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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 9 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 -2- 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. -3- 1-1 • 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 -4- • -- 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 -5- 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, ME 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 -7- 0 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. 10- • 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 J w 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. -12- Is • 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 } --' - `'---- — — ----"----' � ` ' ��o to certif� �a or61o��cs�� zu�~ � that tbo abrat tbo nma posted—y'..