Loading...
HomeMy WebLinkAboutResolution No.67-16r RESOLUTION NO. 67 -16 • REPEALE61 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 ANTI- CIPATION OF RECEIPT BY THE CITY OF THE PROCEEDS FROM THE SALE OF PUBLIC IMPROVEMENT 1REVEVENNUE BONDS, SERIES OF 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 Improve- ments, (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 & Associ- ates, 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. 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 prepared by Briley, Wild & Associates of Daytona Beach, Florida. Firm ,construction bids foiehe Project have been receod 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 of 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. 0. It is necessary and urgent that funds be made immediately available for the commencement of such Project. The City must, there- fore, 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 Assessments more fully described in the authorizing Bond Resolution. SECTION 3. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the acceptance of the Anticipation Notes authorized to be issued here- under 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 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 !mown as "Public Improvement Revenue Bonds, Series of 1966, Anticipation Notes," herein sometimes referred to as "notes ", are hereby authorized to be issued in an aggregate principal amount not to exceed Seven Hundred Twenty Thousand Dollars ($720,000). SECTION 5. A note or notes authorized* an amount under this Resolution shall be numbered from one (1) upward consecutively, dated May 1, 1967, or such earlier date as determined by the Mayor of the City, which power is hereby delegated; shall be issued in denominations of multiples of $1,000; shall bear interest at a rate not to exceed five per centum (5 %) per annum; and shall be payable on or before three (3) years from date of issuance or such shorter term as determined to be proper by the Mayor, which power of determination is hereby delegated to the sound judgment of the said Mayor. 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 a facsimile 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 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 8. FORM OF NOTES. The notes 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 by any subsequent resolution or ordinance adopted prior to the issuance thereof: ® e No. $ UNITED STATES OF A14ERICA STATE OF FLORIDA CITY OF CAPE CANAVERAL PUBLIC IAIPROVE.4ENT REVENUE BONDS SERIES OF 1966 ANTICIPATION NOTES NC'd 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 , Florida, or its successor or registered assigns on or before , 19—, the principal sum of Dollars ($ ) and to pay interest on such principal sum at the rate of per centum ( %) 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 , Florida, 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 (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 1961 This note and the interest due thereon are payable solely from and secured by alien 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. enacted by the City on 19_, 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 Iron the proceeds of Special Assessments, 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. 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 XND 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 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 co 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 he 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 ::Dees shall be applied pursuant to the provisions of the resolution of the City authorizing the issuance of the Bonds. 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 1111' CITY. For so long as the principal of and interest on the note shall be outstanding and unpaid or Until there shall haw.: b.mn irrevocably set apart a sum sufficient to pay, whon due, the entire principal of the notes remaining; unpaid, togatber with intercut accru,:d aadte accrue thereon, the City covenants with the holders of any notes as follows; A. PROCEEDS FROM BONDS. Upon the receipt of the proceeds of the Bonds, excluding accrued interest, the City shall transmit 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. SUPPLEMENTAL RESOLUTIONS AND ORDINANCES. The City shall, from time to tima and at any time, enact such ordinances and adopt such resolutions as shall not be inconsistent witn the terns and conditions of this Resolution: A. To cure any 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 14. MODIFICATIONS and AL"NDM"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 the notes. SECTION 15. SEVER.IBILITY. If any one or more of the covenants, agreements or provisions of this Resolution should be held contrary to any expross 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 notes issued thereunder. SECTION 16. EFFECTIVE DATE. This resolution shall take affect immediately upon its adoption. PISSED. AND APPROVED this 18th day of April 1967. Mayor (SEAT.) ATTEST: / ity ClerW r CERTIFICATION I,__ Joseph A. Rickards , City .Clark, in and for the City of Cape Canaveral, Florida, do hereby certify that the attached is a trua and correct copy of Resolution No.67 -16 , as passed and approved by the City Council on the 18th day of April ,1967 ./ City Clerk (SEAL)