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HomeMy WebLinkAbout1958-07-07 (132) Cigarette Tax Anticipation Revenue f 5i t r ORDINANCE NO. . • AN ORDINANCE PROVIDING- FOR THE ISSUANCE OF $150,000.00 CIGARETTE TA) ANTICIPATION REVENUE CERTIFICATES OF THE CITY OF ZEPHYR- HILLS, FLORIDA, IN ANTICIPATION OF PROCEEDS • REALIZED FROM THE IMPOSITION OF A CIGARETTE TAX HERETOFORE ENACTED; Ai'D FOR !-HE PURPOSE OF PAYING THE COST'OF ERECTING AND EQUIPPING A MUNICIPAL BUILDING TO HOU$E CITY OFFICES AND THE EXPRESSING OF CERTAIN COVENANTS AND UNDERTAKINGS ON BEIIALF OF! CITY FOR SECURITY AND PAYMENT OF SUCH REVENUE CERTIFICATES . WHEREAS, the City of Zephyrhills, in Pasco County, Flori a, is a municipal. corporation duly organized, existing, governed by and acting under Charter granted by the State of Florida, as ref ected • by new City Charter granted by .Ch1apter 31377, Special Acts of Fl rida; 1955; and WHEREAS, heretofore, in pursuant to the provisions of Fl rida Statutes, Section 210 .03, F.S .A: , the said City by Ordinance No . 17.01 duly passed and enacted October 17, 1949, has been imposin certain taxes upon the sale of cigarettes sold within the city 1 mits of the City of Zephyrhills, Florida, which said monies realized • from the tax, as aforesaid, has, in pursuance of 'Florida Statute , ection 210 .20, F.S..A., has been paid in to the State Treasury oY the tate of Florida into a fund designated as "Tax Collection Fund"' and j he State of Florida has been rem tting' to the City 'of Zephyrhil s i7`.''amount each month equal to the amount of taxes collected with' n the said City, in pursuance , of said ordinance, and the said City Jill continue to impose and -collec1t taxes upon the sale of cigar ttes ..- old within said City in pursuance' of said ordinance No . 17 .01®. WHEREAS, proceeds the remitted, f rom the State of Florida to he City of Zephyrhills in pursaan1ce, of the cigarette tax, above • lentioned, is free of all pledges, and based upon the amount of • evenue "received therefrom, "the City of Zephyrh.ills, . is assured of "t G• n amount of not less than $20,.0001.00 annually, and such will be • ore than ample to pay the interest on •ari.d the he retirement f the Cigarette Tax PPz'ticipat"ion Revenue Certificates herein, • uthorized; and -1- if VrIHEREAS, it is deemed essential for the preservation of public health, safety, convenience, normal functions: and growth of the, City of Zephyrhills,, that additional city office space must be acquired in order to house the various city offic s, including the city jail and police department:,, and WHEREAS, it is deemed that in order to provide adequate additional office space, jail. •spice, police department space an other necessary space necessary for the normal functioning of said City; :and for other functions which said city is not only authorized to do, as is set forth in Florida .Statutes 210 .03,. Su.b-section ( 5) , F.S .q., but, indeed, it is incumbent and a duty upon said city to provide certain recreational facilities or people living within said city and community, and WHEREAS, it is considered to be essential and necessary for Lie reasons as set fortn above;' that a. municipal. building 'be constructed, which said- buildingash all be known and designated s the ZPHYRHILLS JNICIPAL BUILDING and said building v . 11 house the necessary office . facilities necessary and incidental to the fun tion- ing of the ''city government of . the City .of Zephyrhills, Florida, as well as the police and jail •facilities, - together with a municip t auditorium, and other> facilities and for the purpose of paying . the cost of said ZE.PIIYRHILLS MUNICIPAL BUILDING and equipment .t be installed therein, it is necessary to borrow or raise money through the issuance and sale',,.of}.Cigarette Tax Anticipation Revenue 'Certificates in the, sum of '$150,000 .00, as. hereinafter authorized; NOW, THEREFORE, BE IT ORDAINED BY ' HE CITY COUNCIL OF T ly CITY OF Z�PIIYRHILLS,, FLORIDA as ' follows SECTION 1. It is hereby ascertained, determined and declared that:. (a) The, City' of Zephyrhills, Florida, .now has a cigarette tax ordinance, to-wit., Ordinances No. 17.01, which was duly passed and .adopted . October 17, 1949, in pursuance , of .Florida Statutes, Section 210 .03, F.S .A., whereby he cigarette tax paid, • in pursuance -2 of said ordinance, is paid to the State of Florida, who,- in tur , remits to the City of Zephyrhills, an amount equal to the amoun of taxes collected in the City of Zephyrhills . (b) The net receipts by reason of the said cigarettes tax is .designated by the City of lZephyrhills as "Cigarettes Tax Fund"- an the amounts received by reason thereof during the las four fiscal years has amounted td the following sums : FISCAL YEARS ENDING NET- REVENUE June 1, 1955 $16, 793.58 June 1, .1956 19, 594.12 June 1, 1957 j 20, 376 .30 June 1, 1957' ' 22, 800.00 to May 31, 1958 { and the revenue of said cigarette tax receipts has not been plc ged either in whole or in part to the payment of any. outstanding boi ds or other obligations of the .City The estimated net revenue of said cigarette tax in each fiscal year, after the construction f the bui:ldings ' and facilities, above mentioned, is in excess of ' he. amount' to become, due in such. fiscal year for principal and inte est on . these certificates hereinafter provided for. (c) It is necessary and idesirable to construct, and th re is hereby authorized to be constructed; a building to be design ted as ZEPHYRHILLS MUNICIPAL BUILDINGS, and said building shall cont in, among other '. things, the various; city offices, jail, police depa tment, auditorium, together with kitchen facilities incident to said auditorium.' The estimated cost of the constructing and equippi g of said building is _$140,000 .00 . CTICN 2 . To aid and f nance the construction,.of the pro'ject, the City Council,' of the' City of Zephyrhills Florida, hereby Pevenue authorizes the, issuance of Cigarette Tax' Anticipation/Certifica es of the City of Zephyrhills (hereinafter called the revenue Cert - f i cates) in the aggragate principal, amount of $150, 000 .00 . -3-. A i The said Revenue Certificates shall be dated 1958, and shall be in the following denominations and numbers respectively: NUMBER OF CERTIFICATES CERTIFICATE NUMBERS RS AMOUNT EACH TCTAT. 50 Numbered, 1 to 50, inclusive . . . $1, 000 .00 $50, )00 ,00 100 Numbered 51 to 150, inclusive . . . 500 .00 50, 00 .00 250 Numbered 151 to 400, inclusive . . . 100 .00 25, 00 .00 1000 Numberedj401 to 1400, inclusive 25.00 25, 00 .00 and shall bear interest at the rate of FIVE per centum (5%) per I . annum payable annually commencing one year from date shown on Revenue Certificates, and a like annual interest payment the lice date each year thereafter until maturity; and said interest shall .- be payable at the office of the bity Clerk in the City of Zephyrhills, Florida, in such coin or currency as is legal tender for the payment of public and private debts, as per coupon form attached to said I .. Revenue Certificates; and said Revenue Certificates shall mature and become due and payable TWELVE (12) YEARS from the date of said Revenue Certificates ; provided, _however, the right is hereby e ressly -,.., reserved by the City of ?ephyrhills to recall in whole, or in part, any of the said Revenue Certificates remaining outstanding on 2ny interest payment date upon terms of par and accrued interest, nd without payment of any premium therefor. The Mayor and President of the City Council are hereby authorized to execute said Revenue Certificates in the name of the City, ' nd the City Clerk is hereby authorized and directed to affix the seal of. the City to the said Revenue Certificates an attest such seal . the Mayor, President of City Council and City Clerk are hereby authorized and directed to cause the coupons attached to said Revenue Certificates to be executed by their facsimile signatures . The said Revenue Certificates herein authorized shall be and are placed in custody of the City Clerl who shall place said Revenue Certificates' in the vault of the City ?all, and the City Clerk is hereby authorized to deliver all, r ®4m or any part; as the City Council, from time to time, may deem ad isable, upon receiptof payment therefor. SECTION 3 . The Revenue • Certificates and coupons attached th reto shall be substantially in the following form, to-wit. NO UNITED- STATES OF APv1ERICA STATE OF FLODIDA. LINTY OF {{ CO PASCO CITY OF ZEPHYP.HF LLS C TV OF " ZEPHYRI-IILLS CIGiiRE1TE TAX ANTICIPATION REVENUE C:RTIFICATS TIS IS TO CERTIFY 'That ..the "Cit of Ze h rhills" a municipal co poration duly organized .and" operating under the Constitution and the law s- of the state 'of Florida, is justly indebted and for value re eived hereby promises to pay to the BEARER the "sum of la fur " United money of the n " a e. iced States s . of America, e ..o � AmerZc , on, or before, 1970, with interest at the rate of five per cent ( 5%) per an um, . pa S able ".annually. "comriencing: ,one year from date . shown:on Revenue" Cer if i- ca es, as per interest coupon hereto attached,, •all payments "nereund r sh ll-. be payable -upon presentation" ;of this :Certi-fi:cate. at the offic of tri of the• City Clerk. in Zephyrhil.ls, Florida. This Certificate is one of a series of Fourteen . iundred (1400) :,"Ce of icates- of various amounts, but tne, tenor and maturity date all being .the same, ana the total principal amount being One Hundre : Fifty. Thousand Dollars (150, 000 .00.) , all issued by virtue of authority gr nted by`a city ordinance.. It is- .hereb , certified and recited that all, acts, conditions and things t required to exist, to happen• aid to be performed.,precedent .:to and in {issuance to this Certificate, e',n st, have happened" and have. been performed in regular and due for . ant time as :reguiied" by the Constitution and Laws of the State of Fl rida appli cable, thereto, in that the issuance of this. Cer-tificat and of the- issuance of the;-Certif"i•clates of which this Certificate is me does not violate any..Constitutional_:"or Statutory limitation. -5- _ This Certificate, and the coupons appertaining thereto, is, rid iias .'all . the qualities and incidents of, a negotiable instrume t nder the. negotiable instruments laws of the State of Florida, an he original holder and. each .successive holder:- of this Certificat , r of the coupons appertaining thereto - shall be conclusively dee ed v his acceptance thereof to have agreed that this Certificate an • I he coupons appertaining thereto shall be and have all the qualities nd incidents of negotiable instrurrients under the negotiable inst u ents laws of the State of Florida! This Certificate and the issue of which it is one is issued o aid. in, the financing of .the construction of a building to be I nown and designated as .the ZEPI-IY IILLS MUNICIPAL BUILDING, and a e ayable only from . a sinking fund .which there shall be set aside .aid n .approximately equal monthly installments, out of . revenues and ncome derived from ordinance No X7.01 of the City of Zephyrhills. lorida, whereby the said ordinance imposes a tax on all cigarett s old within the city- limits of Cep h yrhills, Florida, such sums as hall be sufficient for the payment of interest on and the pri nci al f said :Certificates . as the . same respectively shall become due, a d his Certificate, together with all - the Certificates of the issue f. which this Certificate is one,. and the interest thereon,• are s cured y a pledge .of revenue set aside I said sinking fund, . all as in aid ordinance ;'i-s' provided... This Certificate and the interest th .re- . n are not payable from .nor .a .charge upon. any fund other than the evenues pledged to the payment thereof and shall not. impose a ax' liability- ,on any` real o-r personal property in the City of ephyrhills or constitute . a debt against said city, and the- holde shall ever' nave the right to require o.r compel the exercise.-of the ad alerom. axing power of said city, or the-. taxation of Real ,Estate in said city, r the making of any sinking funds reserve or any: other similar f nds, ther than that' provided for in the ordinance authorizing ,, the s id evenue' Certificates . I . IN LNI'7NESS VHEREOF, the City of Zephyrhi lls, . Florida, a m nicipal corporation organized and existing' under the constitute n • and the laws of the State of Florida, acting by and through its d iy •I ; authorized officers, in open session., has. caused this Revenue C rtificate to be e signed by the Mayor and the President of the Ci y C uncil 'of said City of Zephyrhills,' Florida, and attested and coi nter- I s' geed-.:by the City Clerk.,. and to be officially sealed as of tine , day of ,A.D., 1958 CITY ZEPHYRHI LLS• BY: MAYOR PMIDENT OF CITY COUNCIL • < _SAL) 1 T EST: C TY CLERK V''LLI DAT F ON ENDORSEMENT:EENT VA.LIDMEhD MD CONP11IM, D BY THE COURT OF T E SIXT-I JUDICIAL CIRCUIT, IN AND FOR PA.SOO COUNTY', FLCRI:DA, entered on the ay of , 1958. CI,EPd( OF THE CIRCUIT COURT IN d D FOR PASCO COUNTY, FLORIDA. (form - of coupon) N On or before the day of , 19 , th CITY OF ZEPIIY.RHILLS-, of Florida wi 11 pay to the BEARER the sum of at .the City Hall in Zephyrhills, 'Florida, for in erest 'cue that day on the principal sum evidenced by is City Cigarette Tax ntici_pa.tion Revenue Certificates . -CITY OF ZEPHYRIIILLS BY MAYOR P= SID"EN T OF CITY COUNCIL (SEAL) TTESTa 1. CITY CLERK - _7a SECTION 4. The Revenue Certificate hereby authorized may b registered as to principal in accordance with the provisions f r r°gistration as provided by the City Clerk of Zephyrhills, and the City Clerk of Zephyrhills is hereby appomzted and designated as registrar f r such purpose . No charge shall be made for the registration or transfer. SECTION 5. The Revenue Certificates herein authorized sha 1 b negotiated :and sold in such mane r, at such time or times, and pon si. ch terms as may be determined by �he City Council to be for the b st interest: of the city and as may be evidenced by supplemental resolution, or resolutions in interest of the city, hereafter adop ed b said City Council . SECTION 6 . That RAt? OND H. HODGES, as City Attorney is hereby authorized and directed to- take appropriate proceedings in the Cir uit Court of the Sixth Judicial Circuit � of Florida, in and for t'asco County, for .the validation of said Revenue Certificates, and the 14 yor )T and President of City Council and City Clerk are ,authorized to sig a y pleadings in such proceedings for and in behalf of the City. SECTION 7. The proceeds to 'lbe. received through the- negoti tion a d sale of said Revenue Certificates shall be applied to and for t e purpose of paying for land_ and for the construction thereon an for the furnishing and equipping thereof of the ZEPHYRIIILLS MUNICIPAL BUILDING, hereinbefore more generally described. 'Any surplus re- i m ining after accomplishing the purpose for which said Revenue Cer ifi- cates are authorized shall be converted into 1958 Cigarette Tax A ticipation Revenue Certificates Interest and Sinking Fund, as he e- inafter set forth. SECTION 8 . There - shall be and there is hereby created a I i special fund, to be known as "1958 Cigarette Tax Revenue Certificat s Interest and Sinking Fund" (hereinafter called the'tsinking fund's), 'into which there shall be set apart Iand paid from and after the da e of the issuance of any of said Revenue (Certificates each month from t e proceeds of the cigarette tax amounts sufficient for the payment wh n due of the interest on and the 1principal of said, revenue certificates when same mature, and also creating and thereafter maintaining a reserve therefor. - -8- 6 - The City of Zephyrhills hereby reserves the right to issue - a ditional revenue certificates and; to pledge proceeds of said c garotte tax to secure same and sa?d certificates shall be on p.. city with inc ti certificates authorized by.. this ordinance; pro ided, h wever, :th-at the cigarette tax at that time is sufficient . to wart nt ' ' tie imposition. of an :additional pledge, and further provided, that the sinking fund .and reserve herein: authorized is maintained so, that t e p oportionate amount, paid. into ,said sinking fund to secure the . I R venue Certificates herein authorized is not reduced. 1�ilhenever additional parity revenue certificates- are issued p ovisi on shall be made for. "increasing the amounts -to be so set a ide and paid into the sinking fund by amount -equal to the averag a nual interest and principal, payments therefor becoming due by re son o such additional.. revenue certificates . All monies set apart- and paid into said sinking fund shall: be { . u ed solely and only and is hereby pledged for the purpose of payi zg tie revenue certificates and interest thereon hereby authorized an ai y. addi'tional parity revenue certificates and . the proceeds of- file c' garette tax in any r:7ontn in excess of the amount required to be o s t' apart and paid into the sinking fund may be used and disbursed f r. any purpose as set forth in the', statute authorizing the impasi ion o the said cigarette "tax, provided, that the. amount in the simkin f nd is in an amount equal- to and. in conformance with` the amount a thorized by this ordinance . SECTION 9 . The certificates and interest' thereon shall be p yable from a. sinking .fund provide) therefor, as herei_nabove set f rth," and riot otherwise, and shall be a lien upon and pledge of r venues set aside i n said sinking fund Nothing an:this ordinance s all be deemed to. create any encumbrance, mortgage or other pledg or r c` arge upon ' any" property or funds of the City, other than the reve ues p edged to the ..payment of he -certificates as herein provided .nor_ ° o i pose a1 y tax' liability upon arty _real or personal property in. sai C-+ nor to constitute .a debt a ainst said Cit and the holder, o • City � ye h iders, of the certificates' herein authorized' •shall never have th. -9- I - I _ ri ht to require or compel the exercise of •the ad valorem taxing pov-er of the City, or the taxation of .real estate in said City or th making of any sinking funds reserve other or otl er similar funds, other th n that provided. for in this ordinnce .. SECTION 10 . The provisions of. Florida Statutes, Section 21 .03, F.S .A., and Ordinance No . 17.01 of the City of Zephyrhills en cted pursuant thereto imposing and providing for the collection f a cigarette tax, as well as the provisions of this ordinance, shall constitute a contract between said City and the holders of the ' eve Lue F . Ce tificates that may be issued and outstanding hereunder, and if a y section, paragraph, clause or provision of this ordinance shall be tiled } by any court of competent jurisdiction to be invalid, the invalidit of such section, paragraph, :clause or pVovision shall not affect the remaining provisions . SECTION 11. All ordinances, resolutions and orders, or par s thereof,. in conflict with the provis ons of this ordinance, are to the extent of. such conflict repealed. The foregoing Ordinance No . I Was . read and passed on its first reading by the City Council of Zephyrhills, . Florida, on the j day of (,/vn e_ , 1958. sldent o C1 y Council }Ij silty � 1cic The foregoing Ordinance No . was read and passed on its second reading by the City Council of Zephyrh-ills,• Florida, on the / ' day of ( 'I , 1958 thsident of City Counc ATT °3 I City Cl rh j The foregoing Ordinance No . was read and passed n its third reading by the City Council) of Zephyrhills, Florida, on J the 7 day of ,. 1958 . ,J es=_dent Clty -Council , ATTIEST City Clerl -10- The foregoing Ordinance No . was approved by me thi day of 9 195g'® Mayo/' ► -11-.