Ordinance No. 15-58-2v0
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AN ORDINA14CE AUTHORIZING THE, ISSUANCE 0-7
$300,000.00 GENERAL OBLIGATION S&WER BONDS
OF THE CITY OF ATLANTIC BEACH, FLORIDA, TO
FINANCE THE COST OF .CONSTRUCTIOG A SE'�M4
SYSTEM IN SAID CITY.
BE IT ENACTED BY THE PEOPLE OF THE CITY OF ATLANTIC
BEACH, FLORIDA, That:
SECTION 1. The $300,000.00 bonds authorized to be
issued by the approving vote of a majority of the qualified
electors who were freeholders residing in the City of Atlantic
Beach, Florida, in the manner provided in the Constitution of
Florida, at an election duly called and held in the City of
Atlantic Beach on the 4th day of March, 1958, be issued to
finance the cost of construction of a sewer system for said
City.
SECTION 2. Said $300,000.00 bonds shall be issued
under date of April 1, 1958, shall be in the denomination of
$1,000.00 each, shall be numbered 1 to 300, both inclusive,
shall each be designated "General Obligation Sewer Bond",
shall bear interest ata .rate or ,rates not exceeding six per
cent per annum, such rate or rates of interest to be deter-
mined upon the par value of said bonds, represented by coupons
payable semi-annually on April 1 and October 1 of each year
and shall mature serially in numerical order on April 1 of
each year as follows:
YEAR
AMOUNT
YEAR
AMOUNT
1961
$5,000
1975
$10,000
1962
5,000
1976
10,000
1963
51000
1977
10,000
1964
51000
1978
10,000
1965
51000
1979
10,000
1966
5,000
1980
15,000
1967
51000
1981
15,000
1968
5,000
1982
15,000
1969
5,000
1983
15,000
1970
5,000
1984
20,000
1971
10,000
1985
20,000
1972
10,000
1986
20,000
1973
1011,000
1987
20,000
1974
10,000
1986
20,000
Both the principal of and interest on said bonds
shall be payable in lawful money of the United: States of
America at the Chemical Corn Exchange Bank, New York,, New
York, or, at the options of the holder, at The Beach Bank,
Jacksonville Beach, Florida.
SECTION 3. Said bonds shall be executed in the
name of the City by the Mayor -Commissioner and countersigned
with the facsimile signature of the City Clem. A facsimile
of the seal of said City shall be imprinted on each bond.
All coupons attached to the bonds shall be authenticated with
the facsimile signature of the present or any future Mayor -
Commissioner.
SECTION 4. In the event that any officer whose
signature or a faca9mile of whose signature shall appear on
any bond or coupon shall cease to be such officer before
the delivery of such bonds, said signature or such facsimile
shall nevertheless be valid and sufficient for all purposes
the same as if he had remained in office until such delivery,
and any bond may bear ;he .facsimile signature of, or may be
signed by, such persons who at the actual time of the execution
of such bonds shall be the proper officers to sign such bonds
although at the date of said bonds such person may not have
been such officer.
SECTION 5. In case any bond shall become mutilated
or be destroyed, stolen or lost, the City may, in its dis-
cretion, issue and deliver a new bond with all unmatured
coupons attached of like tenor as the bond and attached coupons,
if any, so mutilated, destroyed, stolen or lost, in exchange
and in substitution for such mutilated bond, upon surrender
and cancellation of such mutilated bond and attached coupons,
if any, or in lieu of and substitution for the bond and at-
tached coupons, if any, destroyed, stolen or lost, and upon
the Molder furnishing the City proof of his ownership thereof
and satisfactory indemnity in complying with such other reason-
able regulations and conditions as the City may prescribe and
paying such earpenses as the City may incur. All bonds and
coupons so surrendered shall be cancelled by the Clerk and
held for the account of the City. if any such bond or coupon
shall have matured or be about to mature, instead of issuing
a substituted bond or coupon, the City may pay the same, upon
being indemnified -as aforesaid.
Any such duplicate bonds and coupons issued pursu-
ant to this Section shall constitute original, additional
contractual obligations on the part of the City whether or
not the lost, stolen or destroyed bonds or coupons be at any
time found by any one, and such duplicate bonds and coupons
shall be entitled to equal and proportionate benefits and
rights as to lien, source of and security for payment as
hereinafter pledged to the same extent as all other bonds and
coupons issued hereunder.
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SECTION 6. The bonds issued hereunder shall be,
and shall have all of the qualities and incidents of, negoti-
able instruments under the law merchant and the Negotiable
Instruments Law of the State of Florida, and each successive
holder, in accepting any of said bonds or the coupons apper-
taining thereto, shall be conclusively deemed to have agreed
that such bonds shall be and have all of the qualities and in-
cidents of negotiable instruments _under the Lair Merchant and
the Negotiable Instruments para of the State of Florida, and
each successive holder shall further be conclusively deemed
to have agreed that said bonds shall be incontestable in the
hands of a bona fide holder for value in the manner provided
hereinafter in the form of said bonds.
SSCTIOU 7. The bonds of this issue maturing in the
years 1961 through 1968, both inclusive, are not redeemable
prior to their respective stated dates of maturity. The bonds
of this issue matu:w:ing in the years 1969 through 1988, both
inclusive, are redeemable prior to their respective stated
dates of maturity, at the option of the City,/in whole or
in part, but in inverse numerical order, if less than all,'
on April 1, 1968 or on any interest payment date thereafter
at par and accrued interest to date of redemption together
with the following premiums if redeemed at the following
times:
Four per cent (4%) of the par value thereof,
if redeemed on April 1, 1968 or thereafter,
to and including October 1, 1972;
Three per cent (3%) of the par value thereof,
if redeemed on April 1, 1973 or thereafter,
to and including October 1, 1977;
Two per cent (2%) of the par value thereof,
if redeemed on April 1, 1978 or thereafter,
to and including October 1, 1982;
One per cent (1%) of the par value thereof,
if redeemed on April 1, 1983 or thereafter,
but prior to maturity,
provided, however, that a notice of such redemption shall
have been published at least once in a newspaper of general
circulation in the City of Atlantic Beach, Florida, and in
. a financial newspaper published in the City of New York,
New York, and the date of said publications shall be not
less than thirty (30) days prior to the redemption date; and
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further provided that written notice of such redemption shall.
also be given to the paying agents named in said bonds at
least thirty (30) days before said redemption date.
SECTION 8. The bonds, the interest coupons to be
attached thereto and the certificate of validation shall be
in substantially the following form, with such omissions,
insertions and variations as may be necessary and desirable
and authorized or permitted by this Ordinance or in any sub-
sequent ordinance adopted prior to the issuance thereof:
NO. UNITED STATES OF AMERICA '810000.00
STATE OF FLORIDA
COUNTY OF DUVAL
CITY OF ATLANTIC BEACH
GENERAL OBLIGATION SEWER BOND
KNOW ALL MEN BY THESE PRESENTS, that the City of
Atlantic Beach, a body corporate and a political subdivision
of the State of Florida, acknowledges itself to be indebted
and for value received hereby promises to pay to the bearer
hereof, on the firm day of April, 19 , the principal sum of
ONE THOUSAND DOLLARS ($1,000.00)
with interest thereon at the rate of per centum
( _jQ per annum, payable semi-annually on the first day
of April and the first day of October of each year upon the
presentation and surrender of the annexed interest coupons as
they severally become due. Both principal of and interest on
this bond are payable in lawful money of the United :Mates of
America at the Chemical Corn Exchange Bank, New York, New
York, or, at the option of the holder, at The Beach Bank,
Jacksonville Beach, Florida. For the prompt payment of the
principal of and interest on this bond as the same shall be-
come due, the full faith, credit and taxing power of said
City of Atlantic Beach are hereby irrevocably pledged.
This bond is one of an authorized issue of bonds
in the aggregate principal amount of Three Hundred Thousand
Dollars ($300,000.00) of like date, tenor and effect, except
as to number (interest rate if all bonds do not bear the same
rate) and date of maturity issued for the purpose of financing
the cost of constructing a sewer system for said City, under
the authority of and in, full compliance with the Constitution
and Statutes of the State of Florida, including particularly
Chapter 57-1126, Laws of Florida, Special Acts of 1957, and
other applicable provisions of law, and an Ordinance duly
enacted by said City on the day of March, 1958.
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it is hereby certified and recited that all acts, con-
ditions and things required to happen, exist and be performed,
precedent to and in the issuance of this bond, have happened,
exist, and have been performed in due time, form and manner as
required by the Constitution and Laws of the State of Florida
applicable thereto; that the issue of bonds, of which this is
a part, has been approved at a freeholder election held in
accordance with the Constitution and Laws of Florida in said
City on the 4th day of March, 1958; that the total indebtedness
of said City, including the issue of bonds of which this is one,
does not exceed any constitutional or statutory limitation; and
that provisions have been made for the levy and collection of
a direct annual tax upon all taxable property within said City
sufficient to pay the principal of and interest on this bond
as the same shall become due, which tax shall be levied and
collected at the same time, and in the same manner as other
ad valorem taxes are assessed, levied and collected.
The bonds of this issue maturing in the years 1961
through 1968, both inclusive, are not redeemable prior to their
respective stated dates of maturity. The bonds of this issue
maturing in the years 1969 through 1988, both inclusive, are
redeemable prior to their respective stated dates of maturity,
at the option of the City, in whole or in part, but in inverse
numerical order, if less than all, on April 1, 1968 or on any
interest payment date thereafter at par and accrued interest
to date of redemption together with the following premiums if
redeemed at the following times.
Four per cent (4%) of the par value thereof,
if redeemed on April 1, 1968 or thereafter,
to and including October 1, 1972:
Three per cent (3%) of the par value thereof,
if redeemed on April 1, 1973 or thereafter,
to and including October 1, 1977;
Two per cent (2%) of the par value thereof,
if redeemed on April 1, 1978 or thereafter,
to and including October 1, 1982;
One per cent (1%) of the par value thereof,
if redeemed on April 1, 1983 or thereafter,
but prior to maturity,
provided, houre.ver, that a notice of such redemption shall
have been published at least once in a newspaper of general
circulation �.n the City of Atlantic Beach, Florida, and in
a financial newspaper published in the City of New York,
New York, and the date of said publications shall be not
less than thirty (30) days prior to the redemption date; and
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further provided that vwitten notice of such redemption shall
also be given to the paying agents named in said bonds at
least thirty (30) days before said redemption date.
This bond and the issue of it is 11 part,
was validated and confirmed by decree of the Circuit Court
of the Fourth Judicial Circuit of the State of Florida in and
for Duval County rendered on -, 1958.
IN WITNESS WHEREOF, the City of Atlantic Beach,
Florida, has caused this bond to be executed by its Mayor -
Commissioner," attested with the facsimile signature of the
City Clerk and a facsimile of its corporate seal to be im-
printed hereon and has caused the attached interest coupons
to be executed by the facsimile signature of said Mayor -
Commissioner, all as of the first day of April, 1958.
(SEAL)
Attest:
City Clerk
NO.
CITY OF ATLANTIC BEACH, FLORIDA
By
Mayor -Commissioner
Approved as to form and correctness.
City Attorney
FORM OF COUPON
On the first day of �, 19 , The City of
Atlantic Beach, Florida promises to pay to bearer, at the Chemical
Corn Exchange Bank, New York, New York, or, at the option of the
holder, at The Beach Bank, Jacksonville Beach, Florida, the sum
of Dollars ($ ) in lawful
money of the United States of America upon presentation and surren-
der of this coupon, being sial (6) months interest then due upon its
bond darted April 1, 1958, No.
CITY 03c` ATLANTIC BEACH,FLORIDA
By
Mayor -Commissioner
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(Insert in coupons maturing after first callable date the
following: "unless the bond to which this coupon is attached
has been duly called for prior redemption and provision duly
rade for the payment thereof.")
SECTION 9. In each year while any of said bonds
are outstanding and unpaid, there shall be levied and col-
lected a tax on all the taxable property within the City
of Atlantic Beach, Florida, sufficient to pay the interest
on said bonds as it becomes due semi-annually, and to provide
for the payment of the principal of said bonds at their ma-
turity, and said City Cozrmiosion of the City of Atlantic
Beach, Florida, is, and shall be irrevocably and uncondi-
tionally obligated to levy and collect ad valorem taxes with-
out limitation as to rate or amount on all the taxable pro-
perty within said City, sufficient in mount to pay all prin-
cipal of and interest on said bonds as the same shall mature
and become due.
SECTION 10. Frank Thompson, Esquire, City Attorney,
'is hereby authorized and directed to take the necessary pro-
ceedings for the validation of said General Obligation Sewer
Bonds by the Circuit Court of Florida, in and for Duval County.
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SECTION 11. This Ordinance shall be posted in full
immediately upon its passage on second and final reading and
shall become effective two days thereafter.
Passed by the City Commission on first reading March 10, 1958
Passed by the City Commission on second and final reading,
1 zzL 1958.
Attest:
-_-�^City Clerk
(Seal)
This is to certify that the abova ordinance #
was posted._3 _/ at the C Ity Hall. Following itg" flYi4t'
passage on,�r.
Adele S, Grage, City 01---i