Fort Walton Beach Ordinance — 402--Water Revenue Certificates 1964 — reading text

Ordinance Mo, fod Fort Walton Beach, Florida Jan 2. », 1964 The City Council of Fort Walton Beach, Okaloosa County, Florida, met in Sp ecja/ public session at its regular meeting place in the City Hall in Fort Walton Beach at /,59 o'clock pM. on JOAUAR Y a/ , 1964, with the following members present: Sam Lin dsey , Mayor S, [ Kog CRS » Councilman Fred foflhert , Councilman Kay Jones » Councilman Xe. Z. Carnal pare » Councilman C Xx. Lon 3 » Councilman Oo Lee Courler , Councilman James Kea dy , Councilman Absent: There was also present (Aaf/es Luvans , City Clerk, Winston J, Walker , City Manager, and Wa/ter J Smith, City Attorney. After the meeting had been duly called to order and the roll called with the above result, an ordinance entitled: AN ORDINANCE providing for the issuance of $350,000 Water Revenue Certificates, Series of 1964, of Fort Walton Beach, Florida, providing for the sale and payment thereof, and making certain covenants and agreements in that connection, and declaring emergency was introduced in written form by C.. A Seng and 6) was read in full in open meeting and discussed. It was then moved by H ih Capnath AN that the charter rule requiring ordinances to be read on three separate days be waived and the ordinance be now considered for final passage. The motion was seconded by James feady and carried by a roll call vote of not less than five members of the City Council, to-wit: ayer 5S L. Kooces Fred albert Ray Sones Hf Carnathon C.H#. Long Lee Cour Ter James Ready Nay: None It was then moved by__C. H. Long that by reason of the urgent necessity for the construction of the extensions and improvements to the water system there is an urgent need for the immediate preservation of the public peace, property, health and safety that this ordinance take effect immediately as an emergency measure. The motion was seconded by Jam ¢5s fea dy and carried by a roll call vote of not less than five members of the City Council, to-wit: Aye: <, lL. Aogers Fred ol/begt Rag Jones J HH. Carnathan C.#. Lone . 2 lee Courler JEM ES Aeadly Nay: None The ordinance was then again read in full and was discusse4. after which, pursuant to motion made by James. Ke ad y and seconded by Zee Coug ler , it was adopted without change on final reading by the following roll call vote; S; L ; RK GOERS o fF ped Te/fert Ray Jones HH Carnathan CH. lone Lee Courler James Kea Sy SJ Nay: None The ordinance was thereupon authenticated by the signature of the Mayor and attested by the City Clerk, was recorded in a book kept for that purpose, and was ordered published in the form of 4 synopsis reciting the title and substance of the ordinance in The Playground News, a newspaper published in Okaloosa County and of general circulation in Fort Walton Beach, said publication to be made one time within ten days after final passage. The ordinance is as follows: AN ORDINANCE providing for the issuance of $350,000 Water Revenue Certificates, Series of 1964, of Fort Walton Beach, Florida, providing for the sale and payment thereof, and making certain covenants and agreements in that connection, and declaring an emergency. WHEREAS, Fort Walton Beach (hereinafter sometimes referred to as the "city”) now owns and operates a waterworks system lying within and without the boundaries of the city for the purpose of supplying water and water service to the city and its inhabitants and the tnhabitants of the territory lying adjacent thereto; and WHEREAS, it has become necessary for the benefit of the city and its inhabitants to improve and extend said waterworks system (hereinafter sometimes referred to as the "system") at an estimated total cost of $350,000; and WHEREAS, pursuant to ordinances adopted June 19, 1956, June 2, 1959, July 12, 1960 and March 28, 1962, Fort Walton Beach has heretofore issued water revenue certificates payable from the net revenues of its waterworks system which certificates are presently outstanding; and -3- oe flat bt ORT Ao WHEREAS, it is provided in each of said ordinances that additional obligations may be issued payable out of the revenues of the system on an equality with said outstanding certificates if the net revenues of the system (being the gross revenues after the deduction of all expenses of operating, repairing and maintaining) for each of the two fiscal years immediately preceding the issuance of the additional certificates shall have been equal to 1-1/2 times the highest combined interest and principal requirements for any succeed- ing twelve month's period on all certificates for any succeeding twelve month's period on all certificates then outstanding and the certifi- cates so proposed to be issued; and WHEREAS, there are not outstanding any other obligations pay- able from or secured by pledge of the revenues of said system except the outstanding revenue certificates above described, and the net revenues of the system computed in the manner above provided will have been sufficient for each of the two fiscal years immediately preceding to permit the issuance of additional certificates under the provisions set out in the next above paragraph; and WHEREAS, it has now become necessary for the city to make improvements and extensions tothe system and to issue revenue certifi- cates payable from the revenues of the system; and WHEREAS, under the decisions of the Supreme Court of Florida and the general powers of the city under the provisions of its charter and the general laws of Florida the city is authorized to issuc revenue certificates to pay the cost of improving and extending the system; NOW, THEREFORE, Be It Ordained by Fort Walton Beach: Section 1. That the City Council has made due investigation and has ascertained and hereby formally finds and recites that the net earnings of the system for each of the two fiscal years immediately preceding the issuance of the additional certificates herein provided for have been as follows: Fiscal Year Ending June 30 Net Revenues 1962 aes 1963 132, ¥380,¥). and that therefore the net revenues of said system are fully sufficient to permit the issuance of additional obligations for improving and extending the system. Section 2. That for the purpose of paying the cost of constructing improvements and extensions to the waterworks system of said city at an estimated cost of $350,000, there be issued the negotiable Water Revenue Certificates, Series of 1964, of Fort Walton Beach in the aggregate sum of $350,000. Such certificates shall be issued pursuant to the Constitution of Florida, the general laws of Florida and the charter of Fort Walton Beach, shall be dated March 1, 1964, shall be in the denomination of $1,000 each, shall be num- bered consecutively from 1 through 350, shall bear interest at not to exceed the maximum rate of 6% per annum or such lesser rate or rates as may be determined by resolution to be adopted prior to sale and delivery to the purchaser thereof. In the event said certificates are sold to bear extra coupons requiring that interest falling due on any or all of said certificates on any interest payment date be represented by more than one interest coupon and requiring that said coupons be detachable and payable separate and apart from regular coupons, the City Council shall make appropriate provision therefor in the resalution to be adopted fixing the interest rate or rates to be borne by the certificates, which interest shall be payable September 1, 1964, and semi-annually thereafter on March 1 and September 1 of each year, and aaid certificates shall fall due serially in numerical order on September 1 of each year as follows: $12,000 1990 19,000 1991 21,000 1992 24,000 1993 41,000 1994 70,000 1995 73,000 1996 76,000 1997 14 ,000 1998 All certificates shall be subject to redemption prior to maturity at the option of the city in inverse numercial order on March 1, 1972, and on any interest payment date thereafter at the principal amount thereof plus accrued interest to the date fixed for redemption plus a premium of $35 for each certificate so redeemed on or prior to September 1, 1975, $30 if redeemed there- after and on or prior to September 1, 1979, $25 if redeemed thereafter and on or prior to September 1, 1983, $20 if redeemed thereafter and on or prior to September 1, 1987, $15 if redeemed thereafter and on or prior to September 1, 1991, $10 if redeemed thereafter and on or prior to September 1, 1995, and $5 if redeemed thereafter and prior to maturity. Not less than thirty (30) days' notice of the call of any such certificate for redemption shall be given by registered mail to the place of payment and by publication of an appropriate notice one time in a financial newspaper or journal published in the City of New York or Chicago, Illinois. If any certificate is regis- tered as to principal at the time of such call for redemption, similar notice shall be sent by registered mail to the registered holder. Said certificate shall be payable as to both principal and interest in lawful money of the United States of America at The First National Bank of Chicago, in the City of Chicago, Tllinois. Section 3. That said certificates shall be signed by the Mayor of Fort Walton Beach and attested by the City Clerk, and shall have impressed thereon the corporate seal of said Fort Walton Beach. Interest falling due on said certificates on and prior to maturity shall be represented by semi-annual coupons attached to said certifi- cates signed with the facsimile signatures of said Mayor and City Clerk, and said officials, by the execution of said certificates, shall adopt as and for their own proper signatures their facsimile signatures appearing on said coupons. Said certificates shall be registrable as to principal in accordance with the provisions for registration endorsed upon said certificates and the City Clerk is -6- hereby appointed and designated registrar for such purpose. No charge shall be made to any holder of said certificates for the privilege of registration. Section 4. That said certificates and the provisions to appear on the back thereof shall be in substantially the following form, provided, however, that in the event the certificates bear extra coupons requiring interest falling due on any interest payment date be represented by more than one coupon, the following certificate' and coupon form shall be appropriately revised. (Form of Certificate) UNITED STATES OF AMERICA STATE OF FLORIDA OKALOOSA COUNTY FORT WALTON BEACH WATER REVENUE CERTIFICATE, SERIES OF 1964 Number $1,000 Fort Walton Beach, in Okaloosa County, State of Florida, for value received, hereby promises to pay, solely from the special fund provided therefor as hereinafter set forth, to the bearer, or, if this certificate is registered as to principal in the manner herein- after provided, then to the registered holder hereof, on the first day of September, 19 __,_~ the principal sum of One Thousand Dollers ($1,000, and to pay, from said special fund, interest thereon at the rate of ss per cent ( %) per annum from date hereof until paid, payable September 1, 1964 and semi-annually thereafter on March 1 and September 1 of each year, such interest to the maturity date of this certificate to be paid only upon the presentation and surrender of the annexed interest coupons as they severally become due. Both principal of and interest on this certificate are payable in lawful money of the United States of America at The First Natinnal Bank of Chicago, in the City of Chicago, Illinois. All certificates of the issue of which this certificate is one are subject to redemption prior to maturity at the option of the -T- city in inverse numerical order on March 1, 1972, and on any interest payment date thereafter at the principal amount thereof plus accrued interest to the date fixed for redemption plus a premium of $35 for each certificate so redeemed on or prior to