Resolution 213RESOLUTION N0. ~_,~_~
A RESOLUTION PROVIDING FOR THE CONSTRllCTION
AND ACQUISITION OF IMPROVEMENTS TO THE. WATER
SYSTEM AND A NEW SEWAGE COLLECTION SYSTE[~t IN
THE CITY OF LONGWOOD; COTIIIINING SAID SEWER
SYSTEM AND THE EXISTING WATER SYSTEM OF SAID
CITY INTO ONE COMBINED AND CONSOLIDATED SYSTEM;
AUTHORZZING THE RETIREMENT OF AN OUTSTANDING
NOTE PAYABLE FROM SAID WATER SYSTEM; AUTHORIZ-
ING THE ISSUANCE OF NOT EXCEEDING $2,725,000
UTILITIES REVENUE CERTIFICATES, SERIES 1973 TO
PAY THE COST THEREOF; PROVIDING FOR THE RIGHTS
OF THE HOLDERS OF SUCH CERTIFICATES; PROVIDING
FOR THE PAYMENT THEREOF, AND MAKING CERTAIN
OTHER COVENANTS ANO AGREEMENTS IN CONNECTION
WITH THE ISSUANCE OF SUCN CERTIFICATES.
8E IT RESOLVED BY THE CITY COUNCIL OF THE GlTY OF
GWOOD, FLORIDA:
SECTION 1: AUTHORITY FOR THIS RESOLUTION. This
olu[ion is adopted pursuant eo Chapter 9825, haws o£ Florida,
1923, and as amended, and Chapter 184, Florida S[ac utes, and
er app licab Le provisions o£ law.
SECTION 2: DEFINITIONS. The £ollowing terms shall have
following meanings here unless the eext otherwise expressly
A. "I ssner" shall mean the City of Longwood, Florida.
e. "Ace" shall mean Chapter 9825, Laws of F1oxlda, of
and as amended, and Chapter 18+, Florida Statut e.s.
C. "Obligations" shall mean the $2,]25,000 Utilities
e Cereifica tes, Series 19]3 herein authorized [o be
together with any additvonal parity ob Ligaeions hereafter
under the terms, conditions and Limitations con tamed
D. "Holder of obligations" or "obligation holders" or
semi iar term shall mean any person who shall be [he bearer or
r of any outstanding obligation or obligations registered to
e or not registered or the registered owner o£ any such
gation or obligations which shall at the trme be registered
r than to bearer.
E. "Additional parity obligations" sha 11 mean addi-
al ob Ligat ions lssued in compliance with the xeems, con-
ons and limitations con earned in sub seceion LS Q. hereof which
an equal lien on ehe revenu .s herein defined, and rank
Sly Ln all respects with such obligations in i[i.a L1y i.s sued
F. "Faci li eies" shall mean Che complete combined wafer
and sewer system now owned, operated and maintained by the issu ,
together wi ch any and all improvements, extensions and addictions
thereto hereafter constructed or acqurred.
G. "Grass revenues or revenues shall mean all in
.ome or earnings, incLudi ng any income from ehe investmene of
Eunds un Less otherwise provided herein, derived by the issuer from
the operation of ehe facilities.
H. "Cost of operatron and marnt enance of the faciLi-
ores shall mean the current expenses, paid or accrued, of opera-
te maintenance and repair of ehe facilities, as calculaeed in
accordance with sound accounting practice, but shall not include
any reserves for renewals and replacemen xtxaordinary repairs
or any allowance for renewals, replacements and depreciation.
I. "Nee revenues of the facilities shall mean the
revenues or gross revenu s defined in subsection G. above,
of eer deduction of the cost of operation and maintenance, as
2 -
defined in subsection tl. above.
S. "Consulting engineers shall mean such qualified and
recognized consulting enginee having a nationwide and favoxab le
repute for skill and experience in the cons CTllC[LOn and opera-
exon of such Facilities at the time retained by Che lssuer to
perform ehe aces and carry out the duties as herein provided £or
such consulting engineers.
K. "F1sca1 year" shall mean the period commencing on
November L of each year and ending on the succeeding October 31.
L. Words importing singular number shall inc LUde ehe
plural number in each case and vice ver and words importing
persons shall include firms and corpoxaeions.
SECTION 3: FINDINGS. If is hereby ascereained, deeer-
mined and declared that:
A. The issuer now ow op grates and maintains a
sys gem for treatment and dia tribution of wager eo tes inhabiean es
(herein ca ll.ed 'water system") from which i[ derives revenues
f rnm rag s, fees and ocher charges fox ehe services thereof; that
saf.d revenues axe not pledged or encumbered in any manner excepc
Lo the prior payment of the principal of and incerese on a Water
Revenue Note, dated Auguse 31, 19]2, outstanding in the principal
amounx of $224,583.38 and bearing ineerese at the rate of 5% per
annum (hereinafter called "pu es Banding Water Note"), which by it
terms is redeemable at any time at the option of the issuer.
H. Tne issuer does not now own or operate a system fox
';ehe collection, Creatment and disposal of sewerage and waste
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C. It is necessary and desirable to acquire and con-
cruet improvements to the water system and a new sewage colLec- ~'..
ron system (hereinafter called 'sewer system"), o connect into '
he regional sewage treatment plant i.n Altamonte Springs, as
rovided herein (hereinafter called "project"), n order to
reserve and protect the public health, safety and welfare of the
nhabitants of the issuer.
D. Ie is also deemed necessary and advisab Le and in
he best interests of the issuer and its inhab itan [s to combine
nd consolidate said water system and said sewer system in eo a
Ingle combined water and sewer system for financing and other
urpos es and to pledge ehe net revenues of said combined water and
ewer system (hereinafter called the "faciLiti es") t'o the payment
f the principal and interest on ehe obligations auchor iz ed by
his Resolution.
F.. It is aLao deemed necessary and advisable that the
ut sta ndi ng Water Noee be refunded or refinanced from the proceeds
f the ob iigaeions as provided herein.
F. The principal of and interest on the obligations and
11 required sinking Eund, reserve and other paymen is sha 11 be
ayab ie solely from the nee revenues derived from [he operation of
he facili eies, as herein provided. The issuer sha it never be re-
vs red to Levy ad valorem [axes on any property eherein to pay the
rincipal of and interest on the obligations or eo make any of the
equi red sinking Fund, reserve or other paymen cs and such obli-
aer ons shall not constrtute a lien upon any property of or in
he issuer.
SECTION 4:
A. AUTHORIZATION OF CONSTRllCTION ANO ACQUISITION OF
PROJECT. There is hereby authorized the construction and acqui-
srtron of the project pursuane eo the reporxs and the plans and
speci£icatio ns of the consulting engineers, present Ly on file
with the issuer. The cost of such project, in addition to the
seems sec forth in the plans and specifications, may include, buc
need not be limited to the acquisition of any lands or interest
therein or any ocher properties deemed necessary or conven rent
therefor, engineering, legal and financing expenses; expenses
for estrmat es of costs and of revenu expenses fur plans,
specific at'ions and surveys; the fees of fiscal agents, financial
advisors or consu Ltants; admin iserative expenses reLa Ling solely
eo the con st racer on and acquis rt ron of the project; the capitali-
za ti on of interest fora reasonable period of eer the issuance of
the ob li gacions; the creation and estab li slunent of reasonable
reserves for deb[ servrce; [he discount on the sa Le cE the obli-
gation if appLicab le; and such ocher cows and expenses as may
be necessary or rocs dental to the financing herein authorized and
the co nseructron and acquis'i eion of the project and the placing
of same in opera tr on.
B. COMBINING OF WATER AND SEWER SYSTEM. The water
system and the sewer system be and they are hereby combined and
consolidated into one single water and sewer system for financing
and other purposes.
C. AUTHORIZATION OF REFUNDING OF OllTSTANDING WATER NOTE.
There 1s hereby auehoriz ed ehe refunding or refinancing of the
Dutstandi nK Water Noee in ehe manner hereinafter provided in this
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SECTION 5: RESOLULION TD CONSTITUTE CONTRACT. In
siderat ion of the acceptance of the ob ligaeions authorized to
issued hereunder by chose who shall hold the same from time eo
this Resolution shall be deemed co he and shall constitute a
tract between the issuer and such holders. 'fhe covenants and
_ements herein see forth eo be performed by the issuer shall be
ehe equal benefit, protection and security of the legal
ders of any and all of such ob iigations and the coupons attache
re ali of which shall be of equal rank and caithout prefer-
, priority or di.s tinceion of any of the obligations or coupons
r any other [hereof, ex ep[ as expressly provided [herein and
SECTION 6: AUTHORIZATION OF OBLIGATIONS. Subject and
uant to ehe proves tuns hereof, obligations of the issuer to be
n as "Utilities Revenue cerei£ieae es, Series 19]3", herein
times referred to as 'obligation re authorized to be
ed in the aggregate principal amount of not exceeding Two
ion Seven Hundred Twenty-five Thousand pollars ($2,]25,000.00)
SECTION 7: DESCRIPTION OF OBLIGATIONS. The ob Ligatio ns
1 be dated May 1, 1973; shall be numbered [Dose[ utiveLy Lrom
upward; shall be in the denomination o£ $5,000 each; shall bea
rest at such race or races not exceeding the maximum rate
d by the Act or by other applicable iaw, the actual rate or
s to be determined by ehe governing body of the issuer upon th
of the obligations; such interest eo be payable semi annually
1 and November 1 of each year; and shall mature serially in
rical order, on May 1 in the years and amounts as follows:
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YEAR AMOUNT YEAR ANAIINT
1976 $25,000 1993 $ ]5,000
1977 30,000 1994 80,000
1978 30,000 1995 85,000
1979 30,000 1996 90,000
1980 35,000 199] 95,000
1981 35,000 1998 100,000
1982 35,000 1999 110,000
1983 40,000 2000 115,000
1984 55,000 2001 125,000
1985 45,000 2002 130,000
1986 50,000 2003 140,000
1987 50,000 2004 150,000
1988 55,000 2005 155,000
1989 60,000 2006 165,000
1990 60,000 2007 170,000
1991 65,000 2008 180,000
1992 ]0,000
Such ob ligaeions shall be issued in coupon £o rm; shall
payable [o bearer unless registered as hereinaf[er provided;
11 be payable with respect to both principal and interest a[ a
k or banks to be subs equentLy determined by the issuer pxi.or t
delivery o£ the obligations; shall be payable in Lawful money
the Unie ed Sea tes of America; and shall bear interest Erom
rx dace, payable in accordance with and upon surrender of the
ur[enanc interest coupons as ehey severally mature.
SECTION 8: EXECUTION DP OBLIGATIONS AND COUPONS. The
igatrons shall be executed in the name of ehe rssuer by the
or and countersigned and aeeested by the City Clerk, and its
poraee seal or a facsimile thereof shall be affixed ihexeeo 0
roduced thereon. T'he fats imi Le signatures of the Mayor or the
y Clerk may be imprinted or reproduced on the obligations,
vided that at leas[ one signature required to be placed thereon
li be manually sub scrlb ed. In case any officer whose signa-
e shall appear on any of the obl igacions shall cease to be such
rc er before the delivery of such obligations, .such signature
7 _
or facsimile shall nevertheless be valid and suEficienx for all
purposes the same as if he had xemarned in of lice until such
delivery. The obligations may be signed and sealed on beha if of
ehe issuer by such person who at the actual time of the executr
of such ob Ligacions shall hold the proper office with the issu
although at the dace o£ such obligations such person may not have
held such of £ice or may not have been so authorized. '..
The coupons ateached to the obligations shall be
authenticated with ehe facsimile signatures of any present or ',.
fueure Ffayox and City Clerk of ehe issu and the validation
certif icaee on ehe obligations shall be executed with the fac-
srmile signature of ehe Mayor. The issuer may adope and use for
such purposes the facsimile signatures o£ any persons who shall
have held such offices at any trme on or after the date of the
obligations notwithstanding that they may have ceased [o be such
officers at the trme such obligations shall be actually delivered.
SECTION 9: NP,GGTIA RILITY AND RF.G ISTNATION. The ob-
ligations and ehe coupons app erta rni ng ehereeo issued hereunder
sha 11 be and shall have all of the qualities and incidents of
negotiable in strumen cs under the law merchant and the Laws of [he
State Df Florida, and each successive holder, vn accepting any
of such ob Liga [ions or ehe coupons appertaining thereto, shall be
conclusively deemed to have agreed [[tat such obligations shall be
and have all of the qualities and incidents n£ negoei ab le instru-
menu under the law merchant and the Laws of the State of
The ob ligaci on.s may be registered at ehe option of the
as eo principal only at the office of the City Clerk, as
g -
iegist xar, or such ocher Regis [xar as may be herea£eer duly
appointed, such iegist rarien eo be noted on [he back of the obli-
gate ons in the space provided eherefor. After such regiseraeron
as to principal only, no eransfer of the obligations sha 11 be
valid unless made ae such office by writeen assignment of the
registered owner, ox by his duly auehoriz ed ateorney in a form
satisfactory to the Regiscr and similarly noted on the obli-
gat ions, but the obligations may be discharged from registration
being in Like manner transferred to bearer and thereupon erans-
f erability by delivery sha it be restored. A[ the option of ehe
holder, the ob ligaeions may chcreaf[er again from time eo time be
registered or transferred to bearer as before. Such reg is trot to
as to principal only shall not affece the negotiability of the
coupons which shall coneinue to pass by de Livery.
SECTION L0: OBLIGATIONS MUTILATED, DESTROYED, STOLEN
DR LOST. Ln case any obligation shall become mutilated, or be
destroyed, [oleo or Sos the issuer may in xes discreelon is su
and deliver a new nb ligation wixh all unmatured coupons attached,
i£ any, of like tenor as the obligation and attached coupons, if
any, o mutilated, destroyed, [oleo or los n exchange and
substrtutx on fox such mu tilaeed ob ligaei on, upon surrender and
cancellae ion of such mutilated obligation and attached coupons,
1£ any, or xn Lieu of and substieueion for the ob Ligation and
attached coupons, if any, destroyed, stolen or lost and upon ehe
bolder furnishing the issuer proof of his ownership [hereof and
satisfactory indemnity and complying with such ocher reasonable
regulations and condieions as the issuer may prescribe and paying
such expenses as the rs suer may incur. ALL obligations and :~
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-oupons so surrendered shall be cancelled. I£ any such obligati of
~x coupon shall have matured or be about eo matu instead of
issuing a sub s[itute obligation oe coupon, ehe issuer pay pay the
,a upon being indemnified as aforesaid, and if such obligation
cr coupon be lost, stolen or destroyed, without surrender thereof
All such duplicate obligations and coupons issued pur-
suant to this section shall constv.tute original, additional <on-
trac CUal obligations on the part of the issuer whether or not ehe
Las tolen or destroyed obligations or coupons be a[ any time
found by anyone, and such duplicate obligations and coupons shall
oe encit Led to equal and proportionate benefits and rights as to
lien on and source and security for payment from [he funds, s
hereinafter pledged, [o the same extent as all other obligations
and coupons issued hereunder.
SECTION L1: PROVISIONS FOR REDEI~TSON. The obligation
of this issue maturing in ehe years 19]6 to 1983, both inclusive,
are not redeemable prior to their respec give stated dates of
oat uri cy. The obligations maturing in the year L98+ and ehere-
of eer are redeemable prior to their res Pective sta ced daces o£
maturity, at ehe opeion of ehe issu in whole or in pare, in
inverse order of maturities and by lot within a ma curity. on May
L, 1983, or on any interese paymen[ date thereaf eer ae par and
accrued interest to the dace of redemption, plus ehe following
premiums, expressed in percentages of the pae va Lue the reo£, if
redeemed in the fal.Lowing periods:
- LO -
PERIOD (both da ees inclusive) PREMIUM
May 1, 1983 [o May 1, 1987 3%
November 1, 1987 to May 1, 1991 2 L/2%
November L, 1991 to May 1, 1996 2%
November L, 1996 to May 1, 2001 1 1/2%
November L, 2001 and ehereafxer
prior to maturity L"/,
Noefce of such redemption (i) sha 11 be published at
Least thirty (30) days prior eo xhe redempx ion date in a
financial journal published in the Borough of Manha Bean, City
and Stare of New York, (ii) shall be £iled wixh the paying agents,
and (iii) shall be mailed, posxage prepaid, to all registered
owners of obligations to be redeemed at [heir addresses as ehey
appear on ehe registration books hereinabove px ovided for. In-
[crest shall cease to accrue on any ob ligation du iy caLied for
prior redemption on the redemption date, if payment [hereof has
been duly provided.
SECTION 12: FORM OF OBLIGATIONS AND COUPONS. The
ob ligae io the interest coupons to be attached thereeo, and the
certificate of validaxion aha 11 be in substantially the following
for ich such omxssio nsertrons and variations as may be
necessary and desirable and which are herein authorized or per-
mitted or which are subsequently authorized or permitted prior t
[he issuance of the obligations:
LL -
$s,oao
UNITED STATES OF AMERICA
E1'ATE OF FLORIDA
COUNTY OF SEMINOLE
CITY OF LONGWOOp
UTILITIES REVEMIE CERTIFICATE, SERIES 19]3
KNOW ALL MEN BY THESE PRESENTS thac the City of Longwood
ida (hereina£t er ca sled "City"), for value received, hereby
uses to pay to the bearer, or if this Certificate be regis-
d, to ehe registered holder as herein provided on the firs[
of May, 19-- from ehe special funds hereir,afeer meneroned,
principal sum of
FIVE THOUSAND pOLLAftS
eo pay solely from such special funds, in [crest thereon from
dace hereof ae the rate of per ce ntum (_%) per annum
1 payment of the principal s uch interest to the maturity
Hof being payable semi-annually on the firs[ day of May and the
t day of November in each year upon the presentation and
.ender of the annexed coupons as they severally fall due. Both
icipal of and interest on this Certificate axe payable in law-
money of the Unieed States of Amerrca
a[ the op ri on o£ the holder a
This Cera Eicaee Ls one of an auchoriz ed issue of
if is aces in the aggregate principal amount of $2,]2s,000 0£
dat enor and of fec xc epc as to number, merest rate
date o£ maturity, se ued to finance the cost of ehe construc-
and acquisLtion of additions, extensions and improvements to
combined water and sewer sys eem of the Cicy (hereinafter
ed "facilities"), and the refunding of an outseanding Note,
- 12
under Che authority of and in full compliance with The Conseitu-
tCOn and Statutes of the State of Florida, including particularly
Chapter 9825, Laws of Florida, of 1923, and as amended, and
Chapter 18G, Florida Statutes, and other applicable provisions of
Law, and a res oLueion duly adopted by ehe City Council of the
City on the day of A.D., 19]3 <here-
snafter called "Resolution"), and is subjece to all the terms
and condi[tons of such Resolution.
'this Cereif'icaee and the coupons appertaining there [o
are payable solely from and secured by a prior Lien upon and
pledge of the net revenues derived by the City from the operaeion
of the facilities in the manner provided in the Res olutson.
The Certificates of this issue maturing in the years
1976 to 1983, both inclusive, are not redeemable prior to their
respective stated daces of maturity. The Certificates maturing
xn the year 1984 and thereafter are redeemab ie prior to their
respective stated dates of ma cur i[y, at ehe option of the Cicy, i
whole or in part, an inverse order of maturieies and by loe within
a maturity, on May 1, 1983, or on any interest payment dace there-
sf ter at par and accrued ineerese to the date of retlempei on, plus
ehe following premiums, eupressed in percentages of ehe pax
value [hereof, if redeemed in the following periods:
PERIOD (boeh da ees incLus ive) PREMIUM
May 1, 1983 co May 1, 198] 3'/,
November 1, 1987 to May L, 1991 2 1/22
November 1, 1991 to May 1, 1996 2'/,
November 1, 1996 eo May 1, 2001 1 1/22
November 1, 2001 and thereafter
prior to maturity 12
Notice of such redemption shall be given in the manner
requiretl by the Resolution. ~
13 -
This Cere ificate does not constitute an indebtedness of
City within the meaning of any constitutional or std tueory
vision or Limitation, and it rs expressly agreed by the holder
this Certificate and ehe coupons appertaining thereeo that such
der shall never have the right to require or compel the exez
e of the ad valorem taxing power of the City for the payment of
principal of and interest on this Certificate nr ehe making of
sinking fund, es erve or other payments provided for in the
It is further agreed between the CLey and the holder of
s Certif ioate Yhat this Certificate and the obligation
dented thereby shall noe constitute a lien upon the facilities
any pare ehereoL, or on any other property of or in the City,
. shall constitute a lien only on the net revenues derived from
operation of the facilities, in ehe manner provided in the
The City in the Resolution has covenanted and agreed
the holders of the Certificate of this issue to £ix, es tablis
maintain such races and collect such fee card Ls or other
ges for the services of ehe facilities and to revLSe the sam
eime to eime whenever necessary, s will always provide
nues in each year suf £icient to pay all costs of operation and
it enance of the faci Lit ies in such yea ne hundred per centum
~%) of the principal and interest becoming due in such year o
Cereificat es o£ this iss and on all ocher obligations pay-
. on a parity therewith, plus one hundred per centum (100%) of
reserve and ocher payments provided for in such Resolution, a
such rat fee entals or other charges shall not be re-
1+ -
laced so as to be insufficiene eo provide adequate revenues £or
such purposes; and the City has entered into ter earn fureher
_ovenants with the holders of the Certificates of this issue for
the terms of which reference Ls made to the Resolution.
It is hereby certified antl recrted that all ac on-
alt ions and things required to err o happen and eo be per-
-ormed precedent eo and in the cssuance of ehis Certificate, errs
lave happened and have been performed in regular and due form and
_rme as required by the Laws and Con stieution of the State of
?Lorida applicable thereto, and chat the issuance of the Certi-
:ic ates of this rssue does not vro Late any cons [r [utronal or
,tatutory Limitation or provision.
This Certificate and the coupons appertaining thereto
tre and have all the qualities and incidents of a negotiable
_ns trument under the Law merchant and ehe Laws o£ Che State o£
This Certificate may be registered as to principal
only in accordance with the provisions endorsed hex eon.
IN WITNESS WI{EREOF, the Ci[y of Longwood, Florida, bas
rssued this Gex eific ate and has caused the same to be signed by
its Mayor and attested and countersigned by its ciey Clerk,
either manually or with their fats rmiLe signatur and Che cor
poste seal of said City or a Facsimile thereof [o be affixed,
impressed, imprinted, lithographed or reproduced hereon and [he
rn serest coupons hex[ eo attached eo be executed wieh the facsimi Le
signatures of such officers all as of the firs[ dny of Nay, 19]3.
15 -
CITY OF LONGW000, FLORIDA
AND COUNTERSIGNED
FORM OF COUPON
On the first day of 19_, unless the
ificate co which this coupon is attached is ca Llab Le and has
, du Ly called for prior redemption and provision duly made for
payment ehexeof, the Cicy of LOngwoo d, Florida, will pay co
bearer a e ehe option of the
ler, a £rom the special funds
r ibed in the Cer ti £icace to which this coupon is attached,
amoune shown hereon vn 1aw£ui money of the United States o£
v upon presentation and suvrender o£ this coupon, being
months' rnterese then due on Lts Uei liti es Revenue Cereifi-
~., Series 19]3, dated May L, 19]3, No.
CITY OF I.ONGIJOOD, FLORIDA
AND COUNTERSIGNED
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III
VALIDATION CERTIFICATE
This Certificate is one o£ a serres of Cereificates
which were vaLida ted and confirmed by judgmene of the Circuit
Court fox Seminole County, Florida rendered on the day
of 19_
MA IbR
PROVISION FOR REGISTRATION
This Certificate may be registered as to principal only
in the name o£ ehe holder on the books to be kept by the City
C 1erk as Registrar, or such other Registrar as may be hereafter
du iy appointed, such regiserat ion being noted hereon by such
Registrar in the registration blank below, after which no eransfer
shall be valid unless made by written assignment on said books by
[he registered holder or attorney duly authorized and similarly
led in the registration blank below, but ie may be discharged
from registration by being transferred to bearer, after which 3e
shall be transferable by delivery, but it may be again regisee red
s before. Such regis oration shall no[ restrain the negotiability
of the coupons by delivery.
PATE DF IN WttO SE NAME SIGNATURE OF
REGISTRATION REGISTERED REGISTRAR
- 1] -
E F.GTION 13: 08LIGATIONS NOT DEBT OF ISSNER. Neither
the obligations nor coupons shall be or cons tieute general ob-
Ligaxions or indebtedness of the issuer as "bonds" within the
caning of the Goys titu tion of Florida, but shall be payab Le so1e1
from and secured by a Lien upon and a pledge of ehe special funds
s herein provided. No holder or holders of any obligations
issssed hereunder ox of any coupons appertaining thereto shall ev
e ehe ri ghe eo compel the exercise of the ad valorem taxing
power of ehe issuer or taxation in any form of any zeal property
r therein eo pay such obligations or ehe in eerest thereon or be
tit Led eo payment of such principal and interest Ezom any other
funds of ehe issuer except Erom ehe special funds in the manner
provided herein.
SECTION 14: PLEDGE OF NET REVENUEB. The payment of
the principal of and interest on ehe obligations shall be secured
rchwi th equally and ratably by an irrevocable Lien on the net
touts derived from the operation of ehe faci Liti es prior and
superior en all other liens or encumbrances on such nee revenu ,
r nd the issuer does hereby irrevocably pledge such net revenues
m the Facilities eo ehe payment of the principal of and intere
the ob li gatr of for the reserves therefor and Eor all ocher
equired payments.
S ECTLON 15: COVENANTB OF THE ISSUER. For as long as
ny of the principal of and interest on any of the ob Ligations
hall be outstanding and unpaid or until there sha 11 have been set
part in the SiNcing Fund, herein established, inc iuding the
e rue Account therein, a sum suf ficienT [o pay when due Che
noire principal of the obligations remarni ng unpaid, together
- 18 -
:h rote rest accrued or to accrue thereon, the issuer covenants
h ehe holders of any and all obligations as follows:
A. REVENUE FUND. The entr re grass revenues derived
.m the opera eion of the £ac ilieies sba11 upon receipt thereof
deposited in [he "Water and Sewer Revenue Fund" (hereinafter
ied "Revenue Fund"), hereby created and established. Such
tout Fund shall constitute a crust fund for ehe purposes herein
vided, and shall be kept separate and distance Erom all ocher
ds of ehe issuer and used only for the purposes and in the
ner herein provided.
B. DISPOSITION OF REVENUES. A11 revenues a[ any time
a rning on deposit in the Revenue Fund shall be disposed of on
before the fifteenth (15th) day of each month, commencing in
month immediately following the delivery of the ob Ligations
y in the Following manner and in the following order of
(1) Revenues shall first be used for depos.tt into a
to be known as the "Operation and Maintenance Fund", which is
by established, such sums as are necessary for the cost of the
anon and morn tenance for the next ensuing month.
(2) From the moneys remaining in the Revenue Fund, the
ez shall next depos ie into a separate fund which is hereby
eed and designated "Wager and Sewer Revenue Certificate
ing Fund" (hexeinaEt er called "Sinking Fund"), such sums as
be sufficient eo Pay one-sixth (1/6) of all interest becoming
on the obligations on the next seml-annual interest payment
and one-ewe if th (L/12) of ali principal maturing on the
cations on the next maturity date. All such payments, as
19 -
provided above, shall inc lode an amounx Buff is oenc to pay the
Eees and charges of the paying agents. Such m nehiy payments
shall be increased proporeiona tely to the ex cent required xo pay
uch principal and interese becoming due during the First fiscal
year, after making allowance for the amounts of money which wiLL
be deposited in the Sinking Fund out of proceeds from the sale
of the obligatron s.
(3) Moneys remacninA in the Revenue Fund shall next be
applied by the Issuer eo maintain a Reserve Account in ehe
~ Sinking Fvnd, which Reserve Account is hereby created and estab-
lished. The issuer shall, Erom the proceeds of ehe obligations,
deposit into said Reserve Account an amount equal to the maxrmum
une of principal and interest which will mature and become due
the ob ligatrons rn any ensuing fiscal year. Thereafter, to
the exeent necessnry, the issuer sha 11 deposit in such Reserve
oune the monthly sum of not less than one-twelf [h (1/12j of
enty per centum (20%) of the maximum amount of principal and
interest on all outstanding obligations becoming due in any
~` suing Fiscal year. Such payments shall continue to be made
eii there shall be on deposit in such Reserve Account a sum equa
o the maximum amount of principal and interest on all outstanding
bligacions becoming due in any ensuing fiscal year. No Further
aymenes shall be required to be made rneo such Res erv o
e Acc unt
s Long as there shall remarn on deposit eherein a sum equal to
he maxrmum amount of principal and interest on all outstanding
6ligations becoming due in any ensuing Fiscal year.
Any withdrawals from the Reserve Account shall be sub-
~ egvenely restored Erom the fi. rst moneys avai Lable in the Revenue
-20-
Fund after all required current payments for the Operation and
Naintena 2e F'und, Sinking Fund and Reserve Account, including ail
deficiencies for prior payments, have been made in full.
Moneys in the Reserve Account shall be used only for ~e
purpose of the payment of maturing pxinci pal of or rnt exest on the
>b liga[ions when the other moneys rn the Sinking Fund are rn-
su£fic rent therefor, and for no ocher purpose.
(4) Upon ehe issuance of any additional parity obLiga-
ti ons under Che ee s, limitations and conditions as herein pro
vided, the payments rnto the several accounts rn ehe Slnk ing Fund
shall be rncreased in such amounes as are necessary to make the
paymen es required above for the principal of and interest o and
eese rues £ox such add it ronal parity ob ligatro n the same basis
as hereinabove provided with respect to the ouestanding obliga-
1~e issuer shall noe be required to make any further p
is in eo the Sinking Fund or into tine Reserve Account in the
king Fund when the aggregate amount of moneys in both the
king Fund and the Reserve Account are at least equal to the
negate principal amount of obligations then ouestanding, plus
amount of interest then due or thereafter to become due on
h obligations then outstanding.
(5) The issuer shah next apply and deposit the moneys
ehe Revenue Fund into a special account to be known as the
newal and Rep lacemen[ Fund", which fund is hereby created.
rssuer shall deposit into such Renewal and Replacement Fund,
amount equal to one-ewelE th (1/12) of £ive per ten cum (5%) of
net revenues of the faci Liti.es Eor the previous fiscal year,
21 -
r ( un [i1 there shall be on deposit in such Renewal and Replacement
Fund [he sum of $15,000. The moneys in said Renewal and Replace
nt Fund shall be used only for the purposes of paying the cost
of ex tens ro enlargements or additions t r ehe zep lacement
of capital assets of ehe facilities and emergency repairs there-
to. Such moneys on deposit in such Fund shall. also be used to
implement the Reserve Account if necessary, in order [n prevent
default in the payment o£ ehe principal of and interest on the
obligations. The moneys on deposie in such Nund shall be with-
!r drawn only upon the authorization of the Council and ehe con-
suleing engineers.
(b) The balance of any moneys remarn ing in ehe Revenue
Fund after ehe above required payments have been made may be
sed £or ehe purchase and re dempe ion of the obligations or for a
lawful purpose.
(7) The Operation and Maintenance Fund, the Sinking
Fund, ehe Reserve Account, the Renewal and RepLaceme nt Fund, Che
Revenue Fund, and any other special funds herein estab Lished and
~ ea[ed shall constitute trust funds for the purposes provided
herein for such funds. AL1 such funds shalt be con trnuously
cured in ehe manner by which the depos it of public Eunds are
uehorized to be secured by the Laws of the State of Florida.
Moneys on deposie in the Sinking Fund (except the Reserve Accoun
therein) may be rnvest ed and reinvested only i.n direct obLiga-
ons of the United States of America or placed in trme deposits
n banks or cruse companies represented by certificates of depos
and conernuously secured as above provided, maturing noe lacer
than five (S) years from the date of purchase or must otherwrse
22 -
e marnta>naa in caan. Any ana all 1.ncome received by the raane
rom such investments stta 11 be deposited into the Revenue Fund.
Moneys in the Revenue Fund and ehe Operation and Maintenance Fund
hail noe be invested at any trine.
C. OPERATION AND MAINTENANCE. lire issuer will maintain
he faciLit i.es and all parts thereof in goad condition and will.
Aerate the same in an ef£ic rent and economical manner making such
x pend itures for equipmene and £or renewals, repairs and replace-
cots as may be proper for the economical operation and ma rntena
D. RATES. The issuer will enact a rate ordinance and
eeby will fix, establish and maCneain such races and will
leer such fees, renta LS or other charges for [he services of t
i litres and revise [he same from trine to tr whenever neces-
y, r upon the recommendation o£ the consulting enginee s
1 aLwa ys provide revenues rn each year Buff is iene to pay the
e of operation and ma rnxenance of the facilities in such yea ,
~. hundred per cen cum (L00""/) o£ the principal and interesc be-
ing due in such year on ehe outstanding obligations and on all
scantling addieional parity ob Sigatio plus one hundred per
.Gain (100%) of all reserve or ocher payments herein required.
h rat fees, rentals or other charges shall not be reduced
as to be insufficient to provide revenues far such purposes.
E. 600K5 AND RECORDS. The issuer sha 11 also keep
~I<s and records of the net revenuea of the facilities, which
h books and records sha LL be kepe sepa race and apart from all
ier books, records and accoun es of the issuer and the holders
not less than ten per centum (1D%) of the obligations shall
23 -
ve ma rignt ae all reasonanle c>m~to inspect au reenraa,
coupes and data of the issuer relating thecet o.
F. ANNUAL AUDIT. The issuer shall also, at leas[ one
year, within 60 days after the cLOSe of its fiscal year, cause
e books, records and accounts relating to the faci.ll eies to be
operly audited by a roc ogn.i zed independene firm o£ cereif led
61ic accountants. Such audits shall contain a complete report
operations o£ the facil i[ies including, but not Limited t ,
comparison with the currene budget and with the operations of
e prey ous yea ehe ba Lance she schedule of insurance in
rseenc e, a schedule of [he app Lication of all revenues of [he
ci iitr schedule of reserves and investmen and a certi-
ca to by ehe audito rs stating no defaule on the part of the iss
any covenant herein has been disclosed by reason of such audit.
e auditors selected sha 11 be changed at any time by a wri Been
quest signed by a maj oriey of the holders of [he obligations o
.err duly authorized representatives. A copy of such annual audi
is 11 regularly be furnished [o any holder of an obligations who
,att have requested in writing that a copy of such audios be
.rn fished him.
G. NO MORTGAGE OR SALE OF THE FACII.I TIES. The issuer
11 not sell, mortgage, pledge or otherwise encumber the facili-
es or any part [hereof, or any revenues to be derived eherefrom,
cept as herein provided, and will noe sell, lease or otheewise
spose of any substantial portion of the Eacili.t ies.
The foregoing provision notcaithstanding, the issuer shall
ve and hereby reserves the right to sell., Lease or otherwise
spose of any of ehe property comprising a Par[ of [he fac111t ies
24 -
-.
hereafter determined in the manner provided herein eo be no longer
necessary, ox else to be no Longer useful or else no longer
profitable in the opera [ion [hereof.
No sale or other disposition o£ said property, iE Che
amount to be rec exved chereEor is not rn excess of $50,000, shall
be made unless the general tanager of the facilities sha 1.1 make
rn wr rci ng the finding herernabove referred to.
No sale or other dis pos rt aon of said property for a su
rn excess of $50,000 bue not more ehan $100,000 sha 11 be made un
less ehe general manager sha 11 make in wrrting the finding here-
rnabove referred [o and the governing body o£ ehe iasuer shall,
by resolution duly atlop[ed, approve and concur rn the finding of
such general manager, and authorize such sale ox other dis posi ti.on
of said property.
No sale or ocher disposition of said property far a s
in excess of $100,000 but not more than 10% of the value of fixed
assets of the £aciiities according co the most recent annual
audit and operating repore shall be made unless the general
manager and consulting engineers shall both make in writing the ~
finding here inabove referred to, and the governing body of ehe
r ssuer shall by resolution duly adopted, approve and concur rn
the findings of such general manager ana the consulting engineer
and shall authorize such sale, or ocher disposition of said
property.
No sale or ocher disposition of said property for a s
rn excess of LO% of ehe value of the fixed assets o£ the facili-
xres according to the most rec one annual audio and operating re-
pore shall be made unless the general manager and the consulting
engineers shall make in writing the finding hereinabove referred
25 -
and thae the estimated annual average of nee revenues to be
ived by ehe issuer from the £acilieies in ehe sixty (60j com-
e ca Lendar mon chs rmmediacely succeeding ehe month in which th
or ocher dis ion of such "s c m Leted will be Co~
_ posit prop erey r o p
than 1.30 times the maxLmum amount of principal and interes
~ming due on the obligacrons in any ensuing fiscal year and
governing body of the issuer shall by resolution duly adopted,
rove and concur rn [he finding of ehe general manager and the
salting engineers, and shall authorize such sale or o~ er
icr on of said property.
Anything in this subparagraph G to the contrary not-
nstanding, nothing herein shall restrict the governing body of
Lssuer to [he extent such authority has been vested in
by such governing body, the general mannger of ehe facilities,
the ex erc rse of its or his discretion, from authorizing the
. or other disposition of any o£ the property comprising a part
the facilities, if the consulting engineers certify [hat the
enues of the facilities will not be materially adversely
ec ted by reason o£ such sale or disposition.
IE the proceeds derived from any such sale or ocher
position of property are rn excess o£ 30% of the value of the
ed assets of ehe foci li eies according to the most recent annual
rt and operating repore, such proceeds shall be used £or ehe
rrement of oues Banding ob ligaeions. If the proceeds derived
n any such sale or ocher disposition o£ propezxy are less than
of the va Lue of the fixed assets of the faciti.c ies according
the most recene annual audit and operating report, such proceeds
it be placed in the Renewal and Rep Lacement Pund or used for
26 -
he retirement of outstanding o6ligaclons, rn such proporirons t
e determined by the governing body o£ [he issuer upon the re-
ommendations of the general manager. The payment of such I
rocee ds into the Renewal and Replacemene Fund shall not reduce
he amounts required to be paid into such Fund by other provisions
H. INSlltNNCE. For so long as any of the obligations
re outstanding, the issuer will carry adequate fine and windstorm
assurance on all buildings and struceuxes of the works and pro-
erts es of the facillti.es which are subject to loss through fire 1
r windstorm, will carry adequate public liabiliey in saran and
i 11 otherwise carry Insurance of all kinds and in xhe amounts
orma Lly carried in the operation of similar faciLi ties and
roper[ ies in Florida. Any such insurance sha 11 be carried for
he benefit of the holders o£ the obligations. ALL moneys re-
eived fox losses under any of such insuran xcept public
labilie y, are hereby pledged by ehe issuer as security for the
~b ligaeions, until and un Less such proceeds axe used to remedy the
oss or damage for which such proceeds are rec erved, eieher by
epairing the property damaged or replacing the property destroyed
iehin ornery (90) days from the receipt of such proceeds.
I. NO FREE SERVICE. The issuer will not sender or ca
o be rendered any free servtces of any naeure by its facilities,
for will any pref ereneiat rates be established for users of the
ame class; the issuer, ncluding its departments, agencies and
.ass trumen taliti shall avail itselF of the servrces provided by
he facilities, or any pare thereof, and the same rat fees or
:barges applicable to ocher cuseomers receiving like servrces ~
27 -
ander Simi lax ci rcumseances shall be efiarged to the issuer and
any such depaxemen[, agency or rose rumenta l.ity. Such charges
;hall be paid as they aces and the issuer shall tran s£er from
its general funds su£f is ient sums to pay such charges. The
revenues so recerved shall be deemed [o be revenues derived from
[he operation of the Faci lit ies, and shall be deposited and
ice oun ted for in xhe same manner as other revenues derived from
such operation of the facilities.
J. PiANDATOftY CUT OFF. Upon failure of any user to pay
Eor services rendered by the facilities within saxty (60) days,
the issuer shall shut off the connection of such user and shall
not furnish him or permit him to sec exve from the facilities fur-
[hex service until all obligations owed by him eo ehe issuer on
ac eoune of services shall have been paid in full. This covenant
shall n however, prevene the issuer from causing the £acilities
connection to be snuc of£ sooner.
K. ENFORCElf:NT OF COLLECTIONS. The issuer will dili-
gently enforce and collect the rates, Eees and ocher charges for
the services of the facilities herein pledged; will cake all
steps, ac dons and proceedings for the enforcement and collect i.on
of such sae charges and fees as shall become delinquent to the
full extent pexmiteed or auehoriz ed by Law, and wi 11 maintain
accurate records with res pece ehereof. All such fees, rates,
charges and revenues herein pledged shall, as collected, be held
in crust to be applied as herein provided and not otherwise.
L. REMEDIES. Any holders of obligations or any coupons
app erxaining ehereto rssued under the provisions hereof or any
trus tee acting £or the holders of such obligations may by su ,
28 -
action, mandamus or other proceedings in any court of competent
jurisdiction, protect and enforce any and all rights, including
Che right to the appointment of a rece rv xes Bing under the
laws of the State o£ FLOrida, or granted and con earned herein, and
may enforce and compel the performance o£ all duties herein re-
quired or by any appLic able seaeutes to be performed by the rssu
ox by any officer thereof.
Nothing herein, howev sha 11 be construed to grant t
any holder of such ob Ligations any lien on any real property of
the issuer.
M. OPEINTING BUDGET. The issuer shall annually at
leas[ forty-five (45) days preceding each of its fiscal years,
prepare and adope a decal led budget o£ the estimated expenditures
for operation and maintenance of the £acilities during such next
succeeding fiscal year. No exp enditures for ehe operation and
maintenance of the facilicies shall be made in any fiscal year i
excess of the amounts provided therefor rn such budge[ without a
wrieten finding and recommendation by xhe general manager of such
facilities or other duly authorized officer in charge ehereof,
which finding and recommendation shall sea ee in detail ehe purpos
of and necessity for such increased expenditures for the operation
and maintenance of [he faciLit ies and no such increased expendi-
tures shall be made unxil the governing body of the issuer shall
have approved such finding and reconmten lotion by a resolution
duly adopted. No such increased expenditures in excess of ten
per cen tom (10~) of the amoune provided ehexefor in such budget
sha it in any event be made except upon the further certification
of the consulting engineers that such increased expenditures are
29 -
ecessary and essential to the continuance in operation of the
aci litres. The issuer shall mail copies of such annual budgets
nd all res oLuti ons authorizing increased expenditures for
Aeration and maintenance to any holder or holders o£ obligations
ho shall file his address with the issuer and request in writing
hat copies of all such budgets and resolutions be furnished him
nd shall make available such budgets and all resolutions au[horiz
ng increased expenditures Eor operation and maintenance of the
aciliei es ai all reasonable etmes to any holder or holders of
bliga [ions or to anyone acting for and on beha l£ of such holder
r holders.
N. CONSULTING ENGINEERS. The issuer will annual retain
independent consulting engineer or engineering firm having a
£avora6le reputation for skill and experience for the design, co -
structi on and operation of faciLi eies of comps rabLe size and
haracter as the facilities, for the purpose of providing the
suer compeeene engineering counsel aEfeceing the economical and
eEEic lent operation of ehe facilities and in connection with the
~ ak ing of capital improvements and renewals and replacements of
[he facilities. The issuer may, howev employ ad die ronal en-
Lneers at any time with relation Co specific engineering and
perat ion problems arising in connection with the fat iLiti es.
The issuer shall annually cause to be prepared by the
sulei ng engineers a report or survey of the facilities, wieh
espece eo ehe management of ehe properties thereof, ehe suEEicien-
y of the rae and charges for servic ehe proper maintenance
{ the properties of the £aci iiti es and [he necessity Eor capital
. provements and recommen daei ons therefor. Such a report or survey
30 -
shall also show any fai luxe o£ the issuer to perform or comply
wick the covenanes here rn contained.
If any such report or survey of the consulting engineers
shall set forth that the provisions hereof or any rea sonab Le rec
menda Lions of such consulting engineers have not been complied
with, the issuer shall ium,ediately cake such reasonable steps as
are necessary to comply wieh such requirements and recommendations.
In making such report or survey Che con salting engineers shall
accept certified seatemen is of the indep endene certified pub li.c
ace eun cants. Copies of each report or survey shall be placed on
File with the issuer and shall be open to ehe inspection of any
holder of obligations or ocher interested parties.
0. NO COMPETING FACILITIES. To [he full ex Cent per-
mitted by Law, the issuer will not grane, or cau on sent to,
or al Low the granting of, any franchise or permic co any person,
fir orpora eton or body, or agency or instrumentality whatso-
ev £or the furnishing of servxc es similar to Chose of the
facilities xo or wlehin the boundaries of the issuer.
P. ISENANGE OF OTHER OBLIGATIONS. The iasuex will not
tssue any other obLlgatto ice Pt under the conditions and in
the manner provided herein, payable from the revenues of [he
facilities, nor voluneari iy create or cause to be created any
debt, lien, pledge, assigrvnent, encumbrance or other charge having
priority to or being on a parity with ehe lien of the obliga tinns
and the interest thereon, upon said revenues. Any ocher obliga-
ti ons issued by the issuer in addition en ehe obligations herein
authorized or additional parity obligations provided for in sub-
seceron 15 Q. below, payable £rom such revenu shall con tarn
- 31 -
~I
L
ress statement that such ob ligaerons are junror and sub nxdinate,~
all res peas to the obligations, herein authorized, as eo lien
and source and security for payment from such revenues.
Q. ISSUANCE OF ADDITIONAL PARITY OBLIGATIONS. No
LCronal parity obligations, payable on a parity from Che nee
enues of the facilities with the obLigatio here i.n auehoriz ed
11 be issued after the issuance of any oh ligat ions, herein
horized, excepe for ehe construction and acquisition of addit-
extensions and improvemen es to Che £aciLieies ox for re£und-
purposes and except upon the conditions and in the manner here
provided.
(1) There shall have been obtained and filed with the
uer n certificate of an independent certified public account-
Of surcable experience and res ponsibil ie y: (a) stating [hat
books and records of the issuer re la CinK to Che collection
receipt of revenues derived from the operation of Che
i lit Les have been audited by him, (b) sect ing foreh the amount
net revenu s defined here eceived by ehe issuer £or the
fiscal years immediately pxe<eding Che date of delivery of
h additional parity obligations with respect eo which such
ti£i caee is made; (c) scacing that the average annual net re-
vues for such pxeceding years will equal at least 1.25 times ehe
Smum annual principal and in [erese requirements on (i)~a11 ob-
;a tions and all additional parity ob ligaei ons, if any, ehen
.standing and (ii) the additional parity obligations with re-
cC t0 which such certificate is made, and (d) except when such
li Cional parity ob liga ei ons are being issued for refunding
~pos racing that [he average Lncrease of the annual net
. 32 _
eevenu s estimated by a certif icaee in writing signed by the
con salting engineers, for ehe Live years immediately following
ehe completion of ehe construceion or acquisition o£ the
additions, extensions and improvements for which said additional
parity ob llgatlons are being is sve d, when added to such average
annual net revenues for such two preceding fiscal years, will
=_qual ae Least 1.50 times the maxcmvm annual principal and in-
eerese requiremen es on (i) a1L ob ligaeions and all additional
ity obligation if any, then outstanding and (ii) the
iddit ional parity obligations with respect to which such certt-
Eicate is made. '
(2) Each Reso Lu lion authorizing the issuance of addition
31 parity ob Li gaeions will recite chat all of the covenants herein
_on rained will he applicable to such additional parity obliga-
(3) The issuer shall not be in defauLe in performing any
the covenants and obligations assumed hereunder, and all pay-
is herein required to have been made into the accounts and
ds, as provided hereunder, sha 11 have been made to the full
ent required.
(1) The additional paxiey obligations shall be dated
1 or November 1 of the year oL Issuance thereof, shall bear
crest payable semi-annua Lly on May 1 and November 1 0£ each
and shall mature on May 1 of the year of maturity thereof.
R. CON@LETION OF PROSECT. The issuer will complete the
ject in an economical and efficient manner and with all prac-
able dis parch.
S. MANAGER OF FACII,I TIES. The 'issuer in operaCing Che
iliti es will employ a manager of demonstrated abi Sity and
33 -
i
experrence and will xequi re all employees who may have possess ro 1
of moneys derrved from operation of the Eaeilicres to be coveredn
by a fidelity bond writeen by a responsible indemnity company in
an amount sufficiene to protect the issuer from loss.
T. CONNECTIONS WITH SEtdER £ACILI TIES. The issuer will, '
to the Eu11 extent pexmltted by law, require all lands, buildings
and seruetuees within the boundaries of ehe issuer which can use
the facilities and servrc es of ehe poreion of the facilities con-
stituting ehe sewer faci li tr o connect with and use ehe ser-
vices of such sewer faci Litr and to cease all ocher means and
methods for the collection, purification, treaement and disposal
o£ sewage and waste matter.
N. AR6ITRAGF.. No use will be made of [he proceeds o£
ehe ob Ligaeions which wiLL cause Che same eo be 'axb itrage bonds"
within the meaning of the In Bernal Revenue Code. The issuer a[
all times while the obligations and the interest thereon are out-
standing will comply with the requirements of Section 103 (d) of
the Internal Revenue Code and any valid and applicable rules and
regu Latrons of the Internal Revenue Service.
SECTION 16: APPLICATION OF PROCEEDS OF OBLIGATIONS.
All moneys recetved from ehe sale of the obligations shall be
deposited by the issuer in a special account rn a bank or crust
ompany and applied by the issuer as Follows:
A. All accrued in Beres[ on the obligations together
ieh an amoune which, when added there will equal the rnterese
curing and becoming due on the obligations prior to, during, and
fox six months of eer the completion of conseruc t~.on of the prof ec
shall be deposited in the Sinking Fund.
- 34 -
6. An amount equal to the maximum amount of principal
and interest which will macure and become due on ehe ob Ligaetons
any ensuing fiscal year shall be deposited in ehe Reserve
Account in the Sinking Fund,
C. The Outstanding Water No[e, together with interest
crued thereon, shall be paid and retired.
D. The issuer shall next use the moneys in said special
count to pay all engineering fee legal fee fees of financial
advisors, cost of the issuance of the obligacions, and all other
r milax casts incurred in connec tron wick ehe acquisition and
nscruc Lion of the project and [he issuance of [he obligations
o finance ehe cost [hereof.
E. A special fund is hereby created, established and
designated as the "Water and Sewer System Construction Fund"
(herein called the "Construction Fund"). T`nere sha 11 be paid in-
the Construction Fund the balance of the moneys remaining a£eer
making all ehe dep osics and paymen [s provided for in paragraphs
A, B, c and D above.
r Such fund shall be kept separate and apart from all
ocher accounts of the issuer, and the moneys on deposit therern
shall be withdrawn, used and applied by [he issuer solely eo the
payment o£ the cost of the prof ece and purposes inci deneal thereoo
s hereinabove described and set foreh. If Lor any reason such
proceeds or any past Chereo£ are no[ necessary for or are no[
applied eo the payment o£ such co then the unapp lied proceeds
sha 11 be deposited by the issuer rn the Reserve Account in ehe
Sinking Fund. AL1 such proceeds shall be and con seieuce trvse
~ funds for such purposes, and there is hereby created a lien upon
35 -
moneys until so applied in favor of the holders of the ob-
Any funds on depos is in the Construction Fund which, in
e opinion of the issu Icing upon ehe recononendati on o£ The
nsulting engineers, are not Immediately necessary for expen-
to s hereinabove provided, may be invested in direct obLi-
[ions of the Uniced Stages of America or placed in time deposics
banks or trust companies represented by cerT i£ica cgs o£ deposit
Sly secured as provided by taw maturing in a peziod of cwo years
Less. A11 such securities shall be he Ld by ehe depository
nk, and all income derived therefrom shall be deposited in the
nking Fund.
AL1 expenditures nx disbars emen es from the Construction
nd shall be made only a£eer such ex pendicures or disbursemencs
all have been approved in wrieing by the consulting engineers.
e dace of completion of the project shall be determined by ehe
nsulting engineers, who will certify such facts in wrieing to
e governing body of ehe issuer.
SECTION 1]: MODIFICATION OR AMENDMENT. No maT erial '
dif icacion ox amendment of this Resolution or of any resolution
o xdinance amendatory hereof or supplemental hereto may be made
Chou[ the consene in writing of The holders of cwo-ehirds or
re in the principal amounc of the ob ligaei ons then Dues canding;
ovided, however, chae no modi£ica[ion or amen dmene shall permit
change r.n the macurity of such obligations or a reduction in the
to of interesc thereon or iu the amounc of the principal obLi-
tion thereof or affecting ehe promise of the issuer to pay the
ncipal of and interest on the obligations as the same sha 11
36 -
become ave from the ravenaea of the facilicies or reap<e the
percentage of the holaers o£ 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 18: SE.VERABI LITY OF INVALID PROVISIONS. If
any one or more of the covenants, agreements or provisions herei
r
r
r
law or contrary to the policy of the 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 vord and shall be
deemed separable from the remavn g ove nant s, agreements or
provisions and shall in no way affect the vall di ty o£ any of
shall be issues and sold in such manner and at such price or
ces consrstent with the Act, all at one trme ox rn rns to 11
men[s from trme to tome, as shall be hereafter determined by
governing body of the issuer.
SECTION 20; VAtS RATION ANTHO 822E D. The attorney f
the issuer vs authorized and dixectea to prepare and Ei le pro-
SECTION 21: REPEALING CLAESE. All Resolutions or
parts of resolutions of the issuer vn conflict with the provi-
s eons herein contavned are, to the extent of such conflict,
"', hereby superseded and repealed.
-TyVi
2.1 THE CIRCUIT COURT, I ID FOR
s&M1I HOLE COU.^Y, FLORI[~
CEVIL ACTION N0. J3-1069-E
CITY OF LONGSU00D, FIAR )
po li ti_a1 subflivision ofAtne
State of Florida,
Plaintiff, )
FIQRI-A, and the T x-J
payezsO,FP ropezty O anda
Citizens of the City of Lang-
ood, including n - silents
ing property o nsubject to )
{oration therein,ret a1.,
Defendants.
CERTIFICATE OF NO-APPEAL
I, ARTHUR H. 6EC4VZTN, JR., do hereby certify that 2
am the duly elected, qualified and acting Clerk of the Circuit
Court in and for Seminole county, Florida. '
I Further certify that a final Judgm_nt validating
utilities Revenue certificates, Series 19"13, of the city of
Longwood, Florida, rn the amount o£ not exceeding $2,J25, 000, w
filed in the above styled cause on the 2]th day of septembar,
1973; that more than thirty (30) days have elaosed srnce the
entry o£ said Final Judgment, and that the validity o£ said Final
.lodgment has not been called in question by any proceedings in
this Court. ' `I,
IN t]I TNESS ~]FD; REOF, 2 have hereunto set my hand and
a££ixed the seal of said Court at Sanford, Seminole County,
Florida, this .,_,_n_ Way of October, 19]3.
CEftTIF16D COPY ~tlue ~ ?eaka-k/e, `fr. _
ART:tUR H. B R[~iLTH Clerk o£
_„ tna c ana for
noleucounty, `F loza.da
SECTSOx 22: FE ECTIVE DATE. Tfi is Resolution sha 11
take effect immediately upo adoptionf,.{./ l\'~I'
PASSED AND ADOPTED tfi isl~ day of Y".d.J ,
A.D. 19J3. 000~~~~
~v`~'°'""'~
VICG C[lAi[iMAx of the city c cii of
the City of Longwood, Florida
MAYOR f the Ci v of on9wood,
F Lori
I, Dnnie R. Shomate, as City Clerk of the City of Longwood, Fiori da, do
hereby certify that [ did, on the 15th. day of June, A. D. 19]3, post three
(3) true and correct copies of the foregoing Resolution No. 213 at three (3)
pubiic places in the City of Longwood, jl orf tla, namely:
a c'e x n
Longwood Post Office
L d F' D tm t
~~~ ~
Dnnie R. Shomate, City Clerk