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HomeMy WebLinkAboutResolution No. 1966-55 . MICROFILMED 4.10-8Q RESOLUTION NO, 66-55, . RESOLUTION PROVIDING FOR THE ISSUANCE OF • 225, 000. 00 STORM DRAINAGE GENERAL OBLIGA- TION BONDS, SERIES OF 1966,. ANTICIPATION NOTE OF THE CITY OF CAPE CANAVERAL, FLORIDA, IN ANTICIPATION OF THE RECEIPT BY THE CITY OF THE PROCFFDS FROM THE SALE OF STORM DRAINAGE GENERAL OBLIGATION BONDS, SERIES OF 1966; REPEALING RESOLUTION NUMBERS 66-49 AND 66-54: 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, determined and declared that : A. The City of Cape Canaveral, Florida, (herein- after 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 thecostof 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 free- holders 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 and the interest due thereon, have pledged for their payment the full faith, credit and taxing power of the City. MICROFILMED• 4-10-80 C. It is necessary and urgent that funds be made immediately available in order to pay the 'cost of the municipal 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 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 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 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 such note. • 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, a note of the City to be known as "Storm Drainage Obliga- tion Bonds, Series of 1966, Anticipation Note", herein -2- 0 MICROFILMED 4-10-80 sometimes referred to as "note" , is hereby authorized to be issued in the aggregate principal amount of Two Hundred Twenty Five Thousand Dollars ( $225, 000. 00). SECTION 5. DESCRIPTION OF NOTE. There shall be one note, dated October 21, 1966; shall be in the denomination of $225, 000. 00; shall bear interest at the rate of five and one-half per centum (51%) per annum; and shall be payable on or before April 21, 1967. Such note shall be payable with respect to both principal and interest at the BARNETT FIRST NATIONAL BANK OF COCOA, FLORIDA: shall be payable in lawful money of the United States of America; and shall bear interest from its date. SECTION 6. EXECUTION OF NOTE. The note 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 signature of the Mayor or the City Clerk may be imprinted or reproduced on the note; 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 note shall cease to be such officer of the City before the note so signed and sealed shall have been actually sold and delivered, such note may nevertheless be sold and delivered as hereinprovided 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 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. -3- r MICROFILMED 0� 4.10:aO SECTION 7. REGISTRATION. The note may be transferred 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 be executed in the name of and delivered to the transferee a new registered note. SECTION 8. FORM OF NOTE. The note 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. No. 1. $225, 000. 00 UNITED STATE 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 .municipa.l corporation of the State of Florida (hereinafter referred to as the "City", for value received, hereby promises to pay to the BARNETT FIRST NATIONAL BANK OF COCOA, FLORIDA, or its successor or registered assigns, on or before April 21, 1967, the principal sum of Two Hundred Twenty Five Thousand. Dollars ( $225, 000. 00), and to pay interest on such principal sum at the rate of five and one-half per centum (521) per annum until such principal sum shall be paid. Bothprincipalof, and interest on this note are payable in lawful money of the United States of America at the BARNETT FIRST NATIONAL BANK OF COCOA, FLORIDA. -4- MICROFILMED O 4-10-80 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 October 19, 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 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 burrender 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. --5- _ a C MICROFILMED0 4-1 O 8 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 21st day of October, 1966. CITY OF CAPE CANAVERAL, FLORIDA By Mayor SEAL ATTESTED AND COUNTERSIGNED: City Clerk • SECTION 9. 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 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 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;'Nissued 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 hereunder the payment of the principal of and interest thereon at its maturity. -6- MICROFILMED 0 4-10-8th 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. 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 theP roceeds 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 note remaining unpaid, to- gether with interest accrued and to accrue ,thereon, the City covenants with 'the holdersofany note 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 note, or to its successor or registered assigns, the amount re- quired 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 ) 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 note and the holders thereof in like manner as applicable to the Bonds. -7- • s0 MICROFILMED 0... 4-10-8.G 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 13. SUPPLEMENTAL RESOLUTION 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 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 toaccrue 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. SECTION 15. Resolutions No. 66-49 and No. 66-54 are hereby repealed. 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 provisions and in no way affect the validity of all the other provisions of this Resolution or of the note issued thereunder. -8- a �� ' ' �' ( — MICROFILMED Y"- 4-10-80 SECTION 17. EFFECTIVE DATE. This resolution shall take effect immediately upon its adoption. 6 , 4b).,1*,_ PASSED AND APPROVED this 19th day of October 1966. t -,e,,,,,,A,,.A ,„-,r. . 0 0.;,:4-. ,f; , I 1 41110! ✓ l „=„cvn, ,,,,,,,,,,,,,,,,,,,,, '-;: yr,,,,),-,,,f!,17,;„,,,,,,,, ; s,, ,,i1,-*, ' Mayor ,7 �t tt. ;''',./,: '', f % J �y{�s: 'l�'�2j` rel! i �� '�4"r`� ' . x 'jai S'E r � ♦ �u��}�4. }dein{55 er r�sa Its 3f� , t t t� APPROVED AS TO FORM: °Yl rX JA Y' i y'Jr ;!$1 per, . ` si i� of ft �i }�':. t7Lr i�C,,j���f�aeiDa/: vt, ''''''-: if C'-'J a Op 'ft 0;;,->,--,f 7,11° f Cit; A torn=y 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. 66-55 as passed and approved by the City Council on the 19th day of October 1966. 0,--1 0, / ,.e4, City Cler / (SEAL)