61-16,~
RESOLUTION NO. 6i-16
WFIEREAS, the Interstate Contracting Company, a Florida Cor-
poration, developers of the Royal Palms ;Subdivision in the
City of~Atiantic Beach is constructing all'of the water lines,
gravity sewer lines, stoicm drainage, streets, etc, in said
Subdivision, and,
WHEREAS, they Interstate. Contracting Company has constructed,
in accordance with plans and specifications approved by
Walter J. Parks, Consulting Engineer, at its own expense,
an eight inch water line together with the necessary valves,
fire hydrants, fittings, services, etc. on and under the
public right-of-way of the Plaza between Mayport Road and
the Easterly boundry of said Subdivision, and,
WHEREAS, the City Commission, prior to said construction,
found and determined that said water line was necessary to
the health and general welfare of the City and its inhabi-
tants and that said water line will benefit the area
beyond said Subdivision,~and agree with said Interstate
Contracting Company to reimburse it for the cost of the
construction of said improvement in the amount and manner
as hereinafter provided.
NOW THEREFORE BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF ATLANTIC BEACH, FLORIDA; `
i. That the said City does accept said water lines
and that a Certificate of Indebtedness in the amount of
58,600.00 in substantially the.. following form shall be ex-
ecuted and delivered to said company by, the Mayor-Commis-
sioner and City Clerk under 'the seal of the City.
CERTIFICATE OF INDEBTEDNESS NO.
CITY OF ATLANTIC BEACH, FLORIDA
s8,6oa.oo
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KNOWN ALL MEN BY THESE PRESENT, that the City of Atlantic
Beach, Florida for value received hereby promises to pay
to the order of Interstate Contracting Company, a Florida
corporation, from the special fund hereinafter mentioned,
the sum of 58,600.00, with 6~ interest per annum, said sum
to be paid from a special fund at the"times and in the manner
hereinafter set forth; however, in no'event shall total
interest and principal payments exceed 510,304.72, and upon
payment of aggregate'amount'of 510,304.72 then this Certifi-
cate shall be fully satisfied.
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Resolution No. 61-16
Page Z
This obligation is issued to finance the cost to the City
of Atlantic Beach of an Eight Inch Water Line on and under
Plaza Street right-of-way constructed by Interstate Contract-
ing Company; and under authority of and in 'compliance with
the Constitution and Statutes of the State of Florida and
the Resolution duly adopted by the City Commission of the
said City on Jur~e 6j 1961 and known as Resolution
No. 61-16, and is subject to all terms and conditions of
said Resolution.
This obligation is payable solely from, and is secured by a
lien on and a pledge of 40% of the monthly revenues collected
and received by said City from the users of the sewer system
of said City serving residences and building now located
and to be located in Royal Palms, Unit One as per Plat Book
30, pages 60 and 60A, current public records, Duval County,
Florida; being at least 171 residences; and 'does not con-
stitute an Indebtedness of the City of Atlantic Beach within
the meaning of any Constitutional, Statutory of Charter pro-
vision or limitation, and it is expressly agreed by the
holder of this obligation that such holder shall never have
the right to require or compel the exercise of the ad va-
,~*,~, lorem taxing power of said City for the payment of this
~~ ~' obligation or any part thereof.
It is further agreed by the City of Atlantic Bach and the
holder of this obligation that this obligation shall not con-
stitute a lien upon said Water Line nor upon said Sewer Sys-
tem or any of the property of said City but shall constitute
a lien only on said sewer service charges as and when collected
by said City in the manner provided in said Resolution.
The City of Atlantic Beach covenants with the holder of this
obligation that so long as any part of this obligation re-
mains unpaid, but for no longer period than thirty years
from date hereof, to levy a sewer service charge in accord-
ance with the rates now provided by Ordinance No. 80-59-2
of said City, upon all persons whose property is served by
said sewer systems iacated in said Royal Palms Unit One,
and to pay annually to the holder of this obligation on 40%
of all moneys collected and received by the City for said
sewer service charge on account of and in payment of this
obligation; provided, however, that if the funds collected
and received by the City and herein pledged as aforesaid,
shall after the elapse of thirty years from date hereafter
~' be insufficient to fully discharge this obligation, and the
same shall then and there become null and void and shall
stand discharged to the same extent and with like effect
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,, Resolution No. 61-16
Page 3
as if the same has been paid in full.
IN WITNESS WHEREOF the City of Atlantic Beach has executed
this obligation and has caused the same to be signed by its
Mayor-Commissioner and the Corporate Seal of_the said City
to be affa.xed hereto, Attested by its City Clerk this
day of 1961.
Signed, sealed and delivered CITY OF ATLANTIC BEACH
in the presence of:
Its Mayor-Commissioner
Attest:
Its City Clerk
2. That so long as any part of the aforesaid Certifi-
cate of Indebtedness shall remain unpaid but not for a longer
period than thirty (30) years from the date of said Certifi-
cate, the City shall levy the sewer service charges upon the
properties in Royal Palms Subdivision, Unit #1 as covenanted
in the aforesaid Certificate of Indebtedness in accordance
with the rates as now provided by Ordinance No. 80-59-2 of
the City and forty per cent'(40/) of all moneys collected
and received by the City for such sewer service charges
shall be paid annually to the Interstate Contracting Company
far payment of said Certificate until same shall be paid and
discharged in accordance with the terms thereof.
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Passed by the City Commission of ..the City of Atlantic Beach,
Florida, June 6, 1961.
Attest:
_ _ ~.c~...-~e_.
City Clerk
(SEAL)