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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 -3- 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. -5- 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 $10,o00 1964 10,00o 1974 lO,0O0 1965 10,o00 1975 10,00o 1966 10,0oo 1976 lo,0o0 1967 10,000 1977 lO,O0O 1968 lO,OO0 197~ 10,o00 1969 10,00o 1979 10,000 1970 10,000 1980 10,000 1971 10,000 1981 10,000 1972 10,000 1982 10,000 inclusive, maturity. inclusive, at the option of the ment date thereafter, The Certificates maturing in the years 1963 to 1972, both shall not be redeemable prior to their stated dates of The Certificates maturing in the years 1973 to 1982, both shall be redeemable prior to their stated dates of maturity City on November l, 1912, or on any interest pay- in whole or in part, but in inverse numerical -6- Order if less than all, at a redemption price of par and accrued interest to the date of redemption, plus a premium of one-fourth of one per centum (1/4 of 1%) for each year, or fraction thereof, from the redemption date to the stated maturity of the Certificates to be redeemed, such premium in any event not to exceed ~$~ 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: -7- 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 -8- 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 -10- 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. -13- 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 -15- 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 -16- 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.