HomeMy WebLinkAbout773ORDINANCE NO. 773
AN ORDINANCE SUPPLEMENTING AN ORDINANCE
ENTITLED "AN ORDINANCE AUTHORIZING THE {
CONSTRUCTION OR ACQUISITION OF ADDITIONS,
EXTENSIONS AND IMPROVEMENTS TO THE COM-
BINED WATER AND SEWER sYSTEM OF THE CITY
OF SANFORD, FLORIDA, AND AUTHORIZING THE
ISSUANCE OF $1,175,000 WATER AND SEI~R
REVENUE CERTIFICATES FOR SUCH PURPOSES,"
AND PROVIDING FOR THE ISSUANCE OF $200,000
WATER AND SE~R REVENUE cERTIFICATES,
SERIES 1962.
BE IT ENACTED BY THE PEOPLE OF THE CITY OF sANFORD, FLORIDA:
ARTICLE I
sTATUTORY AUTHORITY, FINDINGS AND DEFINITIONS
Section 1.01. AUTHORITY OF THIS ORDINANCE. This ordinance
is adopted pursuant to the charter of the city of Sanford, Florida,
constituting Chapter' 26210, Laws of Florida, Acts of 1949, as amended,
and other applicable provisions of law, and pursuant to Section 3.04 (L)
of an ordinance entitled: "AN ORDINANCE AUTHORIZING THE cONSTRUCTION
OR ACQUISITION OF ADDITIONS, EXTENSIONS AND IMPROVEMENTS TO THE COM-
BINED WATER AND SEWER sYSTEM OF THE CITY OF SANFORD, FLORIDA, AND
AUTHORIZING THE IssUANCE OF $1,175,000 WATER AND sEWER REVENUE cERTI-
FICATES FOR SUCH PURPOSES", adopted by the City commission of the city
of sanford on the 14th day of December, 1953 (hereinafter referred to
as ,'Original ordinance"), and is supplemental to said Original Ordinance.
Section 1.02. FINDINGS. It is hereby ascertained, determined
and declared:
A. That the city of sanford, Florida, (hereinafter called
the "City"), now owns, operates and maintains a combined Water and
sewer system for the purpose of supplying water and sewerage services
in and to said City and its inhabitants.
B. That it is necessary and essential to construct and ac-
quire additions, extensions and improvements to said combined Water
and sewer system as provided herein, in order to preserve the public
health and safety of the citizens of the city of sanford and it is
essential to the physical and economic welfare of said city that such
improvements be accomplished as provided in this ordinance.
C. That said Original ordinance, in section 3.04 (L) there-
of, provides for the issuance of additional pari passu certificates
under the terms, limitations and conditions provided therein and the
issuance of the certificates authorized by this ordinance complies
fully with the terms, limitations and conditions of said Section.
D. That the City is authorized to issue the certificates
authorized herein as pari passu additional obligations within the
authorization contained in section 3.04 (L) of said Original Ordinance.
E. That the net revenues derived or to be derived from said
Water system of the combined Water and sewer system are pledged in an
amount sufficient for the payment of the interest on the following out-
standing obligations of said city, together with an amount equal to
$6,260 per annum for sinking Fund purposes:
$417,000.00 Series B Refunding Bonds, dated March l,
1937, and all maturing September l, 1977, being the Bonds
now outstanding of an original issue of $626,000 Series B
Refunding Bonds authorized by resolution of the city Com-
mission of said City adopted on February l, 1937, herein-
after sometimes referred to as "Outstanding Bonds of 1937".
That the holders of said Outstanding Bonds of 1937 have a
first lien on the net revenues derived from the operation
of said Water system of said combined Water and sewer
system, in the amount above stated, which lien is prior
and superior to the lien on such net revenues of the
holders of the outstanding certificates of an issue of
$1,175,000 Water and Sewer Revenue Certificates, dated
November l, 1953, issued pursuant to said Original
Ordinance, to the lien on such net revenues of the holders
of the outstanding certificates of an issue of $275,000
Water and Sewer Revenue Certificates, dated November l,
1954, issued pursuant to an ordinance supplemental to
said Original ordinance and to the lien on such net
revenues of the holders of the certificates authorized
to be issued by this ordinance.
F. That the revenues of the Water system of said combined
Water and Sewer System are not pledged or encumbered in any manner,
except as described in subsection E, above, and the revenues to be
derived from the Sewer System of said combined Water and Sewer System
are not pledged or encumbered in any manner, except for said out-
standing Water and Sewer Revenue Certificates, dated November 1, 1953,
issued pursuant to said Original Ordinance, said outstanding Water
and Sewer Revenue certificates, dated November 1, 1954, issued pur-
suant to an ordinance supplemental to said Original Ordinance (here-
inafter sometimes collectively referred to as "Outstanding Certificates")
and the Certificates authorized to be issued pursuant to this ordinance.
G. That the estimated revenues to be derived in each year
hereafter from the operation of said combined Water and Sewer system,
will be sufficient to pay all the cost of the operation and mainten-
ance of said Water and Sewer system, the principal of and interest
on the Certificates to be issued pursuant to this ordinance and said
Outstanding Certificates as the same become due and payable, and all
sinking fund, reserve and other payments provided for in this ordinance,
and in said Original Ordinance, and required payments for all other
obligations payable from said revenues as the same become due.
H. That the principal of and interest on the Certificates
to be issued pursuant to this ordinance and all of the sinking fund,
reserve and other payments provided for in this ordinance will be
paid solely from the revenues derived from the operation of said com-
bined Water and Sewer System and shall not constitute a debt of said
City or be a lien on any real estate therein.
Section 1.03. ORDINANCE CONSTITUTES CONTRACT. In considera-
tion of the acceptance of the Certificates authorized to be issued
hereunder by those who shall hold the same from time to time, this
ordinance, and said Original Ordinance, shall be deemed to be and
shall constitute a contract between the City of Sanford, Florida, and
such Certificate holders, and the covenants and agreements herein set
forth to be performed by said City shall be for the equal benefit,
protection and security of the legal holders of any and all of such
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Certificates, and the coupons attached thereto, all of which shall be
of equal rank and without preference, priority or distinction of any
of the Certificates or coupons over any other thereof except as ex-
pressly provided therein and herein.
Section 1.04. DEFINITIONS. That all the definitions con-
tained in section 1.0~ of said Original Ordinance, in addition to the
definitions contained herein, shall apply fully to the Certificates
issued hereunder.
ARTICLE II
AUTHORIZATION OF ADDITIONS, EXTENSIONS
AND iMPROVEMENTS TO sAID cOMBINED wATER
AND sEWER sYsTEM.
Section ~.01. AUTHORIZATION OF ADDITIONS, EXTENSIONS AND
iMPROVEMeNTS. That there is hereby authorized the construction and
acquisition of additionS, extensions and improvements to said combined
Water and Sewer system, cOnSisting of, but not limited to the con-
struction or acquisition of a sewerage Treatment plant and other pur-
poses necessary, appurtenant or incidental theretO, all in accordance
with the overall plans and specifications heretofore prepared by
Lefler and Bush~ consulting EngineerS, of sanford, Florida, and here-
tofore filed with and approved by this commission, together with such
modificatiOnS, changes or alterations as shall be necessary and de-
sirable and approved by this Commission and the Consulting Engineers,
at an estimated cost of $~00,000. such cost shall 'be deemed to in-
clude, but not limited to, the constrUCtion or acquisition of said
additionS, extensions and improvements to said water and Sewer System;
the acquisition of any lands, or interest therein, or of any fi~tureS,
equipment or properties deemed necessary or desirable therefor; in-
terest upon certificates issued pursuant to this ordinance prior to,
during and for six months after the completion of such additionS, ex-
tensiOnS and improvements to the extent that revenues are insufficient
therefor; engineering and legal expenses; expenses for financial ser-
vices or fiscal agentS; expenses for estimates of costs and of revenues; · s and surveys; expenses of the auth-
expenses for plans, specification
orizatiOn, issuance and sale of the certificates authorized by this
ordinance; and such other expenses as may be necessary or incidental
to the financing authorized by this ordinance and the construction and
acquisition of said additions, extensions and improvements to said
combined water and sewer system.
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ARTICLE III
AUTHORIZATION, TERMS, EXECUTION
AND REGISTRATION OF CERTIFICATES
Section 3.01. AUTHORIZATION AND TERMS OF CERTIFICATES. For
the purpose of financing the cost of the construction and acquisition
of said additions, extensions and improvements to said combined Water
and Sewer System there shall be issued negotiable Water and Sewer
Revenue Certificates, Series 1962, of the City of Sanford, Florida
(herelnafte~ called "Certificates"), in the aggregate principal amount
of Two Hundred Thousand Dollars ($200,000). Said Certificates shall
be dated May l, 1962, shall be in the denomination of $1,O00 each;
shall be known as "Water and Sewer Revenue Certificates, Series 1962"~
shall be numbered consecutively in numerical order from i to 200, both
inclusive; shall bear interest at a rate not exceeding Five per
centum ( 5 %) per annum, such interest being payable semi-annually
on May i and November i in each year; shall be payable as to both
principal and interest at the principal office of the Manufacturers
Hanover Trust Company, New York, New York, in lawful money of the
United States of America~ shall not be registerable; and shall mature
serially in numerical order on November 1 of each year as follows:
Year Amount
Year Amount
1963 $10,000 1973 $10,o00
1964 10,00o 1974 lO,0O0
1965 10,o00 1975 10,00o
1966 10,0oo 1976 lo,0o0
1967 10,000 1977 lO,O0O
1968 lO,OO0 197~ 10,o00
1969 10,00o 1979 10,000
1970 10,000 1980 10,000
1971 10,000 1981 10,000
1972 10,000 1982 10,000
inclusive,
maturity.
inclusive,
at the option of the
ment date thereafter,
The Certificates maturing in the years 1963 to 1972, both
shall not be redeemable prior to their stated dates of
The Certificates maturing in the years 1973 to 1982, both
shall be redeemable prior to their stated dates of maturity
City on November l, 1912, or on any interest pay-
in whole or in part, but in inverse numerical
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Order if less than all, at a redemption price of par and accrued
interest to the date of redemption, plus a premium of one-fourth of
one per centum (1/4 of 1%) for each year, or fraction thereof, from
the redemption date to the stated maturity of the Certificates to
be redeemed, such premium in any event not to exceed ~$~ and one-
half per centum (2 1/2%) of the principal amount of any Certificates
to be redeemed.
A notice of prior redemption of said Certificates shall be
published at least once at least thirty days prior to the date of
redemption in a financial paper published in the City of New York.
Interest shall cease on any of the Certificates duly called for prior
redemption as provided above on the redemption date if payment thereof
has been duly provided for.
Section 3.02. FORM OF CERTIFICATEs AND COUPONS. The text
of the Certificates and coupons shall be of substantialiy the follow-
ing tenor, with such omissions, insertions and variations as may be
necessary and desirable and authorized or permitted by this ordinance,
or any subsequent ordinance adopted prior to the issuance thereof.
Said Certificates shall be executed in the manner provided in said
Original Ordinance, and shall in all respects be subject to the
conditions provided in said Original Ordinance, except that such
Certificates and the validation legend appearing thereon may be
executed by the facsimile Signatures of the Mayor and City Clerk,
provided that the signature of either the Mayor or City Clerk be
manually applied to said Certificates, and the corporate Seal of the
City or a facsimile thereof, may be imprinted, impressed or otherwise
reproduced thereon.
The coupons attached to the Certificates shall be executed by
the facsimile signatures of said Mayor and City Clerk. Said Certifi-
cates shall be in substantially the following form:
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NO.
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF SEMINOLE
CITY OF SANFORD
WATER AND SEWER REVENUE CERTIFICATE
SERIES 1962
$1,000
KNOW ALL MEN BY THESE PRESENTS that the City of Sanford, in
Seminole County, Florida, for value received, hereby promises to pay
to the bearer, on the first day of November, 19 , from the revenues
hereinafter mentioned, the principal sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of
per centum per annum, payable semi-annually on the 1st day of May and
the 1st day of November of each year upon the presentation and surren-
der of the annexed coupons as they severally fall due. Both principal
of and interest on this certificate are payable at the principal
office of the Manufacturers Hanover Trust Company, New York, New York,
in lawful money of the United States of America.
The Certificates of the issue of which this Certificate is
one maturing in the years 1963 to 197~, both inclusive, are not redeem-
able prior to their stated dates of maturity. The Certificates of
the issue of which this Certificate is one maturing in the years 1973
to 198R, both inclusive, are redeemable prior to their stated dates
of maturity at the option of the City on November l, 1972, or on
any interest payment date thereafter in whole or in part, but in
inverse numerical order if less than all, at a redemption price of
par and accrued interest to the date of redemption, plus a premium
of one-fourth of one per centum (1/4 of 1%) for each year or fraction
thereof, from the redemption date to the stated maturity of the
Certificates to be redeemed, such premium in any event not to exceed
$~.~ and one-half per centum (Z 1/2%) of the principal amount of
any Certificates to be redeemed.
A notice of prior redemption shall be published at least
once at least thirty days prior to the redemption date in a financial
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paper published in the City of New York, New York. Interest shall
cease on any of the Certificates duly called for Prior redemption
as PrOVided above on the redemption date if payment thereof has been
duly provided for.
This Certificate is one of an aUthorized issue of Certificates
in the aggregate Principal amount of $200,000 of like date, tenor and
effect, except as to number (rate of interest) and date of maturit~
iSsued to finance the cost of the construction or acquisition of
improvements, extensions and additions to the combined Water and Sewer
System of the City of Sanford, Under the authority of and in FUll
compliance With the Constitution and Statutes of the State of FlOrida,
including Chapter 26210, Laws of Florida, Acts of 1949, and other
applicable statutes, and an ordinance duly enacted by the City Commission
of said City, which ordinance is supplemental to an Ordinance adopted
December 14, 1953 (herein referred to as "Original Ordinance,,), and
is SUbject to all the terms and conditions of said supplemental Ordi-
nance and said Original Ordinance.
This Certificate and the coupons appertaining thereto are
payable solely from and secured by, a second llen upon and Pledge of
the net revenues derived from the operation of the Water System of
the combined Water and Sewer System of the City of SanFord and a
first lien upon and pledge of the gross revenues derived from the
operation of the Sewer System of said combined Water and Sewer System
of the City of Sanford, in the manner provided in said supplemental
ordinance and said Original Ordinance.
The lien of the holders of the issue of Certificates of
which this Certificate is one, on the net revenues derived by the
City From the Water System of said combined Water and Sewer System
is Junior, inferior and subordinate in all respects to the lien thereon
of the holders of $~17,000.00, Series B Refunding Bonds of the City
of Sanford, dated March l, 1937. The lien of the holders of the
iSSUe of Certificates of which this is one is on a Parity and ranks
equally as to lien on and sOUrce and Security for payment from the
net revenues of the Water System and the gross revenues of the Sewer
System of said combined Water and Sewer System With the lien of the
holders of an issue of $1,175,000 Water and Sewer Revenue Certificates,
dated November l, 1RS~, issued PUrsuant to said Original Ordinance,
and With the lien of the holders of an issue of $275,000 Water and
Sewer Revenue Certificates, dated November l, 1~54, issued Pursuant
to an Ordinance SupPlemental to said Original Ordinance.
It is fUrther agreed between the City of SanfOrd and the
holder of this Certificate that this Certificate and the obligation
evidenced thereby shall not constitute a lien upon the City~s combined
Water and Sewer System or any Part thereof, or on any Other property
of or in the City of Sanford, but shall constitute a llen only on
the net revenues derived from the operation of said Water System of
Said combined Water and Sewer System, and the gross revenues of the
Sewer System of said combined Water and Sewer System, all in the
manner Provided in said Ordinance and said Original Ordinance.
The City in said ordinance and Said Original Ordinance has
covenanted and agreed With the holders of the Certificates of this
issue to fix and establish and maintain SUch rates and collect SUch
fees, rentals or other charges for the services and facilities of
the COmbined Water and Sewer System, and to revise the same from time
to time whenever necessary, as will always~ t~rOVide revenues sufficient
to pay, end out of said revenues shall pay, as the same shall become
due, the Principal of and interest on the Certificates of this issue,
all reserve or sinking funds or Other Payments Provided for in said
ordinance and Said Original Ordinance, the necessary expenses of
operating and maintaining said COmbined Water and Sewer System and
ail Other obligations payable out of the revenues of said combined
Water and Sewer System, and that SUch rates, fees, rentals or Other
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charges shall not be reduced so as to be insufficient to PrOVide
revenues for SUch purposes, and Said City has entered into certain
further COVensmts With the holders of the Certificates of this ISsue
for the terms of Which reference is made to said ordinance and said
Original Ordinance.
Zt is hereby certified and recited that all acts, conditions
and things required to exist, to happen and to be Performed Precedent
to and In the Issuance of this Certificate, exist, have happened and
have been Performed in regular and due form and time as required by
the Laws and Constitution of the State of Florida applicable thereto,
and that the issuance of this Certificate, and of the iSSue of Certi£i_
cates of Which this Certificate is one, is in full compliance With
all constitutional, statutory or charter llmitatlonsor PrOVisions.
This Certificate, and the coupons apPertaining thereto, is,
and has all the qualities and incidents o£, a negotiable Instz~ument
under the law merchant and the Negotiable Znstruments Law of the
State of FlOrida, and the Original holder and each SUccessive holder
of this Certificate, or of the coupons apPertaining thereto, shall
be conclusively deemed by his acceptance hereof to have agreed that
this Certificate and the COUpons appertaining thereto Shall be and
have all the qualities and incidents of negotiable instruments Under
the law merchant and the Negotiable ~nstz~tments Law of the State of
FlOrida. The Original holder and each SUccessive hOlder of this
Certi~- ~
-~a~e, end of the coupons appertaining hereto, Shall be con-
clusively deemed to have agreed and consented to the fOllowing terms
and conditions:
Ca) Title to this Certificate, and to the annexed interest
coupons, may be transferred by delivery in the manner PrOVided for
negotiable instruments Payable to bearer In the law merchant and the
Negotiable Instruments Law of the State of FlOrida;
(b) Any Person in possession of this Certificate, or of
the interest coupons hereunto appertaining, regardless of the manne~
in Which he shall have acquired possession, Is hereby authorized to
Attest:
represent himself as the absolute owner hereof, and is hereby granted
power to transfer absolute title hereto by delivery hereof to a bona
fide PUrchaser, that is, to any one who Shall PUrchase the same for
value (Present or antecedent) Without notice of Prior defenses or
equities or claims of ownership enforceable against his transferror;
ever~Y Pri°r taker or Owner of this Certificate, and of the annexed
interest coupons, waives and renounces all of his equities and rights
herein in favor of every SUch bona fide PUrchaser, and every SUch
bona fide PUrchaser shall acquire absolute title hereto and to all
rights represented hereby; and
Cc) The City of Sanford, Florida, may treat the bearer of
this Certificate, or of the interest COUpons hereunto apPertaining, as
the absolute Owner hereof for all PUrPoses Without being affected by
any nOtice to the contrary.
~N ~ZTNESS W~IERE0~ said City of Sanford, FlOrida, has ISSUed
this Ce~tlficate and has caused the Same to be executed by the manual
or facsimile signature of its Mayor and the corporate seal of said
City, or a facsimile thereof to be affixed hereto, or impressed or
imprinted hereon, attested by the City Clerk of sald City, by his
manual or facsimile signatu~e, and has caused the interest coupons
hereto attached to be executed With the facsimile Signatures of the
said Mayo~ and City Clerk, all as of the first day ~f May, 1962.
CO PON)
On the
day of , lg · the City of Sanford,
FlOrida, will Pay to the bearer at the office of the Manufacturers
Hanover Tr~st Company, New York, New YOrk~in /awful money of the
United States of America from the revenues described in the Certifl_
cate to Which this coupon is attached, the sum of
Dollars ($ ), upon Presentation and
surrender of this cOUpon, being six months interest then due on its
Water and Sewer Reven~e
No. Certificate, Series 1962, dated May 1. 1962,
CITy OF SANFORD, FLORIDA
C~ y er
By
(To be inserted in coupons maturing after callable date on callable
Certificates _ "unless the Certificate to which this coupon is attached
has been Previously duly called for Prior redemption and PaYment there.
of duly PrOVided for".)
(Fo~m of Validation Certificate)
This Certificate is one of a series of Certificates which
were Validated and confirmed by decree of the Circuit Court of the
Ninth Judicial Circuit of Florida, in and for Seminole County, rendered
on the day of · 1962.
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ARTICLE IV
SECURITy OF CERTIFICATES
Section 4.01. CERTIFICATEs ON A PARITy WITH THE WATER AND
SEWER REVENUE CERTIFICATES, DATED NOVEMBER 1, 1953, AND WITH THE WATER
AND SEWER REVENUE CERTIFICATES, DATED NOVEMBER 1, 1954. The Certifi_
cates issued PUrsuant to this a~dinance shall be on a Parity and rank
equally, o.s to lien on and source and security for payment from the
revenues of said combined Water and Sewer System, and in all other
respects, With the outstanding Water and Sewer Revenue Certificates,
dated November 1, 1953, issued Pursuant to said Original Ordinance,
and With the outstanding Water and Sewer Revenue Certificates, dated
November 1, 1954, issued Pursuant to an ordinance supplemental to said
Original Ordinance (hereinafter sometimes referred to as "Supplemental
Ordinance,,) and any Pari passu additional obligations hereafter issued
pursuant to and Within the terms, limitations and conditions con-
tained in Section 3.04 (L) of said Original Ordinance.
Section 4.02. CERTIFICATE SECURED BY ORIGINAL ORDINANCE.
The Certificates authorized by this Ordinance shall be deemed to have
been issued pursuant to said Original Ordinance (to Which this Ordi-
nance is supplemental) as fully and to the same extent as the
$1,175,000 Water and Sewer Revenue Certificates, dated November l,
1953, originally iSsued PUrsuant to said Original Ordinance, and all
of the covenants and agreements contained in said Original Ordinance
and the additional covenants contained in said Supplemental Ordinance
shall be deemed to have been made for the benefit of the holders of
the Certificates issued PUrsuant to this Ordinance, and of any Parl
Passu additional obligations hereafter issued Within the term, limita.
tlons and conditions contained In Section 3.04 (L) of said Original
Ordinance, as fUlly and to the same extent as for the holders of said
Outstanding Certificates.
All of the covenants, agreements and provisions of said
Original Ordinance and the additional covenants contained in said
Supplemental Ordinance (except as to details inconsistent with this
ordinance) shall be deemed to be part of this ordinance to the same
extent as if incorporated verbatim in this ordinance, and shall be
fully enforceable in the manner provided in said Original Ordinance
and said Supplemental Ordinance by any of the holders of Certificates
issued pursuant to this ordinance.
The Water and Sewer Revenue Fund, the Water and Sewer Revenue
195~ Sinking Fund and the Reserve Account therein, and the Renewal
and Replacement Fund, created and established pursuant to said Original
Ordinance and continued and maintained by said Supplemental Ordinance
shall be continued and maintained as provided in said Original Ordi-
nance as long as any of the Certificates issued pursuant to this
ordinance or interest thereon, are outstanding and unpaid, and the
payments into said Water and Sewer Revenue 195~ Sinking Fund and the
Reserve Account therein shall be increased by the amounts necessary
for the Certificates issued pursuant to this ordinance, as set out
below, and no preference, priority or distinction of any kind shall
exist or be exercised in payments from said Water and Sewer Revenue
195~ Sinking Fund or the Reserve Account therein between said Out-
standing Certificates, and the Certificates issued pursuant to this
ordinance, and any pari passu additional obligations hereafter issued
pursuant to the terms, limitations and conditions contained in said
Original Ordinance.
The payments into said Water and Sewer Revenue 195~ sinking
Fund shall be increased by the deposit therein on the fifteenth day
of each month immediately following the issuance of the Certificates
authorized hereunder such sums as will be sufficient to pay one-sixth
of the interest maturing on the Certificates on the next semi-annual
interest payment date, and beginning with the fifteenth day of the
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month Which is twelve months Prior to the first Principal maturity
date of SUch Certificates, one-twelfth of the amount of Principal
maturing on the next Principal maturity date; PrOVided, however,
that interest during the Period of construction and for six months
thereafter may, to the extent revenues are insufficient therefor, be
Paid from the Construction Trust Fund.
The City shall also from the moneys remaining in said Water
and Sewer Revenue Fund deposit in the Reserve Account in said Water
and Sewer Revenue 1953 Sinking Fund, in addition to the amounts re-
quired to be deposited therein for the Outstanding Certificates, on
the fifteenth day of each month immediately Following the Issuance of
the Certificates authorized hereunder, an amount equal to 20% of the
amount required to be deposited in the Water and Sewer Revenue 1~53
Sinking FUnd on SUch date as PrOVided above~ Provided, that no further
payment shall be required to be made into said Reserve Account when
there shall have been deposited therein, and as long as there remains
therein, an amount equal to 120% of the largest amount of Principal
and interest Which Will be required for the payment of Principal of
and Interest on the Certificates herein authorized to be issued and
on t he Outstanding Certificates, in any one succeeding Year.
Section 4.03. BOND REDEMPTioN FUND FoR THE OUTSTANDING
BONDS a~ 1R3T. The City further covenants that it Will use all the
surplus revenues from said Water and Sewer System Which the City is
entitled to receive as general funds Under Section ~.0~ (D) (?) of said
Original Ordinance, after all Other payments required by Section ~.0~
(D) (7) of said Original Ordinance, for the creation and maintenance
of a Fund for the redemP~on of said Outstanding Bonds of 1~37, Which
Fund is hereby Created and designated as the "1R37 Bond Redemption
Fund".
From SUch surplus revenues the City shall deposit in said
1937 Bond Redemption Fund the following amounts on the fifteenth day
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of each month
at the £O2]oWing times:
Septeraber 15, 1962
September 15, 1963
September 15, 1964
September 1S, 1966
September 15, 1966
September ]5, 1967
September 15, 3968 to
September 15, 1969 to
September 15, 1970 to
September 15, 1971 to
September 15, 1972
September 15, 1973
September 15, 1974
September 15, 1975 to
September 15, 1976 to
to August 15, 1963
to August 15, 1964
to August 15, 1965
to August 15, 1966
~gust 15, 1967
Aug//st 15, ~968
AugUst 25, 1969
Augus* 15, ~970
August 15 1971
August 15 1972
August 15 1973
August 15 1974
August 15 1975
AUgust 15 1976
August 15 1977
$ 812.00 Per~onth
895.00 per month
1,145.00 per raonth
1,145.00 per month
1,395.00 per month
1,395.00 per month
1,478.00 per month
1,645.00 per month
1,812.00 per month
1,978.00 per month
2,229.00 per month
2,312.00 per mOnth
2,478.00 per month
2,728.00 per month
2,895.00 per month
Such surplus revenues Shall not be deposited by said City into
said 1937 Bond Redemption F~nd unless all of the provis]ons o£ Section 3.03
(D) 1 through 6 thereof of the Original 0rd~nance have been fOJ~y complied with.
The moneys on deposit in said 1937 Bond Redemption F~nd may be USed
by the City at any time for the P~Wchase of Outstanding Bonds of 1937 at a price
not exceeding the par value thereof and accrued interest thereon. The City
shall beginning on July l, 1964 and on each Julylthereafter, whenever the
aggregate amount of moneys ~n Said 1937 BOnd Redemption F~nd exceed $20,000,
call for tenders for the pul~Chase of a s~ficient amount of such Outstanding Bonds
of 1937 to exhaust the amount of moneys in said 1937 BOnd Redemption FUnd as nearly
as possible, such tenders to be received by said City betWeen AUgust 1 and A~ust 8
of each year, the exact date to be determ/ned by resolution of the Ci~., and the
City on receipt of such tenders may re~ect or accept the Same, PrOV]ded, however,
that Such tenders must be accepted by the City if ~he moneys in said 1937 Bond
Redemption Fund cannot be invested in direct obligations of the United States
GOVernment maturing not later than September 1, 1977, Which wou/d PrOduce a net
interest Yield of not less than 3~ to ~aid City. In the event the City refuses
to accept such tenders all moneys in excess of $20,000 then on deposit in said
F~nd shall be invested in direct obligations of the United States of America
maturing not later than September 1, 1977. No further Payment will be required
to he made into said Bond Redemption Fund When the amaunt on deposit therein
is sufficient to retire all of the then Outstanding Bonds of 1937.
-17-
Thereafter, from ~he sm~plus revenues remaining and prior
to ~he Use of such SUrplus revenues for the p~rchase or redemption of ~he
OutStanding certificates as provided for in Section 3.03 of said origina2
Ordinance, there may be ~ransferred ~o lhe Ceneral FUnds of said Ctly in each
year an amoUnt of not exceeding $40,000, provided, hOWever, lhat as long as
any of said °ats~anding Certificates are Unpaid, al~ of ~he provis~ons and
COVenants COntained in said Original Ordinance as now existing, and as the Same
may be legal~ly amended, Shall be f~lly Complied Wi~h and performed.
ARTICLE V
APPLICATION OF CERTIFICATE PROCEEDS
Section 5.01. CONSTRUCTION TRUST FUND. All moneys received
from the sale of any or all of the $200,000 Certificates Issued PUrsuant
to this Ordinance shall be deposited by the City of Sanford in a Trust
Fund, to be known as the "Construction Trust Fund of lg62',, and Shall
be used and applied by the City Solely to the Payment of the cost of
the construction and acquisition of the additions, extensions and Im-
Provements to said combined Water and Sewer SYstem as PrOVided in this
Ordinance, and for no Other PUrPose whatsoever. Said fund shall be
maintained by the City in an incorporated bank or trust company Which
has an aggregate capital and surplus of not less than $260,000, and all
moneys at any time In said Construction Trust Fund shall be continuously
secured in the same manner as deposits of State and Municipal funds are
required to be secured by the Present laws of the State of Florida. No
withdrawals shall be made from said Construction Trust ~d, except for
legal and engineering expenses, expenses for financial or fiscal services,
and expenses in connection With the authorization and iSSuance of the
Certificates authorized by this ordinance, except Upon the ce~tificate
of Le£1er and BUsh, Consulting Engineers, of Sanford, FlOrida, or their
successors as Consulting Engineers, that SUch Withdrawals are Proper
and are for PUrPoses Provided for in this Ordinance. If fo~ any reason
SUch Proceeds, or any Part thereof, are not necessary fo~, or are not
applied to, SUch pUrPoses' then, SUch unapplied Proceeds shall be de.
Posited by the City in the Reserve Account in the Water and Sewer Re.
venue 1953 Sinking ~Und established PUrsuant to said Original Ordinance
and shall be used only for the PUmPoses PrOVided therein. All monies
in such Construction Trust ~nd Shall constitute a trust fundfor SUch
PUrPoses and there is hereby created a lien Upon SUch fund, until so
applied, in favor of the holders of the Certificates issued PUrsuant to
this ordinance.
-19-
ARTICLE VI
MIS CELIANEOUS
Section 6.01. MODIPICATiON 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 two-thirds or more in PrinciPal
amount of the Certificates then °utstandlng~ Provided, however, that
no modification or amendment shall Permit a change in the maturity of
such Certificates o~ a reduction in the rate of interest thereon, or
in the amount of the PrinciPal Obligation thereof or affecting the
unconditional Promise of the City to Pay the PrinciPal of and interest
on the Certificates as the same Shall come due from the revenues of the
COmbined Water and Sewer System, or reduce the Percentage of Certificate
holders required to consent to any material modification or amendment
of this °~dlnance, without the COnsent of the holders of SUch Certificates.
Section 6.02. SEVERABiLiT¥ OF INVALID PROVISION. If any
one or more of the COvenants, agreements or PrOVisions of this Ordl,
nance Shall be held contrary to any express PrOVision of law or con.
trary to the POlicy of express law, though not expressly PrOhibited, or
against PUblic POlicy, or Shall fo~ any meason Whatsoever be held invalld~
then such COVenants, agreements, or PrOVisions Shall be null and void
and Shall be deemed Separable from the remaining COVenants,
or PrOVisions, and Shall In no way affect the validity of any of the
agreements,
Other Provisions of this Ordinance
iSSued hereunder, or of the Certificates or COupons
Section 6.03. VA
Wi~l~am C. HU%chiso~ ~ LIDATION AUTHoRiZED
he is hereby aU~l- ~ ~SqUlre, City AttOrne- ~' That
the City of
~nOr~zed and directed .~ _ ~ ~or Sanfo~d, be and
"~ Prepare and file PrOceedings to
validate the Cemtlflcates authomized by this ordinance In the manner
)movlded by law.
-20-
Section 6.04. TIME OF TAMING EFFECT. That it is necessary
for the immediate preservation of property, health and safety of the
City of Sanford, and its inhabitants, that the construction and
acGuisition of the additions, extensions and improvements to said
combined Water and Sewer System provided herein be made With the
least possible delay and this ordinance is hereby declared to be an
emergency measure and shall take effect immediately upon its passage.
1962.
ATTEST:
PASSED AND ADOPTED this
day of ~
-21-
~E R~TT I F I C A T E
I, H. N. Tamm, Jr, the duly appointed, qualified and
acting City Clerk of the City of Sanford, Florida, do hereby
certify that the foregoing is a true and correct copy of Ordinance
No. 773 of the City of Sanford, Florida, as passed and
adopted by the City Commission of the City of Sanford, Florida,
on the 16th day of April · 1962.
IN WITNESS WHEREOF, I have hereunto set my hand and
official seal of the City of Sanford, Florida, this 17th
day of _ April , 1962.
-22 ~
CERTIFICATE
I, H. N. Tamm, Jr., City Clerk of the City of
Sanford, Florida do hereby certify that a true and cor-
rect copy of the foregoing Ordinance No. 773, PASSED and
ADOPTED by the City Commission of the City of Sanford,
Florida, on the 16th day of April 1962 was POSTED at the
front door of the City Hall in the City of Sanford,
Florida, on the l?th day of April 1962.
CERTIFICATE OF DELIVERy AND PAYMENT
...................... ' ............ '*' '"~'"'--~"'~"~ ................................. , Citer 'Clel-k of t~
Clt~ of S~fo~d~ Florida ~
the purchasers thereof, the following described obli~tions of ~h~ ~l~ O~ ~O~dp ~lO~l~ll
$~0, ooo .
~eno~a~on of $1,000 each, be~
ln~eres~ (Payable Nay 1 ~d Nov~b
aS ~he ra~es Pe~ - ......... er 1)
~o~o~ ~
Interest Rate Interest Rate
~ _Amoun~ __Per Annum ~ea~ ~Amount Per Annum
196 , o,ooo 197 ,lO,OOO 3
1964 10,000
197~ lO,OOO 3 1/~
1965 10,000 3% 1975 10,o0o 3.70%
1966 10,000
19~7 10,000 !~ 1976 10,000 3.70%
19
1968 10,000 19~ 1%coo 3.8O%
1969 10,000 10,000
197o zo,ooo 3.~ z919 lO, coo 3.8o%
~9~o ~o,ooo 3.8o%
1971 10,000 3.20% 1981 10,000 3.80%
1972 10,000 3.20% 1982 10,000 3.80%
That all matured coupons Were detached from said obligations prior to delivery thereof, and all unmatured
coupons were attached thereto at the time of delivery.
That at the time of delivery of said obligations, I received £rom said purchaser full payment for said obligations
in accordance with the contract of sale, computed as follows:
Contract Price
Accrued Interest
~otal P.r~se price ~
hereunto set my hand this .............. ~.......Z~ ......................................
SION&TUR~ AND NO'LZTI~&TION
lnd 1 cat ~' h.~.h..e~ Und ers 1/71ed
oo,ooo or
n~be ~ ~ f dated ~ 1-
uenom~na~ ~. _2"~ ~neluslve.
at the ..~=o~e M~ 1 an~',.~'~ng
. ~r .....*- = mn ~he ---'~ and
~OAlows: ~eamS and ~o~ a~'
Year
~ Interest Rate
Per Annum
$10,000 ~ ~ ~ Interest Rate
10,000 3% . Per Annum
197~ ~o,ooo 3 1/~
lO,ooo ~ Z97~ lO,O00 3 1/2%
lO, ooo ~ ~975 lO, O0o 5.7o~
lO,ooo 3~ ~976 lO, ooo
lO,ooo ~ 1977
lO,ooo 3~ lO,O0O
~.?o~
lO,O00 3% 1978 ZO,OO9 3.80%
lO, coo ~.20~ 1979 lO,ooo 3.~o%
~.~o% z98o lo,coo 3.8o%
lO,coo 1981 lO,coo
19~
~964
19~6
1967
1968
~969
~970
1971
19?Z
3.20% 1982 i0,000
being at the date of such signing
qualified and acting o ' and on this date the duly chosen,
execute the same. £iicers indicated therein and authorized to
~e fua~ther certify that said obll
executed With the lacs
of_the City of San~.~/m.~e signature ^ag.= ons_were also du~
Sald f -----~'~, ~AOrlda ~- ~.e urme~sl
sessile signature. · who hereby adon - ~g~ed glty Clerk
~t. ~u ratifies
We further certif.
any nature is --- Y that no co~--
Coumtsl ~=.,__~u~ pending or tJ~r~.,~ruversy or liti ti
of Said obligations or the collection of revenues to pay ~he Interest
~'~=, execution or delivery
and Principal or in any manner questioning the Proee
indirectly the validity of the Obligations or of any provlsions
ot~°ritY for the issuance of said obligations or
made or authorized for their Payment or the corporate existence,
boundaries or taxing POwer of Said municipality or the title of the
Present ~lcers or any of them
none of ,.~ Proceedings to their respective offices and that
or authority for the issuance of said
obligations has been repealed, revoked or rescinded.
We further certi .
signed Ma or fY that the
upon the ~_~d C~y ¢lerk~ of ~f~?~mi{e slgnature~
mmprinted or o h=~.~Y' or a facsimile° ..... ~,u ~ne corpor~t
t_~..~.~ reproduced -- .~hereof, is lmD~ ..... e seal
un all of said obll~13?
6,~lons.