1352 ORDINANCE NO. 1352
AN ORDINANCE AMENDING ORDINANCE NO. 1349
OF THE CITY OF SANFORD, FLORIDA, ENTITLED:
"AN ORDINANCE PROVIDING FOR THE REFUNDING
AND REFINANCING OF AN OUTSTANDING OBLIGA-
TION OF THE CITY OF SANFORDo FLORIDA° AND
THE ACQUISITION AND CONSTRUCTION OF A NEW
CITY HALL AND PUBLIC WORKS COMPLEX FOR
THE CITY; PROVIDING FOR THE ISSUANCE OF NOT
EXCEEDING $2, 100, 000 PUBLIC IMPROVEMENT
REVENUE BONDS, SERIES 1976, OF SUCH CITY TO
PAY THE COST OF SUCH PROJECT; PROVIDING
FOR THE RIGHTS OF THE HOLDERS OF SUCH BONDS;
PROVIDING FOR TI{ PAYMENT THEREOF; AND
MAKING CERTAIN OTHER COVENANTS AND AGREE-
MENTS IN CONNECTION WITH THE ISSUANCE OF
SUCH BONDS."
DULY ENACTED BY THE CITY ON AUGUST 9o 1976;
CHANGING THE DISPOSITIVE PROVISIONS CONCERN-
ING THE 1976 REDEMPTION ACCOUNT; MO,DIFYING
THE PROVISIONS IN SUCH ORDINANCE CONCERNING
INVESTMENT OF MONEY IN THE CONSTRUCTION
TRUST FUND.
BE IT ENACTED BY THE PEOPLE OF SAN FORD,
FLORIDA:
SECTION 1. Section 13 of ordinance no. 1349 (hereinafter
called "Ordinance") of the City of Sanford (hereinafter called
Florida, is hereby amended to read as follows:
"SECTION 13. APPLICATION OF PROVISIONS OF THE
ORIGINAL ORDINANCE. The obligations shall for all purposes be consi-
dered to be additional parity obligations issued under the authority of the
Original Ordinance and, except as herein expressly changed, shall be
entitled to all the protection and security provided therein for the parity
obligations and shall be, in all respects~ entitled to the same security,
rights and privileges enjoyed by the parity obligations.
The obligations and the coupons representing interest thereon
shall not be or constitute an indebtedness of the issuer within the meaning
of any constitutional or statutory limitation of indebtedness, but shall be
such obligations and/or obligations hereafter issued on a parity therewith
will be redeemable on the next ensuing redemption date; or for the redemp-
tion on the next semi-annual interest payment date of the obligations and/or
obligations hereafter issued on a parity therewith, eligi'ble for redemption;
or for the purchase in the open market of direct obligations of the United
States of America, if the issuer is unable to purchase or redeem such
obligations and/or obligations hereafter issued on a parity therewith, at
such prices.
The mount to be credited to such separate account in the
Redemption Account shall be in direct proportion to the relationship that
the authorized mount of the obligations plus the authorized amotmt of
any obligations hereafter issued on a parity therewith, bears to the
authorized amount of the parity obligations.
After adequate provision has been made for the retirement of
the parity obligations or upon their retirement, whichever first occurs,
all the money deposited in the Redemption Account pursuant to the Original
Ordinance shall be used for the purposes hereki expressed for the sepa-
rate account ha the Redemption Account and such separate account shall
be closed.
After adequate provision has been made for the retirement of
the parity obligations or upon their retirement, whichever first occurs,
the money ha the Redemption Account and the Reserve Account, heretofore
established by the Original Ordinance, may be invested and reinvested in
direct obligations of the United States of ~rnerica maturing not later than
twenty (20) years from the date of purchase or must otherwise be held in
cash; provided, however, that such direct obligations of the United States
of America shall mature prior to the last maturity date of any obligation
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payable solely from and secured by a prior lien upon the proceeds of the
excise taxes as provided hereLu and in the Original Ordinance. No
holder of any of the obligations or of the coupons shall ever have the
right to compel the exercise of the ad valorera taxing power of the
issuer or taxation in any form on real property therein for payment
thereof, but the obligations and coupons shall be secured by a pledge of
and be payable from the proceeds of the excise taxes as provided herehn
and in the Original Ordinance.
The covenants and pledges contained in the Original Ordinance,
except as hereinafter provided, shall be applicable to the obligations in
like manner as applicable to the parity obligations. The principal of and
interest on the obligations shall 'be payable from the Sinking Fund, here-
tofore established, on a parity with the parEty obligations, and payments
shall be made into such Sinking Fund by the issuer in amounts fully suffi-
cient to pay the principal of and interest on the parity obligations and
on the obligations as such principal and interest become due.
The Reserve Account established in the Original Ordinance shall
be applicable prorata to the obligations hu the same manner as applicable
to the parity dbligations.
There is hereby created and established within the Redemption
Account, heretofore established by the Original Ordinance, a separate
account to be known as the "1976 Redemption Account", to be used solely,
at the discretion of the [ssuer, for the purchase in fi~e open market, at
~any time, of the obligations or any obligations hereafter issued on a
parity therewith, to the extent that they are available for purchase, at
prices which reflect yields equal to or greater than those then obtain-
able on the open market, but in no event to exceed the price at which
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or additional parity obligation, outstanding at the time of such invest-
rnent."
SECTION 2. Section 14D of the Ordinance is hereby amended to
read as follows:
"D. A special fund is hereby created, established and designated
as the "City Hall Construction Fund" (heroin called the "Construction Fund").
There shall be paid into the Construction Fund the balance of the money
remaining after making all the deposits and payments provided for in
paragraphs A, B and C above.
Such fund shall be kept separate and apart from all other accounts
of the issuero and the money on deposit therein shall be withdrawn, used,
and applied by the issuer solely to the payment of the cost of the project
and purposes incidental thereto, as hereinabove described and set forth.
If for any reason such proceeds or any part thereof are not necessary for
or are not applied to the payment of such cost, then the unapplied proceeds
shall be deposited by the issuer in such Reserve Account in the Sinkhug
Fund. All such proceeds shall be and constitute trust funds for such
purposes and there is hereby created a lien upon such money until so
applied in favor of the holders of the obligations.
Any funds on deposit in the Construction Fund which, in the
opLnion of the issuer, acting upon the recommendation of the consulthug
engineers, are not immediately necessary for expenditure, as heroinabove
provided, may be invested in direct obligations of the United States of
America or placed in time deposits of banks or trust companies represented
by certificates of deposit fully secured as provided by law maturing not
later than the date on which such funds will be needed for such expenditure.
All such securities shall be held by the depository bank, and all income
derived therefrom shall be deposited in the Sinking Fund.
All expenditures or disbursements from the Construction Fund
shall be made only after such expenditures or disbursements shall have
been approved in writing by the consulting engineers° The date of com-
pletion of the project shall be determined by the consulting engineers° who
will certify such facts in writing to the governing body of the issuer.
SECTION 3. The remaining provisions of the Ordinance are
hereby ratified and confLrmed.
SECTION 4. If any one or more of the provisions of this
ordinance should be held contrary to any express provision of law or
contrary to the policy of express law, though not expressly prohibited, or
against public policy° or shall for any reason whatsoever be held invalid,
then such provisions shall be null and void and shall be deemed separate
from the remainLug provisions and shall in no way affect the validity of
all the other provisions of this ordLuance.
SECTION 5. This ordinance shall take effect in the manner
provided by law.
Mayor
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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 Ordi-
nance No. 1352, PASSED and ADOFrED by the City Commission of the City
of Sanford, Florida, on the 13th day of September, 1976, was POSTED at
the front door of the City Hall in the City of Sanford, Florida, on the
14th day of September, 1976.
City of Sanford, Florida