Ordinance 87-860ORDINANCE No. 860
N ORDINANCE 0 Y OP LONGW00 D,
F'LO RIDA, RATI FY INGETHETB ORROW ING OF
5380,000.00 FROM FREEDOM SAVZNGS AND
LOAN HANK FOR T F PAYING FOR 1
PAVING STRCETS I ISCAL YEAR Bb/8]
STREE I' PAVING PROGRAM P
WHE R£AS, the Cicy Commrss>on of the Ciry of Longwood
has pre vrnusly app owed a s[reet paving program [hat requires
$380,000 [o acco p rsh, and
WH P. RE reedom Savings Bank's loan p oposal for $)80,000
was app_oved by formal motron and una n>mously adopeed at a
regular meeting of eM1e City Cnmmrs..ron on June 15, 198].
NOW, THEREFORE BE IT ORDAINED AS FOLLOWS:
SECTION 1:
" The CE[y of L g ood hereby approves and ratifies the
ac[ton of [he Ciey Gommi sslon on June 15, 198], in auehoriving
[he borxouing of the sum of 5380,000 from Preedom Savings Bank
act ortling to the Berms of the loan p oposal which is made a
part of ch>s ortlina nce by ref ere n<e ehereco.
SECTION 2: A1I ordinances o p its of ordinances in
conflict he re wi[h, be and the same are hereby repealed.
SECT*ON 3: If any section o po r[aon of a section of
.h>s ordinance proves to be inva tid, unlawful o. uneonsertutronal,
it sha 11 not be held co >nvalitlate n.. p r the validity, force Or
effect o£ any ocher section of this ordrnance.
~ SEC TZON 6 This ord rna nce shall become effec[ive immediaceY~
upon final p ss ge and atlopci//o n .~~ p~-
FIRST READING: -/~Y>c-~ - 2 ~ _/_ y ~ 7
SECOND RE ADING~_ u / /9'~7
PASSED AND ApOP TED TNIS///qaD Y OF yO-A. D. 198]
lluzaC.OWYmGZ9"n/
Nay City of Longwood, Plor ida
ATTEST:
1
Weyer, a~a ooNnLO L. xc y
clerk?~of the ctn or Loncwo FLOalon,
That on day of 198], I
on/googWOOtl, Fl ortda~Yehe fo tlo ingeaas crl be deob l tga ct onsof the
yr oftL g Florida:
500,000.00 - ce (che "N a"), d cember 11, 190],
44%ap ab to
on tyeo ,r198S~fa 1980aaua
che rea fcer by a ual i ca ttmencsoo fm58fi, 190.48
eneao a~amg v gat b
sa g as Loao na aoe tae tor./LO g ood, L g oa,
Of delivery of s d Cicy Of L
vedcf romcF ee dom 8 on/LOagvood the c
e tl laic of 5380,000?Dote
cober t9~ t90e a soluci on Numbe rsc5901c5 Sd592~c593~ s94, 59fi,da 59],
tla cetl December 15,otlt 986.
gate S3 eo,0oa.o0
ao mg c scs 5 3t ~so.ooP atatame~t
net Loaa Froc ee a: 83 ] 6 2>0 0
ands rs igued off is is is o che Ctey of L g d reby authorize
a ran r as above iaateatea.
v anuess xx , we nape nare~„to aet o„r haaaa tnis zlat ear f
0ecembe r, a.0., 190]EOF
O~c /~
,~ e a as g eea to br Freedom sa g as Loaa naaociauoa/LOaguood.
..
5380,000.GO - e (rhe ' e"), tl ember 1l, t98 ),
44'6 P
Jvly 1, )t 980, a ember i,
98gba uat t
SJ 6,19otl48he ch6o
print tpat b E•reedom Ea ings and Loan nasoct ac xon/
8 for ltla,
ing a of s tog a the duty chosen, q lif ied
o ff tcers a 1lgaetons as tndtcace y
e ciey i ante eeaer a y
e Judgemeocbo
eblec
madop c toohofnche a0rtlinance o so tut ton a
cab to lta~yo oce
ei)u tlgemebnc eo 1 loan a
eacr~mea[ ro vni~na~he y
xa p y r re ~nieh it is oxnerulae ~b~e~[.
ee~m aia obugaxiea o
<o ltecc loosofeG ehe I
yifor c oof is yob itgacioneo cx tyoo a
va SSdic yeof c obl igacion o yfprovtst ~~rm
d for [he payre [hereof,
of sat6m pal tcy xof the[ Doff ice
a nytof Them rhefr office andxe of oche[ ee dtn
uchor y for the xs svanceco fvsa ttl o ltgac on has been pcaletl, evoke
atr ness oor hands and sa ttl p ace seal ehe 21se y f pecembec, t98 ).
e E ffice Exo tres
~~ r~ v, Ives
~~ w~ ~~ ~ ~
ctfy c ehe signa of ehe office of c
end g
sa ad officers and kna~ them co haL6che offices se pp Ice echeircoames.
UN 5 OP AMERSCA
E OP PLORZDA
COONTT OF EEMZNOLE
CITY O LONGW00D
LOCAL OPTION GAS TA% AND
ROAD ZMPROVE MENT NOTE
$380,D00.00 Longwood, Flo[Ida
Decembe[ a/ 198'1
NOW A Y TEEEE PRESENTS, [ha[ the CITY OF LONGW00D, a
unicSpal c Eation Sn SemSn ole County, PSOrSda (heteina£eer
red to ~a "City"), foe value r ved, he[eby p[omises t
pays[ NGS A LOAN ASSOCIATION, a Fede[a1 swings
and Loa nFA art on, Tampa, Florida (he[einaE te[ [efe[[ed t
ender"1 the~p[inci pal 5 of T EI GETY TPOUSAHD AND
00/100 DOLLARS ($380,000.001, togethe[Swity Sn terest thereon f
the date he[eoE at the [a ter of [n te[e st he[einaf te[ ethm
!sly E [he special funds he[einaf te[ man tione der rn the
following ma one:.
The City shall pay antecest only o the unpaid principal
n thly [ to ll men is c ing on January 1, 1988,
and c nutng on the alst day of each ea nd e ery m nth the[eaf te[
and "in<ludiny J ne 1, 1989, ac the [ate of o07, Y`(O
The i - set forth above shall be adjusted o the
January 1~t1989, and o the first day of Janu acy of each and
ery y thereaf tey Each n [nte[est [ate shall be
calcula red [by determining the P[Sme eA effect for the Lendec
of n ember 31, 1908 and o embere3lo of each and a ery year
th e[ea et e[. The shall be de te[mined by
multi?lyino the Prrme Ratetby eeightytf ive pe[cent (05/100).
[ pu[DOSes of this Note, the Peime Rate shall be the p[i me
established and/tie oublisM1ed by the Lende[ from trme to
..me, and is not ne ce ssa[ily its here o[ lowest tote.
<ommencin5 o July 1, 1989, and continuing the[eafte[ on the
Eirst day of July of ach calends[ year ehe[e of te[ and
Judi n5 July 1, 1999, the City shall pay principal pa ymen~s i
the a i $36,190.48, together with acceued [n eerest thereon
at the tits to oz hove see Eo[th.
The e cipal balance, plus a ued i .. no..
Boone[ pa td, [s ha 11 [be due and payable on January 1nt 2000C
o[h the n cipal of and i this Note a e payable
awful m neyr of the Uni [ed S of A [hero cipal
office of P EnOM 5 D LOANe ASSOCIATIONa, 220 E Madison
Avenue, Ta.noa, Plor [Ada NG 33603, o[ at such tithe[ place Bas Lender
may [equice.
This N ued pu[su ant to the c scitD tion and Laws of
oyFlorida, pa [tico la[ly in Section 166.113, Florida
sea eu eese the <ha:ter of the Cicy of Longwood, elo[ida, and the
r ollowing action of the Clty Council: Resolutions
590, 591, ~592,e [593, 594, 596, and 59] duly adopted o the 15th
day of D ember, 1906 and 0[d lnance N 860, duly adapted o the
19th flay of Oc eobe r, 198] relating t pad imp[ovemenes, a
[th i the above-eef e[enced R solutions. This N s payable
o principal and interest solely Erom and s d by a Ei[st
and a pledge and a sign ment of the Revenues suiting
eheo of ehes ity's pad improvemen es and 'Local
Option Gas Tax bo t[h p[esen[ and Fu to [re.
icy for and a of payment of the p[incl poi
As seta[ s a source
of a n this Note, and for any extensions o va is
che[eof,nande TOro all o and futu[e obligations of cheecity
he[evndei, the Ci[y does hereby grant co the holde[ o Ch is N
cable 13en o and; pledge and assignment of the Revenues
der vedvf:o Soe<ial Assessments sed by Che Resolutions
.v 590, >91, t592, 593, 594, 596, and v59], if the City defaults
n the payment of any rnsta llment of principal and/or v
n the oerforman ce of any of the c agreetmen es,
obl ivga [io ns, o s provided he[einv and navy such default
red u the ^a nthir[y f30) days after r eipt of wrleten
- e~h older of this Note, v cthe o ing
alm of this Note shall eto oche highest n
ced by ! and iE n applicable, then a
a~ Eouc pe[<ent (48) highe[m th am tthes [a ce fi[st sec foe th
The City he[eby c an CS and aq[ees that so loot a any of
t'r,e principal o_ and inte[est o ch is N andings that it
v!11 n r permit to be c tedte wvith ou is tthe c - of
the holde[[o Et ethis any cha[ge lien the o
derived the Clty's Local Ootlon rSOec!al
C ~f o~ goad imp[ove men is tanking equal o[a p[io[ C the
chae gemeor lien of this Noce. The CSty fu[the[ c and
that so long a this No[e i and in g, it wii In not sell
otherwise dispose of any of sthe tLOCa1 Option Gas T
Special A t for toad imp[ovements, o any pa[t there oEe
so long a anya np rin cipal of o inte[e et on th 15 Note shall be
andin9, the City and ag[ees with the holde[ of
th lst NOte ands co llect such schedule of Local Optio r.
Gas * ando SOecialy ASSe ss ments for pad tmp[o Eees
charges may be ary o produce m nthly/annual
uffic ien tsf [ Che payment of this Note and the cost of operation
nd of the cal Option Gas Taxes and Special
Assesm ^,a r. Cts n" pad vmprove men[s; vided, Eu [the[, that said
sha llt [ be reduced below o[ sent rates v3 thcut the
<o..s en.. of the holder or tM1 is note.
s payable solely from and s red by a lien upon
Toledge'of a sign menc of the Revenues de ruived from the Local
Option G and Special Assessmen CS Eo[ road imp[ovemen is and
shall not c sti to to a 9ene[a1 obllga Lion of the City. It t
sely agreed by the holder of this Note that the Eu11 faith
and[c of the Cicy a not pledged to the payment of the
pal to est [on this Note and [ha[ such holder shall
e th en o[ight t require o ompel [he e [c ise of the ad
valoce oat ing p of the Ctty, ro xa lion v any form of any
sal propeety th ee grin, to pay the rp[incipal of this Note, o
thereon, oe be e [fled to the payment of such o cipal
t f[om any oche[ fund of [he Cvty e cept from the
Revenue sr ederived f[om the Local Option and Special
s Eor pad imp[ovemen ts. This Noce shall n
lien[ upon the L cal Option Gas T Special
s fo[ toad i any pact the[eo fr, o upon
" othertprooer[y o£ o[ rn the Ci ty,r but shall cons tv to to a lien
Special Assessments fo: .pad imp[ovemen ts.
This h eedeemab le a [he option of the City, a any
foe Ghee Chen unpaid print coal balance and any a ued but
unpaid provided, however, that w no Cice rof such
[edemo Lions shall have been given t the holdee not this Note at
least ten (101 days prior to the date of redemption.
SE Che City fails o pay when due any tallment
p[incioal o est [e qv i[ed to be made ands [a this Note, o
shall fail erEorm, observe any of the c
ag[ee men es, obligations, o s p[ovided he rein va uch
de Eau lc shall c e for as rperiod of tbi[Cy (30) dayso after
ritten notice the revo fv to the City, the holder of this Note may
eed i rely without Eur chec n r demand c enforce
su~h nigh cse by mandamus or other sour, acevon o[ p[oceeding ac
law o eqc; cy to require the City t make and <o llecc the
Revenuesr and make the monthly/annual loanp payments, and to
require the c~ty to c [ry o any oche[ c agreement
d by Nate, a ncludai n9 [he collect u<h
al a0ptio nh cGas Taxes nd Spec a1v for oad
improvements a nay b ary t e spa yment ofs this Note,
and to perform all dot ies sand Ect[ons [equi red of the CiCy by
this Note.
IE the City faits to pay when due any ins tailment of
c; pad o est required to be made unde[ this Noce, o
sell of 1~ coGepe[fo[m o obse[ve any of cM1e c
ag[eemen ts, obligati ons, o an ties p[ovlded he[e i~v andn any
s bought enf or cew co[l let ti on o obs e[vance of any of
agree men cs, obligations, o tM1e[eof,
the a signed agrees to pay a na ble ra orney~sefee and all
otherncos is that may reasonably bea into r[ed,tt
ha[eby of ied and cited Chat all
ondit i~o nss and things ee red t o happen and to be
d precedent to ando in theo issuance tof CM1 IS N
have ohs??ened and have been pe[EO: med [ regular and duee EOem[dnd
red by the C of the State aE
.,o eid as =_pply ca ble th e[eto,o an d[tt halt nthe di ssuance of this Noce
limr ta,.[on
The Lender herein s the tight to a sign o othe[wise
sfer this Note, any sparticipa n9 nee rest he.e.n,
together Nith the seta ~irty [efe r[ed to herein.[
IN WITNESS WHEREOP, the CITY OP LONGW000, FLORIDA, has
this Note and has c sed the s e to be signed by its
nayo r~ and the c [ or seal of said City to be impressed
he [eon, and atte st ed pbY airs City Cle[k, all as of[he 'rz~- day
or December, 198).
f Y19~-
ATTEST:
c1T~~[~-.-~-~~
C:/'r'P/LONGWOOD.NOT
12148)/ASP
ceT (che "N ce"), da t98],
44% p
1980, a
eafce~tb
SI6, L90tl48hexc lustve oP i ,1dbntc
<tpai b a g ~tl Loan nzsoe eaee on/
OeC_YB R 21 ~g190) d d, Fl o~ida.
ins on/
Crve~ g, rau g, cco y Ac Lav.
$3,]50.00
$316.150.00
OExS!GUEO x£ LOnN ASEOC1nilON i0
DI EBIIiSE FIm05 in gCCOMANCE wITX THE POn[GOINCGE
0Y: 0~. ~Q.~.OM
D L.
Y CLERI(
a