0498 Water and Sewer BondsORDINANCE NO. 498
AN ORDINANCE AMENDING ORDINANCE NO. 487 WHICH SAID
ORDINANCE AUTHORIZES THE ISSUANCE OF $3,212,900
WORTH OF WATER AND SEWER REVENUE BONDS SERIES 1983;
• AMENDING SECTION 16, SUB-SECTION 3.04(D) TO PROVIDE
FOR EXCEPTION TO DEPOSIT REQUIREMENTS INTO THE
RESERVE ACCOUNT OF THE FUND AFTER THE FUND
CONTAINS THE AMOUNT EQUAL TO THE MAXIMUM ANNUAL
DEBT SERVICE REQUIREMENTS ON THE OUTSTANDING
BONDS; PROVIDING AN EFFECTIVE DATE.
NOW, THEREFORE, BE IT ENACTED BY THE CITY COUNCIL OF THE CITY
OF OKEECHOBEE, FLORIDA as follows:
Section 1. Ordinance No. 487, Section 16, Sub-section 3.04(D), Bond and
Interest Sinking Fund, is hereby amended to read as follows:
Section 16 Amendment of Original Ordinance.
Section 3.04 Covenants of the Issuer.
So long as any of the principal of or interest on any of the bonds shall be
outstanding and unpaid, or until there shall have been set apart in the Sinking Fund herein
established, including the Reserve Account therein, a sum sufficient to pay, when due, the
entire principal of the bonds remaining unpaid, together with interest accrued and to
accrue thereon, the Issuer convenants with the holders of any and all of the bonds issued
pursuant to this ordinance as follows:
(D) Bond and Interest Sinkin Fund. The Issuer covenants and agrees to
establish with a depository in the State o Florida, which is a member of the Federal
Deposit Insurance Corporation, and which is eligible under the Laws of the State of
Florida to receive municipal funds a special fund or funds, collectively called
"Okeechobee Water and Sewer System Bond and Interest Sinking Fund", hereinafter called
the "Sinking Fund", to be used exclusively for the purposes hereinafter mentioned. After
having made the deposits to the Operation and Maintenance Fund as provided in paragraph
(C) above, the Issuer shall transfer on or before the 15th day of each month from the
Revenue Fund and deposit to the credit of the Sinking Fund the following amounts:
(3) After fulfillment of the requirements of paragraphs (C) (1) and (2),
the Issuer shall transfer on or before the 15th day of each month from the Revenue Fund
and deposit to the credit of a special account in the Sinking Fund, herein called the
"Reserve Account", the sum of One Thousand Seven Hundred Ninety Four Dollars
($1,794.00) until such time as the funds and investments therein shall equal Three Hundred
Thirty Five Thousand Two Hundred Sixty Dollars ($335,260.00), and monthly thereafter
such amount as may be necessary to maintain in the Reserve Account the sum of Three
Hundred Thirty Five Thousand Two Hundred Sixty Dollars ($335,260.00) but not exceeding
One Thousand Seven Hundred Ninety Four Dollars ($1,794.00) monthly; provided, that no
deposits shall be required so long as the amount on deposit is at least equal to the
Maximum Annual Debt Service Requirement on the Outstandin Bonds. Moneys in the
Reserve Account shall be used only or paying the principal o including Amortization
Installments, if any) and interest on the bonds in the event that the moneys in the Sinking
Fund shall ever be insufficient to meet such payments. Surplus moneys in the Reserve
Account shall be transferred to the Sinking Fund.
SECTION U: This Ordinance shall take effect upon its adoption.
Introduced on first reading this 20th day of February_, 1984.
Attest:
Mayor
c
• ity Clerk
LKL-02/14/84-612A -1-
Passed on final
March , 1984.
Attest:
l
City Clerk
reading after public hearing
this 5th day of
ayor
LKL-02/14/84-612A -2-