Resolution 86-568RESOLUTION No. 568
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF LONGWOOD, FLORIDA PROVIDING FOR THE
90,509RUCTION AND QUARE-FOOTEPOLICENG OF A,HEADQUARTERSAD O%IMATELY
FACILITY; AUTHORIZING THE ISSUANCE of
51,000,000 LIMITED REVENUE BONDS OF CITY OF
t0NGW00D, FLORIDA TO FINANCE THE COST THEREOF,
AND PROVIDING FOR THE RIGHTS OF THE HOLDERS
►` THEREOF; AUTHORIZING THE PLEDGING OF A LIEN ON
TH£ LITE'S UTILITIES SERVICE TRY REVENUES;
0
B£ IT RESOLVED BY THE CITY OF LONGWOOD, FLORIDA, FLORIDA:
SECTION 1. AUTHORITY OF THIS RESOLUTION. This
solution is adopeed pursuant to ehe provisions of Chapter 166,
Florida Statutes, as amended, and other applicable Previsions of
1 aw.
SECTION 1. INITIONS. The fo110wing [ hall have
the following m ingsgi this Resolution unless the text
ocherwrse expressly requires.
(a) e Percentage" shall m x<y-Eivepercene �65E)
ich perce nB[age shall be subje ee c eadjus1 th, i rn a
ange i orporate T [he Pref er enceot
Reduction R.— azInVs the B cage shall be
equal t ef ollov in gch xty�f ive P1.1,1tr�654) multiplied by a
E ra<ti0n,ce of tw equal t e plus an
additional o andro er quarte rc percent (1 1/4&)rperRa
r multiplied bye[Oee m the M m Corporate Tax Rateum effect
e date of adjustment) plusx[TEFRA Adjustment i effect o
y thetdate of Rajas cl and e e denominator of w icb i equal
[Prime R e plus a eaddicicnal o antl o e quarter percene (1
1/49) peata um� _1
[?plied by Rohe m m Corpor
oeffeccuo e date of i cof t onds7 0 (a RTEE. Adjus effect o eadate of i oflc
ondsl. cage shall be adjusted a callyha
of the e f f e ct Hi veedacecof any change i the M . Corporate Tax
11 any c ange ie the Preference Reducti— Rate based upon
c heeabove Formula.
m ocher woraa,
Crt. �N� Da e ° pa;eetm
gfe�
Percen cage = E. oERAdjus cm Adjustment
jPr 1 Ra tejE LL Date of MCocpUa] Lr-cc jTefrasseu ar.c emen JJ cf
ample, a ing ti. he Cost of Funds a - e dace cf
co chr the I—) m Colb, rPre T s ch ace rey-seven percene (J>&)ubuc e fete nce tRaduraeco nea
n change., the ease Per -age would be adjusted as
eoiiowi :a
P ercencage = 1.657 18.*1.)(1—.46) � 1f9.�81.20)f.66)
_ Per ce neage = .�ltl
(b) Bonds" o "1906 Bonds" shall m the $1,000,000
eed Revenue Bonds authorized to be i uedupur this
and any additional parity bonds he..... ern i s s ued in
the manner herein provided.
m ...I R e Code cf 195i, a
ended, c espond)ingl pc ov i s ioneoEna ny future laws oEsc
Uni ced S noECPm relating to federal i and
eocepncl
. a eeprovided h requiredcbyec
f, sudes ii erpretationset net N c no r[h
r the applicable regulations of ehe 0epartment .1 of [hesTreasury
(including applicable Ei nal [equ laci ons and temporary
requlaci ons), the applicable ratings of t e toter nal a
Service (including published P Palings and pcivateela ccec
rulings) and applicable court decisions.
(d) "Commission" all mean the City Commission of the
C y of Longwood, Floridan
Ie)
Fand" m Police scacion
�. Construction Fu natpio idedEor insbectI 14(e) hereo t.
It) "Cost if Funds" sha11 m undyed multiplied by
a fraction, ehe n......
of w nequalhc tal a ual
expense f SunTrus[ for t mmediacely
preceding calendar quarter mu1tipl ied nby Eour ( )a [he a cage
cal a of rust e . for [he immediate ly Ve
pre. ed i ngeca lend.., guar ce raa ucha creflected q in eM1e uarterly
financial statement of SunTruse Penks e, Znc.
in other words,
Cost cf [Deal Sun Trust in[e. esc expense for p ecedinq ata[ter a
Fu nos
average SunTrust eocal rise es for preceding qua rc er
Fcr e ample, based e ehe c_ erly financial e -
r
.1 Srust e . for the period ending ]une 10�c1986ttne
Cesc cf Funds would be ca lcula ced as follows:
cf 11B,405
e.Ieof
s - 4.7e
Ig) '•County" shall mean Seminole County, Florida.
Ih) Default i Hall m ecest ac the race cf
P [ime Rate plus two percenesl38) per annum.
(i) xed Aate" sha 11 m Tally 6.658 and
adj thereafter usted a any t y of anchange in a
orporate T t lm the n Preference Reduction Race (ach
omponentlt^ f the Te f raRAdjustmentF xedle the eoidsharea d
tally a ofct veff—I'd date oft a nyh c hange
x 1 the
orporate T any mange i reference
uc Redtion R e basedup— the following formula a inq t
he 11,
m Cocporax Rate and t urefer enceso
R Race.
uFixed R shall equal [11. 99 E)mul tiplied by flmrnus
Maxrmum Corporate Tax Ratel plus (Terra Adju s anent).
m other voraa,
xea r
Race 11.94 xi1 - Tax Rata orpora[ « TRFRA Adjustment
For ample, L ing t e Cosc of Funds a of the da ee o"
r ty-e 19.e ]8), if Ne m Corpora ee T s deceased co
seven percent 13]81xb the Preference Reduction R
r eme: ns unchanged, cne Frxedu Ra a would be adjusted as follows:
xed
Rate xed - ] 56%
dace
(j) xed R Dods Tod" shall m the period f
c of t eaI andnonincluding c
yudaae of t s, of the 9ds vnile such Bonds h
bearvinca rerest ac tM1e FlxedRate.
Ix1 older of bonds^ o ondholder" o any similar
oonds,sna ll mean the reg is eered[ouner of any outstanding bond o:
I1) Issue. sha 11 mean Ine city of Lcnquood, Florida.
(m) Drpora to T m
a:ginal Federal t e let rentlya4o9)mapplicablsa[
o rporacions a ntly s e forth i n IlIbl o cne
nal R e Cdde of 1954, a dedc ea.i
ma q-11 Fed - tax race shall beamodifiea fromc[ame to trine.
Inl "Plans ana Speoif ications" sea wLt'c� cne improvements comprising cne Projecc,� means the FlanseOld
cif cations prepared for t and filed
eowith ehe folder
e the s may be r sed from fume to come during ehe
[ns eal la anon of cne �jec c;
(o) "Preference Reduction Pace" shall m e per cage
: eduction currently 2097 to be applied t the a allowable
a deduction u hapcer 1 of t o Code w es pee any
financial i nC pref erence i m (as s std efined in
n 291(e)roErche Code) as presently s ccforchmin Section
291(a)(3) of chi Code, a uch percentage reduce ion shall be
modified f[om come to fume.
(p) "Prime R hall m ced from e
e by S snprrncipal of Erce in Or la ndome
Florida, o by tth. orpo[a teas e prime r e (which
Illy a nth m s purely disc re liana rY and
It clily
[ e best or lowest i c111 arged
borrowing cu s Comers of any subsidiary bank ofSuI nks, Inc.).
(11 hall m vmprovemenes m- o be
e a l3 property describedaon Exhibit A ned here[o
madetaepar eof, ncluding, but n t limitedtt
of a rape roximately 9, 559 square Eoot policee
eadqua nets facility as described i e Plans and
Specifications prepared for the Issue rth
(1) "Registrar" sha11 mean the Issuer.
Is) 'TeEra Ad juscment' shall "'I adjus[m ` equal e
a produce of c e following: ICost It Funds multiplied by [he
m Corporate Tax R te) multiplied by [ reference
ample, s
a ing the Case of Funds a of
tu n heda[eI i e (I''8), if[ h m —PI race T ce rs
decreased t rty-seven percent�3]S)v but the Prefecenc1
Reduction remavns unchanged, the Frxee Rate would be adj.... a as
Follows:
In oche rr words, r
TeEra _ ICosc ox LTax pRa[e� 7 us Adjtmen[ IL funds� x CPr of erence Reductron Race
ample, b sed upon condieions a of [he dace of vssuance :he
Te_ca Adjus omen[ would be ca lcula[ed as Follows:
Adjus omen[ = J.]e x .46 x .20
Adjus:menc = .44
ample, a of F cf c
a ssuanceo( i.'8), if the ma xrmumiC[rporate Tax 3a<e vs de ceasedo1.
e hirty-seven percent (328) but ehe Preference duction Rate mares
unchanged, the Tefra Adjustment would be adjuseeRed as follows: a
Adjustment = 4.78
Tefra
_ Adj.11-1.e = .31
(e) "Utilities Service Tax" shall me t e ca imposed by [ e
Issuer pursuant IA
Code of Ordinances of atM1 ePCieyscf Longwood,
E io[ida, s i-16, o e purchase of electricity, m red or
[tied gasclnatura 1, liquified o nufaccuredl, w rv[ce,
ce lephone servace and ee legraph servrce w[[hin [he City se
(u) table R hall m the £ e Percentage o
proviaeaa, rh the V able R Pall n [ betless ehan -
Si25a per a re g ¢eater athan 9.08•per a ;sprovidede further,
aid m and m snfor V table R - all be
adjuseed i nofua angex m Co rpoc
the Pref a re ncee Reduc tio. Rate, uch e mthe m andxm
shall be ad j ustea a tally a ofe the effectivemdace ofxanym
change m Co rpocatI Tax Rate o any change in the Preference
Reduction Aa[ .sed upon CPe follcwi.g formulae:
NEW MSNI.UUM RATE = 8.9 multiplied by (I - m Corporate
Tax Rate) - (Tefra Adjustment)
N£W RAXIMEN RATE dac t e Cost
multiplied by (1 - Corporate
�. max Race) ♦ (Tefra Adjustmene�um
le, [ e t of Funds a of e :,
�4[iA)e
ampf t a r.g m torpor ace T s decreased e ua Yceeve.
percent (3"18)buea. reference Reduct ion[R anged, the
new mvnrmum and max amum races .—I be adjusted asmfcllows�h
NEW MINIMUM RATE _ (8.9 X (.63) r (4.')8 X .32 X. 20)
5.96
NEW MA.(IMUm RATE + (15.85) X (.63) + (4.]8 X .37 x .20)
= 10.33
(v) "fiscal y shall m n the pe[iod
beg inninS Occcber I and ending Sepeembe[ 30ea
(w) ord. impshall
orting singular number inclutle c
umber i e c C and v and words importing
peusons sha 11 include fat rms and coepoca ¢ions.
SECTION
... .. ... ` It determined id, ditid and
declared
of — h-111 —Ir—safety f it, —id,.-
1, 11:1t headquarters
:1
'
police inadequate
I _the of
r he Issuer's police d-1—
—, I t—d11t1
.1It: I It, aftl_ f,t��1ti_ of
t'd _d
t . ... :t"�,t ... .. —d,� 11 1 1. Illy y 51, ll on
property of thl, I—bil.
(') T- cand equipping of a police
h—q-- _i 1 i ly — f a P—ib E-11it L the t1li—I of
the I—, and --it— I —lid municipal P-P.-
- ted -.1 f — — 1-1i.b —
of the ir pp.. i""'Y "�h ib " e"g_
nail be b--d I. i— ode t f -q,iiiti- -d
cal lacion of any
— —
deemed —y th 1.;I Ib i u-id
l1—-- —— for — and .1
-P:=1for
"....P"ifi-ti--d
expenses; —b—.—, expenses ..yb...2'T incidental — 11 thl, financing 1.1—illd by tis:I.t. (f) Thl Utillti:%--11,T- 1� — b—tpledged d —d will
be I. operate
p _ t _b � i — co pay
[he
P,_., i p 1 E and
!__ — B.— 1. b� 111.1d pursuant t.
cop
p.. ib— bf th"and b
d— — lth- I.Y.— b7 th, P,ovvsronsmof
It— Resolution.
g
provided
principal " and 1
.l
.b,
—d (t_._.,1_d%.,agItts
P111IdId for i, ill be paid[- from
_'tI T— provided, i.,It
required to
11'b-any
realtor personal
PI.PbtI I . NYhVpibi,.1 of and i
."".......'t . be
. any
..— .,Y11 i .. .- —
—db i...d_...t tt---ti— —11-—
lien upon ,y I tl, :I,,,,pt,,,
ti y pare
h,..P.b,
P,
p.rly wha esoever of the Issuer.
and
seby—`Y''01 the purchase
of 8—d:p�,� �1d1_ It_n_thisResolution
b. I .
omplished though ne9o1iali— with sun Bhk, National
otheby m r a privately placed negot fated
s ait.
the ererequ9 redby lau, t rchase of t Dods
lh eby a — 1 o eebasis
of i ial bid andu theasubsequen[1y neg otia tednt
o Chapter ]10, Florida s the I r hereby
a the tfo ilowing findings with regard [ the negotiated aspect
ofke sale of the Bonds: la) negotiated sale of the Bonds a
equa priceel to the principal a ou nt thereof plus cra re
Erom t e date of Che Bonds t ehedate of the sale the ued f reofn;ellst
best offectuate t eeds of [ tb negotiated sale of
the Bonds to the Purchaser thereo Esis rn the best interest of cne
rnterest rates and the marketability of the Bonds; and
opinion of Che I if competitive bidding ur ted upon
it would M1 e beenUeand w uld be, impossible toefindnany
purchaser Eor C onds o ompetitive bid Oasis w offered
or would offer more favo ra blecpurcnase terms, and �ii)cin the
of t ceptance of t e Bonds authorized t
uedeh �nder bdt ha li hold the s e Erom [
eh" Resoluti— shallhbesdeemed to be ah -ll c nstit�te
[ betueah t a.d t onaholaers; ana �ne
and ag r e ementsshere n se: hfoeth [o be performed by t
M1 all be for t equalr benef it, protection and s ityhot
t heu legal holders of any and all of s onds, all of wh tch
s ha11 be of equal r t preEerehceB priority o
dis of any ofke onds o any other tnereof except. as
e rtpressty provided th erern and herein.
principal amount of One Million Bollars sl,000,000.00)
payable periodically c ing February 19, 1111 and o
daces s r Eo rth i .h; s ued i ialy la s
i ogle .`u 13y-reyis [eredB Bond; andlshalls be payable
principal i eleven (11) a ua1 i tallments c a my on
19, 19ss ......
i tallmentsnshallnbe in the amounts and on the
r. dates set forth in Che Bond.
Such Bonds shall be pa Yable wi [h respect to both principal
and i of Eice of the Holder and sna11 be payable in
l awf ultmoney of [ne United States of Amerrca.
TION ]. UTION O Tne Bonds shall be executed
ib the n of the i r by the May os of the I and
signed and a ted by t icy Clerk, andut .[..race seal
ofotFeri a facsimile thereof shall be affixed thereto 0
reproducedut e eo The facsimile si gna[ures of [ Mayor or the
City Clerk mayrben imprinted o reproduced o the Bonds, provided
[ least o signs Gu re required to be placed thereon shI11 be
wally subscribed. In c any c of the oEEiceis v
hall n signed o ..l.d�any of t o Bond, shall c o be s
offices of t rs before [ onds s signed andesealed shallch
been a ails solduand deli ve red,Bs onds may n heless be
sold andudelivered a n p,—vl dnand maY be i wed a if [
person w dig ned o ealea s onds had n sea t eo ld such
office, nAny Bonds may be signed and sealed oa behalf of the Issuer
by s h person w the a ua1 t of [ of s onds
sballcho" the proper offi— 1 to emI ,although a eheodate of
onds s n person may n el des office o may n
been s zed. —d ma ysadopt ananu a for s h pucposesve
e facsimile signacu reeof any person w all have been such Maycr
ity C any e after the date of the Bonds,
a ndi ngc[ maynh sed t officer at the
t— such Bonds shallnbe actuallyes old and delivered.
SECTION 8. NC GOT IABIUTl AND REC I STRATION. B.—
th�ued h under shall be and snall h all of the qualities and
r o_ negotiable i str n under t ,than[. and
sof eS of F .id" I'dte Folder, i
cepcinq any ofes - onds, shall bent Ilusive lY deemed to have
agreed code such Bends Bshall be and h all the qualities and
cidencs e negotia ble i under the law merchant and
the caws of ch, scat, of eio�iaancs
Tha onds snail be registered a o principal and i
cFe office of e Regis soffit, of any o re9es,;a,
duly appoineea byrr solution of c ard�hs
r eg is cracion to be n e back of said 9Unds osna ll b
unless made a offacs bynt registered o duly
a ut horrzed agents., rep, a sentative and srmi l a rly enotednc n the Bonds.
lb SECTION 9. DESTROY.., STOLEroy N O
any i
9ond s tila eed o e des ted,Rs
cne I maybei smaiscrecios and aelive�le
es
nd oI likeut cne Band s mutilated, dstrcyea,
t oleo or .at
doge and substitution for s cila eed
ond, upon s endee%and c ce llation of s tilaeedu Bend o
n lieu of a drthe Bond d royed, r
I ost, and open [ old ergs fnishinq t r tco
s pf�o of
hip t eofand s ory inaemnitya na complying w
a ble regulations and tooth ,ions a
.aynprescribeaa nd npaying such expenses as [he Issuer ma yli ncur.
A11 Bonds s ende.ed shall be celled by the Secretary of
the Board. elf uany such Bonds shall h t red o. be about. c
IN
of i Ing a subs Cicutee Bond, the I tfu
s may pay
nupon b ingsindemnif led a aforesaid, and s Bond
tt
bee lost,, l sf oleo or destroyed, wlthodt surrender thereofdch
Any such du pli ca [e Bonds i ded pursuant t this Section
all c 1iginal, addill—Il c ualoobligatidns on
�' the pa rtnofl heel ether or of e lost stolen or
destroyed Bond tesa anywt e Eoundnby anyone, and s t duplica ce
Bonds shall be e idea t .equal and p.opor tale benefits and
rights a d liento and s and s itylfor payment from tM1e
funds, a oaf ter pledgedCeo end same extent as all ocher
Bonds laauear ne.ednad..
SECTION 10, sI0N8 FOR REDEMPTION. While the Bonds
tsar i cne PVar iable R Dods may be redeemed
rem tt pium for penalty priortt theieec r resptive a
s ted dates
oftm ity, a the option of t and upon the givingnf thrrcy
(30)adays notice to the BondholdI—
M1ile t ands bear i the F xed R the I
redeem .11M10 a part of chee Bondsa prior to m .ty uponst
giving of [ yr(30) days n ondtolde rs and 1
1 pay C Rolder a prepayment penal[yui
equal eoM1(i) the t calea of 1 —ld n
n paid o oof Eotdsnbe ing prepaid from t e dace
d fv prepayment t nchee end oftt xed R e Period had [ xed
�. ee been a e per a eguaIFt xed R effect on
he date of paepaymentndivided by [oneem
0 ..... to R te] less (li) c er principals prepaid would
yield if t o principal a ouprepaid w ted o he
date of prepayment i en Ss T ury s ing t
ity dace c cidingew i,h t end of t xed R iod or
ury S[M1ur dries ha vingeI
ityvda tetc ci ding w end of xed fta to iod,
t [he da ee closes[ c endcof [he F xedeR iod, a
radi,, i ondar ytm tableau a "ice
n It "I pI III Any pa.tia l t pr epayme n is o theuB Ptshall be
C less than $100, 000 I tegral multiples of
$S,OO OIf daft,. and shall be applied co [he Bonds in Inverse
order of bete stated ma turl[1es.
11. FORM OF B Inds s
ally t e fo "'in. f...S.w
Inds virus clots as may De necessary and desirables a n ds authorisedns
r per.L[t ed by this Resolution or by any subsequent resolu[ron
adopted prior to the Issuance [hereof:
a.
UN 0 STATES OF AMERICA
STATE OF FLORIDA
YOFLOEDD, FLORIDA
LIMITED REVENUE
BOND
r KNOW ALL M ENTS, that t e City of Longwood,
Florida, �hareinaf to ey refer EedRc r"), ei for value r vea,
r eby promises to pay co Sun 9 nal A the
registered holder, o registeredna signs, s e1y f- Lh ecial
funds hererna Eter menty ned and no[ o [he pri cipal s of
0 15 th)ra nde to pay, solely from said
s pe clal funds, dal s e per a.
as Maternal ter sethl f oreh,npaya ble as se[ fortha herein.
ued L unpaid principal balance of the Bonds
19d1ec payableno rFhe following dates: February 19, 1988; August
1988; August 19, 1989; August L9, 1990; August 19, 1991; August
19, 1992; Augus[ 19, 1991: F ary 19, 1999; August 19, 1999;
ary 11, 1995; Augus[ 19e 1115; F ary 19, 1996 August 19,
I.F; February 19, 199]; Auqust 19, 1997; February I" IS"; and
August 19, 1111. The principal o onds shall be repayable i
n (11) consecu cr ve agg r egatenannual installment payments as
f olSpws:
pal P
Augus[ 19, 1988 54),619.00
August 1 1989 595, 238.00
August 19, 1990 595, 238.00
Augus[ 19, 1991 595, 238.00
19, 1992 595,23H.00
August 19, 1993 $95, 238.00
Augus[ 19, -A595, 238.00
August 19, 1995 595, 238.00
August 1 595, 238.00
Augus[ 19, 19995,2300
August 19, 1998 $
95,239:
80
111ipal of and i this Fond a e payable i fu1
neypofn[he Nnr tad States roftAme rlca at tM1e principal office of
'ha
Holder.
If ne prepayments of principal of the Bonds a made a
19ian permi e[ed, the final insta llmen[ shall be don ue August
1"8, upon the presen[a [ion and surrender hereof.
e dace of i of [ onds u [il t van th
a.y dac t ehereof [ anpa wuise
principal balance of t d- shallbea 1:1 1-111
Nan- in the Res ciu[ron, s lect co ce rt- ad3uements as
provided in thes olution thereaf— the inter eon the
hall be t is ble R s definedi
so l Ition. IE the principal If, premium, if any, ot t n s on
thil and shall n [ be paid w n due, then thofsuch
unpaid principal of and premium, if any, and[ n[
permitted by the a of such unpaid i e hall bear
e Ra tem(astd_ _b in the R so lit icn)splus C
percen tt(11, Pper a m from the due dace thereof u til paid i
full, s .....
reEe tied to Herein a Default R
and allui o be paid i espeet of -id e Def tint Ra[etbeinq
referred to herein as "Default Interes c.
xability" �[he n") (as hereinafter defined) t
ch e t Bonds (the bfi-d[ed R e") from t
often xability"f.as hereinafter defined) e and en mugn the data
If payment in Full of the Bonds (GFe "Inclusion peeiod") shall be
e percen[ (15) per a all be deemed C
have c red upon C endame of i eaby thenI Hal R e
Se rvicecof a statutory notice If deficiency which assetcs in
eipt by t ondholder of a opinion of a nal ly
cognized bond c sel approved by the Issuer (which approval
sha11 n t be h
a nably w eldl c that i
on the Bonds is ♦nc ludable forF__T income Pax purposes insthe
If a Determination, the Bonds shall bear inter es[ It the Adjusted
o"h t e date of payment in fu 1of t Dods.
any such D subsequently r setl o sideenc
li be r sed i mmediatelye(and r Ply [
of tT xability, naf[er defined) t [[nett of o
effect immedia celyepreceding [ Def Taxability,
a ndea.... pri repayments of e D(if any) shall be
paid t sIf nT xability" m
ar lies[[ effective da[eea eof w the i t payable o oche
o nds i e grossii of tt ondholder a
s III oft cheeo hob any c segi_, r the
Determination. cTMeri agre 'ol payaa ny penaitiesro a.y
ingoby the Bondholder due t e failure of
e heeBondnoldeix[ lode i one Bonds inhgress i
for Federal i x pu tposes efor o[ t portion of c
iod endingnw e date of c
suiting from s tand an ynpe Haloes i
eefosm of i ocher wi oetsha lihe paid o the i
payment dace n eeding t
Bona the term act r.ea interest Ir incereac is ntea. i.. —n
d—q any Incrosiln Period.
s provided i u the I "I"" It 1
pay certain addi[i Intl sums tb hecBondholderI— the occurrence
of a IE such Determination o subseque
paYme ctofinehetBonds in full, t Iss specifically agrees and
the Bondholder, to payut ach such Bondholder, as
indemn ityCFsuch additional s s provided for under the
solution upon C t EomeM1 therein. In addition t
foregoing indemni ti esaa nd payments requited by c so lutiontF if
any c ange in law o erpreta eion chereoE o eaf ter,
h than a Oefermi nationoo chance in the M
reference Reducti— a (as those C eodefined in
the R solution), and, a salt thereof, the Bondholder o
Former Bondholder c opin of a qualified t sel,
c eptable t the I andpt the c of wh.ichun
opinion shall be paidu by t e Issuerust ange will r salt
n (1) a disallowance, elim inacion, reductionh alsqua l if ication
r loss of right t claim any deduction o redic for federal o
x purposes of such Bondholder o of anyr
affiliated grouf" "dhich s h Bondholder c
(hereinafter referred t s"), and/o1o(2)at mmposicion
of any preference, minimum oc other special tax under the
x"), and s r Tax is directly o indirectly related t
ondho lderns, hip of c onds o eipt of i e
r eEro It, agre indemnify such Holder f.Iom
xtby iing the c payments
[ ade
pm
rcre uslyTmade c xoider w es per Dodb s y a
after aeduc tion of alLrt requiredtco be pad as
sulthoEhi
s Holder's r ei pt of such s s (including,
Whichc lTtation, any t ing from a reduction i
uwouId otherwise be allowable a a deduccion) will m neacn
ondholder after-tax e c yield and o -all-netac
of cerBcax cash flows resulti�g ofcom the holding of such Bonds at
law 11 ilt,r pretation c E did n......
All c cu la dons c
uch Holder's after-tax he c yield andro ra 11 n after-tax
Chan flows shall be de cerm ined ro e basis of c ump[ions
r (i) the B nahotder would h ea licea the a mad t
benefie of t e deduction orred c
it if s ag elaw nsin o
e rpeacon didn an
c
reie eof dii) (ondhhas
a rginal federal'e cand......
i es
F ighes cmar c imposed by enetlawsat
applicableto such BondM1 older. Thesforegoinq indemniEicati ons
obligations under e and and the R solution and
all rr n full force and of feccBu [it expiration of any
applicablers of limi rations (or limitation period) w
e sped t nclusion of i the gross i ofta ny
ondholderl Any su cF s se payable h under shalleb
payable b a dame s byee ut rn -
event more than sr xty (10) days of tertthe De termtnacron.
o. andinq anychi ng ane d I'
so lutlonWtr uinghail t repaid o
g eed to be paid tot he Fo lency or V decofelsei Bonthe d fora se,u forbearance
r de een tLoe of e nev [o ne aa�aecea tnereunaar e eed c
highest lawful rate permitted under law applicable thereto byea
of competent jurisdiction. If, Erom any c'
whatever, ... fu if illmen[ of any provision of this ceondao
s olu[ion,ha e fime perf orinance of such provision shal I
due, sha 11 r volve pay — of i wM1icM1 e ends
highest lawful r o de[ermi neck [ o factoct
obliga[Lon eo be fu -fined snail be reducednt nighes ens
/" Sawful r If, from any c e holder of
the Bonda shall e rof tw Quid
beeed such highest lawfuler rehe porcieno thereof w ichww,"d
e shall be appliedtt the reduction of C unpaid
princi palrbalance due under this Bond and n eepaymen[ of
if the Bonds are no Songer outstanding, shall be
re pa ids to the issuer.
ond i 1
of a zed i of Bonds i
a gg rega ter" i"ipa l a of 51�000to00 ofs like dace, t and
effect, except as to number, issued Eor a valid Public purpose,
square -foot police headquarter. Eacil it'
on ro Pperty .....
by t
issuer and for purposes rn ciaen[al chere[c, under the authorityhe
e State of P rill, and a solution duly adopted by the City
Ccmmission of sa!a t18 Issuer o e th day of August, 1996 (_
Resolution"), and is subjece[o aLl ehe terms and conditions of
ond, of which i a part, and any
additionalsre etbondssr king on a parity (herewith, which may
ued andvo ceding under the conditions and t
fortnsi solution, a eand wi 11 c o beepayable
solely a o both principaland i teEromeand s red by a
pledge of and lien upon t o Ut i l i t ieseService T rm
s defined i solution, r providedai
ond does n indebeednesseof the
Tthe m ing of anycc cal, s ory o
o [heerp ovision o andoi expresslyta9 reed by ehe
holder of C s Boedlthata such holdertsha ll n r have t right
requI_ o ompel c of t ad valorem t hng power
e paymentcoP [ e principal of -11,
t hish Fondso the making of any other payments provided for in the
Reso lueicn.r
s further agreed b and c of
ond that [ evyhf uof a - n any
ell e r pets onaleproperty i theaI o pa ytt
p riecipaltoE o ond an ds that this Boedeaed the
obligaeion avidencedct ebyts hall under n
a lien uoonhaio other praplre ieo ofrtnesI any
partetn eof, but shall c nst ut a n my o [he bt—lies
�' Ser 1— Tax.
ai e
nolaers oe eneosonassoe c , eo, anee1-1 of wh Inch
r a_e.en.,e r, made to the aesni�c.or.
Ic i teby e of iea ana r eea than all a
ondic andechingserequired e o happen, and co be
pecf ormeds precedent t and i tneai of t Bond, -ill
have happened, and have been pecf otmedui cegularrand due form
',, and rim as requited by t w and Constitution of the State of
F loridaeapplica ble t antlsthaI the r of the Bonds
does n iolate a nyh constatutlonal, statu torynoc ocher
limitation.
This Bond i end h e qualities and i cidents of
negotiable 1 underat etlaw m rcI_ and the L of the
of Florida�,mandsc tigin holder and e ve
holder of t ond sha11 be c nclusively deemeacbys theirsr
cepca nce l agreed t ond s 1 be and
all th ehqualiti e sh and i cidentsaof tnego0[ia bleha
n[s
under the law merchant all the Laws of the State of Florida
ond i subject t optional redemption by t Its —
IF, any t Bupon t inq of a rty (30) businessue
days n ondholdeI andtupon pa Yment of a pre paymenc
penal[ytrif aoytha EspecI I i solution. Any partial
prepayments o ond Bha11 b t less than
S Ioo,000 o tegtal m t iples1ofa SS a Ooont eafter and snarl
be applIlart the Bonds in rnvecse order of the stated
mat._FT— Bond shall be registered a o principal and i est
o rtlance with the provisions endorsed hereon. No Bondse
shallcbe registered co eearer.
NEBS W REOF, t e City of Longwood, Florida has
r his Bona and n sed f signed by i
nayoroana a ted andac signedsw�i tht�heem ual or facsimile
signature of ti s City Clerktana the m mile of i
ealtto be imprinted hereon all as at the /,P� daysof
Augousta,tn—
CITY OF L NGWOOD, It-1A
(SEA;-) BY: aYor /
ATIFSTED ANC COUNTERSIGNED:
Ey; (j� hPPhPOVF.0 AS i0 FO n'I IEGALItt
Ct tY�C lOe tk o L.' 9
14 A,E�Ca sbi
NDS NOT TO BE INDEBTEDNESS OF THE ISSUER.
o ndsCshallln t be o Cute a indebtedness of the
hall be payab len solely from the Utilities S
s herein p1
ovided. o holies o holders of any sondri ued
iunder shall e right c ompel the e of ene
1 power of t o pay t Deds o
chereon or be e itle ds torpayment o Bch principalrandri
t from any o r funds of the Issuer except the Utilities Se rvice
tax as provided herein.
SECTION 13. BONDS SECURED e IES SERVICE
e payment of c e principal of 0and01 all of t
onds shall be s redhforthwith, equally aedsr tably, by a first
and prior lien o tilities Service Tax. Tne U
sufficient to pay c e prinei pals of and
the Bonds oand t all other payments provided for
solution, rs herebymi ca bly pledged t the payment
of toes pRencipal of and interest onothe Bonds herein authorized
as ene same become due.
LI CATION O 0
RDCE£DS. All m neys
wed Erom ehe sa Sepof any o a13of the Bonds originally
aiso�zed and i ued pursuant eo this R—litron shall be
�saa ae foliowa:
(a) Tnere shall fi rsc be paid, D shall be s siae
ana held for s h payment, all ex pensesri red by o osbenalf
Uf the Issuer i ith c of t
ncladill, bur lot olimitednt anyhEeessand cexpenses of od
and c sel, i ial purchasers' c sel, t
e bfsp(onCsnlo othe�wise preparing I
any, the
of preparing o or ding and
emfiling the i
placed h eby ra ndca ny o e
o hiss the sale anise expnses i thereof 1rs paymentnt eof
made upon s nmrssson eosthe�issuer of statements or
invoa ces therefore. u
fib) The balance of such proceeds of sale of the Bonds
shall be deposited by e e unc c sun e k,
nal A o belk PoliceaS tationan
andl�nw ich s lobeske pe separate and apart from
a llso rrfunds of t neys a any t o
and s ll beuc usly s red i
s rdeoosics of s andrm cipalefunds a requimed co
be recur ed by the ptesenttLaws oEu the Sca ce of Florida.
ThI holders of said Bonds shall have a lien upon all
neys i aid Construction E'und u til applied as provided i
this Resolution; and such m neys sba11 be used only Eor the n
and acqu isicion of the Project as provided i
so lu Gcon�nand for n other purpose. If for any r - theres
hall be a expended balance i the Construction Pundit after
omptetion of the acqu isicion and c of t
project, expended balance IEosa idcBo nd pro hall
be used to redeemh the Bonds on the next practical paymencodate.
All such proceeds of t of t Dods shall be and
e funds far such purposes; ha nd there is hereby
ae it ensupo. a neys u applied as provided
hereon, rn favor of the holders of the Bonds.
will be made of [ e proceeds of the Bonds w ich, if
nably expec cod c e dace of a hot t
ouldec o be "arbitrage bondsssW
ingwof t ea code the while thehBond —I
tb.h thereon a andinyarwi 11 comply w the
r equi re_I of Sec tionelO J(c) o the Code andhe[y valid and
applicable rules and regu la cionst p romu .gated t eunde r.
es pect to Bocci on 1oJ)c) of c Code, t mayor of
It, i nrh has e cod t eage Certificate"
representati onssofer rage
which c:preseneacions by t re Eerenceca orpera cod
and made a part h eof. ",I, t rof the
on ds� bond c sel shallrr ender a opi �i onea arbitrage
sod in par upon t re pros e n tacions c nod i
A rbicrage C eif ice ce. agreestc ing
wi 11 do s ompliancesw represenea eions
nod is Arbitrage C cifi ca reeand i ordance
e p rovisionsshereof. neys e n be i ted w
r egar dhc e yield 1 of s B1)c) of the C
only t G permitted by c applicable requla [ion soot
"I
ted Sta eesxT ury DeIt" nthpromu. gat ed under such Beceion
pi.-of G e Code sb ncludi nq any requla ions proposed co be
promo lqa t edht under) a e presently e may Prom
_me hereafter besamendedm modified, suppteme �ted or
tev,aea.t
�. The I nderland=Eor compliances penhia ra pp l .cab letlaw
a-ae5eg�iario.suli
e
subject c he preceding paragraphs, the I uec, [ the
t permitted by law, may, pending applica Lions thereof a
provided herein nve ist neys on deposit i cne Cons cruceion
Fund; provided, however,m t hat any such i ent shd11
ombe
plished chough the c cial investmentdepeltment of Sun
eank, NatronalASsocra[von. er
ISuch i n s all be deemed [o be a tim a pare of
theun d[andhaby n ngaine realized
from Cs s between i tmpayment dates shall b
r eaitenI uchmfund, and any het to ss r su to ng from sucn
roves cments shall be charged to such funds.
S CCTION 15. A F CONSTRUCTION F
s from the bConst _ion Fund shall be fully
a ocbmentedn by t ucn fit. and cA.
i sfaceory e hthes Holde row ihh documentationeshall s c forth
of e endrawal, the o [ persons c I
chdrawal rs payable, of CM1esa iendrawn Sidna
[if is n by the Chief F ral Officer of the I that
e pu rposeofor sucn wi[ndrawalnc lid u uo1 the
funds 1, d11, e Cons[ruc[l, tFundefoa Costs ofethe
roject. The I 1 provide, n often t
copies of all suchedocumenta ti on t e Holder of thn0ondstand
ha11 pro copie of e tnlyta e
C.hband ana s additional c he Eirebe of o„ech
applicationno nstruction Fund a Holder may r nabSy
require including, but n t limitedt supporesIII
disbursements E[Om said con sera cc ion Fihd. Withdliwals from the
and she 11 be only by t nsfer e e general fund
ope ratings of the 3 ; by t nsfer t 1
Deparemene of S nMforia
s provided h signedcby [a by e of
eefO110ving a zed, of lees of the Issuer. [he mayor, the
City Clerk or the hDIputy N.Y.,
Seca ION 16. REPRESENTATIONS B F ISSUER. Tfie I er eeaeseNanal y aH ssu
Hobaaola`elePSenca, warrants ana ee�enan Cs wren ana cn cne
I
polieical su bdivsion of the 5 of
I-- qa n i z edsa nd e i, under and by v of t cf
If F rich ands is duly empowered uhderu the C strt�evon
and State of the 5 or Florida [
obiiga[ronssheleu"t, ace a by this Resoiuliob`a�at1Otpe[form its
-e found and determined e he financing
If the c Tof c rojece as provided h oug
` the
oof e olds c approprta ee u
� Issuer s pow, reand willoresul nln a su bs[antial pub liltbenef it,
C. All n aty a the part of ehe Z s
ing t or c
tFe authiz a[ionJne and dve elicyo fe
relatthis
solution and the Bonds have beenvalidly taken and the I
has fu[ther approved the sale and i of the Bonds ands all
acy a [he pare of ehe53 [elating t the
sale and delivery of the Sondsuhave been validly taken,
ando that the Bonds, when i shall be a valid and enforce able
obligation of the I ording t the import thereof, e cept
th e nEorcement ereof maycbe limited by bankruptcy, r solvency,
organization, mIL other laws for the relief of
debtors at ehe time [nceEfect.
On the date hereof, e cept fo[ that c t filed
August 11, 1986 by David R. Gonte[, Sc., a Plaint iffi i rthe
Circuit Court of the Eighteenth Judicial Ciccuit of Seminole
County, Florida bearing Case No. sort
pci oft
Bonds, there i
pro eed i ngss i ngoi ry o tig ation atslaw o nequity, befoee
or by any court of any judicial, adm in is [t at ive ror public agency,
against o affecting the Issue[, wherein a unfavorable decision,
ing o ind ing Mil [ eenjoinnt he [ sale of
del iveryrof the Bonds, o advecs ely affect the transactions
coneemplated by, oc the validity or enforceability of, the Bonds
embe[s of the Issue[ o officers of the Zssuer o the validity
of any of the proceedings taken by the Issoec [elating to the
11 t egoired by the I ith i and
sate of the Bonds o tadop[inge and performing it. uobligae ions
under eh is Resolu[ionit6
The Zssuer c ehae i shall comply fu 11y,
daring the [ of the Bondsntwith alltappl icab le toles, rulings,
r egulaeions and decisions promulgated by ehe Oepac tment of e
u[y o na1 R ith respect. t ehene
onds s to ma[ntavn the vcax exempecstatus of the interest on
the bbtdsas
G. The Ueilities Service a
T s free of any lien o
and the I t has the c ig h[, powe[ and authority to
pledger theblili[ies Servrce Tax as security for the Bonds.
The Issuer i n default i the pecfo rmance,
observance tt fulf it lme ntno any of ehe obligations, cor
onditions c ned it anyfevidence GE indebtedness, o
lease, ag re emenero other r which [ a par tyao
y which it or anyr of its properties is o[ may 11 bound, whichr
i nd ivi dually o agq[ega ee, h may nave m [ ial
adverse eff ect[o eef ina ncial c sul is ofeoperation
r properties of st lrthene c and delivery
by [he I of c solo eiontand t Dods to
c e[ions c emplaced, no omal la nce
u ebetof th .ithe anda conditi.nsofe t solution andrt onds
io la tes 1h,
emptovision of any applicable law, n onf lids wrth,
or r�suleshin a breach of, any of the terms, conditions or
tl e principal of i
and anof t e Bonds shall be
anding and and
n•o ell t y hall have been s apart
bytehe I sufficient to pa ye when tlue, the e
principals of rt onds t ing unpaid, together w ith nes t
ued antl t tthe I ith[. Ke
holder=_ of any and allof the_
asu fol lows. that.
obligations, e ce pt upon e onditi.ns and i
provided herein, oa yable Eromct e Utilities ServicemT any
pa[ eof, n voluntarily c o be c ted any
debt [lien, .ledge, a signment,re umbrances. any other c arge
having priority to ors beinq on a parity wr cb the lien of the
additional s mexpBt ress onds provided E ssubsection " N , shall
thasuch Bonds shall be junior,
i of er ioand sabordinace[ onds i ..a pursuant t this
s olt
uc o an lien and s ur ce d security fot payment from
the tJcilla
ties Service Tax. o
(B) I-1110E. The Issuer will c cry s ce
ri ly c _ by governmen tal a ingnandan
operaeingss mild. facilities a the Projecttw reputable
n cl... ng pu.....l lability
all
against loss or damage by fire (wi [F
....
..d.,thq—k Endorsement), explosion, h
nado, r[hquakeVecyclone o other F ards and t and said
p roperey loss or damage i shallaa all t ssbe i n
I_,
t sihenfai. appraisal value of t
t ldings, ap ropetties, fuhnitu re, Eix Lures and eq eipmen thof said
[o jecc. Additionally, the I M1ith provide t older
video of o the i rth respece C eal
I... tty desc ri bedson Ex hi biteA ateached hereto rn an amount no[
I,..
than S1,o00,...,
EICATlox. In an e of y
r proceedings, legal, equitable, o c[herwiseenchalleng ing [he
l idity, of c onds o solution, o any provisions
co nta_ned therern, the Issuer covenants and agrees to indemnify
ana Hold tha Bondholders Harmless from ana against any ana au
and expen ncluding r nabte a neys' fees i red
bysc ondholders in co � c[von with, or arvsing out of,nany
suchhproceedings.
(0) BOOKS A will m
books and r ords, i omple[eT and II_ ha 11 be
made ordance withh9 ene ral p rinci pl esoofa. ing s
a pplica— to political subdivisions of all t relating
r roject; and any holder of a and o ondsashalls have the
rlgheea all z noble t nspe ee c zoject and all
parts t eof,eand all recoidsCoaccounts and data of the Issue.
relating thereto.
sha 11, a a year, c e bocks,
o r as Pa oit the I so li da ring r and
s oiiaa tegbasi s tto be propezly aldi[ed by a
I.ompetent auditor
II z cognized s anding and a ceptable t the
o lder.0 andnshall furnish [ cldez w u�dred e my
(130) days of t end of t s fiscal vyea re a copy ofwsuch
audited financial s sAda it ional ly, t all
furnish [ olderto rspr ioz t May IS ofne ns years i nternal
ualtfina ncial s s foz [
lidati ng and c solida[edt basis wh ichss ha llobea ce rtified by
the —
Chief Financial Officer Of the Issuer.
(E) MAINTENANCE OF PAO]ECT. The Issuer will complete
e Project provided r Eor i cal and
of ficienc m all practicablet d i spatch,aa bdct taller
ill m aidPr oj-1 in good condition and c usly
operate the same vn an efficient manner and at a reasonable cost.
(P) ISSOANCE 'A
OITIONAL P ONS. bz
-by r right t RAddi oBonaliP icy T
0-911 ucsadditil— obligations being payableao
parity w e Bonds and being Eor the purpose of financing the
acguisiti on, tc and installation of additional
improvements o the Project or foz t e purpose o
it, t ond- nAdditional P ity obligations snail be
ued of ee ret of any Bondsrher e in a zed, except.
upon the condi[ionssa ndc[he manner hereinafter prodded:
Il) nil P icy Obliga [ions shall be
ued without cnezw Of the Holders of o
hundred percent (1008)ti naggregate principal a "
ondI Chen Outstanding; provided, Itehatmo oh
If
e Ondhol ders shall it, I1quized for heuc
If Additional P ity Obligations for refunding of
III tows then 0--di ana
12) e Issuer shall approve a
supplementing cne R solution, n Eorm a ceptablen[ e
and bond c sel, m inq aIf
covenants herein con tamed applicablek to such Additional
apill ObligationsI'll, a cep[ different provisiosns
olicab le to ch AdditionParity obligacions
eft ectsupon the i of the aolders ofh tll
he
ao�asnnarein a„enori=ea aoeeene� ou cs canaing; and
(3) all n t be in def dole i
performing anyeofsene c and obligations a med
unaet �bna�alllaer and au paymeneeu
required heceinite have been maha i ehe ac nt and
r funds, as provided hereunder, s 11 have been madesco he
Eu 11 extent required; and
147 Additional P icy obligations sha11 be
-ued if t thereof shall r salt i
of hanys Bondset andingebecomene xable Eor
Pede ralti x purposes0)and the 3 shall provide
ill eoiderewrch a opinion of a tpally I-- ized
bond c effect thae eheaonds will not become
t axableuas a resole of such rssuance); and
1o Additional Parity Obligations sha11 be
ued iff a Rthe t of i s debt
v
rage w es peccat etilities —11—
a ndthe Bonds, i lading any li[yobn 1.25 [0 1liga[i ons previtusly
or proposed [o becissued, as Illess Cha.
Such Additional P ity Obligations s a
Doll be deemetl [ ve
been i ued pursuane e this R solution chehs ds Fa
riginally a zed and i —Id pursuant C thisaResolu6ion, and
Ill
If
[and o r pro of this R solution
(e cepca Dude 1is of s ondsre v i dencing su IheAdditional
Obl bCh), all be for the equal I_it,gprotece ionsand[s icy of the hotdets of any Bonds
nally a zed andai ued pursuane c solution and
holders o anyh8onds e ing additional obliga tl ons
s ubsequene ly -'Id
w and i omplia nee
C his subsection. rAllnoEhsuchmaonds,nregar die ssnof t
of [ equally wi eh respect t
r ml ien o bche Uci li ties Service T and their s and o
icy £orn payment from said r ut preference o[
a nyu Bonds or coupon, rf any, over anyeoeher.
"Additional P icy O ligaeions", sed in cF rs
s u bsection,eshall n t be deemed e nclude bonds, n
tificates o obligacions subsequently E uedPS[ e lien
which o es er
ill UtilitiService I— Ti—111tst [a prior and
superior lieno ucn Utilities S of 9ondsi ued
pursuant t this Resolution, and e ha 11 n any
obligaeions w r payable from [ esU tilieies S -
equally t, lien and u
s and s ivf or payment
f romn1111 Itilities Service 'c 11haonds i uerlr[y
pursuant t pt i manner and under the condicione ce
r provided in tots su bsec tionnea
(G) NP.TION O ILITY; INTEREST RATE
ANJOETMENT A INEEMNFICATION.F there _Would occur
"Oeterminaclan of Taxa'o ility" It"
r defined) the i _ III
ethers Bonds Ithe
�Ad juseed_R e") from t —teof Taxability" (as M1 naf cer
defined i and tnrougn the date of payment it full oErthe Bonds
(the ncI_ion Period") shall be t e Prime R e plus a
adaiti onal o e percent I1&) per a nsna 11 be
deemed c red upon t e date of Ai enbyse nal
oofua orynn of deficiency whicnla ser[s
Ve Ef eclat tlelB ds i ncludable Eor s
Federal i x purposes i cne gross i Of the ho Saer of
the Bondsno coupon eiptnby t e Bondholder of a opinion of
na, r cog niceaebond c approved by t
(whim approval shall n t be a nably w neld)e _there Ef ece
the Bonds i mludable fod Peae ra 11h
purposesei engross i sof t ondnolder. nta of
of the o onas aha ilcneaPVe
AdjuseedtR enfromnfn eh0 cf T xability (as
Ae Bind£ceo 1,1fi Wed) andt throug'n e dace of payment in full
of t onds. any suchco
subsequently r sea o side, t _Wall be
sea immediaeely (and r vely t of T bilit"
sync rai nafeer defined) 1. ecnear of i eff—
mined lately preceding t of cT xabilil, Ildnappr Ipria[e
r epa ymenes of e tell£ any) sha 11 be paid t
tofeT bility" m arliesche
eTdate_a t pa yableeo Onds i
ncluaa ble i the grossri ofte hesR—d-1— a result of
ehe o of any c s giving r
ivagre o pay anyr penal eies o any
ng by c ondnolder due t the faiiu ra
oftc ondholaerat eclude i on ds in gross
e for Federal x par posesof rhenat poi cion of t
ica e,dingmwi th the date of t Any
rng from such a and any
penalties ni eefozm_o oenersisers illrbe paid on
the 1 t payment astern ceding the 0 x [heat ued e
s eI, i all be deemed t nclude and m
r noerese ac cne Aajusced Race during any mclasion Perioa�
At prop — i c subaectio. and i onas, e
obligated bopay c additionel e
and older upon the ..........
tI
e a
subsequent to paymentI ec onda_inhfull,
r specif i ca lly agrees and c icn ehe Bona holder
oepaysc ach such d- thlder, a inaemni cy, s alai clonal
�ided for under t subsection upon [ t forth
addition t tnesforegcing indemni t res rand _payments
required by t subsection, if any change i [ne
ermre[a tionrt eof oc s hereafter, otherl thanra e or a ng eci the N m Corporate T
P referencer Red�ccionh Rate, and, as a result ch ereof,a the
Bondholder or former Bondholder r opioi on of a
q ualiEied c ...... 1, a ccenta1e lee[oi'he I and the Trus tle,
ofawFichoopiniv,� s all be paid bysiuer
c nangeswi ll r salt 11 �1) a disallowance, elimination, reduction,
disqualification or loss of right to claim any deduction or
r edit for federal o r local i x purposes of such
o ndho,d" o of any raffiliat es group .f which s ondholder i
ember (hereinafter referred t s"�, and/or 12)
ew imposmtion of an` preference, m mama mother special t
nder e federal, s r local t xylawso(hereinaE[er referred
—lh and s h Loss o s directly o indirectly
e h end t onahoeaer's . nip e the Bands o the
e ipb of i ref L. t retie Issuer aq re indemnify
n eonaholce� eoehsuoF L. tel
by i imgs ene i
payments to be made or previously made t ondholdertw
espect C ends by a a f t e rhdeduct f de of all
receirequired io be paidma sultcof such etil., de,
pt of aocn sums iincluai�gCewiehout limicazion, any tlx
a fter.tax e c yield and o ralt n afte r.tax c h flows
resulting from the holding of such Bonds at the same levels which
shall be er detmined the basis o- umptions t C li) the
on —de, would he
ea li zed the a meds[ x benefitaof the
deduction or creditvenif r s u cF change in law or interpretation
highest marginal rates imposed by [Fe laws applicable to such
2ondholde r. The foregoing indemnifications shall represent e
.......ions under this e
a solution and the Bonds, andppshall r main
n full force and elf ectu til expiration of any alicable e
of limitations (ornlimi Cation period) wi en respece t
n<lusicn of i e 9r oss i ofny s aondholdere
Any such sums payable hereunder shall• bee payable bycthe Issuer on
eha11 —get each fiscal year el amount of the revenues bf the
(-1) el t e debt s inq due that fiscal y Until
payment of the debt s the Bonds for a made
the x hall n eea��e e buageceaceo es n payment.
l p ooiae c elae,ea iea Dopy o
•adopted budge[ foree h fiscaley t l-11 the
l— day of September of eat year egr nni mg September 3din19 ,
(I) L wi11 n
repeal the ordinance now in effect levying the Uti ltt ins Service
Tax and will n end o modify s ordinance i any m
impair o tadve rsely affect [ ehpower and obligaFionnoErt
0 0 levy and collect such Utilities Service Ta or hi
mpaire
sadwe rsely affect i any m e pledge of su chxU t ili[ies
Service Tax made h eights of —holders of t
ond:. hallobetu Ihlitionallye"I i cably
obligatedhesos long a any of the Bonds o the i e t thereon
.'ding and unpaid, t ..y and collet y such: Uti lities
ServiceaT the m e permitted by law, t the ..ent
t ary[o pay t e debtus requirements o ondsand
o eh" payments provided for h 'This provision
ut.
hallkn tb be c ':trued to prevent r nablerr of rates
of s tilitles Service T o longs.: proceeds: of ns
eilities Service T o bbac [ed by the 1 ach year
eafter, will b sufficienet requiremen tse of
Section 1](H) hereof, to pay t e de be is requirements o the
onds, and to make all other payments required bare under in such
year.
(S) UTILITIES SERVICE TAX N The
r has full power t cably pledge the[Pli ties Service
the payment of therpri..ipat of and i onds,
v te pledging Uf t tilicies Service T
ded h nallen :object t repeal' modification or
Pmpairmentebyra ny su bs equebt ordinance, r n• or ocher
proceedings of the governing body of the Issuer.
(N) CONSTRUCTION aEQO I HEMENTS. The I shall provide
the Holder wi eb a copy of t and Specific. tlons for e
roject and the c ith t e general c
ol-3-1 w ithtcoitc :uoject sha l l e bepbondedt in
e hgenera r ject
older mayre 'ably require. Additionally,
hallhprov.ide the Holdee a veY of [he real
property described o hibit •' vey :ball be
prepared by a rag isteced Florida landes veyor and shall be
prepared i orlon andards s e forth in Chapter
21 HH-6 If n th.blorida Administrative Code.e
ing h shall be c ued to grant t
o ndholder any 1 any real pr opertys of c
any 6 inhabit. it t 111, or any real propertyese rvedf
by the: facilities of said Project.
SECTION 18. E ENTS of DEFAULT. The Eollowi ng shall be
of Default" under t solu[i on, and the t "Event of
Default" shall m whenewerai sea in this Reson, olutiany
one or more of ehe following events.
"1 default i e due and punctual payment of a
.—tipor rnterest _ red to be paid under the Honds;
(2) default i e due and punctual payment of any
r equixedh to be paid he reu ndec and the
uationsof such default for a perrod of Cen I10j
day,
nor
1tI default i the performance of the i
ligation t I
eep the Project insured as required s
hereunder; ar
I4) e failure by e r prompely c lift any
ofhs sequence a wilt impai
cabi lityrt rryeo ope,at ion of Che Project o to
rry o oobligac under c solution or the
o ndseres
, o Ghe c by t of a voluntary
under any pencmo ct futuree federal bankruptcy a
a oy s mI— federal o e law, o the c c by it
o
appoi men. of o ct"ingosve psession by as re ire
l i 1u1 dator,c other s milarcoffib—
ofue of all o any substantial portion of i
inq of any a signment for t e benefie of
e heecredttorse o k[he failure of thc generally to
pay i s debts a uch debts becomedueiso ing of
any action by thes Issue, in furtherance of any ofkthe
Eoxegoing, o the a try of a decree o order for r ief by
t having j ibd i ction 1 e premises i es Pere of
a.. c under any present o
futu res" I" ala ban k r "p y a any s milar federal o
e law, o cr cry of a deee o order by a
ing juris d i ctionni rem a premises I, pect of c
Issuer appoincinq a ,ecervec, tr u stem es
liquidator or other
substantial portion of its x ordering the winding
up or liquidation of itsaffa irsandthe cunt lb _ of
representation o my o the part of the Issuer in
solo tion, re he,xonds and continuation of Ill
default o ah fora period of thirty "I, days haf ter
notcce ofr s bchdefault has been given to the Issuer by the
default or breach and require it to be remedied and state
period the S r has, ib th, sole opinion of c
nably calculated t medy suchedt-11,
xoldepsmayae end said period to peovide a
opportunity for the default to be remedied; o,
(6I lb,n of any m ra1 s a III 1
false rn y aterialcx espect in any certificate[ as
re po,t
bill, document furnished by the Issuer o n its behalf
rto chrs Resolution or the Bonds; or
T ZON 19. R any .....
of pefaulc
referredFc n SecCionEO flFhereofe s hall h red and be
ing, t tioldex may c anY o oo. ...
following
medial stepse provided c notice of c of
Default has been given e ehe i ruby the Holdereande that such
Default and -1oo of Default h
e been cured with- any applicable cure periods provided
(i) Holder may, a option, declare e unpaid
principal balance of t and plus all a ued and unpaid
o behimmediately due atdr payable, w eupon the
hallhbecomec i mmediately due and payable; and lii)r the
Holder may• e t law o eq'uity, by s andamus
other proceedings i anyrc of compe t enct jurisdiction,
protect and enforce any and al lr rights, including hl right C
[he employment of a ing under t e laws of the o
State of Florida, otrg ranted andre ned h and may
enforce and compel t e perfancepofaall du t ie snrequ it ed M1
by any ,ppl- 1,, ormo be performed by the Issoereo rr by
any officer thereof, ing h 1 be c served
o gra nc C holderNofM1e olds, anyw111, o any real n
property of the S r proceeds of ad valorem taxatron
recerved by the issuer.
�, equity, by s andamus o other proceeding i
any c of competent jurisdict.i on, protect and enforce any and
all rights under the Laws of c e State of Florida, or granted and
coma r ned in this Resolution, and may enforce and compel ehe
applicable s e performed by t e Issuer or by any
officer t eofuand t and agrees to pay a
alya ndhr nable a to- of any Holder o onds,lor
t g fo, —t, Bondholders in any such Legal or
equitableap roceeding.
forchw NY.. o pbynted Pgenesntnd attornto thissyseronllecy and
e been paid and made good, and all def—lts under
e pro sha11 have been c red and made
ood, t shape nol to nger collect and r y fonds, 9 pon the en y of ran order of the court to that iffect.an gp any
subsequent default, any holder .f Bonds, . any t.ee appointed
for Bondholders a naf ter provided, shall h the sm
right e the hfur[her appointment of a recerver upona ny
such subsequent default.
Such r the performance of the powers
hereinabove con Eerredsup.n him, he under the direc[i on and
supervision of the c inq such appointment, shall at all
s be subject [ orders and decrees of s and may
I bemr ved [ ceby andea uccess.r receaver appoineeduin the
discretion Ofesuch court.
SECTION 2—IATION OF EXECUTION AND DELIVERY OF
DOCUMENTS. The NaY" " t a.. e City
Clerk of e
eby authorized andudlrec[edn[ n behalf o
11
I—,
hevI and under i official seal, t ondd..a zeal
Arbi[r age ei Ei ca ce and s ochev aocu.—" and
Sentificaces of the Issuer a may be required by Ake rman,
ee r fitt s Eidson, Bond C se1, i nnectron with the
nssuanoe, sale ana delivery f [be Bonds
N 2I. NODIEICATION OR AH ial
dification0o endmen[ of ehis R solDtEon o Nofmanyrr
la
e nda gory e eof o supplemental t may be made wrthouton
the c inq of the h.ldersaoEtt -thirds o rn
pri cipalea of the Bonds c andii, provided, e
ho�oever, tha ton modification o idment shall permit a change
try of s onds o reduction i of
of the principal obligation,
t--tingrt lop romise of c o pay c
principal of and intere onds, a the rshall become
due, from [ ci li[iesSE reduce s h percentage of
holders of s ands r,q.iredaa e for s modifications o
bbd_tb w the consent of the holders of all the Bonds ec
be affected thereby.
SECTION 33. sEVERABILITY OF i PROVISION. rE any one
of [ agreements orLpDovisio ns of [
so lu [ion shouldvbeaheld c ary [ any express provision of
ary [ e politytof express 1 .ugh n
expresslyn prohibited, o again.[ public policy eho all for any
wh,l...... be held i valid, then such c
agreem..t' or provisions s 1 be n and voidvandnsnall be
deemed separa ce from c ing c provisions o
agre and i wa y ra Cty of all the o
provisions of encs Res.lutioneor of Ghe Bonds issued mere. nder.
SECTION RXIALING CLAUSe. All r solutions of G
onflict w the provisions of [hrs
so lu[ion, pa .tent of such roof lit[, her y
superseded an de r epeal ea.e
S N 11. TINE OFT ING EPEECT. This Resolution snail
cake e f fec[I mmedia[ely upoiApass ag e.
EY////&/Y.':9 "
L g Rsv p i-a,<w<d M oRxP. irc. �/Cf JJwT/aU I/JE v
rigi� o
s^Sl'l
Ea, �;gpel way e, w<r, Lm,< Avenrc, thence Nn s.oa+ze io w. oiorW m�a Ee. o<4.
rig„ o
W-1 to
a a, ticylm,u/. wut hrc o1 nee iot �V., a eriancc of se.ve Iai
Y<PoANb o �x izzz, � isi of ,M awx<
PARCEL A
LEGAL DESCRIPTION (O.R. 520, PAGE 76)-
Corn--,, at a stoke at the Northeast Corner of Jessup and West Lake Avenues, in
the Town of Lo,gw.od, Florid., according 1. p1., thereof recorded in Plot nr I,.
pages 18 t. 21 of the p.blic record:: of Seminole Cwnty, Florida, thence running North
arq.lorg said West Lake Avenue 100 feel to right of way of Florida Mid]— Railroad,
thence East and along wid right of w.y 1100 feet, thence S—h 100 feet 1.. point .n
North right of w.y of Jessup Avenue, Ih— West .long Jessup Avernne 400 feel t. ,he
point of be inning; said land being in Section 31, Township 20 South, R.rge 30 East.
SUBJECT ALSO to existing roods am public utility e.semen,s, if any
Containing 0.U4 acres, more or less, net.