410-Water & Sewer Revenue Bonds IN THE CIRCUIT COURT OF THE
EIGHTEENTH jUDiCiAL CiRCUiT, IN
ANDFOR SEMINOLE COUNTY, FLORIDA
CIVIL ACTION: 91-1332-CA-16-K
THE CITY OF SANFORD, a :
municipal corporation :
and public body corporate :
and politic of :
the State of Florida :
:
Plaintiff, :
:
vs. :
: VALIDATION OF THE NOT TO
THE STATE OF FLORIDA, and the : EXCEED $12,000,000 CITY OF
Taxpayers, Property Owners and : SANFORD, FLORIDA, WATER
Citizens thereof and of the : AND SEWER SYSTEM REVENUE
City of Sanford, Florida, : BONDS, SERIES 1991
including non-residents :
owning property or subject to :
taxation therein, :
:
Defendants. :
FINAL JUDGMENT
The above and foregoing cause having come on for final hearing
on the date and at the time and place set forth in the Order to
Show Cause heretofore issued by this Court and in the notice
addressed to the State of Florida and the several taxpayers,
property owners, citizens of the City of Sanford (the "City" or the
"Issuer"), including non-residents owning property or subject to
taxation therein, and all others having or claiming any right,
title or interest in property to be affected by the issuance by the
City of its not exceeding $12,000,000 City of Sanford, Florida,
Water and Sewer System Revenue Bonds, Series 1991, hereinafter more
particularly described, or to be affected in any way thereby, and
as heretofore issued against the State of Florida on complaint of
the City, the State Attorney for this Circuit having filed an
Answer herein and said cause having duly come on for final hearing,
and the Court having considered the same and heard the evidence and
being fully advised in the premises, finds as follows:
FIRST: That Plaintiff is a municipal corporation organized
and existing under and by virtue of the laws of the State of
Florida.
SECOND: Authority is conferred upon Plaintiff, under and by
virtue of the laws of said State, particularly the Constitution of
Florida, Chapter 166, Part II, Florida Statutes, a resolution of
the City adopted on May 13, 1991, and other applicable provisions
of law to issue its revenue bonds to finance the cost of
constructing improvements (the "Project") to the water and sewer
system (the "System") of the Plaintiff in accordance with plans and
specifications of consulting engineers now on file or to be filed
with its City Clerk.
THIRD: That the City Council of the Issuer has found and
determined that it is necessary and desirable to acquire, construct
and erect the Project.
FOURTH: That pursuant to Chapter 166, Part II, Florida
Statutes and other applicable provisions of law and by virtue of
the authority thereof, the City Council did on the 13th day of May,
1991, at a regular meeting, adopt a resolution entitled:
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A RESOLUTION PROVIDING FOR THE ACQUISITION AND
CONSTRUCTION OF EXTENSIONS, IMPROVEMENTS AND
ADDITIONS TO THE WATERAND SEWER SYSTEM OF THE
CITY OF SANFORD, FLORIDA; PROVIDING FOR THE
ISSUANCE OF NOT EXCEEDING $12,000,000 WATER
AND SEWER REVENUE BONDS, SERIES 1991, OF THE
CITY TO PAY THE COST OF SUCH PROJECTS; PRO-
VIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH
BONDS; PROVIDING FOR THE PAYMENT THEREOF;
MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS
IN CONNECTION THEREWITH; PROVIDING CERTAIN
OTHER MATTERS IN CONNECTION THEREWITH; AND
PROVIDINGAN EFFECTIVE DATE.
(the "Resolution") which Resolution provides for the issuance of
not to exceed $12,000,000 City of Sanford, Florida, Water and Sewer
Revenue Bonds, Series 1991 (herein sometimes called the "Bonds"),
for the purpose of financing the cost of construction of improve-
ments to the System. The Bonds are payable solely from and secured
by a prior lien upon and pledge of the Pledged Revenues, as defined
in the Resolution, which consists of (i) the Net Revenues of the
System, (ii) until released as provided in the Resolution, the
Public Service Taxes, (iii) the Sewer System Development Charges
Bond Service Component and (iv) the Water System Development
Charges Bond Service Component, all as defined in the Resolution.
It is provided in the Resolution that the Bonds of this issue will
rank on a parity as to lien on and source and security for payment
with the outstanding Bonds of an issue of Water and Sewer Revenue
Bonds, Series 1986, dated August 1, 1986, and Water and Sewer
Revenue Bonds, Series 1989, dated September 1, 1989, of the Issuer
(collectively, the "Parity Bonds"). Said ReSolution was properly
and lawfully adopted.
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FIFTH: That the Resolution provides that the Bonds shall be
fully registered Bonds, shall be dated, shall be numbered, shall
be in such denominations as shall be approvedbythe Issuer, shall
bear interest at such rate or rates to be determined bythe Issuer,
not exceeding the maximum rate permitted by Florida law, and shall
mature on such dates and in such amounts all as shall be determined
by subsequent resolution of the Issuer. The Resolution fixes the
form and other details of the Bonds, provides for the manner of
issuance thereof, and further provides that no ad valorem taxes
shall be levied for the payment of such Bonds or the interest
thereon, but that such principal and interest shall be payable
solely from the Pledged Revenues and that said Bonds shall not
constitute a lien upon any property whatsoever of the City of
Sanford except the revenues pledged for the payment thereof.
SIXTH: That a true and complete copy of the Resolution autho-
rizing the issuance of said Bonds is attached to the Complaint in
this cause as Exhibit A and was received in evidence. True and
complete copies of the resolutions authorizing the Parity Bonds
were also received in evidence.
SEVENTH: That it is estimated that the Pledged Revenues will
be sufficient to pay the principal of and interest and redemption
premium, if any, on the Bonds and the Parity Bonds, as the same
become due, and to make all required deposits or payments required
by the Resolution.
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EIGHTH: That said Bonds are of the character and the said
proceedings preliminary to the issuance thereof are of the nature
as entitled Plaintiff herein to proceed under the provisions of
Chapter 75, Florida Statutes, for the purpose of having the right
of said City to issue said Bonds determined.
NINTH: That due and proper notice addressed to the State of
Florida and the several property owners, taxpayers, citizens of the
city of Sanford, Florida, including non-residents owning property
or subject to taxation therein and all others having or claiming
any right, title or interest in property to be affected by the
issuance by the City of said not to exceed $12,000,000 Water and
Sewer System Revenue Bonds, Series 1991, or to be affected thereby
was duly published by the Clerk of this Court in a newspaper
published and of general circulation in Seminole County, Florida,
once each week for t~T~ee consecutive weeks, the first such
publication being not less than twenty (20) days prior to the date
of said hearing, as requiredby law; all as will more fully appear
from the affidavit of the publisher of the newspaper entered in
evidence herein.
TENTH: That no taxpayer, citizen or other person has inter-
vened except the State Attorney as herein mentioned, or made
application to become a party to said proceedings for the purpose
of interposing objections to the granting of the prayers as set
forth in said Complaint as provided by law.
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ELEVENTH: That the Answer of the State Attorney for and on
behalf of the State of Florida shows no cause why the prayers of
the Complaint should not be granted and discloses no irregularity
or illegality in the proceedings set forth in said Complaint and
said Answer be and the same is hereby overruled and dismissed.
TWELFTH: That this Court has found that all requirements of
the Constitution and laws of the State of Florida pertaining to
the applicable law and proceedings in the above entitled matter
have been strictly followed.
NOW, THEREFORE, IT IS ORDERED AND ADJUDGED that the issuance
of Water and Sewer System Revenue Bonds of the City of Sanford,
Florida, in the principal amount of not to exceed $12,000,000;
bearing interest payable in such manner and on such dates, at a
rate or rates not exceeding the maximum rate permitted by law, in
such denominations, lall as provided by later resolution of the
Plaintiff, is for a proper, legal, public purpose and is fully
authorized by law, and that said Bonds, and each of them to be
issued as aforesaid and all proceedings incident thereto and the
revenues pledged for the payment thereof are hereby validated and
confirmed. Said Bonds are to be issued to finance a portion of the
cost of the Project, and as and when so issued will be payable
solely from and secured by a prior lien upon and pledge of the
Pledged Revenues, as defined in the Resolution and as set forth in
Paragraph Fourth hereof.
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There shall be stamped or written on the back of each of such
Bonds a statement in substantially the following form:
This Bond is one of a series of Bonds which
were validated by judgment of the Circuit
Court for Seminole County, Florida, rendered
on the __ day of June, 1991.
Mayor
provided that such statement or certificate shall not be affixed
within thirty (30) days after the date of this judgment and unless
no appeal be filed in this cause.
DONE, ORDERED AND ADJUDGED at the Courthouse in Sanford,
Seminole County, Florida, this c~ day of June, 1991.
e of the ir it Court of the
J C
Eighteenth Judicial Circuit of the
State of Florida, in and for Seminole
County, Florida
CERTIFIED CO~PY
M,~'YA~tNE ~,IORSE
CLERK OF CIRCUIT COURT
DEPU'FY CLFRK
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