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1054oRDINANCE NO. 1054 AN ORDINANCE PROVIDING FOR THE ACQUISITION AND CONSTRUCTION OF A MUNICIPAL JAIL AND SECURITY COMPLEX OF THE CITY OF SANFORD, FLORIDA; PROVIDING FOR THE ISSUANCE OF NOT EXCEEDING $700,000 PUBLIC IMPROVEMENT REVENUE BONDS, SERIES 1971, OF SUCH CITY TO PAY THE COST OF SUCH PROJECT; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH BONDS; PROVIDING FOR THE PAYMENT THEREOF; AND MAKING CERTAIN OTHER COVE- NANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF SUCH BONDS. BE IT ENACTED BY THE PEOPLE OF SANFORD, FLORIDA: SECTION 1. AUTHORITY FOR THIS ORDINANCE. This ordinance is enacted pursuant to the provisions of Chapter 26210, Laws of Florida, Special Acts of 1949, as amended and supplemented, and other applicable provisions of law, and pursuant to Section 16 H of Ordinance No. 859 entitled: "AN ORDINANCE PROVIDING FOR THE CONSTRUCTION OF CERTAIN MUNICIPAL IMPROVEMENTS IN THE CITY OF SANFORD, FLORIDA; PROVIDING FOR THE ISSUANCE OF $1,000,000 PUB- LIC IMPROVEMENT REVENUE BONDS OF SUCH CITY TO PAY THE COST OF SUCH IMPROVEMENTS AND TO REFUND CERTAIN OUT- STANDING REVENUE CERTIFICATES; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH BONDS; PROVIDING FOR THE PAYMENT THEREOF AND MAKING CERTAIN OTHER COVENANTS AND AGREE- MENTS IN CONNECTION WITH THE ISSUANCE AND SALE OF THE BONDS." enacted by the governing body of the City on the 12th day (hereinafter referred to as "Original Ordinance"), and is to said Original Ordinance. of July, 1965 supplemental following meanings herein, unless the text otherwise expressly requires: A. "Issuer" shall mean the City of Sanford, Florida. B. "Act" shall mean Chapter 26210, Laws of Florida, Special Acts of 1949, as amended and supplemented. C. "Obligations' shall mean the $700,000 Public Improvement Revenue Bonds, Series 1971, herein authorized to be issued, together with any additional parity obligations heretofore or hereafter issued under the terms, conditions and limitations contained herein and in the Original Ordinance. D. "Holder of obligations" or "obligation holders" or any similar term shall mean any person who shall be the bearer or owner of any outstanding obligation or obligations registered to bearer, or not registered~ or the registered owner of any such obligation or obligations which shall at the time be registered other than to bearer. SECTION 2. DEFINITIONS. The following terms shall have the E. "AdditiSnal ~arity obligations" shall mean additional obligations issued in compliance with the terms, conditions and limita- tions contained in the O'riginal Ordinance which have an equal lien on the excise taxes~ as herein defined, and rank equally in all respects with such obligations initially issued thereunder. F. "Utilities services taxes" shall mean such tax as levied and collected by the issuer, pursuant to a non-emergency Ordinance No. 379 enacted on August 27, 1945, as amended, on every purchase of elec- tricity, gas (natural, liquefied petroleum gas or manufactured), water service and local telephone service within the corporate limits of the issuer under the authority of Section 167.431, Florida Statutes. G. "Franchise tax" shall mean any and all moneys received by the issuer from the Florida P5wer and Light Company, its legal representa- tives, successors or assigns under the franchise granted pursuant to Ordinance No. 580~ duly enacted on June 11, 1956, and any and all moneys received by the issuer from the Florida Power and Light Company, its legal representatives, successors or assigns, under any extension or renewal of said franchise or from any new franchise granting the right to supply electric power and energy to the is2uer or its inhabitants. H. "Excise taxes" shall mean collectively the utilities services taxes and the franchise tax. I. "Parity obligations" shall mean the Public Improvement Revenue Bonds of the issuer dated September l, 1965, issued originally in the amount of $1,000~000. J. "Fiscal year" shall mean the period commencing on October 1 of each year and ending on the succeeding September ]0. K. Words importing singular numbers si~all i~clude the ~olural number in each case and vice versa, and words importing persons shall include firms and corporations. SECTION 3. FINDINGS. It is hereby ascertained, determined and declared that: A. Pursuant to Section 167.431, Florida Statutes, the issuer did, on August 27, 1945, enact non-emergency Ordinance No. 379, as amended, levying and imposing the utilities services taxes. B. Pursuant to law, the issuer on June 11, 1956, under authority of Ordinance No. 580~ duly enacted, entered into an agreement with the -2- Florida Power and Light Company for a per~od of thirty (30 years from July 11, 1956, whereby the issuer would receive the franchise tax by reason of having granted to Florida Power and Light Company the right to supply electric power and energy to the issuer or its inhabitants. C. It is necessary and desirable to acquire and construct a municipal jail and security complex, as provided herein (hereinafter called "project"), in order to preserve and protect the public health, safety and welfare of the inhabitants of the issuer. D. The proceeds of the excise taxes are not now pledged or encumbered in any manner except for the payment of the principal of and interest on the parity obligations. E. The Original Ordinance, in Section 16 H thereof, provides for the issuance of additional parity obligations under the terms, limi- tations and conditions provided therein. F. The issuer has complied with the terms~ conditions and restrictions contained in the Original Ordinance. The issuer is there- fore legally entitled to issue the obligations herein authorized as additional parity obligations within the authorization contained in the Original Ordinance. G. The obligations herein authorized shall be on a parity and rank equally~ as to lien on and source and security for payment from the proceeds of the excise taxes and in all other respects, with the parity obligations. H. The estimated proceeds of the excise taxes will be suffi- cient to pay all the principal of and interest on the obligations to be issued hereunder and on the parity obligations, as the same become due, and to make all required sinking fund, reserve or other payments. I. The principal of and interest on the obligations and all required sinking fund, reserve and other payments shall be payable solely from the proceeds of the excise taxes, as herein provided. The issuer shall never be required to levy ad ~alorem taxes on any property therein to pay the principal of and interest on the obligations or to make any of the required sinking fund, reserve or other payments and such obliga- tions shall not constitute a lien upon any property of or in the issuer. SECTION 4. AUTHORIZATION OF CONSTRUCTION AND ACQUISITION OF PROJECT. There is hereby authorized the construction and acquisition of the project pursuant to the' architect's rendering presently on file with the issuer. The cost of such project, in addition to the items set forth in the plans and specifications, may include, but need not be limited to, the acquisition of any lands or interest therein or any other properties deemed necessary or convenient therefor~ engineering, legal and financing expenses; expenses for estimates of costs and of revenues; expenses for plans, specifications and surveys; the fees of fiscal agents, financial advisors or consultants; administrative expenses relating solely to the construction and acquisition of the project~ the capitalization of interest for a reasonable period after the issuance of the obligations; the crea- tion and establishment of reasonable reserves for debt service; the dis- count on the sale of the obligations, if applicable; and such other costs and expenses as may be necessary or incidental to the financing herein authorized and the construction and acquisition of the project and the placing of the same in operation. SECTION 5. ORDINANCE TO CONSTITUTE CONTRACT. In consideration of the acceptance of the obligations authorized to be issued hereunder by those who shall hold the same from time to time, this ordinance and the Original Ordinance shall be deemed to be and shall constitute a con- tract between the issuer and such holders. The covenants and agreements herein set forth to be performed by the issuer shall be for the equal benefit, protection and security of the legal holders of any and all of such obligations and the parity obligations and the coupons attached thereto, all of which shall be of equal rank and without preference, priority or distinction of any of the obligations or coupons over any other thereof, except as expressly provided therein and herein. SECTION 6. AUTHORIZATION OF OBLIGATIONS. Subject and pursuant to the provisions hereof, obligations of the issuer to be known as "Public Improvement Revenue Bonds, Series 1971," herein sometimes referred to as "obligations," are authorized to be lssued in the aggregate principal amount of not exceeding Seven Hundred Thousand Dollars ($700,000). SECTION 7. DESCRIPTION OF OBLIGATIONS. The obligations shall be dated September 1, 1971; shall be numbered consecutively from one upward; shall be in the denomination of $5,000 each; shall bear interest at such rate or rates not exceeding the maximum rate fixed by the Act or by other applicable law; the actual rate or rates to be determined by the governing body of the issuer upon the sale'of the obligations; such interest to be payable semiannually March 1 and September 1 of each year; and shall mature in numerical order, on September 1, at such time or times not exceeding thirty (30) years from the date thereof and in such amounts as shall be determined by the issuer prior to the sale of the obligations. Such obligations shall be issued in coupon form; shall be pay- able to bearer unless registered as hereinafter provided; shall be payable with respect to both principal and interest at the Florida State Bank of Sanford, Sanford, Florida; shall be payable in lawful money of the United States of America; and shall bear interest from their date, payable in accordance with and upon surrender of the appurtenant interest coupons as they severally mature. SECTION 8. EXECUTION OF OBLIGATIONS AND COUPONS. The obliga- tions shall be executed in the name of the issuer by the Mayor and counter- signed and attested by the City Clerk, and its corporate seal or a fac- simile thereof shall be affixed thereto or reproduced thereon. The facsimile signaturss of the Mayor or the City Clerk may be imprinted or reproduced on the obligations, provided that at least one signature to be placed thereon shall be manually subscribed. In case any officer whose signature shall appear on any of the obligations shall cease to be such officer before the delivery of such obligations, such signature or fac- simile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. The obligations may be signed and sealed on behalf of the issuer by such person who at the actual time of the execution of such obligations shall hold the proper office with the issuer, although at the date of such obligations such person may not have held such office or may not have been so authorized. The coupons attached to the obligations shall be authenticated with the facsimile signatures of any present or future Mayor and City Clerk of the issuer, and the validation certificate on the obligations shall be executed with the facsimile signature of the Mayor. The issuer may adopt and use for such purposes the facsimile signatures of any persons who shall have held such offices at any time on or after the date of the obligations, notwithstanding that they may have ceased to be such officers at the time such obligations shall be actually delivered. -5- SECTION 9. NEGOTIABILITY AND REGISTRATION. The obligations and the coupons appertaining thereto shall be and shall have all of the qualities and incidents of negotiable instruments under the law merchant and the Laws of the State of Florida, and each successive holder, in accepting any of such obligations or the coupons appertaining thereto, shall be conclusively deemed to have agreed that such obligations shall be and have all of the qualities and incidents of negotiable instruments under the law merchant and Laws of the State of Florida. The obligations may be registered at the option of the holder as to principal only at the office of the City Clerk, as Registrar, or such other registrar as may be hereafter duly appointed, such registration to be noted on the back of the obligations in the space provided therefor. After such registration as to principal only, no transfer of the obliga- tions shall be valid unless made at such office by written assignment of the registered owner, or by his duly authorized attorney, in a form satisfactory to the Registrar, and similarly noted on the obligations, but the obligations may be discharged from registration by being in like manner transferred to bearer, and thereupon transferability by delivery shall be restored. At the option of the holder, the obligations may thereafter again from time to time be registered or transferred to bearer as before. Such registration as to principal only shall not affect the negotiability of the coupons which shall continue to pass by delivery. SECTION 10. OBLIGATIONS MUTILATED, DESTROYED, STOLEN OR LOST. In case any obligation shall become mutilated or be destroyed, stolen or lost, the issuer may, in its discretion, issue and deliver a new obliga- tion with all unmatured coupons attached, if any, of like tenor as the obligation and attached coupons, if any, so mutilated, destroyed, stolen or lost, in exchange and substitution for such mutilated obligation, upon surrender and cancellation of such mutilated obligation and attached coupons, if any, or in lieu of and substitution for the obligation and attached coupons, if any, destroyed, stolen or lost, and upon the holder's furnishing the issuer proof of his ownership thereof and satisfactory indemnity and complying with such other reasonable regulations and condi- tions as the issuer may prescribe and paying such expenses as the issuer may incur. Ail obligations and coupons so surrendered shall be cancelled. If any such obligation or coupon shall have matured or be about to mature, -6- instead of issuing a substitute obligation or coupon, the issuer may pay the same, upon being indemnified as aforesaid, and if such obligation or coupon be lost, stolen or destroyed, without surrender thereof. Ail such duplicate obligations and coupons issued pursuant to this section shall constitute original, additional contractual obligations on the part of the issuer, whether or not the lost, stolen or destroyed obligations or coupons be at any time found by anyone, and any such dupli- cate obligations and coupons shall be entitled to equal and proportionate benefits and rights as to lien on and source and security for payment from the funds, as hereinafter pledged, to the same extent as all other obliga- tions and coupons issued hereunder. SECTION 11. PROVISIONS FOR REDEMPTION. The obligations may be redeemed prior to their stated dates of maturity, either in whole or in part, at such times and upon such terms as shall be determined by the issuer prior to the sale thereof. Notice of such redemption (i) shall be published at least thirty (30) days prior to the redemption date in a financial journal published in the Borough of Manhattan, City and State of New York, (ii) shall be filed with the paying agents, and (iii) shall be mailed, postage prepaid, to all registered owners of obligations to be redeemed at their addresses as they appear on the registration books hereinbefore provided for. Interest shall cease to accrue on any obligation duly called for prior to redemption on the redemption date if payment thereof has been duly provided. SECTION 12. FORM OF OBLIGATIONS AND COUPONS. The obligations, the interest coupons to be attached thereto, and the certificate of validation shall be in substantially the following form, with such sions, insertions and variations as may be necessary and desirable and which are herein authorized or permitted or which are subsequently authorized or permitted prior to the issuance of the obligations: -7- NO. UNITED STATES OF AMERICA STATE OF FLORIDA CITY OF SANFORD PUBLIC IMPROVEMENT REVENUE BOND SERIES 1971 $5,000 KNOW ALL MEN BY THESE PRESENTS, that the City of Sanford, Florida (hereinafter called "City"), I'or value received, hereby promises to pay to the bearer or, if this bond bs registered, to the registered holder, as herein provided, on the first day of September, 19 , from the special funds hereinafter mentioned, the principal sum of-- FIVE THOUSAND DOLLARS and to pay solely from such special funds interest thereon from the date hereof at the rate of __ per centum ( %) per annum until payment of the principal sum, such interest to the maturity hereof being payable semi- annually on the first day of March and the first day of September in each year upon the presentation and surrender of the annexed coupons as they severally fall due. Both principal of and interest on this bond are payable in lawful money of the United States of America at ~he Florida State Bank of Sanford, Sanford, Florida. This bond is one of an authorized issue of bonds in the aggre- gate principal amount of $700,000 of like date, tenor and effect, except as to number, interest rate and date of maturity, issued to finance the cost of the construction and acquisition of a municipal Jail and security complex of the City (hereinafter called "project"), under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, including particularly Chapter 26210, Laws of Florida, Special Acts of 1949, as amended ang supplemented, and other applicable provisions of law, and Ordinance No. 859, duly enacted by the City on the 12th day of July, 1965, as supplemented by Ordinance No. , duly enacted on the __ day of __, 19 (hereinafter collectively called "Ordinance"), and is subject to a---~l the ~-~rms and conditions of such ordinance. It is provided in such Ordinance that the bonds of this issue will rank on a parity with the outstanding Public Improvement Revenue Bonds of the City dated September 1, 1965 (hereinafter called "parity obligations"),as to llen and sources of security. This bond, the parity obligations and the coupons appertaining thereto are payable solely from and secured by a prior lien upon and pledge of the proceeds of the utili- ties services taxes imposed by the City on the purchase of certain utilitie~ services within the corporate limits of the City, under the authority of Section 167.431, Florida Statutes, and pursuant to Ordinance No. 379, enacted by the City on August 27, 1945; and the proceeds of a franchise tax to be paid for a period of thirty (30) years from July 11, 1956~ by the City pursuant to Ordinance No. 580, enacted by the City on June 11, 1956 (all of such taxes, above described, are herein collectively referred to as "excise taxes") in the manner provided in the Ordinance. (INSERT REDEMPTION PROVISIONS) Notice of such redemption shall be given in the manner required by the Ordinance. This bond does not constitute an indebtedness of the City within the meaning of any constitutional or statutory provision or limitation, and it is expressly agreed by the holder of this bond and the coupons appertaining thereto that such holder shall never have the right to require or compel the exercise of the ad valorem taxing power of the City for the payment of the principal of and interest on this bond or the mak- ing of any sinking fund. reserve or other payments provided for in the Ordinance. · It is further agreed between the City and the holder of this Bond that this bond and the obligation evidenced thereby shall not con- stitute a lien upon the project, or any part thereof, or on any other -8- property of or in the City, but shall constitute a lien only on the excise taxes in the manner provided in the Ordinance. The City, in such Ordinance, has covenanted and agreed with the holders of the bonds of this issue to levy and collect the excise taxes at such rates, not exceeding the maximum rates permitted by law, to the extent necessary to pay, as the same shall become due, the prin- cipal of and interest on the bonds of this issue, all other obligations payable on a parity therewith and to make all reserve, sinking fund and other payments provided for in the Ordinance ~?~d that the rates of such excise taxes shall not be reduced so as to be insufficient to provide funds for such purposes. 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 th~s 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 the bonds of this issue does not violate any constitutional or statutory limitation or provision. This bond and the coupons appertaining thereto are and have all the qualities and incidents of a negotiable instrument under the law merchant and the Laws of the State of Florida. This bond may be registered as to principal only in accordance with the provisions endorsed hereon. IN WITNESS WHEREOF, the City of Sanford, Florida, has issued this bond and has caused the same to be signed by its Mayor and attested and countersigned by its City Clerk, either manually or with their fac- simile signatures, and the corporate seal of said City or a facsimile thereof to be affixed, impressed, imprinted, lithographed or reproduced hereon and the interest coupons hereto attached to be executed with the facsimile signatures of such officers, all as of the first day of September, 1971. ' (SEAL) CIT~ OF SANFORD, FLORIDA ATTESTED AND COUNTERSIGNED Mayor City Clerk NO. FORM OF COUPON $ On the first day of , 19__, unless the bond to which this coupon is attached is callable and has been duly called for prior redemption and provision duly made for the payment thereof, the City of Sanford, Florida, will pay to the bearer at the Florida State Bank of Sanford, Sanford, Florida, from the special funds described in the bond to which this coupon is attached, the amount shown hereon in lawful money of the United States of America, upon presentation and surrender of this coupon, being six months' interest then due on its Public Improvement Revenue Bond, Series 1971, dated September 1, 1971, No. (SEAL) CITY OF SANFORD, FLORIDA ATTESTED AND COUNTERSIGNED Mayor City Clerk -9- PROVISION FOR REGISTRATION This bond may be registered as to principal only in the name of the holder on the books to be kept by the City Clerk as Registrar, or such other Registrar as may be hereafter duly appointed, such regis- tration being noted hereon by such Registrar in the registration blank below, after which no transfer shall be valid unless made by written assignment on said books by the registered holder or attorney duly authorized and similarly noted in the registration blank below, but it may be discharged from registration by being transferred to bearer, after which it shall be transferable by delivery, but it may be again registered as before. Such registration shali not restrain the nego- tiability of the coupons by delivery. DATE OF IN WHOSE NAME SIGNATURE OF REGISTRATION REGISTERED REGISTRAR -10- SECTION 13. APPLICATION OF PROVISIONS OF THE ORIGINAL ORDINANCE. The obligations herein authorized shall for all purposes (except as herein expressly changed) be considered to be additional parity obligations issued under the authority of the Original Ordinance and 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 mean- ing of any constitutional or statutory limitation of indebtedness, but shall be payable solely from and secured by a prior lien upon the proceeds of the excise taxes herein provided for 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 valorem 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 herein and in the Original Ordinance. The covenants and pledges contained in the Original Ordinance shall be applicable to the obligations herein authorized in like manner as applicable to the parity obligations. The principal of and interest on the obligations herein authorized shall be payable from the Sinking Fund heretofore established on a parity with the parity obligations, and payments shall be made into such Sinking Fund by the issuer in amounts fully sufficient to pay the principal of and interest on the parity obligations and on the obligations herein authorized as such principal and interest become due. The reserve account establlehed in the Original Ordinance shall be applicable pro rata to the obligations herein authorized in the same manner as applicable to the parity obligations. SECTION 14. APPLICATION OF PROCEEDS OF OBLIGATIONS. All moneys received from the sale of the obligations shall be deposited by the issuer in a special account in a bank or trust company and applied by the issuer as follows: A. All accrued interest on the obligations shall be deposited in the Sinking Fund. -ll- B. The City shall next deposit into the Reserve Account sufficient funds so that the amount in such account will equal the largest principal and interest due in any year on the parity bonds and on the bonds issued pursuant to this ordinance. C. The issuer shall next use the moneys in said ~peclal fund to pay all engineering fees, legal fees, fees of financial advisors, cost of the issuance of the obligations, and all other similar costs incurred in connection with the acquisition and construction of the project and the issuance of the obligations to finance the cost thereof. D. A special fund is hereby created, established and desig- nated as the "Security Complex Construction Fund" (herein called the "Construction Fund"). There shall be paid into the Construction Fund the balance of the moneys 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 issuer, and the moneys on deposit therein shall be with- drawn, 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 the Reserve Account in the Sinking Fund. All such proceeds shall be and constitute trust funds for such purposes,and there is hereby created a lien upon such moneys until so applied in favor of the holders of the obligations. Any funds on deposit in the Construction Fund which, in the opinion of the issuer, acting upon the recommendation of the consulting engineers, are not immediately necessary for expenditure, as hereinabove provided, may be invested in direct obligations of the United States of America or placed in time deposits of banks or trust companies repre- sented by certificates of deposit fully secured as provided by law maturing in a period of ninety-one (91) days or less. All such securities shall be held by the depository bank, and all income derived therefrom shall be deposited in the Revenue Fund. All expenditures or disbursements from the Construction Fund shall be made only after such expenditures or disbursements shall have -12- been approved in writing by the consulting'engineers. The date of completion 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 15. MODIFICATION OR AMENDMENT. No material modifica- tion or amendment of the Original Ordinance or this ordinance or of any resolution or ordinance amendatory hereof or supplemental hereto may be made without the consent in writing of the holders of two-thirds or more in the principal amount of the obligations then outstanding; provided, however, that no modification or amendment shall permit a change in the maturity of such obligations or reduction in the rate of interest thereon or in the amount of the principal obligation thereof or affecting the promise of the issuer to pay the principal of and interest on the obliga- tions as the same shall become due from the proceeds of the excise taxes or reduce the percentage of the holders of the obligations required to consent to any material modification or amendment hereof without the consent of the holder or holders of all such obligations. SECTION 16. SEVERABILITY OF INVALID PROVISIONS. If any one or more of the covenants, agreements or provisions herein contained 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 and shall be deemed separable from the remaining covenants, agreements or provisions and shall in no way affect the validity of any of the other provisions hereof or of the obligations or coupons issued hereunder. SECTION l?. SALE OF OBLIGATIONS. The obligations shall be issued and sold in such manner and at such price or prices consistent with the Act, all at one time or in installments from time to time, as shall be hereafter determined by the governing body of the issuer. SECTION 18. VALIDATION AUTHORIZED. The attorney for the issuer is authorized and directed to prepare and file proceedings to validate the obligations in the manner provided by law. SECTION 19. REPEALING CLAUSE. All ordinances or parts thereof of the issuer in conflict with the provisions herein contained are, to the extent of such conflict, hereby superseded and repealed. SECTION 20. EFFECTIVE DATE. This ordinance shall take effect in the manner provided by law. -13- PASSED AND ADOPTED this 10th day of A.D. 1972. January Attest · ( SEAL Mayo~ City of Sanford, FlOrida. -14- 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. 1054, PASSED and ADOPTED by the City Commission of the City of Sa~ord, Florida, on the 10th day of January, 1972, was POSTED at the front door of the City Hall in the City of Sanford, Florida, on the llth day of January, 1972. City of Sanford, Flo'~i~a