HomeMy WebLinkAboutOrdinance No.01-1967MICROFlCMED s _ AMENDED
._ 3.13 -80
RESOLUTION /ORDINANCE NO. 1 -67
( Ac Amended)
A RESOLUTION /ORDINANCE PROVIDING FOR THE ACQUISITION
AND CONSTRUCTION OF CERTAIN STREET IMPROVENEIlTS IN
THE CITY OF CAPE CANAVERAL, FLORIDA; PROVIDING FOR
THE ISSUANCE OF NOT EXCEEDING $72O,000 PUBLIC IR-
PROVENENT REVENUE BONDS, SERIES OF 1966, OF SUCH
CITY TO PAY THE COST OF SUCH PROJECT; PROVIDING FOR
THE RIGHTS OF THE HOLDERS OF SUCH BONDS; PROVIDING
FOR THE PAYMENT THEREOF; AND RAKING CERTAIN OTHER
COVENANTS AND AGRMENTS IN CONNECTION WITH THE
ISSUANCE AND SALE OF SUCH BONDS.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CAPE
CANAVERAL, FLORIDA:
SECTION 1. AUTHORITY OF THIS RESOLUTION /ORDINANCE.
This Resolution /Ordinance is adopted pursuant to Chapter 63 -1197,
Laws of Florida, Special Acts of 1963, as amended and supplemented
and other applicable provisions of law; however, this Resolution/
Ordinance shall only be adopted by the City Council of the City
of Cape Canaveral, Florida, upon and after two (2) readings.
This Resolution /Ordinance shall be subsequently referred to
as a Resolution herein.
SECTION 2. FINDINGS. It is hereby ascertained, determined
and declared that:
A. It is necessary for the continued preservation of the
health and welfare, convenience and safety of the City and its
inhabitants to provide for certain street improvements in the City,
including the repair, grading, paving, widening, guttering, hard
surfacing and draining of certain streets, (hereinafter called the
"project "), in accordance with certain plans and specifications to
be prepared by Briley, Wild S Associates, Consulting Engineers of
the City.
B. Pursuant to Chapter 210, Florida Statutes, the City
did under date of June 19, 1962, enact Ordinance No. 2 -62 levying
a tax upon each and every sale, receipt, purchase, possession,
consumption, handling, distribution and use of cigarettes within
the corporate limits of the City, (hereinafter called "cigarette
tax ").
MICROFILMED
3 -13.80
C. Part o:i .,:c cost o_ ccnzt::uc on G. aaid ,rG;cct
a..
zg,.rcatc ..mount o; not Ls.. ,...an $5 :5. 000 will be ced
and _Jvicd acai.,_, the lands and cztatc to nc zpociaiiy
....._cby in the 'manner provided by law, and t..,.t .,aid
,ccia_ ..,...s..,,,cnt "ro not ?1Jd,,:d or c ncurioa_cd is any r..anno -.
D. proceed _rom tha c' garotte .ax are not now
?icdged or encucbJrad in any manner.
2. The proceeds o4 the cigarette tax, together with
...c ?rocacds of said special ........,,sc.c:.ts, will be su:_icicnt
to _ay all of the principal 0: and int.._....t 01-1 the revenue bonds
to be ssued pursuant to this _Qzo!,.._..n a::d to r,.akc a__ reserve,
Z_..,._ng -,.nd or othar payments ?rovidad !or ......._n.
r. TI..o ?rirci ?a_ o_ and _...c_..... on such _evanaa
Jonds ,.nG a._ J_..k_ng _-une, _,.....rvJ and dt...._ ,ay::..... provided
for In _. _solution ....all ya.._a sol-_y __cm n. ,rocaeds
o' n.- cigar...... .ax and s?ccial as ?rovlcad.
_ac city s..ail ncvar _cc: _avy to valorc.. ta.,az on
any =ro? _ty t..c_a_n to pay ... _ _.. _ and intarazz cn
_Jvcn..e .-ones or to ,..a.._ any G ,.... __serve, zincing fund
cr czcc_ ,aymanc ,_ovi..cd _o_ in _.._- _....o_.._,,.. and Jack _cve-
nao _.., nd., J....11 nOt Conz'lzuze ' _c.. l: ?cn any pro? ty 0! or
in tha City.
..G:: no= C ?. - ...._.. ncr':.y a.. .:Jr_ -�... co nst_,...ion
J_ tfe prod ... pu_.uant to t.. ?1....., and spec --
0 nmlcv, ¢ji id
canzu ^.g .:gi :eCr , . -.. ly on _ilJ n_... the City C_.._%.
_.:C ..J_. 0-- _.:C ,rO,j,eC , in ..'.Jd" to .,... _art..
MICROFILMED �-
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....rvcy , ..c o: fiscal a,cn: , ._ra:,ci «1 advise:.. or cca- .
inistrativc.es:?anzcz relating zo' -.:ly to the cc-..-
..truction and acquisition OZ i' c ?- ojcct. _.: crezz upon. the
:avenue bondz during the conztruction'o:: 0 project; the crow-
-ion a:.tabl_.,..r..nt of rcazonablc rcccwez 8er debt service;
«.... such otnJr ax
ponses as .. ^..y ;ao nocossary or incidental to
tra t_nauiag authorized by this resolution and the construction
and ac;uisition 05 the project authorized by this resolution
,.nd the n,_ ng o: sar,.e in opa_ «Lion.
Sz -OS 4. DZ?ISI:IOSS. The collewing terms in this
_czolution .,.all have the iollcwirg r a...ags, unless the text
othorwizo expressly requires:
A. "City" Shall scar. tha City 04 Ca?e Canaveral,
?lor_aa
B. 'pct s.,ajj neat. Cn _ z_ 0. -1157, Laws o:
. lorida, : aci_ _ Act.. 0_ '_903, a.. a ............. and
C. Bones" sY. «a reap t..a :un L' c I ?rovr,,.ent Revenue .
series o: '_905 ..ttaored to ne _Zzuce _ _zuanz to this
....zol -Lion and tae irterazt co ?on- z zached to sue .Bona-,
toe ,etacr wit.. any additional parity ob'__, Hors ..oa..Et.._ issued
u nde_ taa ter..- conditions and limizatio= conta_nad in this
_esOlut_en.
• c.-.._ c_ Ben.... m• ..ore :.mitt.._ or ay .._ i1a_
z.. _ ..,..an -..y »J_zJ.. �rrO �..a11 n.. t.._ be or owne-
z. o:
Load Or nondz, _eg'"LCrad to Jt. «_c_ Or not .egi term. , Or
0t-mcr OC any .,t.... zoos or nonaz w: ah -.tall at
t..a t_..... ..t. _ �_- .tint. other t.ar to'zoar._, or t..t bc.._.._ Of
:y ..GL' ?o:.« _ t.3 Crti:lg _..LCrt...t aCC_..w Or LO «CCrt.. v.. Said
Lent._.
to ....a__ ...t.a.. t.. proccc
t.... .._ �, to a.. 'Time �J
.. 3 -13.80
MICROFILMED
ccnzw:)tion, ha.7d'__aC, distrI.Lution and use of clOarcttas .._ it. in
the co ;norato 1lmitz of the City under the authority of Charter
210, Florida Statutes.
F. "Special Azzez..mcnts" --hall raoan all the proceeds
derived from special aszcsamentz to be levied a3ainat the lands
and real estate to be specially benefited by the constructiGn
of the project authorized by this resolution, includiro interest
on zuea special assessments, penalticz therofrom. and the proceeds
fro:a the sale of any land or real estate sold or foreclosed in
co:mcction with such special azessnonts.
G. "Dapozitory" shall ncan a ban'.: or b=.._ „ institution
to be subzccucntly ramcd and desiZnatod by resolution of the
City Council of the City of Care Canaveral, Florida.
X. "Fiscal year" ah,�ll :...:17 the pericd co.- ^encirg on
October 1 of each year and ondinZ on t:lc succeedinS Saptctber �'0.
I. t.Iords nport�n� u'a_ number shall 'include the
plural number in each case and vice versa, and irords importing
persons zhall include fi=: and cc__ orations.
S C:•IOx 5. CO 34C?. In
cons,.dera,.ion of the ace::. "ao of ,;,.,.a Bonds authorized to be
iz....ed hereunder by tY.oso •: o ....all hold the ..._•.o from .a to
time, this razolution shall be dcamod to ba and shay_ conzt_tut0
contract bett•:cen the City and such holders. ze covenants and
roemantz herein set forth to ba narformed by the City shall be
for tha ceual benefit, pratacticn and security of the leZal holders
of any and all of such bonds anc t e coupons a„ tach ad t..oreto, al'_
cf %shish shall be of equal r and without prefarance, priority
or distinction of any of t' -!- Bc ndz Or coupons over c_.y other
ttorcof, e::ccpt = e: _arc Sl ovided tha-ain and herein.
^.2- -:d o. P.0 _u.I- _Z;'?_C:: OF BO::�S. Subject and pursuart
to the provizicnz of this -..solution, ob1 ion., of the City to
e k nc:m az "?public Ir.:rrove:::ant .'.oven uc :, d
.. s, Series of 1960
herein zeactimes rofcrrcd to a.. " :cadz" ..-a ho:oby
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MICROFILMED
a,t%o=-,*=od to be issued in the aggregate principal amount of
not exceeding seven Hundred r.1wenty Thousand Dollars (;720,000.00).
SzCT--ON 7. DESCR12TION OF BOrDS. :ao Banda shall be
dazed , :ay 1, 1966; shall be numbered consecutively from and
shall be in the denomination o-- ;1,000 or ;S,CCO cach;
....all bear interest at such rate or rates not excoodinrj the
rz.ax- . .. . a.-a rato fixed by the Act or by other applicable law, such
4-
..zorazt to be payabla semi - annually May I and Novamber 1 of each
year, and shall mature in numerical order, lowest numbers first,
on
y I in such year or years, not exceeding, nchaver, thirty
30 ) yearz from date in such amo-ta ea shall oa suozecuontiy,
determined by the city. Council prior to the sale G-4 the Bonds.
such nonds shall be issued in coupon form: ahall be
payable with respect to both principal and interest at a 'Dank
or banks to be Subsequently dcZarmincd by taa City prior to the
-.._-vary of the Bonds; 3*,'%--'-"- be in lawful money of
,,.._Zed Stat04 Of America; and shall Lear 4ntOrcSt from their date,
:,aya;01-0 in accordance with and upon surrender 04. the appurtenant
interest c"?ons as they Severally ma*cura.
S"-CTION S. v-YECUT:ON OF --O%-;)S A%D COU20NS. The Bonds
....all "-a executed in the name of t-aa City by zha XaYor ana
end attested :,Y t -
.-,a City Clark, and its corporate
or a --acsinila therco-- be a-1-4ixod thereto Or repro-
duced thereon. The 4-aczimilc Lisnatura 02 the 'Nayor or the
City Clark may bQ inprintcd or rc?=o6uccd on ti-.a Bonds, provided
az 1_cant one r red to be placed thereon shall
-..anuajjy su'zLcri'rIcd. In care any one or. more 04- z..Q officers
.Cvc z-'qncd or accred any 02 the Bonds shall cease
Zo D.. .;uc'- officer a=- the City bo-2-o=a the Bond:: jo signed and
zolca and ecliveza, auc'.. Bonds
zold and as prov14cd
Lz i-2 t".c -'araon w:.o .;Calf juclh Bonaz
r'Y 3.13.80
MICROFILMED
.:ad nOt ceased to hold such office. Any Bond may 'so signed and
zcalcd on behalf of the City by such person who at the actual
time of the execution of such Bond shall hold the proper office
in t..o City although at the date of such Bond such person may
not l:avo hold such office or nay not have been so. authorized.
:ho coupons attached to the Bonds shall be authenticated
wltth the facsimile signatures of any present or future xayor .
and City Clerk of said City, and the validation certificate on
the Bo::da shall be executed with the facsimile signature of
tnc .:ayor. :he city may adopt and use for such purposes the
racair.,ile signatures of any persons who shall have been such
:ayor and clerk at any tire on or after the date of the Bonds
:cttaithstandirg that they may have ceased to be such officers
at the tire such Bonds shall be actually sold and delivered.
S= C^: -OS 9. NEGOTIABILITY A\.) ,Z'- OIS ^_.'2A? -0:. :%Q
zondz -.cued hereunder shall be, and shall have all of the
cualitics and incidents of negotiable instruments under the
_aw merchant and the Laws Of tao State of Florida, and each
4uccczzive holder, in accepting any Or such EOndz Or the coupons
app"_taining thereto, shall ..e conciuzivaiy dacred to have
agreed that such Benda , :,.11 and have all of the qualities
and incidents of negotiable i:ztrumentz under the taw merchant
and the Laws Of the State Of Florida.
.a.. Bonde, may be rcgi tercd at the option Of the
..older as to principal only at the Offica of the City Clerk,
such _cgi t_.a_on to be noted on the back o: the
:std.; in space provided tharefOr. After such registration
a., to _ ncipal only, no t.anzfer of the Bonds ....all be valid
,..._e -..
made at zuch Office by written a"ignmcnt of the .cgi -
Or :,y hi.; duly aUtaOri:..... attOrney in a fOrn
..:.__...ac;'.ry to t..e 1::; t_.._. an'" aiml_:.. _y n Otad on the BO nd ,
c..a ..Cnd.: ,.ny w.. .....:ch .:rc:a 7i4tratlo; by � in
ty
,..a_ t_an..fcrrcd to bearer and thereupon trar•:,_..rabili
....,.
3.13.80
MICROFILMED
by delivery s`.al'_ be restored. At the option of the holder,
the Bonds may therca -'ter again from tire to tire be registered
or transferred to bearer as before. Such rogistratiop as to
principal only shall not affect the negotiability of the coupons
which shall continue to pass by delivery.
SECTIO3 10. BO \DS MUTILATED, DESTROYED, STOLE:: OR
LOST. In case any Bonds 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 lice
tenor as the Bond and attached coupons, it any, so mutilated,
dostroyed, stolen or lost, in exchange and substitution for
such mutilated Bond, upon surrender and cancellation of such
mutilated Bond sad attached coupcns, if any, or in lieu of and
substitution for the Bond and attached coupons, _: any, destroyed,
.,to_..n or lost, and u?oZ, the :.older _.._.._s.._ng the City ; roof
of hiz ownership thereof and .,ati: factory indemnity and complying
w_th sueh ot...._ reasonable _e,ulatio and condi r ons as the
C ty may prescribe and paying sue: : ..ZaS as the City may
..- Bo nd on.n... so surrendered shall be cancelled
:,y tn., City Council of the city. .2 any such Bonds or coupons
s all have matured or be a:.out to m.,aturc, instead of issuing
a substituto Bond or coupon, the City may pay the same, upon
o-cing _nco.al'_od as afores..id, and if such Bond or coupon be
lost, stolen or destroyed, without surrender t'acreof.
Any such duplicate Bonds and coupons issued : rsuant
to tn... ..ccticn shall constituta Original, additional cor.trac-
. --_ ob'_i,a son., on the part o2 .ha City whether or not the
lozz,
.ao'can or destroycd Boncs or coupons ba at any t_ma found
:,y anyone, and ..uch duplicate Bonds and coupons hall be .,titled
.., cca-_ and p: spa. tic:.a.. ........._c.. and ,ins as to lion On
_.... ..c..rcc a.... ..ccu__ty for payr.cnt.:.rom . nc fund ... he_cin-
_r . -� cc, to th.2 same cxtQnc all other Bono., and cou. ...,
__..,.cd hcrCUndcr.
-7-
Qi_ MICROFILMED 7_
3.13 -80
SECTION 11. PROVISIONS FOR REDEMPTION. The Bonds
maturing in the year 1973 and thereafter to and including the
year 1980 are redeemable by operation of the Sinking Fund, as
hereinafter provided, prior to their respective stated dates of
maturity, in whole or in part, in numerical order, if, less than
all, on May 1, 1972, or on any interest payment date thereafter
at par and accrued interest to date of redemption and a premium
equal to two per centum (2p) of the par value thereof, if re-
deemed in the year l972; such premium to be expressed in per-
centages of the par value thereof, shall be reduced at the rate
o£ one- quarter of one per cent (1/4 %) on each May 1 thereafter;
provided, however, that such premium shall never be less than
one per cent (1 %). The Bonds of said issue maturing in the
year 1977 and thereafter are redeemable from any funds made
available for such purpose other than by operation of the Sinking
Fund, prior to their respective stated dates of maturity at
the option of the City, in whole or in part, but in inverse
numerical order, if less than all, on May 1, 1976, or on any
interest payment date thereafter at par and accrued interest
to date of redemption and a premium equal to three per centun
(3%) of the par . value thereof, if redeemed in the year 1976;
such premium to be expressed in percentages of the par value
thereof, shall be reduced at the rate ofor.2-cluartarof one per
cent (1/4 %) on each May 1 thereafter; provided, however, that
such premium shall never be loss than one per cent
Notice of such redemption (i) shall be published at
lc:s t thirty (30) days prior to the redemption date in a financial
journal published in the Borough of Manhattan, City and State
of ::ew York and in a newspapor of general circulation in the
City, (ii) shall be filed with the paying agents, and (iii)
ol-all be mailed, postage prepaid to all registered owners of
-B-
MICROFILMED
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Fonds to be rodccmcd at their addresses as they appear on the
registration books hcrcinbc2ore provided for.
SECTION 12. CITY ATTOaNE`l. The City Attorney shall
certify on the face of each Bond that such Bond and the attached
coupons have been approved by him as to form and correctness.
SECTION 13. FOXX OF BONDS AND COUPONS. The Bonds,
...c 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 desirable and authorized or permitted by this resolution
or in any subsequent resolution adopted prior to the issuance
thcreof
So. $
UNITED STATES OF A?.ERSCA
STATE LOa: A
COUNTY OF BREVE":
CITY OF CAPE CANAVZ.AL
PUBLIC I:<'ROVE }:ENT RL'12NUE BOND
SERIES OF 19GG
KNOW ALL i.EN BY PRESENTS that the City of Cape
Canaveral, Florida, (hereinafter called "City "), for value•re-
ceive , hereby promises to pay to the bearer, or if this Bond
ba registered, :to the rogisrerad :older as harein provided On
the f- str day of %ay, 19_ from tna special funds hereinafter
mentioned, the principal sum of
TiiOUSAND DOLLARS
w_th interest thereon at the rate of
per ccntum ( SL) per annum, payable Se-M-4-
annually on the first day of ,:ay and the _ -_..t day of November
cac year upon the presentation and surrender 02 the annexed
Co U2 nz az they zcvcra'ly fall due. Sot: principal o: and
on t.._.. Bond are payable in _....ful money of the United
zzat.;Z Of ,.ma ica at _
-0-
MICROFILMED O
3.13.80
or, at the option of the holder at
This Bond is one of an authorized issue of Bonds in
t..o aggregate principal amount of $720,000 of like date, tenor
and affect, except as to number, interest rate and date or
maturity, issued to finance the cost of the constructoa and
acquisition of certain street improvements in the City under
the authority of and in full compliance with the Constitution
and Statutes of the State of Florida, including particularly
Chapter 63 -1197, Laws of Florida, Special Acts of 1963, as
amended and supplemented, and other applicable provisions of
law, and a resolution duly adopted by the City on the 21st
day of February , 1967, (hereinafter called "Resolution "),
and is subject to all the terms and conditions of such Resolution.
This Bond and the coupons appertaining thereto, are
payable solely from and secured by a prior lien upon and pledge
of the proceeds of the cigarette tax collected by the City pur-
suant to Ordinance No. 2 -62 enacted by the City oa June 19
1962 , levied upon each and every sale, receipt, purchase, pos-
session, consumption, handling, distribution and use of cigar-
ettes within the corporate limits of the City under the authority
of Section 210.03, Florida Statutos; and from the proceeds of
special assessments, as definod in the Resolution, levied on
the lands and real estate specially benefited by such street
improvements in the City in the manner provided in the Resolution.
The Bonds maturing in the year 1973 and thereafter
to and including the year 1920 are redeemable by operation of
.ho Sinking Fund, as hereinafter provided, prior to their re-
:ective Mated dates of maturity, in whole or in part, in
:ur,.nrical order, if less than all, on may 1, 1972, or on any
- merest payment date thereafter at par and accrued interest
O� MICROFILMED
3.13.80
to date of redemption and a premium equal to—two per centum
(2 %) of the par value thereof; if redeemed in the year 1972;
such premium to be expressed in percentages of the par value
thereof, shall be reduced at the rate of one - quarter of one per
cent (1/4 %) on each may 1 thereafter; provided, however, that
such premium shall never be less than one per cent (1 %)• The.
Bonds of said issue maturing in the year 1977 and thereafter
are redeemable from any funds made available for such purpose
other than by operation of the Sinking Fund, prior to their
respective stated dates of maturity at the option of the City,
in whole or in part, but in inverse numerical order, if less
than all, on may 1, 1976, or on any interest payment date there-
after at par and accrued interest to date of redemption and
a premium equal to three per centum (3 %) of the par value
thereof, if redeemed in the year 1976; such premium to be
expressed in percentages of the par value thereof; shall be
reduced at the rate of ore- quarter of one per cent I (1/4 %) on each .May 1
thereafter; provided, however, that such premium shall never
be less than one per cent (1 %).
Notice of such redemption shall be given in the manner
required by the.Resolution.
This Bond does not constitute an indebtedness of the
City within the meaning of any constitutional, statutory or
charter provision or limitation, and it is expressly agreed
by the holder of this Bond and the coupons appertaining thereto
that such holder shall never have the right to require or compel
the exercise of the ad valorem taxing power of the City for the
payr..ent of the principal of and interest on this Bond or the
g of any sinking fund, reserve or other payments provided
for in the acsolution.
-11-
-•- MICROFILMED ®�
3.13.80
It is further agreed between the City and the holder
of this Bond that this Bond and the obligation evidenced thereby
shall not constitute a lien upon property of or in the City,
but shall constitute a lien only on the cigarette tax and special
assessments in the manner provided in the Resolution.
The City, in such Resolution, has further covenahted
and agreed with the holders of the Bonds of this issue to levy
and collect such cigarette tax and special assessments at such
rates and amounts not exceeding the maximum rate and amount
permitted by law, to the extent necessary to pay, and out of
such funds pay . as the same shall become due, the principal :of
and interest on the Bonds of this issue, all other Bonds payable
on a parity therewith and all reserve, sinking fund, or other
payments provided for in the Resolution and that the rates o£
such cigarette tax and the amount of such special assessments
shall not be reduced so as to be insufficient to provide funds
for such purposes.
It is hereby certified and recited that all acts,
conditions and things required to exist, to happen and to be
performed precedent to and in the issuance of this Bond, exist,
have happened and have been performed in regular and due form
and time as required by the Laws and Constitution of the State
of Florida applicable thereto, and that the issuance of this
Bond, and of the issue of Bonds, of which this Bond is one,
does not violate any constitutional, statutory or charter limi-
tations or prov= ::ions.
Ti-.J:; Lend, and the coupons appertaining thereto, are
and have all the qualities and incidents of a negotinble inst ^.N^
r..ent under the law merchant and the Laws of the State of Florida.
.._s Bond may be registered as to principal only in
accordance with the provisions endorsed hereon.
_ly_ .
>�! MICROFILMED
3.13.80 -
IN WITNESS l•7HEREOF, the City of Cape Canaveral, Florida,
has issued this Bond and has caused the same to be signed by the
manual or facsimile signature of its Mayor and the corporate
seal of said City or a facsimile thereof to be affixed, impressed,
imprinted, lithographed or reproduced hereon and attested and
countersigned by the manual or facsimile signature of its City
clerk, and has caused the interest coupons hereto attached to
be executed with the facsimile signatures of such Mayor and
City Clark all as of the 1st day of May, 1966. �
CITY OF CAPE CANAVERAL, FLORIDA
By
Mayor
(SEAL)
ATTESTED AND COUNTERSIGNED: `
City Clerk
The foregoing Bond and attached
coupons have boon approved by me
as to form and correctness.
FORM OF COUPON
City Attorney
No. $
On the 1st day of 19_, the City
of Cape Canaveral, Florida will pay to the bearer at
or, at the option of
the holder, at
from the special funds described in the Bond to which this
coupon is attached, the amount shown hereon in lawful money
of the United States of America, upon presentation and surrender
of this coupon, being six months' interest then due on its Public
-13-
MICROFILMED
3.MA
Improvement Revenue Bond, Series of 19GG, dated pay 1, 1966,
No.
CITY OF CAPE CANAVERAL, FLORIDA
By
Mayor
(SEAL)
ATTESTED AND COUNTERSIGNED
By
City Clerk
(To be inserted in coupons maturing after callable date)
"Unless the Bond to which this coupon is attached
shall have boon previously duly called for prior redemption and
payment thereof duly made or provided for."
VALIDATION CERTIFICATE
This Bond is one of a series of Bonds which were vali-
dated and confirmed by decree of the Circuit Court of the Ninth
Judicial Circuit of the State of Florida, in and for Brevard ,
County, rendered on the day of
1967.
mayor
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 Clerk
as Registrar, or such other Registrar as may be hereafter duly
appcinted, such registration being noted
hereon by such Registrar in the registration blank below, after
which no transfer shall be valid unless made by.written assign-
ment on said books by the registered holder or attorney duly
authorized and similarly noted in the registration blank below,
but it may be discharged from registration by being transferred f
-14-
r.,.. . .,
MICROFILMED
3.13 -80
to bearer, after which it shall be transferabltrb7 delivery,
but it may be again registered as before. Such registration
shall not restrain the negotiability of the coupons by delivery.
DATE: OF IN WHOSE NAME SIGSAT'JRE OF
REGISTRATION REGISTERED REGISTRAR
SECTION 14. BONDS NOT DEBT OF CITY. Neither the.
Bonds nor coupons shall be or constitute general obligations
or indebtedness of the City as "bonds" within the meaning of
Section G, Article IX, of the Constitution of Florida, but shall
be payable solely from and secured by a lien upon and pledge*
of the special funds as herein provided. No.holder or holders
of any Bonds issued hereunder or of any coupon appertaining
thereto shall ever have the right to compel the exercise of the
ad valorem taxing power of the City or taxation in any form of
any real property therein to pay such Bonds or the interest
thereon or be entitled to payment of such principal and interest
from any other funds of the City except from the special funds
in the manner provided herein.
SECTION 15. PLEDGE OF CIGARETTE TAX. The payment of
the debt service of all the Bonds issued hereunder shall be
secured forthwith equally and ratably by a pledge of and a prior
lien upon the proceeds received by the City from the cigarette
tax, as hereinafter provided, and the City does hereby irrevoc-
ably pledge such funds to the payment of the principal of and
interest on the Bonds and to the payment into the Sinking Fund
and Reserve Account at the times provided of the sums required
to secure to the holders of the Bonds the payment of the prin-
cipal of and interest thereon at the respective maturities of
the Bonds. -15-
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3.13.80 _
SECTION lu. PLEDGE OF SPECIAL ASSESSMENTS. The pay-
ment of the debt service on all the Bonds issued hereunder shall
also be secured forthwith equally and ratably by a first lien
on the proceeds of any and all special assessments levied pur-
suant to law on the lands and real estate specially benefited
by the construction of such project. Such proceeds from said
special assessments are hereby irrevocably pledged to the payment
of the principal of and interest on the Bonds herein authorized
as the same become duo. Interest upon the unpaid balance of
such assessments shall be fixed at a rate not less than two per
centun (2%) higher than the average coupon rate for the Bonds
not, however, to exceed the maximum rate permitted by law.
SECTION 17. COVENANTS OF THE CITY. For as long as
any of the principal of and interest on any of the Bonds shall
be outstanding and unpaid or until there shall have been set
apart in the Sinking Fund, herein established, including the
,Reserve Account therein, a sum sufficient to pay when due the
entire principal of the Bonds remaining unpaid, together with
interest accrued or to accrue thereon, the City covenants with
the holders of any and all Bonds as follows:
A. CIGARETTE TAX TRUST FUND. All Of the proceeds
of the cigarette tax, as defined herein, as soon as the same are
collected by the city, shall be forthwith deposited into a fund
known as the "Cigarette Tax Trust Fund" hereby created and
established with the Depository.
D. ASSESSMENT FUND. All of the proceeds of the
special assessments, as defined herein, as,zoon as the same are
collected by the City, shall be forthwith deposited into a -fund
known as the "Assessment Fund Number One" hereby created and
established with the Depository. All monies doPoaited into such
,Fund shall be immediately transferred into the Sinking Fund,
hereinafter established.
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O^ - ft.*f -CROFILMED ��•'�
C. SINKING FUND. The City will establish and maintain
with the Depository, so long as any o£ the Bonds are outstanding,
a fund to be known as the "Public Improvement Revenue Bond Sink-
ing Fund ", hereinafter called "Sinking Fund ", to be used exclu-
sively for the purpose of paying principal and interest on the
Bonds and for-making replacements for withdrawals from the Re-
serve Account hereinbelow established. In addition to such re-
quired transfers into said Sinking Fund from the "Assessment.
Fund Number one" hereinabove established and the "Cigarette Tax
Trust Fund" hereinabove established, there shall be deposited
into the Sinking Fund all interest earned on investments made
from monies on deposit in the Reserve Account. In addition,
there shall be deposited into the Sinking Fund all accrued interest
received from the sale of the Bonds plus an amount equal
to one year's interest to become due on such Bonds to
be applied from the proceeds of the sale of the Bonds,
such latter sum being the amount estimated to be required for
the payment of interest on the Bonds (or on temporary loans made
in anticipation of the sale of the Bonds) during the period of
construction of the Project. If the amount of money on deposit
in the Sinking Fund plus 90 percent of the special assessments
and interest thereon to be collected during the following twelve
months exceed the principal and interest to mature on the Bonds
during the following twelve months, then such amount in excess
of this will,be used to provide .or any withdrawals or deficien-
cies in the Reserve Account. If there are insufficient funds
in the Sinking Fund to restore any deficiency in the Reserve
Account, the first available proceeds from -the Cigarette Tax
Trust Fund will be used to restore the Reserve Account to its
required amount, after providing for any current payments into
the Sinking Fund for principal and interest. If the Reserve
Account is at its required amount, and if the amount of money
in said Sinking Fund plus 90 percent of the special assessments
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® MICROFILMED
3-13-80
and interest income thereon to be collected during the following
twelve months exceed the principal and interest coming due on
the Donds during the following 24 months, then such excess of
monies will be termed "Surplus M.onics in the Sinking Fund" and
will be used to call Bonds in numerical order Of maturities,
as provided in the redemption provisions.
D. RESERVE ACCOUNT. The City will establish and main-
tain with the Depository, so long as any of the proposed Bonds
are outstanding, a fund to be known as the "Reserve Account ".
Into said fund there shall be deposited from the proceeds of the
sale of the Bonds, the sum of $25,000. monies on deposit in
said Reserve Account shall be used only for the payment of prin-
cipal and interest on the Bonds, but only if funds on deposit
in the Sinking Fund are insufficient therefor.
E. APPLICATION OF CIGARETTE TAX. If at any time the
amount of money on deposit in the Sinking Fund plus 90 percent
of the special assessments and interest income thereon to be
collected in the following twelve months are less then the prin-
cipal and interest coming due on the Bonds during the twelve
months, equal monthly deposits shall be transferred from the
Cigarette Tax Trust Fund to the Sinking Fund to provide for such
deficiencies. After providing for these payments. if any, and
after providing for any withdrawals or deficiencies that may
exist in the Reserve Account, tho balance of funds remaining
in the Cigarette Tax Trust Fund may be remitted each month to
city for its use for any lawful purpOSO. In addition to
any transfers to tho Sinking znd as .acvircd above,
__ _... :....._ =Te9 e =4a t:iq E= 5-rc..,. ..... .rus. ...a8 .� 4a Sinking
runa, Lovinnlnu May 1, 107: and continuing each month thereafter
so long as any of the Bonds are outstanding, the sum of $1,100
per month.
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3.13.80
F. INVESTMENT OF FUNDS. The Cigarette Tax Trust Fund,
Assessment Fund, Sinning Fund, and Reserve Account shall consti-
tute trust funds for the purposes provided herein for such funds.
The monies in such Funds shall be continuously secured in the
same manner as state and municipal deposits are required to be
secured by the Laws of the State of Florida. monies in the Sink-
ing Fund may be invested and reinvested in direct obligations
of the United States of America or in time deposits in banks
or trust corpaniea represented by certificates of deposit and
continuously secured, as above provided, maturing not later than
the date on which such moneys will be needed to meet the purposes
for which such monies are held. +The monies in the Reserve Account
may be invested and reinvested only in direct obligations of the
United states of America or in time deposits in banks or trust
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A MICROFILMED
3.13 -80
companies represented by certificates of deposit and continuously
secured, as provided above, maturing not later than ten (10)
years from the date of such investment. The monies in the Cigar-
ette Tax Trust Fund and Assessment Fund shall not be invested
at any time. All income on such investments shall be deposited
in and become a part of the Sinking Fund.
G. LEVY OF CIGARETTE TAX. The City will not repeal
the ordinance now in effect levying the cigarette tax and will
not amend or modify said ordinance in any manner so as to impair
or adversely affect the power and obligation of the City to levy
and collect such cigarette tax or impair or adversely affect
in any manner the pledge of such cigarette tax made herein or
the rights of the holders of the Bonds. The City shall be un-
conditionally and irrevocably obligated, so long as any of the
Bonds or the interest thereon are outstanding and unpaid, to
levy and collect such cigarette tax, at the maximum rates per-
mitted by law, to the extent necessary to pay the principal . of
and interest on the Bonds and to make the other payments provided
for herein. This provision shall not be construed to prevent
reasonable revisions of the rates of such cigarette tax as long
as the proceeds of such cigarette tax to be collected by the
City in each year thereafter, together with the special assess-
ments, will be sufficient to pay the principal of and interest
on the Bonds becoming due and to make all Sinking Fund, Reserve
Account and other payments required by this resolution in such
year.
H. CIGARETTE TAX NOT SU=CT TO 1122ZAL. The
has full power to irrevocably pledge such cigarette tax to the
payment of the principal of and interest on the Bonds, and the
pledging of such cigarette tax in the manner provided herein
shall not be subject to repeal, modification, or impairment by
any subsec,vent ordinance, resolution, or other proceedings of
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�r MICROFILMED
3.13 -80
the governing body of the City or by any subsequent act of the
Legislature of Florida.
The pledge of the cigarette tax made in this resolution
shall be for the benefit of any additional obligations payable
on a parity with the Bonds from the proceeds of the cigarette
tax to the same extent as if such additional parity obligations
had been originally issued pursuant to this resolution.
I. DOORS AND RECORDS. The City shall also keep books
and records of the collection of the cigarette tax and special
assessments hereinabove described, which such books and records
shall be kept separate and apart from all other books, records
and accounts of the City and any holder of a Bond or Bonds shall
have the right at all reasonable times to inspect all records,
accounts and data of the City relating thereto.
J. ENFORCEMENT OF COLLECTIONS. The City will dili-
gently enforce and collect or cause to be enforced and collected
all cigarette tax and special assessments and will take all steps,
actions and proceedings for the enforcement and collection of
all such taxes which shall become delinquent to the full extent
permitted or authorized by law.
R. REMEDIES. Any holder of the Bonds or any coupon
appertaining thereto, issued under the provisions of this resolu-
tion or any trustee acting for the holders of such obligations
may either at law or in equity, by suit, action, mandamus or
other proceedings in any court of compotent jurisdiction, protect
and enforce any and all rights, including the right to the
appointment of a receiver, existing, ur....._ oc
of Florida, or granted and contained in t:.is resolution, and
may enforce, and compel the performance of all duties required
by this resolution or by any applicable statutes to be performed
by the city or by any officer thereof, including the collection
of cigarette tax and special assessments.
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® MICROFILMED
3.13.80
Nothing herein, however, shall be con`stru'ed to grant
to any holder of such Bonds any lion on any roal proporty of
the City.
L. ISSUANCE OF OTHER OBLIGATIONS. The City will not
issue any other obligations, except under the conditions and
in the manner provided herein, payable from cigarette tax or
from such special assessments, nor voluntarily create or cause
to be created any debt, lien, pledge, assignment, encumbrance
or other charge having priority to or being on a parity with
the lien of the Bonds and the interest thereon, upon said cigarette tax
or special assessments. Any other obligations issued by the
City in addition to the Bonds authorized by this resolution or
additional parity obligations provided for in subsection ,v, below, -
payable from said cigarette tax shall contain an express statement
that such obligations are junior and subordinate in all respects
to the Bonds issued pursuant to this resolution as to lien on
and source and security for payment from said cigarette tax. -
bi. ISSUANCE OF ADDITIONAL PARITY OBLIGATIONS. (1)
The city may issue additional Bonds secured by a parity lien on
its cigarette tax provided that the cigarette tax received during
the immediately preceding twelve months is equal to not less
than 150 percent of the maximum future annual debt service on
,...e Bonds in any year from ::ay 1, 1981 and thereafter, plus maxi-
mum future annual debt service on the parity bonds proposed to
be issued and plus maximum future annual debt service on any addi-
tional outstanding parity bondu. Any additional parity bonds
must mature in such a manner that prl::cipal <-..d intorc..
rants on such bonds are as nearly as practicable the s -,.:e ,;:;Aunt
in each year that they are outstanding. The City reserves the
r17ht to pledge at any future time as additional security for
the Bonds and any additional parity bonds that it may issue,
its electric fr"nchize ,tax and /or its occupational license taxes
-22-
3.13 -$0
provided they are not encumbered in any other mter. In the
event such pledges are made the proceeds of such excise taxes
may be taken into consideration in computing debt service coverage.
The City may issue additional parity bonds for any lawful purpose.
(2) Such additional parity obligations to be issued
shall mature on May 1 of each year, and the interest thereon shall
be payable semi - annually on May 1 and November 1 of each year.
(3) The City shall not be in default in performing
any of the covenants and obligations assumed under this resolu-
tion, and all payments required by this resolution to have been
made into the funds and accounts established hereunder shall
have been made to the full extent required.
The proceeds received or estimated to be received by
the City from the special assessments shall not be considered
in determining whether the foregoing requirements for the issu-
ance of additional parity obligations have been met.
N. LEVY OF SPECIAL ASSESSMENTS. The City shall levy
special assessments against all properties specially benefited
by the project in an aggregate amount of not less than $545,000;
provided, however, that in no instance shall the amount of the
assessment exceed the amount of benefit to such property. The
City shall forthwith adopt all ordinances or resolutions, hold
all hearings and perform all acts which are conditions precedent
to and are necessary for the lawful levy and collection of such
special assessments against all properties specially benefited
by the project.
0. SUBSTITUTION AND RENEWAL OF FRANCHISE TAX. The.
City hereby covenants with the holders of the Bonds that, in the
event the proceeds of the franchise tax are pledged for the pay-
ment of the Bonds and the interest thereon as herein provided,
and subsequently it shall acquire the electric power and distri-
bution facilities of the Florida Power and Light Company within
the City, or in the event it shall acquire, construct or operate
an electric power and distribution system within the City in
place of the electric power and distribution system of the
Florida Power and Light Company and the franchise tax is not
-23-
B� MICROFILMED ®- '
3 MO-
available to the City to make the payments therefrom required
pursuant to the provisions of this resolution, the City will make
payment from the gross revenues first available to it from the
operation of any such electric power and distribution system
so owned, acquired, constructed or operated by it of the amounts
required to be paid from the franchise tax pursuant to the
provisions of this resolution.
The City further covenants that any renewals of the
existing franchise with Florida Power and Light Company will
be on terms at least as favorable as those terms existing prior
to the expiration date of such franchise.
SECTION 18. APPLICATION OF BOND PROCEEDS. The City
shall provide for the application of the proceeds, including
accrued interest, received from the sale of the Bonds (herein-
after called "Bonds Proceeds ") as follows:
A. The City shall deposit all accrued interest and an
amount equal to one year's interest to become due on such bonds
into the Sinking Fund, and such money shall be used by the City
only to pay the interest on the Bonds.
B. The sum of $25,000 shall be deposited in the Reserve
Account and shall be used only for the purposes provided therefor.
C. The City shall pay all reasonable costs and expenses
incurred in connections with the preparation, issuance and sale
of the Bonds.
D. The remaining balance shall be deposited in the
Construction Fund established in Section 20 of this resolution.
SECTION 19. ISSUANCE AND SALE OF BONDS. The Bonds
of this issue may be issued and sold in one lot or in several
lots in such manner and at such price or prices, consistent with
the provisions of this resolution and of the City Charter as
the City Council shall hereafter determine by resolution.
All of such Bonds, when issued, will rank equally as to source
and security for payment and in all other respects.
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MirPnpn RED` -13.80 - —� - -+-
SECTION 20. CONSTRUCTION FUND. A special fund is hereby
created, established, and designated as the "Improvements Con-
struction Fund" (herein called the "Construction Fund "). There
shall be paid into the Construction Fund the moneys so required
by the provisions of Section 18D.
Such fund shall be deposited in the depository bank and
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 and purposes incidental thereto. 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 unapplied proceeds
shall be promptly used to the extent possible for the redemption
of bonds in inverse numerical order. All such proceeds shall be
and constitute trust funds for such purposes, and there is hereby
created a lien upon such moneys until so applied In favor of the
holders of the Bonds.
, Any funds on deposit in the Construction Fund which,
in the opinion of the City Council acting upon the recommendation
of the Consulting Engineer, are not immediately necessary for
expenditures, as hereinabove provided, may be invested in
direct obligations of the United States of America or in time
deposits of banks or trust companies secured by direct obligations
of the United States of America maturing not later than the date
or dates when such moneys will be needed for the purpose of such
Fund. All such securities shall be held by the depository bank
and all income derived therefrom shall be deposited either in
the Sinking Fund or the Construction Fund.
Immediately prior to the delivery of the Bonds to the
purchasers thereof, the City shall enter into a written agree-
ment, the terms of which shall be established by subsequent
resolution of the City, with the Depository bank for said Con-
struction Fund, which said agreement shall provide that all
expenditures or disbursements from said Construction Fund shall
be made only after such expenditures or disbursements shall have
been approved in writing by the Consulting Engineer and the Mayor.
The date of completion of the project shall be determined by
the Consulting
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MICROFILMED 3.13.80
Engineer who will certify such facts in writing to the City f�
Council.
SECTION 21. MODIFICATION OR AXENDN.ENT. No material
modification or amendment of this resolution or of any resolution
amendatory hereof or supplemental hereto may be made without
the consent in writing of the holders of sixty -six per ccntum
(66%) or more in principal amount of the Bonds then outstanding;
provided, however, that no modification or amendment shall permit
a change in the maturity of such Bonds or a reduction in the
rate of interest thereon or in the amount of the principal obli-
gation or affecting the unconditional promise of the City to
levy and collect such cigarette tax and special assessments as
herein provided, or to pay the principal of and interest on the
Bonds as the same shall become due from said cigarette tax and
special assessments or reduce such percentage a! holders of such '
Bonds, required above, for such modifications or amendments,
without the consent of the holders of all of such Bonds.
SECTION 22. SEVERABILITY OF INVALID PROVISION. If
any one or more of the covenants, agreements, or provisions of
this resolution should be held contrary to any express provision
of law or'contrary to the policy of express law, though not
expressly prohibited, 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 separate from the remaining covenants, agreements, or
provisions and in no way affect the validity of all the other
Provisions of this resolution, or of the Bonds or coupons issued
thereunder.
SECTION -... VALIDATION AUT.iO:IZED. Pursuant to Chapter
Florida Statutes, the Attorney for the City, T. David Burns;
-2 G-
■
`� S MICRO-FILMED 3.13-80
Esquire, be and he is hereby authorized and directed to prepare
and institute proceedings In the Circuit Court In and for Brevard
County, Florida,to validate and confirm the issuance of Bonds
authorized by this resolution and all proceedings had and action
taken relating thereto.
SECTION 211. REPEAL OF INCONSISTENT RESOLUTIONS. All
resolutions or parts thereof in conflict herewith are hereby
repealed.
SECTION 25. TIME OF TAKING EFFECT. This resolution
shall take effect immediately upon its adoption pursuant to the
.City Charter.
Passed and adopted this 21st day of February
1967.
Mayor
ATTEST:
17.- (1.0.�A
ty r
APPROVED AS TO FORM:
LI Attorne
Approved on First Reading the 7th day of February, 1967.
Approved and adopted upon Second Reading as amended the 21st day of
February, 1967.
Posted in compliance with the City Charter and other applicable
laws of the State of Florida by the City Cleric.
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