HomeMy WebLinkAboutOrdinance No.01-1967-AMICR6 ILMED 3.13 -80
RESOLUTION NO. 1 -67 -A
RESOLUTION PROVIDING FOR THE MATURITIES OF
$ 720,000 PUBLIC IMPROVEMENT REVENUE BONDS
SERIES OF 1966 OF THE CITY OF CAPE CANAVERAL,
ECTION,17OF AMENDING SUBSECTIONS C THAT CERTAIN RESOLUTION AND OF
ORDINANCE No. 1 -67 ADOPTED BY SUCH CITY ON
FEBRUARY OF SUCH PUIBLIC 61M�'RAOVEMENTZ CE
REVENUE BONDS,
PROVIDING FOR AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CAPE
CANAVERAL, FLORIDA, THAT:
Section 1. $720,000 Public Improvement Revenue Bonds,
Series of 1966 of the City of Cape Canaveral, Florida, shall
mature serially in numerical order, lowest numbers first, on
May lst of each year and in such amounts as follows:
Year Amount Year Amount Year Amount
$ 5,000 179 $-517 OUG I $ 0,00
1970 45,000 1 9 52,000 198 10,000
1971 45,000 1980 57,000 1989 10,000
1972 45,000 1981 7,000 1990 11,000
19733 45,000 1982 8,000 1991 11,000
197+ 45,000 1983 8,000 1992 12,000
1975 51,000 19845 8,000 1993 12,000
i 7 51000 1996 .9,000 199'+ 12,000
Section 2. Subsection C of that certain Ordinance or
Resolution No. 1 -67 adopted by the City of Cape Canaveral,
Florida, on February 21, 1967, and entitled as follows:
"A RESOLUTION PROVIDING FOR THE ACQUISITION
AND CONSTRUCTION OF CERTAIN STREET IMPROVE-
MENTS IN ORCTHE ISSUANCE CANAVERAL
NOT RCEEDINGA;
$720,000 PUBLIC IMPROVEMENT REVENUE BONDS,
SERIES OF 1966, OF SUCH CITY TO PAY THE COST
OF SUCH PROJECT; PROVIDING FOR THE RIGHTS OF
THE HOLWM OF SUCH BONDS; PROVIDING FOR THE
PAYMENT THEREOF; AND MAKING CERTAIN OTHER
COVENANTS AND AGREEMENTS IN CONNECTION WITH
THE ISSUANCE AND SALE OF SUCH BONDS."
is hereby amended to read as follows:
' ® MICROFILMED 3.13.8.80
"C. SINKING FUND. The City will establish
and maintain with the Depository, so long as any of the
Bonds are outstanding, a fund to be known as the 'Public
Improvement Revenue Bond Sinking Fund', hereinafter called
'Sinking Fund', to be used exclusively for the purpose of
paying principal and interest on the Bonds and for making
replacements for withdrawals from the Reserve Account here -
inbelow established. In addition to such required transfers
into said Sinking Fund from the 'Assessment Fund Number
One' 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 for any withdrawals or deficiencies 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
-2-
MICROFILMED 3,13.80 --
into the Sinking Fund for principal and interest. If the
Reserve Account is at its required amount of $25,000, and
if the amount of money in said Sinking Fund plus 90 percent
of the special assessments and interest income thereon to
be collected during the following twelve months exceed the
principal and interest coming due on the Bonds during the
following 24 months, then such excess of monies will be
termed 'Surplus Monies in the Sinking Fund' and will be
used to call Bonds in numerical order of maturities, as
Provided in the redemption provisions."
SECTION 3. Subsection M of such Resolution is hereby
amended to read as follows:
"M. ISSUANCE OF ADDITIONAL PARITY OBLIGA-
TIONS. (I)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 (a) on all Bonds in any year from May 1,
.1981 and thereafter, and on all additional parity bonds,
if any, then outstanding and (b) on the additional parity
bonds proposed to be issued. Any additional parity bonds
must mature in such a manner that principal and interest
requirements on such additional parity bonds are as nearly
as practicable the same amount in each year that they are
outstanding until the year 1994. The City reserves the
right to pledge at any future time as additional security
for the Bonds and any additional parity bonds that it may
issue, its electric franchise tax and /or its occupational
license taxes provided they are not encumbered in any other
manner. In the event such pledges are made the Proceeds
Of such excise taxes may be taken into consideration in
-3-
® MICROFILVED
3.13.80 _.
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 Nov-
ember 1 of each year.
(3) The City shall not be in default in performing
any of the covenants and obligations assumed under this
resolution, 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 requir-
ed.
The proceeds received or estimated to be received by
the City from the special assessments shall not be consid-
ered in determining whether the foregoing requirements for
the issuance of additional parity obligations have been
,at."
Section 4. This resolution shall take effect immediately
upon its adoption.
ADOPTED BY THE CITY COUNCYL OF THE CITY OF CAPE CANAVERAL,
mRIDA, ON THIS THE 16th DAY OF MAY, A. D., 1967.
MAYUH
ATTEST:// C 1
CMY CLERK
APPROVED AS TO FORM
'CITY ATTURMI;X
-4-