Fort Walton Beach Ordinance — 1391--Conveyance of Property — reading text

Stolen Or 15 Lost.................................. Section 11 Provisions For Redemption .......................................................... 16 Section 12 Form Of Bonds..... ............................ .......................................... . 17 Section 13 Application Of 1999 Bond 25 Proceeds.............................................. Section 14 Special Obligations Of Issuer ........................................................ 25 Section 15 Covenants Of The Issuer .............................................................. 26 Section 16 Defeasance And Subrogation ........................................................ 37 Section 17 Bond Insurance ..... ................... ..................... ......... ................. .... 37 Section 18 Modification Or Amendment ........................................................ 38 Section 19 Use Of Additional Funds For Debt 38 Payment................................... Section 20 Severability............ ............ ....... ... .............. .... .............................38 Section 21 Repealing Clause .. .......... ......... ................. ................................ ... 39 Section 22 Effective Date............ .................. ................. ............................. .. 40 MCL- I0j 19/ 99 rev- 1O/ 29/ 99 rev- ll/ 02/ 99 Rev 1l/ 09/ 99- 6361- ord ii  ORDINANCE NO. AN ORDINANCE AUTHORIZING THE ISSUANCE BY THE CITY OF FORT WALTON BEACH, FLORIDA, OF NOT EXCEEDING $ 3, 750, 000 CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 1999; PROVIDING FOR THE PAYMENT THEREOF; PROVIDING FOR THE RIGHTS OF THE OWNERS OF THE 1999 BONDS; MAKING A COVENANT TO BUDGET AND APPROPRIATE NECESSARY MONEYS FROM CERTAIN NON- AD VALOREM REVENUE SOURCES; MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF SUCH 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. 1992 Notes" shall mean that loan from Roger J. Clary and Barbara Clary Kelly as Trustee for Michael Roger Kelly and Christopher Joe Clary to the Issuer, represented by a $ 190, 000 Promissory Notes, Series 1992, dated as of April 30, 1992. 1999 Bonds" obligations of the Issuer so designated as the shall mean the initial Series of Bonds under and pursuant to this Ordinance, as provided in Section 6 hereof. 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 additional obligations issued in compliance with the terms, conditions and limitations contained herein and which shall be on a parity with the 1999 Bonds. Amortization Installments" with respect to any Term Bonds of a series, shall mean an amount so designated which is established for the Term Bonds of such series, provided that ( i) each such installment shall be deemed to be due on such MCL- 10/ 19/ 99 rev- 1O/ 29/ 99 rev- ll/ 02/ 99 Rev 1l/ 09/ 99- 6361- ord 2 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 prior to the issuance of such Series, or, if no such Authorized adopted Investments are so specified, following which at the time are legal any of the investments for the Issuer under applicable laws, for the moneys held under this Ordinance then proposed to be invested therein: A) direct obligations of the United States of America and securities fully and as to the timely payment of principal and interest by the unconditionally guaranteed United States of America, provided, that the full faith and credit of the United States of America must be pledged to any such direct obligation or guarantee (" Direct Obligations"); B) direct obligations and fully guaranteed certificates of benefIcial interest of the Export-Import Bank of the United States; consolidated debt obligations and letter of credit-backed issues of the Federal Home Loan Banks; participation certifIcates and senior debt obligations of the Federal Home Loan Mortgage Corporation FHLMCs"); debentures of the Federal Housing Administration; mortgaged- backed securities ( except stripped mortgage securities which are valued greater than par on the portion of unpaid principal) and senior debt obligations of the Federal National Mortgage Association (" FNMAs"); participation certifIcates of the General Services Administration; guaranteed mortgage- backed securities and guaranteed participation certifIcates of the Government National Mortgage Association (" GNMAs"); guaranteed participation certifIcates and guaranteed pool certifIcates of the Small Business Administration; obligations and letter of credit-backed issues of the Student debt Loan Marketing Association; local authority bonds of the U. S. Department of Housing Urban Development; guaranteed Title XI fInancings of the U. S. Maritime Administration; guaranteed transit bonds of the Washington Metropolitan Area Transit Authority; Resolution Funding Corporation securities; C) obligations of any state of the United States of America or any direct subdivision or agency thereof whose unsecured, uninsured and unguaranteed general obligation debt is rated, at the time of purchase, " A" or better by Moody' s Investors Service and " A" or better by Standard & Poor' s Corporation, or any obligation fully and unconditionally guaranteed by any state, subdivision or agency whose unsecured, uninsured and unguaranteed general obligation debt is rated, at the time of purchase, N' or better by Moody' s Investors Service and " A" or better by S& P; D)commercial paper ( having original maturities of not more than two hundred seventy ( 270) days) rated, at the time of purchase, " P- I" or better by Moody' s and " A- I" or better by S& P; MCL- 10/ 19/ 99 rev- 1O/ 29/ 99 rev- ll/ 02/ 99 Rev 1l/ 09/ 99- 6361- ord 3