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

1\ Section h. That the certificates and the coupons to be attached thereto and the endorsement to appear on the back thereof shall be in substantially the following form: Form of Certificate) UNITED STATES OF M'1ERICA STATE OF FLORIDA COUNTY OF OKALOOSA FORT WALTON BEACH SPECIAL TAX REVENUE CERTIFICATE, SERIES 1955A Number l, 000 Fort Walton Beach, in Okaloosa County, Florida, for value received hereby promises to pay to bearer, solely from the special fund provided therefor as hereinafter set forth, the sum of One Tho1Jsand Dollars ($ 1, 000) on the first day of July, 19 , and to pay from said special fund interest thereon at the rate of --- per cent ( %) per annum from date hereof until paid, payable January 1, 1956 and semi- annually thereafter on July 1 and January 1 or each year, with interest due on and prior maturity to hereof le payaL, only upon presentation and surren- der of the annexed interest coupons as they severally become due. Both principal and interest hereon are payable in lawful money of the United States of America at The First National Bank of Chicago, in the City of Chicago, Illinois. The certificate is one of an issue numbered 1 to 30, inclusive, issued pursuant to the Constitution and Lav-rs of Florida and an ordinance adopted by the City Council of said city en , 1955, for the Durpose of paying the cost of constructing improvements and extensions to the waterworks plant and SystffiQ in Fort Walton Beach. This certifi- cate and the issue of which it is a part, together 1tJi th the outstanding certificates and such additional certificates as may be issued on a parity in the future, payable solely from and secured by pledge of are the revenues to be received from the proceeds of the tax imposed by the city cn the sale of electrici tyand of butane, hydrogen or other like gas used for cooldng, heating or cooling purposes, and on the sale of I,rater and telephone service, pursuant to Ordinance Number 9 adopted on February 8, 194h, as amended by Ordinance No. 8h adopted on Septem- ber 8, 1950. This certificate, including interest hereon, is payable solely from the aforesaid revenues and does not constitute an indebtedness of Fort Walton Beach ' VITithin meaning of any constitutional, statutory or ch2:rter pro- the vision or limitation, and it is expressly agreed by the holder of this certificate that such holder shall never have the right to require or compel the exercise of the ad valorem taxing power of said city or the taxation or assessment of real estate in said city for the payment of the principal of or interest on this certificate, or the making of any siw(ing fund, reserve or other payment required in the aforesaid ordi- nance adopted , 1955. It is further agreed between said city and the holder of this certificate that this certifi- cate and the obligation evidenced thereby shall not constitute a lien upon any property of or in the city, but shall constitute a lien only on the revenues in the above paragraph described. For a more complete statement of the source of paywent of such certificates and a statement of the terms and conditions under which additional obligations may be hereafter issued on a parity with this certificate, and a statement of the rights, duties and obligations of the city and the rights of the holders of the certificates, "!"eference is made to the aforesaid ordin~nce, to all the provisions of which o~ dinance the holder hereof by the ac,~ eptance of this certificate assents. This certificate shall be callable for redemption prior to maturity at the option of the city on July 1, 1963, and on any interest payment date thereafter in inverse nlmerical order, at the principal amount thereof plus accrued interest to the date fixed for redemption plus the following premiums for each certificate so called for redenwtion: O for each certificate called for redemption on or prior to J~ uary- 1, 1965; $ 40 for each certificate called for redemption thereafter and on or prior to January 1, 1967; $ 30 for each certificate called for redemption thereafter and on or prior to January 1, 1969; $ 20 for each certificate called for redemption thereafter and on or p~ ior to January 1, 1971; $ 10 for each certificate called for redemption thereafter prior to maturity. Notice of such call for recemption is to be given by publication of an appropriate notice one time in a newspaper or financial , journal of general circulation published in the City of New York, New York, not less Jhhan thirty days prior to the date fixed for redemption. Each successive holder of this certificate and of the coupons hereto attached is conclusively presumed to forego and renounce his equities in favor of subsequent holdeTs for value without notice and to agree that this certificate and each of the coupons hereto attached may be negotiated by delivery by any person having possession thereof, howso- ever such and that any holder l'\ possession may have been acquired, Tho shall have taken this certificate or any of the coupons from any per- son for value and without notice thereby has acquired absolute title thereto, free from any defensps enforceable against any prior holder and free from all equities and claims of ownership of any such prior holder. The City of Fort Walton Beach shall not be affected by any notice to the contrary. It is her eby certified and recited th at all acts , conditions, and things reqlJired by the Constitution and Laws of Florida and by the charter of the city to happen, exist and be performed precedent to and in the issuance of this c-ertificate have haDpened, exist and have be,cn performed as so required. Fort IrJalton Be8ch has calJseo. this certificate to IN \",~TNESS ' vmEREOF, be executed by its Hayor and attested by its City Clerk, with the cor- porate seal of said city hereunto affixed, and has caused the interest' coupons hereto attached to be executed by said officials by their  13 facsimile signatures, all as of this first day of October, 1955. Hayor, Fort Walton Beach Attest: City Clerk, Fort Walton Beach Form of Coupon) N1Jmber On the first day of , 19 , unless the hereinafter mentioned certificate is then redeemable and has been called for redemp- tion and provision for the redemption thereof duly made, Fort Walton Be? ch,Okaloosa County, Florida, ~ dll pay to tearer, solely from the soecial fund referred to in such certificate, the sum of Dollars ($ ) in lawful mon~ r of the Uni"ted StRtes of America at The First National Bank of Chicago, in the City of Chic", ago, , Illinois, being interest to that amount then due on its Special Tax Revenue Certificate, Series 1955A, Dated October 1, 1955, and nl~ bered . Hayor Attest;, City Clerk Form of Validation Certificate) 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 , 1955. Clerk of the Circuit Court Okaloosa County, Florida Section 5. That the~e is hereby created for the purpose of paying principalof and interest on the certiiica,tes herein authorized and establishing and maintaining a reserve for such purpose a fund to be known as the I1Special Tax RevemJe Certificate Sinking Fund, Series 1955A" which is hereinafter in this 0 rdinance sometimes referred to as the I1Certificate Fund, 81Jch fund shall be kept on deposit 195 A!I. in The First National Bank of Chicago in the City of Chic~go, Illinois. The mon~ T held in said fund shall be held by said depositary as a spe- cial afldnot a general deposit and as a specia~ trust fund the beneficial 14 inte:cpst in shall he in the holdsrs from time to time of the 1-vhich obligat'Lons payable therefrom. All money in such fund shall be conti- nually secured by the deposit security having a market of collateral val1Je at all times on deposit in slJch fund of not less than the amount and shall be othen-rise secured to the fullest extent required by the laws of Florida for the securing of public deposits. Allor any part of the money held in the Certificate Fund as a reserve as hereinafter provided, shall at the request of the city be invested by the depositary in direct obligations of the United States of . America, or other marketable eligible as security for the deposit securities of trust funds under regulations of the Board of Governors of the Federal Reserve System, provided the maximum maturity of the obligations or securities invested in shall not exceed ten ( 10) years. There shall be paid into the Certificate Fund from day to day as received from the proceeds of the excise tax levied and imposed by the city under the r,rovisions of Ordinance N1mber 9, as adopted on February 8, 1944, as ampnded on September 8, 1950, upon every sale of electricity and of b1Jtane, other like gas used