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

September 1, 1975, $30 if redeemed thereafter 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 public- ation of an appropriate notice one time in a financial newspaper or journal published in the City of New York, New York, or Chicago, Illinois. If any certificate is registered as to principal at the time of such call for redemption, similar notice shall be sent by registered mail to the registered holder. This certificate is one of an issue of $350,000 issued by Fort Walton Beach pursuant to the provisions of its charter and the Constitution and Laws of Florida and pursuant to an ordinance duly adopted by the City Council of Fort Walton Beach on final reading on , 1964, for the purpose of paying the cost of making improvements and extensions to the waterworks system of said city. It is provided in said ordinance that the City Council of said city shall fix and maintain rates and collect charges for the facil- {ties and services afforded by said system sufficient to provide revenue adequate at all times to pay the cost of operating, maintaining and repairing such system and to pay into 4 special fund created by said ordinance amounts fully sufficient, above such costs of operating, maintaining and repairing the system, to provide for the payment of the interest on and principal of said certificates promptly as each falls due. This certificate, including interest hereon, together with certain outstanding obligations and such additional obligations -8- as may be hereinafter issued on a parity under the conditions and restrictions set forth in said ordinance, is payable solely from said fund and Fort Walton Beach is under no obligation to pay this certificate or interest thereon except from the revenues of the afore- said system. This certificate with interest coupons hereunto appertaining, is issued upon the following terms and conditions, to all of which each taker and owner hereof and of the interest coupons consents and agrees: (a) Title to this certificate, unless registered as herein provided, and to the annexed interest coupons may be transferred by delivery in the same manner as a negotiable instrument payable to bearer; and (b) Any person in possession of this certificate, unless registered as herein provided, or of the interest coupons hereunto appertaining, regardless of the manner in which he shall have acquired possession, is hereby authorized to represent himself as the absolute owner thereof, and is hereby granted power to transfer absolute title thereto by delivery thereof to a bona fide purchaser, that is, to anyone who shall purchase the same for value (present or antecedent) without notice of prior defenses or equities or claims of ownership enforceable against his transferror; every prior taker or owner of this certificate, unless registered as herein pro- vided, and of the annexed interest coupons, waives and renounces all of his equities or rights therein in favor of every such bona fide purchaser, and every such bona fide purchaser shall acquire arsolute title thereto and to all rights represented thereby; and (c) Fort Walton Beach and the above named paying agent may treat the bearer of this certificate, unless registered as herein provided, or of the interest coupons hereunto appertaining, as the absolute owner thereof for all purposes without being affected by any notice to the contrary. All acts, conditions and things required by the Constitution -Q- and Laws of Florida, and the charter of said city, to happen, exist and be performed precedent to and in the issuance of this certificate, have happened, exist, and have been performed as so required. This certificate is registrable as to principal only in accordance with the provisions endorsed hereon. This certificate is one of a series of certificates which was validated and confirmed by decree of the Circuit Court of the First Judicial Circuit in and for Okaloosa County, Florida, rendered on the day of , 1964. IN WITNESS WHEREOF, Fort Walton Beach by its City Council has caused this certificate to be signed by its Mayor and attested by its City Clerk, under its corporate seal, and the interest coupons hereto attached to be executed with the facsimile signatures of said Mayor and City Clerk, all as of the first day of March, 1964, Attest: Mayor, Fort Walton Beach City Clerk, Fort Walton Beach (Form of Coupon) Number $ On the first day of » 19 » unless the hereinafter mentioned certificate is then callable for redemption and has been properly so called and provision for its payment made, Fort Walton Beach, Florida, will pay to bearer at The First National Bank of Chicago, in the City of Chicago, Illinois, the sum of Dollars ($ ), solely from the special fund referred to in and for the interest to that amount then due on its Water Revenue Certificate, Series of 1964, dated March 1, 1964 and numbered . (Facsimile signature) Mayor Attest: (Facsimile signature) Clerk ~10- (Certificate of Registration) This certificate may be registered as to principal on the books of the City Clerk as registrar, notation of said registration to be made hereon by said Clerk and this certificate may thereafter be transferred on said books by a written assignment by the registered owner or his attorney, duly acknowledged or proved, such transfer to be endorsed hereon by said Clerk. Such transfer may be to bearer and thereby transferabllity by delivery shall be restored, subject how- ever to successive registration and transfer as before. The principal of this certificate, if registered, unless registered to bearer shall be payable only to the registered owner, or his legal representative, but the coupons appertaining hereto will remain payable to bearer, notwithstanding registration of this certificate. Date of Name of Signature of City Registration Registered Holder Clerk as Registrar Section 5. That for the purpose of this ordinance the words "the system" as herein used shall be understood to mean the complete waterworks plant and system of said city, including all water facil- ities now owned by the city and all water facilities acquired here- after, it being intended hereby that "the system" shall mean all waterworks properties, facilities and equipment now or hereafter owned by the city whether lying within or without its boundaries and including all real estate and real and personal property of every kind and nature comprising any part of or used or useful in the oper- ation of the city's waterworks plant and system. The words "the certificates" shall be understood to mean the certificates herein authorized. From and after the issuance of any of the certificates the system shall continue to be operated on the basis of a fiscal year commencing on July 1 of each year and ending on June 30 of the follow~ ing year, and all revenues of every nature received through the -li- operation of the system shall continue to be paid from day to day as collected into a fund to be known as the "Waterworks Fund". If the city now collects or in the future shall collect any excise or tax payable either directly or indirectly by the consumers of the water and services supplied by the system, which tax is measured by the amounts of such water and services so consumed or which tax is based on the amounts paid by such consumers for water and services, the proceeds of such excise or tax shall not be regarded as one of the revenues of the system and shall not be considered as pledged to the payment of the certificates herein authorized for all purposes of this ordinance. The money in said fund shall be used first for the payment of the reasonable and proper expenses of operating, repairing and maintain- ing the system. All revenue of the system not actually used for the payment of the reasonable and proper expenses of operating, repairing and maintaining the system as above provided shall to the extent hereinafter required continue to be paid into the sinking fund estab- lished by said ordinance of June 19, 1956 for the payment of principal of and interest and redemption premiums on the outstanding certificates and the certificates herein authorized, which fund shall be hereinafter referred to as the "Certificate Fund", After there shall have been paid from the revenues of the syster. in each month the amount necessary for maintenance, repairs and oper- ations as above provided, there shall be next paid from such revenues into the Certificate Fund all revenues then remaining until such time as there shall be in the Certificate Fund money fully sufficient to pay all interest payable therefrom on March 1 of the current fiscal year and all principal and interest payable therefrom on September 1 of the next succeeding fiscal year, and in addition thereto, as a reserve, & sum equal to 115% of the highest amount of principal and interest which will be payable from the Certificate Fund in any future fiscal year (including the sums required to be accumulated as a reserve for the outstanding certificates authorized by said ordinances -12- of June 19, 1956, June 2, 1959, July 12, 1960 and March 28, 1962). The money in such reserve shall be used whenever and to the extent necessary to prevent a default in the payment of principal or interest. The rates and charges for water and service supplied by the system siall always be such as to make possible the payment of the total amount required to be paid into the Certificate Fund in each fiscal year in approximately equal monthly installments, and shall be suf- ficient to permit the accumulation of the reserve hereinabove required on or prior to September 1, 1947 in an amount equal to 115% of the maximum annual future principal and interest requirements on all obligations outstanding. The payments so to be made for the credit of the Certificate Fund may accumulate in the depository until the tenth day of each month, on which date the city shall require the depository to transmit to the paying agent bank the amount which shall have accumulated for the credit of the Certificate Fund during the preceding month. There shall also be paid into the Certificate Fund the accrued interest received from the purchaser of the certi- ficates. If in any fiscal year the city shall for any reason fail to pay into the Certificate Fund the full amount above stipulated, an amount equivalent to such deficiency shall be set apart and paid into said fund from the first available and unallocated revenues of the System in the following fiscal year or years, and such payment shall be in addition to the amounts hereinabove provided to be otherwise paid into said fund during such fiscal year or years. In the event additional parity obligations are issued as hereinafter provided in Section 7 hereof increased payments into the Certificate Fund, including the reserve portion of said fund, shall be provided for in the proceedings authorizing such additional obligations. After there have been paid from the revenues of the system in each fiscal year the cost of operating, repairing and maintaining the system as above provided, and after there have been made from such revenues the payments hereinabove required to be made in such ~13- fiscal year into the Certificate Fund, and all deficiencies in such payments existing from prior years have been remedied, there shall next be paid in each fiscal year into a fund to be known as the "Renewal and Replacement Fund" all remaining revenues of the system, until such time as there shall be in said Renewal and