Ordinance No. 15-71-4vr
ORDINANCE NO. 15-71-4
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
No GENERAL OBLIGATION BONDS OF THE CITY OF
ATLANTIC BEACH, FLORIDA, NOT TO EXCEED IN
THE AGGREGATE $500,000.00 FOR THE PURPOSE
OF ACQUIRING AND CONSTRUCTING ADDITIONS,
EXTENSIONS AND IMPROVEMENTS TO THE SEWER
SYSTEM OF THE CITY; CONTAINING OTHER PRO-
VISIONS RELATING TO SUCH BONDS.
BE IT ENACTED BY THE PEOPLE OF THE CITY OF ATLANTIC
BEACH, FLORIDA:
SECTION 1. AUTHORITY FOR THIS ORDINANCE. This Ordi-
nance is adopted pursuant to the provisions of Chapter 57-1125,
Laws of Florida, Special Acts of 1957, and other applicable pro-
visions of law.
SECTION 2. FINDINGS. It is hereby found, determined
46 and declared as follows, that:
A. It is necessary, desirable, , z able, and in the best inter-
est of the City of Atlantic Beach, Florida (hereinafter called
"City"), and its inhabitants that general obligation bonds in an
amount not exceeding $500,000.00 be issued for the purpose of
acquiring and constructing additions, extensions and improvements
to the sewer system of the City.
B. The issuance of such general obligation bonds was
approved by a majority of votes cast in a bond election held
April 20, 1971) by the qualified freeholder electors of the City
and the qualified electors who are not freeholders in the manner
required by the Constitution and Statutes of the State of Florida.
• SECTION 3. ORDINANCE TO CONSTITUTE CONTRACT. In con-
sideration of the acceptance of the Bonds authorized to be issued
hereunder by those who shall hold the same from time to time,
this Ordinance shall be deemed to be and shall constitute a con-
tract between the City and such holders. The covenants and
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agreements herein set forth to be performed by the City shall
be for the equal benefit, protection and security of the legal
holders of any and all of such Bonds and the coupons attached
thereto, all of which shall be of equal rank and without pref-
erence, priority or distinction of any of the Bonds or coupons
over any other thereof, except as expressly provided therein
and herein.
SECTION 4. AUTHORIZATION OF BONDS, Subject and pur-
suant to the provisions of this Ordinance, bonds of the City
to be known as A°General Obligation Sewer Bonds", herein some-
times referred to as "Bonds", are hereby authorized to be issued
in the aggregate principal amount of not exceeding Five Hundred
Thousand Dollars ($500,000.00) for the purpose of acquiring and
constructing additions, extensions and improvements to the sewer
system of the City.
SECTION 5. DESCRIPTION? OF BONDS. The Bonds shall be
dated July 1, 1971; shall be numbered consecutively from one up-
ward in the order of their maturities; shall be in the denomina-
tion of $1,000 each, shall bear interest at not exceeding the
maximum legal rate, such interest to be payable semi-annually on
January 1 and July 1 of each year, and shall mature serially in
numerical order, lowest numbers first, on the first day of July
in the years ind amounts as follows
YEAR
AMOUNT
YEAR
AMOUNT
YEAR
AMOUNT
1973
$ 20,000
1981
$ 17,000
1989
$ 25,000
1974
12,000
1982
18,000
1990
25,000
1975
12,000
1983
20,000
1991
30,000
1976
12,000
1984
203,000
1992
30,000
1977
14,000
1985
203,000
1993
309000
1978
153,000
1985
22,000
1994
40,000
1979
151)000
1987
253,000
1995
37,000
1980
16,000
1988
25,000
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Such Bonds shall be issued in coupon form; shall be
payable with respect to both principal and interest in lawful
money of the United States of America, at such bank or banks
to be subsequently determined by the City prior to the delivery
of the Bonds; and shall bear itlterest from their date, payable
in accordance with and upon surrender of the appurtenant inter-
est coupons as they severally mature.
SECTION 6. EXECUTION OF BONDS AND COUPONS. The Bonds
shall be executed in the name of the City by the Mayor and
countersigned and attested by the City Clerk,,and its corporate
seal or a facsimile thereof shall be affixed thereto or repro-
duced thereon. The facsimile signatures of the Mayor or the
City Clerk may be imprinted or reproduced on the Bonds, provided
that at least one signature required to be placed thereon shall
be manually subscribed. In case any one or more of the officers
who shall have signed or sealed any of the Bonds shall cease to
be such officer of the City before the Bonds so signed and sealed
shall have been acutally sold and delivered, such Bonds may never-
theless be sold and delivered, as herein provided, and may be
issued as if the person who signed or sealed such Bonds had not
ceased to hold such office. Any Bond may be signed and sealed on
behalf of the City by such person who at the actual time of the
execution of such Bond shall hold the proper office in the City,
although at the date of such Bonds such person may not have been
so authorized.
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The coupons attached to the Bonds shall be authenti-
cated with the facsimile signatures of any present or future
Mayor and City Clerk of said City, and the validation certificate
on said Bonds shall be executed with the facsimile signature of
the Mayor. The City may adopt and use for such purposes the
facsimile signature of any person who shall have been such Mayor
and City Clerk at any time on or after the date of the Bonds,
notwithstanding that he may have ceased to be such officer at
the time such Bonds shall be actually sold and delivered.
SECTION 7. NEGOTIABILITY PND REGISTRATION. The Bonds
issued hereunder shall be and shall have all of the qualities and
incidents of negotiable instruments under the law merchant and
the Laws of the State of Florida, and each successive holder, in
accepting any of said Bonds or the coupons appertaining thereto,
shall be conclusively deemed to have agreed that such Bonds shall
be and have all of the qualities and incidents of negotiable in-
struments under the law merchant and the Laws of the State of
Florida.
The Bonds may be registered at the option of the holder
as to principal only at the office of the City Clerk, as Regis-
trar, such registration be noted on the back of the Bonds in
the space provided therefor. After such registration as to prin-
cipal only, no transfer of the Bonds shall be valid unless made
at such office by the written assignment of the registered owner,
or by his duly authorized attorney in a form satisfactory to the
Registrar, and similarly noted on the Bonds, but the Bonds may be _
discharged from registration by being in like manner transferred
to bearer and thereupon transferability by delivery shall be re-
stored. At the option of the holder, the Bonds may thereafter
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-- again from time to time be registered or transferred to bearer as
before. Such registration as to principal only shall not affect
the negotiability of the coupons which shall .continue to pass by
delivery.
SECTION 8. BOLDS MUTILATED, DESTFOYED,STOLEN OF LOST.
In case any Bond shall become mutilated, or be destroyed, stolen
or lost, the City may in its discretion issue and deliver a new
Bond with all unmatured coupons ,attached of like tenor as the
Bond and attached oupons, if any, so mutilated, destroyed, stolen
or lost, in exchange and substitution for such mutilated Bonds,
upon surrender and cancellation of such mutilated Bond and attached
coupons, if any, or in lieu of ,and substitution for the Bond and
attached coupons, if ,any, destroyed, stolen or lost, and upon the
holder furnishing the City proof of his ownership thereof and
satisfactory indemnity and complying with such other reasonable
regulations and conditions as the City may prescribe and paying
such expenses as the City may incur. x`,11 Bonds and coupons so
surrendered shall be cancelled by the City Clerk of the City. If
any such Bonds or coupons shall have matured or be about to mature,
instead of issuing a substitute Bond or coupon, the City may pay
the same, upon being indemnified as aforesaid, and if such Bond
or coupon be lost, stolen or destroyed without surrender thereof.
'any such duplicate Bonds and coupons issued pursuant
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 coupon: 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 on and
source and security for payment from the funds, as hereinafter
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pledged, to the same extent as all other obligations and coupons
issued hereunder.
SECTION 9. REDEMPTION PROVISIONS. Bonds maturing in
the years 1973 to 1981, both inclusive, shall not be redeemable
prior to their stated dates of maturity. Bond maturing in the
years 1982 through 1995, both inclusive, shall be redeemable at
the option of the City, in whole or in part, but in inverse
numerical order if less than all, on July 1, 1981, or on any
interest payment date thereafter, at the price of par and accrued
interest to the date of redemption, plus the following premiums,
expressed as a per centage of the par value thereof if redeemed
at the following times
Four per centum (470) if redeemed on
July 1, 1981, to and including January 1, 19849
Three per centum (370) if redeemed on
July 1, 1984, to and including January 1, 19889
Two per centum (2%) if redeemed on
July 1, 1988, to and including January 1, 19929
One per centum (1%) if redeemed on
July 1, 1992, or thereafter prior to maturity.
Notice of Bonds to be redeemed shall be given not less
than thirty days prior to the redemption date by registered or
certified mail to banks or trust companies serving as paying
agents and by publication at least once not less than thirty days
prior to such redemption date in a financial newspaper or journal
of general circulation published in the City of New York, s?ew
York.
SECTION 10. FORM OF BONDS .AND COUPONS. The text of
the Bonds, the interest coupons to be attached thereto, and the
0 validation certificate to be endorsed thereon shall be in sub-
stantially the following form and tenor, with such variations,
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omissions and insertions as may be necessary, desirable and
authorized or permitted by this Ordinance or any subsequent.
Ordinance adopted prior to the issuance thereof:
No.
$1,000
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF DUVAL
CITY OF ATLANTIC BEACH
GENERAL OBLIGATION SEWER BOND
KNOW ALL MEN BY THESE PRESENTS, that the City of
!'_tlantic Beach in Duval County, Florida (hereinafter referred
to as "City"), -or value received, hereby promises to pay to
the bearer hereof, or if this Bond be registered, to the regis-
tered holder as herein provided, on the first day of July, 19 ,
the principal sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of
per centum ( %) per annum, payable semi-annually on
1 and 1 of each year, upon 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 States of Pmerica at
the
, or, at the option of the
holder, at the
For the prompt payment of the principal of and interest on this
Bond as the sane shall become due, the full faith, credit and
taxing power of said City are hereby irrevocably pledged.
This Bond is one of an authorized issue of Bonds in --
the aggregate principal amount of $500,000.00 of like date, tenor
and effect, except as to number, denomination, (interest rate)
and date of maturity issued to finance the acquisition and con-
struction of additions, extensions and improvements to the sewer
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system of the City under the authority of and in full compliance
with Chapter 57-1125, Laws of Florida, Special Acts of 1957, and
pursuant to Ordinance No. of the City adopted on the
day of , 1971, (hereinafter called "Ordinance").
This Bond is subject to all the terms and conditions of said
Ordinance.
It is hereby certified and recited that all acts, con-
ditions and things required to happen, to exist, and to be per-
formed, 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 Bond is a part has been approved at an election held in
accordance with the Constitution and Statutes of the State of
Florida on the 20th day of April, 1971; that the total indebt-
edness of said City, including the issue of Bonds of which this
Bond is one, does not exceed any constitutional or statutory
limitation; and that provision has been made for the levy and
collection of a direct annual tax, without limitation as to rate
or amount, 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.
Bonds maturing in the years 1973 to 19€1, both inclu-
sive, shall not be redeemable prior to their stated dates of -
maturity. Bond maturing in the years 1982 through 1995, both
inclusive, shall be redeemable at the option of the City, in whole
or in part, but in inverse numerical order, if less than all,
is
on July 1, 1981, or on any interest payment date thereafter, at
the price of par and accrued interest to the date of redemption,
plus the following premiums, expressed as a per centage of the
par value thereof if redeemed at the following times:
Four per centum (4%) if redeemed on
July 1, 1981, to and including January 1, 19849
Three per centum (3%) if redeemed on
July 1, 1934, to and including January 1, 19€89
Two per centum (2%) if redeemed on
July 1, 1988, to and including January 1, 19929
One per centum (1%) if redeemed on
July 1, 1992, or thereafter prior to maturity.
Notice of Bonds to be redeemed shall be given not less
than thirty days prior to the redemption date by registered or
certified mail to banks or trust companies serving as paying
agents and by publication at least once not less than thirty
days prior to such redemption date in a financial newspaper or
journal of general circulation published in the City of New York,
New York.
This Bond may be registered as to principal only in
accordance with the provisions endorsed hereon.
IN WITNESS WHEREOF, The City of Atlantic Beach, Florida,
has issued this Bond and has Qauz ed the same to be signed by the
manual or facsimile signature of its Mayor, the corporate seal of
said City, or a facsimile thereof to be affixed, impressed, im-
printed, lithographed or reproduced hereon and attested and counter-
signed by the manual or facsimile signature of its City Clerk, and
has caused the interest coupons hereto attached to be executed with
the facsimile signatures of such Mayor and City Clerk, all as of—
the 1st day of July, 1971.
CITY OF PTLANTIC BEACH, FLORIDA
MAYOR
(SEAL)
L'.TTESTED AND COUNTERSIGNED:
City Clerk
a9_
FORM OF COUPON
No. $
Unless the Bond to which this coupon is attached has
been duly called for prior redemption and provision duly made for
the payment thereof, on the day of , 19_9 the
City of Atlantic Beach, Florida, will pay to the bearer at the
, or, at the option of the holder,
at the , the amount shown hereon,
in lawful money of the United States of America, upon presenta-
tion and surrender of this coupon, being six months' interest
then due on its General Obligation Sewer Bond, dated July 1, 1971,
No.
( SEAL)
ATTESTED AND COUNTERSIGNED:
City Clerk
CITY OF ATLANTIC BEACH, FLORIDA
By
Mayor
VALIDATION CERTIFICATE
This Bond is one of a series of Fonds which were vali-
dated and confirmed by judgment of the Circuit Court for Duval
County, Florida rendered on the day of , 1971.
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Mayor
PROVISION FOR REGISTRATION
This Bond may be registered as to principal only in
the name of the holder on the books to be kept by the City Clerk
as Registrar, or such other Registrar as may be hereafter duly
appointed, as to principal only, such registration being noted
hereon by such Registrar in the registration blank below, after
which no transfer shall be valid unless made by written assign-
ment on said books by the registered holder or attorney duly
authorized and similarly noted in the registration blank below,
but it may be discharged from registration by being transferred
to bearer, after which it shall be transferable by delivery, but
it may be again registered as before. Such registration shall
not restrain the negotiability of the coupons by delivery.
DATE OF IN WHOSE NIM SIGNATURE OF
REGISTRATION REGISTERED REGISTRAR
SECTION 11, PLEDGE OF FULL FAITH, CREDIT AND TAXING
POWER. For the prompt payment of the principal of and interest
on the Bonds, the full faith, credit and taxing power of the City
are irrevocable pledged.
SECTION 12, LEVY OF AD VALOREM TAX. There is hereby
created a Sinking Fund to be held and administered by the City
solely for the purpose of paying the principal of and interest
on the Bonds as they become due. In each year while any of such
Bonds are outstanding there r shall be levied and collected a tax,
without limitation as to rate or amount, on all taxable property
within the City, sufficient in amount to pay the principal of and
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interest on such Bonds as the same shall become due. Such tax
shall be assessed, levied and collected in the same manner and
• at the same time as other City Taxes are assessed, levied and
collected.
SECTION 13. APPLICATION OF BOND PROCEEDS. The pro -
coeds received upon the sale of said Bonds, except accrued in-
terest, if any, which shall be deposited in the Sinking Fund,
shall be used, together with other available funds of the City,
solely and alone to pay the cost of the acquisition and con-
struction of additions, extensions and improvements to the sewer
system of the City authorized by this Ordinance.
Pending their use, such proceeds may be invested, at
the direction of the City, in direct obligations of the United
States of America, or in time deposits, evidenced by bank certi-
ficates of deposit, fully secured by direct obligations of the
United States of America, maturing not later than the next re-
demption date of such Outstanding Bonds. Any income received
upon such investment shall be returned to the City to be deposited
in the Sinking Fund created by this Ordinance.
SECTION 14. MODIFICATION OR AMENDMENT. No material
modification or ar►endment of this Ordinance or of any Ordinance
amendatory hereof or supplemental hereto, may be made without
the consent in writing of the holders of sixty-seven per centum
(67%) or more in principal amount of the Bonds then outstanding,
10 provided, however, that no modification or amendment shall per-
mit a change in the maturity of such Bonds or a reduction in
the rate of interest thereon, or in the amount of the principal
obligation or affecting the unconditional promise of the City
to pay the principal of and' interest on the Bonds as the same
shall become due, or reduce such percentage of holders of such
Bonds, required above, for such modifications or amendments,
without the consent of the holders of all of such Bonds.
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SECTION 15. SEVERABILITY OF 114VALID PROVISION. If
any one or more of the covenants, agreements or provisions of
this Ordinance should be held contrary to any express provision
of law or contrary to the policy of 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 void and shall be
deemed separate from the remaining covenants, agreements or pro-
visions, and in no way affect the validity of all the other
provisions of this Ordinance or of the Bonds or coupons issued
thereunder.
SECTION 16. VALIDATION OF BONDS. The City Attorney,
is hereby authorized and directed to institute appropriate pro-
ceedings for the validation of said Bonds, and the proper officers
of the City are hereby authorized to verify on behalf of the
City any pleadings in such proceedings.
SECTION 17. PIEPEAL OF PLIOR ORDINANCES. All Ordinances
or parts of Ordinances in conflict herewith are hereby repealed.
SECTION 13. This Ordinance shall take effect in the
manner provided by law.
Passed by the City Commission on first reading April
26th, 1971.
Passed by the City Commission on second and final
reading on May 3rd, 1971.
Attest: �J
( SEAL) C"��„�(
City Clerk
This is to CER_ IFY that the above and foregoing is a true and -
correct copy oOrdinance #(5-71-4 which was passed by the City
Commission on final reading May 3rd, 1971.
IN WITNESS WHEREOF I have hereunto set my hand and the Official
seal of the City of Atlantic Beach, Duval County, Florida this
3rd day of May, 1971. J.
City Clerk
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