HomeMy WebLinkAbout552ORDINANCE NO._
AN ORDINANCE SUP?LE~NTING AN ORDINANCE
ENTITLED "AN ORDINANCE AUTHORIZING THE
CONSTRUCTION OR ACQUISITION OF ADDITIONS,
EXTENSIONS AND IMPROV~IENTS TO THE COM-
BINED wATER AND SEWER sySTEI~ OF THE CITY
OF SANFORD, FLORIDA, AND AUTHORIZING THE
ISSUANCE OF $1,17~,000 WATER AND SE~ER
HEVENUE CERTIFICATES FOR sUCH pURPOSES,"
AND pROVIDING FOR THE IssUANCE OF $27~,000
WATER AND SEWER REVENUE cERTIFICATES
BE IT ENACTED BY THE pEOPLE OF THE cITY OF SANFORD, FLORID~:
ARTICLE I
STATUTORY AUTHORITY, FII~DINGS AND DEFINITIONS
Section 1.01. AUTHORITY OF THIS ORDINANCE. This ordinance
is adopted pursuant to the Charter of the City of Sanford~ Florida,
constituting Chapter 26210, Laws of Florida, Special Acts of 1949, as
amended and other applicable provisions of law, and pursuant to Sec-
tion 3.04 (L) of an ordinance entitled: "AN ORDINANCE AUTHORIZING THE
CoNsTRUCTION OR ACQUISITION OF ADDITIONS, EXTENSIONS AND II~PROVE~NTS
TO THE C0~fBINED WATER AND SEWER s¥STE~ OF THE CITY OF SA~ORD, FLORIDA,
AND AUTHORIZING THE ISSUANCE OF ~l,17~,000 WATER AND sEWER REVENUE
cERTIFICATES FOR SUCH pURPOSES", adopted by City Commission of the
City of Sanford on the l~th day of December, 19~ (hereinafter referred
to as "Original Ordinance"), and is supplemental to said Original
OrdinanCe'section 1.02. FINDINGS. It is hereby ascertained, deter-
mined and declared;
A. That
"City"), now owns,
the City of Sanford, Florida, (hereinafter called
operates and maintains a combined Water and Sewer
System. B. That it is necessary and essential to construct and ac-
quire additions, extensions and improvements to said Water and Sewer
...... .~ ~ublic health and
~D. That the average of the annual net revenues derived from
the Water System of the combined Water and Sewer System during the two
preceding fiscal years ending September 30, 1954, was $98,187.00.
That the estimated gross revenues to be derived from the Sewer System
of the combined Water and Sewer System, as certified to by the Consult-
ing Engineer, in the years 19~5 to 198~, inclusive, will be ~3,911,924.38.
E. That the City is authorized to issue the Certificates
authorized herein as pari passu additional obligations within the
authorization contained in Section 3.04 (L) of said Original Ordinance.
F. That the net revenues derived or to be derived from said
Water System of the combined Water and Sewer System are pledged in an
amount sufficient for the payment of the interest on the following out-
standing obligations of said City, together with an amount equal to
~6,260 per annum for Sinking Fund purposes:
~470,000.00 Series B Refunding Bonds, dated March l,
1937, and maturing September l, 1977, being the Bonds now out-
standing of an original issue of ~626,000 Series B Refunding
Bonds authorized by resolution of the City Commission of said
City adopted on February l, 1937, hereinafter set, times re-
ferred to as "Outstanding Bonds of 1937".
That the holders of said Outstanding Bonds of 1937 have a
first lien on the net revenues derived from the operation of
said Water System of said Water and Sewer System, in the
amount above stated, which lien is prior and superior to the
lien on such net revenues of the holders of t~e certificates
issued by the Original Ordinance and to be issued by this
Supplemental Ordinance.
G. That the revenues of the Water System of said Water and
Sewer System are not pledged or encumbered in any manner, except as de-
___~^~ ~ o~at~on F. immediately above, and the revenues to be de-
H. That thc estimated net revenues from the Water System
and the gross revenues of the Sewer System to be derived in each year
hereafter from the operation of said combined Water and Sewer System,
will be sufficient to pay all the cost of the operation and mainten-
ance of said Water and Sewer System, the principal of and interest on
the Certificates to be issued pursuant to this Ordinance and the out-
standing Certificates issued pursuant to the Original Ordinance, as
the same become due~ and all sinking fund~ reserve and other payments
provided for in this Ordinance~ and in said Original Ordinance, and re-
quired payments for all other obligations payable from said revenues as
the came become due.
I. That the principal of and interest on the Certificates
to be issued pursuant to this ordinance and all of the sinking fund,
reserve and other payments provided for in this ordinance will be paid
solely from the revenues derived from the operatiOn of said Water and
Sewer System and shall not constitute a debt of said City or be a lien
on any real estate therein.
Section 1.05. ORDINANCE CONSTITUTES cONTRACT. In considera-
tion of the acceptance of the Certificates authorized to be issued
hereunder by those who shall hold the same from time to time, this
ordinance, and said Original Ordinance, shall be deemed to be and
shall constitute a contract between the City of Sanford, Florida, and
such Certificate holders, and the covenants and agreements herein aet
forth to be performed by said 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~ all of which shall be
of equal rank and without preference, priority or distinction of any
of the Certificates or coupons over any other thereof except as ex-
pressly provided therein and Y~ercin.
~o~ ~]1 the definitions con-
ARTICLE II
AUTHORIZATION OF ADDITIONS, EXTENSI0~S AND
iMpROVE~W~ZNTS TO SAID wATER AND SE~4ER SYSTEM.
Section 2.01. AUTHORIZATION OF ADbITIONS, EXTENSIONS AND
IMpROVEI~!~TS. That there is hereby authorized t[~o construction and
acquisition of additions, extensions and improvements to said Water
and Sewer System, consisting of, but not limited to improvements and
additions to tho water plant and system, sanitary Sewer rehabilitation
and sanitary sewer extensions and other purposes necessary, appur-
tenant or incidental thereto, all in accordance with the overall plans
and specifications heretofore prepared by Robert M. Angas and Associa-
tes, Consulting EngineerS, of Jacksonville, Florida, and heretofore
filed with and approved by this Commission, together with such modifi-
cations, changes or alterations as shall be necessary and desirable
· ' n and the Consulting EngineerS, at an
and approved by this Commzsszo
estimated cost of ~275,000' Such cost shall be deemed to include, but
not limited to, the construction or acquisition of said additions,
extensions and improvements to said m~;ater and Sewer Systems the acqUi-
sition of any lands, or interests therein, or of any fixtures, equip-
ment or properties deemed necessary or desirable therefor; interest
upon Certificates issued pursuant to this ordinance prior to, during
and for six months after the cor~letion of such additions, extensions
and improvements to the extent that revenues, are insufficient there-
for~ engineering and legal expenseS; expenses for financial serVices
or fiscal agents; expenses for estimates of costs and of revenueS;
expenses for plans, specifications and surveyS; expenses of the
· ' n issuance and sale of the Certificates authorized b~
authorlzatlO ,
this ordinance; and such other expenses as may bo necessary or inci-
dental to the financing authorized by this ordinance and the con-
^~.~ions and imprOVe-
ARTICLE III
AUTHORIZATION' TERMS, ExECUTION
AND REGISTRATION OF cERTIFICATES
SectiOn 3'Ol' AUTHORIZATION AND TERMS OF CERTIFICATES' For
the purpose of financing the cost of the constructiOn and acqUisition
of said additionS, extensiOnS ~nd improvements to said Water and Sewer
system there shall be issued negotiable Water and Sewer Revenue Cer-
tificates of the City of Sanford, Florida (hereinafter called "Cer-
tificates''), in the aggregate principal amount of Two Hundred and
Seventy Five Thousand Dollars ($275,000). Said Certificates shall be
dated November l, 195~, shall be in the denomination of ~l,O00 each;
shall be numbered consecutively in numerical order from i to 275, both
inclusive; shall bear interest at a rate not exceeding five per centum
(5%) per annum, such interest being payable semi-annually on May i and
November i in each year; shall be parable as to both principal and
interest at the principal office of The Hanover Bank, New York, New
york in lawful money of the United States of America; shall not be
registerable; and shall mature serially in numerical order on Nove~er
each year as follows:
Yea~ ~moun~
Year Amoun~ --
-- -- 1976 ~ 8,000
196~ $5'000 1977 8,000
1965 5'000 1978 8,000
1966 5'000 8,000
1967 5'000 1979
1980 8,000
1968 8,000 1981 8,000
1969 8,000 1982 8,000
1970 8,000 1983 8,000
1971 8,000 198~ 8,000
1972 8,000 1985 8,000
1973 8,000 55,000
197~ 8,000 1986 56,000
1975 8,000 1987
1 of
All of the Certificates
respective
shall be redeemable priOr to their
dates of maturity at the option of the City on November l,
._~ ~.~ thereafter, in whole or in part,
Four per centura of the par value thereof if
redeemed in the years 1964 to 1968, both inclusive;
Three per centum of the par value if redeemed
in the years 1969 to 1975, both inclusive;
Two and one-half per centum of the par value thereof
if redeemed in the years 1974 to 1978, both inclusive; and
Two per centum of the par value thereof if
redeemed thereafter prior to maturity.
A notice of Prior redemption of said Certificates shall be
published at least once at least thirty days prior to the date of
redemption in a financial paper published in the City of New York.
Interest shall cease on any of the Certificates duly called for prior
redemption as provided above on the redemption date if payment thereof
has been duly provided for.
Section 3.02. FORM OF CERTIFICATES AND COUPONS. The text
of the Certificates and coupons shall be of substantially the follow-
ing tenor, with such omissions, insertions and variations as may be
necessary and desirable and authorized or permitted by this ordinance,
or any subsequent ordinance adopted prior to the issuance thereof..
Said Certificates shall be executed in tho manner provided in said
Original Ordinance.
No ·
IRIITED STATES O? AItERICA
STATE OF FLORIDA
COUNTY OF SEMINOLE
CITY OF SANFORD
WATER AND SEWER REVENUE CERTIFICATE
$1,000
KNOW ALL ~N BY THESE PRESENTS that the City of Sanford, in
Seminole County, Florida, for value received, hereby promises to pay
to the bearer, on the first day of November, 19 ~ from the revenues
hereinafter mentioned, the principal sum of
ONE THOUSAND DOLLARS
With interest thereon at the rate of
per centum per annum, payable semi-annually on the 1st day of May and
the 1st day of November of each year upon the presentation and surren-
All of the Certificates of the issue of which this Certifi-
cate is one are redeemable prior to their stated dates of maturity at
the option of the City on November 1, 1964, or on any interest payment
date thereafter, at par and accrued interest, together with the fellow-
ing premiums if redeemed in the following years:
Four per centum of the par value thereof if redeemed
in the years 1964 to 1968, both inclusive;
Three per centum of the par value if redsemed in the
years 1969 to 1973, both inclusive;
Two and one-half per centum of the par value thereof
if redeemed in the years 1974 to 1978, both inclusive;
and Two per centum of the par value thereof if re-
deemed thereafter prior to maturity,
provided that a notice of such redemption shall have been published at
least once at least thirty days prior to the redemption date in a
financial paper published in tho City of New York, New York. Interest
shall cease on any of the Certificates duly called for prior redemption
as provided above on tho redemption date if payment thereof has been
duly provided for.
This Certificate is one of an authorized issue of Certi-
ficates in tho aggregate principal amount of $275,000 of like date,
tenor and effect, except as to number and date of maturity (and
interest rate) issued to finance tho cost of the construction or
acquisition of improvements, extensions and additions to the Water
and Sower System of the City of Sanford, under the authority of and
in full compliance with the Constitution and Statutes of the State of
Florida, including Chapter 26210, Laws of Florida, Special Acts of
1949, and other applicable statutes, and an ordinance duly enacted
by the City Commission of said City, which ordinance is supplemental
to an ordinance adopted December 14, 19~3 (herein referred to as
"Original Ordinance"), and is subject to all the terms and condi-
tions of said supplemental ordinance and said Original Ordinance.
This Certificate and the coupons appertainmng thereto are
the Sewer System of said Water and Sewer System of the City of
Sanford, in the manner provided in said supplemental ordinance and
said Original Ordinance.
The lien of the holders of the issue of Certificates of
which this Certificate is one, on the net revenues derived by the
City from the Water System of said Water and Sewer System is junior
inferior and subordinate in all respects to the lien thereon of the
holders of ~470,000.00, Series B Refunding Bonds of the City of
Sanford, dated March l, 1937. The lien of tl~e holders of the issue
of Certificates of which this is one is on a parity and rank equally
as to lien on and source and security for payment from the net
revenues of the Water System and the gross revenues of the Sewer
System of said combined Water and Sewer System with the lien of
the holders of an issue of ~l,17~,000 Water and Sewer Revenue Cer-
tificates, dated November l, 19~3, issued pursuant to said Original
Ordinance.
It is further agreed between the City of Sanford and the
holder of this Certificate that this Certificate and the obligation
evidenced thereby shall not constitute a lien upon the City's Water
and Sewer System or any part thereof, or on any other property of or
in the City of Sanford, but shall constitute a lien only on the net
revenues derived from the operation of said Water System of said Water
and Sewer System, and the gross revenues of the Sewer System of said
Water and Sewer System, all in the manner provided in said ordinance
and said Original Ordinance.
The City in said ordinance and said Original Ordinance has
covenanted and agreed with the holders of the Certificates of this
issue to fix and establish and maintain such rates and collect such
fees, rentals or other charges for the services and facilities of th~
Water and Sewer System, and to revise the same from time to time when-
reserve or sinking funds or other payments provided for in said
ordinances, the necessary expenses of operating and maintaining said
Water and Sower System and all other obligations payable out of the
revenues of said Sewer System, and that such rates, fees, rentals or
other charges shall not be reduced so as to be insufficient to provide
revenues for such purposes, and said City has entered into certain
further covenants with the holders of the Certificates of this issue
for the terms of which reference is made to said ordinance and said
Original Ordinance.
It is hereby certified and recited that all acts, conditions
and things required to exist, to happen and to be performed precedent
to and in the issuance of this Certificate, 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 Certificate, and of the issue of Certificates
of which this Certificate is one, is in full compliance with all
constitutional, statutory or charter limitation or provisions.
This Certificate, and the coupons appertaining thereto, is,
and has all the qualities and incidents of, a negotiable instrument
under the law merchant and tho Negotiable Instruments Law of the State
of Florida~ and the original holder and each successive holder of this
Certificate, or of the coupons appertaining thereto, shall be con-
clusively deemed by his acceptance hereof to have agreed that this
Certificate and the coupons
the qualities and incidents
merchant and the Negotiable
appertaining thereto shall bo and have all
of negotiable instruments under the law
Instruments Law of the State of Florida.
Tho original holder and each successive holder of this Certificate,
and of the coupons appertaining hereto, shall be conclusively deemed
to have agreed and consented to the following terms and conditions:
(b) Any person in possession of this Certificate, or of the
interest coupons hereunto appertaining, regardless of the manner in
which he shall have acquired possession, is hereby authorized to
represent himself as the absolute owner hereof, and is hereby granted
power to transfer absolute title hereto by delivery hereof to a bona
fide purchaser, that is, to any one who shall purchase the same for
value (present or antecedent) without notice of prior defenses or
equities or claims of ownership enforceable against his transferror;
every prior taker or owner of this Certificate, and of the annexed
interest coupons, waives and renounces all of his equities and rights
herein in favor of every such bona fide purchaser, and every such bona
fide purchaser shall acquire absolute title hereto and to all rights
represented hereby~ and
(c) Tho City ~f Sanford, Florida, may treat the bearer of
this Certificate or of the interest coupons hereunto appertaining, as
the absolute owner hereof for all purposes without boing affected by
any notice to the contrary.
IN WITNESS WHEREOF said City of Sanford, Florida, has issued
this Certificate and has caused the same to be signed by its Mayor and
the corporate seal of said City to be affixed hereto, attested by the
City Clerk of said City, and has caused the interest coupons hereto
attached to be executed with the facsimile signature of the said Mayor
and City Clerk, all as of the first day of November, 19~4.
CITY OF SANFORD, FLORIDA
By,
Mayor
Attest:
(FOR~I OF COUPON)
No ·
On the day of , 19 , the City of
Sanford, Florida, will pay to the bearer at the office of The Hanover
Bank, New York, New York, in lawful money of the United States of
America from the revenues described in the ertlflcate to which this
C ' °
coupon is attached, the sum of
Dollars ($ ), upon presentation and surrender of this coupon,
being six months interest t~en due on its t~ater and Sewer Revenue
Certificate, dated November l, 19~4, No.
CITY OF SA~FORD, FLORIDA
Attest:
By
Mayor
City Clerk
(To be inserted in coupons maturing after callable date on callable
Certificates - "unless the Certificate to which this coupon is attached
has been previously duly called for prior redemption and pay~,~ent thereof
duly provided for".)
(Form of Validation Certificate)
Validated and confirmed by decree of the Circuit Court of
the Ninth Judicial Circuit of Florida, in and for Seminole County,
rendered on the day of , 19 .
Clerk of the Circuit Court of
ARTICLE IV
SECURITY OF CERTIFICATES
Seetf*n 4.01. CERTIFICATES ON PARITY ~ITH WATER AND SEWER
REVENUE CERTIFICaTeS DATED NOVEmbER 1, 1953. The Certificates issued
pursuant to this ordinance shall be on a parity and rank equally, as
to lien on and so~r~e and security for payment from t~e revenues of said
Water and Sewer S~stem, and in all other respects, wit~ the outstanding
Water and Sewer R~vmnue Certificates, dated November 1, 1953, issued
pursuant to said ~riginal Ordinance, and any pari passu additional
obligations here~ft~r issued pursuant to and within t~e terms, limita-
tions and conditions contained in Section 3.04 (L) of said Original
Ordinance.
Section 4.02. CERTIFICATE SECU]~D BY ORIGINAL ORDINANCE. The
Certificates a~thorized b~ this ordinance shall be deemed to have been
issued pursuan~ to said Original Ordinance (to ~!~ich this ordinance is
supplemental) as fully and to the same extent as the ~1,17~,000 Water
and Sewer Revenue Certificatss, dated November 1, 195~, originally
issued pursuant t~ said Original Ordinance, and all of the covenants
and agreements contained in said Original Ordinance shall be deemed to
have been made for tae benefit of the holders of the Certzficates issued
pursuant to this ordinance, and of any pari passu additional obliga~ons
hereafter issued within the terms, limitations and conditions contained
in Section 3.04 (L) of said Original Ordinance, as fully and to the
same extent as for ti~e holders of said outstanding Water and Sewer
Revenue Certificates, dated November 1, 195~.
Ail of the covenants, agreements and provisions of said
Original Ordinance (except as to details inconsistent with this ordin-
ance) shall be deemed to be part of this ordinance to the same extent
.... Uo~: ~:~ t.~t~ ~rdinance. and shall be fully en-
The Water and Sewer Revenue Fund, the ~ater and Sewer Revenue
19~3 Sinking Fund and the Reserve Account therein, and the ~lenewal and
Replacement Fund, created and established pursuant to said Original
Ordinance shall be continued and ~wai~tained as provided in said Origin-
al Ordinance as long as any of the Certificates issued pursuant to this
ordinance or interest thereon, are outstanding and m~paid, and the pay-
ments into said Water and Sewer Revenue Fund and the Reserve Account
therein shall be increased by the amounts necessary for the Certifi-
cates issued pursuant to this ordinance, as set out below, and no
preference, priority or distinction of any kind shall exist or be exer-
cised in payments from said Water and Sewer Revenue Fund or the Re-
serve Account therein between said outstanding Water and Sewer Revenue
Certificates, dated November l, 1953, and the Certificates issued pur-
suant to this ordinance, and any pari passu additional obligations
hereafter issued pursuant to the ter~s, limitations and conditions con-
tained in said Original Ordinance.
The payments into said 1955 Sinking Fund shall be increased
by the deposit t~erein on the fzfteenth day of eac~ month i~-muediately
following the issuance of the Certificates authorized hereunder such
sums as will be sufficient to pay one-sixth of the interest maturing
on the Certificates on the ne~t se~i-annual interest pa~uent date,
and beginning with the fifteenth day of the month which is twelve
months prior to the first principal maturity date of such Certificates,
one-twelfth of the ~aount of principal maturing on the next principal
maturity date; provided, however, that interest during the period of
construction and for six month, s thereafter may, to the extent revenues
are insufficient therefor, be paid from the Construction Trust ?und.
The payments into the Reserve Account in said 19~3 Sinking
Fund shall be increased in the following amounts at the following times:
~4,000 on or before September ~0, 195~
ARTICLE V
APPLICATION OF CERTIFICATE PROCEEDS
Section ~.01. CONSTRUCTION TRUST FUND. All moneys received
from the sale of any or all of the ~i27~,000 Certificates issued pursuant
to this ordinance shall be deposited by the City of Sanford in a Trust
Fund, to be known as the "Construction Trust Fund", and shall be used
and applied by the City solely to the payment of the cost of the con-
struction and acquisition of the additions, extensions and improvements
to said Water and Sewer System as provided in this ordinance, and for
no other purpose whatsoever. Said fund shall be maintained by the City
in an incorporated bank or trust company which has an aggregate capital
and surplus of not less than ~260,000, and all moneys at any time in
said Construction Trust Fund shall b e continuously secured in ~e same
manner as deposits of State and Municipal funds are required to be
secured by the present laws of the State of Florida. No withdrawals
shall be made from said Construction Trust Fund, except for legal and
engineering expenses, expenses for financial or fiscal services, and
e~penses in connection with the authorization and issuance of the Cer-
tificates authorized by this ordinance, except upon the certificate of
Robert M. Angas and associates, Construction Engineers, of Jacksonville,
Florida, or their successors as Construction Engineers~ that such with-
drawals are proper and are for ourposes provided for in this ordinance.
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 in the Sinking
Fund established pursuant to said Original Ordinance and shall be used
only for the purposes provided therein. All monies in such Construct~n
Trust Fund shall constitute a trust f~d ~r such purposes and there is
hereby created a lien upon suc~ f'ond, until so applied, in favor of the
ARTICLE VI
MI SCELLANEoUS
Section 6.01. MODI?ICATION oR Ai'~NDI~NT. No material
modification or amendment of this ordinance or of any ordinance
amendatory hereof or supplemental hereto,may be made without the
consent in writing of the holders of two-thirds or more in principal
amount of the Certificates then outstanding; provided, however, that
no modification or amendment shall permit a change in the maturity of
such Certificates or a reduction in the rate of interest thereon, or
in the amount of the principal obligation thereof or affecting the
unconditional promise of the City to pay the principal of and interest
on the e~tlflcates as the ssaue shall come due from the revenues of the
Water and Sewer System, or reduce the percentage of Certificate holders
required to consent to any material modification or amendment of this
ordinance, without the consent of the holder of such ertlficates. C '
Section 6.02. SEVERABILITY OF INVALID PROVISION. If any
one or more of the covenants, agree,~ent~ or provisions of this ordi-
nance shall be held contrary to any express provision of law or con-
trary to the policy of express law, though not expressly prohibited,
or against l~ublic policy, or shall for any res,~on whatsoever be held
invalid, then such covenants, agreements, or provisions shall be null
and void and shall be deemed separable from the remaining covenants,
agreements, or provisions, and shall ~n no way affect the validity of
any of the other provisions of this ordinance or of the Certificates
or coupons issued hereunder.
Section 6.03. VALIDATION AUTHORIZED. That A. Edwin
Shinholser, Esquire, City Attorney for the City of Sanford, be and he
is hereby authorized and directed to prepare and file proceedings to
validate the Certificates authorized by this ordinance in the manner
Section 6.0~. T~E 0F TAKING EFFECT. That it is necessarY
for the in~uediate preservation of property, health snd safety of the
City of Ssnford, and its inhabitants, that the construction and
· ' ' n additions, extensiOnS and improvements to said
acquls~tlo of the
Water and Sewer System provided herein be made with the least possible
delay and this ordinance is hereby declared to be an emergency measure
and shall take effect immediately upon its passage.
pASSED AND ADOPTED this
~rd
day of November
ATTEST:
~mmis sion of
oriaa
ROBERT M. ANGAS AND ASSOCIATES
Consulting Civil Engineers and Surveyors
Room 420, Hildebrandt Building
Jacksonville 1, Florida
CERTIFICATE AS TO ESTIMATED S~gER REVENUES,
CITY OF SANFORD, FLORIDA
We hereby certify that, according to our estimates,
the gross revenues to be derived from the sewer system of the
combined Water and Sewer System of the City of Sanford, Flor-
ida, in the years 1955 to 1985, inclusive, will be $2,911,924.38.
The estimated yearly gross revenue is set out below. The 1955
figure represents income from 75 per cent of estimated popula-
tion for first six months, plus income from 100 per cent of
estimated population for last six months:
1955 ............................ $ 87,436.18
1956- .......................... -$102,576.67
1957 ............................ $105,226.27
1958 ............................ $107,875.87
1959 ............................ $110 525.47'
1960 ............................ $113 175.07
1961 ............................ $115 824.67
1962 ............................ $118 474.27
1963 ............................ $121 123.87
1964 ............................ $123 773.47
1965 ............................ $126 423.97
1966- ........................... $129,072.67
1967 ............................ $131,722.27
1968 ............................ $134,371.87
1969 to 1985,inclusive .......... $134,371.87 per year.
CERTIFICATE
I, H. 1~. $~yer, City Clerk of the C~-tY of Sanford,
Florida, hereby oertlfY Zhat a true and correct copy of the
foregO;rig Ordinance ~o. 552 of ~he City of ~ford, Florida,
~ , ,'~ ~or~ ~ the O~ty of
passed ~d adopted by the O~ty ,~o~,- ~ - -
,~ the 3rd day of I~ovember, 1~5~, was
pO~T~ at the f~nt door of the City Hall ~In Zhe CfiZY of
Sanferd, ~or~da, on the 9th d~Y of i~ovember, 1~5~'
iI~ ~I'~E~ WHEt~)F, I have hereunto seZ my h~d and
'~zv of ~nford, ~orf, da, ~h!s ~th
the off!c!~ seal of ~e ~ ....
day of ~ovember, 195~'