HomeMy WebLinkAbout831ORDINANCE NO. 831
AN ORDINANCE SUPPLEMENTING AN ORDINANCE ENTITLED
"AN ORDINANCE AUTHORIZING THE CONSTRUCTION OR
ACQUISITION OF ADDITIONS, EXTENSIONS AND IMPROVE-
MENTS TO THE COMBINED WATER AND SEWER SYSTEM OF
THE CITY OF SANFORD, FLORIDA, AND AUTHORIZING THE
ISSUANCE OF $1 , 175,000 WATER AND SEWER REVENUE
CERTIFICATES FOR SUCH PURPOSES, " AND PROVIDING FOR
THE ISSUANCE OF $800,000 WATER AND SEWER REVENUE
CERTIFICATES, SERIES 1964.
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 AUTHORIZ-
ING THE CONSTRUCTION OR ACQUISITION OF ADDITIONS, EXTENSIONS AND IMPROVE-
MENTS TO THE COMBINED WATER AND SEWER SYSTEM OF THE CITY OF SANFORD,
FLORIDA, AND AUTHORIZING THE ISSUANCE OF $1,175,000 WATER AND SEWER REVE-
NUE CERTIFICATES 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 Ordi-
nance"), and is supplemental to said Original Ordinance.
declared:
Section 1.02. FINDINGS. It is hereby ascertained, determined and
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 acquire addi-
tions, extensions and improvements to said combined Water and Sewer System, as pro-
vided 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) thereof, 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 Vgater
System of the combined YVater and Sewer System are pledged in an amount sufficient
for the payment of the interest on the following outstanding obligations of said City,
together with an amount equal to $6,260 per annum for Sinking Fund purposes:
$ 380,000.00 Series B Refunding Bonds, dated IV~arch 1, 1937,
and all maturing September 1, 1977, being the bonds now outstanding
of an original issue of $626,000 Series B Refunding Bonds authorized
by resolution of the City Commission of said City adopted on February 1,
1937, hereinafter 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 ~ater 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 YVater
and Sewer Revenue Certificates, dated November 1, 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
%/Vater and Sewer Revenue Certificates, dated November 1, 1954,
issued pursuant to an ordinance supplemental to said Original Ordinance,
to the lien on such net revenues of the holders of the outstanding certifi-
cates of an issue of $200,000 Water and Sewer Revenue Certificates,
dated iV~ay 1, 1962, 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 \;~ater 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
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combined Water and Sewer System are not pledged or encumbered in any manner,
except for said outstanding 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 pursuant to an ordinance sup-
plemental to said Original Ordinance; said outstanding Water and Sewer Revenue
Certificates, dated May 1, 1962 (hereinafter 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 maintenance 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 combined 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 consideration 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 Certificates and the coupons attached
thereto, all of which shall be of equal rank and without preference, priority or distinc-
tion of any of the Certificates or coupons over any other thereof except as expressly
provided therein and herein.
Section 1.04. DEFINITIONS. That all the definitions contained in
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Section 1.04 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 IMPROVE-
MENTS TO SAID COMBINED VCATER AND SEWER SYSTEM.
Section 2.01o 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 construction or acquisition of a water treatment
plant, extension to the distribution system, new well fields, and other purposes neces-
sary, appurtenant '~r incidental thereto, ail in accordance with the over-all plans and
specifications heretofore prepared by Clark, Dietz, Painter and Associates, Consult-
ing Engineers of Urbana, Illinois, and heretofore filed with and approved by this Com-
mission, together with such modifications, changes or alterations as shall be necessary
and desirable and approved by this Commission and the Consulting Engineers, at an
estimated cost of $800,000. Such cost shall be deemed to include, 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
fixtures, equipment or properties deemed necessary or desirable therefor; interest upon
Certificates issued pursuant to this ordinance to and including September 30, 1965;
engineering and legal expenses; expenses for financial services or fiscal agents;
expenses for estimates of costs and of revenues; expenses for plans, specifications
and surveys; expenses of the authorization, 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.
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 YVater and Sewer System, there shall be
issued negotiable Water and Sewer Revenue Certificates, Series 1964, of the City of
Sanford, Florida (hereinafter called "Certificates"), in the aggregate principal amount
of Eight Hundred Thousand Dollars ($800,000). Said Certificates shall be dated
May 1, 1964; shall be in the denomination of $1,000 each; shall be known as "Water
and Sewer Revenue Certificates, Series 1964"; shall be numbered consecutively in
numerical order from 1 to 800, both inclusive; shall bear interest at a rate not exceed-
ing five per centum (5%) per annum, such interest being payable semi-annually on
May 1 and November 1 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 registrable; and
shall mature serially in numerical order on November
1 of each year as follows:
Year Amount Year Amount
1965 $15,000 1977 $25,000
1966 15,000 1978 25,000
1967 15,000 1979 25,000
1968 15,000 1980 25,000
1969 15,000 1981 25,000
1970 20,000 1982 30,000
1971 20,000 1983 40,000
1972 20,000 1984 40,000
1973 20,000 1985 40,000
1974 20,000 1986 75,000
1975 20,000 1987 75,000
1976 20,000 1988 80,000
1989 80,000
The Certificates maturing in the years 1965
to 1974, both inclusive, shall
not be redeemable prior to their stated dates of maturity. The Certificates maturing
in the years 1975 to 1989, both inclusive, shall be redeemable, at the option of the
City, in whole or in part, but in inverse numerical order if less than all, on Novem-
ber 1, 1974, or on any interest payment date thereafter, at the price of par and accrued
interest to the date of redemption, plus the following premiums, expressed in per-
centages of the par value thereof, if redeemed in the following years:
Three per centum (3%) if redeemed in the years 1974 to 1979,
both inclusive;
Two per centum (2%) if redeemed in the years 1980 to 1984,
both inclusive;
One per centum (1%) if redeemed in the years 1985 to 1989,
both inclusive.
A notice of prior redemption of said Certificates shall be published at least
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once,at least thirty days prior to the date of redemption, in a financial paper pub-
lished in the City of Ne~v York. Interest shall cease on any of the Certificates duly
called for prior redemption,as provided above , on the redemption date if payment
thereof has been duly provided for.
Section 3°02. FORM OF CERTIFICATES AND COUPONS. The text of the
Certificates and coupons shall be of substantially the following tenor, with such
omissions, ins~tions 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
Said Certificates shall be in substantially
signatures of said Mayor and City Clerk.
the following form:
$1,000
No. UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF SEMINOLE
CITY OF SANFORD
WATER AND SEWER REVENUE CERTIFICATE
SERIES 1964
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 surrender 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
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once,at least thirty days prior to the date of redemption, in a financial paper pub-
lished in the City of New York. Interest shall cease on any of the Certificates duly
called for prior redemption,as provided above, on the redemption date if payment
thereof has been duly provided for.
Section 3.02. FORM OF CERTIFICATES AND COUPONS. The text of the
Certificates and coupons shall be of substantially the following tenor, with such
omissions, insetions 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
Said Certificates shall be in substantially
signatures of said Mayor and City Clerk.
the following form:
$1,000
No. UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF SEMINOLE
CITY OF SANFORD
WATER AND SEWER REVENUE CERTIFICATE
SERIES 1964
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 surrender 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
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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 1965 to 1974, both inclusive, are not redeemable prior to their stated dates
of maturity. The Certificates of the issue of which this Certificate is one maturing in
the years 1975 to 1989, both inclusive, are redeemable prior to their stated dates of
maturity, at the option of the City, on November 1, 1974, or on any interest payment
date thereafter, in whole or in part, but in inverse numerical order if less than all, on
November 1, 1974, at a redemption price of par and accrued interest to the date of
redemption, plus the following premiums, expressed in percentages of par value
thereof, if redeemed in the following years:
Three per centum (3%) if redeemed in the years 1974 to 1979,
both inclusive;
Two per centum (2%) if redeemed in the years 1980 to 1984,
both inclusive~
One per centum (1%) if redeemed in the years 1985 to 1989,
both inclusive.
A notice of prior redemption shall be published at least once, at least
thirty days prior to the redemption date, in a financial 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 aggre-
gate principal amount of $800,000 of like date, tenor and effect, except as to number
(rate of interest) and date of maturity, issued to finance the cost of the construction or
acquisition of improvements, extensions and additions to the combined %Afater and Se~Ner
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 ordinance and said Original
Ordinance,
This Certificate and the coupons appertaining thereto are payable solely
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from and secured by a second lien upon and pledge of the net revenues derived from
the operation of the v~ater System of the combined lAfater 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 !A;ater and Sevger 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 Yfater System of said combined
lA;ater and Server System is junior, inferior and subordinate in all respects to the lien
thereon of the holders of $380, 000~ 00 Series B Refunding Bonds of the City of Sanford,
dated March 1, 1937. The lien of the holders of the issue of Certificates of %vhich
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 ~Vater System and the gross revenues of the Sewer
System of said combined Ygater and Server System with the lien of the holders of an
issue of $1,175,000 Vfater and Server Revenue Certificates, dated November 1, 1953,
issued pursuant to said Original Ordinance; ~vith the lien of the holders of an issue of
$2?5,000 lqater and Server Revenue Certificates, dated November 1, 1954, issued
pursuant to an ordinance supplemental to said Original Ordinance; and with the lien
of the holders of an issue of $200,000 ¥¢ater and Sewer Revenue Certificates, dated
May 1, 1962, issued pursuant to an ordinance supplemental to said Original Ordinance.
It is further agreed between the City of Sanford and the holder of this Certifi-
cate that this Certificate and the obligation evidenced thereby shall not constitute a
lien upon the City's combined V~;ater and Sewer System or any part thereof or on any
other property of or in the City of Sanford, but shall constitute a lien only on the net
revenues derived from the operation of said V~ater System of said combined ~Vater and
Se%vet System and the gross revenues of the Se~Ner System of said combined lqater 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 ~vith 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 ~Vater and Sewer System, and to revise the same from
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time to time whenever necessary, as will always provide revenues sufficient to pay,
and 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 pay-
ments provided for in said ordinance and said Original Ordinance, the necessary
expenses of operating and maintaining said combined Water and Sewer System, and
all other obligations payable out of the revenues of said combined Water and Sewer
System; and that such rates, fees, rentals or other charges shall not be reduced so as
to be insufficient to provide revenues for such purposes; and said City has entered
into certain further covenants with the holders of the Certificates of this issue., for
the terms of which reference is made to said ordinance and said Or iginal Ordinance.
It is hereby certified and recited that all acts, conditions and things
required to exist, to happen and to be performed, precedent to and in the issuance of
this Certificate, exist, have happened and have been performed in regular and due
form and time as required by the Laws and Constitution of the State of Florida appli-
cable thereto, and that the issuance of this Certificate and of the issue of Certificates
of which this Certificate is one is in full compliance with all constitutional, statutory
or charter limitations or provisions.
This Certificate, and the coupons appertaining thereto, is and has all the
qualities and incidents of a negotiable instrument under the law merchant and the
Negotiable Instruments Law of the State of Florida; and the original holder and each
successive holder of this Certificate or of the coupons appertaining thereto shall be
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 Instruments Law
of the State of Florida. The original holder and each successive holder of this
Certificate and of the coupons appertaining hereto shall be conclusively deemed to
have agreed and consented to the following terms and conditions:
(a) 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
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coupons hereunto appertaining, regardless of the manner in which he shall have
acquired possession, is hereby authorized to represent himself as the absolute owner
hereof and is hereby granted power to transfer absolute title hereto by delivery hereof
to a bona fide purchaser; that is, to anyone who shall purchase the same for value
(present or antecedent) without notice of prior defenses or equities or claims of
ownership enforceable against his transferor; every prior taker or owner of this Certifi-
cate and of the annexed interest coupons waives and renounces all of his equities and
rights herein in favor of every such bona fide purchaser, and every such bona fide
purchaser shall acquire absolute title hereto and to all rights represented hereby; and
(c) 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.
IN YVITNESS V~;HEREOF, said City of Sanford, Florida, has issued this
Certificate and has caused the same to be executed by the manual or facsimile signa-
ture 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 said
City by his manual or facsimile signature, and has caused the interest coupons hereto
attached to be executed with the facsimile signature of the said Mayor and City Clerk,
all as of the first day of May, 1964.
(SEAL)
Attest:
CITY OF SANFORD, FLORIDA
By
Mayor
City Clerk
(FORM OF COUPON)
$
NO.
On the day of , 19 , the City of Sanford,Florida, will
pay to the bearer, at the office of the Manufacturers Hanover Trust Company, New York,
New York, in lawful money of the United States of America, from the revenues described
in the Certificate 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 V~ater and Sewer
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Revenue Certificate, Series 1964, dated May 1, 1964, No.
CITY OF SANFORD, FLORIDA
B~
Mayor
By
City Clerk
(To be inserted in coupons maturing after callable date on
callable Certificates - "unless the Certi ficate to which this
coupon is attached has been previously duly called for prior
redemption and payment thereof duly provided for. ")
(FORM 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 Cirouit of Florida,
in and for Seminole County, rendered on the day of , 19
Mayor
City Clerk
ARTICLE IV
SECURITY OF CERTIFICATES
Section 4.01. CERTIFICATES ON A PARITY WITH THE WATER AND SEWER
REVENUE CERTIFICATES, DATED NOVEMBER 1, 1953; THE WATER AND SEWER REVENUE
CERTIFICATES, DATED NOVEMBER 1, 1954; AND THE WATER AND SEWER REVENUE
CERTIFICATES, DATED MAY 1, 1962. The Certificates issued pursuant to this ordi-
nance shall be on a parity and rank equally, as 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 Novem-
ber 1, 1953, issued pursuant to said Original Ordinance; with the outstanding Water
and Sewer Revenue Certificates, dated November 1, 1954, issued pursuant to an ordi-
nance supplemental to said Original Ordinance; and the Water and Sewer Revenue
Certificates, dated May 1, 1962, issued pursuant to an ordinance supplemental to
said Original Ordinance (hereinafter sometimes referred to as "Supplemental Ordinances")
and any pari passu additional obligations hereafter issued pursuant to and within the
terms, limitations and conditions contained in Section 3.04 (L) of said Original Ordi-
nance.
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Section 4.02. CERTIFICATES 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 ordinance is supplemental) as fully and to the
same e~ent as the $1,175,000 Water and Sewer Revenue Certificates, dated Novem-
ber 1, 1953, originally issued pursuant to said Original Ordinance; the $275,000 Water
and Sewer Revenue Certificates, dated November 1, 1954, issued pursuant to an ordi-
nance supplemental to said Original Ordinance; and the $200,000 Water and Sewer
Revenue Certificates, dated May 1, 1962, issued pursuant to an ordinance supplemental
to said Original Ordinance; and all of the covenants and agreements contained in said
Original Ordinance and the additional covenants contained in said Supplemental Ordi-
nances shall be deemed to have been made for the benefit of the holders of the Cer-
tificates issued pursuant to this ordinance and of any part passu additional obligations
hereafter issued within the terms, limitations and conditions contained in Section 3.04
(L) of said Original Ordinance as fully and to the same extent as for 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 Ordinances (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 enforce-
able in the manner provided in said Original Ordinance and said Supplemental Ordi-
nances by any of the holders of Certificates issued pursuant to this ordinance.
The Water and Sewer Revenue Fund, the YVater and Sewer Revenue 1953
Sinking Fund and the Reserve Account therein, and the Renewal and Replacement Fund,
created and established pursuant to said Original Ordinance and continued and main-
tained by said Supplemental Ordinances shall be continued and maintained as provided
in said Original Ordinance 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 1953 Sinking Fund and the Reserve Account therein shall be
increased by the amounts necessary for the Certificates issued pursuant to this ordi-
nance, 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 RevRnue 1953 Sinking Fund
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or the Reserve Account therein between said Outstanding Certificates and the Certifi-
cates 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 1953 Sinking Fund shall be
increased by the deposit therein,on the fifteenth day of each month immediately fol-
lowing the issuance of the Certificates authorized hereunder, of 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 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 on the Certificates herein authorized, to and includ-
ing September 30, 1964, be paid from said Construction Trust Fund; and thereafter, at
the option of the City, said interest, to and including September 30, 1965, may be
paid from the Construction Trust Fund.
The City shall also, from the moneys remaining in said vVater and Sewer
Revenue Fund, deposit in the ~{eserve Account in said Water and Sewer Revenue 1953
Sinking Fund, in addition to the amounts required to be deposited therein for the Out-
standing 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 vVater and Sewer Revenue 1953 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 the Outstanding
Certificates in any one succeeding year.
Section 4.03. BOND REDEMPTION FUND FOR THE OUTSTANDING BONDS
OF 1937. 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 3.03 (D) (7) of said Original Ordinance, after all other payments
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required by Section 3.03 (D) (7) of said Original Ordinance, for the maintenance of
the fund for the redemption of said Outstanding Bonds of 1937, created by an ordinance
dated April 17, 1962, supplementing said Original Ordinance and designated as the
"19~? Bond Redemption Fund"; said 1937 Bond Redemption Fund to be continued and
maintained so long as any of the Certificates issued pursuant to this ordinance or
interest thereon are outstanding and unpaid.
From such surplus revenues, the City shall deposit in said 1~.37~Bond
Redemption Fund the following amounts, on the fifteenth day of each month, at the
following times:
April 1S, 1964 to August
September 15, 1964 to August
September 15, 1965 to August
September 15, 1966 to August
September 15, 1967 to August
September 15, 1968 to August
September 15, 1969 to August
September 15, 1970 to August
September 15, 1971 to August
September 15, 1972 to August
September 15, 1973 to August
September 15, 1974 to AuguSt
15, 1964 -$ 895.00
15, 1965 - 1,145.00
15, 1966 - 1,145.00
15, 1967 - 1,395.00
15, 1968 - 1,395.00
15, 1969 - 1,478.00
15, 1970 - 1,645.00
15, 1971 - 1,812.00
15, 1972 - 1,978.00
15, 1973 - 2,229.00
15, 1974 - 2,312.00
15, 1975 - 2,478.00
)er month
September 15, 1975 to August 15, 1976 - 2,728.00
September 15, 1976 to August 15, 1977- 2,895.00"
Such surplus revenues shall not be deposited by said City into said 1937
Bond Redemption Fund unless all of the provisions of Section 3.03 (D), 1 through 6
thereof, of the Original Ordinance have been fully complied with.
The moneys on deposit in said 1937 Bond Redemption Fund may be used by
the City at any time for the purchase of Outstanding Bonds of 1937 at a price not
exceeding the par value thereof and accrued interest thereon. The City shall, begin-
ning on June 1, 1964, and on each July 1 thereafter, whenever the aggregate amount
of moneys in said 1937 Bond Redemption Fund exceed $20,000, call for tenders for the
purchase of a sufficient 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 August 8 of each year, the
exact date to be determined by resolution of the City; and the City, on receipt of
such tenders, may reject or accept the same; provided, however, that such tenders
must be accepted by the City if the moneys in said 1937 Bond Redemption Fund cannot
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be invested in direct obligations of the United States Government which would pro-
duce a net interest yield of not less than 3% to said City. In the event the City
refuses to accept such tenders, all moneys in excess of $20,000 then on deposit in
said Fund 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 be
made into said Bond Redemption Fund when the amount on deposit therein is sufficient
to retire all of the then Outstanding Bonds of 1937.
Thereafter, from the surplus revenues remaining and prior to the use of
such surplus revenues for the purchase or redemption of the Outstanding Certificates
as provided for in Section 3.03 of said Original Ordinance, there may be transferred
to the general funds of said City in each year an amount of not exceeding $40,000;
provided, however, that as long as any of said Outstanding Certificates are unpaid,
all of the provisions and covenants contained in said Original Ordinance, as now
existing and as the same may be legally amended, shall be fully complied with 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 $800,000 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 1964," and shall be used and applied by the City solely
to the payment of the cost of the construction and acquisition of the additions, exten-
sions and improvements to said combined !~/ater 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 Fund, except for legal and
engineering expenses, expenses for financial or fiscal services, interest on the
Certificates authorized by this ordinance to and including September 30, 1964;
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thereafter, at the option of the City, interest on the Certificates authorized by this
ordinance to and including September 30, 1965; and expenses in connection with the
authorization and issuance of the Certificates authorized by this ordinance, except
upon the certificate of Clark, Dietz, Painter and Associates, Consulting Engineers,
of Urbana, Illinois, or their successors as consulting engineers, that such with-
drawals are proper and are for purposes provided for in this ordinance. If for any
reason such proceeds, or any part thereof, are not necessary for or are not applied to
such purposes, then such unapplied proceeds shall be deposited by the City in the
Reserve Account in the Water and Sewer Revenue 1953 Sinking Fund established pur-
suant to said Original Ordinance and shall be used only for the purposes provided
therein. All moneys in such Construction Trust Fund shall constitute a trust fund for
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.
ARTICLE VI
MISCELLANEOUS
Section 6.01. 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 two-thirds or more
in principal amount of the Certificates then outstanding; provided, however, that no
modification or amendment shall permit a change in the maturity of such Certificates or
a reduction in the rate of interest thereon or in the amount of the principal obligation
thereof or affecting the unconditional promise of the City to pay the principal of and
interest on the Certificates as the Same shall come due, from the revenues of the com-
bined Water and Sewer System, or reduce the percentage of Certificate holders required
to consent to any material modification or amendment of this ordinance without the
consent of the holders of such Certificates.
Section 6.02. SEVERABILITY OF INVALID PROVISION. If any one or more of
the covenants, agreements or provisions of this ordinance shall be held contrary to
any express provision of law or contrary to the policy of express law, though not
expressly prohibited, or against public policy, or shall for any reason whatsoever be
held invalid, then such covenants, agreements or provisions shall be null and void
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and shall be deemed Separable from the remaining COvenants, agreements or provi-
sions and shall in no way affect the validity of any of the other provisions of this
ordinance or of the Certificates or coupons issued hereunder.
Section 6.03. VALIDATION AUTHORIZED. That PV. C. Hutchison, Jr.,
Esquire, City Attorney for the City of Sanford, be, and he is, hereby authorized and
directed to prepare and file proceedings to validate the Certificates authorized by
this ordinance in the manner provided by law.
Section 6.04. TIME OF TAKING 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 acquisition 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.
PASSED AND ADOPTED this
(SEAL)
ATTEST:
C.--'~ Cit~Clerk ,~' ~/- --
13
day of April , 1964.
As the City Commissio~y~e ci~-
of Sanford, Florida.
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CERTIFICATE
I, H. N. Tamm, Jr., City Clerk of the City of
Sanford, Florida, do hereby certify that a true and correct
copy of the foregoing Ordinance No. 831, PASSED and ADOPTED
by the City Commission of the City of Sanford, Florida, on
the 13th day of April, 1964, was POSTED at the front door of
the City Hall in the City of Sanford, Florida, on the 14th
day April, 1964.