HomeMy WebLinkAbout859ORDINANCE NO. 859
AN ORDINANCE PROVIDING FOR THE CONSTRUCTION OF CERTAIN
MUNICIPAL IMPROVEMENTS IN THE CITY OF SANFORD, FLORIDA;
PROVIDING FOR THE ISSUANCE OF $1,000,000 PUBLIC IMPROVE-
MENT REVENUE BONDS OF SUCH CITY TO PAY THE COST OF SUCH
IMPROVEMENTS AND TO REFUND CERTAIN OUTSTANDING REVENUE
CERTIFICATES; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF
SUCH BONDS; PROVIDING FOR THE PAYMENT THEREOF; AND
MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN CON-
NECTION WITH THE ISSUANCE AND SALE OF SUCH BONDS.
BE IT ENACTED BY THE PEOPLE OF THE CITY OF SANFORD, FLORIDA:
SECTION 1. AUTHORITY FOR THIS ORDINANCE. This Ordinance is adopted
pursuant to the Charter of the City of Sanford (hereinafter called "City"), being Chapter
26210, Laws of Florida, Acts of 1949, as amended and supplemented, and other applicable
provisions of law.
SECTION 2. FINDINGS. It is hereby ascertained, determined and declared
that:
A. Pursuant to Section 167.431, Florida Statutes, the City did, on
August 27, 1945, enact non-emergency Ordinance No. 379, as amended, levying and
imposing a tax on every purchase of electricity, gas (natural or manufactured, including
liquefied petroleum gas), water service and telephone service within the corporate limits
of the City (hereinafter called "utilities service taxes').
B. Pursuant to its Charter, the City, on ]une 11, 1956, under authority
of Ordinance No. 580 duly adopted, entered into an agreement with the Florida Power and
Light Company for a period of thirty years, whereby the City would receive certain fran-
chise taxes by reason of having granted to the Florida Power and Light Company the right
to suppl~ electric power and energy to the City or its inhabitants (hereinafter called
"franchise tax").
C. The City has heretofore issued $400,000 Public Improvement Revenue
Certificates, dated February 1, 1957. Approximately $75,000 of such certificates will be
outstanding and unpaid on September 1, 1965 (hereinafter called "Outstanding Certificates').
Such Outstanding Certificates and the interest thereon are payable from and secured by a
prior lien upon the proceeds of the franchise tax. The Outstanding Certificates may be
redeemed prior to their maturities on any interest payment date under certain conditions
contained in Ordinance No. 603, enacted by the City on December 31, 1956, which
authorized their issuance.
D. It is necessary, desirable, and in the best interest of the safety, con-
venience, economy and general welfare of the City and its inhabitants that revenue bonds
be issued in an amount not exceeding $1,000,000 to refund the Outstanding Certificates
and to acquire and construct certain municipal improvements in the City (hereinafter
called the "project"). Such project shall include, but shall not be limited to, the follow-
ing: A riverport marina on Lake Monroe, to include land fill, muck removal, bulkhead,
fixed and floating berths and piers, landings, utility buildings, water, sewer and electric
facilities, heavy-duty paving, curbs and gutters, sidewalks, street and plaza lights,
drainage, launching ramp, hoist and hoistway, stabilized parking area, control tower,
landscaping, and land acquisition, all substantially in accordance with a study and report
for a master plan on file with the City, prepared by IV~aurice H. Connell 6, Associates,
Inc., Consulting Engineers, Miami, Florida, and the acquisition and construction of a
fire station at a location within the city limits, to be subsequently determined by the City
Commission, and the acquisition and construction of a recreation building to be located in
the general vicinity of the Goldsboro recreation area. The project shall be deemed to
include all purposes necessary, appurtenant and incidental thereto.
E. (1) The proceeds from the utilities service taxes are not now pledged
or encumbered in any manner.
(2) The utilities service taxes and the franchise tax are hereinafter
collectively referred to as "excise taxes."
F. The proceeds of the excise taxes will be sufficient to pay all of the
principal of and interest on the revenue bonds to be issued pursuant to this Ordinance and
to make all reserve, sinking fund or other payments provided for herein.
G. The principal of and interest on such revenue bonds and all sinking fund,
reserve and other payments provided for in this Ordinance shall be payable solely from
the proceeds of the excise taxes, as herein provided. The City shall never be required
or authorized to levy ad valorem taxes on any property therein to pay the principal of and
interest on such revenue bonds or to make any of the reserve, sinking fund or other pay-
ments provided for in this Ordinance, and such revenue bonds shall not constitute a lien
upon any property of or in the City.
SECTION 3. AUTHORIZATION OF CONSTRUCTION OF THE PROJECT.
A. There is hereby authorized the construction of the project, substantially
in accordance with a study and report for a master plan of Maurice H. Connell 6,
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Associates, Inc., Consulting Engineers, Miami, Florida, presently on file with the City
Clerk. The cost of such project, in addition to the items set forth in the plans and speci-
fications, may include, but not be limited tc~ 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;
interest upon the revenue bonds herein authorized, prior to, during, and for six months
after the completion of the project; the creation and establishment of reasonable reserves
for debt service; such other expenses as may be necessary or incidental to the financing
authorized by this Ordinance, and the construction and acquisition of the project authorized
by this Ordinance and the placing of same in operation.
B. The City is further authorized to refund the Outstanding Certificates
in the manner provided herein.
SECTION 4. DEFINITIONS. The following terms in this Ordinance shall have
the following meanings unless the text otherwise expressly requires:
A. "City" 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. "Bonds" shall mean the $1,000,000 Public Improvement Revenue
Bonds, authorized to be issued pursuant to this Ordinance, and the interest coupons
attached to such Bonds, together with any additional parity bonds hereafter issued under
the terms, conditions and limitations contained in this Ordinance.
D. "Holder of Bonds" or "bondholder" or any similar term shall mean
any person who shall be the bearer or owner of a Bond or Bonds, registered to bearer or
not registered, or the registered owner of any such Bond or Bonds which shall at the time
be registered other than to bearer, or the bearer or registered owner of any coupons repre-
senting interest accrued or to accrue on said Bonds.
E. "Utilities service taxes" shall mean such tax as levied and collected
by the City, pursuant to non-emergency Ordinance No. 379, as amended, enacted on
August 27, 1945, on every purchase of electricity, gas (natural, liquefied petroleum gas
or manufactured}, water service anti'telephone service within the corporate limits of the
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City under the authority of Section 167. 431, Florida Statutes.
F. "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 franchise granted pursuant to Ordinance No. 580, duly adopted on
June 11, 1956, and any and all moneys received by the City 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
energy to the City or its inhabitants.
G. "Excise taxes" shall mean, collectively, the utilities service taxes
and the franchise tax.
H. "Fiscal year" shall mean the period commencing on October 1 of each
year and ending on the succeeding September 30.
I. Words importing singular number shall include the plural number in
each case and vice versa, and words importing persons shall include firms and corpora-
tions.
SECTION 5. ORDINANCE TO CONSTITUTE CONTRACT. In consideration of
the acceptance of the Bonds authorized to be issued hereunder by those who shall hold
the same from time to time, this Ordinance shall be deemed to be and shall constitute ~
contract between the City and such holders. The covenants and agreements herein set
forth to be performed by the City shall be for the equal benefit, protection and security
of the legal holders of any and all of such Bonds and the coupons attached thereto, all
of which shall be of equal rank and without preference, priority or distinction of any of
the Bonds or coupons over any other thereof, except as expressly provided therein and
herein.
SECTION 6. AUTHORIZATION OF BONDS. Subject and pursuant to the provi-
sions of this Ordinance, obligations of the City to be known as "Public Improvement
Revenue Bonds," herein sometimes referred to as "Bonds" or "Revenue Bonds," are hcreby
authorized to be issued in the aggregate principal amount of One Million Dollars
($1,000,000).
SECTION 7. DESCRIPTION OF BONDS. The Bonds shall be dated September 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
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payable semi-annually March 1 and September 1 of each year; and shall mature serially
in numerical order, lowest numbers first, on September 1 in the years and amounts as
follows:
Year Amount Year Amount
1967 $20,000 1982
1968 20,000 1983
1969 20,000 1984
1970 25,000 1985
1971 25,000 1986
1972 25,000 1987
1973 25,000 1988
1974 25,000 1989
1975 25,000 1990
1976 30,000 1991
1977 30,000 1992
1978 30,000 1993
1979 30,000 1994
1980 30,000 1995
1981 35,000
Such Bonds shall be
$35 000
35 000
35 000
40 000
40 000
40 000
40 000
45 000
45 000
45 000
50 000
50 000
50 000
55 000
both principal and interest at the Manufacturers Hanover Trust Company, New York, New
York; 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 BONDS AND COUPONS. The Bonds shall be
executed in the name of the City by the Mayor and countersigned and attested by the
City Clerk; and its corporate seal or a facsimile thereof shall be affixed thereto or
reproduced thereon. The facsimile signatures of the Mayor or the City Clerk may be
imprinted or reproduced on the Bonds, provided that at least one signature required to be
placed thereon shall be manually subscribed. In case any one or more of the officers who
shall have signed or sealed any of the Bonds shall cease to be such officer of the City
before the Bonds so signed and sealed shall have been actually sold and delivered, such
Bonds may nevertheless be sold and delivered, as herein provided, and may be issued as
if the person who signed or sealed such Bonds had not ceased to hold such office. Any
Bond may be signed and sealed on behalf of the City by such person who at the actual
time of the execution of such Bond shall hold the proper office in the City, although at the
date of such Bonds such person may not have held such office or may not have been so
authorized.
The coupons attached to the Bonds shall be authenticated with the facsimile
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issued in coupon form; shall be payable with respect to
signatures of any present or future Mayor and City Clerk of said City, and the validation
certificate on said Bonds shall be executed with the facsimile signature of the Mayor.
The City may adopt and use for such purposes the facsimile signature of any person who
shall have been such Mayor and City Clerk at a ny time on or after the date of the Bonds,
notwithstanding that he may have ceased to be such officer at the time such Bonds shall
be actually sold and delivered.
SECTION 9. NEGOTIABILITY AND REGISTRATION. The Bonds 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
successive holder, in accepting any of the Bonds or the coupons appertaining thereto
shall be and have all of the qualities and incidents of negotiable instruments under the
law me~chant and the Negotiable Instruments Law of the State of Florida; and each succes-
sive holder shall further be conclusively deemed to have agreed that the Bonds shall be
incontestable in the hands of a bona fide holder for value.
The Bonds may be registered, at the option of the holder, as to principal only
or as to both principal and interest, on the books of the City at the office of the City
Clerk, as registrar, such registration to be noted on the back of such Bonds in the space
provided therefor. After such registration as to principal only or both principal and
interest, no transfer of the Bonds shall be valid unless made at said office by the regis-
tered owner or by his duly authorized agent or representative and similarly noted on the
Bonds, but the Bonds may be discharged from registration by being in like manner trans-
ferred to bearer, and thereupon transferability by delivery shall be restored. At the option
of the holder, the Bonds 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. The City may make a reason-
able charge for every such transfer sufficient to reimburse it for any expenses incurred
by it; provided, however, that no charge shall be made by the City for the first transfer
of any Bond from bearer to the registered owner and for the first reconversion from the
registered owner to bearer.
SECTION 10. BONDS MUTILATED, DESTROYED, STOLEN OR LOST. In case
any Bonds shall become mutilated or be destroyed, stolen or lost, the City may, in its
discretion, issue and deliver a new Bond with all unmatured coupons attached of like tenor
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as the Bond and attached coupons, if any, so mutilated, destroyed, stolen or lost, in
exchange and substitution for such mutilated Bond, upon surrender and cancellation of
such mutilated Bond and attached coupons, if any, or in lieu of and substitution for the
Bond and attached coupons, if any, destroyed, stolen or lost, and upon the holder fur-
nishing the City proof of his ownership thereof and satisfactory indemnity and complying
with such other reasonable regulations and conditions as the City may prescribe and
paying such expenses as the City may incur. All Bonds and coupons so surrendered shall
be cancelled by the Clerk of the City. If any such Bonds or coupons shall have matured
or be about to mature, instead of issuing a substitute Bond or coupon, the City may pay
the same, upon being indemnified as aforesaid, and if such Bond or coupon be lost,
stolen or destroyed, without surrender thereof.
Any such duplicate Bonds and coupons issued pursuant to this section shall
constitute original, additional contractual obligations on the part of the City, whether or
not the lost, stolen or destroyed Bonds or coupons be at any time found by anyone; and
such duplicate Bonds 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 Bonds and coupons issued hereunder.
SECTION 11. PROVISIONS FOR REDEMPTION. The Bonds of this issue
maturing in the years 1967 to 1975, both inclusive, are not redeemable prior to their
respective stated dates of maturity. The Bonds maturing in 1976 and thereafter are redeem-
able prior to their respective stated dates of maturity, at the option of the City, in whole
or in part, in inverse numerical order if less than all, on September 1, 1975, or on any
interest payment date thereafter at par and accrued interest to the date of redemption,
plus the following premiums, expressed in percentages of the par value thereof, if
redeemed in the following years:
Three per centum (3%) if redeemed in the years 1975
through 1980, inclusive;
Two per centum (2%) if redeemed in the years 1981
through 1987, inclusive;
One per centum (1%) if redeemed in 1988 and thereafter,
but prior to maturity .
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,
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City and State of New York, and in a newspaper of general circulation in the City;
(ii) shall be filed with the paying agents; and (iii) shall be mailed, postage prepaid, to
all registered owners of Bonds to be redeemed at their addresses as they appear on the
registration books, hereinbefore provided for.
SECTION 12. FORM OF BONDS AND COUPONS. The Bonds, the interest
coupons to be attached thereto, and the certificate of validation shall be in substantially
the following form, with such omissions, insertions and variations as may be necessary
and desirable and authorized or permitted by this Ordinance or in any subsequent ordi-
nance adopted prior to the issuance thereof:
No. UNITED STATES OF AMERICA $5,000
STATE OF FLORIDA
COU'q!f OF SEMINOLE
Cii~f OF SANFORD
PUBLIC IMPROVEMENT REVENUE BOND
KNOW ALL MEN BY THESE PRESENTS, That the City of Sanford, Florida
(hereinafter called "City"), for value received, hereby promises to pay to the bearer or,
if this Bond be 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
with interest thereon at the rate of per centum ( %)
per annum, 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 the Manufacturers Hanover Trust Company, New York, New
York.
This Bond is one of an authorized issue of Bonds in the aggregate principal
amount of $1,000,000 of like date, tenor and effect, except as to number, interest rate
and date of maturity, issued to finance the cost of refunding certain outstanding revenue
certificates and of acquiring and constructing certain municipal improvements in the City,
all in accordance with plans and specifications on file with the City Clerk, 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, Acts of 1949, as amended
and supplemented, and other applicable provisions of law, and an ordinance duly enacted
by the City on the __ day of , 1965 (hereinafter called "Ordinance"),
and is subject to all the terms and conditions of said Ordinance.
The Bonds and the coupons appertaining thereto are payable solely from and
secured by a prior lien upon and pledge of the proceeds of the utilities service taxes
imposed by the City, pursuant to Ordinance No. 379, enacted by the City on August 27,
1945, on the purchase of electricity, gas (natural or manufactured, including liquefied
petroleum gas), water service and telephone service, under the authority of Section
167. 431, Florida Statutes; and from the proceeds of a franchise tax granted to the Florida
Power and Light Company, by Ordinance No. 580 enacted by the City on June 11, 19
(all of such taxes, above described, are herein collectively referred to as "excise taxes"),
in the manner provided in the Ordinance.
This Bond does not constitute an indebtedness of the City within the meaning
of any constitutional, statutory c:- charter 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 oi compel the exercise of the ad valorem taxing
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power of said City for the payment of the principal of and interest on this Bond or the
making 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 constitute a lien upon the facilities
of the project or any part thereof or on any other property of or in the City, but shall
constitute a lien only on the special funds 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 such excise taxes at such rates, not exceed-
ing the maximum rates permitted by law, to the extent necessary to pay, and out of such
funds shall pay as the same shall become due, the principal of and interest on the Bonds
of this issue, all other bonds payable on a parity therewith and all reserve, sinking fund,
or other payments provided for in the Ordinance and 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 this 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 this Bond and of the issue of bonds of which this Bond is one does not
violate any constitutional, statutory or charter limitations or provisions.
This Bond, and the coupons appertaining thereto, is and has all the qualities
and incidents of a negotiable instrument under the law merchant and the Negotiable Instru-
ments Law of the State of Florida; and the original holder and each successive holder of
this Bond or of the coupons appertaining thereto shall be conclusively deemed, by his
acceptance thereof, to have agreed that this Bond and the coupons appertaining thereto
shall be and have all the qualities and incidents of negotiable instruments under the law
merchant and the Negotiable Instruments Law of the State of Florida.
The Bonds of this issue maturing in the years 1967 to 1975, both inclusive,
are not redeemable prior to their respective stated dates of maturity. The Bonds maturing
in 1976 and thereafter are redeemable prior to their respective stated dates of maturity,
at the option of the City, in whole or in part, in inverse numerical order if less than all,
on September 1, 1975, or on any interest payment date thereafter at par and accrued
interest to the date of redemption, plus the following premiums, expressed in percentages
of the par value thereof if redeemed in the following years:
Three per centum (3%) if redeemed in the years 1975
through 1980, inclusive;
Two per centum (2%) if redeemed in the years 1981
through 1987, inclusive;
One per centum (1%) if redeemed in the years 1988
and thereafter, but prior to maturity;
provided that notice of such redemption shall be given in the manner required by the
Ordinance.
This Bond may be registered as to principal only or as to principal and
interest 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 the manual or facsimile signature of its Mayor;
the corporate seal of said City or a facsimile thereof to be affixed, impressed, imprinted,
lithographed or reproduced hereon; and attested and countersigned by the manual or fac-
simile signature of its City Clerk; and has caused the interest coupons hereto attached to
be executed with the facsimile signatures of such Mayor and City Clerk, all as of the
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1st day of September, 1965.
CITY OF SANFORD, FLORIDA
(SEAL)
ATTESTED AND COUNTERSIGNED:
Mayor
City Clerk
FORM OF COUPON
NO. $
On the 1st day of , 19 , the City of Sanford, Florida, will
pay to the bearer at the Manufacturers Hanover Trust Company, New York, New York,
from the special funds described in the Bond 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 on its Public Improvement Revenue Bond, dated September 1,
1965, No.
CITY OF SANFORD, FLORIDA
Mayor
City Clerk
(To be inserted in coupons maturing after callable date: "Unless the Bond
to which this coupon is attached shall have been previously duly called for prior red~-'
tion and payment thereof duly made or provided for. ")
VALIDATION CERTIFICATE
This Bond is one of a series of Bonds which were validated and confirmcd by
decree of the Circuit Court of the Ninth Judicial Circuit of the State of Florida, in and
for Seminole County, rendered on the __ day of , 19
Mayor
PROVISION FOR REGISTRATION
This Bond may be registered in the name of the holder on the books to be
kept by the City Clerk of the City of Sanford, as Registrar, or such other registrar as
may hereafter be 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 Bond as to principal
shall not restrain the negotiability of the coupons by delivery merely, but the coupons
may be surrendered with the interest made payable only to the registered holder, in w~ich
event the Registrar shall note in the registration blank below that this Bond is registered
as to interest as well as principal; and thereafter the interest will be remitted by mai]. to
the registered holder. This Bond, when converted into a Bond registered as to both
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principal and interest, may be reconverted into a coupon Bond and again converted into
a Bond registered as to both principal and interest as hereinbefore provided. Upon recon-
version of this Bond, when registered as to principal and interest, into a coupon Bond,
coupons representing the interest to accrue upon the Bond to date of maturity shall be
attached hereto by the Registrar, and the Registrar shall note in the registration blank
below whether the Bond is registered as to principal only or payable to bearer. The City
may make a reasonable charge for every such transfer sufficient to reimburse it for any
expenses incurred by it; provided, however, that no charge shall be made by the City for
the first transfer of any Bond from bearer to the registered owner and for the first recon-
version from the registered owner to bearer.
DATE OF
REGISTRATION
IN WHOSE NAME
REGISTERED
MANNER OF
REGISTRATION
SIGNATURE OF
REGISTRAR
SECTION 14. BONDS NOT DEBT OF CITY. Neither the Bonds nor coupons
shall be or constitute general obligations or indebtedness of the City as "bonds" within
the meaning of Section 6, Article IX, of 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 pro-
vided. No holder or holders of any Bond issued hereunder 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 such Bonds or t~he
interest thereon or be entitled to payment of such principal and interest from any other
funds of the City except from the special funds in the manner provided herein.
SECTION 15. PLEDGE OF EXCISE TAXES FOR BONDS. The payment of the
debt service of all the Bonds issued hereunder shall be secured forthwith, equally and
ratably, by a pledge of and a prior lien upon the proceeds received by the City from the
excise taxes, as hereinafter provided, and the City does hereby irrevocably pledge such
funds to the payment of the principal of and interest on the Bonds and to the payment into
the Sinking Fund at the times provided of the sums required to secure to the holders of
the Bonds the payment of the principal of and interest thereon at the respective maturities
of the Bonds.
SECTION 16. COVENANTS OF THE CITY. For as long as any of the principal
of and interest on any of the Bonds shall be outstanding and unpaid or until there shall
have been set apart in the Sinking Fund or Reserve Account, herein established, a sum
sufficient to pay, when due, the entire principal of the Bonds remaining unpaid, together
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,,vith the interest accrued or to accrue thereon, the City covenants with the holders of any
and all of the Bonds issued pursuant to this Ordinance as follows, that:
A. FRANCHISE TAX FUNDS. All of the proceeds of the franchise tax,
u3 defined herein, as soon as the same are collected by the City, shall be forthwith
deposited in the fund known as the "Franchise Tax Fund," hereby created and established.
Such Franchise Tax Fund shall constitute a trust fund for the purpose provided in this
Ordinance.
B. UTILITIES SERVICE TAXES FUND. All of the proceeds of the utilities
cervice taxes, as defined herein, as soon as the same are collected by the City,
commencing August 20, 1966, shall be forthwith deposited into the fund known as the
"Utilities Service Taxes Fund," hereby created and established. Such Utilities Service
Taxes Fund shall constitute a trust fund for the purposes provided in this Ordinance.
C. DISPOSITION OF FUNDS. All proceeds at any time remaining on
i?Do~it in the Franchise Tax Fund and Utilities Service Taxes Fund shall be disposed of
in the folloYzing manner and order of priority:
(1) From the moneys in the Franchise Tax Fund, the City shall, on or
prior to the gOth d~y of August in each year, commencing with August 20, 1966, withdraw
all of the moneys then on deposit in such Franchise Tax Fund and deposit such sums into
a fund to be known as the "Public Improvement Revenue Bonds Sinking Fund" (hereinafter
referred to as "Sinking Fund"), which fund is hereby created and established. The moneys
on deposit in the Sinking Fund, as aforesaid, shall be applied in the following manner and
for the following purposes:
(a) First, for the payment of principal and interest, and handling
charges thereon., bccoming due and payable on the Bonds on the next succeeding Septem-
ber 1 and March 1, and any deficiencies for prior fiscal years.
(b) Second, for the establishment and maintenance of a Reserve
Account in the Sinking Fund in an amount equal to and sufficient to pay the greatest amount
of principal and interest becoming due and payable on all then outstanding Bonds in any
ensuing fiscal year.
The moneys in such Reserve Account shall be used only for the pay-
ments provided for in (1) (a) above when the moneys in the Sinking Fund are insufficient
therefor, and any ¥Tithdra~.vals from the Reserve Account shall be restored from the first
moneys available therefor in the Franchise Tax Fund after the required payments under
(1) (a) have been made or provided for. No further payments shall be required to be made
into such Reserve Account in any ensuing year as long as there shall remain on deposit
therein a sum equal to the greatest amount of principal and interest becoming due on the
Bonds in any ensuing fiscal year.
The City shall not be required to make any further payments into said
Sinking Fund or into the Reserve Account in the Sinking Fund ~vhen the aggregate amount
of funds in both the Sinking Fund and the Reserve Account are at least equal to the aggre-
gate principal amount of Bonds then outstanding, plus the amount of interest then due or
thereafter to become due on such Bonds then outstanding.
(c) Third, all moneys in the Sinking Fund not needed for the pay-
ments provided in subsection (a) above and not set aside in the Reserve Account by the
City, under the provisions of subsection (b) above, shall be credited to a Redemption
Account in the Sinking Fund and used at the discretion of the City, either for the purchase
in the open market, at any time, of Bonds with all unmatured interest coupons attached
thereto, to the extent that such Bonds shall be available for purchase, at the best prices
obtainable, but in no event to exceed the price at ~Nhich said Bonds will be redeemable
on the next ensuing redemption date, or for the redemption on the next semi-annual interest
payment date of Bonds eligible for redemption; provided, however, that all such moneys
not required under the provisions of subsection (a) and subsection (b) above, whenever
the same total at least $50,000, shall be exhausted, as nearly as practicable, on
September 1 of each year, beginning September 1, 1975, by such purchase or redemption.
(2) If on any monthly payment date the proceeds of the franchise tax are
insufficient to place the required amount in any of the funds as hereinbefore provided, the
d eficiency shall be made up in the subsequent payments in addition to the payments ~vhich
~vould otherwise be required to be made into the funds on the subsequent payment dates.
(3) V~henever, by reason of the annual payment to the City by Florida
Power and Light Company in August of each year, the proceeds of the franchise tax will
be insufficient to make the required payments into the Sinking Fund and Reserve Account
for the next succeeding fiscal year, the City shall, to the extent necessary to cure such
deficiency, not later than the 20th day of each month in each year, commencing August 20,
1966:
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(a) Withdraw from the Utilities Service Taxes Fund and deposit into the
Sinking Fund such sums as will be sufficient to provide for the payment of one-sixth (1/6)
of the interest which will mature and become due on the next semi-annual interest payment
date and one-twelfth (1/12) of the principal amount of the Bonds which will mature and become
due on the next principal payment date; and
(b) Withdraw from the Utilities Service Taxes Fund and deposit to the credit
of the Reserve Account in the Sinking Fund such sums as will be sufficient to provide for the
payment of one-twelfth (1/12) of fifteen per centum (15%) of the current annual requirement
of the Sinking Fund. Such payments shall continue to be made monthly until there shall be
on deposit in such Reserve Account an amount equal to the greatest amount of principal and
interest becoming due on the Bonds in any ensuing fiscal year.
Whenever the required monthly payments have been made, the City may
use the balance on deposit in the Utilities Service Taxes Fund for any lawful purpose.
(4) Upon the issuance by the City of any additional parity bonds under the
terms, l~mitations and conditions provided in this Ordinance, the payments into the Sinking
Fund and Reserve Account shall be increased in such amounts in direct ratio as are necessary
to make the payments required above for the principal of and interest on and reserves for such
additional parity bonds.
(5) The Franchise Tax Fund, the Utilities Service Taxes Fund, the
Redemption Account, the Reserve Account, and the Construction Trust Fund, established and
created by this Ordinance, shall constitute trust funds for the purposes provided herein for
such funds. All of such funds shall be continuously secured in the same manner as state
and municipal deposits are required to be secured by the laws of tl~e State of Florida. Moneys
in the Redemption Account and the Reserve Account may be invested and reinvested in direct
obligations of the United States of America maturing not later than five (5) years and ten (10)
years, respectively, from the date of purchase or must otherwise be held in cash. Moneys in
the Sinking Fund may be invested in direct obligations of the United States of America maturing
not later than the date or dates on which the same will be needed to meet the requirements of
such fund . Any and all income received from such investments shall be deposited into the
Sinking Fund. Moneys in the Franchise Tax Fund and the Utilities Service Taxes Fund shall
not be invested at any time.
D. LEVY OF EXCISE tAXES. 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 obligaLion 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 Bonds. The City shall
be unconditionally and irrevocably obligated, so long as any of the Bonds or the interest
thereon are outstanding and unpaid, to levy and collect such excise taxes at the maximum
rates permitted by law, to the extent necessary to pay the principal of and interest on
said Bonds and to make the other payments provided for herein. This provision shall
not be construed to prevent reasonable revisions of rates of said 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 of and interest on the Bonds becoming due and to make
all Sinking Fund, Reserve, and other payments required by this Ordinance in such year.
E. EXCISE TAXES NOT SUBJECT TO REPEAL. The City has full power to
irrevocably pledge such excise taxes to the payment of the principal of and interest on
the Bonds, and the pledging of said excise taxes in the manner provided herein shall not
be subject to repeal, modification, or impairment by any subsequent ordinance, resolu-
tion, or other proceedings of the governing body of the City or by any subsequent act of
the Legislature of Florida.
The pledge of the excise taxes made in this Ordinance shall be for the
benefit of any additional bonds payable on a parity with the Bonds from the proceeds of
the excise taxes to the same extent as if such additional parity bonds had been originally
issued pursuant to this Ordinance.
F. BOOKS AND RECORDS. The City will keep separate books and records
in such detail and in such manner as to separately disclose all information relating to the
levy and collection of the excise taxes, and any holder of a Bond or Bonds shall have the
right at all reasonable times to inspect all records, accounts, and data of the City
relating thereto. The City shall, at least once a year, within thirty days after the end
of each fiscal year, cause the books, records, and accounts relating to such excise
taxes to be properly audited and shall mail the reports of such audits, upon request, to
any holder or holders of the Bonds.
G. NO ADDITIONAL ENCUMBRANCES TO BE CREATED ON EXCISE TAXES.
The City will not issue any other bonds payable from the excise taxes nor voluntarily
create or cause to be created any debt, lien, pledge, assignment, encumbrance, or any
other charge having priority to or being on a parity with (except additional parity bonds
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as provided for herein) the lien of the holders of Bonds upon the excise taxes.
H. ISSUANCE OF ADDITIONAL PARITY BONDS. The City reserves the
right to issue additional bonds payable from and secured by a pledge of the excise taxes
on a parity with the Bonds. Any such additional parity bonds may be issued for any law-
ful or municipal purposes and subject to the following provisions and conditions:
1. There shall have been obtained and filed with the City Clerk and
with Leedy, Wheeler & Alleman, Inc., Orlando, Florida, a certificate of an independent
certified public accountant of suitable experience and responsibility, stating (a) that the
books and records of the City relating to the collection and receipt of the excise taxes
have been audited by him; (b) setting forth the proceeds of the excise taxes received by
the City during the twenty-four (24) months and the twelve (12) months immediately pre-
ceding the date of issuance of such additional parity bonds with respect to which such
certificate is made; (c) that the average annual proceeds of the excise taxes received by
the City for such twenty-four (24) immediately preceding months and the proceeds of the
excise taxes for such twelve (12) immediately preceding months each equal not less than
140% of the largest amount of principal and interest which will become due in anf year
thereafter on (i) all outstanding Bonds and all parity bonds, if any, then outstanding
and (ii) on the additional parity bonds with respect to which such certificate is made.
2. Such additional parity bonds to be issued shall mature on Septem-
ber 1 of each year, and the interest thereon shall be payable semi-annually on March 1
and September 1 of each year.
3. The City shall not be in default in performing any of the covenants
and obligations assumed under this Ordinance, and all payments required by this Ordi-
nance to have been made into the funds and accounts established hereunder shall have
been made to the full extent required.
I. REMEDIES. Any holder of Bonds or any coupons appertaining thereto,
issued under the provisions of this Ordinance, or any trustee acting for such bondholders,
may, either at law or in equity, by suit, action, mandamus, or other proceeding in any
court of competent jurisdiction, protect 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 Ordinance and may enforce and compel the performance of
all duties required by this Ordinance or by any applicable statutes to be performed by the
-16-
City or by any officer thereof, including the collection of the excise taxes.
Nothing herein, however, shall be construed to grant to any bondholder
any lien on any real property of the City.
I. ENFORCEMENT OF COLLECTIONS. The City will diligently enforce
and collect or cause to be enforced and collected all excise taxes and take all steps,
actions, and proceedings for the enforcement and collection of all such taxes which shall
become delinquent to the full extent permitted or authorized by the laws of the State of
Florida.
SECTION 17. APPLICATION OF BOND PROCEEDS AND THE RETIREMENT OF
OUTSTANDING CERTIFI. CATES. The City shall provide for the retirement of the Outstand-
ing Certificates and for the application of the proceeds, including accrued interest,
received from the sale of the Bonds (hereinafter called "Bond Proceeds"), as follows:
A. The Bond Proceeds shall, when received by the City, be forthwith
applied as follows:
(1) The City shall deposit into the Sinking Fund, herein established,
an amount equal to the interest accrued or to accrue on the Bonds to March 1, 1966. Such
money shall be applied to the payment of interest on the Bonds.
(2) The City may deposit into the Sinking Fund, herein established,
an amount equal to the interest to accrue on the Bonds from March 1, 1966, to a date
six months subsequent to the estimated date of completion of the project. Such money
shall be applied to the payment of interest on the Bonds.
(3) The City shall deposit a portion of the Bond Proceeds into the
sinking fund of the Outstanding Certificates which shall, together with the amount of
money then on deposit in the sinking fund of the Outstanding Certificates, equal in the
aggregate (i) the principal amount of the Outstanding Certificates; (ii) the amount of the
redemption premium applicable to the Outstanding Certificates if redeemed on or prior to
August 1, 1967; and (iii) the amount of interest payable on the Outsta.nding Certificates
to August 1, 1967.
Such moneys on deposit in such sinking fund shall be irrevocably held in
trust by the City for the purpose of providing for the retirement of the Outstanding Certifi-
cates, pursuant to the provisions of Ordinance No. 603 of the City authorizing t~e issuance
of such Outstanding Certificates. The moneys so deposited shall be in lieu of the
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deposit by the City into such sinking fund of an equal amount of the proceeds of the
franchise tax to be paid to the City in August, 1966, and thereafter.
(4) The remaining balance of Bond Proceeds shall be deposited in
the Construction Fund, created and established pursuant to Section 19 of this Ordinance.
B. On February l, 1967, or on August 1, 1967, the City shall retire by
redemption a principal amount of Outstanding Certificates equal to the amount of the
proceeds of the franchise tax paid to the City in the year 1966. The City shall withdraw
from the sinking fund of the Outstanding Certificates an amount sufficient to provide for
such redemption of the Outstanding Certificates.
C. The City shall provide for the redemption of such Outstanding Certifi-
cates, as required in B above, by publishing and delivering a notice of such redemption
in the form to be fixed by the City, all in accordance with the provisions of Ordinance
No. 603 authorizing the issuance of such Outstanding Certificates.
D. If for any reason the proceeds of the franchise tax paid to the City
in the year 1966 do not equal at least the full amount of the principal of the Outstanding
Certificates, then the City shall promptly deposit into the sinking fund of the Outstand-
ing Certificates, from moneys derived from sources other than ad valorem taxes and
cigarette taxes, whatever sums are necessary to provide for the full retirement of the
Outstanding Certificates on a date subsequent to August 1, 1967.
E. After withdrawing from the sinking fund of the Outstanding Certifi-
cates and transmitting to the Paying Agents such amounts which shall provide for the
full retirement of the Outstanding Certificates, the City shall withdraw from such sink-
ing fund any excess moneys remaining therein and deposit the same in the Reserve Account
in the Sinking Fund, herein established.
SECTION 18. ISSUANCE AND SALE OF BONDS. The Bonds of this issue may
be issued and sold in one lot or in several lots in such manner and at such price or
prices, consistent with the provisions of this Ordinance and of the City Charter, as the
City Commission shall hereafter determine by resolution. All of such Bonds, when
issued, will rank equally as to source and security for payment and in all other respects.
SECTION 19. CONSTRUCTION FUND. A special fund is hereby created,
established and designated as the "IV~unicipal Improvements Construction Fund" (herein
called the "Construction Fund"). There shall be paid into the Construction Fund the
-18-
moneys so required by the provisions of Section 17 A. (4).
Such fund shall be deposited in an officially designated city depository
bank in the City of Sanford, Florida, and shall be kept separate and apart from all other
accounts of the City; and the moneys on deposit therein shall be withdrawn, used, and
applied by the City solely to the payment of the cost of the project and purposes incidental
thereto. 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 City in the Reserve Account. 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 Bonds.
Any funds on deposit in the Construction Fund which, in the opinion of the
City Commission, 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 in a period of 360 days or less. All
such securities shall be held by the depository bank, and all income derived therefrom
shall be deposited in the Sinking Fund.
Immediately prior to the delivery of the Bonds to the purchasers thereof, the
City shall enter into a written agreement, the terms of which shall be established by sub-
sequent resolution of the City, with the depository bank for said Construction Fund, which
said agreement shall provide that all expenditures or disbursements 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 Mayor or City Clerk. The date of completion
of the project shall be determined by the Consulting Engineer, who will certify such facts
in writing to the City Commission.
SECTION 20. MODIFICATION OR AMENDMENT. 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 sixty-six per centum (66%) or
more in principal amount of the Bonds then outstanding; provided, however, that no modifi-
cation or amendment shall permit a change in the maturity of such Bonds or a reduction in
the rate of interest thereon or in the amount of the principal obligation or affecting the
unconditional promise of the City to levy and collect such excise taxes, as herein pro-
vided, or to pay the principal of and interest on the Bonds as the same shall become due
-19-
from said excise taxes or reduce such percentage of holders of such Bonds, required above,
for such modifications or amendments without the consent of the holders of all of such
Bonds.
SECTION 21. SEVERABILITY OF INVALID PROVISIONS. If any one or more of the
covenants, agreements, or provisions of this Ordinance should be held contrary to any
express provision of law or contrary to the policy of express law, though not expressly
prohibited, or against public policy, or shall for any reason whatsoever be held invalid,
then such covenants, agreements, or p.~ovisions shall be null and void and shall be deemed
separate from the remaining covenants, agreements, or provisions and in no way affect the
validity of all the other provisions of this Ordinance or of the Bonds or coupons issued
thereunder.
SECTION 22. VALIDATION AUTHORIZED. Pursuant to Chapter 75, Florida
Statutes, the Attorney for the City, YV. C. ~tutchinson, Jr., be and he is hereby authorized
and directed to prepare and institute proceedings in the Circuit Court in and for Seminole
C~ounty, Florida, to validate and confirm the issuance of Bonds authorized by this Ordinance
and ail proceedings had and action taken relating thereto.
SECTION 23. REPEAL OF INCONSISTENT ORDINANCES. All ordinances or parts
thereof in conflict herewith are hereby repealed.
SECTION 24. SUBSTITUTION OF FRANCHISE TAX. The City hereby covenants
with the holders of the Bonds that, in the event it shall acquire the electric power and
distribution facilities of the Florida Power and Light Company within the City, pursuant to
the provisions of Ordinance No. 580, enacted June 11, 1956, or otherwise, or in the event
it shall acquire, construct or operate an electric power and distribution system within the
City in place of the 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 there-
from 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 franch!se taxes pursuant to the provisions of this Ordinance.
SECTION 25. TIME OF TAKING EFFECT. This Ordinance shall take effect
immediately upon its adoption and publication pursuant to the City Charter.
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PASSED AND ADOPTED this 12th day of July, A.D. 1965.
Attest
City A~lerk
Mayor
As ~he ~i~y Ce~iss~o~ of the City
ef S~ferd, Florida
21
CERTIFICATE
I, H. L. Whelchel, City Clerk of the City of Sanford,
Florida, do hereby certify that a true and correct copy of
the foregoing Ordinance No. 859, PASSED and ADOPTED by the
City Commission of the City of Sanford, Florida, on the
day of July, 1965, was POSTED at the front door of the City
Hall in the City of Sanford, Florida, on the 1~ day of July,
i965.
CERTIFICATE OF DELIVERY AL~D PAYMENT
I, H. L. Wheichel, Clerk of the City o~ Sanford,
Florida, DO HEREBY CEK~that:
On ~he -zoth day o~ May , 1966, I
delivered to Reynolds & Co. ~ Assoc.
the purchasers thereo~ the ~o!low'ing described obligations
the City o~ San~ord, Florida:
$1,.000,000 principal amount o~ PUbLiC i~.?ROVEMENT REVEA~E BO~N-DS,
in the denomination cf $5,000 each, bearing interest
at the rates shown below, payable semi-annually on
September 1 and March i o~ each year, said bonds being
numbered consecutively from one upward, and maturing
serially in numerical order on September I of each year
as ~ollows:
Y~qR ~dOU~NT w-=~m':.~o~ YEAR
-~=~.=~z .~XOUNT INTEREST
!9~7 $20,000 4.75% 1982
1958 20,000 4.75% !983
t9~9 20,000 4.75% 1984
1970 25,000 4.75% 1985
1971 25,000 4.75%
1972 25,000 4.75% 19~7
1973 25,000 4.75% 1988
1~74 25,000 4.75% 1989
'i975 25,000 ~.~75% 1990
1976 30,000 4.25% 1991
1977 30,000 4.25% 1992
1978 30,000 4.25% 1993
1979 30,000 4.25% 1994
1980 30,000 4.25% 1995
,1981 35,000 4.25%
$35,000
35 000
35 000
40 000
40 000
40 000
40 000
45 000
45,000
45,000
50,000
50,000
50,000
55,000
4.25%
4.25%
4.20%
4.20%
4.2~
4.20%
4.20%
4.20%
4.20%
4.20%
4.20%
4.2m~
4.20%
3.3~
The interest coupons annexed to said bonds ~or interest
maturing s~i-annually on September 1 and March 1 o~ each year,
beginning September 1, !96~, were executed by the ~acsimile signa-
tures of A. L. Wilson a~d H. L. Whelche!, Mayor and Clerk
respectively of the City of San~ord, Florida.
At the time o~ delivery of said bonds, I received
~rom said purchasers iu!l payment ~or said bonds in accordance
with the contract of sale, computed as follows:
Contract Price
Accrued Interest
seal
Total Purchase Price
this --~RT~-~day of
I have hereunto set my hand and
May , 1966.
e/l~rk, City of sak~ord, 2~lorida
SIGNATURE A~-D NO LiTiGATION CERTIFICATE
WE HEREBY CERTIFY that the unders' ned City cle~i of
the City of Sanford, Florida did, on the 2~ day of N~ay
1966 o~icially sign the following described obligations o~ the
City o~ Sanford, Florida:
$t,000,000 principal ~mount of PL~LIC I~?ROV~V~ENT REVENUE BOARS,
in the denomination of $5,000 each, bearing interest
at the rates shcwn below: payable s~i-annua!!y on
Sept~er 1 and ~iarch 1 of each year, said bonds being
numbered consecutively ~rom one upward, and maturing
serially in numerical order on September 1 o~ each
year as ~ollows:
AMOUNT I !'7'?EP. EST YEA_il AMOUL~T IA~EREST
1967 $20,000 4.75% 1982 $35,000 4.25%
1968 20,000 4.75% 1983 35,000 4.25%
1969 20,000 4.75% 1984 35,000 4.20%
!970 25,000 4.75% 1985 40,000 4.20%
1971 25,000 4.75% 1956 40,000 4.20%
1972 25,000 4.75% 1987 40,000 '4.20%
1973 25,000 4.75% 1988 40,000 4.20%
1974 25,000 4.75% 1989 45,000 4.20%
1975 25,000 4.75% 1990 45,000 4.20%
1976 30,000 4.25% 1991 45,000 4.20%
1977 30,000 4.25% 1992 50,000 4.20%
1978 30,000 4.25% 1993 50,000 4.20%
1979 30,000 4.25% 1994 50,000 4.20%
!980 30,000 4.25% 1995 55,000 3.3~
1981 35,000 4.25%
We f~rther certify that our manual signatures have
been ~iled with the Secretary o~ State o~ Florida pursuant to
the provisions of Chapter 63-441, Laws'o~ Florida, Acts of 1963.
We ~urther certi~y that the ~ove described bonds were
executed with the facsimile signature of the undersigned Mayor
o~ the City, who hereby adc'pts said~=un_~u_e.~c =- -~
We ~urther certify that at the date of the signing
of said bonds by the ~=-~' .-~-~
un .... lg,.~ City Clerk, and on this date,
we were and are the duly chosen, qua!Ir~=~ and ~cting o~icers
~ = ~ Dona~ ~ indicated by the o~ici~i
~uuhor~z_d to ~ecute said' ~
titles opposite our signatures
We further certify that no litigation of any nature
i:J now pending or, to our kncwledge, threatened restraining or
eajoining the issuance, .:.="~
-~==~ execution or delivery o~ said bonds,
or the fixing or collection o~ the revenues, rates and charges
~-~=uee to pay the principal o~ and ~n'carest on said bonds, or
the D!edge. thereof, or a~fecting~n~' ...~,?~ ~zay the right or author-
ity of the City of o...-, .-s
..... o~, Florida to pay said obligations and
~ne interest thereon, cu other~,zise carrying out the te~?.s and
provisions of the Ordinance of said City and the covenants and
egre~aents therein, and each or any of thei~ with respect to said
boads, or in any manner -:~:-~ ' ~
......... 9 the proceedings and authority
for the issuance, sa!e, execution or delivery o~ said bonds or
a~fecting directly or indirectly the validity o~ the bonds or
o~ any provisions made or authorized ~or their payment, as
provided.in said Ordinance, or the corporate existence or bounda-
ries o~ said City, or the titles o~ the present o~icers or any
o~ th~ to their respective o~ices, and that none o~ the pro-
ceedings or authority ~or the issuance o~ said bonds has been
repealed, revoked, rescinded or altered in any manner.
We ~urther certify that the s~i-annual interest coupons
maturir, g Septer;~er ! and M~rch 1 o~ each year beginning Sept~er 1,
i966 attac2%ed to said bonds, are properly executed with the
s~ile signatures on said coupons o~ A. L. Wilson and H. L. Whelchel,
~ayor and Clark respectively o~ the City o~ Sanlord, Florida,
which signatures they hereby adopt.
We ~urther certify thzt the seal which has
been impressed upon this certi~icete is the
legally adopted, proper and only o~icia!
corporate sa~! o~ said City~ and that said
sea! has been LT. printed upon al o~ said bonds
and is hereby adopted.
WZTNESS our hands and seal this
, !9~G.
26th
day
SiGNATURE
,OFFICIAL TITLE
Mayor, City o~ San~ord,
Florida
Clerk, City o~ San~ord,
P!orida
I hereby certify that the signatures o~ the o~icers
o~ the City o~ San~ord, Florida, ~nich appear above are true
and genuine and that I know said o~!icers and know them to hold
the o~ices set opposite their names.
Florida State Bank of Sanford
C. Howard McNulty, Presid~qt
TRCU~ENCY CERT IF~CAT~,,
I, H. L. Whelchal, Clerk of the City of Sanford,
Florida, do hereby certify as follows:
1. The names of the present members of the City
Co~mission and date of commencement and expiration of their
terms of office are as follows:
Members
Of Commission
Joe B. Baker
Earl Higginbotham
M. L. Rabern, Jr.
W. Vincent Roberts
A. L. Wilson
Of Te_~m
January5, 1965
January 7, 1964
January 4, 1966
January 4, 1966
January7, 1964
Expiration
Of Term
January 2, 1968
January 3, 1967
January T, 1969
January 7, 1969
January 3, 1967
2. All of the above members of said City Commission
have duly filed their oaths of office and such of th~ as are
required by law to file bonds or undertakings have duly filed
such bonds or undertakings
by law.
3. On the 4th
A. L. Wilson
term commencing on
1%..67.
November
in the araount and manner required
__ day of January , 19 66 ,
was duly elected Mayor of said City for a
January 4, , !9,,~6 and ending on January 3
I was duly appointed Clerk on the 2nd day of
19 64 and my term of office comuenced on November 2 ,
19 64 and ends at the pleasure of the City Commission. I have duly
filed my oath of office and my official bond in the amount and
manner required by law.
IN WITNESS WHEREOF, I have hereunto set my hand and
a~2ixed the seal of said City,
19 66 .
this 2 6th day of May
~ff:Y ~[&rk/, Ci%~ of San~ord,
Florida
CERTIFICATE AS TO VALIDATION STATEMENT
I, A. L. WILSON, Mayor of the City of Sanford, Florida
DO HEREBY CERTIFY that each o~ the $1,000,000 Public Improv~ent
Revenue Bonds, of the denomination o~ $5,000 each, numbered con-
secutively from one upward, bears the following state~r~ent which
is signed by my facsimi!a signature:
This Bond is one o~ a series of Bonds which
were valideted and confirmed by decree of
the Circuit Court o~ the Ninth Judicial Circuit
of the State o~ Florida, in and for Seminole
County, rendered on the 18th day of
Aucust , 1~66.
IN WITNESS WHEREOF, I have hereunto set my hand and
af£ixed the seal o~ said City this 26~ day of /v~a¥
1966.
~ayor ofSth~ C~ty of Sanford,
Florida
ATTORNEY'S CERTIFICATE
I, William C. Hutchison, City Attorney o~ the City
o~ Sanlord, Florida, do hereby certify that I have no knowledge
o~ any legislation adopted by the 1965 Session o~ the Florida
Legislature that in any manner limits, restricts or otherwise
adversely a~ects the right and power o~ the City o~ San~ord,
Florida, to issue the $1,000,000 Public Improvement Revenue
Bonds o~ the City. dated September !, 1965, o~ the denomination
o~ $5,000 each, numbered consecutively ~rom one upward, and/or
to pledge ~or their payment the proceeds o~ the utilities service
taxes and ~ranchise tax as collected by the City.
IN WIT~ESS WHEREOF, I have hereunto set my hand and
ai~ixed the seal o~ said City, thi~ 26th day o~ Ltay ,
/
1966.
~i6y-A~torney, C~-~y ~-~iord,
Florida
AFFIDAVIT
I, . A. T,~ Wilson being duly commissioned as
Mayor of the City of San~ord, State o~ Florida, do hereby iile
with the Secretary o~ State my o~icial signature for the purpose
o~ complying with Chapter 63-441, Laws o~ Florida, 1963, and
do hereby certi!y that the below signature is true and correct
and manually subscribed by me.
Sworn to and subscribed before
me this 23rd day o~ May
1966.
NOTARY PUBLIC, STATE ol FLORIDA at LARGE
MY COMMISSION EXPIRES MAY 21, 1969
AFFIDAVIT
I, H. L. WHELCHEL, being duly commissioned as Clerk
o~ the City oi San~ord, State o~ Florida, do hereby ~ile with
the Secretary ol State my o~iicial signature ~or the purpose
o~ complying with chapter 63-441, Laws o~ Florida, 1963, and
do hereby certify that the below signature is true and correct
~nd manually subscribed by me.
Sworn to and subscribed be'~ore
me this 23rd day o~ May
1966.
~otary public
NOTARY PUBLIC, STATE of FLORIDA at LARGE
MY COMMISSION EXPIRES MAY 21, 1969