Fort Walton Beach Council minutes — 03-09-1954 Regular — reading text

as trustee under such Mortgage. Completion Date" means the date on which the Trustee closes out and distri~utes any monies remaining in the District' s construction fund or funds esta~lished ny the Mortgage, which monies represent the proceeds of the sale of its Bonds issued to finance the cost of construction of the entire transmission and 41strih'ution system or systems of the District, in accordance ith the certification that the construction of said facilities is completed ny the engineer employed ~ y the District to super- vise the acquisition and construction of said facilities. I on Fiscal Year" means a period of twelve months neginning the day of the year that is fixed hY the District for the dating of its Bonds. De'ht Service Requirement" means, with reference to any Fiscal Year, the aggregate of: ( 1) the principal of the Bonds of the District paya~ le ny their terms on the first day follow- ing the end of such Fiscal Year, ( 2) the amount required ' hy the Mortgage to ' he paid or applied on the first day following the end of such Fiscal Year and on the day six months thereafter, for the redemption or retirement of Bonds of the District prior to their maturity dates, and ( 3) interest on Bonds of the Dis- trict payah' le on the first day following the end of such Fis- cal Year and on the day six months thereafter. Applicanle Net Revenues : :" means the amount ( as shown ' hy the hooks and records of the District) ' hy which the gross revenues derived in any Fiscal Year from the operation of the facilities of the District, other than those comprising the Distrih' ution System, exceeds the expenses of administering, operating, main- taining and repairing, during such Fiscal Year, the facilities of the District other than those comprising the Distrinution System. I Remaining Revenues" means the amount ( as shown ny the nooks and records of the District) of gross revenues collected hy the District during a Fiscal Year for gas sold from all of the District' s facilities to all classes of customers, including r-- f) n Interruptinle Customers, after deducting therefrom ( 1) all expenses paid ~ y the District during each Fiscal Year for ad- ministration, operation, maintenance and repair of all of the facilities of the District, which shall not ne less than the amount requlred to ne paid during such Fiscal Year into any operation and maintenance fund provided for in the } brtgage, 2) all sums required for the payment of the Drincipal of and interest on the Ponds of the District maturing and coming due during such Fiscal Year, which shall not ne less than the a- mount required to ' he paid during such Fiscal Year into any nand and interest fund provided for in the Ivlortgage, ( 3) all sums required to ' he paid during suc~ Fiscal Year lnto any sinking fund provided for in the Mortgage, ( 4) all sums re- quired to ' he paid during such Fiscal Year into any de'ht ser- vice reserve fund provided for in the Mortgage, and ( 5) all sums required to ne paid during such Fiscal Year into any extension and improvement fund provided for in the Mortgage. Required Revenues" means, \' lith reference to any Fiscal Year, the aggregate of ( 1) the expenses of administering, operating, maintaining and repairing all facilities of the District for such Fiscal Year, as estimated ~ y the Consulting Engineer, plus ( 2) one and one- half times the maxinmm De'ht Service Requirement for such Fiscal Year and for any SU' h se- quent Fiscal Year. Section 2. That the Municipality grants to the Di~- heren,? trict, its successors and assigns, the right, privilege, authority and franchise to acquire, construct, own, maintain, enlarge, ex- tend, improve and operate a gas distrih'ution system in the ~ funici- pality for the purpose of supplying gas to the Hunicipality and the surrounding territory and the inha'hitants thereof and to use the streets, avenues, alleys and pU'hlic ways and places in the ~ IDni- cipality for such purposes. Section 3. That the Municipality hereny grants to the Dis- trict the right, privilege, authority and franchise at any time and from time to time during the period covered ' hy this franchise, and without any requiremAnt as to permit or fee therefor, to con- struct and extend its mains, pipes and conduits over or under or along any street, avenue, alley or pU'hlic way or place in the Municipality for the purpose of construction, repairing, improv- ing, enlarging, or extending said gas distrinution system. Section 4. That the l1unicipality hereh' y consents and agrees tha t the franchi se hereh' y granted may 1-, e covered ' hy the IvIol' tgage and thatthe Mortgage shall constitute a lien on the franchise franted in this Ordinance, and the franchise may ne transferred or assigned su~ iject to the conditions set forth in the Mortgage, hut such franchise shall not otherwise ne transferred or assigned. Section This fran~hise shall ' he 5. exclusive and the Municipality hereh' y covenants and agrees not to grant any franchise for a gas plant or system during the term of the franchise hereh' Y granted, insofar as an exclusive franehise now is or may hereafter he authorized or permitted ny law to a punlic corporation such as the District.  261 Section 6. That the District shall, and ~ y accepting this franchise agrees that it Will, construct and operate said Distri...: ution System and keep it in good repair and operating condition I so as adequately to and its inha~itants supply the reasonahle needs of the Municipality at all times. Section 7. That the District shall, and by accepting this franchise agrees that it will, upon making any excavation in the streets, avenues, alleys, pu~ lic ways and places of the Municipality in the exercise of this franchise, restore the surface and paving at the point of such excavation in the s, me condition as ' hefore the work was done, wi thin a reasona ',Ie time thereafter, and will save the Municipality from any lia~ ility arising out of any change in the condition of any street, avenue, alley, public way or place by the District. Section 8. That the rights, privileges, authorities and franchise hereh' y granted shall continue in ~~rce and effect for a term of thirty years. Section 9. The Municipality hereh' y reserves the right and requires the District, as a condition precedent to the taking effect of this franchise, to grant to the Municipality the right, at ar after the expiration of the term of the franchise hereby granted, to purchase the gas plant and other property used under or in connection with said franchise or such part of such prop- erty as the Municipality may desire to purchase at a valuation of the property, real and personal, desired, which valuation shall I e fixed ' hy ar~itration as may ~ e provided ~ y law. of this franchise ' hy effect of such grant. The acceptance the District shall ~ e construed and have the Section 10. That the franchise proYided for in this Ordinance shall take effect only upon the acceptance by the District of the terms, conditions and provisions thereof, which acceptance shall be evidenced ' hy the adoption by the Board of Directors of the District of a resolution accepting the terms, conditions and pro- visions hereof. The term of the franchise provided for in this Ordinance shall commence upon such acceptance. Section 11. The District shall, and by accepting this fran- chise agrees that it will, on or before the ninetfueth day fOllowing the end of each Fiscal Year of the District, beginning with the Fiscal Year next fOllowing the Fiscal Year of the District in which the amounts accumulated in any debt service reser~e fund and in any extension and improvement fund provided for in the Mortgage equals or exceeds the mazimum amounts required ~ y the Mortgage to be accumulated in said funds, and continuing only so long as said maximum amounts are on deposit in said ~ ds, pay to the Municipality ut solely from the Remaining Revenues, a sum equal to three per- cent of the rates, charges and fees collected by the District dur- ing such Fiscal Year for gas sold within the corporate limits of I the Municipality to all classes of customers, including Interrup- r' 1! (\ ( 1::" ~) 2 tinle Customers. In the event the Remaining Revenues in any Fiscal Year ' l-, eginning aforesaid are insuf('icient to pay in full the as aforesaid amount to the ~ funicipality plus the amount paya~le to all other municipalities which have granted franchises to the District, the amount payanle to the l~ nicipality for such Fiscal Year shall e that portion of the Remaining Revenues that the amount co~ lected ny the District during such Fiscal Year for Non- interupti'hle Gas sold within the corporate limits of the Municipality nears to the total amount collected ny the District during such Fiscal Year for Non- interruptinle Gas sold 14i thin the corporate limits of all muni- cipalities which have granted franchises to the District. Section 12. The Municipality covenants and agrees that it v ill not, during the term of the franchise here~ y granted, construct, acquire, own or operate or cause to ne operated a gas plant or system for the distri1;ution of gas '''/ ithin the Corporate Limits of the Muni- cipality and the area adjacent thereto, except through the exercise of the option to purchase hereinafter set forth in this Ordinance. Section 13. That the