HomeMy WebLinkAbout1054oRDINANCE NO. 1054
AN ORDINANCE PROVIDING FOR THE ACQUISITION AND
CONSTRUCTION OF A MUNICIPAL JAIL AND SECURITY
COMPLEX OF THE CITY OF SANFORD, FLORIDA; PROVIDING
FOR THE ISSUANCE OF NOT EXCEEDING $700,000 PUBLIC
IMPROVEMENT REVENUE BONDS, SERIES 1971, OF SUCH CITY
TO PAY THE COST OF SUCH PROJECT; PROVIDING FOR THE
RIGHTS OF THE HOLDERS OF SUCH BONDS; PROVIDING FOR
THE PAYMENT THEREOF; AND MAKING CERTAIN OTHER COVE-
NANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE
OF SUCH BONDS.
BE IT ENACTED BY THE PEOPLE OF SANFORD, FLORIDA:
SECTION 1. AUTHORITY FOR THIS ORDINANCE. This ordinance is
enacted pursuant to the provisions of Chapter 26210, Laws of Florida,
Special Acts of 1949, as amended and supplemented, and other applicable
provisions of law, and pursuant to Section 16 H of Ordinance No. 859
entitled:
"AN ORDINANCE PROVIDING FOR THE CONSTRUCTION OF
CERTAIN MUNICIPAL IMPROVEMENTS IN THE CITY OF SANFORD,
FLORIDA; PROVIDING FOR THE ISSUANCE OF $1,000,000 PUB-
LIC IMPROVEMENT REVENUE BONDS OF SUCH CITY TO PAY THE
COST OF SUCH IMPROVEMENTS AND TO REFUND CERTAIN OUT-
STANDING REVENUE CERTIFICATES; PROVIDING FOR THE RIGHTS
OF THE HOLDERS OF SUCH BONDS; PROVIDING FOR THE PAYMENT
THEREOF AND MAKING CERTAIN OTHER COVENANTS AND AGREE-
MENTS IN CONNECTION WITH THE ISSUANCE AND SALE OF THE
BONDS."
enacted by the governing body of the City on the 12th day
(hereinafter referred to as "Original Ordinance"), and is
to said Original Ordinance.
of July, 1965
supplemental
following meanings herein, unless the text otherwise expressly requires:
A. "Issuer" shall mean the City of Sanford, Florida.
B. "Act" shall mean Chapter 26210, Laws of Florida, Special
Acts of 1949, as amended and supplemented.
C. "Obligations' shall mean the $700,000 Public Improvement
Revenue Bonds, Series 1971, herein authorized to be issued, together with
any additional parity obligations heretofore or hereafter issued under
the terms, conditions and limitations contained herein and in the Original
Ordinance.
D. "Holder of obligations" or "obligation holders" or any
similar term shall mean any person who shall be the bearer or owner of
any outstanding obligation or obligations registered to bearer, or not
registered~ or the registered owner of any such obligation or obligations
which shall at the time be registered other than to bearer.
SECTION 2. DEFINITIONS. The following terms shall have the
E. "AdditiSnal ~arity obligations" shall mean additional
obligations issued in compliance with the terms, conditions and limita-
tions contained in the O'riginal Ordinance which have an equal lien on
the excise taxes~ as herein defined, and rank equally in all respects
with such obligations initially issued thereunder.
F. "Utilities services taxes" shall mean such tax as levied
and collected by the issuer, pursuant to a non-emergency Ordinance No.
379 enacted on August 27, 1945, as amended, on every purchase of elec-
tricity, gas (natural, liquefied petroleum gas or manufactured), water
service and local telephone service within the corporate limits of the
issuer under the authority of Section 167.431, Florida Statutes.
G. "Franchise tax" shall mean any and all moneys received by
the issuer from the Florida P5wer and Light Company, its legal representa-
tives, successors or assigns under the franchise granted pursuant to
Ordinance No. 580~ duly enacted on June 11, 1956, and any and all moneys
received by the issuer from the Florida Power and Light Company, its
legal representatives, successors or assigns, under any extension or
renewal of said franchise or from any new franchise granting the right
to supply electric power and energy to the is2uer or its inhabitants.
H. "Excise taxes" shall mean collectively the utilities
services taxes and the franchise tax.
I. "Parity obligations" shall mean the Public Improvement
Revenue Bonds of the issuer dated September l, 1965, issued originally
in the amount of $1,000~000.
J. "Fiscal year" shall mean the period commencing on October 1
of each year and ending on the succeeding September ]0.
K. Words importing singular numbers si~all i~clude the ~olural
number in each case and vice versa, and words importing persons shall
include firms and corporations.
SECTION 3. FINDINGS. It is hereby ascertained, determined
and declared that:
A. Pursuant to Section 167.431, Florida Statutes, the issuer
did, on August 27, 1945, enact non-emergency Ordinance No. 379, as amended,
levying and imposing the utilities services taxes.
B. Pursuant to law, the issuer on June 11, 1956, under authority
of Ordinance No. 580~ duly enacted, entered into an agreement with the
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Florida Power and Light Company for a per~od of thirty (30 years from
July 11, 1956, whereby the issuer would receive the franchise tax by
reason of having granted to Florida Power and Light Company the right
to supply electric power and energy to the issuer or its inhabitants.
C. It is necessary and desirable to acquire and construct a
municipal jail and security complex, as provided herein (hereinafter
called "project"), in order to preserve and protect the public health,
safety and welfare of the inhabitants of the issuer.
D. The proceeds of the excise taxes are not now pledged or
encumbered in any manner except for the payment of the principal of and
interest on the parity obligations.
E. The Original Ordinance, in Section 16 H thereof, provides
for the issuance of additional parity obligations under the terms, limi-
tations and conditions provided therein.
F. The issuer has complied with the terms~ conditions and
restrictions contained in the Original Ordinance. The issuer is there-
fore legally entitled to issue the obligations herein authorized as
additional parity obligations within the authorization contained in the
Original Ordinance.
G. The obligations herein authorized shall be on a parity
and rank equally~ as to lien on and source and security for payment from
the proceeds of the excise taxes and in all other respects, with the
parity obligations.
H. The estimated proceeds of the excise taxes will be suffi-
cient to pay all the principal of and interest on the obligations to be
issued hereunder and on the parity obligations, as the same become due,
and to make all required sinking fund, reserve or other payments.
I. The principal of and interest on the obligations and all
required sinking fund, reserve and other payments shall be payable solely
from the proceeds of the excise taxes, as herein provided. The issuer
shall never be required to levy ad ~alorem taxes on any property therein
to pay the principal of and interest on the obligations or to make any
of the required sinking fund, reserve or other payments and such obliga-
tions shall not constitute a lien upon any property of or in the issuer.
SECTION 4. AUTHORIZATION OF CONSTRUCTION AND ACQUISITION OF
PROJECT. There is hereby authorized the construction and acquisition of
the project pursuant to the' architect's rendering presently on file with
the issuer. The cost of such project, in addition to the items set forth
in the plans and specifications, may include, but need not be limited to,
the acquisition of any lands or interest therein or any other properties
deemed necessary or convenient therefor~ engineering, legal and financing
expenses; expenses for estimates of costs and of revenues; expenses for
plans, specifications and surveys; the fees of fiscal agents, financial
advisors or consultants; administrative expenses relating solely to the
construction and acquisition of the project~ the capitalization of interest
for a reasonable period after the issuance of the obligations; the crea-
tion and establishment of reasonable reserves for debt service; the dis-
count on the sale of the obligations, if applicable; and such other costs
and expenses as may be necessary or incidental to the financing herein
authorized and the construction and acquisition of the project and the
placing of the same in operation.
SECTION 5. ORDINANCE TO CONSTITUTE CONTRACT. In consideration
of the acceptance of the obligations authorized to be issued hereunder
by those who shall hold the same from time to time, this ordinance and
the Original Ordinance shall be deemed to be and shall constitute a con-
tract between the issuer and such holders. The covenants and agreements
herein set forth to be performed by the issuer shall be for the equal
benefit, protection and security of the legal holders of any and all of
such obligations and the parity obligations and the coupons attached
thereto, all of which shall be of equal rank and without preference,
priority or distinction of any of the obligations or coupons over any
other thereof, except as expressly provided therein and herein.
SECTION 6. AUTHORIZATION OF OBLIGATIONS. Subject and pursuant
to the provisions hereof, obligations of the issuer to be known as "Public
Improvement Revenue Bonds, Series 1971," herein sometimes referred to as
"obligations," are authorized to be lssued in the aggregate principal
amount of not exceeding Seven Hundred Thousand Dollars ($700,000).
SECTION 7. DESCRIPTION OF OBLIGATIONS. The obligations shall
be dated September 1, 1971; shall be numbered consecutively from one
upward; shall be in the denomination of $5,000 each; shall bear interest
at such rate or rates not exceeding the maximum rate fixed by the Act or
by other applicable law; the actual rate or rates to be determined by the
governing body of the issuer upon the sale'of the obligations; such
interest to be payable semiannually March 1 and September 1 of each year;
and shall mature in numerical order, on September 1, at such time or times
not exceeding thirty (30) years from the date thereof and in such amounts
as shall be determined by the issuer prior to the sale of the obligations.
Such obligations shall be issued in coupon form; shall be pay-
able to bearer unless registered as hereinafter provided; shall be payable
with respect to both principal and interest at the Florida State Bank of
Sanford, Sanford, Florida; shall be payable in lawful money of the United
States of America; and shall bear interest from their date, payable in
accordance with and upon surrender of the appurtenant interest coupons as
they severally mature.
SECTION 8. EXECUTION OF OBLIGATIONS AND COUPONS. The obliga-
tions shall be executed in the name of the issuer by the Mayor and counter-
signed and attested by the City Clerk, and its corporate seal or a fac-
simile thereof shall be affixed thereto or reproduced thereon. The
facsimile signaturss of the Mayor or the City Clerk may be imprinted or
reproduced on the obligations, provided that at least one signature to be
placed thereon shall be manually subscribed. In case any officer whose
signature shall appear on any of the obligations shall cease to be such
officer before the delivery of such obligations, such signature or fac-
simile shall nevertheless be valid and sufficient for all purposes the
same as if he had remained in office until such delivery. The obligations
may be signed and sealed on behalf of the issuer by such person who at the
actual time of the execution of such obligations shall hold the proper
office with the issuer, although at the date of such obligations such
person may not have held such office or may not have been so authorized.
The coupons attached to the obligations shall be authenticated
with the facsimile signatures of any present or future Mayor and City
Clerk of the issuer, and the validation certificate on the obligations
shall be executed with the facsimile signature of the Mayor. The issuer
may adopt and use for such purposes the facsimile signatures of any persons
who shall have held such offices at any time on or after the date of the
obligations, notwithstanding that they may have ceased to be such officers
at the time such obligations shall be actually delivered.
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SECTION 9. NEGOTIABILITY AND REGISTRATION. The obligations
and the coupons appertaining thereto shall be and shall have all of the
qualities and incidents of negotiable instruments under the law merchant
and the Laws of the State of Florida, and each successive holder, in
accepting any of such obligations or the coupons appertaining thereto,
shall be conclusively deemed to have agreed that such obligations shall
be and have all of the qualities and incidents of negotiable instruments
under the law merchant and Laws of the State of Florida.
The obligations may be registered at the option of the holder
as to principal only at the office of the City Clerk, as Registrar, or
such other registrar as may be hereafter duly appointed, such registration
to be noted on the back of the obligations in the space provided therefor.
After such registration as to principal only, no transfer of the obliga-
tions shall be valid unless made at such office by written assignment of
the registered owner, or by his duly authorized attorney, in a form
satisfactory to the Registrar, and similarly noted on the obligations,
but the obligations 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 obligations may
thereafter again from time to time be 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 10. OBLIGATIONS MUTILATED, DESTROYED, STOLEN OR LOST.
In case any obligation shall become mutilated or be destroyed, stolen or
lost, the issuer may, in its discretion, issue and deliver a new obliga-
tion with all unmatured coupons attached, if any, of like tenor as the
obligation and attached coupons, if any, so mutilated, destroyed, stolen
or lost, in exchange and substitution for such mutilated obligation, upon
surrender and cancellation of such mutilated obligation and attached
coupons, if any, or in lieu of and substitution for the obligation and
attached coupons, if any, destroyed, stolen or lost, and upon the holder's
furnishing the issuer proof of his ownership thereof and satisfactory
indemnity and complying with such other reasonable regulations and condi-
tions as the issuer may prescribe and paying such expenses as the issuer
may incur. Ail obligations and coupons so surrendered shall be cancelled.
If any such obligation or coupon shall have matured or be about to mature,
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instead of issuing a substitute obligation or coupon, the issuer may pay
the same, upon being indemnified as aforesaid, and if such obligation or
coupon be lost, stolen or destroyed, without surrender thereof.
Ail such duplicate obligations and coupons issued pursuant to
this section shall constitute original, additional contractual obligations
on the part of the issuer, whether or not the lost, stolen or destroyed
obligations or coupons be at any time found by anyone, and any such dupli-
cate obligations 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 obliga-
tions and coupons issued hereunder.
SECTION 11. PROVISIONS FOR REDEMPTION. The obligations may be
redeemed prior to their stated dates of maturity, either in whole or in
part, at such times and upon such terms as shall be determined by the
issuer prior to the sale thereof.
Notice of such redemption (i) shall be published 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, (ii) shall be
filed with the paying agents, and (iii) shall be mailed, postage prepaid,
to all registered owners of obligations to be redeemed at their addresses
as they appear on the registration books hereinbefore provided for.
Interest shall cease to accrue on any obligation duly called for prior
to redemption on the redemption date if payment thereof has been duly
provided.
SECTION 12. FORM OF OBLIGATIONS AND COUPONS. The obligations,
the interest coupons to be attached thereto, and the certificate of
validation shall be in substantially the following form, with such
sions, insertions and variations as may be necessary and desirable and
which are herein authorized or permitted or which are subsequently
authorized or permitted prior to the issuance of the obligations:
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NO.
UNITED STATES OF AMERICA
STATE OF FLORIDA
CITY OF SANFORD
PUBLIC IMPROVEMENT REVENUE BOND
SERIES 1971
$5,000
KNOW ALL MEN BY THESE PRESENTS, that the City of Sanford,
Florida (hereinafter called "City"), I'or value received, hereby promises
to pay to the bearer or, if this bond bs registered, to the registered
holder, as herein provided, on the first day of September, 19 , from
the special funds hereinafter mentioned, the principal sum of--
FIVE THOUSAND DOLLARS
and to pay solely from such special funds interest thereon from the date
hereof at the rate of __ per centum ( %) per annum until payment of
the principal sum, such interest to the maturity hereof being payable semi-
annually on the first day of March and the first day of September in each
year upon the presentation and surrender of the annexed coupons as they
severally fall due. Both principal of and interest on this bond are
payable in lawful money of the United States of America at ~he Florida
State Bank of Sanford, Sanford, Florida.
This bond is one of an authorized issue of bonds in the aggre-
gate principal amount of $700,000 of like date, tenor and effect, except
as to number, interest rate and date of maturity, issued to finance the
cost of the construction and acquisition of a municipal Jail and security
complex of the City (hereinafter called "project"), under the authority of
and in full compliance with the Constitution and Statutes of the State of
Florida, including particularly Chapter 26210, Laws of Florida, Special
Acts of 1949, as amended ang supplemented, and other applicable provisions
of law, and Ordinance No. 859, duly enacted by the City on the 12th day
of July, 1965, as supplemented by Ordinance No. , duly enacted on
the __ day of __, 19 (hereinafter collectively called "Ordinance"),
and is subject to a---~l the ~-~rms and conditions of such ordinance.
It is provided in such Ordinance that the bonds of this issue
will rank on a parity with the outstanding Public Improvement Revenue
Bonds of the City dated September 1, 1965 (hereinafter called "parity
obligations"),as to llen and sources of security. This bond, the parity
obligations and the coupons appertaining thereto are payable solely from
and secured by a prior lien upon and pledge of the proceeds of the utili-
ties services taxes imposed by the City on the purchase of certain utilitie~
services within the corporate limits of the City, under the authority of
Section 167.431, Florida Statutes, and pursuant to Ordinance No. 379,
enacted by the City on August 27, 1945; and the proceeds of a franchise
tax to be paid for a period of thirty (30) years from July 11, 1956~ by
the City pursuant to Ordinance No. 580, enacted by the City on June 11,
1956 (all of such taxes, above described, are herein collectively referred
to as "excise taxes") in the manner provided in the Ordinance.
(INSERT REDEMPTION PROVISIONS)
Notice of such redemption shall be given in the manner required
by the Ordinance.
This bond does not constitute an indebtedness of the City within
the meaning of any constitutional or statutory provision or limitation,
and it is expressly agreed by the holder of this bond and the coupons
appertaining thereto that such holder shall never have the right to
require or compel the exercise of the ad valorem taxing power of the City
for the payment of the principal of and interest on this bond or the mak-
ing of any sinking fund. reserve or other payments provided for in the
Ordinance. ·
It is further agreed between the City and the holder of this
Bond that this bond and the obligation evidenced thereby shall not con-
stitute a lien upon the project, or any part thereof, or on any other
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property of or in the City, but shall constitute a lien only on the excise
taxes in the manner provided in the Ordinance.
The City, in such Ordinance, has covenanted and agreed with
the holders of the bonds of this issue to levy and collect the excise
taxes at such rates, not exceeding the maximum rates permitted by law,
to the extent necessary to pay, as the same shall become due, the prin-
cipal of and interest on the bonds of this issue, all other obligations
payable on a parity therewith and to make all reserve, sinking fund and
other payments provided for in the Ordinance ~?~d that the rates of such
excise taxes shall not be reduced so as to be insufficient to provide
funds for such purposes.
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 th~s bond 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 the bonds of this issue does not violate any constitutional
or statutory limitation or provision.
This bond and the coupons appertaining thereto are and have
all the qualities and incidents of a negotiable instrument under the
law merchant and the Laws of the State of Florida.
This bond may be registered as to principal only in accordance
with the provisions endorsed hereon.
IN WITNESS WHEREOF, the City of Sanford, Florida, has issued
this bond and has caused the same to be signed by its Mayor and attested
and countersigned by its City Clerk, either manually or with their fac-
simile signatures, and the corporate seal of said City or a facsimile
thereof to be affixed, impressed, imprinted, lithographed or reproduced
hereon and the interest coupons hereto attached to be executed with the
facsimile signatures of such officers, all as of the first day of
September, 1971. '
(SEAL)
CIT~ OF SANFORD, FLORIDA
ATTESTED AND COUNTERSIGNED
Mayor
City Clerk
NO. FORM OF COUPON
$
On the first day of , 19__, unless the bond to
which this coupon is attached is callable and has been duly called
for prior redemption and provision duly made for the payment thereof,
the City of Sanford, Florida, will pay to the bearer at the Florida
State Bank of Sanford, Sanford, Florida, from the special funds
described in the bond to which this coupon is attached, the amount
shown hereon in lawful money of the United States of America, upon
presentation and surrender of this coupon, being six months' interest
then due on its Public Improvement Revenue Bond, Series 1971, dated
September 1, 1971, No.
(SEAL)
CITY OF SANFORD, FLORIDA
ATTESTED AND COUNTERSIGNED
Mayor
City Clerk
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PROVISION FOR REGISTRATION
This bond may be registered as to principal only in the name
of the holder on the books to be kept by the City Clerk as Registrar,
or such other Registrar as may be hereafter duly appointed, such regis-
tration being noted hereon by such Registrar in the registration blank
below, after which no transfer shall be valid unless made by written
assignment 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. Such registration shali not restrain the nego-
tiability of the coupons by delivery.
DATE OF IN WHOSE NAME SIGNATURE OF
REGISTRATION REGISTERED REGISTRAR
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SECTION 13. APPLICATION OF PROVISIONS OF THE ORIGINAL
ORDINANCE. The obligations herein authorized shall for all purposes
(except as herein expressly changed) be considered to be additional parity
obligations issued under the authority of the Original Ordinance and
shall be entitled to all the protection and security provided therein
for the parity obligations and shall be, in all respects, entitled to
the same security, rights and privileges enjoyed by the parity obligations.
The obligations and the coupons representing interest thereon
shall not be or constitute an indebtedness of the issuer within the mean-
ing of any constitutional or statutory limitation of indebtedness, but
shall be payable solely from and secured by a prior lien upon the proceeds
of the excise taxes herein provided for and in the Original Ordinance.
No holder of any of the obligations or of the coupons shall ever have
the right to compel the exercise of the ad valorem taxing power of the
issuer or taxation in any form on real property therein for payment
thereof, but the obligations and coupons shall be secured by a pledge of
and be payable from the proceeds of the excise taxes as provided herein
and in the Original Ordinance.
The covenants and pledges contained in the Original Ordinance
shall be applicable to the obligations herein authorized in like manner
as applicable to the parity obligations. The principal of and interest
on the obligations herein authorized shall be payable from the Sinking
Fund heretofore established on a parity with the parity obligations, and
payments shall be made into such Sinking Fund by the issuer in amounts
fully sufficient to pay the principal of and interest on the parity
obligations and on the obligations herein authorized as such principal
and interest become due.
The reserve account establlehed in the Original Ordinance
shall be applicable pro rata to the obligations herein authorized in
the same manner as applicable to the parity obligations.
SECTION 14. APPLICATION OF PROCEEDS OF OBLIGATIONS. All
moneys received from the sale of the obligations shall be deposited by
the issuer in a special account in a bank or trust company and applied
by the issuer as follows:
A. All accrued interest on the obligations shall be deposited
in the Sinking Fund.
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B. The City shall next deposit into the Reserve Account
sufficient funds so that the amount in such account will equal the largest
principal and interest due in any year on the parity bonds and on the
bonds issued pursuant to this ordinance.
C. The issuer shall next use the moneys in said ~peclal fund
to pay all engineering fees, legal fees, fees of financial advisors, cost
of the issuance of the obligations, and all other similar costs incurred
in connection with the acquisition and construction of the project and
the issuance of the obligations to finance the cost thereof.
D. A special fund is hereby created, established and desig-
nated as the "Security Complex Construction Fund" (herein called the
"Construction Fund"). There shall be paid into the Construction Fund
the balance of the moneys remaining after making all the deposits and
payments provided for in paragraphs A, B and C above.
Such fund shall be kept separate and apart from all other
accounts of the issuer, and the moneys on deposit therein shall be with-
drawn, used, and applied by the issuer solely to the payment of the cost
of the project and purposes incidental thereto, as hereinabove described
and set forth. If for any reason such proceeds or any part thereof are
not necessary for or are not applied to the payment of such cost, then
the unapplied proceeds shall be deposited by the issuer in the Reserve
Account in the Sinking Fund. All such proceeds shall be and constitute
trust funds for such purposes,and there is hereby created a lien upon such
moneys until so applied in favor of the holders of the obligations.
Any funds on deposit in the Construction Fund which, in the
opinion of the issuer, acting upon the recommendation of the consulting
engineers, are not immediately necessary for expenditure, as hereinabove
provided, may be invested in direct obligations of the United States of
America or placed in time deposits of banks or trust companies repre-
sented by certificates of deposit fully secured as provided by law
maturing in a period of ninety-one (91) days or less. All such securities
shall be held by the depository bank, and all income derived therefrom
shall be deposited in the Revenue Fund.
All expenditures or disbursements from the Construction Fund
shall be made only after such expenditures or disbursements shall have
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been approved in writing by the consulting'engineers. The date of
completion of the project shall be determined by the consulting engineers,
who will certify such facts in writing to the governing body of the issuer.
SECTION 15. MODIFICATION OR AMENDMENT. No material modifica-
tion or amendment of the Original Ordinance or this ordinance or of any
resolution or ordinance amendatory hereof or supplemental hereto may be
made without the consent in writing of the holders of two-thirds or more
in the principal amount of the obligations then outstanding; provided,
however, that no modification or amendment shall permit a change in the
maturity of such obligations or reduction in the rate of interest thereon
or in the amount of the principal obligation thereof or affecting the
promise of the issuer to pay the principal of and interest on the obliga-
tions as the same shall become due from the proceeds of the excise taxes
or reduce the percentage of the holders of the obligations required to
consent to any material modification or amendment hereof without the
consent of the holder or holders of all such obligations.
SECTION 16. SEVERABILITY OF INVALID PROVISIONS. If any one
or more of the covenants, agreements or provisions herein contained shall
be held contrary to any express provision of law or contrary to the
policy of express law, though not expressly prohibited, or against public
policy, or shall for any reason whatsoever be held invalid, then such
covenants, agreements or provisions shall be null and void and shall be
deemed separable from the remaining covenants, agreements or provisions
and shall in no way affect the validity of any of the other provisions
hereof or of the obligations or coupons issued hereunder.
SECTION l?. SALE OF OBLIGATIONS. The obligations shall be
issued and sold in such manner and at such price or prices consistent
with the Act, all at one time or in installments from time to time, as
shall be hereafter determined by the governing body of the issuer.
SECTION 18. VALIDATION AUTHORIZED. The attorney for the issuer
is authorized and directed to prepare and file proceedings to validate
the obligations in the manner provided by law.
SECTION 19. REPEALING CLAUSE. All ordinances or parts thereof
of the issuer in conflict with the provisions herein contained are, to the
extent of such conflict, hereby superseded and repealed.
SECTION 20. EFFECTIVE DATE. This ordinance shall take effect
in the manner provided by law.
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PASSED AND ADOPTED this 10th day of
A.D. 1972.
January
Attest ·
( SEAL
Mayo~
City of Sanford, FlOrida.
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CERTIFICATE
I, H. N. Tamm, Jr., City Clerk of the City of
Sanford, Florida, do hereby certify that a true and correct
copy of the foregoing Ordinance No. 1054, PASSED and ADOPTED
by the City Commission of the City of Sa~ord, Florida, on
the 10th day of January, 1972, was POSTED at the front door
of the City Hall in the City of Sanford, Florida, on the
llth day of January, 1972.
City of Sanford, Flo'~i~a