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012951MINUTES City Commission, Sanford, Florida,._...J~ual~J 2~...&Jk..~.~.(~O....l~...i[......19 51 .... . H.4~ 197 The City Commission of the City of Sanford, Florida met in adjourned regular session at the City Hall in the City of Sanford, Florida, at 8:00 o'clock P U January 29, 1951. Present: Commissioner F A Dyson, Mayor. Andrew Carraway John D Ivey Sam A Martina Jr. W H Stemper. City Attorney A Edwin Shinholser City Manager Clifford McKlbbln Jr. City Clerk H N Bayer. Meeting c~].led to order by the Chak~'man. Further consideration next given to request of Mr John Gray for renewal of option to purchase Lots 20 to 34, Lake View Park, on which he proposed to constru~ta 42 unit apart- ment building. Action having been deferred at regular meeting of January 22, pending financial statement of hie ability to carry out the construction of the building. The City ~_~nager then reported that Mr. Gray had failed to furnish a financial state- ment but had submitted a letter from Security Trust Company of Rochester N.Y. indicating that they had loaned him a total of $307,455.00 from April to July 1950, which was not accepted by the Commission. Mr W R Williams, Realtor, amd Masers Cecil R. Ozler and Scott Waller of Ozier-Weller Homes Inc, then appeared with further reference to their proposal to construct a 50 unit apartment building on the aforesaid property provided Federal Housing Administration approval could be secured to finance the cost of construction. Mr Ozier advised that the FHA program for constructing such projects under Public Law No. 608 had expired but that a new bill was before Congress that may revise said Law; stating howewer, that with the reactivation of Sanford Naval Air Station, and the present shortage of housing, Sanford would probably be declared a defense area and not too much difficulty should be encountered in goin~ ahead with the project. He also oulined his present intention of constructin~ a 50 unit apartment on the aforesaid property, the first floor of which would be for business and a recreation hall in which civic clubs could meet. Mr Ozler then requested that they be granted a day option on the property in which to see if Public Law No. 608 is revised or a new program is set up by ~A, and to prepare plane and submit application, stating it would probably require six months to secure FHA approval. Thereupon after considerable discussion, Commissioner Carraway moved that Ozier-Weller Homes Inc. be granted an option for 120 days to purchase Lots 20 thru 34 of Lake View Park with a renewal clause that it be extended for an additional 120 days if at expiration of option they have shown evidence that satisfactory progress has been made towar~ construct- ing an apartment building thereon of not lees than 5© units; the purchase consideration for conveyance of said property be that the relocate the softball diamond, field lights and fence located thereon at a place to designated by the City at a cost not to exceed $2,500.00 and pay all cost for abstract and recording fees. Seconded by Commissioner Ivey and carried. Masers H M Pearce and L A Philips of Central Florida Foods, Inc. lessee of Supply Build- lng No. 9-A at airport, next appeared with reference to having to vacate said building by April 1, because of airport being reactivated by the Navy, and requested the City to abate the rent from Feb i to April 1 because of great expense involved in moritz. They also advised that they had not bean able to f ind another building to move into and would probably have J_98 MINUTES City Commission, Sanford, Florida,. Jant~__~r~r....29 at~ 8..I~ M ...... 19 51 the rents of all tenants of the airport property from Feb 1 to the date they are required to vacate under the schedule of occupancy by the Navy, provided they relocate their business in entirety within the City limits; the rents to be refunded at time of relocation cf busi- Seconded by Commissioner Martina and carried. Commissioner Carraway next introduced Resolution No. ?90 and same was read in full. Thereupon Commissioner Martins moved that the words nor authorizedn be inserted in paragraph 1-E of Article 1, line 3 of page 3, so as to read" and the City will not be obliged or authorized to use the taxing power or any other funds of the City of Sanford to pay the principal of and interest on said bonds,n Seconded by Commissioner Stemper and carried. Commissioner Carraway then moved the adoption of said Resolution No. ?90. Seconded by Commissioner Ivey and oa~=rled by the following vote of the Commission: Commtssioner Dyson Aye n Carraway A~e " Ivey Aye " Martina Aye " Stemper Nays Said resolution No. ?90 beiag in words and figures as follows: RESOLUTION No. ?90 A RESOLUTION AUTHORIZING THE CONSTRUCTION OF A MUNICIPAL PORT TERMINAL AND AUTHORIZING THE ISSUANCE OF THE CITY OF SANFORD FLORIDA, PORT TERMINAL AND PA~XING ~.TER REVENUE BONDS, PAYABLE SOLELY FROM THE EARNINGS OF SAID PORT TERMINAL AND THE NET PROCEEDS OF METER REVENUES, TO FINANCE IN WHOLE OR IN PART THE COST OF SUCH CONSTRUCTION; ~ROVIDING FOR THE PAYMENT OF SAID BONDS AND THE SALE AND DELIVERY THEREOF; PROVIDING FOR THE CREATION OF CERTAIN FUNDS AND FOR THE REMEDIES OF THE HOLDERS OF SUCH BONDS; AND MAKING CERTAIN COVENANTS AND AGREEMENTS WITH RESPECT TO THE SECURITY AND PAYMENT OF SUCH BONDS; AND FOR OTHER PURPOSES. BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SANFORD, FLORIDA, DULY ASSEMBLED: ARTICLE 1 STATUTORY AUTHORITY, FINDINGS AND DEFINITI0~S. 1. AUTHORITY OF THIS RESGLUTION. This resolution is adopted pursuant to the provisions of Chapter 26466, Laws of Florida, Acts of 1R49, and other applicable provisions of law. It is hereby found and determined as follows: (A) That the City of Sanford, Florida, has found it necessary and desirable to construct a port terminal ( which port terminal, lying within or without, or partially within or withou~ the City including all improvements, addtions and extensions which may be made while any of the Bonds authorized under this resolution remain outstanding, and including all property of ev- ery nature both real and personal owned by the City or used or useful in connection with the operation of said port terminal, is hereianfter sometimes referred to as the "port termi- naln) for the benefit of its citizens and users of the facilities cf the port terminal, such port terminal to consist of a warehouse, wharf, and other terminal facilities and harbor deedging, trackage, equipment, paving, filling , and other property and improvements necessary for or appurtenant thereto, all Lu accordance with the plans and specifications prepared by Smith and Gillesple, Engineers of Jacksonville, Florida, now on file in the office of the Clerk of the City, and such other improvements, additions or extensions as may hereafter be determined. (B) That the City of Sanford has cussed an estimate to be made of the cost of con- structlng such port terminal, and according to such present estimate, the cost of such construction will be at lea~t in the amount of Three Hundred Fifty Thousand Dollars MINUTES City Cornmigsion, Sanford, Florida, ............ ,~n~r~....~...~..8._!~..M......_19 51 administrative expenses and such other expenses as may be necessary or incident to the flnancln~ authorized by this resolution. (C) That pursuant to Ordinance No. 39? of the City of Sanford, Flcrld~, enacted on August 26, 19~, as amended, the City provided for the collection of fees or other char~ee for the parkin~ of motor vehicles on certain of the streets of said City, and did duly install parking meters for said purpose ~n said Streets; that the City receives net proceeds from such parkin~ meter revenues, over and above the cost of the operation, maintenance and repair of said parkin~ meters; that the City now owns all of said park~ meters, and neither said parkln~ meters nor the revenues derived therefrom are pledged or encumbered in any manner, and the City has valid and legal power to pledge the same for the payment of the principal of and interest on the Bonds authorized by this resolution and for the other purposes provided in this resolution. (D) That the revenues to be derived from the operation of said Port Terminal, includir~ all ~nprovements, additions, and extensions thereto and the net proceeds of parkln~ meter be revenues, are deemed to/sufficient to pay the principal of and interest on all of said Bonds, and to make all reserve, sinkln~ fund, a~d~.other payments provided in this resolution after payln~ the cost of operation and maintenance of the port terminal from the revenues therefrom. (E) That the principal of and interest on said BOnds, all of said reserve, sinklr~ fund, and other payments provided for in this resolution, will be paid solely from the net reve- nues derived from the operation of the port terminal, lncludin~ all improvements, extensions, and additions thereto, and the net proceeds of parkln~ meter revenues, and it will never be necessary, and the City will not be obl~ated or authorized to use the taxing power or any other funds of the City of Sanford to pay the principal of and interest on said bonds, to make any of the reserve, slnkln~ fund or other payments herein provided for, or to pay for the cost of operation or maintenance of the port terminal, and said Bonds shall not constitute a lien upon any of the properties of the City of Sanford. (F) That the construction of the port terminal, as authorized by this resolution, is imperative in order to preserve the public welfare of the citizens of the City of Sanford, and it is essential to the physical and economic welfare of said City that such port termi- nal be constructed as herein authorized. 2. RESOI~ITION TO CONSTITUTE A CONTRACT. In consideration of the acceptance of the Bonds, authorized ~nd issued pursuant to this resolution, by any holder or holders of the same, this resolution shall be deemed to be and shall constitute a contract between the City of Sanford, Florida, and such holder or holders, and the covenants and a~reements herein set forth to be performed by said City shall be for the eq,ml benefit, protection and security of the legal holder or holders of any and all of said Bonds and the coupons attached thereto, all of which bonds and coupons shall be of equal rank and without preference, priority or distinction over any other thereof unless or expressly provided therein an~ herein. 3 DEFINITIONS. The followin~ terms shall have the followir~ meanings in this resolution unless the text otherwise expressly requires. (a) "Citya shall mean the City of Sanford, Seminle County, Florida. (b) ~ACTe Shall mean Chapter 26~68, Laws of Florida, Acts of 19~9. (c) #Bonds# shall mean the Port Terminal and Parking Meter Revenue Bonds, authorized and 200 MINUTES Jan ~9 at 8 P M 51 City Commission, Sanford, Florida, 19 (d) "Holder of Bonds" of "Bondholder", or any similar term, shall mean s_ny person or persons who shall be the bearer or bearers, or owner or owners of any outstandim4~ Bond or Bond Bonds registered to bearer or not registered, or the registered owner of any outstanding Bond or Bonds which shall at the time be registered other than to bearer, or of any coupons representing interest accrued or to accrue on said Bonds. (e) "Projecta shall mean the construction or acquisition of the port terminal in accord- ance with the provisions of this resolution. (f) sport Terminal" shall mean the port facilities to be constructed pursuant to this resolution, and all parts thereof, or which may hereafter be added to said port terminal and all parts thereof, by and additions, betterments, extensions, and improvements thereto, or property of any kind or nature, real or personal, tangible or intangible, hereafter constructed or acquired. (g) aport Terminal Revenues", or any similar terms hhall mean all rates, fees, charges or Other income received by the City, or accrued to the City, or any board or agency thereof in control of the management and operation of said port terminal, and all parts thereof, from the operation of said port terminal all as calculated in accordance with sound accounting practice. (h) "Operating Expenses of the port terminal" or any similar terms, shall mean the current expenses, paid or accured, of operation and maintenance of the port terminal and shall include, without limiting the generality of the foregoing, insurance premiums, costs of audits and reports, and an operating reserve in the amount estlm-ted as the cost of operation and maintenance of the port terminal for one month, but shall not include any allowances for depreciation. (i) "Port Terminal Net Revenue", or any similar terms, shall mean the port terminal revenues, as defined in subsection (g) above, after deduction only of operating expenses of the port terminal, as defined in subsection (h) above. (J) "Parking Meter Revenue", or any similar terms, shall mean all fees, charges or other income received by the City, or accrued to the City, or any board or agency thereof in control of the management and operation of the parking meters located in the City's streets, from said parking meters. (k) "Operating Espenses of Parking Meters", or any similar term, shall mean the cost to the City of the operation maintenance and repair of the City's parking meters, all as calcualted in accordance with sound accountim~ practice, but shall not include any reserves or any allowances for depreciation. (1) "Net Proceeds of Parking Meters", or any similar terms, shall mean the parking meter revenues, as defined in subsection (J) above, after deduction only of operating expenses of parking meters, as defined in subsection (k) above. (m) "Parking Meters," or any similar terms , shall mean the parking meters installed and in use in said City at the time of adoption of this resolution placed in said City pursuant to Ordinance No. 39? of said City passed August 26, 1946, together with anyaddltion- al parking meters heretofore added by the City pursuant to any subsequent ordinance or resolution snd any additional parking meters which may hereafter at any time be installed in or upon She streets, roads or public ways in said City. (n) "Fiscal Year", as used in this resolution, shall mean the period in each year MINUTES 20i J~nuary 29 at 8 P M City Commission, Sanford, Florida, .............................................................. 19 51 after appointed by the City as successors to the said Smirch & Glllespie of Jacksonville, Florida. (p) Words importing singular number shall include the plural number in each ease and vice versa, and words importing persons shall include firms and aorporations. ARTICLE II AUTHORIZATION, TERMS, EXECUTION, REGISTRATION AND ISSUANCE OF BONDS. 4 AUTHORIZATION OF BONDS AND PROJECT. Subject and pursuant to the provisions of this resolution, Bonds of the City of ~anford, Florida, to be known as "Port Terminal and Parking Meter Revenue Bonds#, are hereby authorized to be issued in the aggregate prin- cipal amount of not exceeding Three Hundred Fifty Thousand Dollars ($350,000) , and in construction of the project from the proceeds of the sale of the Bonds is hereby authorized and ordered. 5 DESCRIPTION OF BONDS. The Bonds shall be in the denomination of One Thousand Dollars ($1,000) Each, shall be numbered from 1 to 35© , inclusive, shall be dated Jan,,_~y 1,1951, and shall bear interest from such date until paid at the rate of three and one-half per centum (3 1/~) per annum, payable July l, 1951, and semiannually thereafter on January 1 and July i of each year, and shall mature serially in numerical order, on January i of each year as follows: $5,000 in 1955 to 1958 , inclusive. 19,000 in 1959 to 1965 , inclusive 15,000 in 1966 to 1980, inclusive 35,000 in 1981 . Said bonds shall be issued in coupon form, principal and option of the of the United States of America, and shall bear interest from their date, until paid, payable on and prior to maturity in accordance with and upon surrender of the appurtenant interest coupons as they severally mature. Said bonds maturing in the years 1961 to 1981, both inclusive, shall be redeemable prior to their stated dates of matur&ty, at the option of the City, in whole or in part, but in inverse numerical order if less than all, on January 1, 1960 or on any interest payment date thereafter, at the price of par and accrued interest to the date of redemption plus the following premiums if redeemed at the following times: Three and one-~u~lf per centum of the par value thereof if redeemed on January 1, 1960; If redeemed after January 1, 1960, three and one-half per centum of the par value thereof minus one-fourth of one percentum of the par value thereof for each full year from January 1, 1960 to the date of redemption. Said bonds maturiD~ in the years 1955 to 1960, both inclusive, shall not be redeemable prior to their stated dates of maturity. A notice of the redemption of all or any part of such Bonds shall be published at leasZ . once at least thirty days prior to the redemption date in a financial paper published in the City of New York. Interest shall cease to accrue upon any of said Bonds so called for prior payment on the redemption date. Provided payment thereof at the redemption price is then made of has been duly provided for. 6. EXECUTION OF BONDS AND COUPONS. Said Bonds s~l.lbe signed in the D-me of the City by its Mayor and its corporate seal shall be affixed' thereto and attested by its Clerk. In case any one or more of the officers who shall have signed or sealed any of the Bonds lowest numbers f'lrst, shall be payable with respect to both interest, at the Sanford Atlantic National Bank, Sanford, Florida, or at the holder at the Guaranty Tr~st Company of New York, New York City, in lawful money 202 MINUTES City Commission, Sanford, Florida,.Janu-"?'Y ~9.~. !gS!.at 8 P...~9 City by such person as at the actual time of the execution of such Bonds shall hold the proper office in the City, although at the date of such Bonds such person may not have ~eld such office or may not have been so authorized. The coupons to be attached to the Bonds shall be authenticated with the facsimile signature of the Mayor of the City and Clerk of the City, which officials on executing said Bonds shall adopt and use for their own proper signatures such facsimile signatures respective of thair office, appearin~ on said coupons, notwithstandin~ that such persons whose facsimile signatures appear-on the coupons may have ceased to be such Mayor or Clerk at the time when said Bonds are executed or shall be actually sold and delivered. ? NEGOTIABILITY AND RE$ISTBATION. As provided in the Act, the Bonds shall be negotiable instruments for all purposes and each successive holder shall be conclusively deemed to have agreed that said Bonds shall be incontestable in the hands of a bona fide holder for value. Title to the Bonds and interest coupons, thereto appertaining, shall pass by delivery as negotiable instruments, payalbe to bearer, unless such Bond is registere/[ as herein provided. The Bonds may be registered at the option of the holder as to principal only at the office of the Treasurer of the City, on registry books kept for such purpose and such registration shall be noted on the back of said Bonds in the space provided therefor. After such regis- tration as to principal only, the principal thereof shall be payable only to such registered holder, and no transfer of the Bonds shall be Valid unless made on the registry books at said office by the registered holder, or by his duly authorized a~ent or representative, and similarly noted on the reverse side of the bonds. The bonds may be discharged from registration by bein~ in like mamner transferred to bearer and thereupon transferability by delivery shall be restored. At the option of the holder the Bonds may thereafter again from time to time be registered or discharged from registration in like manner. Such registration as to principal only shall not affect the negotiability of the coupons which shall continue to be payable to bearer and to pass by delivery merely. 8 BOND MUTILATED, DESTROYED, STOLEN OR LOST. In case any Bond and unmatured coupons, if any, attached thereto, shall become mutilated or be destroyed, stolen or lost, the Citymay at its discretion, issue and deliver a new Bond, with all unmatured coupons attached, if any, of like tenor as the Bond and attached coupons, if any, so mutilated, destroyed, stolen,or lost, in exchange and substitution for such mutilated Bond and coupons, if any, upon surrender and cancellation of such mutilated Bond and attached coupons, if any, or in lieu of and substitution for the Bonds and attached coupons, if any, destroyed, stolen or lost, and upon the holder furnlshln~ the City proof of his ownership thereof and satisfactory lndemnl~ty and complying with such.: other reasonable regulations and conditions as the City may prescribe and paylm~ such expenses as the City may incur. Ail bonds and coupons so surrendered shall be canceled by the Clerk of the City and held for the account of the City. If any such Bond or coupons shall have matured or be about to mature, instead of issuing a substituted Bond or coupon, the City may pay the same, upon bein~ indemnified as aforesaid, and ~'f such Bond or coupon be lost, stolen or destroyed, without surrender thereof. Any such duplicate Bonds and coupons issued pursuant to this section shall constitute original, additional contractual obligations on the part of the City whether or not the lost, 203 MINUTES 9 FC~M OF BONDS AND COUPONS. The text of the Bonds and coupons to be attached thereto, and the endorsements to appear on the back thereof, shall be of substantially the following tenor, with such omissions, insertions and variations as may be necessary and desirable and authorized or permitted by this prior to the issuance thereof: No. resolution, UNITED STATES OF MAERIOA STATE OF FLORIDA COUNTY OF SEMINOLE CITY OF SANFOP~ or any subsequent resolution adopted $1,000 Florida, a duly organized and existing municipal corporation under the laws of the State of Florida, for value received, hereby promises to pay to the bearer, or, if this Bond be registered, to the registered holder as herein provided, on the 1st day of JanuAry 19 .... , from revenues hereinafter mentioned, the principal sum of ONE THOUSAND DOLLARS. with interest thereon ~util paid at the rate of three and one-half per centum ( 3 1/2~) per annum, payable semi-annually on the 1st day of January and the let day of July of each year, but until the maturity thereof only upon the presentation and surrender of the annexed coupons as they severally fall due. Both principal of and interest on this Bond are payable at the 5anford Atlantic National Bank, Sanford, Florida, or, at the option of the holder, at the Guaranty Trust money of the United States of America. This Bond is one of an authorized issue Company of New York, New York City, in lawful of Bonds, in the aggregate principal amount of Three Hundred Fifty Thousand Dollars ($350,000) mll of like date, tenor and effect, except as to number and date of maturity, issued for the purpose of financing in whole or in par~ the cost of constructing a port terminal of the City of Sanford under the authorXSy of and in full compliance with the constitution and Statutes of the State of Florida, particularly Chapter 26466, Laws of Florida, Acts of 1949, and other applicable statutes, and pursuant to a resolution duly adopted by the City Commission of said City, amd is subject to all the terms and conditions of said resolution. The issue of Bonds of which this Bond is one maturing in the years 1961 to 1981, both inclusive, are redeemable prior to their stated dates of maturity, at the option of the City in whole or in part but in inverse numerical order if less than all , on January l, 1960, or on an~ interest payment date thereafter, at the price of par and accrued int- erest to the date of redemption, plus the following premiums if redeemed at the following times: Three and one-half per centum of the par value thereof if redeemed on January l, 1960; If redeemed after January 1, 1960, three and one half per centum of the par value thereof minus one-fourth of one per centum of the par value thereof for each full year from January l, 1960 to the date of redemption. A notice of such 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. On the date so fixed for redemption ( unless default shall be made in payment of the redemption price or due provision for such payment has not been made ) interest on the Bonds so called for redemption shall cease to accrue. This Bond and the coupons appertaining hereto are payable solely from and secured PORT TERMINAL AND PARKING METER REVENUE BO~D. ENOW ALL N~ BY THE~E PB~ENTS: That the City of Sanford in Seminole County, 204 MINUTES provided in the resolution authorizing the issuance of the Bonds of which this Bond is one. This Bond does not constitute an indebtedness of the City of ~anford within the mean- lng of any constitutional, statutory or charter provision or limitation, nor a pledge of the full faith and credit of the City. It is expressly agreed by the holder of this Bond that such holder shall never have the right to require or compel the exercise of the taxing power of said City for the payment of the principal of and interest on this Bond or the making of any sinking fund, reserve or other payments provided for in the resolution authorizing this issue of Bonds; nor to enforce payment thereof against any property of the City. This Bond shall not constitute a charge, lien, or emcumbrance, legal or equitable, upon any property of the City excepting only the lien on the net revenues derived from the operation of said port terminal and the net proceeds of parking meter revenues, as provided in said resolution. Pursuant to said Chapter 26466, Laws of Florida, Acts of 1949, and said resolution authorizing this issue of Bonds , the City of Sanford has covenanted and agreed with the holders of said Bonds to fix and establish and maintain such rates and collect such fees or other charges for the services and facilities of its port terminal, and to revise the same from time to time whenever necessary as will always, together with the net proceeds of parking meter revenues available therefor, 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 Bonds of this issue, in addition to paying , as the same shall become due the necessary expenses of operating and maintaining said port terminal, and all reserve or sinking funds or other payments provided for in said resolution, and all other obli- gations payable out of the revenues of said port terminal, and that such rates, fees or other charges shall not be reduced so as to be insufficient to provide adequate revenues for such purposes, and said City has entered into certain further covenants with the holders of the Bonds of this issue for the terms of which reference is made to said resolution. This Bond is non-taxable for any and all purposes in the State of Florida, and is issued with the intent that the laws of the State of Florida hhall govern its construction . This Bond shall be negotiable for all purposes, as provided in said Chapter 26466, Laws of Florida, Acts of 1949, and each successive holder hereof shall be conclusively deemed to have agreed that this Bond shall be incontestable in the hands of a bona fide holder for value; and that title to this Bond shall pass by delivery in the same manner as negotiable instruments payable to bearer, unless this Bond is registered as herein provided. 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 ~s suance of this Bond, exist, have happened and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida applicable thereto, and that the issuance of this Bond, and of the issue of Bonds of which this Bond is one, does not violate any con- stltutlonal, statutory or charter limitation. This Bond may be registered as to principal only in accordance with the provisions endorsed herson. IN WITNESS ~ereof said City of Sanford, Plorida, acting through its governing body, has issued this Bond and has caused the same to be signed by its M~yor and the corporate seal of said City to be affixed hereto, attested by the Clerk of said City, and has caused City Commission, Sanford, Florida,. ....... JanualTy 29 .at ~. P M 19 51 MINUTES 205 City Commission, Sanford, Florida,__J._a~..u~r2 29.~....~....8 P.M ............. 19..51 CITY OF SANFORD, FLORIDA By MAYOR. Attest: Clerk, (SEAL) No · City of Danford, Florida. On the let day of ( FORM OF COtrPON) 19 , $ the City of Sanford, Seminole County, Florida, promises to pay to bearer at the Sanford Atlantic National Bank, Sanford, Florida, or, at the option of the holder, at the Guaranty Trust Company of New York, New York City, from the revenues described in the Bond to which this coupon is attached, the sum of. Dollars ($ ) in lawful money of the United States of America, upon sur- render of this coupon, being semi-annual interest then due on its Port Terminal and Parking Meter Revenue Bond, dated January 1, 1951, No. , ("unless said Bond to which this coupon is attached shall have been properly called for prior redemption and provision made for the payment thereof" to appear only on coupons maturing after January 1, 1960 on callable Bonds.) CITY OF SANFORD, FLORIDA. By.. ~yor. Attest: '~lerk, City of Sanford, Fla. (FORM OF VALIDATION CERTIFICATE) Validated and confirmed by decree of the Circuit Court of the Circuit of Florida, in and for Seminole County, rendered on the 1951. Judicial day of Clerk of the Circuit Court of Seminole County, Florida. ( PROVISION FOR REGISTBATION) This Bond may be registered in the name of the holder as to principal only at the office of the City Treasurer on registry books kept for such purpose, and such registration shall be noted hereon in the registration blank below, after which no transfer shall be valid unless made on said books by the registered holder orby his duly authorized agent or representative and similarly noted in the registration blank below. This Bond may be discharged from registration by being transferred to bearer after which it shall again be transferable by delivery but it may from time to time be registered or discharged from registration in like manner. The registration of this Bond as to principal only shall not affect the negotiability of the coupons which shall and to pass by delivery merely. DATE OF NAME OF ~EGISTRATION REGISTERED OWNE~.. continue to be payable to bearer SIGNATURE OF B IST a 2O6 MINUTES City Commission, Sanford, Florida, ..~.t~"~'~ 2.~ at 8 .~ M 19 5t .,.~RT ICLE III COVENANTS OF THE CITY AND REVENUES AND APPLICATION THEREOF. 10. BONDS NOT TO BE INDEBTEDNESS OF THE CITY OF SANFORD. Neither the Bonds nor coupons shall be or constitute an indebtedness of the City within the meaning of any constitutional, statutory, or charter provision or limitation of indebted- ness, or a pledge of the full faith and credit of the City, but the Bonds shall be payable solely from the revenues of the port terminal and the net proceeds of parkir~ meter revenues as herein provided. No holder or holders of any Bonds issued hereunder, or of any coupons- appertainin~ thereto, shall ever have the right to compel the exercise of the taxln~ power of the City to pay said Bonds or the interest thereon, or to enforce payment thereof a~ainst any property of the City, and the Bomis shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City excepting only the lien on the net revenues derived from the operation of the port terminal and the net proceeds of parking meter revenues, as provided herein. 11 BONDS SECURED BY PLEDGE OF REVENUES. The payment of the debt service, and premiums if any, of all of the Bonds issued hereunder s hall be secured forthwith equally and ratably by a first and exclusive lien upon the net revenues derived from the port terminal and the net proceeds of parking meter revenues. The net revenues derived from theport terminal and the net proceeds of parking meter revenues, in an amount sufficient to pay the prin- cipal, interest pay~ments, and premium if any, of the Bonds herein authorized, and to make the payments into the reserve and sinking funds and all other payments provided for in this resolution, are hereby irrevocably pledged in the m~uner and to the extent herein particularly specified. 12 APPLICATION OF BO~D PROCEEDS. Ail moneys, except interest accrued to the date of sale of the Bonds, received from the sale of any or all of the Bonds authorized and issued pursuant to this resolution, shall be deposited by the City in a trust fund to be known as sConstruction Trust Fu_ud~ 1.~ a bank or banks or trust company or trust companies havln~ an age,re,ate capital and surplus of not less than $150,000.00 . The City shall enter into an a~reement cOvering all expenditures from said construction trust fund which shall be known as SOonstructlon Trust Fund A~reement# with the bank or banks or trust company or tnuat companies in which said Construction Trust Fund is deposited. Said a~reement ehallbe in such form as shall be hereafter determi-ued by resolution, and shall provide, ~mong other thin~s, that no expenditures from said Construction Trust Fund, except for engln- eerin~ and legal fees and expenses in connection with the issuance and sale of said Bond~, shall be made except upon the apprOval of the Consultin~ Engineer. Ail moneys in said Construction Trust Fund shall be continuously secured by a pledge of direct obl~atlons of the United States of America havin~ a market value at lease equal to the amount of moneys deposited therein. There is hereby created a loin upon all moneys in said Construction Trust Fund, until applied as provided herein, in favor of the holders of the Bonds authorized herein. If for any reason moneys in said Construction Trust Fund, or any part thereof, are not necessary for, and are not applied to, such purposes, than such unapplled moneys shall be deposited by the City in the Reserve Account in the Binklr~ Imand hereinafter created. Ail moneys received upon the sale of the Bonds representin~ accrued interest shall be deposited in the Sinkin~ Fund h~einafter created and used only for the payment of MINUTES City Commission, Sanford, Florida,.._-~!~r~J 2~....~......8_....~...~ ............... 19 51 13. COVENANTS OF THE CITY. So lo~ as any of the Bon~s shall be outstandln~ and unpaid, or until there shall have been set apart in the Slnkin~ Fund hereinafter established, lncludln~ the Reserve Account therein, a sum sufficient to pay, when due, the entire principal of the Bonds remainlr~ unpaid, together with interest accrued and to accrue thereon, and premium payments, if any, the City covenants with the holders of any and all of the Bonds issued pursuant to this resolution as follows: A . RATES FOR PORT TERMINAL. That the City will fix, establish and maintain such rates and collect such fees or other oharEes for the services and facilities of the port terminal and revise the same from time %o time whenever necessary, as will always, together with the net proceeds of parking meter revenues available therefor, provide revenues sufficient to pay, in the manner specified in this resolution, and out of said revenues shall pay, as the same shall become due, the principal of and interest on the Bonds, in addition to paying, as the same shall become due, the necessary expenses of operating and maintainin~ the port terminal, all reserve or sinkln~ funds or other payments provided for in this resolution,and all other obligations payable out of the revenues of said port terminal, and that such rates, fees, rentals and other char~es shall not be reduced so as to be insufficient to provide adequate revenues for such purposes. B.RATES FOR PARKIN~ METERS. ~hat the fees, rates and char~es fixed and established in Ordinance No. 397 enacted on August 2~,19~6, as amended, for the parkin~ of motor vehicles on certain streets in the City, in which parklr~ meters are now installed, constitute fair and reasonable fees, rates and charges; ahd that, as long as any of the Bonds authorized herein, and the interest thereon, are outstanding and unpaid, such fees, rates and char~es will not be reduced, and that comparable fees, rates and char~ee will be fixed and established for any additional streets in the City in which parkln~ meters shall at any time hereafter be iustalled and fees, rates and char~es collected for the parkla~ of motor vehicles in such additional streets. C. PORT TERMINAL REVENUE FUND. That the revenues derived from the operation of said port terminal shall be deposited in a special fund in a bank or trust company. Such special fund is hereby desig~ated aa the "Port Terminal Revenue Fund." There shall first be paid from month to month from the Port Terminal Revenue Fund into a special fund hereby established, and designated as the ~ Port Te~mlnal Operation and Maintenance Fund", an amount sufficient to pay in each month the reasonable and necessary operatin~ expenses of the port terminal, as define~ in Section 3 (h) hereof. (D) PARKIN~ METER REVENUE FUND. That upon the ~ssuance of any bonds hereunder, the City shall forthwith deposit into a special fund in a bank or trust compa~v, which fund is hereby established and designated as the "Parking Meter Revenue Fund", all moneys in the possession of the City which were derived from parking meters in the City . Thereafter, all revenues derived from the parkin~ meters of the City ( includin~ such revenues de- rived durin& the perio~ of construction of said Port Terminal, ) and including anN parkin~ meters hereafter acquired or installed, shall be deposited in said Parkin~ Me,er, Revenue Fumd. There shall first be paid from month to month from the Parking Meter Revenue Fund into a special fund hereby established, and designated as the #Parkir~ Meter Operation and MAintenance Fund., an amount sufficient in each month to pay the reasonable and necessary 208 MINUTES City Commission, Sanford, Florida, ............ 8 p M 19 51 Fund, after making the payments provided in Section 13 (D) above for operating expenses shall be used and disposed of only in the following manner and order of priority: (1) Such revenues shall first be used for the deposit on the 15th day of each month into a specialflund which is hereby created and designated the "Sinking Fund", of a sum equal to one-sixth (1/6) of the aggregate amount required to meet the interest payments falling due on the Bonds on the next semi-annual interest payment date; and for the deposit on the 15th day of each month, beginning with the 15th day of January 1954, into said Sinking Fund, of a sum equal to one-twelfth (1/12) of the aggregate amount required to meet the principal payments falling due on the Bonds on the next annual maturity date; provided, however, that the interest falling due on the Bonds prior to and for six months after the completion of said port terminal may be paid from the proceeds of the Bonds when the reve- nues are insufficient therefor. (2) All revenues remaining shall next be used for the establishment and maintenance of a "Reserve Fundm which is hereby created, and the City shall deposit into said Reserve Fund, on the 15th day of each month, beginning with the 15th day of the first month which is more than thirty days after the delivery of any of the Bonds authorized herein, the following amounts: To and including December 15, 1953, the sum of Three Hundred Thirty Five Dollars ($335) on such fifteenth day of each month. Beginning with January 15, 1954 , the sum of Two Hundred Fifty Dollars ($25©) on such fifteenth day of eac~ month until such time as there shall be on deposit in said Reserve Fund the sum of Twenty Five Thousand Dollars ($25,000). Moneys in said Reserve Fund shall only be used for the payment of the principal of and interest on the Bonds as the same become due where moneys in the Sinking Fund are insufficient therefor. In the event that any moneys shall be withdrawn from said Reserve Fund for said purpose such withdrawals shall be restored to said Reserve Fund from the first revenues available, and the restoration of such withdrawals shall not reduce the amounts otherwise required to be paid into said Reserve Fund. The City shall not be required to make any further payments into said Sinking Fund or said Reserve Fund when the aggregate amount of moneys in both said funds shall be equal to aggregate principal amount of Bonds issued pursuant to this resolution then outstanding plus the amount of interest due or thereafter to become due on said Bonds then outstanding; provided, that said moneys shall be deposited in trust and irrevocably dedicated to the payment of the principal of and interest on said Bonds. (3) All revenues remaining shall next be used for the establishment and maintenance of a" Renewal and Replacement Fund", which is hereby created, and the City shall deposit into said fund on the fifteenth day of each month beginning with the first month which is more than one year after the completion of the construction of the port terminal authorized herein, an amount equal to one-twelfth of five per centum of the gross revenues derived in the preceding fiscal year from said port terminal and said parking meters. The funds in such Renewal and Replacement Fund shall be used only for the purpose of paying the cost of extensions, im- provements or additions to, or the replacement of capital assets of said port terminal or any part thereof, or the cost of the acquisition and installation of new.parking meters , or replacement of old parking meters; provided, however, that whenever necessary moneys in said fund shall be used to make up any deficiencies in the Sinking Fund; and provided, further, that if the Consulting Engineer shall certify that the m~neys in said Renewal and Replacement Fund. or any cart thereof, are not needed for such purposes, and all other payments required MINUTES 209 January 29 at 8 P M City Commission, Sanford, Florida, ...................................................................... 19 H40750 callable bonds are then redeemable and cannot be so purchased, for the purchase of last maturin~ non-callable BOnds at the then market value of such last maturlx~ non-callable Bonds. (4) If on any payment date the revenues are insufficient to place the required amount in any of the funds as hereinabove provided, the deficiency shall be made up in the subsequent payments in addition to the payments which would otherwise be required to be made into the funds on the subsequent payment dates. (5) After all payments required above in this Section 13 (E) have been duly made any remainin~ revenues in the Port Terminal Revenue Fund or the Parking Meter Revenue Fund may be used by the City in any m_-,uner p ermitted by law; provided, however, that none of such revenues shall ever be so used unless the City shall not be in default hereunder and shall have complied fully with all the provisions of this resolution. (6) in makin~ all payments provided by this Section 13 (E) except for operating expenses of the parking meters, revenues in the Port Terminal Revenue Fund shall be exhausted before any of the revenues in the Parkin6 Meter Revenue Fund are used for such payments, it beln~ the express intent of this resolution that revenues in the Parking Meter Revenue Fund shall be used for such payments only to the extent ( but to the full extent: that revenues in the Port Terminal Revenue Fund are insufficient for such purpose s. (?) The moneys lnthe Port Terminal Revenue Fund, the Parkln6 Meter Revenue Fund, and the Sinking Fund, shall not be invested at any time. The moneys in the Reserve Fund and the Renewal and Replacement Fund may be invested and reinvested only in direct obligations of the United States; provided, however, that such investments or reinvestments shall be liquidated whenever necessary for the purposes provided herelnfor such funds. (~) Ail the special funds provided for in this Section 13 shall be deposited in a bank or trust company eligible under the laws of the State of Florida to receive deposits of State and municipal funds. Ail such funds shall constitute trust funds for the purposes provided in this resolution, and shall be continuously secured by the deposit as security therefor of securities having a market Talus at least equal to the amount of moneys in said funds, and all such funds shall be kept separate and distinct from all other funds of the City and used only for the purposes and in the manner provide~ in this resolution. (F) SaLE OF THE PORT TERMINAL AND PARKING METERS AND LIEN ON REVENUF~ PROHIBITED. That except as in this resolution otherwise permitted, it will not sell or otherwise dispose of,or encumber the port terminal or any substantial part thereof, including improvements and additions thereto, or said parking meters, and the City will not create or permit to be created, any charge or l~m on the revenues of such port terminal or said parking meters ranking equally with, or prior to, the charges or liem of the Bonds issued under or secured by this resolution on such revenues, except as in this resolution otherwise per- mitted. The foregoing provision notwithstanding, the City shall have and hereby reserves the right to sell, lease or otherwise dispose of any of the property comprising a part of the port terminal or said parkln~ meters hereafter determined in the mamner provided herein to be no longer necessary, useful or profitable in the satisfactory and efflelent operation thereof. 210 MINUTES January 29 at 8 P M City Commission, Sanford, Florida, .......... 19 51 Prior to any suc~ sale, lease or other disposition of said property , if neither the value thereof nor the amount to be received therefor is in excess of Five Thousand Dollars ($5,000), the duly authorized officer in charge of such port ttermlnal or parking meters shall make a finding in writing determining that such property ia no longer necessary, useful or profitable in the satisfactory and efficient operation of said port terminal or parking meters, which finding shall be concurred in by the governing body of the City, and who may thereupon authorize such sale, lease, or other disposition of such property. The proceeds of the sale, lease, or other disposition of any such property ehall be deposited in the Renewal and Replacement Fund, hereinabove established, and used only as provided herein for such fund; provided, how- ever, that any proceeds derived from the sale of old parking meters shall be used for the acquisition and installation cf new parking meters. If the value of said property or the amount to be received from such sale, lease or other disposition of said property shall be in excess of Five Thousand Dollars ($5,000) but not in excess of Twenty-five Thousand Dollars ($25,000), the duly authorized officer in charge of such port terminal or parking meters shall first make a finding in writing determining that such property comprising a part of such port terminal or parking meters is no longer necessary, useful or profitable in the satisfactory and efficient operation thereof, and the Consulting Engineer and the govern- lng body of eaid City shall approve and concur in the finding of such duly authorized officer, and the governing body of the City may thereupon authorize such sale, lease or other disposltiom of said property. The proceede derived from any such sale, lease or other disposition of said property, ~-u excess of Five Thousand Dollars ($5,000) and not in excess Twenty-five Thousand Dollars ($25,000), shall be placed in the Renewal and Repalcement Fund and used only for the purposes of said fund or the redemption of last maturing callable Bonds or the purchase of such last maturing callable Bonds at not more than the then redemption price of such Bonds, or, if no callable bonds are then redeemable or can be so purchased, for the purchase of non-callable Bonds of the last maturity at the then market value of such last maturing non- callable Bonds. No sale, lease or other diepoeltion of such properties of said port terminal or parking meters shall be made by the City if the value thereof or the proceeds to be derived there- from shall be in excess of Twenty-five Thousand ($25,000),wlthout the prior approval and consent, in writing, of the holders, or their duly authorized representatives of seventy- five per centum (75%) in amount of Bonds then outstanding, upon being notified in writing that such property to be sold, leased, or otherwise disposed of is no longer necessary, useful or profitable in the satisfactory and efficient operation of the port terminal or parking meters. The form of such approval and consent for execution by the bondholders, or their duly authorized representatives, shall be prepa?.ed by the City, and shall reflect that the duly authorized officer in charge of the port terminal or parking meters bas found such property to be no longer necessary, useful, or profitable to the satisfactory and efficient operation thereof, and such, sale, lease or other disposition does not impair the continuous operation of the port terminal or parking meters, and that the governing body of the City and the Consulting Engineer both approve and concur in such action, and such finding, appro- val, and concurrence shall be certified thereon as true and correct in all respects. If~uch approval and consent is obtained from the holders, or their duly authorized representatives, of two-thirds of the aggregate amount of the Bonds then outstanding, the governln~ body may MINUTES City Commission, Sanford, Florida,. ............. ~U~I?....~........~.~.....~.. P...~...19 5~ _ H-40750 211 the then redemption price of such Bonds, or, if no callable Bonds are then redeemable or can be so purchased for the purchase of last maturing non-callable Bonds at the then market value of such last maturing non-callable Bonds. Buch payment of such proceeds into the Sinking Fund or the Renewal and Rep-~acement Fund shall not reduce the amounts required to be paid into said Funds by other provisions of this resolution. (O) CREATION OF ENCUMBRANCES OR OTHER OBLIOATIONS PAYABLE OUT OF REVENUES. That the City will not voluntarily create or cause or permit to be created any lien, pledge, assl~n- sent, mortgage or encumbrance upon the port terminal, or any part thereof, includin~ improvements and additions thereto, or said parking meters, lncludin~ additions thereto; and will not issue any other obligations, except pari passu additional Bonds hereinafter provided for, or volunZ~rlly create or cause or permit to be created any debt, lien, pledge, assignment or encumbrance, or any other charge having priority to or being on a parity with the lien of the Bonds issued pursuant to this Resolution on the revenues derived from said port terminal or parking meters, or any part thereof, including improve- ments and additions thereto. Any obligations hereafter issued , payable from the revenues of said port terminal and parking meters, except such pari paesu additional Bonds, shall contain an express statement that such obli~ations are subordinate and inferior, as to lien on such revenues and in all respects, to Bonds issued pursuant to this resolution. (H) ISSUANCE OF PARI PABiU ADDITIONAL BONDS. That no pari passu additional Bonds as in this subsection defined, payable out of the Port Terminal Revenue Fund , or Zhe Parking Meter Revenue Fund shall be created after this issuance of any Bonds pursue_ut to this resolution, except under the conditions and in the manner herein provided. No such pari passu additional Bondsshall be created unless the net revenues, as defined herein, derived from the operation of the port terminal and from said parking meters during each of the three preceding years, shall have been not lees than one hundred fifty per centum~, (150%) of the largest aggregate amount of principal and interest which will mature and become due in any succeeding year on the Bonds issued pursuant to this resolution then out- standing, and on any parl passu additional Bonds theretofore issued and then outstanding, and on any other obligations then outstanding which are payable from the revenues of said port terminal or said parking meters, or any part thereof, Bonds then proposed to be issued. The term mpari ~assu additional Bonds#, as used in this and on the pari passu additional subsection, shall be deemed to mean additional Bonds issued under the provisions and within the limitation~ of .this subsection, payable from the Port Terminal Revenue Fund and the Parking Meter Revenue Fund parl passu with Bonds originally authorized and issued pursuant to this resolution, and all of the cover~mts ~-ud other provisions of this resolution ( except as to details of such pari passu additional Bonds inconsistent therewith ) shall be for the equal benefit, protection and security of the holders of any Bonds originally authorized and issued pursuant to this resolution and the holders of any parl passu additional Bonds subsequently created within the limitations of and in compliance with this subsection. All of such Bonds, regardless of the time or times of their issuance, shall rank equally with respect to their lien on the revenues of said port terminal and said parking meter revenues, and their source and security for payment therefrom, without preference of any Bond, or coupon, over any other~ 212 MINUTES City Commission, Sanford, Florida,.....~nuary 29 at. ~ P I! ...19 51 All pari passu additional Bonds issued pursuant to this subsection shall be dated January 1 or July l, and shall all mature serially on January 1 cf each year, beginning not later than three years from the date of l~uanoe and ending not earlier than 1981. The principal amounts of such pari passu additional Bonds maturing in any of the years 1955 to 1981, inclusive, shall be in proportion, as nearly as possible, to the principal maturities in such year of the $350,000 Bonds originally authorized by this resolution, and the semi- annual interest thereon shall be payable on January i and July i of each year. The term ~pari passu additional Bond", as used in this subsection, shall not be deemed to include Bonds, notes, elrtifieatee or o~her obligations subsequently issued, the lien of which on the revenues of the port terminal and said parking meter revenues, er any part there- of , is subject to the prior and superior lien on such revenues of Bonds issued pursuant to this resolution, and the City shall not issue any obligations whatsoever payable from the revenues of the port terminal or said parking meter revenues, or any part thereof, which rank equally as to lien and source and security for payment from such revenues with Bends issued pursuant to this resolution except in the manner and under the conditions provided in this subsection. No parl passu additional Bonds, as in this subsection defined, shall be created at any time however,unless all of the payments into the respective funds provided for in this resolutlo~ on Bonds then outstanding, and all other reserve or sinking funds, or other payments pro- vided for in this resolution shall have been made in full, and the City shall have fully eom- plied with all the covenants, agreements and terms of this resolution. I. INSURANCE. That the City will at all times maintain and carry for the benefit of the hold- ers of the Bonds such insurance on the physical properties of the port terminal and parking meters, to the full insurable value thereof, as is ordinarily carried by private or public corporations owning and operating similar enterprises, with a reputable insurance carrier or carriers against loss or damage by firs, explosition, hurricane, earthquake, cyclone, occu- pancy or other hazards and risks, which insurance shall at all times be in an amount or amounts equal to the fair appraisal value of the buildings, properties,furniture,fixtures and equipment cf said port terminal and parking meters, to the full extent such insurance is obtainable. Sc long as any of the Bonds are outstanding, the City will also e~-iy adequate public liability insurance in connection with the operation of the port terminal and parking meters, and in time of war, the City shall also carry in adequate amount such insur- ance as may be available against loss ~r damage by the risks and hazards of war. All moneys received for losses under any such insurance policies, except public liability policies, are hereby ~ledged by the City as security for the Bonds until and unless such proceeds are paid cut in making ~ood the loss or damage in respect of which such proceeds are received, either b~ repairiB~ the property damaged or replacing the property destroyed, or adequate provision for making good such loss and damage is made within ninety (90) days from the date of the loss or damage. Any or all insurance policies shall be open at all reasonable times to the inspection of the bondholders or their duly authorized representatives. J . BOOKS AND RECORDS. That the City shall set up or cause to be set up books and records for the port terminal and parking meters and shall continuously maintain and keep such books and records, which shall be separate and apart from all other books, records and accounts of the City, in which complete and correct entries shall be made of all transactions relating te the pert terminal and parking meters, and any holder of a bend er bonds issued pursuant to this MINUTES City Commission, Sanford, Florida,..~_.a~...u~r~ 2 9....~....I~....!~...M. ................... 19 51 Within Sixty (50) days followln~ the close of any fiscal year, the City shall cause the books, records and accounts of said po~t terminal and parkl~ meters to be properly audited by a competent accountant or flr~ of accountants, and shal~ mail, upon request, and make available at all reasonable times, the report of said accountant or fir~ of accountants to any holder or holders of Bonds issued pumant to this resolution, or any- one actin~ for and in behalf of such Bondholder or Bondholders. The City will also cause any additional reports or audits relating to said port ter~ina~ and park~ meters to be made, as required by law, and from time to time as often as requested, it will furnish or caus~to~be~ furnished to the holder or holders of any of the Bonds issued hereunder such other info.ration or reports concernln~ said port terminal and parklr~ meters, or the operation thereof, as any of such holders may reasonably request. The cost of audits or reports shall be considered as part of the cost of the operation and maintenance of said port terminal and parking meters. K . OPERATION AND MAINTENANCE OF PORT TERMINAL. That the City will complete the project as provided in this resolution in an economical and efficient manner with all practicable dis- patch, and thereafter will keep and maintain the port terminal in good repair and in sound operating condition, and will continuously operate the same in an efficient and bus'iness- like manner, and at a reasonable cost, and also it will promulgate and at all times enforce reasonable rules and regulations governing the port terminal, its operation and maintenance. L. OPERATING BUDGET OF PORT TERMINAL. That the City shall annually, at lease forty-five days preceding the beginning of each of its fiscal years, prepare and adopt by resolution of its governing body a detailed budget of the estimated expenditures for operation and maintenance of the port terminal during such succeeding fiscal year. No expenditures for the operation and maintenance of the port terminal shall be made in any fiscal year in excess of the amounst provided therefor in such budget without a written finding and recom- mendation by the general manager of such port terminal or other duly authorized officer in charge thereof, which finding and recommendation shall state in detail the purpose of and necessity for such increased expenditures for the operation and maintenance of the port terminal, and no such increased expenditures shall be made until the governing body of said City shall have approved such finding and recommendation by a resolution duly adopted. No increased expenditures in excess of ten per centum of the amount of such budget shall be made except upon the further certificate of the Consulting Engineer that such increased expenditures are necessary for the continued operation of said port terminal. The City eb~ll mail copies of such annual budget and all resolutions authorizing increased expendL6tures for operation and maintenance to any holder or holders of Bonds who shall file his address with the City and request in writing that copies of all such b~dgets and reso- lutions be furnished him or them, and shall make available such budgets and all resolutions authorizing increased expenditures for operation and maintenance of the port terminal at all reasonable times to any holder or holders of Bonds issued pursuant to this resolution, or anyone acting for and in behalf of such Bondholder or Bondholders. M. OPERATION AND MAINTENANCE OF PARKING METERS. That the City will keep and maintain said parking meters in good repair and sound operating condition, and will continuously operate the same in an efficient and business like manner, and at a reasonable cost. The City fur- ther covenants that, as long as any of the Bonds issued hereunder, or the interest thereon are outstandin~ and unpaid, it will not remove any parking meters from the locations in which MINUTES City Commission, Sanford, Florida, ~ua~ ~ ~. ~ P M ..19 5~- therewith replaced in the same or equivalent locations with new parking meters. N. SERVICES RENDERED TO THE CITY . That the City will not render or cause to be rendered any free services of any nature by said port terminal or parking metere, nor will any prefer- ential rates be established for users of the same class; and in the event the City, or ar~ department , agency, instrumentality, officer or employee thereof, shall avail itself of the facilities or services provided by said port terminal or parking meters, or any part there- of, including improvements and additions thereto, the eame rates, fees or charges applicable to other customers receiving like services under similar circumstance shall be charged the City and any such department, agency, instrumentality, officer or employee (except for City police and firemen with respect to parking meters ) and such charges, except such charges as shall have been deposited in parking meters, ~hall be payable monthly from current funds as they accrue. Any such revenues so received shall be deemed to be revenues derived from the operation of said port terminal or parking meters, and shall be deposited and accounted for in the same manner as other revenues derived from such operation of said port terminal and parking meters. O. ~EDIES. Any holder or holders of Bonds or of any coupons pertaining thereto, issued under the provisions of this resolution, or any trustee acting for such Bondholder or Bondholders, may either atlaw or in equity, by suit, action, mandamus or other proceed- lng in any court of competent Jurisdiction, protect and enforce any and all rights under the laws of the State of Florida, or granted and contained in this resolution, and may enforce and compel the performance of all duties required by this resolution or by any applicable statutes to be performed by the City or by any officer thereof, including the fixing, maintaining, charging, and collecting of rates, fees, and charges for the service and facilities of said port terminal as shall at all times be sufficient to provide revenues as hereinbefore required and set forth. Any holder of Bond or Bonds, or of any coupons appertaining thereto, issued under the provisions of this resolution, or any trustee acting for~such Bondholder or Bondholders, shall, upon default of the City for a period of thirty days in the payment of the principal of or interest on the Bonds ae the same mature and become due, or in the performance of any other covenant or agreement contained in this resolution, be entitled as of right to the appointment of a receiver of said port terminal and said parking meters in any court of competent Jurisdiction in the State of Florida. Such receiver shall be authorized to oper- ate said port terminal and parking meters under the orders of the court making such appoint- ment, and to collect the revenues therefrom and dispose of the same in the manner provided for in this resolution. Title and ownership to said port terminal and parking meters shall at all times remain vested in the City, and said Court shall not have any power to sell or otherwise dispose of said port terminal or parking meters without the consent of the City and the holders of Seventy-five per centum (75~) of the aggregate principal amount of all Bonds then outstanding. Said receiver shall, acting for the Joint interests and protection of issued pursuant to this resolution. in the conduct of said receivership, be both the City and the holders of Bonds Whenever all defaults have been cured and made good, either by the City or out of the revenues received by the receiver, the Court shall make and order terminating said receiver- ship and thereupon eaid port terminal and parking meterst shall be returned to the posseselon MINUTES 2:[5 City Commission, Sanford, Florida,_.January 29...gt....8....P...ll ............ 19 51 . H-4075O given to such holder or holder in all respects as thou~ such rights, powers and remedies were herein set out in full; and no such right, power, or remedy le intended to be exclu- sive of any other right or remedy, Each such r~ht, power or remedy shall be c~nulative, and shall be in addition to every other right, power or remedy given hereunder, or now or hereafter existing at law or in equity, or by statute. No delay or omiselon of any such holder or holders cf the Bonds to .e~'e~clse any right, power or remedy shall ~mpalr any such right, power, or remedy accrulr~ to any such holder or holders; and every such r~ht, power or remedy conferred herein or by statute, or now or hereafter exietln~ at law or in equity, to said holder or holders of the Bonds, respectively, may be exercised from time to time, and as often as may be deemed expedient. Any and all proceedlr~e at law or in equity eh~ll be instituted, had, and maintained for the equal benefit of all holders of the outstandin~ Bonds and coupons, and no such holder or holders shall have any rl~ht in any manner whatsoever to affect, disturb, or prejudice the security of this resolution, except as herein provided. P. ENFORCEMENT OF COLLECTIONS. That the City will dll~ently enforce and collect all fees, rates or other char~es for the services and facilities of said port terminal and parkli~ meters, and take all steps, actions and proceedings for the enforcement and collection of such fees, rates or ot~er char~ee which shall become delinquent to the full extent permitted or authorized by the Charter of said City and by the laws of the State of Florida. Q. CONPETING PORT TERMINAL. That so far ae is legally permiseible, no franchise to any competing port terminal to operate in the City cf ~anford will be granted until all Bonds, herein authorized and issued pursuant to the provisions of this resolution, have been retired. R. CONSULTING ENGINE~. That the City shall retain Smith & Gllle~pie of Jacksonville, Florida, or other qualified and recognized engineer or engineers to supervise the con- struction of said port terminal. That after the completion of said port terminal, the City will retain on an annual basis the said Smith & Glllespie or other qualified and recognized engineer or engineers to supervise generally the maintenance, repair, renewal and replacement of said port terminal and to perform any other duties provided in thle resolution for the Consulting Engineer. ARTICLE IV M~S CELLANEOUS 14. MODIFICATION OR AN~NDMENT. No material modification or amendment of this resolution or Qf any resolution amendatory hereof or supplemental hereto, may be made without the con- sent in writing of the holders of at least seventy-five per centum (75~) in principal amount of the bonds then outstanding, providing, however, that no modification or amendment shall permit a change in the maturity of principal of or Interest on such Bonds or a reduction in the rate of interest thereon, or in the amount of the principal obligation or affecting the unconditional promise of the City to pay the principal of and interest on the Bonds, as the same shall .become due, from the revenues of s aid port terminal and parking meters, or a reduction of the percentage of Bonds outstanding the consent of the holders of which is required to consent to such modifications or amendments, without the consent in writing of the holder or holders of such Bonds. ' 2:16 MINUTES · January 29 at ~ P M ]~ 51 City Commission, Sanford, Florida, ................. been prepared and executed, the Treasurer of the City of Oanford is hereby authorized to deliver said Bonds to said purchaser upon due payment therefor. 16. f,VALIDATION OF BONDS. The Bonds herein authorized shall be validated in the manner provided in Chapter 75 Laws of Florida, Acts of 1941, as amended, and that after the adoption of this resolution the City Attorney be and he hereby is authorized and directed to file a petition of the City, duly verified , in the Circuit Court of the State of Florida in and for Seminole County, for the validation of the Bonds authorized by this resolution. i?,SEVERABILITY OF INVALID PROVISION. If any one of more of the covenants, agreements or provisions of this resolution should be held contrary to any express provision of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separable from the remaining covenants, agreement or provisions, and in no way affect the validity of all ~he other provisions of this resolution or of the Bonds or coupons issued hereunder. l~. REPEALING CLAUSE. All resolutions, ordinances, or orders, or parts thereof, in conflict herewith are to the extent of such conflict hereby repealed. 19. TIME OF TAKING EFFECT. This resolution is hereby declared to be an emergency measure and shall take effect immediately upon its passage , it being necessary for the immediate preservation of property, health and safety of the City of Oanford and its inhabitants that the construction of the system of said City herein referred to be made with the least possible delay. Passed and adopted this 29th day of January , 1951. Attest: ~ N Saler City Clerk. (SEAL) P A I~son John D. Ive~ Sam Martlna ,, Andrew OarrawaF ~%yor As the City Commission of the City of Sanford,Florida. Commissioner Stemper next stated that he voted "Naye" on the adoption of the aforesaid resolution No. ?90 because he differed in the method of financing and several of the issues he proposed were not able to be compromised. Pursuant to request of residents of Highland Park Subdivision for street lights, and of A W Lee and Volle Williams Jr. for street light at intersection of Laurel Ave and Twenty-fourth Street, the City ~-nager next submitted recommendations of engineer of Florida Power & Light Company for installing company-owned overhead lights at intersections of Twenty-fourth Street and Myrtle Ave., Elm Ave and Laurel Ave., and city-owned whiteway lights at both ends of Edltha Circle on Amelia, Amelia and Colonial, Cordova and Colonial and Cardova and Coronado. The estimated cost of installing whlteway lights and cable MINUTES ,, City Commission, Sanford, Flofida,__.J_~mJ~rY 297t....~...P M ................. 19.5! Thereupon Commissioner Stemper moved the authorization for installln~ the aforesaid street lights. Seconded by OommissionerMartina and carried. Consideration next given to request of Lea R Lesher, flor client, to purchase Block 15 of Spurlln~ Plat of Chapman & Tucker's Addn., and on motion duly carried same was tabled because of the property havin~ been offered to United States Post Office Department for a site for a new postoffice building. Application next received from Edson aoit for permit to operate a sl~ht-eeeing boat from the municipal pier. Thereupon after considerable discussion, Commissioner Stemper moved that the City cBarge Mr. Golt the $25.00 occupational license tax, and waive the license if he pays the monthly rental of $25.00 for use of the pier. Seconded by CommlsslonerMartlna and carried. On motion duly adopted the Commission next authorized the refund of 1950-1951 license tax of $25.00 paldbyRaymond M Ball as agent for CommerCial Union Fire insurance Compan~ because said license tax had already been paid by the Company. There bein~ no further business the meeting adjourned. Attest: city