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HomeMy WebLinkAboutCode Master Project 1978: Chapter 533: Storm Drainage (No Change) (Use Original) CHAP 533 Sec. 533.01 AUTHORITY FOR THIS RESOLUTION AND/OR ORDINANCE. This Resolution and/or Ordinance is adopted pursuant to the provisions of Chapter 63-1197, Laws of Florida, Special Acts of 1963. [Ord. No. 15-66, §1, 1 Aug. 1966] Sec. 533.02. FINDINGS. It is hereby found, determined and declared as follows, that : (A) It is necessary, desirable, and in the best interest of the City and its inhabitants that general obligation bonds in an amount not exceeding $1, 200, 000 be issued to pay the cost of acquiring and constructing a storm drainage system in such City, (herein referred to as "project"), including all incidental costs and expenses, all in accordance with the plans and specifications of Briley, Wild & Associates, consulting engineers on file with the City. (B) The issuance of such general obligation bonds was approved by a majority of votes cast in a bond election held March 29, 1966, by the qualified freeholder electors of the City, in which such bond election a majority of the qualified freeholder electors entitled to participate therein did participate and vote on such issue at such bond election. (C) The cost of the project to be financed from the proceeds of the Bonds, in addition to the specific items con- tained in the plans and specifications, may include the acqui- sition of land or interest therein or of any fixtures, equipment PAGE 1 OF 16 132 93 or properties necessary or convenient therefor, engineering and legal expenses, fiscal expenses, expenses for the estimated costs, expenses for plans, specifications and surveys, interest during construction, administrative expenses, and such other expenses as may be necessary or incidental for the financing authorized by this Resolution. (D) The Bonds herein authorized, which when issued will constitute the only general indebtedness of the City, will not exceed twenty per cent (20%) of the total assessed valuation as assessed by the City, of all taxable property, both real and personal, within the limits of said City.(Ord.) 3. RESOLUTION AND/OR ORDINANCE TO CONSTITUTE CONTRACT. In consideration of the acceptance of the Bonds authorized to be issued hereunder by those who shall hold the same from time to time, this Resolution shall be deemed to be and shall constitute a contract between the City and such holders. The covenants and. agreements herein set forth to be performed by the City shall be for the equal benefit, protection and security of the -legal holders of any and all of such bonds 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 her thereof, except as expressly provided therein and herein."(Ord.) AUTHORIZATION OF BONDS. Subject and pursuant to the provisions of this Resolution and/or Ordinances ", Bonds of the City to be known as "Storm Drainage General Obligation Bonds, Series of 1966", herein sometimes referred to as "Bonds", are hereby authorized to be issued in the aggregate principal amount of One Million Two Hundred Thousand Dollars ($1, 200, 000). (Ord.) -2- PAGE 2 OF 16 133 94 DESCRIPTION OF BONDS. The Bonds shall be dated August 1, 1966; shall be numbered consecutively from one upward in the order of their maturities; shall be in the denomination of $1, 000 each; shall bear interest at not exceed- ing the legal rate; such interest to be payable semi-annually on August 1 and February 1 of each year, and shall mature serially in numerical order, lowest numbers first, on August 1 in the years and amounts as follows : YEAR AMOUNT YEAR AMOUNT 1968 $2,000 1983 $45,000 1969 5, 000 1984 47, 000 1970 8, 000 1985 49, 000 1971 11, 000 1986 51, 000 1972 15, 000 1987 53, 000 1973 19, 000 1988 56, 000 1974 24, 000 1989 58, 000 1975 28, 000 1990 61, 000 1976 33,000 1991 63, 000 1977 35, 000 1992 66, 000 1978 36, 000 1993 69, 000 1979 38, 000 1994 72, 000 1980 40, 000 1995 75, 000 1981 41, 000 1996 57, 000 1982 43, 000 Such Bonds shall be issued in coupon form; 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 Council prior to 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.(Ord.) -3- PAGE 3 OF 14 134 95 EXECUTION OF BONDS AND COUPONS. The Bonds, shall be executed in the name of the City by the Mayor and counter- signed 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 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 one or more of the officers who shall have signed or sealed any of the Bonds shall cease to be such officer of the City before the Bonds so signed and sealed shall have been actually sold and delivered, such Bonds may nevertheless be sold and delivered as herein provided and may be issued as if the person who signed or sealed such Bonds had not ceased to hold such office. 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 Bond shall hold the proper office in 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 signature of any present or future Mayor of said City, and the validation certificate on said Bonds shall be executed with the facsimile signature of the Mayor. The City may adopt and use for such purposes the facsimile signature of any person who shall have been such Mayor at any time on or after the date of the Bonds, notwithstanding that he may have ceased to be such officer at the time such Bonds shall be actually sold and delivered. NEGOTIABILITY AND REGISTRATION. The Bonds issued hereunder shall be and shall have all of the qualities and incidents of :egotiable instruments under the law merchant and the Negotiable Instruments Law of the State of Florida, and, each successive holder, in accepting any of said Bonds or the coupons appertaining thereto, shall be conclusively deemed to -4- PAGE 4 OF 16 135 96 have agreed that such Bonds shall be and have all of the quali- ties and incidents of negotiable instruments under the law mer- chant and the Negotiable Instruments Law of the State of Florida, and each successive holder shall further be conclusively deemed to have agreed that said Bonds shall be incontestable in the hands of a bona fide holder for value. The Bonds may be registered, at the option of the holder, as to principal only or as to both principal and interest, on the books of the City. at the office of the City Clerk, as regis- trar, such registration to be noted on the back of such Bonds in the space provided therefor. After such registration as to principal only or both principal and interest, no transfer of the Bonds shall be valid unless made at said office by the regis- tered owner or by his duly authorized agent or representative 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, the Bonds may thereafter again from time to time be registered or transferred to bearer as before. Such registration as to principal only shall not affect the nego- tiability of the coupons, which shall continue to pass by delivery. The City may make a reasonable charge for every such transfer sufficient to reimburse it for any expenses incurred by it; pro- vided, however, that no charge shall be made by the City for the first transfer of any Bond from bearer to the registered owner and for the first reconversion from the registered owner to bearer.(Ord.) BONDS MUTILATED, DESTROYED, STOLEN OR LOST. In case any Bond shall become mutilated, or be destroyed, stolen or lost, . the City may in its discretion issue and sliver a new Bond with all unmatured coupons attached of like tenor as the Bond and attached coupons, if any, so mutiliated, destroyed, stolen or lost, in exchange and substitution for such mutilated Bonds, upon surrender and cancellation of such mutilated Bond and attached coupons, if any, or in lieu of and substitution for -5- PAGE 5 OF 16 136 97 the Bond and attached coupons, if any, destroyed, stolen or lost, and upon the holder furnishing the City proof of his ownership thereof and satisfactory indemnity and complying with such other reasonable regulations and conditions as the City may prescribe and paying such expenses as the City may incur. All Bonds and coupons so surrendered shall be cancelled by the Clerk of the City. If any such Bonds or coupons shall have matured or be about to mature, instead of using a substitute 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. 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 proportionate benefits and rights as to lien on and source and security for payment from the funds, as herein- after pledged, to the same extent as all other obligations and coupons issued hereunder.(Ord.) REDEMPTION PROVISIONS. The Bonds of this issue maturing in the years 1968 to 1976, bota inclusive, are not redeemable prior to their respective stated dated of maturity. The Bonds maturing in 1977 and thereafter are redeemable prior to their respective stated dates of maturity, at the option of the City, in whole or in part, in inverse numerical order if less than all, on August 1, 1976, or on any interest payment date thereafter at par and accrued interest to date of redemption, plus a premium of one-fourth of one per centum (1/4 of 10) of principal for each year or fraction thereof from the date of redemption to the maturity of each Bond so called for prior redemption; provided that such premium shall never exceed three per centum (3%). -6- PAGE 6 OF 16 137 98 Notice of such redemption shall be published at least once at least thirty (30) days prior to the redemption date in a newspaper of general circulation in the City and a copy of such notice shall also be given to the paying agent at least at ast thirty (30) days prior to the redemption date.(Ord.) CITY ATTORNEY. 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, language and execution.(Ord.) FORM OF BONDS AND COUPONS. The text of the Bonds, the interest coupons to be attached thereto, and the validation certificate to be endorsed thereon shall be in sub- stantially the following form and tenor, with such variations, omissions and insertions as may be necessary, desirable and authorized or permitted by this Resolution and/or Ordinance or any subsequent- resolution adopted prior to the issuance thereof: No. $1, 000 UNITED STATES OF AMERICA STATE OF FLORIDA CITY OF CAPE CANAVERAL STORM DRAINAGE GENERAL OBLIGATION BOND SERIES OF 1966 KNOW ALL MEN BY THESE PRESENTS, that th3 City of Cape Canaveral in Brevard County, Florida, (hereina2ter referred to as "City" ), for value received, hereby promises to oay to the bearer hereof, or, if this Bond be registered, to the registered holder, as herein provided, on the first day of August 19 the principal sum of ONE THOUSAND DOLLARS with interest thereon at the rate of per centum ( %) per annum, payable semi-annually on February 1 and August 1 of each year, upon presentation and surrender of the annexed interest coupons as they severally become due. Both principal of and interest on this Bond are payable in lawful money of the United States of -7- PAGE 7 OF 16 138 99 America at the or, at the option of the holder, at the . For the prompt payment of the principal of and interest on this Bond as the same shall become due, the full faith and credit of said City are hereby irrevoc- ably pledged. This Bond is one of an authorized issue of Bonds in the aggregate principal amount of $l, 200, 000 of like date, tenor and effect, except as to number, interest rate (if all bonds do not bear the same rate), and date of maturity issued to finance the cost of acquiring and constructing a storm drainage system in such City, under the authority of and in full compliance with the Charter of the City and pursuant to a Resolution and/or Ordinance of the City acopted on the 7th day of June 1966, (hereinafter called "Resolution" ) . This Bond is subject to all the terms and conditions of said Resolution. It is hereby certified and recited that all acts, con- ditions and things required to happen, to exist, and to be per- formed, 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 of free- holders held in accordance with the Constitution and Charter of the City on the 29th day of March 1966; that she total in- debtedness of said City, including the issue of Bonds of which this Bond is one, does not exceed any constitutional or statutory limitation; and that provision has been made for the levy and collection of a direct annual tax, without limitation as to rate or amount, upon all taxable property within said 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 -8- PAGE 8 OF 16 139 100 the same time and in the same manner as other ad valorem taxes are assessed, levied and collected. The Bonds maturing in the years 1968 to 1976, both inclusive, are not redeemable prior to their respective stated dates of maturity. The Bonds maturing in 1977 and thereafter are redeemable prior to their respective stated dates of maturity, at the option of the City, in whole or in part, in inverse numer- ical order if less than all, on August 1, 1976, or on any interest payment date thereafter at par and accrued interest to date of redemption, plus a premium of one-fourth of one per centum (1/4 of 1%) of principal for each year or fraction thereof from the t date of redemption; provided that such premium shall never exceed three per centum (3%), Notice of such redemption shall be given in the manner required by the aforesaid Resolution. The Bond may be registered as to principal only or as to principal and interest in accordance with the provisions endorsed hereon. IN WITNESS THEREOF, the City of Cape Canaveral, has issued this Bond and has caused the same to be signed by the manual or fascimile signature of its Mayor and the corporate seal of said City of a facsimile thereof to be affixed, impressed, im- printed, 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 by the facsimile signature of said Mayor, all as of the first day of August 1966. CITY OF CAPE CANAVERAL, FLORIDA by Richard R. Thurm Mayor Richard R. Thurm The foregoing Bond and attached coupons have been approved by the as to form, language and execution. (SEAL) ATTESTED: Donna J. Anderson City Clerk T. David Burns City Attorney -9- PAGE 9 OF 14 140 101 FORM OF COUPON No. $ On the day of , 19 , the City of Cape Canaveral, Brevard County, Florida, will pay to the bearer at the or, at the option of the holder, at the , as 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 Storm Drainage General Obligation Bond, Series of 1966, dated August 1, 1966, No. . CITY OF CAPE CANAVERAL, FLORIDA (SEAL) By Richard R. Thurm Mayor (Insert in coupons maturing after first callable date the fol- lowing: "unless the Bond to which this coupon is attached has been duly called for prior redemption and provision duly made for the payment thereof." ) FORM OF 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 , 1966. Richard R. Thurm Mayor PROVISION FOR REGISTRATION This Bond may be registered in the name of the holder on the books to be kept by the City Clerk of the City of Cape Canaveral, as Registrar, or such other registrar as may hereafter be duly appointed, as to principal only or both principal and interest, such registration being noted hereon by such Registrar in the registration blank below, after which no transfer shall PAGE 10 OF 16 141 102 be valid unless made 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 to bearer, after which it shall be transferable by delivery, but it may be again registered as before. The regis- tration of this Bond as to principal shall not restrain the nego- tiability of the coupons by delivery merely, but the coupons may be surrendered with the interest made payable only to the registered holder, in which event the Registrar shall note in the registration blank below that this Bond is registered as to interest as well as principal; and thereafter the interest will be remitted by mail to the registered holder. This Bond, when converted into a Bond registered as to both principal and interest, may be reconverted into a coupon Bond and again converted into a Bond registered as to both principal and interest as herein- before provided. Upon reconversion of this Bond, when registered as to principal and interest, into a coupon Bond, coupons repre- senting the interest to accrue upon the Bond to date of maturity shall be attached hereto by the Registrar, and the Registrar shall note in the registration blank below whether the Bond is registered as to principal only or payable to bearer. The City may make a reasonable charge for every such transfer sufficient to reimburse it for any expenses incurred by it; provided, how- ever, that no charge shall be made by the City for the first transfer of any Bond from bearer to the registered owner and for the first reconversion from the registered owner to bearer. DATE OF IN WHOSE NAME MANNER OF SIGNATURE OF REGISTRATION REGISTERED REGISTRATION REGISTRAR (Ord.) -11- PAGE 11 OF 14 142 103 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.(Ord.) COVENANTS OF THE CITY. So long as any of the principal of or 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 a sum sufficient to pay, when due, the entire principal of the Bonds remaining unpaid, together with interest accrued and to accrue thereon, the City covenants with the holders of any and all of the Bonds as follows that: (A) LEVY OF AD VALOREM TAX. There is hereby created a Sinking Fund to be held by a bank to be designated by the City. Council prior to the delivery of the Bonds solely for the purpose of paying the principal of and interest on the Bonds as they become due. In each fiscal year while any of such Bonds are outstanding, after making a reasonable allowances for delinquen- cies, there shall be levied and collected a tax, without limita- tion as to rate or amount, on all taxable property within the City, in an amount necessary to pay the principal of and interest on such Bonds 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 are assessed, levied and collected. The amount of the levy of such taxes in each Fiscal year shall be based upon the percentage of the amount of the levy of such taxes actually collected in cash and deposited in the Sinking Fund in the immediately preceding fiscal year. In the event that in any fiscal year the aggregate amount of such taxee actually collected and deposited in the Sinking Fund shall less than the amount of principal and interest on the Bonds maturing in such year, then the deficit -12- PAGE 12 OF 14 143 104 shall be added to the amount of taxes required to be levied pursuant to the above paragraph in the next succeeding year. (B) INVESTMENTS. All such special funds herein pro- vided for shall constitute trust funds for the purposes provided herein for such funds. All of such funds shall be continuously and fully secured by direct obligations of the United States of America. Moneys on deposit in the Sinking Fund and Construction Fund may be invested and reinvested only in direct obligations of the United States of America or in time deposit in banks or trust companies represented by Certificates of Deposit and continuously secured as above provided, maturing not later than the date on which the moneys therein will be needed for the purposes of such funds. All income on such investments in the Sinking Fund shall be retained in the Sinking Fund and applied as provided in subsection A above. All income on such invest- ments in the Construction Fund may, at the option of the City, be deposited in the Sinking Fund or retained in the Construction Fund. (C) BOOKS AND RECORDS. The City will keep books and records of the levy and collection of the taxes levied pursuant to this Resolution and/or Ordinance, which such records and accounts shall be separate and apart from all other books, records and accountsof the City. Any holder of a Bond or Bonds shall have the right at all reasonable times to inspect such goods and records. (D) ASSESSED VALUATION. In each year the City shall cause to be made, pursuant to such Chapter 63-1197 and other applicable provisions of law, an assessment of the full cash value of all taxable property within the City. Such annual assessment rolls shall be maintained in the office of the tax assessor and shall be open for public inspection at all reason- able times. -13- PAGE 13 OF 16 144 105 (E) DELINQUENT TAXES. To the full extent provided by such Chapter 63-1197 and other applicable provisions of law, the City shall forthwith and diligently enforce the collection of all taxes levied pursuant to and which have become delinquent. (F) ANNUAL AUDIT. The City shall also, at least once a year, within 60 days after the close of the fiscal year, cause the books, records and accounts relating to the City and to the taxes herein provided for to be properly audited by a recognized firm of accountants and shall mail, upon request, and make generally available, the report of such audits to any holder or holders of Bonds. (Ord.) SECTION- 14. CONSTRUCTION TRUST FUND. All of the pro- ceeds derived from the sale of the Bonds (except interest accrued and interest for one year which shall be deposited in the Sinking Fund, and the costs and expenses incurred in connection with the preparation, issuance and sale of the Bonds) shall be deposited in a trust. fund which is hereby created, established and desig- nated as the "Construction Trust Fund". Such Construction Trust Fund shall be deposited and maintained with any banking institu- tion to be designated by the City Council Prior to delivery of the Bonds. The moneys therein shall be used only for the payment of the cost of the project as hereinabove defined, and shall be withdrawn only when authorized in writing by the consulting engineers and by the City. Any balance of unexpended moneys in the Construction Trust Fund after completion such project shall be deposited in the Sinking Fund herein established.(Ord.) RESPONSIBILITY OF THE BONDHOLDERS. The holders of the Bonds shall have no responsibility for the appli- cation and use of the proceedss received from the sale thereof and the application and use of such proceeds by the City shall in no way affect the rights of the Bondholders.(Ord.) -14- PAGE 14 OF 16 145 106 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/or Ordinance 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.(Ord.) MODIFICATION OR AMENDMENT. No material modification or amendment of this Resolution and/or Ordinance or of any resolution amendatory hereof or supplemental hereto, may be made without the consent in writing of the holders of sixty-seven per centum (67%) 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 obligation or affecting the unconditional promise of the City to pay the principal of and interest on the Bonds as the same shall become due, or reduce such percentage of holders of such Bonds, required above, for such modifications or amendments, without the consent of the holders of all of such bonds.(Ord.) SECTION 18. SEVERABILITY OF INVALID PROVISION. If any one or more of the covenants, agreements or provisions of this Resolution and/or Ordinance 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, agree- ments, or provisions shall be null and void and shall be deemed separate from the remaining covenants, agreements or provisions, and in no affect the validity of all the other provisions of this Resolution and/or Ordinance or of the Bonds or coupons issued thereunder.(Ord.) -15- PAGE 15 OF 16 146 107 VALIDATION OF BONDS. T. David Burns Esquire, City Attorney, be and he is hereby authorized and directed to institute appropriate proceedings in the Circuit Court of the Ninth Judicial Circuit of Florida, in and for Brevard County, Florida, for the validation of said Bonds, and the proper officers of the City are hereby authorized to verify on behalf of the City any pleadings in such proceedings.(Ord.) REPEALING CLAUSE. All resolutions and/or Ordinances or parts of Resolutions and/or Ordinances in conflict herewith are hereby repealed.(Ord.) EFFECTIVE DATE. This Resolution and/or Ordinances shall take effect as provided in the City Charter for the adoption of resolutions and/or Ordinances or if not so provided, then immediately upon its adoption. ADOPTED by the City Council of the City of Cape Canaveral, Florida on the 7th day of June 1966. [signature] s/ Richard R. Thurm Ruchard R. Thurm, Mayor ATTEST: [signature] Donna J. Anderson, City Clerk APPROVED AS TO FORM: [signature] T. David Burns, City Attorney FIRST READING: June 1, 1966. Second & FInal Reading: June 7, 1966. -16- PAGE 16 OF 16 147 108