0495 Water and Sewer BondsORDINANCE NO. j95
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 (G) TO PROVIDE USE OF EXCISE REVENUES
AFTER THE FIFTEENTH OF EACH MONTH PROVIDED ALL PAYMENTS HAVE BEEN MADE INTO
THE SINKING FUND; PROVIDING AN EFFECTIVE DATE.
• NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF OKEECHOBEE, FLORIDA as
follows:
SECTION I: Ordinance No. 487, Section 16, Sub-section 3.04 (G), Excise Revenues, 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 out-
standing 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 covenants with the holders of any and all
of the bonds issued pursuant to this ordinance as follows:
(G) Excise Revenues.
The issuer covenants and agrees to establish with a depository in the
State of 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 to be known as the
City of Okeechobee Excise Revenues Fund, hereinafter called the
"Excise Revenues Fund", which shall be used exclusively for the purpose
of receiving all of the proceeds of the Excise Revenues as soon as the
same are collected by the issuer. Whenever by reason of the in-
sufficiency of monies on deposit in the Revenue Fund, the issuer is
not able to make promptly the current monthly payments required to
be made pursuant to the provisions of paragraph (D) above, there shall
be paid into the Revenue Fund from monies on deposit in the Excise
Revenues Fund whatever sums are necessary to cure such existing
deficit. After the fifteenth day of each month, if all of the above-
required current payments have been made from the Revenue Fund, and
from the Excise Revenues Fund to the extent necessary, the balance
of any monies on deposit in the Excise Revenues Fund sl3all-be-lie14
bl~e~e~a-t~ab~€-ail-st~el4-pa~~eabs-14a~ae-bees-made-€ep-bl3e-et~~~eab-beab
yeas;-aad-b~iea-as-eeess may be withdrawn and used by the issuer for
any lawful municipal purpose.
SECTION II: This ordinance shall take effect upon its adoption.
Introduced and set for final 'nearing this Dth day of December, 1983.
Mayor
ATTEST:
City Clerk
Passed on final reading after public hearing this 9th day of January , 1984 .
Mayor
ATTEST:
• City Clerk >