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HomeMy WebLinkAbout218 Issuance of $900,000 in Revenue Certificates 20 31110 ORDINANCE NO. AN ORDINANCE PROVIDING FOR THE ISSUANCE OF $900,000.00 IN REVENUE CERTIFICATES OF THE CITY OF ZEPHYRHILLS, PASCO COUNTY, FLORIDA, IN ANTICIPATION OF SANITATION COLLECTION FEES, OCCUPATIONAL LICENSE FEES, AND FUTURE REVENUES OF THE CITY OF ZEPHYRHILLS SEWER SYSTEM OF SAID CITY; AND FOR THE PURPOSE OF PAYING THE COSTS OF CONSTRUCTION OF THE EX- TENSION TO THE SEWER SYSTEM AND SEWAGE TREAT- MENT PLANT, AND MAINTENANCE OF SAME FOR THE CITY OF ZEPHYRHILLS, FLORIDA; AND THE EXPRES- SING OF CERTAIN COVENANTS AND UNDERTAKINGS ON BEHALF OF SAID CITY FOR SECURITY AND PAYMENT OF SUCH REVENUE CERTIFICATES. WHEREAS, the City of Zephyrhills, in Pasco County, Florida, is a municipal corporation, duly organized, existing, governed by and acting under Charter granted by the State of Florida, and WHEREAS, heretofore, and pursuant to the provisions of Florida Statutes, the City has been imposing certain taxes and fees consisting of occupational license fees, and sanitation collection fees, and that said City will continue to impose and collect such license fees and sanitation collection fees, and said City also collects certain revenues from the City sewer system, which amount is presently pledged as security for the repayment of Anticipa- tion Revenue Certificates, formerly issued to secure funds for the construction of Zephyr Haven Nursing Home, and WHEREAS, the City Council of the City of Zephyrhills, has previously secured a Need and Feasibility Report showing the neces- sity for expansion of the sanitary sewer system of the City of Zephyrhills, same being necessary to protect the health of the residents of the City of Zephyrhills and those sewers served by said sewer system residing outside the corporate limits of said City, and to allow for the future, proper and orderly growth of said City and development of surrounding area, and WHEREAS, the entire cost of the required expansion of the city sewer system and sewage treatment plant, is in the sum of $ 900,000.00 , and ' WHEREAS, the City of Zephyrhills has deceided to borrow the sum of $900,000.00 through the issuance and sale of the Anticipation Revenue Certificates in said sum is hereinafter authorized : 21 garit NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ZEPHYRHILLS, PASCO COUNTY, FLORIDA, as follows : SECTION 1 : It is, hereby, ascertained, determined and declared that : (a. ) The City of Zephyrhills, Pasco County, Florida, now has an occupational license ordinance, and also does collect a sanitation collection fee. (b. ) The net receipts by reason of said sanitation col- lection fees and occupational license fees during the last four fiscal years, has amounted to the following sums : FISCAL YEARS NET SANITATION NET OCCUPATIONAL ENDING COLLECTION FEES LICENSE FEES March 31, 1970 $ 42,964.59 $ 7,441 .98 March 31., 1971 $ 67, 159.81 $ 8,099.84 March 31 , 1972 $ 71 , 141 .94 $ 16,821 .50 March 31 , ' 1973 $ 80, 128.78 $ 19,405.21 and the revenues from said sanitation collection fees and occu- pational license fees have not been pledged, either in whole or in part, to the payment of any outstanding bonds or other obligations of the City. That in addition thereto, the sewer system revenue is also pledged as to future revenues to be received therefrom following satisfaction of the present pledge, presently existing against such funds as aforementioned. SECTION 2 : To aid and finance the construction of the extension of .the city sewer system, as aforementioned, the City Council of the City of Zephyrhills, Florida, hereby, authorizes the issuance of Anticipation Revenue Certificates of the City of Zephyrhills (hereinafter called the Revenue Certificates), in the aggregate principal amount of $900,000.00. 'The said Revenue Certificates shall be dated the 1st day of : May , 1971J , and shall be in the following denominations and numbers, respectively: NUMBER OF CERTIFICATE AMOUNT OF CERTIFICATES NUMBERS EACH TOTAL 60 741 to 800 $5,000.00 $ 300,000.00301 inclusive. . , each 570 Vo 801 to 1 ,371 $1 ,000.00 $ 570,000.00 inclusive. . . each 23r�� 50 1 ,372 to 1 ,438 $ 500.00 $ 30,000.00 ---- inclusive. . . eachSL � , -2- 221111111 and shall bear the interest rate of six (6%) percent per annum. That said interest payment check shall be mailed by the City on November 1 and May 1 of each year, the first payment becoming due on November 1 , 1974. That said Revenue Certificates shall mature and become due and payable Twenty Years (20) from the date of said Revenue Certificates, provided, however, the right is, hereby, expressly reserved by the City of Zephyrhills, to recall in whole, or in part, any of the said Revenue Certificates remaining outstanding on any interest payment date, upon terms of par and accrued interest, and without payment of any interest therefore. The Mayor and President of the City Council are, hereby, authorized to execute said Revenue Certificates in the name of the City, and the City Clerk is, hereby, authorized and directed to affix the seal of the City to the said Revenue Certificates, and attest such seal. The said Revenue Certificates herein auth- orized shall be and are placed in custody of the City Clerk, who shall place said Revenue Certificates in the vault of the City Hall, and the City Clerk is, hereby, authorized to deliver all, or any part, as said City Council from time to time may deem advisable, upon receipt of payment therefor. SECTION 3 : The Revenue Certificates shall be substan- tially in the following form, to-wit : NO. $ UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF PASCO CITY OF ZEPHYRHILLS CITY OF ZEPHYRHILLS ANTICIPATION REVENUE CERTIFICATES THIS IS TO CERTIFY that the City of Zephyrhills, a Municipal Corporation, duly organized and operating under the Constitution and the Laws of the State of Florida, is justly in- debted, and for value received, hereby, promises to pay to the BEARER, the sum of ($ ), -3- �3 lawful money of the United States of America, on or before, May 1 , 1994 , with interest at the rate of six (6%) percent per annum, payable semi-annually, commencing on year from date shown on Revenue Certificates, said payment to be made on November 1 and May 1 of each year. This Certificate is one of a series of Six Hundred Eighty (680) Certificates, of various amounts, but the tenor andmaturity date all being the same, and the total principal amount being Nine Hundred Thousand Dollars ($900,000.00), all issued by virtue of authority granted by City Ordinance. It is, hereby, certified and recited that all acts, conditions and things required to exist, to happen, and to be performed precedent to and in issuance to this Certificate, exist, have happened, and have been performed in regular and due form, and time, as required by the Constitution and Laws of the state of Florida applicable thereto, in that the issuance of this Certificate, and the issuance of the Certificates of which this Certificate is one, does not violate any Consti- tutional or Statutory limitation. This Certificate has all the qualities and incidents of a negotiable instrument under the negotiable instruments law of the state of Florida, and the original holder, and each successive holder of this Certificate shall be conslusively deemed by his ' ac- ceptance thereof, to have agreed that this Certificate shall be and have all the qualities and incidents of negotiable instruments under the negotiable instruments law of the state of Florida. This Certificate and the issue of which it is one, is issued to aid in the financing of the expansion of the sanitary sewer system of the City of the City of Zephyrhills, and are payable only from a sinking fund which there shall be set aside, and in approximately equal monthly installments out of the revenues and income derived from occupational license fees and sanitation col- lection fees, as aforementioned, such sums as shall be sufficient for the payment of interest on, and the principal, of said Cer- tificates, as the same respectively shall become due, and this Certificate, together with all the Certificates of the issue of which this Certificate is one, and the interest thereon, are se- cured by a pledge of revenues set aside in said sinking fund. -4- • �4 411111 This Certificate and the interest thereon are not payable from, nor a charge upon, any fund other than the revenues pledged to the payment thereof, and shall not impose a tax liability on any real or personal property in the City of Zephyrhills, or consti- tute a debt against said City, and the holder shall never have the right to require or compel the exercise of the ad valerom taxing power of said City, or the taxation of Real Estate in said City, or the making of any sinking funds reserve, or any other similar funds, other than that provided for in this Ordinance. IN WITNESS WHEREOF, the City of Zephyrhills, Florida, a Municipal Corporation, organized and existing under the Consti- tution and Laws of the state of Florida, acting by and through its duly authorized officers, in open session, has caused this Revenue Certificate to be signed by the Mayor and the President of the City Council of said City of Zephyrhills, Pasco County, Florida, and attested and countersigned by the City Clerk, and to be officially sealed as of the day of A.D., 197 . CITY OF ZEPHYRHILLS BY Mayor President of City ounci (SEAL) Attest : City Clerk SECTION 4: The Revenue Certificates hereby authorized may be registered as to principal in accordance with the provis- ions for registration, as provided by the City Clerk of Zephyr- hills, and the City Clerk of Zephyrhills is, hereby, appointed and designated as Registrar for such purpose. No charge shall be made for the registration or transfer. SECTION 5 : The Revenue Certificates herein authorized shall be negotiated and sold in such manner, at such time or times, -5- 25IMP and upon such terms as may be determined by the City Council to be for the best interest of the City, and as may be evidenced by supplemental resolution, or resolutions, in the interest of the City, hereafter adopted by said City Council. SECTION 6 : The proceeds to be received through the ne- gotiation and sale of said Revenue Certificates shall be applied to, and for the purpose of, paying for the construction of the extension of the sewage treatment plant and sewage disposal system of said City, heretofore described. SECTION 7: There shall be and there is, hereby, created a special fund, to be known as " 1974 Sewage System Sinking Fund " r (hereinafter called the " sinking fund "), into which there shall 11 be set apart and paid from and after the date of the issuance of any of said Revenue Certificates each month, from the proceeds of the revenues herein pledged, amounts sufficient for the pay- ment when due of the interest on, and the principal of said Rev- enue Certificates, when samemature, and also creating and there- after maintaining a reserve therefor. The City of Zephyrhills, hereby, reserves the right to issue additional Revenue Certificates and to pledge proceeds:.' of said occupational license fees, sanitation collection fees and sewer system revenue to secure same, and said certificates shall be on parity with the certificates authorized by this Ordinance, provided, however, that said revenues at that time are sufficient to warrant the imposition of an additional pledge, and further provided, that the sinking fund and reserve herein authorized is maintained so that the proportionate amount paid into said sinking fund to secure the Revenue Certificates heroin authorized, is not reduced. Whenever additional parity Revenue Certificates are issued, provision shall be made for increasing the amounts to be set a- side and paid into the sinking fund by amount equal to the average annual interest and principal payments therefor becoming due by reason of such additional Revenue Certificates. All monies set apart and paid into said sinking fund shall be used solely and only, and is, hereby, pledged for the purpose of paying the Revenue Certificates and interest thereon, hereby, -6- • 26 authorized, and any additional parity Revenue Certificates and the proceeds of the occupational license fees, sanitation collec- tion fees, and sewer system revenue in any month in excess of the amount required to be so set apart and paid into the sinking fund may be used and disbursed for any purpose as set forth in the Statute and/or Ordinance authorizing the imposition of such taxes or revenues, provided, that the amount in the sinking fund is in amount equal to, and in conformance with, the amount auth- orized by this Ordinance. SECTION 8 : The Certificates and interest thereon shall be payable from a sinking fund provided therefor, as hereinabove set forth, and not otherwise, and shall be a lien upon and a pledge of revenues set aside in said sinking fund. Nothing in this Ordinance shall be deemed to create any encumbrance, mort- gage or other pledge or charge upon any property or funds of the City, other than the revenues pledged to the payment of the cer- tificates as herein provided, nor to impose any tax liability upon any real or personal property in said City, nor to consti- tute a debt against said City, and the holder, or holders, of the Certificates herein authorized shall never have the right to require or compel the exercise of the ad valorem taxing power of the City, or the taxation of real estate in said City, or the making of any sinking funds reserve or other similar funds, other than that provided for in this Ordinance. SECTION 9: The provisions of Florida Statutes and any pertinent ordinances of the City of Zephyrhills, authorizing the collection of the sanitation collection fees, occupational license fees, and sewer revenues as well as the provisions of this Ordinance, shall constitute a contract between said City and the holders of the Revenue Certificates that may be issued and outstanding hereunder, and if any section, paragraph, clause or provision of this Ordinance shall be ruled by any court of competent jurisdiction to be invalid, the invalidity of such sec- tion, paragraph, clause or provision shall not affect the remain- ing provisions. SECTION 10 : All ordinances, resolutions and orders, or parts thereof, in conflict with the provisions of: th;is Ordinance, -7- 1111/ 27 " . • , " _ ti are to the extent of such conflict, repealed. The foregoing Ordinance No. 1 / was read and passed on its first reading by the City Council of Zephyrhills, Pasco County, Florida, on the if/ day of / ' " 7 , 1974. B /OP/UAW-id /9 ' President of ity Council` III Attest : . 11 -•:?-ri "City Clerk 3 The foregoing Ordinance No. g/8 was read and passed on its second reading by the City Council of Zephyrhills, Pasco mid County, Florida, on the c day of P; 4 r`ia/i ; 1974. / '' BY/%; =) , I f CAA/ al P e'si.ent o City ounci Attest : ii,- -/q /City Clerk v IIIThe foregoing Ordinance No. ___12../IL__ was read and passed on its third reading by the City Council of Zephyrhills, Pasco County, Florida, on the day of 7 r c ° , 1974. r B. g L f_a Ok4,021 'resi.ent of City Council Attest : ,Ae: ..,,--/- , / j 2' i'ty le r G/ The foregoing Ordinance No. Z/,8 was approved by me 744 this day of /ate 4. °5, 1974. ir Z9 in a 1/:/14.1--X / a y o r ,7 -8-