Fort Walton Beach Council agenda — 04-12-05 — reading text

.......................................................... ............. 29 E) OPERATION AND MAINTENANCE. .... ...... ............... ................ ........ ........................................ ............ 29 F) ANNUAL BUDGET. ....................................................................................................................... .......... 29 G) RATE COVENANT. .................................................................................... ...................... ............ ............ 30 1) NO MORTGAGE OR SALE OF THE SYSTEM. ........................................................................ ............. 31 K) INSURANCE................. ................................................. ............................................................... 31 ............ L) NO FREE SERVICE. ...................................................................................... .............. ................. ............ 31 M) MANDATORY CUT OFF. ........................................................................................................... ............. 31 N) ENFORCEMENT OF COLLECTIONS. ...... ................................................... ............................... ..... ....... 32 0) CONNECTIONS WITH WASTEWATER SYSTEM. ................................................................. ............. 33 Q) CONSULTING ENGINEER. .................................... ............ ........ ................................................. ............ 33 R) NO COMPETING SYSTEM. ......................................................... .............. .............. .................... ............ 33 S) ISSUANCE OF OTHER OBLIGATIONS. ................................................................................... ............. 33 T) ISSUANCE OF ADDITIONAL PARITY OBLIGATIONS. ........................................................ ............. 36 Section 16 Defeasance and Subrogation..... ................. ..... ...... ... ......... ...... .... .... ....... 36 Section 17 Bond Insurance.............. .................. .... ...... ........................... ...... ....... ii MCPS-02I24/ 0s Rev. 03/ 08/ 05 Rev. 03/ 14/ 0s- 660l- Ordinance Rev. 03/ 16/ 0s-cl  37 Section 18. Modification or Amendment....... ............................ .................... ... ........ 38 Section 19. Use of Additional Funds for Debt Payment................................................ 38 Section 20. Severability...................................................................... ................. 38 Section 21. Repealing Clause.... ..~........................................................ ................. 39 Section 22 Effective Date.... ... .......... .................................................. ............ ..... 3 MCPS-02/ 24/ 05 Rev. 03/ 08/ 05 Rev. 03/ 14/ 05-6601- Ordinance Rev. 03/ 16/ 05-cl  ORDINANCE NO. AN ORDINANCE AUTHORIZING THE ISSUANCE BY THE CITY OF FORT WALTON BEACH, FLORIDA, OF NOT EXCEEDING 511, 000,000 UTILITY SYSTEM REVENUE BONDS, SERIES 2005, TO FINANCE THE ACQUISITION AND CONSTRUCTION OF CERTAIN CAPITAL IMPROVEMENTS TO THE SYSTEM; PROVIDING FOR THE PAYMENT THEREOF; PROVIDING FOR THE RIGHTS OF THE OWNERS OF THE 2005 BONDS; MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF SUCH 2005 BONDS; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE CITY OF FORT WALTON BEACH, FLORIDA: Section 1 Authority For This Ordinance This Ordinance is enacted pursuant to the provisions of the Act, hereinafter defined. Section 2 Definitions The following terms in this Ordinance shall have the following meanings unless the text otherwise expressly requires. Where the context so requires, words importing singular number shall include the plural number in each case and vice versa, and words importing persons shall include firms and corporations. 2005 Bonds" shall mean the obligations of the Issuer so designated as the initial Series of Bonds under and to this Ordinance, as provided in Section 6 hereof. pursuant Accreted Value" of any date of computation with respect to any Capital shall mean, as the Appreciation Bond, an amount equal to the principal amount of such Capital Appreciation Bond ( amount at Its initial the interest accrued on such Capital Appreciation Bond from offering) plus principal the date of delivery to the original purchasers thereof to the Compounding Date next preceding the date of computation or the date of computation if it is such a Compounding Date, such interest to accrue at a rate not exceeding the legal rate, compounded semiannually, plus, with respect to matters related to the Bonds, if such date of computation payment upon redemption or acceleration of the Capital Appreciation shall not be a Compounding Date, the portion of the difference between the Accreted Value as of the immediately preceding Compounding Date and the Accreted Value as of the immediately succeeding Compounding Date, calculated based on the assumption that Accreted Value accrues during any semiannual period in equal daily amounts on the basis of a 360- day year. Act" shall mean Chapter 166, Part II, Florida Statutes, as amended, and other applicable provisions of law. Additional Parity Obligations" or " Additional Parity Bonds" shall mean any additional and obligations hereafter issued in compliance with the terms, conditions and limitations contained herein which shall have an equal lien upon the Pledged Revenues and rank equally in all respects with the 2005 Bonds. 1 MCPS- 02l24/ 05 Rev. 03/ 08/ 05 Rev. 03/ 14/ 05-6601- Ordinance Rev. 03/ 16/ 05-c1  Amortization Installments" with respect to any Term Bonds of a Series, shall mean an amount or amounts so designated which is or are established for the Term Bonds of such Series, provided that ( i) each such installment shall be deemed to be due on such interest or principal maturity date of each applicable year as is fixed by resolution of the Issuer and, unless otherwise specified in the resolution providing for the issuance of such Term Bonds, shall be a multiple of $5, 000, and ( ii) the aggregate of such installments for such Series shall equal the aggregate principal amount of Term Bonds of such Series authenticated and delivered on original issuance. Authorized Investments" shall mean in respect of a Series of the Bonds, only the Authorized Investments specified for such Series by resolution of the City Council of the Issuer adopted prior to the issuance of such Series, or, if no such Authorized Investments are so specified, any of the following which at the time are legal investments for the Issuer under applicable laws, for the moneys held under this Ordinance then proposed to be invested therein: 1) Obligations of any of the following federal agencies which obligations represent the full faith and credit of the United States of America, including: Export-Import Bank Rural Economic Community Development Administration U. S. Maritime Administration