Fort Walton Beach Ordinance — 185 - Issue Special Tax Revenue - Waterworks — reading text

8 Ju tt7d, " / ' ir ? ORDINil\JGE NO. 185 AN ORDINANCE prOVIDING FOR nIE ISSUANCE OF $ 30, 000 SPI~CIAL TAX HEVENUE CER.TIFICATES, SERIES 19S5A, OF FOHT ~ vAIT ON BEACH, FLOE.IDA, FOR THE P1JRPOSE OF PAYING TI{t~:CO~~T OF CQl.rSTRUCTING Il1:PlWVEJ,mNTS AND EXT21'JSICiNS TO THE ' 1rIA' i' CEKS PLANT AND EP:,,! SYSTEM IN FOET ' VIAL' T' ON REACH, FR,OVIHNG FOR THE S A:SE AND SECUHITY OF SAID CERTIFICATES, AND FOR THE: PAYHENT THEREOF FROM THE PROCEEDS OF THE TAX IMPOSED BY SAID CITY ON THE SAlES OF ELECTRICITY, GAS, HATER ANP TELSPHONE SERVICE, HAKING CERTAIN COVENANTS AND AGREEIYIENTS IN THAT CONNECTION, AND AN EHF; DECJ-1ARING JCY. RGE:i: p1.Jrsuant to the provisions of Ordinance Number 9 adopted on TpJHEREAS, February 8, 19u4, as amended by Ordinance Ntlmber 84, adopted on Septem- ber 8, 1950, Fort Walton Beach ( hereinafter somtimes referred to as lithe cityll) 1950, imposing and. co llecting has been since November 1, a tax on every sale of electricity, hydrogen or other like and butane, gas used for cooking, heating or cooling purposes, and , vater and tele- phone service in the city, vJhich tax is hereinafter sometimes referred to as the " utilities service taxll; and pursuant to proceedings heretofore ch:, ly E. dopted '? nd had, and hTf1EF.EAS particularly that certain ordinance adopted by the City Council of Fort alton Beach on November 5, 1952 entitled: AN ORDINANCE the issuance of ~~ providing for 242, 000 Special Tax Revenue Certificates of the T01\111 of b' ort Halton, Florida, for the purpose of refunding certain outstanding Utilities Tax Certificat.es of said tOwTI and for the purpose of paying part of the cost of making street imprcvements for said town, providing for the sale and sec.u.ri ty thereof, and for th e payment thereof from the proceeds of the tax imposed by said to~m on the sales of electricity, gas, water and telephone service, making certain covenants and agreements in that connection, and declaring an emergency, there have been heretofore issued and delivered $~242, 000 Sepcial Tax Revenue Certific2tes of Fort Walton Beach, Florid8, payable from the proceeds of the above described utilities service tax; and pursuant to proceedings heretofore duly adopted and had,. a:nd n'fEREAS, partic~larly th8t certain ordinance adopted by the City Council of said city on December 1, 1953, entitled: AN ORDINANCE providing for the issuance of $ 130, 000 Special Tax Revenue Certificates, Series 1953, of Fort vvalton Beach, Florida, for the purpose of ying the cost of constructing p;:;, a hospital for Fort 14' a l ton Beach, providing for the s ale and security of said certificates, and for the paynlent thereof from the proceeds of the tax imposed by said city on the salES of electricity, gas, water and telephone service, m8.king  9 certain covenants .:;mo aGreements in th:Jt connection, and declaring an emergency, there have been heretofore issued and delivered $ 130, 000 Special Tax Revenue Certificates, Series 1953 of said city ~~ yable from the proceeds of the above described utilities service tax; and lplHEREAS pursuant to proceedings heretoforE: duly adopted and had, and particularly that certain ordinance adopted by the City Council of said city on March 1, 1955, entitled: AN DRDlJ\ANCE provi ding for the i ssuanc e of $ 50, 000 Special Tax Revenue Certificates, Series 1955, of Fort Walton Beach, Florida, for the purpose of paying the cost of improving certain stre-ets, and of constructing improvements and additions to the present 1.rater system, sewer system, , jail and fire station in Fort Walton Beach, and improving a municipal park in. and for Fort Walton Beach, providing for the sale and security of said certificates, and for the payment thereof from the proceeds of the tax imposed by said city on the sales of electricity, gas, water and telephone service, making certain covenants and agreements in that connection, and declaring an emergency, there have been heretofore issued and delivered $ 50, 000 Special Tax Reve- nue Certificates, Series 1955 of said city payable from the proceeds of the above described utilities service tax; and fJHERK~S it is provided in Section 6 of said ordinance of November 5, 1952 and said ordinance of December 1, 1953, and said ordinance of r1arch 1, 1955, that additional certificates may be issued payable out of the proceeds of the aforesaid utili ties service tax on a pe,ri ty 1~ri th said outstanding certificates if the proceeds of the utilities service tax in the completed twelve months period immediately preceding the issuance of the additional certificates have been equal to 1- 3/ 4 times the highest future annual interest and principal requirements on all certificates payable from the proceeds of the utilities service tax and the certifi- cates so proposed to be issued; and HHEREAS the proceeds of the utilities service tax in the completed t"lT - elve months period immediately preceding the issuance of the additional certi- ficates herein autl, orized vJill have been sufficient to permit the issuance of additional certificates under the provision set out in the last above paragraph; and EREAS there outstanding obligations payable from the proceeds are no of the utilities service tax except the $ 242, 000 Special Tax Regenue Certificates, $ 130, 000 Special Tax Revenue Certificates, Series 1953, and $ 50, 000 Special Tax Revenue Certiricates, Series 1955, hereinabove described; and I1HEREAS under the decisions of the SllDreme COlU"t of Flcrida and the gene- ral p01.J' ers granted the city lmder the provisions of its charter and the 10 general of Florida, the city is authorized to issue special tax laws revenue certificates in the manner and payable from the special fund for vmich provision is hereinafter more specifically made; NOv~ THEREFOfill, Be It Ordained by Fort Walton Beach: Section 1. That Fort \ valton Beach pay the cost of constructing improve- ments an~ extensions to the waterworks plant and system in Fort Walton h the-, Beach throw-- ince of issu.: certificates as herein provided. Section 2. That for the purpose of paying the cost of constructing im- provements and extensions to -the vJai:envorks plant and system in Fort Walton Beach, and to pay all expenses properly incident thereto and to the issuance of the certificates, there are hereby authorized to be iS~3Ued the Special Tax Revenue Certificates, Series 1955A, of the city in the aggregate principal amount of $ 30, 000. Said certificates shall be dated October 1, 1955, shall be in the denomination of $ 1, 000 each, shall be numbered 1 to 30, inclusive, and shall- bear interest at the rate of four and one- half per cent ( 4~%) per annum from date until paid, payable Januar.y 1, 1956, and semi- annually thereafter on July 1 and January 1 of each year. The certificates 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, Illinois, and shall mature serially in numerical order $ 15, 000 on July 1 of each of the years 1982 and 1983. The certificates shall be callable for redemption prior to dty at m.atu: the option of the city on July 1, 1963 and on- any interest payment date thereafter in inverse numerical order, at the principal amount thereof plus accrued interest to the date fixed for redemption plus the follow- ing premiums for each certificate so called for redemption: $ 50 for each certificate called for redemption on or prior to January 1, 1965; $ 40 for redemption thereafter and on or prior each certificate called for to January 1967; $ 30 for each certificate called for redemption 1, thereafter and on or prior to January 1, 1969; $ 20 for each certificate called for redemption thereafter and on or prior to January 1, 1971; 10 for each certificate called for redemption thereafter prior to maturity. Notice of such call for redemption is to be given by publi- cation cf an appropriate notice one time in a newspaper or financial journal of general circulation published in the City of New Yo:rk, New York, not less than thirty days prior to the date fixed for redemption. Section 3. ThcJt the certificates shall be signed by the Mayor of Fort Walton Beach, attested by the City Clerk of sa,id city and shall have impressed thereon the corporate seal of the city. Interest falling due on the certificates on the prior to maturity thereof shall be represented by appropri2_te interest coupons to be attachec to the certificates, which coupons shall be executed v-1ith the facsimile signatures of the Hayor and the Clerk, and saic1 officials, by the execution of said certificates, shall adopt as and for their proper signatures their facsimile o'l.m signatures appe2_ring on said coupons.