +.~:'
2. The cost for pel'"Sonal services will increase 5 percent per year.
5.
The acbfnistrathe charges are estillli!ted
eltl'lAftses will be 5 to average 6 percent,
---.. percent of -e
'.11 gross
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C. Exi sti n9 Debt
Currently. the gas has no outstanding bonded . d b
. In e tedness.
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March 24, 1983
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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
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The Honorable Mayor-Commissioner,
City Commissioners and City Manager
City of Clearwater, Florida
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In our opinion, the accompanying balance sheet and the
related statements of revenues, expenses and changes in retained
earnings and of changes in financial position present fairly the
financial position of the Gas Division of the Utility System Fund
of the City of Clearwater, Florida at September 30, 1982 and
1981, and the results of its operations and the changes in its
financial position for the years then ended, in conformity with
ge~erally accepted accounting principles consistently applied.
Our examinations of these statements were made in accordance with
generally accepted auditing standards and accordingly included
such tests of the accounting records and such other auditing
procedures as we considered necessary in the circumstances.
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CITY OF CLEARWATER, FLORIDA
Gas Division of the Utility System Fund
Balance Sheet
ASSETS
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Current Assets:
Cash
Accounts and Contracts Receivable, Net of
Allowance for Uncollectible Accounts
of $17,050 in 1982 and $17,163 in 1981
Due from Copital Improvement Fund
Inventories
Prepaid Expenses and Other Assets
Total Current Assets
Restricted Assets:
Equity in Pooled Cosh and Investments
Property, Plant and Equipment, Net
LIABILITIES AND FUND EQUITY
Current Liabilities:
Deficit in Pooled Cash and Investments
Accounts and Contracts Payable
Accrued Payroll Expenses
Due to Capital Improvement Fund
Total Current Liabilities
Liabilities Payable from Restricted Assets:
Customer Deposits
Total Liabilities
Contributed Capital:
Other Funds
Property Owners
Total Contributed Capitol
Retained Earnings:
Reserved for Capital Project Appropriations
Unreserved
Total Retained Earnings
Total Fund Equity
See Accompanying Notes to Financlal Statements.
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September 30~
1982 19 1
$ 319 $ 11,536
710,518 559,942
75,208
194,981 241,303
2,662 II ,561
908,480 899t550
373,372 342,627
4 330 867 3 747 688
$5;612;719 $4:989:865
$2,008,678 $2,057,311
326,721 281 ,414
105,740 82,376
265,477
2,706,616 2,421,101
373,372- 342,627
3,079,988 .2,763,728
467,096 490,746
14,550 14,550
481 ,646 505,296
117,466 430,402
1,933,619 1 ,290,439
2,051,085 -1]20,841
2,532,731 2,226,137
$5,612,719 $4,989,865
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CITY <F Q..EARWA TER, FLORIDA
Gcs Division of the Utili ty System F U1d
Statement of ~ ~tSeS md 01mges in Retoined Earnings
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Safes to Curtccr:en
$er.tice- Q;crges to CustC47ef'S
$7,355,300 $6,898,921. ,
138,098 138,151 ::v
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T otcl Oper-ctfn:; P..e"o~
7,493,398
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O;;er.crtir-q Uatedcb a;C s-..W(ies
T ra;:sp:rtcrtiiar.
T c::x.es
fnRKa-.ce
~('ecicti<ln
lnterlui.d hCr.-.tnistrctive O:crces
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I ,046,188
4,399,631
66,443
'162,474
1 so ,570
77,737
177,167
440,377
149,752
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Operat~ fr.ccrr:e
Ncn:penrtir:g P..e-~'eS (Expe-.:se:sh
tnt6'est Incorr.e
Interest Ex;:e--.se
orner
6,670,339
823,059
(276,904)
16,502
(260,402)
562,657
(232,413)
330 J 244
1,720,841
$2.051 ,085
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T orol Net Nt;w'c~ea1ir.g~)
[r,ccrr;e Before Operoti.-.g T ro-.sfers
O?e:'atiog TrO"Sfen to Other Fmds
Net fnaxr.e
Retained Eamin;;s,. Beginnmg of y~
Retair.ed Ecmir1qs, End of Yeel'
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CITY OF CLEARWATER, FLORIDA
Gas Division of the Utility System Fund
Statement of Changes in Financial Position
Sources of Working Capital:
Operations:
Net Income
Item Not Requiring Working Capitol:
Depreciation
Working Capital Provided by Operations
Increase in Liabilities Payable from
Restricted Assets
Uses of Working Capitol:
Acquisition of Property, Plant and Equipment
Return of Contributions from Other Funds
Increase in Restricted Assets
Net Increase (Decrease) in Working Capital
Analysis of Changes in Working Capitol:
Increase (Decrease) in Current Assets:
Cash
Accounts and Contracts Receivable
Due from Capital Improvement Fund
Inventories
Prepaid Expenses and Other Assets
(Increase) Decrease in Current Liabilities:
Deficit in Pooled Cosh and Investments
Accounts and Contracts Payable
Accrued Payroll Expenses
Due to Capital Improvement Fund
Net Increase (Decrease) in Working Capital
F" "I Statements.
See Accompanying Nates to mancla
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Years Ended
September 30,
1982 1981
$ 330,244 $ 626,381
177,167 161 ,678
507,411 788,059
30,745 32,987
538 . 156 821,046
760,346 599,880
23,650 23,208
30,745 32,987
814,741 656,075
$ (276,585) $ 164,971
$ (11,217) $ 3,613
150,576 61,565
(75,208) (415,965)
(46,322) 133,653
(8,899) 1 ,498
8,930 (215,636)
48,633 407,087
(45,307) (26,530)
(23,364) 50
(265,477) 380,607
(285,515)
$ (276,585) $ 164,971
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CITY OF CLEARWATER FLORIDA
GAS DIVISION OF HiE UTILlT~ SYSTEM FUND
NOTES TO FINANCIAL 51 A TEMENTS
SEPTEMBER 30. I ~~
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NOTE I - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Gas Division of the Utility System Fund (Fund) of the City of Clearwater, Florida:'::'
(City) accounts for the operation and maintenance of the City-owned gas system, whicry:\
extends beyond the City limits.
The accounting and reporting policies of the City conform to generally acceptedf:
accounting principles of state and local governments. The financial statements of the Furyd;.
have been extracted from the City's Comprehensive Annual Financial Reports (CAFR) for th,e:
fiscal years ended September 30, 1982 and 1981 and ~o not purport to. present the financinli:
condition of the entire City. Copies of the CAFR for either year are available upon request. .!'
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The following is a summary of the more significant accounting policies used in the~;',
preparation of the financial statements of the Fund: . ,}
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, Basis of accounting . ,l;J~
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The accounts of the City are organized on the basis of funds and groups of accounts eacll:~~
of which is considered to be a separate accounting entity. The operations of each fund ar~,'~
accounted for by providing a separate set of self-balancing accounts which comprise its assets;
liabilities, fund equity, revenues and expenses. '::..t~
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The financial statements of the Fund are presented on an accrual basis of accounting;.
Under 'this method of accounting, revenues are recognized when earned and expenses' are',
recorded when incurred. Unbilled utility revenues are accrued bosed upon estimated usagel.
between the last meter reading date and year end. . ;.:'>
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. T~e accounts ~or the Gas Division are maintained as port of the Utility System Fund,....
which IS a~ Enterprise Fund f.hnt. provid~s a c?~~ined accounting presentation of the gas,)
water, sanitary sewer and saOltatlon services dIvIsions of the City. The financial statements";
for the Fund are extracted from the Utility System Fund accounts as follows: .to
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Fixe? . as.sets,. ~est~icted assets, a~d current liabilities were allocated
specifiC Identification except for minor amounts.
Accounts and c?ntracts receivable and related allowance for uncollectible accounts '.:
were allocated In proportion to the Utility System Fund billings during the year.;:
Net income for the year is the actual difference between Gas D. . . d ,','
G D... . IVlSlon revenue an .<~
as IVISlon . expenses, most of which. are accounted for se aratel . Certain ~'\'
revenues and mdlrect expenses of the Utility System Fund Q Ph I Y II t d .1'
t th d' i . th b . s Q woe are naco C -:
o e IV slons on e aSls of other revenues numbe of t be f ~~
service calls, or cash balances. ' r cus orners, nur" r 0 . ~'
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Retained earnings is the sum of the previous years reto.lned
current year net income. earnings plus
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The assets of the City's pooled cash and Investment~ account in which the Fund has an-:
equity investment (restricted asset) consisted of the following: :'
September 30,
1982 1981
N01E 2 - INVESTMENTS
Cash
Receivable from Security Broker, Matured Interest
on Investments
Investments:
U.S. Treasury Bills, Notes and Government Bonds
(Market Value $9,528,143 and $11,628,555)
U.S. Agency Obligations (Market Value
$15,415,285 and $ 10,747,722)
Repurchase Agreement With Commercial Bank
Small Business Administration Loans
(Principal Balance $1,442,680
and $1,867,419)
Accrued Interest on Investments
$ 1,895,520 $ (160,274)
-0- 16,875
9,535,644 12,304,724, '
J 5, I 95 ,08 I 10,910,007 .
2,060,812 I , 177 , 600 ;~
I ,931 , 155' ',i;
871 913\
27 052 :000 ':~~
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The amount shown on the Fund's balance sheet as a Deficit in Pooled Cash and':"
Investments represents a loan by the pool to the Fund which is not included in the amount.s /
presented above. Interest expense is assessed on the Fund's deficit in the pool by allocaHon o.f;:
the interest earned on pooled investments by the Utility System Fund as a whole to divisions'in<
proportion to an average of the divisional positive and negative equities in the pool at the):
beginning and end of each fiscal year.: \\'
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NOTE 3 - PROPERTY , PLANT AND EQUIPMENT
1,488,381
720,123
S 30,895,561 S
A summary of cost and accumulated depreciation of the Fund's property, plant
equipment follows:
Estimated
Useful Life
(Years)
Land
Buildings
Improvements Other than Buildings
Machinery and Equipment
Construction in Progress
33-1/3
33-1/3
20-33-1/3
Less Accumulated Depreciation
NOTE 4 - RETIREMENT PLANS
September 30,
1982 1981
$ 19,962
316,987
6,213,602
146,629
104,387
6,801,567
2 470 700
~4:330:B61
$ 19,962
117,632
5,597 t 152
146,358
165,195
6,046,299
2 298 611
S3:747:688
The City has a self..odministered Employees' Pe~ion Plan c. . ).,
thirds of all City employees. All permanent full-time eit e ovenng approximately two- :::.'
,..the re9ulred physical examination and have 'not reached t~ir ~~:fY~~:t~~? shcceSSfully passy
of their employment, except for firemen employed prior t YJ II I Irlt day at the date,~. ,
o u y , 963 and certain '~ll
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Ordinance 31'16-83 of the City of Clearwater, Florida, as
amended by Ordinance -84.
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AN ORDINANCE AMENDING ORDINANCE NO. 3176-83 OF
THE CITY OF CLEARWATER, FLORIDA, TO CHANGE THE
DEFINITION OF THE PROJECT TO BE FINANCED; PROVID-
ING FOR TOE ACQUlSrrION AND CONSTRUCTION OF EX-
TENSIONS AND IMPROVEMENTS TO, THE GAS SYSTEM OF
THE CITY OF CLEARWATER, FLORIDA; AUTHORIZING THE
ISSUANCE BY THE CITY OF NOT EXCEEDING $8,650,000
GAS SYSTEM REVENUE BONDS, SERIES 1983, TO FINANCE
THE COST THEREOF; PLEDGING THE NET REVBr~UES OF
THE SYSTEM TO SECURE PAYMENT OF THE PRINCIPAL OF
AND INTEREST ON TIlE BONDS; PROVIDING FOR THE
RIGHTS OF THE HOLDERS OF THE BONDS; PROVIDING AN
EFFECTIVE DA Tn.
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BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA, as follows:
Section 1. AtrrHORITY FOR THIS ORDINANCE. This ordinance is
enacted pursuant to the provisions of the Act, hereinafter defined.
Section 2. DEFINrI'IONS. The following terms in this ordinance shall
have the following meanings unless the text otherwise expressly requires:
(A) "Act" means Chapter 180, Florida Statutes, and other applicable provi-
sions of law.
(B) "Additional Parity Obligations" shall mean additional obligations issued
in compliance with the terms, conditions and limitations contained herein a~d which shall
have an equal lien upon the Net Revenues, and rank equally in all respects with the 1983
Bonds.
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(C) "Amortizatio~ Installments" with respect to any Term Bonds of a series,
shall mean an amount so deSIgnated which is t!stablished for the Term Bonds of such
serie~, ~rovided that (i) each such installment shall be deemed to be due on such interest
or prm?Jpal maturity date of each applicabl~ year as is fixed by subsequent ordinance or
!'esolutlon of the Issuer and shall be a multIple or $5,000, and (il) the eggre ate of such
mstallments for such series shall equal the aggregate principal am t f T g B C
such series authenticated and delivered on original issuance. oun 0 erm onds 0
(D) "Authorized Investments" shall mean an of th f
time are legal investments for the Issuer under applicable is f e ~Uowing which at the
this Ordinance then proposed to be invested therein' () ws, or e moneys held under
bonds, bills or certificates of indebtedness or obUgati~ns af un~~~ States Treasury notes,
the United States are pledged for the 'payment of p lor lW IC the faith and credit of
r nc pa and interest, and/or (b)
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" , Section 11. PROVISIONS POR REDEMPTION. The ~983 Bonds shall be
redeemable by operation of the Bond Amortization Fund or at the optlon of the ~uer, as
provided by subsequent resolution or ordinance of the Issuer adopted prior to delivery of
each installment of the 1983 Bonds. The 1983 Bonds in denominations greater than $5,000 .
shall be deemed to be an equivalent number of 1983 Bonds of the denomination of $5,000.
In the event a 1983 Bond is of a denomination greater than $5,000, a portion of such may
be redeemed, but 1983 Bonds shall be redeemed only in the principal amount or $5,000 or
any integral multiple thereof. In the event any of the 1983 Bonds or portions thereof are
redeemable as aforesaid, notice thereof identifying the 1983 Bonds or portions thereof to
be redeemed will be given by the Registrar (who shall be the Paying Agent for the 1983
Bonds, or sueh other person, firm or corporation as may from time to time be designated
by the Issuer as the Registrar for the Bonds) by mailing a copy of the redemption notice
by first-class mail (postage prepaid) not more than thirty (30) days and not less than
fifteen (15) days prior to the date fixed for redemption to the Registered Owner of each
1983 Bond to be redeemed in whole or in part at the address shown on the registration
books. Failure to give suah notice by mailing to any Registered Owner of Bonds, or any
defect therein, shall not affect the validity of any proceeding for the redemption of other
Bonds. Aij. 1983 Bonds or portions thereof so called for redemption will cease to bear
interest after the specified redemption date provided funds for their redemption are on
deposit at the place of payment at that time.
Upon surrender of any 1983 Bond for redemption in part only, the Issuer shall
fssu: and deIlver to the Registered Owner thereof, the costs of which shall be p&id by the
Registered Owner, a new 1983 Bond or 1983 Bonds of authorized denominations in
aggregate principal amount equal to the unredeemed portion surrendered. .
Whenever any 1983 Bonds shall be delivered to the Bond Registrar for
cancellation, upon payment of the principal amount thereof, or for replacement, transfcr.
or exchange, such 1983 Bonds shall be cancelled,a!1d, upon request of the Issuer, destroyed
by the B?nd Registrar. Counterparts of the certificate of destruetion evidencing any such
destruction shall be furnished to the Issuer. .
~ction 12. F,?RM OF THE 1983 BONDS. The text of the 1983 Bond~,
and the ce~tJficate of va1fd~tlon shall be in substantially the following form with such
omls~lons, mser~ions and varl8tlons as may be necessary and desirable and authorized and
perr~lItted by thiS Ordinance or by any subsequent ordinance or resolution adopted prior to
the Issuance thereofl
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(Form of 1983 Bond)
No.
$
UNrrED STATES OF AMERICA
STATE OF FLORIDA
CrrY OF CLBARWATER
GAS SYSTEM REVENUE BOND, SERms 1983
Rate of Interest
Maturity Date
Date of Original Issue
Cuslp
Registerec Holder:
Principal Amount:
KNOW ALL MEN BY THFSE PRESENTS, that the City of Clearwater Florida
(herein~fter c~l1ed "Cityll), for yalue received, hereby promises to pay to the R~glstered
Hold~r Identified above, or registered assigns, on the Maturity Date specified above, the
Princlpal Amount shown above solely from the revenues hereinafter mentioned and to pay
solely from such revenues, interest on saId sum from the Date of Original I~sue of this
Bond or from the most recent interest payment date to which interest has been paid at
the rate of interest per annum set forth above until payment of such sum such inte;est
bei~g payable. ' , and sem iannually thereafter on th~ first day of
and the first day of of each year. The principal of and premium if
any, on this Bond are payable upon presentation and surrender hereof on the date fixed for
maturity or redemption at the corporate trust office of
(the "paying agentll) in , Florida, or at the office designated for such
payment of Bny successor thereof. The interest on this Bond, when due and payable, shall
be paid by check or draft mailed to the person in whose name this Bond is registered, at
his address BS it appears on the Bond Register, at the close of business on the 15th duy of
the month (whether or not a business day) next preceding the interest payment date (the
"Record Datell), irrespective of any transfer of this Bond subsequent to such Record Date
and prior to such interest payment date, unless the City shall be in default in payment of
interest due on such interest payment date. In the event of any such default, such
defaulted interest shall be payable to the person in whose name suah Bond is registered at
the close of business on a special record date for the payment of defaulted interest as
established by notice mailed by the Registrar to the Registered Holder of the Bonds not
less than fifteen (15) days preceding such special record date. Such notice shall be mailed
to the person in whose name such Bond Is registered at the close of business on the fIfth
(5th) day preceding the date of mailing. All amounts due ~ereunder 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 is one of a duly authorized issue of Bonds in the aggregate principal
amount of not exceeding $8,650,000 of like date, tenor and effect, except as to n.umber,
installments, maturity and interest rate, issued to finance the ~:ost of the construction and
acquisition of additions extensions and improvements to the gas system of the City (the
"System"), pursuant to 'the authority ?f and i!, full compliance with the .Constitution and
laws of the State of Florida, includmg particularly Chapter 180, Florlda Statutes, the
Registered Public Obligations Act of Florida, Chapter 83-271, Florida Statutes, and other
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which the Registered Holder is entitled to receive at the earliest practicable time in
accordance with the provisions of the Ordinance. . The City or the Registrar may charge
the Registered Holder of such Bond for every such transfer or exchange of a Bond an
amount sufficient to reimburse them for their reasonable fees and any tax, fee, or other
governmental charge required to be paid with respect to such transfer or exchange, and
may require that such charge be paid before al)Y such new Bond shall be delivered.
The City may deem and treat the Registered Holder hereof as the absolute
owner hereof (whether or not this Bond shall be overdue) for the purpose of receiving
payment of or on account of principal hereof and interest due hereon and for all other
purposes, and the City shall not be affected by any notice to the contrary.
This Bond shall not be valid or become obligatory for any purpose or be
entitled to any security or benefit under the Ordinance ~ntil the certificate of authenti-
cation hereon shall have been executed by the Bond Registrar. '.
IN WITNESS WHEREOF, the City of Clearwater, Florida, has issued this Bond
and has caused the same to be exeauted by the manual or facsimile signature of its City
Manager and countersigned by the manual or facsimile signature of its Mayor-Commis-
sioner, snd its corporate seal or a facsimile thereof to be affixed, impressed, imprinted,
lithographed or reproduced hereon, and attested by the manual or facsimile signature of
its City Clerk, as of the first day of t 1984.
CITY OF CLEARWATER, FLORIDA
(SEAL)
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Mayor-Com missioner
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ATTEST:
APPROVED AS TO FORM AND
CORRECTNESS:
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City Attorney
Date of Registration:
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ASSIGNMENT
FOR VALUE RECEIVED, the undersigned
(the "Transferor"), hereby sells, assigns, and transfers unto
(Please insert name and Social Security aI' Federal Employer
Identification number of assignee) the within Bond and all rights the~eunder, and hereby
irrevocably constitutes and appoints
(the "Transferee") as attorney to register the transfer of the within Bond on
the books kept for registration thereof, with full power of substitution in the premises,
Date:
Signature Guaranteed:
NOTICE: Signature(s) must be guaranteed
by a member firm of the New York Stock
Exchange or a commercial bank or a trust
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NOTICE: No transfer will be registered and';'/lf.
no new Bond will be issued in the name of : >:
the Transferee, unless the' signature{s)to ;' ~~
this assignment corresponds with the name .:::.
as it appears upon the face of the within,': i~'
Bond in every particular, without alteration ;~
or enlargement or any change whatever and ' ,
the Social Security or Federal Employer
Identification Number of the Transferee is
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THE ISSUER. Subject to the provisions of, ::~
Section 15. COVENANTS OF rinci al of and interest on any ot the Bonds :1 ',' ~
Section 16 hereof, for as long ~ any of tht~l P payJent has been provided for as heretn ':.!t
shall be outstanding and unpald,;r u~e~ apart in the Sinking Fund, herein estllbUshe~, ,If
permitted, or until there shall have cen sum sufficient to pay when due the entire, ,').
including the Reserve Acco.u~t therei!d ~ogether with interest accrued and to accrue. . :_\
principal of the Bonds remalm~tgh Ut~P~oiders of any and all Bonds as follows: , . .;;';'
thereon, the Issuer covenants WI e .. ::
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UNO The entire Gross Revenues, except the income from ':~'!::f
A. ~EVENUE F .f) derived from the operation of the System shall :j
investments {hereinafter provide~ ~r., the "city of Clearwater Gas Revenue Pu~!J! '.:t;;
upon. receipt thereof ~: depOS1}eun;'~ hereby created and established. Such Revenue .:,~}
~h:~~l~~~rc~~t~~u~~e a t::s~n~~nd for the purposes herein provided, and shall be kept ;'.',:'
separate and distinct from all other funds of the Issuer and used only Cor the purposes and.,..
in the manner herein provided. ._,.':;,)/
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B. SINKING FUND. There is hereby created and establis~ed a separat~ f~~d.:~~~.'.
to be designated "City of Clearwater Gas System Revenue Bonds, Series 1983 sl~kmg~~:W
Fund" (hereinafter called "Sinking Fund"). There are also ~erebY created an~ e;;ta~Us~ed,y
in the Sinking Fund Cour accounts to be known. as the In;~rest Account t PrmcIP~ ,}:~\
Account", "Reserve Account" and "Bond Amortizabon Account . ': ;.,':,;.
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C. DISPOSITION OF REVENUES. All revenues at any time remanung<?n :{J~'
deposit in the Revenue Fund shall be disposed of on or before the fifteenth (15.th) day ot,~r;l
each month, commencing in the. month imm~djately rollowin~ the delivery of the Bon~:~J[
only in the following manner and In the followmg order of priorlty:.,:-.:-::.?
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(1) Revenues shall first be used to deposIt in the "City of Clearwat'~,?rt.
Gas System Operation and Maintenance Fund" (the 1I0peration and Maintenance Fun~,,\;:
which fund is hereby created and established, such sums as are necessary for the Cos~. ~~::;:h
Operation and Maintenance, as hereinabove defined, for the next ensuing month. . ,,',,: ,,{.:~~~~.
(2) Revenues shBll next be used for deposit into the Interest Acc~~t;.:Jf.
such sums as wUl be sufficient to pay one-sixth (1/6) of all interest becoming due~n,~%~,
Bonds on the next semiannual interest payment date. . ~~:':,;~
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(3) Revenues shall next be used for deposit into the Principal Acco~R!~>::Y
in any Bond Year in which a Serial Bond matures, such sums as will be sufficient ,to ~~;:~,':.
one--twelfth (l/t'l) of the principal maturing on Serial Bonds in such Bond Year. , ; ':;..,~!~
. ~.
(4) Revenues shall next be used for deposit into the Bon'd Amortir.a~~~~~
Account, . in any Bond Year in which an Amortization Installm ent is due, such sums as. ~VU1!~,
be suf~lclent to pay on~twel[th (1/12) of the Amortization Installment required t~.:~(t:.
made In suc~ Bond Year. Such payments shall be credited to a separate special 6CCOun(,~}
for each serles of Term Bonds outstanding, and if there shall be more than one stated.V'
maturl.ty ~or Term Bonds of a series, then into a separate special account in the B,9~~:
AmortizatIOn. Account for each such separate maturity of Term Bonds. The funds,~.~li
in~estments m each, such separate account shall be pledged solely to the paymcIl~~t~
prmclpal of the Term Bonds of the series or maturity' within a series for which ,~t"J'i.
established and shall not be available for payment, purchase or redemption of Term'BO~tl
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. ' f th Bonds then outstanding, plus the amount or
total Bond SerVlce Requirement 0 cd th reafte' to bccome due on such Bonds then
redemption premium, if any, then due an C . L ount
outstanding by operation of the Bond Amortization Acc .
(7) The Issuer shall next apply and deposit the moneys in the Revenue.
i ial t to be known as the "city of Clearwater Gas System Renewal
Fund nto a spec accoun . R 1 t F d") hi h
d R I t F d" (hereinafter called the "Renewal and ep acemen un ,W c
an ep acemen un I hall deposit into the Renewal and
fund is hereby created and established. Thet s~r:~ 0/12) of an amount equal to 5qj of
Replacement Fund an amount equal to one- we d .
rior ear's Gross Revenues; provided, however. that so long as there shall be on eposlt
fn SU%h Renewal and Replacement Fund a balance of at least $300,000, no additional
deposits in such Fund shall be required. The moneys in the Renewal and Replacement
Fund shall be used only for the purpose of paying the cost of extensions, enlargements or
additions to or the replacement of capital assets of the System and emergency repairs
thereto. S~ch moneys on deposit in such Fund shall also be ~sed to supplement the
Reserve Account if necessary in order to prevent a default 111 the payment of the
principal or Amortization Inst~llments of and interest on the Bonds. The m~neys on
deposit in such Fund shall be withdrawn only upon the authorization of the govcrmng bod)'.
or the Issuer.
(8) The 'balance of any moneys remaining in the Revenue Fund atter,
the above required payments have been made may be used by the Issuer for any lawful
purpose.
'.'....
(9) The Project Fund, the Operation and Maintenance Fund, th~"::;~:i,
Sinki~g FundJ the Renewal and Replacement Fund, the Revenue Fund. and all accountsl~ ";.';,1
therem and any other special funds herein established and created shall constitute trust ';,:p"
funds for the purposes provided herein for such funds. All such funds shall be continuously. ;"/i
secured in the same manner as city deposits are authorized to be secured by the laws of. .' .':'~
the State of Florida. '::'':J,.:~
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Monies on deposit in the Project Fund, the Revenue Fund, and the Sinking Fund .:}j,
(except the Reserve Account therein) may be invested and reinvested In the manner, ::i,~?,
provided by law provided such investments either mature or are redeemable at not less. : .'~
than par at the option of the Issuer not later than the dates on which the moneys on: ,I)l
deposit therein will be needed for the purpose of such fund. The moneys in the Reserve\ :';~'
Account in the Sinking Fund and in the Renewal and Replacement Fund may be invested' :,~"
and reinvested only on Authorized Investments, in the manner provided by law. All ";
income on such investments shall be deposited into the Projet!t Fund until such time as,the .,.:~
project shall have been completed and thereafter shall be deposited into the Revenue, ';\
Fund; provided, however, that investment income earned in the Bond Amortization .;
Account shall remain therein or be transferred to the Principal Account or the Interest .,;;
Account and used to pay maturing principal. Amortization Installments and interest on the /1
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The cash r~uir~d to .be accounted for in each of the foregoing funds and' ~\
accounts may be depoSited m a smgle bank account, and funds allocated to the various ' .~i
accounts establish~d herein may be inv.est~d in a common investment pool, provided that ~!:
adequate accountmg records are mamtamed to renect and control the restricted; ,~;
allocation of the cash on deposit therein and such investments for the various purposesof't
such funds and accounts as herein provided. ' . :,~?\
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the Issuer in its sole discretion shall determine, but only, in the case of bthe red~m~t:ont~f
Term Bonds of any series, in such amounts and on such t~rms as may e proven e
resolution or ordinance authorizing the issuance of the obligations of such series.
4. The Issuer shall deposit into the .Bo~d Amortization Account Amor-
tization Installments for the amortization of the prmclpal of the Term Bonds, together
with any deficiencies for prior required deposits, into the Bond Amortization Account,
such Amortization Installments to be in such amounts 8~d to be due in such yea~s as shall
be determined by resolution or ordinance of the govermng body of the Issuer prior to the
delivery of the Bonds.
The Issuer shall pay from the Sinking Fund all expenses in connection with any
such purchase or redemption.
E. OPERATION AND MAINTENANCE. The Issuer will maintain th~ System
and all parts thereof in good condition and will operate the same in an effiClent and
economical manner making such expenditures for equipment and for renewals, repairs and
replacements as may be proper for the economical operation and maintenance thereof.
F. ANNUAL BUDGET. The Issuer shall annually prepare and adopt at least
fifteen (15) days prior to the beginning of each of its Fiscal Years, a detailed budget of
the estimated expenditures for operation and maintenance of the System during such next
succeeding Fiscal Year. No expenditure for the operation and maintenance of the System
shall be made in any Fiscal Year in excess of the amount provided therefor in such budget
without a finding and recommendation by the duly authorized officer in charge thereot,
which finding and recommendation shall state in detail the purpose of and necessity for
such increased expenditures for the operation and maintenance of the System, and no such
expenditure shall be made until the governing body of the Issuer shall have approved such
finding and recommendation by resolution or ordinance duly adopted. The Issuer shall
mail copies of such annual budgets and all resolutions or ordinances authorizing increased
expenditures for operation and maintenance to any nationally recognized bond rating
service which, upon application of the Issuer prior to the issuan~e of the bonds have
published a rating on the Bonds (the "Rating Services"), any holder or holders of Bonds who
shall file his address with the Issuer and request in writing that copies of all such budgets
and resolutions or ordinanl!es be furnished him and shall make available such budgets 8lld
resolutions or orciinances authorizing increased expenditures for operation and mainten- '
ance of the System at all reasonable times 'to any holder or holders of Bonds or to anyone
acting for and on behalf of sucn holder or holders. .
. G. RATE ORDINANCE. . The Issuer covenants to fix, establish, revise from
tIme to time whenever necessary, mamtain and collect always such fees, rates, rentals'
~d other charg:s for the use .of the product, services and facilities of the System which
Will always prOVIde Revenues 10 each year sufficient to pay and out of such funds pay
100% of all Costs of Operation and Maintenance of the System in such year and all
reserye and other 'payments provided for in this Ordinance and 125~ of the Bond Service
ReqUirement due 10 such year on all outstanding Bonds. Such rates, fees, rentals or other
charges shall not be reduced so as to be insufficient to provide Revenues for such
purposes.
. The Issuer furth,:r covenants and agrees that the Issuer will annually within
thirty (30) days after ,adoption of the budget described in the preceding Subsection F
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. useful or profitable in the
compri~ing 8: p~rt o( the System. IS no . longer necessa.~, Cindi that it is in the best
operation thereot, end t~e Consulting Eng1neer~hall ~ak; and th~gQverning body of the
interest ot the System that such pro~erty be spose 0, nd concur in the findings ot
(.q~uer shall by resolution or ordin;ance, duly adopted, aPulPr.ove! Oneer and shall authorize
such City Msnttget" or other o!tIce!" and of the Cons ung t.ngI ,
such sale, lease or other disposition of said property.
Anything in this subparagraph J to the contrary notwithstanding, ~othjng
herein shall restrict the governing body of the Issuer ?l", to the ext~nt such aut~ont~ ~
been vested in him by such governing body, the CIty Manager 10 the exerCise 0 15
discretion, trom authorizing the sale or other disposition of any ~f the property
comprising 8 part of the System, if the Consulting Engineer shall certify that the Net
Revenues of the System will not be materially adversely affected by reason of such sale
or djspo')i tion.
If the proceeds derived trom any such sale or other disposition .ot the property
are in excess of 10~ ot the value ot the fixed assets of the System accordmg' to t~e most
recent annual audit and operating report, such proceeds shall be used for th~ ret~r~ment
ot outstanding Bond<;. It the proceeds derived tram any such sale or other dl~Ibon of
property are less than 10% ot the value ot the fixed assets of the System according .to the
most recent annual audit and operating report, such proceeds shall be placed In the
Renewal and Replacement Fund or used for the retirement of outstanding Bonds, in such
proportion.~ to be determined by the governing body of the Issuer upon the recommenda-
tions of the City Manager. The payment of such proceeds into the Renewal and
Replacement Fund shall not reduce the amounts required to be paid into such Fund by
other provisions herein.
K, INSURANCE. For so long as any of the Bonds are outstanding, the Issuer.
will carry adequate fire and windstorm insurance on all buildings and structures of the
works and properties of the System which are SUbject to loss through fire or windstorm,
and will otherwise carry insurance of all kinds and in the amounts normally carried in the
operation of similar facilities and properties in Florida; provided, however, that in lieu or
Buch insurance the Issuer may establish a qualified plan of self-insurance in 8ccordan~e
with the laws ot the State of Florida. Any such insurance shall be carried for the benefit
of the holders of the Bonds. All moneys received for losses under any of such insurance,
except public liability, are hereby pledged by the Issuer as security for the Bonds, until.
and unless such proceeds are used to remedy the loss or damage for which such proeeeds
IIrc received, either by repairing the property damaged or replacing the property
destroyed as soon as practicable.
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L, NO FREE SERVICE. The Issuer will not render or cause to be rendered any
frec services of any nature by its System, nor will any preferential rates be established
tor users ot the same class., Whenever the Issuer, including its departments, agencies and
lno;trumentalltles, shall avall itself ot the product, facilities or services provided by the
System, or any part thereof, the same rates, fees or charges applicable to other customers
receiving lIke services under similar circumstances shall be charged to the Issuer Wid any
such department, agency or instrumentality. Such charges shall be paid as they accruc,
and the Issuer shall transfer trom its general funds to the Revenue Fund sufficient sums to
pay such charges. The revenues so received shall be deemed to be Revenues derived from
the operation ot the System, and shall be deposited and accounted for in the same manner
os other Revenues derived from such operation of the System.
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M. ENFORCEMENT OF COLLBCTIONS. The Issuer will diligentiy enforce
and collect the rates, fees and other charges for the services and facilities of the System
herein pledged; wlll take all sleps, actions nnd proceedings tor the enforcement and
collection of such rates, charges and fees as shall become delinquent to the Cull extent
permitted or authorized by lawj and will maintain accurate records with respect thereot.
All such fees, rates, charges and revenues herein pledged shall, as collected, be held in
trust to be applied as herein provided and not otherwise.
The Issuer will, under reasonable rules and regulations, to the full extent
permitted by law, shut off the connection of any users of the system for non-payment of
fees, rentals and other charges for the services of the System and shall not furnish him or
permit him to receive from the System further service until all obligations owed by him to
the Issuer on account of services shall have been paid in full.
N. REMEDIES. Any holder of Bonds or any coupons appertaining thereto,
issued under the provision hereof or any trustee Bcting for the holders of such Bonds, may
either at law or in equity, by suit, action, mandamus or other proceedings in any court of
competent jurisdiction, protect and enforce any and all rights, including the right to the
appointment of a receiver, existing under the laws of the State of Florida, or granted and
contained herein, and may enforce and compel the performance of all duties required
herein or by any applicable statutes to be performed by the Issuer or by any officer
thereof.
Nothing herein, however, shall be construed to grant to any holder of the
Bonds any lien on the System or any real property of the Issuer.
0, CONSULTING ENGINEER. The Consulting Engineer shall provide the
Issuer with competent engineering counsel affecting the proper, efficient and economical
operation and maintenance of the System and in connection with the making of capital
improvements and renewals and replacements to the System. The Utilities Director may
undertake the duties of Consultirig Engineer for purposes of this Ordinance so long as such
Utilities Director is a registered engineer in the State of Florida; provided however, that
the Utilities Director shall not perform the duties of Consulting Engineer as required in
Sections 15 J and T of this Ordinance.
P. CITY MANAGER REPORTS. On an annual basis, the Issuer shall cause
to be prepared by the City Manager a report or survey of the System, with respect to the
management of the properties thereof, the sufficiency of the rates and charges for
services, the ~roper maintenance of the properties of the System, and the necessity for
capital improvements and recommendations therefor: Such a report or survey sh9:U also
show any failure of the Issuer to perform or comply WIth the covenants herein contamed.
If any such report or survey of the City Manager reflects that the rates and
charges a.re insufficient to protect the rights of the bondholders, then the Issuer shall take
such steps as are required by law to raise the rates and charges for services of the
System.
Q. NO COMPETING SYSTEM. To the full extent permitted by low, the
TC:C:lIp.r wlll not hereafter grant, or cause, consent to, or allow the granting of, any
franchise. or permit to any person, firm, corporation or body, or agency or instrumentality
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11:. ISSlli\:{il!lE <!i]f ~TIIlIIlm1tf:.~ IP~ manrrmTIENffi. ~~titmnI:. ~
ObllmalCms';; P.RY.ab1LE am m gmU~' ffunnl tite bf.e11 ItevenUl!$ off tth:r: Sl'Stmn~ wit:tJo. We 191J'3I . ,If
mm~, mg;y tile iSsuedl eCtarr titre iimunmIl!~ a1T ~' n!lllm Bb~, fill':' the <!Ol1Str:".urt:iinn wrdl. ':"~(
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01":" dDrihg; ~. twwllR (mz)) a.omHmutli~ cmnmdlut rmmtim: of ttlC:,' ta aalarni:fn':' mwaUbi. 'j.
i~edfilre1W gr:mmdir [; tt1re snlh? <Iff t:ltre gr.apmiedl &itiiJ:ii.mu1!. Enlri~' 0blignti~, a1t tite' :' ~~f
optt~ cd'!' ttte:- ~ ' .stI~ ltID.J,e:d1~ mItt lmm; thum 111$Vtl QIr the.' :vI.nxHmun: Bmnil~' "A'
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t~enl ~sr~dfng;, ~lt)) W1~y ~liimull ~l <DhUiDItfuJlH; iBsundi nnili tll1UT. autstanding;. amiHtrl)' . . ,oj?}
the:'.~dttlttDmill ffiIr.iiy.'Gll1llmrtiims; tttmn mmnncn.il taJ ~ a.....__l . ": ,~,
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nett~lmre~ fIur ~ ~v) Qf! Wlt6' S!J$ utj~. wJ1i\rlh tiltt' I~ shuil1 nawe >:'.~~
=:;: gn~.ttx> =lH!lWU1mIl wr suath &qwllIi!,mul1I?lu:~~' QIill!tI'.l.I::ilJl$ <11':' whiclh ttta~ IIsBum' '.::~:\
acqplr.1IIg: 1 gnammdS;afi"mJ,aftJ A\ddlltimllJl\ lrwn~'~'l1)U~Sinrn:;i amt . I , ,i~i'i:
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th'e:lSsuer;:proV1d~,HowCll(!r;. tlUtl\ iI, l1i~ 'At '. I I. 1 ",' : . _...tf1~ ~ wfl1tiin
would:' not~ be:fimsibli!; for:- t11e: In~umr t'OI {1roVi~e: ~tltHt, ~(!rvtu!~ tc1~ ~~~J~ : !lUtttorlZe'; em
t~thrce;y'ear:rsuc(!C'edrng: Il (CC1l1m:tf .t'6) p,..olJidlr ~m"t1' ~fj~lt!~" tl1.~ ,. IfY. tt. . mn:ti
allow'.' Uie: grnnthlg:- of; sucH: f'i-/JI1l!l1l1lfj' ell" p~l1l11W (6f ~.UI!t1, 8r'dSf. L1pnlf SUl!. nmns:;
ccnl'd!t10ns::!JS"l t 1 roIlY.: approvO'..
W.. UNU~WnUU, CON'N,nC11MN; ~n~HnWf!1m~. T.lie:, Ii.!;1Jerc has: ~ am
~_ k" .t' I" ..r'll ......... ",In' p"-"n' "If "er'tln~; t'o.' nlmpe:- \,llh,. charrge or. mm!e:
or~ueu~ee': ma log:' 1 ,un U\YIU 1'." D::p co,--.u' u ' l~ -.' , . " , uk
ImY:;CotUTeettOrrlwith'l tHe:S'yst'arn'J wmtout~ ~11U:,wt'ttt'en' (!O~!H:ml. .or. U(e.:SSI1~:or.ttt:r. ' a. ~
rceonneetlOrrlwittt,tHe::SYf:t'eml Wticnlgervtl!~ "1Ul.',~~nl dIH~",~1111!~ for.:,d~inquent- ati~
lUrtlL sum dt!11hquentt atlu~; Iiav~ Iiet!m paid. )ff' 1''i111,. 111~1i1dt11~ lm~!, ~
penalties:: endj ruaonmmtlon1 atinrgu.o;~. 1I1tl!: fu.o;urnr willl dUlgc.'1tl!l-!". ~ thE! fl.1lU ~
permi tttm:~~;lQWi. emarac.: t11I1;; <!ovrmantt lin~ pronet.'l1lW any: per:;on, vtolatlng:-ttTe: pmvlSlOJUJ;
off ttriS.c.ovenanttor. aJIY.: penall ordlimn un: relating; tal t1t e; sam~,
$. Iss.U~NClL <!iU: GmHERt Q'BI!.fG\~1JllJNff., The:: rssuer. win: not i$u.!:e IIIIR'
ottta-;otil ig,atlbns::p!lY.8bll:d'knn1 rti~ R'evenues; at t1t l!: S:ysterrr. nor. vollurtnril~; \:.O~~ (Jr." ~
tto be; crcatt!d} alIY-,' dehr" lUmh pl\!dkJ!;, lIDSiiJnmentt" enCUmbr1UlCR- Ol:'. attTe:: cl1~ h~ .
priOrt~.ttpCJr.'baii1g; am Efi p'arjt.~i WU.1tl tltl!? 1I~ otf tlle; ~H:I: Bbnds:' anrf the: .l~.~~n ,
upornsaiii:: Ifuv~ exaeptt undim' tli~ aoml1t1omr an~ im tiTre mlmnnr. ~'ltted:i 1!e::o:7In. ~~..
atil~ltJm; iSsuedj b.Y.: ttt~ ISsuer." atllmr t1tam tHe; nHI:J5 SondS: he?:e1T. authonZmf mnil
A'rldftiima11 trarity.; Olillg~tiOns; gr.ovioMl fOtr inl Sllti.'umtfum 1T t:J.e1aw~. payabie: innm 5l1lill1
Retenues" stiBlli amnuHn am exp,r.l!Sffi statementl thnr. 3Uclrl ahllgaritms: are. jjuriim. a:rrdl
snborl1fitatl!: iin alll r.espenttr; ttn tttre 1i9lI3l IDmdili, lIB; ta' liero an; amf Sffi.1re2: end: sec:uri~' tiD:;'
pAy.mern. (tom; sucm Rev.enUCSi.
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maturity pursuent to any applicable optional redemption provisions. or to fmpaJr the
discretion of the Issuer in determining whether to exercise any such option for early
redemption.
Seetion 18. ARBrrRAGE. No use wlll be made or the proceeds or the
1983 Bonch which would cause the same to be "arbitrage bonds" within the meaning of the
Internal Revenue Code ot 1954. The Issuer at all times while the 1983 Bonds and interest
thereon are outstanding will comply with the requIrements or Section 103(c) ot the
Internal Revenue Code of 1954 and any valid and applicable rules and regulations
promulgated thereunder.
Seetion 19. SEVERABILrrY. If anyone or more or the covenants,
agreements, or provisions or this Ordinance should be held contrary to any express
provision of law or contrary to the policy .or express law, though not expressly prohibited,
or against public policy, or shall tor any reason whatsoever be held invalid, then such
covenants, agreements or provisions shall be null and void and shall be deemed separate
trom the renlaining covenants, agreements or provisions of this Ordinance or ot the Bonds
or coupons issued hereunder.
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Section 20. VALlDA110N AUTHORIZED. The City Attorney is hereby
authorized and directed to institute appropriate proceedings in the Circuit Court ot
PineIlas County, Florida, tor the validatIon ot such 1983 Bonds, and the proper officers or
the Issuer are hereby authorized to verity on behalf ot the Issuer any pleadings in such
proceedings.
8eetioo 21. SALE OF BONDS. 1983 Bonds shall be issued ond sold at
public or private sale at such price or prices consistent with the provisions ot the Act and
the requirements ot this Ordinance as the Issuer shall hereafter determine by ordinance or
resolution. It the 1983 Bonds are issued in installments, no 1983 Bonds shall be issued
stter issuance of the tirst installment unless Rll requirements of Section 15 T ot this
Ordinance, relating to Additional Parity Obligations, are met. .
Sccrtion ~2. REPEAL OF INCONSISTENT IN8TRUMENTS. All ordi-
nances or resolutions, or parts thereof, in conflict herewith are hereby repealed to the
extent or such contlict.
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immedia'Lc.1,y upon its enactment.
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APPENDIX F
Form of Legal Opinion
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arT cw ctZAKWATElt, FLORIDA
GAS &X3'I~ Jt.,ev 1!.lI u2. BCJn)IB, ~ UI3
J:Iated . 1JI.4
Deat' ~:
We have .~ as ~ ~ in oxtueeticn with the Wuanee by tt'.e City .oC
CTatwateo.. PJ:oriG;a o! $9~4,JJOO Gas System Revame Bonds, Serfs 1983, dated
f' 19&.4 CU".e "Ba1Cs")y .~.~.,_ut to the Cor:Istitutfon and laws of the
~AU of l-lot'idII., ~ly ~m 180, Florida Statutes, 0rdin:Ime! ~ 311'6-
a, daft enaeted by the Cit1 Commisllia1 of the Clty en July 21, IDS3? as amended end
IVpprem~ and othe' applieabIe provisions of law (the ~"). We blrYe
a:am:ftted ~ law and saeb eertff"'Ied ~'f>~ or the City srod other' proofs, I!SS we deem.
MeftIU1 to ~ t!lis opinion.
M to questfons of taet material to our opuucn, we have relied upon
r'epr ~tatfDns ot tJ't.e City eontl1ined in the Ordinanee and in the eertified ~
and O'thu eertffieatiom or public offieiaIs furnished to ~ without tmde:taIciIJE to ~
tM ..me by independent fnvutigation..
We have not been enpged or undertaken to review the Ileeuraey. eomplete-
.... or suffiefeney of the Official Statement (the "Official Statement"), rela~ to the
Bonds or other offering material relating to the Bonds (except to the extent, if sri!, stated
in the Official Statement and in the Contract of Purchase pursuant to whieta the Bands
have been sold), and we uptes5 no opinion relating thereto Cexc:epting cmly the matters
Nt forth as our opinion in the Official Statement and in the Cantraet of Pureha5e
pursuant to which the Bonds have been sold).
M of the date hereof, end b8sed on our examination of the r~ing and Ule
Jaw and proceedings In this matter, we are of the opinion that:
1. The City is duly created and validly existing ftS a municipQl eorportltion
of the State of PJorida, with the power to enact the Ordinanee IlDd to perform the
acreemenu on its part contained therein and to issue the Bonds.
2. The Ordinance has been duly enaeted by the City end constitutes a \'&lid
and b1ndirw obliption of the City fmforeeable upon the City. 1'ba Ol"dintUlC~e ereatc!s 8
valid Om and prior lien on the net revenues derived by the City from the oparation of tM
Symm, u defined In the Ordinance (the "Net Revenues").
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