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HomeMy WebLinkAboutResolution No. 1966-54 cj— - MICROFILMED ' • >°'s EprAq E • 4-10.80 RESOLUTION : NO. dG - RESOLUTION. PROVIDING FOR THE ISSUANCE OF $450, 000. 00 STORM DRAINAGE GENERAL OBLIGA- TION BONDS, SERIES OF 1966, ANTICIPATION NOTE OF THE CITY OF CAPE CANAVERAL, FLORIDA, ITN ANTICIPATION OF THE RECEIPT BY THE CITY OF THE PROCEEDS FROM THE SALE OF STORM DRAINAGE GENERAL OBLIGATION BONDS, SERIES OF 1966; =_ PROVIDING AN EFFECTIVE DATE. ' 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 law. • SECTION 2. FINDINGS. It is hereby ascertained, deter- mined and declared that : A. The City of Cape Canaveral, Florida (hereinafter called "City") by Resolution No. 15-66 adopted on June 7, 1966, authorized the issuance of not exceeding $1, 200, 000. 00 Storm Drainage General Obligation Bonds, Series of 1966, of the City (hereinafter called "Bonds" ) for the purpose of financing the cost of acquiring and constructing a storm drainage system in the City. The issuance of such Bonds was authorized as aforesaid, subject, however, to approval at a freeholder election held on March 29, 1966. . At such election, the freeholders of the City approved the issuance of such Bonds pursuant to the requirements of the Charter of the City and the Constitution of the State of Florida. B. Such Bonds :land the interest due thereon, have pledged for their payment the full faith, credit and taxing power of the City. . C. It is 'p cess'ary and urgent that funds be made immedi- ately available in order to pay the cost of the municipal improve- ments to be acquired and coristructed from 'a portion of the proceeds of the Bonds. The ,City must, therefore, " anticipate the receipt MICRO.FILMED 4-10-80 by it of a portion of the proceeds to be derived from the sale of the Bonds . The principal of and interest on the Anticipation Note to be issued pursuant to this Resolution will be payable solely from and secured by a lien upon and a pledge of the proceeds derived from the sale of the Bonds, or, if necessary, .by a pledge of the full faith, credit and taxing power of the City. D. Such Anticipation Note will constitute the only general indebtedness of the City, and will not exceed twenty per cent (20%) of the total asessed 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 con- sideration of the acceptance of the Anticipation Note 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 consti- tute 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 LI . AUTHORIZATION OF NOTE. Subject and pursuant 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 and delivered to St. Petersburg Bank and Trust Co. in the aggregate principal amount of Four Hundred and Fifty Thousand and no/100 Dollars ( $450, 000. 00) . SECTION 5. DESCRIPTION OF NOTE. There shall be one note, dated October 19, 1966; shall be in the denomination of $450, 000. 00; shall bear interest at therate o'f six :per, centum ( 6f) per annum; and shall be payable on or before February 1, 1967. Such note shall be payable with respect to both principal and interest at the St. Petersburg Bank and Trust Co. of St. petersburg, Florida; and shall be payable in lawful money of the United States of America; and shall bear interest from its date. - 2 - • • QT MICROFILMED 4-10-80 SECTION 6. EXECUTION OF NOTE. The note shall be exe- cuted 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. 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 and sealed shall have been actually sold and d4- livered, such note may nevertheless be sold and delivered as herein provided and may be issued as if the person who signedor sealed such note had not ceased to hold such office. Such note may be signed and sealed on behalf of the City by such person who at the actual time of the execution of such note 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. SECTION 7. 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 or ordinance adopted prior to the issuance thereof: No. $450, 000. 00 UNITED STATES OF AMERICA STATE. OF FLORIDA CITY OF CAPE CANAVERAL STORM DRAINAGE GENERAL OBLIGATION BONDS SERIES OF 1966 BOND ANTICIPATION NOTE 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 order of the St. Petersburg Bank and Trust Co. , St. Petersburg, Florida, on or before February 1, • 1967, the principal sum of Four Hundred and Fifty Thousand and no/100 Dollars ( $450, 000. 00), and to pay interest from the date - hereof on such principal sum at the rate of six percentum ( 6/) per annum until such principal sum shall be paid. Both principal of - 3 - p • a MICROFILMED 0 _• 4-10=80 _X. and interest on this note are payable in lawful money of the United States of America at the St. Petersburg Bank and Trust Co. , St Petersburg, Florida. This note isissue.d under the authority of and in full compliance with theCons'titution 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 of the City of Cape Canaveral, Florida, on October 19, 1966, (herein referred to as "Resolution" ), in antici- pation 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 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 at any time the proceeds from the sale of said bond issue are insufficient to pay the principal and interest of this indebtedness, the, by a lien upon and pledge of the general ad valorem taxing power and full faith and credit 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 Constitit-ion 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. In the event that the principal of this note and the interest due thereon is not paid in full on February 1, 1967, and the maturity date of the note is extended, thereafter there shall be assessed a penalty of two per centum (2/) for any prepayment prior to the new maturity date of the note. IN WITNESS WHEREOF, the City of Cape Canaveral, Florida, has issued this note and caused the same to be signed by its Mayor, - 4 () MICROFILMED 0 4-10-80 attested and countersigned with the signatureof its City Clerk, and its corporate seal to be impressed hereon, all as of the 19th day of October, 1966. CITY OF CAPE CANAVERAL, FLORIDA By Mayor (SEAL) ATTESTED AND COUNTERSIGNED: City Clerk SECTION 8. PLEDGE OF THE FULL FAITH AND CREDIT. For the prompt payment of the principal of and interest on the note as the same shall become due, the full faith, credit and taxing power of the City, are irrevocably pledged as herein set forth. SECTION 9. 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 derived from the sale of the Bonds and, if necessary, the full faith, credit and taxing power of the City. The City does hereby 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 tithes provided, of the sums required to secure to the holders of the note issued hereunder the payment of the principal of and interest' thereon at its maturity. SECTION 10. 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. Alh ,accrued; interest, if: any, ,shall be deposited in the Sinking Fund and used to pay the interest due on the note. B. The' remainingmoneys derived from the sale of said note shall be applied-pursuant to " the .provisons of the resolution of the City authorizing the. issueance of the Bonds . MICROFILMED 4-10-80 The holder of the note shall have alien upon all the proceeds thereof until the same have been applied as provided herein. SECTION Il. COVENANTS OF THE CITY. For so long as the principal of and interest on the note shall be outstanding and un- paid or until there shall have been irrevocably set apart as sum sufficient to pay, when due, the entire principal of the note re- maining 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 pro- ceeds of the Bonds, excluding accrued interest, the City shall transmit to the payee named in the note, or to its successor or registered assigns, the amount required to pay the principal of the note 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 ) con- tained 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 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. SECTION 12. The Mayor of the City, attested by the City Clerk, is hereby authorized and directed to execute any paper, instrument and/or loan agreement necessary to effectuate the intent of this Resolution. Said loan agreement shall include pro- vision for the pre-payment of the note without penalty to the City, provision for a compulsory amortization payment schedule in con- formity with the General Laws of the State of Florida in the event that the City does not pay, the interest and principal of the note in full on February 1, 1967, provision for, designation of the sinking fund depository, of the, ad valorem taxes collected under - 6 - MICROFILMED 440-80 the Storm Drainage General Obligation Bonds, Series of 1966, and any other provisions necessary to effectuate a closing on the note described herein. '.,The s'aid paper;" instrument and/or loan agreement referred to herein shall be approved as to form by the City Attorney. 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 inconsistent with the terms and conditions of . thi-s 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 modification or amendment of this Resolution or of any resolution amendatoryhereof may be made without the consent in writing of the holders of the note.. - arc. ' -`- - • c-2 . oma.. _y-- • ":1:54 -- r2'etb-- SECTION 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, agreements or provisions shall be null and void and shall be deemed separate from the remaining covenants, agreements or provisons and in no way affect the validity of all the other provisions of this Resolution or of the note issued thereunder. SECTION 17. EFFECTIVE DATE. This Resolution shall take effect immediately upon its adoption. - .7 _ MICROFILMED 0 410-80 PASSED AND APPROVED this 18th day of October, 1966. Mayor (SEAL) ATTEST: City Clerk APPRO ../ • TO FORM: City Ab .erney 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 apprved by. the City Council on the day of October, 1966. City Clerk (SEAL) - 8 -