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

for cooking, heating or cool- hydrogen or ing purposes, the sale of water and telephone service ( herein and on called the " utilities service tax!!), a total of $ 3, 000 in each calendar year. Provided that during any year 1.m. en there shall be in the Reserve Account hereinafter mentioned, not less than $ 5, 000, then pcwments into the Certificate Fund may at the option of the city be reduced to an amount sufficient to pay currently maturing principal ami interest.. The Certificate Fund, 1955A, shall be kept separate and apart from the Certificate Fund established for the benefit of each of the above des- cribed outstanding certificates and shall be held solely for the bene- fit of the certificates herein , nlthorized. There shall 1 e paid into the Certificate Fund established for the outsta.nding certificates dated Noveml-,er 1, 1952, 242/ 4~ 2 of the proceeds of the utilities service tax and into the Certificate Fund, 1953, 130/ 452 of the proceeds of the ut" lities service tax and into the Certificate Fund, 1955, 50/ 452 of the proceeds of the utilities service tax and into the Certificate Fund, 1955A, 3Ci/ 452 of the proceeds of the utilities service tax. Provided, that in the event additional obligations are issued on a parity with the certificates herein authorized pursuant to Section 6 of this ordi- nance then the denominator of each of the aforesaid fractions shall be increased by adciing thereto the number of $ 1000 denomination addi- tional obligations, and payments into each of the aforesaid funds shall then be made in accordance wi.th S11Ch fractional amounts. In any in "! the c'.f the utili ties service tax are insuffi- year t r hi c h proceeds cient to permit to be made into each of said Certificate Funds the amolmts paid into each such required to be fW1' d in slJch year the de- ficiency in the payments into each such fund shall be made up as rapidly as possible in the next succeeding year or years. In any calendar year in 1, rhich the I' eql1ired payments have been made into th e several Certi- ficate Funds and in 1JI1hich all deficiencies, if any, existing in said funds hew8 been made up, any surplijs of the proceeds of the utilities service tax for that year may be used By the city for any la~ vful cor- porate purpos e.  15 nto the Certificate Fund, The money paid j_ 1959, shall 1:c first used to pay pror1ptly, as they fall due, principal B.nd interestrequirements on the certificates herein authorized. All funds remaining in the Certificate Fund, after the pa~lInent of cmrent principal and 19) 5A, interest shall constitute a Reserve Ac~ ount to be maintained for the benefit of these certificates and to be used -v.1Llen and to the e:~tent necessary to pay principal of or interest on the certificates falling due at any time -v.rhen the other money in the Certificate Fund, 195~ A, is not s1J~ fici ant to pay the amount so falling due and there 1-Jo1Jld be a default if the money in the Reserve Acr:01mt were not so 1Jsed. All money so talcen . from the Reserve Account to pay currently ma.turing principal ot interest shall be replaced therein from the first revenues thereafter received Hhich are yments into not required for current pa~ the Certificate Fund, 19~ 5A. 1t>Jhenever tI, e balance in the Reserve Account shall exceed $ 5, 000. 00, the amount in excess of ~i; 5, ono. oO shall be used to call for redemption on redemption date in inverse numerical crder certificates the next herein authorized which by their terms are then callable for redemption. here exists in Certificate Fund) 1}lenever t. 195511., sufficient money to pay a.ll principal remaining outstanding and interest then thereon to maturity, no further payments need be made to said fund. Section 6. That Fort Walton Beach hereby covenants and agrees 1~ th each successive holder of the certificates issued hereunder: A) That it "Till not repeal or decrease the utilities service tax ( meaning, as used herein, the tax from which such certifica- tes payable) while any of the certificates herein authorized are remain outstanding and that it Hill continue the imposition and collection of the proceeds of such tax until all of the certi- ficates have been retired, and Hill pay into the Certificate Fund, 19~ 5A, such part of th e proceeds thereof as may be required here- under. The city expressly covenants and represents that it has legal and valid power to impose and collect such tax and that there is by the adoption of this ordinance and delivery of the certifi- cates to the purchasers thereof and the payment for such certi- ficates by such purchasers, vested in such purchasers and in the subsequent holders of such certificates a contract right to the imposition, collection and proper application of the utilities service tax which will continue unimpaired until all of the certi- ficates have been paid in full, ud1ich contract right bet1feen the city and such holders is not subject to repeal, impairment or modification by the city or by the legislature of the Sta,te of Florida. B) x Revenue Certificates issued That while any of the Special ' l'a..- hereunder shall be outstanding, the city -v.rill not issue any addi- tional obligations payable from the revenues pledged to the pay- ment of the certificates herein authorized. The above provision is subject to the following two exceptions: 16 1. The Certificates herein authorized or any part thereof may be refunded with the consent of the holders thereof ( except th8t as to maturing certificates or certificates "'Thich are then optional fro redemption and have been properly called for redemp- tion, such consent shall not be necessa~ y) and the refunding certificates so issued shall enjoy complete equality of lien not refunded, if with the portion of the certificates which is to any there be, and the refunding certificates shall continue enjoy ~matever priority of lien over subsequent issues may have been en,ioyed by the certificates refunded, l) rovided however, that if only a portion of the certificates outstanding is so refunded and if such certificates are refunded in such manner that the interest rate of the refunded certificates is increased or that any refunding certificate matures at a date earlier than the maturity date of the corresponding certificate refunded there- con':' by, then such certificates may not be refunded ",Ji thout the sent of the holders of the unrefunded portion of the certifi- cates issued hereunder. 2. Additional certific~tes may also be issued on a parity with the certificates herein authorized if all of the following con- ditions are met: a) The proceeds of the utilities service tax must in the completed twelve month' s period immediately preced- ing the issuance of the additional obligations have been equal to 1- 311.r times the highest futl)re annual interest and principal requirements on all then out- standing certificates herein authorized and other certi- ficates payable on a parity with the certificates herein authorized, and the obligations so proposed to be issued. b) The additional obligations must be payable as to principal on July 1 of each year in which principal falls due, and payable as to interest on January 1 and July 1 of each year. C) That all records of the city v.Ji th respect to the amounts received by the city in each year from the utilities service tax and th e disposition made of all such revenues shall be available for inspection at all reasonable times by the holders of any of the certificat.2s issued hereunder, and the city thai:. will within sixty days follov.Jing the close of each fiscal year supply to any holder of the certificates who may have so requested a written statement covering the receipt and disposition of such revenues during such fiscal year. Section 7. That the sale of the certificates herein authorized to Barcus, Company of Chicago, Illinois, and Thornton, Mohr Yindred & Farish or Montgomery, Alabama, pursuant to agreement dated September 15, 1955, is hereby ratified and confirmed. The certi- ficates shall be prepared and executed as soon as may be after the  17 validation thereof, and 2ftpr the certificates have been validated and the validation certificates on tne back thereof ha-lie been properly exe- cuted, the certificates shall be delivered to the purchasers thereof. The proceeds of sale of such certificates, after all incidental expenses properly payable therefrom have been paid, shall be deposited in a fund seperate and apart from all other city funds, and shall be applied solely to the purpose for which said certificates