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HomeMy WebLinkAboutResolution No.67-52• •. RESOLUTION N0. 67 -52 RESOLUTION PROVIDING FOR THE ISSUANCE OF NOT EXCEEDING $720,000 PUBLIC IMPROVEMENT REVENUE BONDS, SERIES OF 1966 ANTICIPATION NOTES OF THE CITY OF CAPE CANAVERAL, FLORIDA, IN ANTICI- PATION OF RECEIPT BY THE CITY OF THE PROCEEDS FROM THE SALE OF PUBLIC IMPROVE- MENT REVENUE BONDS, SERIES OF 1966: REPEALING RESOLUTION No. 67 -16 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CAPE CANAVERAL, FLORIDA, that: SECTION 1. AUTHORITY FOR RESOLUTION. This Resolution is adopted pursuant to the provisions of Chapter 63 -1197, Laws of Florida, Special Acts of 1963, Section 215.431, Florida Statutes, and other applicable provisions of the law. SECTION 2. FINDINGS. It is hereby ascertained, deter- mined and declared that: A. The City of Cape Canaveral, Florida, (hereinafter called the "City ") deems it necessary, desirable and essential to acquire and construct certain municipal improvements. Such improvements, (hereinafter called the "Project ") consists of a comprehensive street paving program to be undertaken in the City all in accordance with the plans and specifications prepared by Briley, Wild & Associates, Daytona Beach, Florida, and on file with the City Clerk. 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 the "Cigarette Taxes "). C. The proceeds from the Cigarette Taxes are not now pledged or encumbered in any manner. D. In Resolution No. 1 -67, adopted February 21, 1967, the City has covenanted that part of the cost of the construction of the Project in an aggregate amount of not less than $545,000 will be assessed and levied against the lands and real estate to be specially benefited thereby in the manner provided by law, and that said special assessments are not pledged or encumbered in any way. • • -2- E. The total estimated cost of the Project is the sum of $720,000. Such Project costs are more specifically defined in the plans and specifications on file at the City Hall as pre- pared by Briley, Wild & Associates of Daytona Beach, Florida. Firm construction bids for the Project have been received and contracts let subject to the receipt of the City of sufficient monies for the cost of the Project. F. The City has heretofore authorized the issuance of $720,000 Public Improvement Revenue Bonds, Series of 1966, to finance the cost of the Project. The Public Improvement Revenue Bonds, Series of 1966, and the interest due thereon are payable solely from and secured by a first and prior lien upon the pledge of the proceeds to be received by the City from the Cigarette Taxes and from the proceeds of no less than $545,000 of Special Assessments to be levied against the lands and real estate to be specially benefited at the completion o the Project. Both of these pledges are more particularly described in the Resolution authorizing the issuance of the Public Improvement Revenue Bonds, Series of 1966. G. It is necessary and urgent that funds be made immediately available for the commencement of such Project. The City must, therefore, anticipate receipt by it of the proceeds derived from the sale of the Public Improvement Revenue Bonds, Series of 1966. The principal of and interest on the Anticipation Notes to be issued pursuant to this Resolution are payable solely from and secured by the lien upon and a pledge of the proceeds derived from the sale of the bonds, and if necessary by a pledge of the Cigarette Taxes and the proceeds to be received . from the Special AssesSMLnts more fully described in the authorizing Bond Resolution. SECTION 3. RESOLUTION TO CONSTITUTE CONTRACT. In considera- tion of the acceptance of the Anticipation Notes 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 • • -3- holders of such notes. SECTION 4. AUTHORIZATION OF NOTE. Subject and pursuant to the provisions of this Resolution and in anticipation of the sale and delivery of the Bonds, notes of the City to be known as "Public Improvement Revenue Bonds, Series of 1966,Anticipa- tion Notes," herein sometimes referred to as "notes ", are here- by authorized to be issued in an aggregate principal amount not to exceed Seven Hundred Twenty Thousand Dollars ($720,000). SECTION 5. The note or notes authorized in an amount under this Resolution shall be numbered from one (1) upward consecu- tively, dated September 29, 1967; shall be issued in denominations of multiples of $1,000; shall bear interest at a rate not to ex- ceed five per centum (5 %) per annum; and shall be payable on or before three (3) years from date of issuance. The note or notes shall be payable with respect to both principal and interest at the place specified by the .lender. SECTION 6. EXECUTION OF NOTES. The notes shall be executed in the name of the City by the Mayor and countersigned and attested by the City Clerk and its corporate seal or afacsimile thereof shall be affixed thereto or reproduced thereon. The facsimile signature of the Mayor or the City. Clerk may be imprinted or reproduced on the notes; 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 the notes shall cease to be such officers of the City before the notes so signed and sealed shall have been actually sold and delivered, such notes may, nevertheless, be sold and delivered as herein provided and may be issued as if the person who signed or sealed such notes had not ceased to hold such office. Such notes may be signed and sealed on behalf of the City by such person who at the actual time of the execution of such notes shall hold the proper .office in the City, although 4 at the date of such may not have held such office or may not have been so authorized.. SECTION 7. REGISTRATION. The notes may be transferred only upon the books of the City Clerk upon surrender of the notes to the City Clerk, as Registrar, together with an assignment duly .executed by the registered owner or his attorney in a form satisfactory to the City Clerk. Upon such transfer, there shall be executed in the name of and delivered to the transferee the new registered note.. SECTION B. FORM OF NOTES. The notes shall be in substan- tially the following form, with such omissions, insertions, and variations as may be necessary and desirable and authorized or permitted by this Resolution or by any subsequent resolution or ordinance adopted prior to the issuance thereof: No. $ UNITED STATES OF AMERICA STATE OF FLORIDA CITY OF CAPE CANAVERAL PUBLIC IMPROVEMENT REVENUE BONDS SERIES OF 1966 ANTICIPATION NOTES KNOW ALL MEN BY THESE PRESENTS, that the City of Cape Canaveral, Brevard County, a municipal corporation of the State of Florida (hereinafter referred to as the "City ") , for value received, hereby promises to pay to the First National Bank of Cape Canaveral, Florida, or its successor or registered assignee on or before January 26, , 19 68 the principal sum of Five Hundred Forty Thousand and no /100 Dollars ($540,000.00) and to pay interest on such principal sum at the rate of five per centum (5 %) per annum until such principal sum shall be paid. Both principal of and interest on this note are payable in lawful money of the United States of America at the First National Bank of Cape Canaveral, Florida. -5- This note is issued pursuant to the Constitution and Laws of the State of Florida, particularly Chapter 63 -1197, Laws of Florida, Special Acts of 1963, Section 215.431, Florida Statutes and a Resolution adopted by the City Council on September 22, 1967 .(herein referred to as "Resolution "), in anticipation of the receipt by the City of the proceeds from the sale of certain Public Improvement Revenue Bonds, Series of 1966, of the City,. dated May 1, 1966. This note and the interest due .thereon are payable solely from and secured by a lien upon and a pledge of the proceeds derived from the sale of the aforesaid Public Improvement Revenue Bonds, Series of 1966, or if necessary from the proceeds of the Cigarette Taxes collected by the City pursuant to Ordinance No. 2 -62 enacted by the City on June 19, 1962, levied upon each and every sale, receipt, purchase, possession, consumption, handling, . distribution and use of cigarettes within the corporate limits of the City under the authority of Section 210.03, Florida Statutes and from the proceeds of Special Assess- ments, as defined 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. This note shall not constitute a general obligation of the City and the holders thereof shall never have the right to require or compel the right to exercise the power of the City to levy ad valorem taxes or to tax real estate in the City for the payment of principal of and interest on this note. It is hereby certified, recited and declared that all acts, conditions, and things required to exist, to happen and to be performed, precedent to and in the issuance of this note, 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 note does not violate any constitutional, statutory or charter limitations or provisions. _6_ This note may be transferred only upon the books of the City Clerk, as Registrar, upon surrender, thereof at the office of the City Clerk together with an assignment duly executed by the registered owner or his duly authorized attorney, but only upon surrender and cancellation of this note. Upon any such transfer, there shall be executed in the name of the transferee a new note. IN WITNESS WHEREOF, the City of Cape Canaveral, Florida has issued this note and caused the same to be signed by its Mayor, attested and countersigned with the signature of its City Clerk, and its corporate seal to be impressed hereon, . all as of the day of , 19 CITY OF CAPE CANAVERAL, FLORIDA BY Mayor (SEAL) ATTESTED AND COUNTERSIGNED: City Clerk SECTION 9. NOTES NOT DEBT OF CITY. These notes shall not constitute an indebtedness of the City and the meaning of any constitutional, statutory or charter limitation of indebtedness, but shall be payable solely from the proceeds derived from the sale of the Public Improvement Revenue Bonds, Series of 1966, or, if necessary, from the proceeds of the Cigarette Taxes and from the proceeds of the Special Assessments as herein provided. No holder or holders of any Notes issued hereunder 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 said notes or the interest thereon. SECTION 10. SECURITY OF NOTES. The payment of Debt Service on the Notes issued hereunder shall be secured by a lien on and a pledge of the proceeds derived from the sale of the Public Improvement Revenue Bonds, Series of 1966, and if necessary from the proceeds of the Cigarette Taxes, and from the proceeds of the Special Assessments as hereinabove described, to be levied 0 0 upon the completion of the Project upon the specially benefited lands and real estate. The City does hereby irrevocably pledge such funds to the payment of the principal of and interest on the Notes issued pursuant to this Resolution and to the payment into the Reserve and Sinking Funds created pursuant to the Resolution authorizing the issuance of the Public Improvement Revenue Bonds, Series of 1966, at the times provided, of the sums required to secure to the holders of the Notes issued hereunder, the payment of the principal of and interest thereon at maturity. SECTION 11. APPLICATION OF PROCEEDS. The monies received from the delivery of such notes authorized and issued pursuant to this Resolution shall be deposited and applied as follows: A. All accrued interest, if any, shall be deposited in the Sinking Fund and used to pay the interest due on the Notes. B. The remaining monies derived from the sale of said Notes shall be applied pursuant to the provisions of the resolution of the City authorizing the issuance of the bonds, and in com- pliance with Section 13 of this Resolution. The holder of the notes shall have a lien upon all of the proceeds thereof until the same have been applied as provided herein. .SECTION 12. COVENANTS OF THE CITY. For so long as the principal of andinterest on the note shall be outstanding and unpaid or until there shall have been irrevocably net apart a sum sufficient to pay, when due, the entire principal of the notes remaining . unpaid, together with interest accrued and to accrue thereon, the City covenants with the holders of any notes as follows: M A. PROCEEDS FROM BONDS. Upon the receipt of the proceeds of the Bonds, excluding accrued interest, the City shall trans- mit to the payee named in the Notes, or to its successor or registered assigns, the amount required to pay the principal of the notes and the interest accrued thereon to such date of payment. B. APPLICATION OF PRIOR COVENANTS. The covenants and pledges (to the extent that the same are not inconsistent) contained in the resolution or resolutions adopted for the benefit of the holders of the Bonds shall be deemed to be for the benefit and protection of the notes and the holders thereof in like manner as applicable to the Bonds. C. SALE OF BONDS. The City shall provide in good faith for the sale of the Bonds at such time to allow for delivery thereof on or before the maturity date of the notes. SECTION 13. The City is authorized and directed to pay from the proceeds of any note or notes authorized by this Resolution the monies borrowed by the City under the authority of Resolu- tion No. 67 -16. All other authority under Resolution No. 67 -16 is hereby repealed. SECTION 14. SUPPLEMENTAL RESOLUTIONS AND ORDINANCES. The City shall, from time to time and at any time, enact such ordinances and adopt such resolutions as shall not be inconsistent with the terns and conditions of this Resolution: A. To cure an ambiguity, defect or omission in this Resolution. B. To extend or renew to the holders of the note the pledges made herein for the payment of the notes and the interest to accrue thereon. SECTION 15. MODIFICATIONS AND AMENDMENT. No material modi- fication 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 the notes. I-] 0 -9- SECTIO14 16. SEVERABILITY. 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, agreement or provisions shall be null and void and shall be deemed separate from the remaining covenants, agree- ments or provisions and in no way affect the validity of all the other provisions of this Resolution or of the notes issued thereunder. SECTION 17. EFFECTIVE DATE. This resolution shall take effect immediately upon its adoption. PASSED AND APPROVED this 22 nd day of September 1967. �Letc��L /• (�ceti'att�u- �iE �iYry ��( Q. -y- eity Clerk Mayor SEAL CERTIFICATION I, Joseph A. Rickards, City Clerk, in and for the City of Cape Canaveral, Florida, do hereby certify that the above is true and correct copy of Resolution No. 67-52, as passed and approved by the City Council on the 22nd day of September 1967. �s l� 11 Z i11X- .Pa- ity Clerk SEF.L