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Ordinance 4421 2 3 4 r AN ORDINANCE BROVIDINC DID NS, I ROVF.- I—CN O c ACI £XT e T SYETEll E CITY OF I,pNGW00D,aF OVt DING FOP. E of $—,.-o ,ATBEFORAS SYFTEN _ N_ T NOT£ O , FLOAIDA; V DINGFOR T p1 ING CERTALSOON— [LEG^.6E NCOVENANTB AND AGiER£IN THAT CONE-TION. BE IT -INACTED BY THE CITY COENCIL OF THE CITY OF oNCCOOI, FLORIDA, that: _DFITT., 1. ITS FCR TIIC ORDINANCE. This ordinance is a opted pursuant to the p V_sions of Chapter 9625, aws of Florida Acts of 1923, as amended, being the Charter of the City of —-Ed, ood, Florida, Sectrdn L66.111, Florida Statutes, and other applicable o- visions of law. N 2. _ NDINGB. It is hereby ricer tamed, determined and declared that: A. the City of Longwood, Florida, (hereic.- after called "City"), now owns, operates ant maintains a water - or -Ks system (hereinafter called the "System"), for the benefit of is inhabitants. Ohe waterworks system has become inadequate to the needs of the City and it has beoome IIO.Itly necessary to make ert— additions, iaprol—ts and extensions to said waterworks system (such addition, improvement and extension are hereinafter ometimes referred tc as the "project"), all in accordance with the plans anc specifications of LAND ENGINEERING COMPANY, Consult- ing engineers, now on file or to IN filed with the City Clerk. A. 'That pursuant to said Section 166.1i1, Florida Statutes, and of t - cable provisions of la s, the City If Lcngwood has hereto ore enacted an ordinance under date of ctober 5, 1945, levying a tax on each anu every purchase of electricity, metered or bottled gas (natural, 1iYui£ied petroleum. or manufactured), ester scr ✓ice and telephone service within the corporate limits of said City, in the anovnt as provided in aid ordinance. of the payments received by the Seiler of such tilities services frori the purchaser If such utilities services, and said utilities services taxes are not pledged or encumbered in any manner. C. The revenues to be derived by the City from the operation o£ [he system have not been heretofore pledged or hypothecated except that the surplus net revenues of tM1e syste-.'� b ave been plodged to the payment of Iaterworks System Improvement Note, dated September 11, 19).^ ,.ow outstanding in the approxi- mate amount of: $40,785, SE D. That the principal of and interest on the waterworks system improvement ':ote to be i--d p suant to this operation of the waterworks system and the utilities services taxes, and it will never be necessary or authorised to levy taxe 4. pursuant to this Ordinance, and the Waterworks System Improvement Note, issued pursuant to this Ordinance, shall not constitute a obligation of the City payable from any source other than set forth in this Ordinance. L. The revenues to ssyusffteimciteongt ettho epr awtbe derived from the th thutilities evicetaxes will be yhe principal of and intererst on the Note and CTION 3. The following terms shall have the following mean g in this Ordinance unless the text otherwise expressly requires: A. City" shall mean the City of Longwood, Florida. B. net shall mean Chapter 9825, Laws of elorida, Acts of 1923. as amended, Section l..111, c.—ida statutes, and ail other apolicable laws Of the state of Florida. C. Note sna11 neon the $150,000.00 ;Vater- works System Improvement Note authorized to be issued pursuant to this Ordinance, ana the interest thereon. p. y em shall mean the completed water- works system of the City together with any and all improvements, extensions oho additions thereto hereafter constructed or acquired and shall include (without being limited to) all lands or interest system shall r. can all fees, charges, receipts and rents or other accrued to the City or to any other board or agency of the City in control of the management and operation of said system. r. Cost — operation and maintenance of the system shall mean. the current expenses, paid or accured, of operation, maintenance ana repair of the system, and shall include insurance premiums ana engineering expense, but shall exclude any reserves .or renewals, replacemen es and extraordinary repairs and any allowance for depreciation. tares levied and collected on ut litres services ir. said City ti 4. FIZATION OP CONBT[tOCT20.N ec HC40I- SITION OF PROJECTm _here is hereby --it— the construction ana acquisition of the project pursuant to the plans and specifi- cations of consulting engineer's, presently on file or to be filed with the City Clerk. 'The cost of the project is estimated by the consulting engineers at $150,000.00 and snail be paid out of the -seeds Of [he Waterworks System I p ovemenI Note herein authori- zed. Such cost, rn addition to the items .set forth in the plans and specifications, may include but need not be limited to the acquisition o£ any .ands or interest therein or any other proper- t res deemed necessary or convenient t..ere£or; engi neerinq, legal, frnanc g expenses; expenses for estimates of costs and of reve- nues, expenses for plans, specifications and surveys; the fees of fiscal agents, financial advisors or consultants; administra rive expenses relating solely to the construction and acquisition Of the project ana such other expenses as may be necessary or rher- dental to the Financing authorized by tars Ordinance and the con- s traction and acquisition if the project authorized by this Or - issued hereunder by those who shall hold the same from time to tr.e, this ordinance shall be deemed to be and shall eonstit— pursuant to the provisions o. this Ordinance, obligations o. the City to be known as Waterworks Sy- b.. Improvement Note" herein sometimes referred to as ,iote is herey authorized to be issued in the aggregate principal amount of ONE .HUNDRED FIFTY THOUSAND DOLLARS ($150,000.00), together with i—rest at the rate of five and six -tenths pee cent (5.6&) per annum. SECTION DESCRIPTION O The said Note, as above -described, shall be dated the Syr day of my A. D., 1978, and sha11 be in the form of the Note attached hereto as Exhibit A", ins ated herein and made a part hereof by reference. EXECUTION OF THE NOTE. The Note shall be executed in. the name of the City by the -yor and countersigned by the City Cl— and its corporate sea_ affixed thereto. The Note may be signed and sealed on behalf of the City by such per- /— 22 n who at the actual time If the execution of such Note shall hold the proper office in the City, although at the date of such NI such person may not have held sue.. office ➢r may not have been so authorized. N 9. NOTE HOT TO BE 114DEBEEMESS OF THE CITY. The Note herein authorized shall not be or constitute an indebt- edness of the City within the mean. g of any constitutional, IItatutory or enarter lim itatiOc. If indebtedness, but shall be I payable solely From and secured by a ptib, lien upon t.e tflities services taxes anc the revenue o£ the system provided therefor in this Ordinance. No holder of the Note sha11 ever have he right to compel the exexcrse of the ad valorem taxing power of the City of taxation r,. y -orm on real property therein for payment there.£ or be entitled to payment of said Note From any they funds of the City e C.pt from the revenue from the system and from the utilities services taxes. SECTION — NOTE ECCURED BY PLEDGE OF REVENUES O The payment of the debt of the Note issued hereunder snail be secured by a pledge of and a run upon the eevenue of the syste1 and the utilities services axes. The City does hereby irrevocably pledge such revenges to the payment of the principal of and interest on the Note 1... en ..coca a. this ordinance. .nterest of the Note is outstanding, it will not create or permit to be created any charge or lien oc. the revenues thereof Yanking equal ox prior to the charge or lien on the Note. SECTION 12. ➢ISPOSITION OF The City coven- ants and agrees that. so ..ong as the Note rs outstandi.ng, it will not sell or otherwise dispose of any of the system facilities or any part thereof, and, ex as provided for above, it will not create or permit to be created any charge oc lien on the revenues thereof ranking equal. or prior to the ch g or lien on the-- (hereinaf tex called 'City"), fox value received, hereby promises to pay to the C01IB—/CASSELBERRY, CIIIIIberry, Florida, the pfincipal sum of ONE HUNEREO FIFTY THOUSAND N—ARY ($11o, 000.00), together with interest thereon from the date hereof at the rate If five and six -tenths percent (5.68) per annum, solely from the special funds hereinafter mentioned, an the following manner. The CITY shall pay sixty (60),e 1 monthly installments 0f principal, plus interest at the ente of five end six -tenths percent (5.66) per annum on the then outs tandi nq principal balance, the first. said principal installment, plus interest, commencing thirty (30) days after the date 0f this Note, and continuiny thereafter until this obligation is paid in full. Eoth principal 0f and interest on this Note are payable in lawful money of the United States of America at the COCMANK/ CASSELEERRY, Ca s selberry, Florida. This Neil is issued pursuant to the Constitution and Laws of the State of Florida, particularly Section 166.111, Florida Statutes, the Chartef of the City — Longwood, ana the following proper action of the City Council: Ordinance number 442 duly adopted on the 10th day of July, 1978, and Resolution adopted on the 10th day of .iuly, 1978. This Dote is payable as upon and A pledge of (1) all revenues resulting from the operation of the waterworks system, both present and future, of the CITY, prior lien and pledge of utility tax is given with the under- standing that the BANK wi11 release the,sard lien and pledge and -- the BANK. 1. its absolute discretion, consvaers that sufficient experience in the repayment of this loan has been obtained to justify the release _ If said lien and pledge. Reference is made to the said Ordinance_ , and Resolution for the provisions relating to the security of this Note and the duties ano obligations of the CITY. This Note is payable solely from and secured by lien up n and a pledge of the utilities se rvv ces taxes and the revenu derived from the operation of the wa te—b—, systen of the CITY and shall not constitute eras obligation of the CITY. It i expressly agreed by thb Nolder of this Note that the full faith and credit of the CITY are not pledged I. th payment of the prI ncipal of and interest It this Note and that such holder shall never have the right to require to compel the exercise of the ad vaI.— taxing power of the CITY, or taxation in any form of any real F=oper.y t.teve o pay such principal or interest [hereon, or be entitled to payment of such principal and interest from any other fund If the CITY except from the revenue derived from the operation of the system and the utilities services taxes. This Noce shall not con stxtute a lien upon the waterworks system or y p t thereof or y the property of or in the CITY, but shall constitute a lien o y on the revenue derived from the operation of the system and the utilities services taxes. This Note is redeemable at the option of the CITY, at any tame, for the then unpaid principal balance and accrued merest; provided, however, that written notice of such redemp- von shall have been given to the BANK at least ten (10) days prior to the date of redemption. It is hereby cer tvf ied and recited that all acts, Onditions and things required t0 exist, to happen and to be performed precedent to and in the issuance of this Note, exist, have happened and have been pi rforn;ed in regular and due from and time as required by [he Constitution and Laws of the State of elozida app cable thereto, and that the issuance of this Not does not violate any constitutional Or statutory limitation.