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HomeMy WebLinkAboutResolution No. 1966-47 -.- :MICROF.ILMED ''. RESOLUTION PROVIDING FOR THE ISSUANCE OF ;, , �� ' j ,•! $ 800, 000. 00 STORM DRAINAGE GENERAL , , OBLIGATION BONDS, SERIES OF 1966, ANTIcIPA :t( ; TION NOTE OF THE CITY OF CAPE CANAVERAL;, FLORIDA, IN ANTICIPATION OF THE RECEIPT BY THE CITY OF THE PROCEEDS FROM THE SALE;;OF STORM DRAINAGE`GENERAL 'OBLIGATION BOND$, ;t 'T.'.::::::..Z j. ' SERIES OF 196 ", t „ 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 provisons. of law. ."•. . -...,:•..:- ,:i, :::,::'.. .:. ..,:.r:•.:...;::"..,,_,',T,„,:::::,...:•:,• ::::::::. SECTION. 2. FINDINGS :It ;is• hereby': ascerta-ined, deter- mined and: declared that: • IA. ; , The .City of . Cape Canaveral, Florida (hereinafter 1 . called "City" ) by Resolution No. . J,5= .. •adopted on � �1 : 1, /f'/( , .authorized . the issuance of not :exceeding $1,200, 000 '" r , Storm Drainage General Obligation.`Bonds, Series of 1966,' of the , • • City (hereinafter called • "Bonds" ) for the purpose of financing E' I the cost of acquiring and constructing a storm drainage system ;, : - in the City. The issuance of such :.Bonds was authorized as .afore - said, subject, however, 'to approval at a freeholder electionh held on March 29, 1966. :At such election, the freeholders of t.the City ! approved the issuance. of such Bonds pursuant to the • : t; requirements of the Charter of the City and the Constitution. „ of the State of Florida. ' , 'B. S.: ::: .,onds and the interest due thereon, have::;=' pledged for their. payment the full faith, . credit and taxing.;: '; power` of the City. . - . ---- - ;C. It: is necessary :and "urgent that funds be made .. immediately available in order `to pay the cost of the municipal ' . 11 ,1 MICROFILMED - 4.10-80: . ' • • ' improvements to be acquired and constructed from a portion of the .proceeds of the Bonds. The City must, therefore, anticipate': . '`.' the receipt by it of a portion of the proceeds to be derived • ii. . ..; •- .. :" from the sale of the Bonds. The principal of and interest . on .• :, the Anticipation Note to .be issued' pursuant to this Resolution ;• ..i - t 1 -:::-.-:,•-, -, will be payable solely from and secured by a lien upon and a ::•-. •:' I pledge of'; the proceeds derived from the sale of the Bonds, or, ,:,• . . . ;. • 'if necessary, by a pledge of the full faith, • credit and taxing :: ii power of .the pity. it D. Such Anticipation Note will constitute the only general indebtedness of the City, and will not exceed twenty per : ': 1; cent (20%) of the total assessed valuation as assessed by the' .. City, of all taxable property, both real and personal, within. the:.::....-....: limits of;� the City. SECTION 3. RESOLUTION TO CONSTITUTE CONTRACT. In - • consideration of the acceptance of the Anticipation Note author . , : . . ized 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 such note. • :;SECTION 4.. AUTHORIZATION OF NOTE. Subject and pur- • suant to the provisions of this Resolution and in anticipation of the sale and delivery of the Bonds, a. note •of the City to ' be known as "Storm Drainage General Obligation Bonds, .Series of . ' : 1966, Anticipation Note" , herein sometimes referred to as "note . is hereby ';authorized to be issued in the aggregate principal ' amount of ; gight Hundred Thousand Dollars . . ($ 800, 000., op ) • i II -L- • .. • ,i MICROFI LM ED 4-10-80- SECTION 5. DESCRIPTION OF' NOTE. There shall be one • note, dated October 18 , 19 66; shall be in the denomination of $800, 000. 00 ; 'shall bear interest at the rate Dot exceeding that authorized by law • per centum ( g6) per annum; and shall be payable on or before March 1 • • • 19 67 Such note shall be payable with respect to both prin- cipal and 'interest at the place designated by the Lendor ' 7 shall be payable in lawful money of • t' ' the United States of America; and shall bear interest from its • •date. i.;. • SECTION 6. EXECUTION OF NOTE. The note shall be cuted in the name of the City by the Mayor and countersigned and attested by the City Clerk and its corporate seal or a fac- • simile thereof shall be affixed thereto or reproduced thereon. ;:. The facsimile signature of the Mayor or the City Clerk may be • . imprintedor reproduced on the note; provided that at least one signature l;required to be placed thereon shall be manually sub- scribed. !In case any one or more of the officers who shall have signed or ;sealed the note shall cease to be such officer of the City before the note so signed any sealed shall have been actuall . Y '- . sold` and delivered, such note may nevertheless be sold and de ` livered as herein provided and may be issued as if the person who signed or sealed such note had not ceased to hold such office. Such note :may be signed and sealed on behalf of the City by such F;:;; • person who at the actual time of the execution of such rote • shall • hold the proper Office in . the City, although at the date of such -.,:, .'.''< note such person may.not have held such office or may not have . been so authorized. • . ii • • : • • • fl -3 is MICROFILMED ,►� 4-10-80 ' i '► SECTION 7. REGISTRATION. The note may be transferred :: : .!. 1 only upon the books of the City Clerk upon surrender of the note 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 ..' ,..•••••• : '"..... H be executed in the name of and delivered to the transferee a . ' •,. II. • new registered note.-' SECTION 8. FORM OF NOTE. The note shall be in sub- •'. . stantially 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 e or ordinance adopted prior to the issuance thereof : • . . ii ' . . ;� .. MICROFILMED.' 4-10-80 • NO. $ UNITED STATES OF AMERICA STATE OF FLORIDA CITY OF CAPE CANAVERAL ' STORM DRAINAGE GENERAL OBLIGATION BONDS SERIES OF 1966 .. ' ANTICIPATION NOTE ' KNOW ALL MEN BY THESE PRESENTS, that the City of Cape . Canaveral, Brevard County, a municipal corporation of the State ' of Florida (hereinafterreferred to as the "City" ) , for value ' received, hereby promises to pay to the , Florida, or its successor or regis tered assigns, on or before March 1 , 19_2., the • principal sum of Eight Hundred Thousand Dollars ($ 800, 000.00 ) 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 • Statutues,, and a Resolution adopted by the City Council on :f September 20, 1966; (herein referred to as "Resolution" ) , in anticipation of the receipt by the City of the proceeds from the sale of certain Storm Drainage General Obligation Bonds, Series of 1966, of the City, dated August 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 Storm Drainage General Obligation Bonds, . Series of !1966, or, if necessary, by a pledge of the full credit -5— _. 0 MICROFILMED. 4-10-80 Ij and taxing power of the City, as more particularly set forth in the Resolution. • . 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 exe- cuted 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- r.. . Clerk, and its corporate seal to be impressed hereon, all as of tie 18th day of October 19 66.• CITY OF CAPE CANAVERAL, FLORIDA Mayor - I. (SEAL) • ATTESTED AND COUNTERSIGNED: • City Clerk • • 6- • „ ' • • . MICROFILMED: 4-10-80. • • • • : • .• . . . • .. • • !• •• • • SECTION 9. : PLEDGE OF THE FULL FAITH AND CREDIT. For the prompt payment of the principal of and interest on the note 1-' •:• as the same shall become due, the full faith, credit and taxing . power of the City, are irrevocably pledged as herein set forth. • • .. . • SECTION 10. SECURITY OF NOTE. The payment of debt _ . . • service on the note issued hereunder shall be secured forthwith,:.:. ;:.• • equally and ratably, by•.a lien on and a pledge of the proceeds . • = ., ... ,and, derived from the sale of the Bonds —if necessary, the full ... • • . . • faith, credit land taxing power of the City. The City does herebyj .• •••;.•: irrevocably pledge said funds to the payment of the principal • of and interest on the note, issued pursuant to this Resolution, and to the payment into the sinking fund, at the times provided, • of • the sums required to secure to the holders of the note issued • .„•••t ;•-••• .,.:•.•-•..: • . hereunder . • the payment of the principal of and interest thereon • • at its maturity. • SECTION 11. APPLICATION OF PROCEEDS. The moneys received from the delivery of such note 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 note. I, • . ' . B. The remaining moneys derived from the sale of said • . •- note shall be applied pursuant to the provisions of the resolution • • . • . • • ,.• of the City authorizing the issuance of the Bonds. • . . •.•.• . The holder of the note shall have a lien upon all 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 and interest on the note shall be outstanding . •, • -• • • and unpaid or until there shall have been irrevocably set apart. . • : • • . a sum sufficient to pay, when due, the entire principal' of: the • • . . . • • • . • • ••••••• .• •.": • • . . • •„. . •• . .• • • . • • • •• •-• . . • , , • •„. : ..---.: •• (--). . MICROFILMED. , :. `''.• : . . 4-10-80 note remaining unpaid, together with interest accrued and to , ..-.. :- ' .. : :.. . accrue thereon, the city covenants with the holders of any note . . - as follows : A. PROCEEDS FROM BONDS. Upon the receipt of the pro7:_7'-':: .. . .. • ceeds of the Bonds, excluding accrued interest, the City shall . _. . . , ' . .--:-. H,•. transmit to the payee named in the note, or to its successor :. '-',•::1 /:',.. ::: or registered assigns, the amount required to pay the principal . . . ••:;.;!,-',.i .:.r. - : of the note and the interest accrued thereon to such date of ::,..„ :': • : - , ,:' 1.: :::.; :•:•,. :. „::::' . . . , .. payment. ....„ , _ • B. APPLICATION OF PRIOR COVENANTS. The covenants : • : : ' '- , . . and pledges (to the extent that the same are not inconsistent). :._.:. , . .„. : .. containedin the resolution or resolutions adopted for the bene-. .: fit of the holders of the Bonds shall be deemed to be for the - : ,•:: - .' . . .. benefit and protection of the note and the holders thereof in .:::•. ':. :: . -:::-: : ::': •:- like manner as applicable to the Bonds. • C. SALE OF BONDS. The City shall, at least sixty (60) ... ,: ."...:....-: days prior to the maturity date of the note, 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 note. :-• :. •-1.•: . : : ' :: i -.• SECTION 13. 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 inconsis- tent with the terms 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 note and the interest -. -....,. .„ . .. . _ . - ... ;.:. ... .:. :. to accrue thereon. . . ' ' • :, , . • . SECTION 14. MODIFICATIONS AND AMENDMENT. No material - H . ., . .,... . .... modification or amendment 'Of this Resolution or of any resolution . . ., • . , . _ . : : , . . r - , • , . : . . : . , 'M'1CR0FILMED 04 :4-10-80 i•s . • -'. amendatory hereof or supplemental hereto may be made without. ' the consent in writing of the holders of the note. ,SECTION 15. 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 - - :"y ;:[. -.2:'-: :. 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 arid 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 note issued thereunder. . SECTION 16. EFFECTIVE DATE. This resolution shall • take effect immediately upon its adoption. . ',PASSED .AND •APPROVED this 20th day of September ' • 1966, . - •••:..: ....... ,••.: . , . • _(24...Q_A4../..,_z_6,- ! .. Mayor • . . .(SEAL) ATTEST: APPROVED AS TO FORM: • / •:. , / .. Ci y\lark City Attorney '. CERTIFICATION • I, Donna J. Anderson , City Clerk, in and " for the City of Cape Canaveral, Florida, do hereby certify that :. . the attached is a true" and correct copy of Resolution No.. . , ::::. : . .. as passed and approved by the City Council on the 20th , day of September ' , .19 66 . . City "Clerk (SEAL) • '