1765
M,
SECTION 2. FINDINGS. It is hereby found, determined and
declared as follows, that:
A. It is necessary, desirable, and in the best interest
of the City of Clearwater, Florida (hereinafter called "City), and
its inhabitants that general obligation bonds in an amount not -
exceeding $1,650,000 be issued for construction and acquisition of
additions, extensions and improvements to the City's storm drainage
facilities and easement or rights-of-way therefor, not exceeding
$300,000 of which shall be used for Stevenson Creek Basin purposes;
not exceeding $1,000,000 of which shall be used for Downtown Area
Drainage System purposes; and not exceeding $350,000 of which shall
be used for Clearwater Beach drainage system purposes (hereinafter
collectively called the "project"), which amounts are hereby
authorized to be expended for such purposes.
B. The issuance of such general obligation bonds was
approved by a majority of votes cast in a bond election held
August 9, 1977, by the qualified electors of the City in the manner
required by the Constitution and Statutes of the State of Florida.
C. Such general obligation bonds together with all other
4 ORDINANCE NO. 1765
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
GENERAL OBLIGATION BONDS OF THE CITY OF
CLEARWATER, FLORIDA, NOT TO EXCEED IN THE
AGGREGATE $1,650,000 FOR THE PURPOSE OF
CONSTRUCTING, ACQUIRING AND IMPROVING THE
STORM DRAINAGE FACILITIES IN THE CITY AND
CONTAINING OTHER PROVISIONS RELATING TO
SUCH BONDS; REPEALING ORDINANCE 1720 PRO-
VIDING AN EFFECTIVE DATE; AND PROVIDING
FOR PROPER NOTICE OF PROPOSED ENACTMENT.
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA:
SECTION 1. AUTHORITY FOR THIS ORDINANCE. This Ordinance
is adopted pursuant to Chapter 9710, Laws of Florida, Acts of 1923,
as amended and supplemented, and as amended by Ordinance No. 1649 of
the City of Clearwater; Chapter 166, Part II, Florida Statutes;
Sections 100.201, et seq., Florida Statutes; and other applicable
provisions of law.
Al -7 A r,
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outstanding general obligation bond indebtedness of the City, does
not exceed twenty per centum (20%) of the current assessed valuation
of all personal and real property located in the City; and the
1, 1 _•
projected debt service on the bonds shall not cause the'total
{ budgeted expenditures in any fiscal year to exceed the total estimated
' revenue plus any unencumbered funds carried forward from a prior
fiscal year.
D. The maturity schedule of such,general obligation
itr?' 4 - ?1?4':• bonds as they appear on Schedule B attached to Ordinance No. 1680
y?y,j? Y and Resolution No. 77-61 of the City no longer represents the most
rt``r•f3'sf +.i'y.[?a ,°r . ;ISy, n a`•,
:iliirti '? >?:,. w ?w ++iv'a.s 1?• f';!',: ,, }y 1.; ?.nR'-'iY6ti 's }!.}l??S?`•?^ ,?;L+ '•?,,'".•,,a_; :rEi.s \...?, ""i ?', Y r' economical method of issuing such bonds under current market condi-
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SECTION 3. DEFINITIONS. Unless the context otherwise re- '+e 0.
quires, the terms defined in this section shall have the meanings
_s so specified. Words importing singular number shall include the
? plural number in each case and vice versa, and words importing'
#ha,• r person shall include firms and corporations.
A. "Bonds" shall mean the General Obligation Bonds of the }?+
City herein authorized to be issued.
`ti r s,t?? B. "Mandatory Sinking Fund Installment" with respect to Y
J
:.? any Term Bonds, shall mean an amount so designated which is estab-
lished for the Term Bonds and which shall be deposited to the Invest-'
r'.r ' tt , it' ment Account within the Sinking Fund (hereinafter established and
;sdefined) provided that the aggregate of such installments together
with interest to be earned on funds within the investment Account r °}
• ^+ C. • r
r`s and retained in such account for payment of the Term Bonds, shall °
equal the aggregate principal amount of Term Bonds delivered on,
i , 4•
" original issuance.
C. "Bond Service Requirement" for any Bond Year, as applied
to the Bonds, shall mean the sum of:
(1) The amount required to pay the interest becoming
t
due on the Bonds during such Bond Year, except to the extent that 1=?'
such interest shall have been provided by payments into the Sinking
Fund of investment income from the Investment Account.
(2) The amount required to pay the principal of Bonds '
other than Term Bonds maturing in such Bond Year.
(3) The Mandatory Sinking Fund Installment for the
Term Bonds coming due in such Bond Year. In computing the Bond Service
Requirement for any Bond Year for the Bonds, the City shall assume
that an amount of the Term Bonds equal to the Mandatory Sinking Fund
..Installment•for,such Bond Year will be retired by purchase or redemp-
.:: ;r?• ;:,:,.,. :Qrd. 41,765 -2-
V17/78
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tion in such Bond Year, or that payment of such amount of Term Bonds
' at maturity will be fully provided for in such nand Year. When
determining the amount of principal of and interest on Bonds which
I.k ; .
matures in any year, for purposes of this ordinance, the stated
maturity date of Term Bonds shall be disregarded, and the Mandatory ?•,:
Sinking Fund Installment, if any, applicable to Term Bonds in such
year shall be deemed to mature in such year.
D. "Term Bonds" shall mean those Bonds stated to mature on ?;w4 S f J
=y;? one date and which shall be subject to retirement by operation of an
account established in the Sinking Fund.
d
l •
E. Bon
Year shal
mean the period commencing January of ? z.
i ,-,
each year and ending on the succeeding December 31.
4 P. "Investment Securities" means any of the following, if
and to the extent that the same are legal for the investment of the
a
proceeds of the Bonds and the Revenues: (1) direct obligations of, or
S:f.4
obligations the principal of and interest on which are unconditionally r i
sr guaranteed by, the United States of America, (ii) bonds, debentures, r.
' notes or participation certificates issued by the Federal Banks for
Cooperatives, the Federal Intermediate Credit Banks, the Federal Home
„
Loan Banks, the Export--Import Bank of the United States, the Federal `
?f Land Banks, the Federal National Mortgage Association, the Government
National Mortgage Association, and direct and g
general obligations of ?
? ,
.
y,r any agency or instrumentality of the United States of America not ? . ,
rt ?
included in the foregoing listing; (iii) Public Housing Bonds and .
Project Nbtes•fully secured by contracts with the United States; (iv)
full faith and credit direct general obligations of any state, or
unlimited tax direct obligations of any political subdivision thereof,
to the payment of which the full faith and credit of such political
subdivision is pledged, provided that at the time of purchase such
obligations are rated in either of the two highest rating categories
by a nationally recognized bond rating agency; and (v) negotiable or
non-negotiable certificates of deposit or time deposits issued by any
bank, trust company or national banking association which is a member
of the Federal Reserve System, provided that (a) such certificates of
deposit or time deposits shall continuously be collaterally secured
.` -3-
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r r? by investments listed under clauses (i) through (iv) above having a
market value (exclusive of accrued interest) at all times at least
aqual to such certificates of deposit or time deposits and such in-
???,,?,rw c.?..r•
,;>?N• vestments securing such certificates of deposit or time deposits shall
be deposited with the chief financial officer of the City, or other
?.= officer of the City designated by the City Manager, or with such other
public officer or public or private institution as shall be provided
for the deposit of security for the deposit of public moneys under the
11i??= %` `? laws of the State of Florida or (b) the amount of such certificates
tis a` of deposit or time deposits purchased or obtained from any bank, trust
company or national association shall not exceed twenty-five percent
25%) of 'its capital and surplus.
' SECTION 4. ORDINANCE TO,CONSTITUTE CONTRACT. In considera-
Li
£zaf tion of the acceptance of the bonds authorized to be issued hereunder
by those who shall hold the same from time to time, this ordinance
shall be deemed to be and shall constitute a contract between the
r??z City and such holders. The covenants and agreements herein set forth
W
' ??s? w+r z to be performed by the City shall be for-the equal benefit, protec-
tion and security of the legal holders of any and all of such bonds
kt?? and the coupons attached thereto, all of which shall be of equal rank
and without preference, priority or distinction of any' of the bonds
or coupons over any other thereof, except as expressly provided
therein and herein.
SECTION 5. AUTHORIZATION OF BONDS. Subject and pursuant
to the provisions of this Ordinance, bonds of the City to be known
as "General Obligation Bonds", herein sometimes referred to as "Bonds",
are hereby authorized to be issued in the aggregate principal amount
.s?W
of not exceeding One Million Six Hundred Fifty Thousand Dollars
4 !` ($1,650,000) for the construction and acquisition of said project.
SECTION 6. DESCRIPTION OF BONDS. The Bonds shall be
dated January 1, 1978, shall be numbered consecutively from one
upward in the order of their maturities; shall be in the denomination
of $5,000 each; shall bear interest at at a rate not to exceed 7 per
cent per annum, such interest to be payable semiannually on July 1
and January 1 of each year, and shall mature serially in numerical
-4-
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order, lowest numbers first, on the first day of Zanuary in such years
(but not to exceed 25 years from their date of issuance) and amounts
as will provide the lowest true interest cost to the City consistent
with approximately level Bond Service Requirements as shall be fixed
by subsequent resolution of the City prior to sale.
Such Bonds shall be issued in coupon form; shall be payable
to bearer unless registered as hereinafter provided; shall be payable
with respect to both principal and interest in lawful money of the
United States of America, at such bank or banks to be subsequently
determined by the City Commission prior to the delivery of the Bonds;
and shall bear interest from their date, payable in accordance
with and upon surrender of the appurtenant interest coupons as they
severally mature.
SECTION 7. EXECUTION OF BONDS AND COUPONS. The Bonds
shall be executed in the name of the City by the Mayor-Commissioner
and City Manager and countersigned and attested by the City Clerk, and
its corporate seal or a facsimile thereof shall be affixed thereto or
reproduced thereon. The facsimile signatures of the Mayor-Commissioner,
the City Manager or the City Clerk may be imprinted or reproduced on
the Bonds, provided that at least one signature required to be placed
thereon shall be manually subscribed. In case any officer whose
signature shall appear on any Bonds shall cease to be such officer
before the delivery of such Bonds, such signature or facsimile shall
nevertheless be valid and sufficient for all purposes the same as if
he had remained in office until such delivery. Any Bond may be
signed and sealed on behalf of the City by such person who at the
actual time of the execution of such Bonds shall hold the proper
office with the City, although at the date of such Bonds such person
may not have held such office or may not have been so authorized.
The coupons attached to the Bonds shall be authenticated
with the facsimile signatures of any present or future Mayor-
Commissioner, City Manager and City Clerk of the City, and the vali-
dation certificate on the Bonds shall be executed with the facsimile
-5-
Ord'. #1765 3/17/.78 7 7777777777r
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signatures of the Mayor-Commissioner, City Manager and City Clerk.
The City may adopt and use for such purposes the facsimile signatures
of any persons who shall have been such Mayor-Commissioner, City
Manager and City Clerk at any time on or after the date of the Bonds
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notwithstanding that they may have ceased to be such officers at the
time such Bonds shall be actually delivered.
SECTION 0. NEGOTIABILITY AND REGISTRATION. The Bonds
issued hereunder shall be, and shall have all of the qualities and
incidents of negotiable instruments under the law merchant and the
Laws of the State of Florida, and each successive holder, in accept-
ing'any of such Bonds or the coupons appertaining thereto, shall be
conclusively deemed to have agreed that such Bonds shad be and
have all of the qualities and incidents of negotiable instruments
under the law merchant and the Laws of'the State of Florida.
The Bonds may be registered at the option of the holder
as to principal only at the office of the City Treasurer as Registrar
or such other Registrar as may be hereafter duly appointed, such
registration to be noted on the back of the Bonds in the space
provided therefor. After such registration as to principal only,
no transfer of the Bonds shall be valid unless made at such office
by written assignment of the registered owner, or by his duly
authorized attorney in a form satisfactory to the Registrar, and
similarly noted on the Bonds, but the Bonds may be discharged from
registration by being in like manner transferred to bearer and
thereupon transferability by delivery shall be restored. At the
option of the holder, any obligation may thereafter again from time
to time be registered or transferred to bearer as before. Such regi-
stration as to principal only shall, not affect the negotiability of
the coupons which shall continue to pass by delivery.
SECTION 9. BONDS, MUTILATED, DESTROYED, STOLEN OR LOST.
In case any obligation shall become mutilated, or be destroyed,
stolen or lost, the City may in its discretion issue and deliver a
new Bond with all unmatured coupons attached, if any, of like tenor
as the Bond and attached coupons, if any, so mutilated, destroyed,
stolen or lost, in exchange and substitution for such mutilated
Bond, upon surrender and cancellation of such mutilated Bond and
attached coupons, if any, or in lieu of and substitution for the
Bond and attached coupons, if any, destroyed, stolen or lost, and
upon the holder furnishing the.City proof of his ownership thereof
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-and satisfactory indemnity and.complying with such other reasonable
regulations and conditions as the City may prescribe and paying such ,. `
i .
`E ?;+?r,• j expenses as the City may incur, All Bonds and coupons so surrendered
shall be cancelled by the City Clerk. If any such Bonds or coupons
'
shall have matured or be about to mature, instead of issuing asub - t
. .•?;?
_
statute Bond or coupon, the City may pay the same, upon being
indemnified as aforesaid, and if such Bond or coupon be lost, stolen
?. or destroyed, without surrender thereof.
;i;-„j:: ry,; .?* .•..•:.:
Any such duplicate Bonds and coupons issued pursuant to
this section shall constitute original, additional contractual
obligations on the part of the city whether or not the lost, stolen
or destroyed Bonds or coupons be at any time found by anyone, and
such duplicate Bonds and coupons shall be entitled to equal and pro-
portionate benefits and rights as to lien on and source and security
for payment from the funds, as hereinafter pledged, to the extent
as all other Bonds and coupons issued hereunder.
SECTION 10. REDEMPTION PROVISIONS. The Bonds shall be
subject to redemption, at the option of the City, upon such terms
and conditions as are fixed by subsequent resolution of the City,
adopted at or prior to the sale of the Bonds.
Notice of Bonds to be redeemed shall be given not less than
thirty days prior to the redemption date by registered or certified
mail to banks or trust companies serving as paying agents and by
publication at least once not less than thirty days prior to such
redemption date in a financial newspaper or journal of general
circulation published in the City of New York, New York.
SECTION 11. FORM OF BONDS AND COUPONS. The Bonds, the
interest coupons to be attached thereto, and the certificate of
validation shall be in substantially the following form, with such
omissions, insertions and variations as may be necessary and desir-
able and authorized or permitted by this ordinance or in any subse-
quent resolution adopted prior to the issuance thereof:
-
Ord J1765 ?.. 3/17/78
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No.
UNITED STATES OF AMERICA
STATE OF FLORIDA
CITY OF CLEARWATER
GENERAL OBLIGATION BOND
$5,000
KNOW ALL MEN BY THESE PRESENTS that the City of Clearwater,
Florida (hereinafter called "City"), for value received, hereby
promises to pay to the bearer,'or if this Bond be registered, to the
registered holder as herein provided on the first day of ,
19_, the principal sum of
FIVE THOUSAND DOLLARS
and to pay interest thereon from the date hereof at the rate of
per centum ( %) per annum until
payment of the principal sum, such interest to the maturity hereof
being payable semiannually on the first day of and the
first day of in each year upon the presentation and
surrender of the annexed coupons as they severally fall due. Both
principal of and interest on this Bond are payable in lawful money of
the United States of America at ,
or, at the option of the holder at
This Bond is one of an authorized issue of Bonds in the
aggregate principal amount of $ of like date, tenor and
effect, except as to number, interest rate and date of maturity,
issued to finance the cost of the construction and acquisition of
various municipal improvements in the City of Clearwater, under the
authority of and in full compliance with the Constitution and
Statutes of the State of Florida, including particularly Chapter 9710,
Laws of Florida, Acts of 1923, as amended and supplemented, and as
amended by Ordinance No. 1649 of the City of Clearwater; Chapter 166,
Part II, Florida Statutes; Sections 100.201, et seq., Florida Statutes;
and other applicable provisions of law; and an ordinance duly enacted
by the City on the day of , 1978 (hereinafter called
"Ordinance"), and is subject to all the terms and conditions of such
ordinance.
Ord:':1765 3/17/78 `
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It is hereby certified and recited that all acts, conditions
and things required to happen, exist and be performed, precedent to
and in the issuance of this Bond, have happened, exist, and have
been performed in due time, form and manner as required by the.
Constitution and Laws of the State of Florida applicable thereto,
that the issue of Bonds of which this Bond is a part has been approved
at an election held in accordance with the Constitution and Laws of
Florida in the City on the 9th day of August, 1977; that the total
indebtedness of the City, including the issue of Bonds of which this
Bond is one, does not exceed any constitution, statutory or charter
limitation; and that provision has been duly made for the levy and
collection of a direct annual tax, without limitation as to rate or
amount, upon all taxable property within the City sufficient to pay
the principal of and interest on this Bond'as the same shall become
due, which tax shall be levied and collected at the same time, and
in the same manner as other ad valorem taxes of the City are assessed,
levied and collected.
The Bonds of this issue are subject to redemption prior to
their maturity by operation of the Investment Account as is more fully
described in the ordinance.
The Bonds of this issue maturing in the year are
additionally secured by the funds and principal of investments, on
deposit in the Investment Account within the Sinking Fund in the
manner provided in the Ordinance.
The Bonds of this issue shall be further subject to redemp-.
tion prior to their maturity at the option of the City.
(Insert Optional Redemption Provisions)
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Notice of such redemption shall be given in the manner
required by the Resolution.
This Bond, and the coupons appertaining thereto, are and
have all the qualities and incidents of a negotiable instrument under
the law merchant and the Laws of the State of Florida.
This Bond may be registered as to principal only in
accordance with the-provisions endorsed hereon.
IN WITNESS WHEREOF, the City of Clearwater, Florida, has
issued this Bond and has caused the same to be signed by.its Mayor-
Commissioner and City Manager and attested and countersigned by its
City Clerk, either manually or with their facsimile signatures, and the
corporate seal of said City or a facsimile thereof to be affixed,
impressed, imprinted, lithographed or reproduced hereon and the
interest coupons hereto attached to be executed with the facsimile
signatures of such officers, all as of the 1st day of January, 1978.
CITY OF CLEARWATER, FLORIDA
(SEAL)
ATTESTED AND COUNTERSIGNED
City Clerk
Approved as to form, sufficiency
and correctness
City Attorney
Mayor-Commissioner
City Manager
3%17/78 ~l•.
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9the City of ;?is?.•#,?y,*'
Clearwater, Florida, will pay to the bearer at
or, at the option of the holder at
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hereon in lawful honey of the United States of America, upon presenta-
tion and surrender of this coupon, being six months' interest then due
on its General Obligation Bond dated
19
NO
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CITY OF CLEARWATER, FLORIDA
(SEAL)
ATTESTED AND COUNTERSIGNED'
City Clerk
mayor-Commissioner
E •
City Manager
(To be inserted in coupons maturing after callable date:)
"unless the Bond to which this coupon is attached shall, have
been previously duly called for prior redemption and payment thereof
duly made or provided for."
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VALIDATION CERTIFICATE •
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This Bond is one of a series of Bonds which were validated
by judgment of the Circuit Court for Pinellas County, Florida,
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rendered on the day of , 1 978. ;
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Mayor-Commissioner
city C er City Manager
PROVISION FOR REGISTRATION
This Bond may be registered as to principal only in the
name of the holder on the books to be kept by the City Treasurer as
Registrar, or such other Registrar as may be hereafter duly
appointed, such registration being noted hereon by such Registrar in
the registration blank below, after which no transfer shall be valid
unless made by written assignment on said books by the registered
holder or attorney duly authorized and similarly noted in the regis-
tration blank below, but it may be discharged from registration by
being transferred to bearer, after which it shall be transferable by
delivery, but it may be again registered as before. such registra-
tion shall not restrain the negotiability of the coupons by delivery.
DATE OF IN WHOSE NAME SIGNATURE OF
REGISTRATION REGISTERED REGISTRAR
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SECTION 12. PLEDGE OF FULL FAITH, CREDIT AND TAXING
POWER. For the prompt payment of the principal of and interest on
the Bonds, the full faith, credit and taxing power of the City are
irrevocably pledged.
SECTION 13. LEVY AND APPLICATION OF AD VALOREM TAX. There
is hereby created a Sinking Fund to be held and administered by the
? s
a? s
+ m City solely for the purpose of retiring Bonds by purchase, redemption,
., t
' ' or payment at maturity from funds or proceeds of investments and pay-
ing interest thereon. In each year while any of such Bonds are
outstandin
there shall be levied and collected a tax
without limita-
g
,
tion as to rate or amount, on all taxable property within the City,
x' sufficient in amount to
pay into the Sinking Fund the Band Service
F
r' Requirement as the same shall become due. The proceeds of such tax
'ia s shall be deposited into the Sinking Fund to pay the principal of and
interest on such Bonds and any Mandatory Sinking Fund Installments
+' r as the same shall become due. Such tax shall be assessed, levied and-
collected in the same manner and at the same time as other City taxes
+
LL._ are assessed, levied and collected.
Upon the sale of any Term Bonds, the City shall, by resolu-
tion, establish the amounts and maturities of such Mandatory Sinking
Fund Installments for such Term Bonds. In the event the moneys de-
posited for retirement of a maturity of Term Bonds are required to
be invested, in the manner provided below, then the Mandatory Sinking
Fund Installments may be stated in terms of either the principal
amount of the investments to be purchased on, or the cumulative amounts
of the principal amount of investments required to have been purchased
by, the payment date of such Mandatory Sinking Fund Installment.
Mandatory Sinking Fund Installments deposited to the sink-
ing Fund shall be held in a special account therein (herein referred
to as the "Investment Account") and shall be used for the open market
purchase or the redemption of Term Bonds or may remain in said special
account and be invested until the stated date of maturity of the Term
Bonds and applied to the payment thereof. The resolution establish-
ing.the Mandatory Sinking Fund Installments for any Term Bonds may
limit the use of moneys to any one or more of the uses set forth in
:?s ?j•.3 -,'? '?; ????=?? t.,?,:'Ord.?• '$1765' . -13-
pie.. ?+?'i=?7y?. ?"j+,=r?•i't'T?t??rr ???:?'?I ,' `1 L "-; ., .i:'..
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the preceding sentence and may specify the type or types of invest-
ments permitted below to be purchased.
The funds and principal of investments in the Investment
Account shall be applied exclusively for payment of Term Bonds, by
purchase, redemption or payment at maturity, as applicable, for trans-
fer to the Sinking Fund to make up any deficiencies in required pay-
ments therein. .
The Issuer shall not be required to make any further pay-
ments into the Sinking Fund when the aggregate amount of money in
the Sinking Fund, is at least equal to the total Bond Service Require-
ment for all Bond Years of the Bonds then outstanding, plus the amount
of redemption premium, if any, then due and thereafter to become due
on such Bonds then outstanding by operation of the Investment Account.
The Issuer shall pay from the Sinking Fund all expenses in
connection with any such purchase or redemption.
SECTION 14. APPLICATION OF PROCEEDS OF BONDS. All moneys
received from the sale of the Bonds shall be deposited by the City
in a special account entitled "Construction Fund" in a bank or
trust company and applied by the City as follows:
A. All accrued interest on such moneys shall be deposited
in the Sinking Fund.
B. The City shall next use the moneys in said Construc-
tion Fund to pay all engineering fees, legal fees, fees of financial
advisors, costs of the issuance of the Bonds, and all other similar
costs incurred in connection with the acquisition and construction
of the project and the issuance of the Bonds to finance the
cost thereof.
The balance of the moneys remaining in the Construction
Fund after making all the deposits and payments provided for in
paragraphs A and B above shall be kept separate and apart from all
other accounts of the City, and the moneys on deposit therein shall
be"withdrawn, used and applied by the City solely to the payment of
the cost of the project, as hereinabove described and set forth.
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If for any reason such proceeds or any part thereof are not necessary
..for or are not applied to the payment of such cost, then the unappl.ied
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proceeds shall be deposited by the City in the sinking Fund, All
such proceeds shall be and constitute trust funds for such purposes.
The holders of the Bonds issued hereunder shall have no
responsibility for the use of the proceeds of said Bonds, and the use
of such Bond proceeds by the City shall in no way affect the rights of
such Bondholders. The City shall be irrevocably obligated to continue
to levy and collect the ad valorem taxes as provided herein and to pay
the principal of and interest on the Bonds notwithstanding any failure
of the City to use and apply such Bond proceeds in the manner provided
herein.
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SECTION 15. FUNDS. The Sinking Fund and the Construction
Fund shall constitute trust funds for the purposes provided herein for
such funds. The money in all such funds shall be continuously secured
in the same manner as state and county deposits are authorized to be
secured by the laws of the State of Florida.
Moneys on deposit in the Sinking Fund and the Construction
Fund (hereinafter created and defined) may be invested and reinvested
in Investment Securities maturing prior to the date on which the
moneys therein will be needed.
The cash required to be accounted for in each of the funds
and accounts described in this ordinance may be deposited in a single
bank account, provided that adequate accounting records are maintained
to reflect and control the restricted allocation of the cash on
deposit therein for the various purposes of such funds and accounts
as herein provided. The designation and establishment of the funds
in and by this ordinance shall not be construed to require the
establishment of any completely independent, self-balancing funds as
such term is commonly defined and used in governmental accounting,
but rather is intended solely to constitute an earmarking of certain
revenues and assets of the City for the certain purposes herein pro-
vided and to establish certain priorities for application of such
revenues and assets.
SECTION 16. MODIFICATION OR AMENDMENT. No material
modification or amendment of this Ordinance or of any resolution or
ordinance amendatory hereof or supplemental hereto may be made without' 'r
:.Ord'.', X1765 -15-. 3j17/78
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y? y'7; ,F,;•f, f..t•it. tF yx'"p?iy:t?;.'t`ii.?•... Y?•'. 'r r..• t,.
V i i'l. Y°F ?' li •'M"i? 1f SV. ? iii?i .. y .w 5 Il .l ` off, , i ,t
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C?11 the consent in writing of the holders of two-thirds or more in the
I
principal amount of the Bonds then outstanding: provided, however,
that no modification or amendment shall permit a change in the naturity
of such Bonds or a reduction in the rate of interest thereon or in
the amount of the principal obligation thereof or affecting the
promise of the City to pay the principal of and interest on the Bonds
as the same shall become due from the proceeds of the ad valorem tax
or reduce the percentage of the holders of the Bonds required to
consent to any material modification or amendment hereof without the
consent of the holder or holders of such Bonds.
SECTION 17. DEFEASANCE. If at any time, the City shall
have paid, or shall have made provision for payment of, the principal,
interest, Sinking Fund Deposits and redemption premiums, if any, with
respect to the Bonds, then, and in that event, all covenants and
pledges made in this Ordinance in favor of the holders of the Bonds
shall be no longer in effect. For purposes of the preceding sentence,
deposit of sufficient cash and/or direct obligations of the United
States of America or obligations fully guaranteed by the United States
of America ("Federal Securities") or bank certificates of deposit
fully secured as to principal and interest by Federal Securities,(or
deposit of any other securities or investments which may be authorized
by law from time to time and sufficient under such law to effect
such a defeasance), none of which permit redemption prior to maturity
at the option of the obligor, in irrevocable trust with a banking
institution or trust company, for the sole benefit of the bondholders
in respect to which such Federal Securities or bank certificates of
deposit, shall be considered "provision for payment". The principal
of and interest on such Federal Securities or bank certificates of
deposits shall be sufficient to make timely payment of the principal,
interest, Sinking Fund Deposits and redemption premiums, if any, on
the outstanding Bonds. Nothing herein shall be deemed to require
the City to call any of the outstanding Bonds for redemption prior
to maturity pursuant to any applicable optional redemption provisions,
or to impair the discretion of the City in determining whether to
exercise any such option for early redemption.-
`'' Ord:':;.#1765 `16" 3/17/78.
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? S.•9 .3 '7,l,. :'fit" r;??%?'??`???•. ,.. •s.^ t•. •?rr!, i.= ?(.? ?1 ? " ?. r ?`?. ??". t4•???r,;.l, fS`? `:t'?'t!.,?,ye?
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SECTION 18. SEVERABILITY OF INVALID PROVISIONS. If any
one or more of the covenants, agreements or provisions herein con-
tained shall be held contrary to any express provision of law or
contrary to the policy of express law, though not expressly pro-
hibited, or against public policy, or shall for any reason whatsoever
be held invalid, then such covenants, agreements or provisions shall
be null and void and shall be deemed separable from the remaining
convenants, agreements or provisions hereof or of the Bonds or
coupons issued hereunder.
SECTION 19. SALE OF BONDS. The Bonds shall be issued
and sold in such manner and at such price or prices consistent with
the Act, all at one time or in installments from time to time, as
shall be hereafter determined by the governing body of the City.
SECTION 20. VALIDATION AUTHORIZED. The City Attorney is
authorized and directed to prepare and file proceedings to validate
the Bonds in the manner provided by law.
SECTION 21. REPEALING CLAUSE. Ordinance 1720 and all
other ordinances or parts thereof of the City in conflict with the
provisions herein contained are, to the extent of such conflict,
hereby superseded and repealed.
SECTION 22. EFFECTIVE DATE. This Ordinance shall take
effect in the manner provided by law.
SECTION 23. Notice of the proposed enactment of this
Ordinance has been properly advertised in a newspaper of general
` circulation in accordance with Chapter 166.041, Florida Statutes.
PASSED ON FIRST READING March 2, 1978
PASSED ON SECOND AND
FINAL READING AND March 17, 1978
ADOPTED
Attest:
Deputy City ' Clerk
Ord.:.,#1765
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-Mayor-Commissioner
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CLEARWATER SUN
Published Daily
Clearwater Pinellas Count Florida
STA'TF:gFF[UIII[)A
a' ru 1 ' COUNTY OF PINELI.AS:
Ile-fore the undersigned authority personally appeared Cheryl J, Sedtak, who an oath says
thsl she Is the Legal Clerk of the Clearwater Sun, a dally newspaper published at Clearwater in
!t'
'or
Pinellas County, Florida- that the altarheYl copy of advert isemrnl, being a ............. . . . . . I •?_,..,,?. : 5 '
..............Notice .of passage. ....................... N.OTIC ?
In thr mailer ofj b
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' :k t Ordinance Not 1765 t;`;:f
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'9, ,,,pp11 ?; , . r4., }t1f1j1 .............. . ...... .. ...... . ............ . ... . .... t, was published in }.?.,. ?tv ....y. r? * e?? . + a,? + N1 ;
..; Y' °4 ,w, E ?. ? ?• ).r i :UnU Mf4.CE PROVID TIM
V .i
., Maid newspaper in the Issues of ..MAXI;h . 2A" .1.97$ ............................. . .... . GEN9 PAL•,- OBLIGATION ` I A TILE r ?
?: CI.EARWATER;' FIARWA'.? OT
................................ ................................................ &GORWA'o,` ?Qq h01t. p
STRUCTinarA4?QUFt3tNa ANp
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Affiant further sa s that the said Clearwater Sun is a newspaper uh!lahed at Clearwater, n TRAINAGE. AGILITIES IN THEC+Y'J+ler
X17`•' ?'' said Pinellas County, Florida, and that the said newspaper has heretofore been continuoual ,
y OTHER-PROVISIONS REa'IT(YC ,"-
published In said Pinellas County, Florida, each day and has been entered as second class mail I' r ::. " =:;•,: `'" ; ;
PEAI,IN{iOItDINANCE'17,40`PROVID {f'AN' Tr•:: _ ;.Ia?.'?j.
matter at the peat office In Clearwater, In said Pinellas County, Florida, for a period of one year
DATE; AND PROVII?INO FV[t PRO
next preceding the first publicatlon of the attached copy of advertisement; and afflant further POSED.]~NACI'ME1+'; ' c - " 1 f+;s °;;'t t;:'?,rlti'w; T?+` f ' f F` .:` `,`.v ,:° t }.;'•`.':',j?3? 1?? ; '
Pion that he has neither paid nor promised any person firm or corporation an disco nt, rebate, ` "' A
any PASSED ON FIRST-RA S )#.i lla! dI r.. ±,. i??VS
commission or refund for the purpose of securing this advertisement for publicat In the sold DINt3 , r; "
r"'•a4; t .} r". ry?r••to..,';Y ."' PASSED ON SDCONDPD: AND FINAL 1,..j,.' ,„',r;?.•. ;: • .?:,:;'i yet lx.,;y3a?•.?'ti
ti., ; r = J newspaper, r
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Sworn to and s uorcribed before me h? P6
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March ,...... tl/. Iy FittY c
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r,? . r i Ll Not¦ry Publ? ISSION EXPIRES MAV t? rrll + ^
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A
CLEARWATER SUN
Published Daily
Clearwater, Pinellas County, Florida
STATE OF FLORIDA
COUNTY OF PINELLAS:
Before the undersigned authority personally appeared Cheryl J. Sedlak, who on oath says
that she is the Legal Clerk of the Clearwater Sun, a daily newspaper published at Clearwater to
Pinellas County, Florida: that the attached copy of advertisement, being a ..................
.No:tica. a f . Proposed. EEiaatmej3 ............................. in the matter of
.4r4P.g1R!;q. # . ? M .......................................................... .
n*1Wey-X ....................... ...................... t, was published in
said newspaper in the Issues of ... X 41..1 X78 .................................
Atfiant further says that the said Clearwater Sun is a newspaper published at Clearwater, In
said Pinellas County, Florida, and that the said newspaper has heretofore been continuously
published In sold Pinellas County, Florida, each day and has been entered as second class mail
matter at the post office in Clearwater, in sold Pinellas County, Florida, for a period of one year
next preceding the first publication of the attached copy of advertisement; and affiant further
says that he has neither paid nor promised any person firm at corporation any discount, rebate,
commission or refund for the purpose of securing this ad ement for publication in the said
newspaper.
..........
Sworn`t'o and lubocrlbod before me
loin ......... 7 At Ax .. day ..1` F.Cr ,:... , A.D. ~ .. 7$
' f., : wotflRY. rttettc, STATE of noink M l?xtt
Notaryf bllc my 60MIAISXI0II EXPIRES MAY 1366 Jul
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"OIL GENERAL'OBLIGATION,I
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