HomeMy WebLinkAboutResolution No. 1965-07C ',44-.-• ' '... •r
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• i RESOLUTION NO. �.J� / C
. A RESOLUTION PROVIDING FOR THE ISSUANCE OF
$250,000' SANITARY SEWER REVENUE CERTIFICATES,
SERIES E; PROVIDING FOR THE RIGHTS OF THE
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HOLDERSpF SAID REVENUE CERTIFICATES; PLEDGING •
_ • • FOR THEPAYMENT THEREOF THE NET REVENUES OF' THE " -
• SANITARY; SEWERAGE SYSTEM, THE PROCEEDS OF THE '``�
. UTILITIES TAX, THE PROCEEDS OF THE ELECTRIC \ ---,
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• • FRANCHISE TAX, AND THE FIRST $11, 000 OF THE •
OCCUPATI.ONAL LICENSE TAX; AND PROVIDING FOR
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- ' AN EFFECTIVE DATE.
%-, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF •
-.-CAPE., CANAVERAL, FLORIDA,, that: ., i
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution • •
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is adopted pursuant to the provisions of Chapter 184, Florida
Statutes, and other applicable provisions of law.
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SECTION 2. FINDINGS. It is hereby found and determined
. 2. as follows.: •. "
A. The City of Cape Canaveral, Florida (hereinafter
sometimes called the "City") does not own, operate or maintain a
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sanitary sewerage system (hereinafter sometimes referred to as the '.
"system") . -
B. The acquisition and construction of such system '
, h
,. (hereinafter referred to. as "project") is necessary and essential .
in order to preserve the public health and safety of the citizens
'of the City and the inhabitants of the surrounding environs, and
. it is essential for the physical and economic welfare of said City
is
that such project be constructed. . The plans �.:d specifications • •
for such improvements as. prepared by Briley, Wild & Associates,
.
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Consulting Engineejs of the City have •been adopted and approved
by the City ,Council and are presently on .file in the office of the i,
j)
• . City Clerk. • 1.` .
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C. The City, pursuant to non-emergencyOrdinance No.4'10-8
64.10, enacted April 28, 1964, and Section 167.431, Florida
Statutes, has levied a tax on every purchase of electricity, .
metered or bottled gas (natural, liquified petroleum gas or
manufactured) , water service and telephone and telegraph service •
within the corporate limits of the City, (which taxes are sometimes
hereinafter referred to as "utilities tax") .
D. The City, pursuant to the provisions of Ordinance
No. 5-62, enacted August 28, 1962
entered into an agree-
ment
with the Florida Power and Light Company granting to the latter
an electric franchise for a period of thirty years for the privilege
of operating and maintaining electric light and power facilities
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in the City. In return for such privilege the Florida Power and
Light Company has agreed to pay a continuing franchise tax to the
. City (such tax being hereinafter referred to as the "franchise tax") .
E. The City, pursuant to the
y provisions of Ordinance
No. 3-62, enacted August 2 1962, as amended by Ordinance
No. 1-62-A, enacted August 26 , 1964, has levied an occupational
: ' license tax on businesses, professions, and occupations carried on
within the corporate limits of the City (hereinafter referred to
as the "occupational license tax") .. i
as amended • f
F. The City has, by virtue of Resolution No.65-7/ adopted f
on February 5 . , 1965, authorized the construction of the
project and provided for the issuance of $1, 350,000 Sanitary Sewer
Revenue Certificates to finance the cost thereof. Such resolution
also provides that the $1,350,000 Sanitary Sewer Revenue Certificates
shall be payable from the net revenues derived from the operation
of the system and from the
y proceeds of the utilities tax and the
franchise tax. Such resolution and the certificates issued pursuant . �.
thereto are hereafter referred to as the "Prior Resolution" and the
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"Prior Lien Certificates", respectively.
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G. The estimated cost of said project is the sum of
$1, 560,000. Of such cost, $1, 350,000 •shall be provided from the .
sale of Prior Lien Certificates authorized by the Prior Resolution
and the balance shall be provided by the City from other available
sources, or if necessary, from the sale of the Certificates herein
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authorized. Such cost, in addition to the specific itemscontained. •
in the plans and specifications approved by the City Council, shall
: be deemed to include the acquisition of any .existing sewer facili-
` ` ties, or of land or interest therein, or of any fixtures or equip-
• ment or properties necessary or convenient therefrom engineering and
• legal expenses, fiscal expenses, expenses for estimates of costs
• , and of revenues, expenses for plans, specifications and surveys,
administrative expenses, interest during construction, if any, the •
establishment of reserves and such other expenses as may be
necessary or incidental for the financing authorized by the 'P:rior
f ;
Resolution, the construction of the project and the placing of f'
the same in operation. l:
H. The City has determined that . it is in the best
' interests of the inhabitants of the City'.to provide for funds in (=
the amount of $250,000 for further financing of the. project in
the event that the proceeds derived from the sale of the Prior
Lien Certificates and the funds to be provided by the City from
other available sources are not sufficient to complete the construe- �..
tion and acquisition of the project, all in compliance with and
under the. terms ofthe. Prior Resolution.
I. The estimated annual net revenues to- be hereafter
derived from the operation of the system, the proceeds of the •
utilities tax, the 'proceeds of the franchise tax and the first
$11,000 annually of the proceeds of the occupational license tax
' (hereinafter collectively referred to as "excise taxes") will be
sufficient to pay the principal of and interest on the Certificates,
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herein authorized, and on the Prior Lien Certificates as the same If
become due, all sinking fund, reserve and other payments herein
required. The lien held by the Certificates issued pursuant to
this resolution on the net revenues of the system and the proceeds
of the franchise tax and the Utilities tax shall be junior and
subordinate to the lien held by the Prior Lien Certificates, • in
the manner provided in this Resolution.
J. The principalof and interest on the Certificates
to be issued pursuant to this Resolution and all of the reserve,
sinking fund or other payments provided for will be paid solely
from the net revenues derived from the operation of the system and
the proceeds of the excise taxes in the manner herein provided. The
City shall not be authorized to levy ad valorem taxes on any
real property therein to pay the principal of and interest on
the Certificates, herein authorized, or to make any of the reserve,
sinking fund or other payments provided for herein. Such Certificates
shall not constitute a lien upon the system or upon any other x,
property whatsoever of or in the 'City.
SECTION :3. DEFINITIONS. The following terms in this
Resolution shall have the following meanings, -_unle'ss the text
otherwise expressly requires: ;>
A. "Certificates" shall mean the $250,000 Sanitary
Sewer Revenue Certificates, Series B originally authorized to be •�.
issued pursuant to this Resolution, and the:. interest coupons apper-
taining thereto.
B. , "Holder of Certificates" or "Certificate Holder" ,
or any similar terms, shall mean any person who shall be the bearer
or owner of a Certificate or Certificates, registered to bearer
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or . not registered, or the registered owner of any such Certificate 'i :.
' or Certificates which shall at the time be registered other than : i ,:
to bearer or the bearer of any coupons representing interest accrued ,.,
or to accrue on said Certificates. •
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C. "Gross Revenues" or "Revenue" of the system shall it
mean all fees,' rentals or other charges' or income received. by the
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:: =' City from the operation of the system. ,i.
<< D. "Operating Expenses" or "Cost of Operation and Main ..
tenance" of the system shall mean the current •expenses, paid or lt
accrued, of the operation, maintenance and repair of the system ; i:
and its facilities, as calculated in accordance with sound account- :;': ': 2
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' . ing practices, and shall include without limiting the generality
.of the foregoing, .,insurance premiums, administrative expenses of . : ;
,. :,, ;,,;" the City relating ''solely to the system, labor, cost of materials
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and supplies used for current operations and charges for the accumu i.t'
.. lation of appropriate' reserves for current expenses not annually -.:-._2 . 11.
'' recurrent, but, which' are such as may .reasonably be expected to be i
-..,', ( incurred... Operating expenses shall not include any allowance for : Hi
depreciation or renewals or replacement of capital assets of the, ir.
system.
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E. "Net Revenues" of the system shall mean the gross .-ir
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;':revenues as defined in subsection C after deducting only operating -4i
expenses of the same as defined in subsection D.a .i
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F. "Utilities tax" shall mean the proceeds derived by
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: : the City pursuant to Ordinance No. 64-10, enacted on April 28, 1964, .
upon every purchase of electricity,: metered or bottled gas (natural)
liquified petroleum gas' or manufactured) , water service and tele-'
phone and telegraph service within the corporate limits of the City,: • :11
. : under the authority of Section 167.431', :Florida Statutes. . . �i
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G. "Franchise tax" shall mean any and all moneys received
by the City from the Florida Power and Light Company, its legal "
, representatives, successors or assigns under the electric franchise
granted pursuant to Ordinance No. 5-62, enacted August 28, 1962
' granting such company the right to construct, maintain and operate
electric light and powerfacilities for the purpose of supplying
electricity to the City or its inhabitants.
H. "Occupational License Tax" shall mean the first -$11,000
of the moneys received annually by the City by virtue of Ordinance
No. 1-62 enacted by the City on August 2 , 1962 as
amended on August 26 , 1964, levying and collecting
a tax on professions, businesses, and occupations carried on
within the corporate limits of the City.
I. "Excise taxes" shall mean collectively, the utilities
- tax, the franchise tax, and the occupational license tax.
J. "Fiscal year" shall mean the period commencing on
October 1 of each year and continuing to and including the succeed
ing September• 30.
K. Words importing singular number shall include the
,.` plural number in each case and vice versa, and words importing
persons shall include firms and corporations. ,
SECTION, 4. RESOLUTION TO CONSTITUTE CONTRACT. In con-
sideration of the acceptance of the Certificates 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 con-
tract between the City and such holders. The covenantsand agree
ments herein set forth to be performed :-by the City shall be for
the equal benefit, protection and security of the. legal holders of
any and all of such Certificates and the coupons attached thereto,
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all of which' shall be of equal rank and without preference, priority . ' .i
or distinction of any of the Certificates or coupons • over any other
thereof, except as expressly provided therein and herein.
SECTION 5. AUTHORIZATION OF CERTIFICATES. Subject and
pursuant to the provisions of this Resolution, certificates of the . '
City to be known 'as "Sanitary Sewer Revenue Certificates, Series B" , .
herein sometimes referred to as "Certificates",, are hereby authorized '' y.
to be issued in the aggregate principal amount of Two Hundred and
Fifty Thousand Dollars ($250,000) .
SECTION 6. DESCRIPTION OF CERTIFICATES. The Certificates
:-', :shall be dated February 1, 1965; shall be numbered consecutively
from one upward; shall be in the denomination of $5,000 each;
•'' ' . shall bear interest at not exceeding the legal rate; such interest . .
' to be payable semi-annually February 1 and August 1 of each year,
' and shall mature: serially in numerical order, lowest numbers first,
• on February 1, in the years and amounts as follows: .
YEAR AMOUNT
1995 $90,000
1996 90, 000
. : • 1997 ' 70,000
Such Certificates shall be issued in coupon form; shall
. be payable with respect to both principal and interest in lawful
. money of the United States of America at such bank or banks to -
• be determined by the City, subject to the approval of the original
purchasers of the Certificates, prior to the delivery thereof;
and shall bear interest from their date, payable in accordance .
with and upon surrender ' of the appurtenant interest coupons as
they severally mature.
SECTION 7. EXECUTION OF CERTIFICATES AND COUPONS. The
Certificates shall be executed in the name of the City by the
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Mayor and attested by the City Clerk, and its corporate seal or
afacsimile thereof shall be affixed thereto or reproduced thereon.- -
The facsimile signatures of the Mayor or the City Clerk may be
imprinted or reproduced on the Certificates, provided that at
least, one signature required to be placed thereon shall be manually
subscribed. In the case any one or more of the officers who shall
• have signed or sealed any of the Certificates shall cease to be
. . • sudh officer of the City before the Certificates so signed and
sealed shall: .have been actually sold and delivered, such Certi-
ficates may nevertheless be sold and delivered as herein provided
any may be issued as if the person who signed or sealed such
Certificates had not ceased to hold such office. Any Certificate-
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may be signed and sealed on-behalf of the City by such person who •
at the actual time of the execution of such Certificate shall hold •
• . 'the proper office' in the City, although at the date of such Certi-
•
ficates such person may hot have held such office or may not have
been so authorized.
The coupons attached to the Certificates shaLL be authen- '
ticated with the facsimile signature of any present 3r future
Mayor of said City, and the validation certificate on said Certi-
ficates shall be executed with the facsimile signature of the Mayor.
. The City may adopt and use for such purposes the facsimile signa-
ture of any person' who shall have been such Mayor at any time on
or after the date of the Certificates, notwithstanding that he
- may have ceased to be such officer at the time such Certificates
shall be actually sold and delivered.
SECTION 8. NEGOTIABILITY AND REGISTRATION. The Certi-• E-
ficates issued hereunder shall be, and shall have all of the
qualities and incidents of negotiable instruments under the law
merchant and the Negotiable Instruments Law of the State of Florida,
and: each successivz holder, _ ; accepting any of said Certificates
or the coupons appertaining thereto, shall be conclusively deemed
to have agr.Jed that such certificates shall be and have all of the
qualities and incidents of negotiable instruments under the law
merchant and the Negotiable Instruments Law of the State of Florida,
and each successive holder shall further be conclusively deemed
to have agreed that said Certificates shall be incontestable in,
the hands of a boha fide holder for value.
The 'Certificates may be registered at the option of the
holder as to principal only at the office of the City Clerk, such
registration to bp noted on the back of said Certificates in the
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space provided therefor. After such registration as to principal
only no transfer of: the Certificates shall be valid unless made
at said office by the registered owner, or by his duly authorized
agent, or representative and similarly noted on the Certificates,
but the Certificates may be discharged from registration by being
in like manner transferred to bearer and thereupon transferability
by delivery shall be restored. At the option of the holder, the
Certificates may be thereafter again' from time to time registered
• or transferred to bearer as before. Such registration as to
principal only shall not affect the negotiability of the coupons
which shall continue to pass by delivery.
SECTION° 9. CERTIFICATES MUTILATED, DESTROYED, STOLEN
OR LOST, In case any Certificate shall become mutilated, or be
destroyed, stolen or lost, the CitY' may in its discretion issue
and deliver a new Certificate with all unmatured coupons attached
of like tenor as the Certificate and attached coupons, if any,
so mutilated, destroyed, stolen or lost, in exchange and substi- i.
tution for such mutilated Certificate, upon surrender and ,cancel- ;f
lation of such mutilated Certificate and attached coupons, if any, ,�
or in lieu of and substitution for the Certificate and attached
coupons, if any, destroyed, stolen or lost, and upon 'the holde-_
furnishing the City proof of his ownership thereof and satisfactory.,
indemnity anu complying with such other reasonable regulations and
conditions as the City may prescribe and paying such expenses as
the City may incur. All Certificates and coupons so surrendered
shall be cancelled by the Clerk of the City. If any such Certifi-
cates or
ertifi-catesor coupons shall have matured or. be about to mature, instead
of issuing a substitute Certificateor coupon, the City may pay
the same, upon being indemnified as aforesaid, and if such
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Certificate or coupon be lost, stolen or destroyed, without
surrender thereof.
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such du plicate certificates and coupons issued
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ursuant. to this 'section shall constitute original, additional
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contractual obligations on the part of the City whether or not . _ l
the lost, stolen or destroyed Certificates or coupons be at any
time found by anyone, and such duplicate Certificates and coupons • •
shall be entitled to equal and proportionate benefits ,and. rights
as to lien on and source and security for payment from.:the funds,
• as hereinafter pledged, to the same extent as all other Certificates
and coupons issued hereunder..
SECTION 10. • REDEMPTION PROVISIONS. The Certificates ..
of this issue shall .be redeemable prior to their. .stated dates of •
maturity, at the option of the City, in whole or in part, from
any moneys) made available for such purpose on February 1, 1975
- . or on any interest payment date thereafter at the price of par
. _. and accrued interest plus the premiums expressed in percentages
• of the principal , amount of such Certificates if redeemed in the
' years hereinbelow set forth: • •
Three per centum. (3%) if redeemed on February
• 1, 1975 or thereafter to and including February
1, 1980;
. -Two per centum (2%) if redeemed on August 1, .
. 1980 or thereafter to and including August 1, '
1985;
' One per centum (1%) if redeemed on February 1,
1986 and thereafter but prior to maturity. •
The. Certificates, if less than all, shall be redeemable •
. in the inverse order o.f• their maturities and blot within maturities. •
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Notice of such redemption shall, be published at least
once at least thirty (30) days prior to the redemption date in
a financial journal published in the Borough of Manhattan, City .
- ' and State of New York, and further that written notice of such
redemption shall also be given to the paying agent named in said
Certificates at least thirty (30) days before said redemption date.
SECTION 11. APPROVAL BY CITY ATTORNEY. The City
Attorney shall certify on the face of each Certificate that such
Certificate and the attachedcouponshave been approved by him
as to form, language and execution.
SECTION 12. FORM OF CERTIFICATES AND COUPONS. The
text of the Certificates, the interest coupons to be attached
- - thereto and the validation certificate to be endorsed zhereon
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shall be in substantially the following tenor, with such variations,
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omissions and insertions as may be necessary, desirable, and
. - •: . authorized or permitted by this Resolution or any subsequent
• •-• resolution adopted :.prior to the issuance thereof:
: • No. - $5,000
• .
• 'UNITED STATES OF AMERICA
•
' STATE OF FLORIDA
CITY OF CAPE CANAVERAL
COUNTY OF BREVARD
SANITARY.2SEWER.REVENUE CERTIFICATE, SERIES B
KNOW ALL:MEM BY THESE PRESENTS, that the Ci qr of Cape
- Canaveral in Brevard County, a municipal corporation of the State
of Florida, (hereinafter referred to as "City") , for value received,
hereby promises top-ay to the bearer hereof, or if this Certificate
- be registered to the registered holder as herein provided, on the
first day of February, 19 , solely from the special funds here-
inafter mentioned, the principal sum of
11
FIVE THOUSAND DOLLARS
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- -':, and to pay solely from such. special funds, interest-on such prin-. ,. ' , , , •
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cipal sum from the date hereof at the rate of per i'
, 1 ..
tcentum ( %) per annum, until the payment of such principal 1
. sum, such interest being payable semi-annually on the first day i
of February and the first day of August of each year, but only • i>
;.`in the case of interest payable at or prior toi.maturity of this
`',• Certificate upon the presentation and surrender of the annexed
' .coupons. as they severally mature. Both principal of and interest
,. on this Certificate are payable in lawful money of the United . .
States .of America at the t`�
.. or, at the option of the is
1,
holder at the
This Certificate is one of an authorized issue of. Certi- ,,.�,.
:; ficates in the aggregate principal amount of $250,000 of like
date, tenor and effect, except as to number, interest rate and
.date of maturity, issued to finance a portion of the cost of ,j•.E
° acquisition and construction of a sanitary sewer system of the - ,:{;
: ',City (hereinafter referred to;. as the "system") , Under the authority 11
. of and in full compliance with the Constitution and Statutes of. 1
the State of Florida, particularly Chapter 184, Florida Statutes,. H
and Resolution No. . ' , duly adopted on ,
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(hereinafter referred to as the "Resolution") , and is subject to . • ?: --:
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ti' all the terms and conditions of such Resolution. -
This Certificate and the coupons appertaining thereto
are payable solely from and secured by a lien upon and pledge
- of the net revenue's derived from the operation of the system; from , i
• :i
..; a lien on and a pledge of the proceeds derived by the City from
•a tax levied uponevery p {'!
:
pursuant to OrdinanceNo.> 64.10 purchase
of electricity, metered or bottled gas (natural, liquified petroleum
gas or manufactured) , water service and telephone and telegraph
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service within the corporate limits of the City, under the authority
of Section 167.431, Florida Statutes, (hereinafter referred to
as "utilities tax" ; from a lien on and aled a of the
p g proceeds
of a franchise tax received by the Cityfrom the Florida Power
and Light Company pursuant to Ordinance No. 5-62, enacted August
28
29, 1962 , (hereinafter referred to as "franchise tax" ;
and from a prior lien on and a pledge of the first $11,000 received
annually by the City pursuant to the provisions of Ordinance No.
as amended by 3-62-A,
.. ' ,. . 3-62/ , providing for a tax on all professions, businesses,
and occupations carried on within the corporate limits of the City,.
is
(hereinafter referred to as "occupational license tax") . The lien
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on and pledge of the proceeds of the franchise t re subject to
being extinguished and released upon the happening of certain
events, all as provided in the Resolution. This Certificate.. does
not constitute an indebtedness by the City within the meaning of
any constitutional, statutory or charter provision or limitation,
and it is expressly agreed by the holder of this Certificate that
such holder shall never have the right to require or compel the
exercise of the taxing power of the City. for the payment of the
principal of and interest on this Certificate or the making of any
sinking fund, reserve or other payments provided for in the Reso-
lution authorizing this issue of Certificates. This Certificate
and the obligation evidenced thereby shall not constitute a lien
upon the system or any part thereof, or on any other property of
the City, but shall constitute a lien only upon the net revenues
derived from the operation of such system and the proceeds of such
'( utilities tax, franchise tax, and occupational license tax (here-
inafter collectively referred to as "excise taxes") all in the
manner provided in the Resolution.
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The lien on and pledge of the net revenues of the system,
' of the proceeds of the utilities tax and of the proceeds of the_
, :` franchise tax are junior and subordinate in all respects to the
prior lien thereon of the Sanitary Sewer Revenue Certificates of
the City issued in the original amount of $1, 350,000. •
The City in such Resolution has covenanted and agreed
- with the holders of the Certificates of this issue to fix, estab- k;
' ; lish and maintain such rates and collect such fees or other charges
for the services and facilities of its system and to revise the
a. same from time totime whenever necessary, as will always provide
' revenue sufficient to pay the cost of operating and maintaining
' lthe system, and, together with the proceeds from the excise taxes,
- 125% of the largest amount of principal of and interest on the
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- •:". certificates of this issue becoming due in any.tucceeding year and
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all reserves or other payments provided for in said Resolution, and
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•.. - all other Prior Lien Obligations and that such rates, fees or other - ' • • • • ..
. .• :: charges shall not be reduced so as to be insufficent to provide . .
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• revenues for such purposes. The City has entered into certain . .'.. . ,.- . •
-'-' '• further covenants with; the .holders of the Certificates 1
-•' • :•of this issue for the terms of which reference is made to _ . , •• •
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' It is hereby, certified and recited that all acts, con- • : . . • :. • '
itions and things required to exist: to happen and to be performed
precedent to and in the issuance of this Certificate, exist, have
1.1appened and have been. performed in regular and due form and. time . - • '' H .
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..:H _. as required by the Statutes and Constitutions of the State of. - ,.. ...-.. . :"..' .
Florida applicable thereto, and that the issuance of this Cat -
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- ::-,-. . ..,.....cate and of the issue of Certificates of which this Certificate • ' ,. • .., ,-. .. . ...•,-
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is one, does not violate any constitutional, statutory or charter . .,.-..:. :
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. . , limitation. .. . . . • ,
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This Certificate and the . coupons appertaining thereto
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- . . -are, - and have all the' qualities and incidents of a negotible.
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, --. instrument under the law merchant and the Negotiable Instruments- . - . .
• . ' Law of the State of Florida, and the original holder and each
. ...
'- : .' successive holder of this Certificate or or: the coupons appertain7
,
• . ing thereto, shall be conclusively deemed by his acceptance thereof
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to have agreed that. this Certificate and the coupons appertaining
. .
• ' thereto shall be and have all' the qualities and incidents of
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negotiable instruments under the law merchant and the Negotiala . .
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• ' . Instruments Law of the State 'of Florida. :: • •:'. 2. - . • . '
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•• .. :: ' .. .' • :. .: • .. . . . •
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. • •
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• MICROFILMED r
. 4-10-80
•
The Certificates of this issue shall be redeemable prior
.:: .to their stated dates of maturity, at the option of .the City, in
whole or in part, from .any moneys made available for such purpose .
on February 1, 1975 or on any interest payment date thereafter • :
at the price of par and accrued interest plus the premiums
' expressed. in percentages of the .principal amount of such Certifi- it'
.cates if 'redeemed in the years hereinbalow set forth:
.. Three per centum (3%) if redeemed on' February
1975 or thereafter to and including February
1, ;;.
is .. _
1, 1980 ; '
Two per centum (2%) if redeemed on August 1, .
1900 or thereafter to and including August ,
1, .1985 ; • .
_ t
. One per centum (1%) if redeemed on February 1,
1986 and thereafter but prior to maturity. •
- Notice o.f such redemption shall be given in the manner .-.: . s. . . -. . :
required by .the Resolution.
z f.
This Certificate may be registered as to principal only ( .
: . , .-,5. hereon. . i�
in accordance .with the provisions endorsed .
IN WITNESS WHEREOF, the City o.f Cape . Canaveral, Florida,
- has issued this Certificate and caused the same to be s_fined by . '. i:
its Mayor and attested by the facsimile signature of the City
' , Clerk and a facsimile of its corporate seal to be imprinted hereof ;
and has caused the interest coupons hereto attached, to be executed . :.
".with the facsimile signature of the Mayor, all as of the first
• .', day of February,. 1965, i.
CITY OF CAPE CANAVERAL, . FLOP.I�:_
. (SEAL) • y; • .By
- ,f Mayor.
r,. •
if
i
.
• -15- • I.
i,
. ..
(� •
O
MICROFILMED'
. 4-10-80
ATTESTED: ,
. '• .. The foregoing Certificate and '
attached coupons have been
City Cllr) approved by me as to form, . ..
language and execution.
City Attorney .
FORM OF COUPONS
No.
On the first' day of , 19 , the City of -
.
Cape Canaveral, Florida, will pay to the.bearer at the
, or at the .
option of the holder, at the . -
`.-- , from the special funds described
•
in the Certificate to which this coupon is attached, the sum of •. ,
Dollars ($ )::•
. in lawful money of ;the United States of America, upon presentation
and surrender of this coupon, being six months': interest then. due �;f
on its Sanitary Sewer Revenue Certificates, Series B, dated ,,i
February.,1,, 1965, No. • ' ' f1
., ::;.;. • CITY OF. CAPE CANAVERAL, FLORIDA
By
Mayor -
•
(Insert in coupons maturing after callable date the following:
"unless the Certificate to which this coupon is attached has been , '
• duly called for prior redemption and provision duly mach for the ,
:payment thereof.") : . ;i
VALIDATION CERTIFICATE
This Certificate is one of a series of Certificates . ;• l
.
- which were validated and confirmed by decree of the Circuit court
• of the Ninth Judicial Circuit of the State of Florida, in and for
. Brevard •County, , rendered. on . • .
Mayor •
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MICROFILMED _._ �.
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PROVISION FOR REGISTRATION n
• This Certificate may be registered in the name of the
holder on the books to be kept by the Clerk of the City, as
Registrar, or such other Registrar as may be hereafter duly
•
appointed, as to principal only, such registration being noted
hereon by such Registrar in the registration blank below, after {.
' which no transfer shall be valid unless made on said books by the
registered holder or attorney duly authorized and similarly noted
in the registration blank below, but it may be discharged from
registration by being transferred to bearer, after which it shall
be transferable by delivery, but it may be again registered as
before. The registration of this Certificate as to principal
shall not restrain: the negotiablity of the coupons by delivery
," merely,
Date- of In Whose Name Signature of
Registration Registered Registrar
•
•
SECTION 13. CERTIFICATES NOT DEBT OF CITY, Neither
the Certificates nor coupons shall be or constit,.tta ger_:ral obli_ '
gations or indebtedness of the City of Cape Canaveral, Florida;
as bonds within:.the meaning of Section 6, Article I>:, o the
Constitution of Florida, but shall be payable solely from and
secured by a lien :upon and a pledge of the special funds as herein
provided. No holder or holders of any Certificate or of any
coupon appertaining thereto, 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 the
Certificates or the interest thereon, or be entitled to payment
-17-
O 0 MICROFILMED
4-10-80
• I.
of such principal and interest from any other funds of the City
except from the revenues derived from the operation of the system
and the proceeds of the excise taxes in the manner provided herein.
SECTION 14. PLEDGE OF REVENUES AND EXCISE TAXES. The
payment of the debt service of the Certificates shall be secured
' F
forthwith equally and ratably by a pledge of and a lien on the
revenues of the system and on the proceeds of the excise taxes,
as herein provided. The City does hereby irrevocably pledge said
funds to• the payment of the principal of and interest on the Cer-
tificates
issued pursuant to this Resolution and to the payment
into the reserve and sinking funds, at the times provided, of the
sums required to secure to the holders of the Certificates issued
hereunder the payment of the principal of and interest thereon
at the respective maturities of the Certificates so held by them.
The lien held by the Certificates on the net revenues of the system
and on the utilities tax and the franchise tax shall be junior
and subordinate to the lien held by the Prior Lien Certificates,
in accordance with the terms of this Resolution. 1
i
SECTION 15. RELEASE OF LIEN OF FRANCHISE 'TAX. In the j
event the annual total of the net revenues from the system and
the proceeds from the utilities tax for each of two consecutive
years shall equal 150% of the highest annual debt service require-
ments for the Certificates and the Prior Lien Certificates as
certified by the sworn certificate of an independent certified
public accountant,' then the lien of the holders of the Certificates
on the franchise tax, and the pledge thereof to the Certificates,
shall thereafter be released and extinguished. The City shall
cause a notice to ;be published in a financial newspaper or journal
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MICROFILMED
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published in the city of New York, New York and in a newspaper
of general circulation in the City of Cape Canaveral, Florida,
to the effect that the above described condition has been met and
that the lien of the holders of the Certificates on the franchise
tax and the pledge thereof to the Certificates is released and
extinguished as of the date of the accountant' s certificate.
The sworn certificate of the independent certified
public accountant, above referred to, shall be subject to inspec-
tion at all reasonable times by any Certificate holder and the
City shall mail copies of the sworn certificate to any Certificate
holder requesting the same.
If, after the lien of the franchise tax has been released
as above provided, the City shall issue additional parity certi-
ficates pursuant to the provisions of Section 16 P of the Prior
Resolution, the Citymay repledge the proceeds of the franchise
tax for the payment of the Certificates and of the additional
parity certificates; provided that the proceeds of such franchise
tax have not otherwise been pledged or encumbered.
SECTION 16. COVENANTS OF THE CITY. So long as any of
the principal of and interest on any of the Certificates shall
be outstanding and unpaid or until there shall have been set apart
in the Sinking Fund, herein established, a sum sufficient to pay
when due the entire principal of the Certificates remaining unpaid
together with interest accrued and to accrue thereon, the City
covenants with the holders of any and all Certificates issued
_ pursuant to this Resolution as follows, that:
A, SPECIAL FUNDS, The entire gross revenues derived
from the operation of the system shall be deposited into a special
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4-10-80
fund, created and established by the Prior Resolution and desig-
nated "Sewer System Revenue Fund" (hereinafter sometimes called
the "Revenue Fund") . The entire proceeds of the utilities tax
shall be deposited, into a special fund, created and established
by the Prior Resolution and designated "Utilities Tax Fund" and
_ the entire proceeds of the franchise tax shall be deposited into
'; a special fund created and established by the Prior Resolutnn and
• designated "Franchise Tax Fund" The first $11,000 of the proceeds
of the occupational license tax received annually by the City
: shall be deposited into a special fund which is hereby established
and designated "Occupational License Tax Fund." All moneys in .
the Revenue Fund, '. the Utilities Tax Fund, the Franchise Tax Fund,
and the Occupational License Tax Fund shall be held in trust for
the purposes provided in this Resolution and shall be kept in a
•
bank account, separate and apart from all other funds of the City,
:. and used only for: the purposes and in the manner provided in this
Resolution and in the Prior Resolution.
B. FLOW OF FUNDS. All revenues remaining on deposit
in the Revenue Fund after making the payments provided for in the
Prior Resolution shall not later than the 15th day of each month
in each year, be disposed of only in the following manner and order
of priority:
(1) From the moneys remainingin the Revenue Fund,
the City shall deposit into a separate fund to be held in trust
; by the paying agent bank, as trustee, which fund is hereby estab-
lished and designated "Series B Sinking Fund" (hereinafter called
"Sinking Fund") , such sums, commencing August 15, 1966, as will
. be sufficient to pay one-sixth (1/6) of all interest becoming due
;' 0 MICROFILMED
4-10-80
on the next semi-annual interest payment date, and commencing not
later than February 15, 1994, one-twelfth (1/12) of all principal
maturing on the Certificates on the next maturity date. All such
.. payments, as provided above, shall include an amount sufficient��,
to pay the fees 'and charges of the paying -agent.
•
(3) Moneys in the Revenue Fund shall next be used
•
' to maintain a Reserve Account •in the Sinking Fund, which is hereby
established. Commencing not later than August 15, 1966, the City •
shall withdraw from the Revenue. Fund and transmit totthe trustee
for deposit in the Reserve Account an amount equal to one-twelfth .
, ' (1/12) of one-sixth (1/6) of the maximum amount of interest becoming
due on the Certificates in any ensuing fiscal year. In the event
that the Certificates issued pursuant to this Resolution do. not
subsequently become payable on a parity with the Prior Lien Certi-
•
ficates in accordance with Subsection 16 (0) of this Resolution, the
City shall, commencing February 15, 1989, withdraw from the Reve-
nue Fund and. transmit to the trustee for deposit in the Reserve
' ' ' '* .Account an amount equal to one-twelfth (1/12) of one-sixth (1/6) •
of the maximum amount of principal and interest becoming due on
the Certificates in any ensuing ,fiscal year. No further payments
shall be required to be made into the Reserve Account as long as
there shall remain on deposit therein an amount equal to the greatest
amount of principal and interest becoming due and payable on the
Certificates in any ensuing fiscal year.
- Any withdrawals from the Reserve Account shall be
subsequently restored from the first moneys available in the
Revenue Fund after all required current payments for the Sinking
Fund and Reserve Account, including all deficiencies for prior pay-
ments, have been made in full.
Moneys in the Reserve Account shall be used only
for the purpose of the payment of maturing principal of or interest
on the Certificates when the other moneys, in the Sinking Fund are
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' insufficient therefor, and for no. other purpose. 4-10-$0
. The City shall not be required to make any further
.: payments into the Sinking Fund or into the Reserve Account when
the aggregate amount of moneys in both the Sinking Fund and the- „._
Reserve Account are at least equal to.-the aggregate principal
amount of certificates then outstanding, plus the amount of interest '
•
• then due or thereafter to become due on such Certificates then •
outstanding. •
• i
(4) Commencing not later than February 15, 1994, the
City shall next withdraw from the Revenue Fund and. transmit to the
' ` trustee for deposit into a separate account created and established
-.i
by the Prior Resolution and known as the "Renewal and Replacement Fund" , .
such monthly sums, not to exceed $250,00.. per month, as are required .
; tg maintain the Renewal and Replacement Fund at its maximum. No
further payments shall .be required to be made into such Renewal and
. .:: ',.Replacement Fund when" there shall have been deposited therein,
and as long as there shall remain therein, the sum of $25,000. In the
• :! event the consulting engineers deem it necessary and desirable, the
monthly payments into such Renewal and Replacement Fund shall be
increased in accordance with the written recommendation of such
consulting engineers. . •
• The moneys in such Renewal and Replacement Fund shall
be used only for the purpose of paying the cost of extensions, enlarge- .
ments or additions to or the replacement of capital assets of the
• , system and emergency repairs thereto. Such moneys on deposit in such
fund shall also be used to emplement the. Reserve Account, if necessary,
in order to prevent a default in the payment of the principal of and
. . , interest on the Certificates. The moneys in such fund shall be with-
• drawn only upon the authorization. of the City Council and the consult-
ing engineer. ' •
.
• • (51) . •The balance of any revenues in the Revenue,,Fund;
after the above -
:required current payments have been made .(including
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0 0 MICROFILMED
. all payments required for any additional parity obligatio sOisssOued
pursuant to the Prior Resolution) , may be used by the City for any
lawful purpose by the City Council. • •
• (6) Whenever by. reason Of the insufficiency of moneys
on deposit in the Revenue Fund the required monthly payments cannot •
be promptly made into the Sinking Fund, the Reserve Account, and the
Renewal and Replacement Fund, the City shall forthwith withdraw:from .
the Utilities Tax Fund and transmit to the trustee whatever sum shall
be necessary to cure such existing deficit. If the moneys on deposit .
in the Utilities Tax Fund are insufficient .to cure such deficit, the
City shall forthwith withdraw from the Franchise Tax Fund and transmit
to the turstee whatever sum shall be necessary to cure such existing
deficit. If the moneys on deposit in the Franchise •Tax Fund are
insufficient to cure such deficit, the City shall forthwith withdraw
from the Occupational License Tax Fund and transmit to the tru t e-,
whatever sum shall be necessary to cure such existing deficit. " If, •
• however, all of the above required current payments have been made
into the Sinking Fund, the Reserve Account, and the Renewal and Replace
ment Fund, the City may use the balance of moneys on deposit in such .
: special funds for any lawful purpose. •
. (7) The Revenue Fund, the 'Sinking Fund, the Reserve
Accountyand the Renewal and Replacement Fund, and all other special •
funds established, maintained, and created by this Resolution shall
constitute trust funds for the purposes provided herein for such funds.
All such funds shall be continuously secured in the same manner as
state and municipal deposits are required to be secured by the Laws of
the State of Florida. Moneys in the Sinking Fund, the Reserve Account, '
and the Renewal and Replacement Fund may be invested by the City in
direct .obligations of the United States of America or in time deposits
i
in banks or. trust companies; provided, however, that such investments
;i ••
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• 0 _ 0 MICROFILMED
4-10-80
•
of the moneys in 'the Sinking Fund shall mature not later than
•
. fifteen (15) days prior to the date on which such moneys will be
Iw .
.needed to meet the purposes for which such moneys are held. The
investment of moneys in the Reserve Account and the Renewal and
!, 10 .
' - . Replacement Fund' shall mature not later than ten (44) years from
• - ,. the date of purchase. ..
•
I;
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•
•
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MICROFILMED
4-10-80
•
moneys in the Revenue Fund,, the Utilities Tax Fund, the Franchise
Tax Fund and the Occupational License Tax Fund shall not be " i
invested at any time. Any and all income received from such
investments shall be deposited into the Revenue Fund.
•
C. LEVY OF EXCISE TAXES AND NO REPEAL. The City will
• not repeal the ordinances now in effect levying the excise taxes
and will not amend or modify said ordinances in any manner so as
to impair or -adversely affect the power and obligations of the •
City to levy and collect such excise taxes or impair or adversely
• ' affect in any manner the pledge of such excise taxes made herein
; .or the rights of the holders of the Certificates. The City shall
•
::be unconditionally and irrevocably obligated, solong as any of : I
..the Certificates or the interest thereon are outstanding and unpaid,
to levyand collect,isuch excise taxes, at the maximum races per-
mitted by law, to the extent necessary to pay the principal of I.
and interest on said Certificates and to make the other payments
provided for herein. This provision shall not be construed to
prevent reasonable revisions of rates of such excise taxes as long•
.�
as the proceeds of such excise taxes to be collected by the City
in each year thereafter will be sufficient to pay the principal
t of and interest on the Certificates becoming due and to make all ( '
I
Sinking Fund, Reserve and other payments 'required by this Resolution ` •
in such year. •
The City has full power to irrevocably pledge such excise
taxes to the payment of the principal of and interest on the Certi-
ficates, and the pliaging of said excise taxes in the manner pro-
, vided
ro-, . .vided herein shall not be subject to repeal, modification, or •
' impairment by any subsequent ordinance, resolution, or other pro-
ceedings of the governing body of the City or by any subsequent
act of the Legislature of Florida.
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` • 4-10-80
D. MAINTENANCE AND OPERATION. The City will maintain
. the system and all parts thereof in good condition and will operate
the same in an efficient and economical manner, making such expendi-.
tures for equipment and for renewals, repairs and replacements as
may be proper for the economical operation and maintenance thereof.
E. RATES AND CHARGES. The City will enact a rate
ordinance and thereby will fix, establish and maintain such rates
and will collect such fees, rentals or other charges for the
services and facilities of the -system and revise the same from
time to time, whenever necessary, or upon the recommendation of
•
the consulting engineers, as will always provide revenues suffi-
cient to pay the operation expenses of the system and, together
' with the excise taxes herein pledged, 125% of the maximum annual debt ,
' service requirements on the Certificates and the Prior Lien Certi- •
ficates. Such rates, fees, rentals or other charges shall not be .
: reduced so as to be insufficient to provide revenues for such
purposes.
F: BOOKS AND RECORDS. The City shall also keep
books and records of the net revenues of the system and books •
- and records of the collection of the exciseetaxes, hereinabove
described, which: such books and records shall be kept separate and .
apart from all other books, :°.records an&accounts of the City and .
any holder of a Certificate or Certificates shall have the right .
at all reasonable times to inspect all records, accounts and
. '. data of the City;!. relating. thereto. -
.
-25-
1 . .
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0 MICROFILMED
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4-10-80
, The City. shall also, at least once a year, within 60
• days after the close of the fiscal year, cause the books, records
and accounts relating to the system and to the excise taxes to be _J
properly audited by a recognized firm of certified public account-
ants and shall mail, upon request, and make generally available,
the report of such audits to any holder or holders of Certificates.
. Such audits shall contain a complete report of operations of the
system, including, but not limited to, a comparison with the cur-
_
rent municipal budget and with the operations of the previous
. . years, the balance sheet, a schedule of insurance in existence,
a schedule of the application of all revenues of the system, a
schedule of the application of all proceeds of the excise taxes,
- a schedule of reserves and investments and a certificate by the ,
auditors stating no default on the part of the City of any cove-
nant herein has been disclosed by reason of such audit. A copy .
of such annual audit, together with monthly operating statements
.of the system, shall regularly be furnished to William R. Hough
and Company, St. Petersburg, Florida.
G. NO SALE OR MORTGAGE. The City will not sell, mort-
gage, lease or otherwise dispose of property essential to the
proper operation of the system until after all the Certificates,
and the interest due thereon, shall have been paid in full; except
that any of the property comprising a part of the system which
has become obsolete or has deteriorated so that the same is useless
may be sold or disposed of by the City upon the written approval
of the consulting engineers.
• H. INSURANCE. For so long as any of the Certificates
are outstanding, the City will carry adequate fire and windstorm
•
.
i! O aMICROFILMED
•
4-10-80
insurance on all buildings and structures of the works and proper-
ties of the system which are subject to loss through fire or wind-
storm, will carryadequate public liability insurance, and will
. otherwise carry .insurance of all kinds and in the amounts normally
carried in the operation of similar facilities and properties in , .
Florida. Any such insurance shall be carried for the benefit of
the holders of the Certificates. All moneys received for losses
under any of such insurance, except public liability, are hereby •
pledged:by the City' as security for the Certificates herein •
authorized, until and unless such proceeds are used to remedy the
loss or damage for which such proceeds are received, either by • f
repairing the property damaged or replacing the property destroyed
•
within ninety (90) days from the receipt of such proceeds.
I. COMPLETION OF PROJECT. The City will comlete the ;
- construction of the project as provided for in the Prior Resolution , ?^ i
in an economical and efficient manner with all practicable dis- , i
1
patch, and thereafter will maintain said system in good condition
• and continuously operate the same in an efficient manner and at
a reasonable cost.
J. NO FREE SERVICES. The City will not render or cause '
to be rendered any ,free services of any nature by its system, nor
will any preferenti;;al rates be established for users of the same
class; the CitY, including its departments, agencies and instru-
•
mentalities, shall 'avail itself of the facilities or services
. provided by said system, or any part thereof, and the same rates, `
- �
• fees or charges applicable to other customers receiving like I
services under similar circumstances shall be charged to the City
•and any such department, . agency or instrumentality. Such charges
shall be paid as they accrue, and the City shall transfer . from•
••
•
0 °MICROFILMEDet—
( I
4-10-80
- its general funds sufficient sums to pay such charges. The revenues
. so received shall be deemed to be revenues derived from the opera-
" tion of the system' and shall be deposited and accounted for in
the same manner as,, other revenues derived from such operation of
the system.
K. FAILURE TO PAY FOR SERVICES. Upon failure of any.
user to pay for services rendered within sixty (60) days, the City .
shall shut off or cause to be shut off the connection of such user
- and shall not furnish him or permit him to receive from the system
further service until all obligations owed by' him to the city on
account of service's shall have been paid in full. This covenant
shall not, however;, prevent the City from causing any system con-
nection to
on-nection.:to be shut!; off sooner. If such sewer service is shut off,
as aforesaid, then`, before such service shall be restored, the
thereof shall pay a reinstatement fee in an amount not less than
'- thecost to the City of the cut off and such reinstatement. 't
L. ENFORCEMENT OF COLLECTION. The City will diligently :!
' enforce and collect or cause to be collected the rates, fees and
othercharges for ,the use of the services or facilities of the
system and the excise taxes herein pledged; " will prosecute and
take all steps, actions and proceedings for the enforcement and
. . collection of suchirates, charges, fees and excise taxes as shall
become deliquent to the full extent permitted by the Charter or
authorized by law;! and will maintain accurate records with respect
. r
thereof. All' such! fees, rates, charges, revenues and excise taxes
herein pledged:.shall, as collected, beheld in trust to be applied
as provided in this Resolution and not otherwise.
M. REMDDIES. , Any holder of the Certificates or any
coupons appertainng' thereto, issued under the provisions of this
a. Iii
I+ • -28- `I
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0' r- 0 MICROFILMED
°� 4-10-80
Resolution or any trustee acting for the holders of such certifi-
cates may either at law or in equity, by suit, action, mandamus
- or other proceedings in any court of competent jurisdiction, pro-
tect and enforce any and all rights, including the right to the
appointment of a receiver, existing under the Laws of the State
of Florida, or granted and contained in this Resolution, and may
enforce and compel the performance of all duties required by this .
' ". Resolution or byany applicable statutes to be performed by the
City or by any officer thereof, including the collection of excise
taxes.
Nothing herein, however, shall be construed to grant
to any holder of such Certificates any lien on any real property
of the City.
N. ANNUAL BUDGET. The City stall annually, at least
forty-five (45) days preceding each of its fiscal years, prepare
. and adopt by resolution of its governing body, a detailed budget {
- of the estimated expenditures for operation and maintenance of
the system during such next succeeding fiscal year. No expendi-
i
tures for the operation and maintenance of the system shall be •
made in any fiscal year in excess of the amounts provided therefor
in such budget without a written finding and recommenda• ion by
the general manager of such system or other duly author . ed officer
in charge thereof,. which finding and recommendation shall state in
detail the purpose of and necessity for such increased expendi-
tures for the operation and maintenance of said system and no such
increased expenditures shall be made until the governing body of .
the City shall have approved such finding and recommendation by
a resolution duly adopted. No suchincreased expenditures in
excess of ten per centum (10%) of the amount provided therefor : • �
in such budget shall in any event be made except upon the further ►�
I
•
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MICROFILMED
4-10-801.
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O. ISSUANCE OF OTHER OBLIGATIONS. The City will not
issue any other obligations, except under the conditions and in
•the manner provided in the Prior Resolution, payable from the
revenues of the system or from excise taxes, nor voluntarily
create or cause to be created any debt, lien, pledge, assignment,
• encumbrance or other charge having priority to or being on a parity
with the lien of the Certificates issued pursuant to this Resolu-
• tion and the interest thereon, upon said revenues or excise taxes. •
And other obligations issued by the City, in addition to the
•
Certificates authorized by this Resolution or additional parity ,
obligations provided for in Section 16 P of the Prior Resolution,
V payable from said revenues and excise taxes, shall contain an
express statement that such obligations are junior and subordinate
in all respects to the Certificates issued pursuant to this Reso-
lution as to lien on and source and security for payment from said
revenues and said excise taxes.
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/ ' Q. MANDATORY CONNECTIONS. The. City will, within sixty
(60) days after completion of the project, to the full extent per-
• . .mitted by law, require all lands, buildings and structures within
. - , the City, within 150 feet -of such system or any part thereof, or ,
which can use the facilities and services of such system, to
connect with and use such facilities and services, to pay a con-
nection charge in the amount of $ , and to cease all
other means and method for the collection, purification, treat- '
- ment and disposal of sewerage and waste matter. The. City shall
° - take action against any one violating or refusing ,to comply with
the requirements of this section to the full extent. permitted
, under the Charter of the City.
'R. SUPERINTENDENT OF PUBLIC WORKS. The Superintendent
`: = ofPublic Works, as required by the City Charter, shall be respon
sible for the operation and maintenance of the" system. The City '
will require all employees and all persons who may have possession ' �
of money derived from the operation of the system to be 'covered
, by a fidelity bond writtenby a responsible indemnity company in : •'
- reasonable amounts adequate to protect the City from loss.
S. NO ,CO��ETING SYSTEM. To the full extent permitted -
by law, the city will not grant, cause, consent to, or allow the - -. ' '
granting of any franchise or permit .to any person, firm,: corpora-
;: tion or body, agency or instrumentality whatsoever, for the 'turn
ishing of sewer service to or within the City. �.
T. CONSULTING ENGINEERS. The City shall employ -
' r qualified consulting engineers, of national reputation, in an
advisory capacity to inspect the system annually and make reports
and recommendations with respect thereto, with respect to
pp any ,_
proposed changes in the schedule of rates, fees and charges and
concerning the operation, maintenance, replacements, property
additions and improvements. thereto. Upon request of any holder:,
of Certificates, a copy of each such annual report shall be mailed
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.. - ............::._.. .....Vit.. .. . ........ .._.... __..... .
MICROFILMED .
% _I/ postage prepaid to such holder,. a copy thereof shaliremain on 4-10-$O
•
file with the City Clerk for public inspecition and a copy shall
be mailed to William R. Houghcand Company, St. Petersburg, Florida. .
SECTION 17. APPLICATION OF CERTIFICATES PROCEEDS. . From , ,
• ': the moneys derived from the sale of such Certificates there shall
. first be deducted and transmitted to trustee for deposit in the
Sinking Fund an amount equal to the interest accrued or to accrue .
• . on the Certificates to August 1, 1966. The balance of the proceeds
shall be deposited by the City in a special bank account created .
and established in Section 17 of the Prior Resolution to be know
.as the "Sewer System Construction Fund" , , (hereinafter referred
. . : to as the "Construction Fund") . Such fund shall be kept separate
and apart from ail other accounts of the City and shall be with- , •
• drawn, used and applied by the City solely to the payment' of the " • .
cost of acquisition, construction and completion of the system of
the City, purposes incidental thereto, and for no other purpose
i
whatsoever. .If for any reason such proceeds, or any part --thereof,
are not . necessary for, or are not applied to, such purposes, then ', , -
such unapplied proceeds shall be deposited by the City in the
Reserve Account. All such proceeds shall be and constitute a trust
fund for such purposes and there is hereby created a lien upon such
moneys, until so applied, in favor of the holders of the Certificates.
Any funds on deposit in the Construction Fund which in •
the opinion• of the City Council acting upon the recommendation -
• . of the Consulting Engineer, are not immediately necessary for
expenditure, as hereinabove provided, may be invested in direct
obligations of the United States of America maturing as recommended
by the Consulting Engineer.. All such securities shall be .
. by the depository bank and all income derived therefrom shall be
deposited in the!Sinking Fund herein provided for.•
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4-10--80
Immediately prior to the delivery of the Certificates
to the purchasers thereof, the City shall enter into a written
agreement with the depository bank for said Construction Fund,
which said agreement shall provide that all expenditures or dis-
• bursements from said Construction Fund shall be made only after
such expenditures or disbursements shall have been approved in
, writing by the Consulting Engineer and the City Treasurer. The
date of completion of the project shall be determined by the
Consulting ,Engineer who will certify such facts in writing to
the City Council,. .
• SECTION 18. MODIFICATION AND AMENDMENT. 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 two-thirds or more in princi-
pal amount of the Certificates then outstanding,.. provided, .,bow-
ever, that no modification or amendment shall permit a change
in the maturity of such Certificates or a reduction in the maturity
of such Certificates or a reduction in the rate of interest thereon,
or in the amountllof the principal obligation or affecting the
unconditional promise of the City to levy and collect such rates,
fees and charges, and said excise taxes, as herein provided, or
to pay the principal of and interest on the Certificates as the
same shall become due from the revenues of the system and said
excise taxes, or: reduce such percentage of holders of such Certi-
ficates, required above, for such modifications oramendments, with-
out the consent of the holders of all of such Certificates.
SECTION 19. SEVERABILITY OF INVALID PROVISIONS. If
any one or more of the covenants, agreements or provisions of this
Resolution should .beheld contrary to any express provision of
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4-10-80
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 shallbe null and void and shall be deemed separate
from the remaining covenants, agreements or provisions, and in
no affect the validity of all the other provisions of this Resp lu-
tion or of the Certificates or coupons issued thereunder.
SECTION 20. VALIDATION AUTHORIZED. T. David Burns,
Esquire, City Attorney, be and ,he is hereby authorized and directed
to institute appropriate proceedings in the Circuit Court of the
Ninth Judicial Circuit of Florida, in and for Brevard County,
Florida, for).:the,; validation of said Certificates and the proper
officers of the City are hereby authorized to verify on behalf
of the City any pleadings in such proceedings.
SECTION 21. RENEWAL OF ELECTRIC FRANCHISE. The City
hereby covenants; with the holders of the Certificates that it will
not supplement or renew the electric franchise agreement with the
FloridaPower and Light Company except and unless the rate of the
franchise tax and the terms and conditions of such agreement are
as favorable to the City as the same are provided in the present '
agreement.
SECTION 22. SUBSTITUTION OF FRANCHISE TAX. The City
hereby covenants: with the holders of the Certificates that, in
the event it shall acquire the electric power and distribution
facilities of the Florida Power and Light Company within the City, -
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4-10-80
pursuant to the provisions of the ordinance enacted August 28,
1962 , or otherwise, or in the event it shall acquire,
construct or operate an electric power and distribution system
of the Florida Power and Light Company, and the franchise taxes
are not available to the City to make the payments therefrom.
• required pursuant to the provisions of this Ordinance, the City
will make payment from the net revenues first available to it from
the operation of any such electric power and distribution system
so owned, acquired, constructed or operated by it of the amounts
required to be paid from the franchise taxes pursuant to the pro-
visions of this Ordinance.
SECTION 23, REPEAL OF CONFLICTING RESOLUTIONS. All
resolutions or parts of resolutions in conflict herewith are hereby
, . repealed, including Resolution No. 64-2B ', adopted by the City
Council
• c € ifd on May 19 , 1964.
SECTION 24. SCHEDULE OF RATES. The City has heretofore
. i
duly published, adopted and now has in effect a schedule of rates,
fees, rentals or other charges for the services of the system as
required by Chapter 184, Florida.• .
SECTION. 25. SALE OF CERTIFICATES. The Certificates
shall be sold only in the event other funds are not legally avail-
able to the City to complete the project. The Certificates may '
be issued and sold in one lot or in gauss']. lots in such manner and
at such price or prices as the City Council shall hereafter deter-
mine by resolution. All of such Certificates, when issued, will
rank equally as to source and security for payment and in all other
respects.
SECTION, 26. EFFECTIVE DATE, This Resolution shall
become effective upon its adoption, ,
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