0448 Loan for Fire EngineORDINANCE NO. 448
AN ORDINANCE PROVIDING FOR THE ISSUANCE BY THE CITY OF
• OKEECHOBEE.. FLORIDA., OF A CAPITAL IMPROVEMENT NOTE IN THE
AMOUNT OF FIFTY FIVE THOUSAND DOLLARS ($55,000,00) TO THE
OKEECHOBEE COUNTY BANK, TO ADVANCE FUNDS FOR THE PURCHASE
OF ONE FIRE ENGINE FOR THE CITY OF OKEECHBOEE; CONTAINING
OTHER RPOVISIONS RELATING TO SUCH NOTE; AND PROVIDING AN
EFFECTIVE DATE.
BE IT CRJAINED BY THE CITY COUNCIL OF THE CITY OF OKEECHOBEE, FLORIDA:
SECTION 1. AUTHORITY FOR THIS ORDINANCE. This oAd.inanee is adopted pwLzuant
to the pAovisionz o6 ChapteA 166, PaAt 11, Ftottida Statutes, and otheA appUcabte
ptovizions o6 taw.
SECTION2. FINDINGS. It is heAeby found, dete mined and deceaAed as ~ottows
that:
A. The City o6 Okeechobee is in the ptocezz o6 acqui king and pwcehasing one
~i, e engine. Such action is neeeazaAy and usent,iat, due to the ,i.ncne"e, ex-
panzion and growth o j the City, and the jinane i.ng o6 the puAchaze is an et&s ent is e
step in aeeomptishing such puApose.
B. It is eontemptated that the City wilt 6.inance the putchaze oveA a six (G)
yeah peer i,od. It is neeessany, in oAdeA p&ov.ide 6otc the City's compZetion o6
the pwch"e, that Fi4ty Five Thousand Do.etax6 ($55,000.00) be made immediately
avaitabte 6oA such puApoze.
C. It ,us, theAe6oAe, necez6atcy to issue a Note to the Okeechobee County Bank
(heAeina4teA sometimes eateed the "Bank") in the amount o6 F.i6ty Five Thousand Dottwus
($55,000.00) in otcdeA to pnov.ide 6unds to pay the cost o4 the punehaze, and it is
neeez6an.y to pledge aft 6unds ob the City deAived ktom sou&ces otheA than ad va.eotcem
taxation, tegatty avail table thece4oA. The Note herein issued zhatt not and does
not pledge the ptopehty, cAed,it oA the ad vatoAem taxing poweA o6 the City.
D. It is estimated that the pnoeeeds o~ the 4unds heAe,in pf-edge JoA payment
o4 the Note will exceed the amounts necessaty to pay the pXincipa.e o6 and ,inteAut
o6 the note when due.
SECTION 3. ORDINANCE TO CONSTITUTE CONTRACT. In co"ideAati.on o6 the acceptance
o4 the Note authotrized to be issued heAeundeA to the Okeechobee County Bank, this
OAdinance shat be deemed to be and zhatt constitute a contrcact between the City
and the Bank oA any subsequent hotdeA o4 said Note. The covenants and agteeement
heAe in set 4oAth to be peA4oAmed by the City shat be got the equa.L bene~ t, pto-
tecti.on and secuA ty oA the hotdeA o4 such Note, a t o4 which shah be o~ equa.2 tank
and without pt e6etenee, p& oA ty oA distinction of oveA any other. theAeo6, except
as expAessty ptov.ided theAe in and herein.
SECTION 4. AUTHORITY FOR ISSUANCE OF NOTE. FoA the puApose o6 financing the
cost o6 said 4ite engine theAe is heAeby authotuzed to be issued a Cap,ctat Improve-
ment Note o4the City in the aggttegate ptrine i,pat amount o4 F,i4ty Five Thousand
Dot eau ($55,000.00) (heAe.in AeAeAed to as the "Note"). The Note shah be in Au ty
tceg.usteAed 4ot m, be dated as o4 the date of de2.iveny, shah be payable to the
. Okeechobee County Bank, shah be payable in tawJul money o4 the United State o4
Ame, ica, shat be numbeAed one, shaet mature in six (G) equal annuat ,i.wstaUments
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on the ann ve 6oAy date o~ the date o6 deZivetcy o6 such Note and shaU beak tntenetst
6Aom is date to Ainal matuA i ty payable annuafty on the ann i.vetusany date o6 the
date o4 det i.veAy in the yeatus and amounts at, ~ottowvs:
• Yeats
Ptr i,nc.ipat
Intenest
Total
Payment
1983
$9,167.00
$4,400.00
$13,567.00
1984
9,167.00
3,666.64
12,833.64
1985
9,167.00
2,933.28
12,128.00
1986
9,167.00
2,199.92
11,366.92
1987
9,167.00
1,466.56
10,633.56
1988
9,165.00
733.36
9,898.36
Tota,?,s
$55,000.00
$15,399.76
$70.427.48
The Note shaU be izzued in the amount o6 Fi6ty Five Thousand Dottatus
(55,000.00), shaU bean interest at the Rate o6 Eight peneent (80) pen annum
and zhaU be payable with ne s pee t to both pn inc pat and intenest at the Bank by
check oA dna4t ma.i,2ted to the Bank at its ptrincipat o66tee in Okeechobee, Ftoxi.da.
The City shaU have the flight and pxivitege to Redeem the Note in 6uU at any time
ptioA to matun,i ty upon payment o6 the unpaid ptincipal sum paws acc ued inteAe st,
to the date o j Aedempti.on and without pena.P.ty and without pnd oA notice to the Bank.
SECTION 5. EXECUTION OF NOTE. The Note shale be exeuted in the name o6 the
City by the Mayon and atte,6ted and eountetustgned by the City Cle k and its coAponate
,seal shatt be a6jixed theAeto. The Note may be signed and seafed on behal/ o! the
City by /such pegs on who at the actual time o4 the execution o4 such Note shate hold
the pubti.c o46ice in the City, although at the date o~ such Note such petuson may not
have been Aso authotui zed.
SECTION 6. NOTE MUTILATED,'DESTROyED, STOLEN OR LOST. In ease the Note ~shate
be mutieated, on be destnoyed, .stolen oA lolst, the City may, in its d.isetceti.on,
,tissue and del i.veA a new Note o4 tike teno t as the Note Iso mut to ted, de/stAo yed,
,stolen on lost, in exchange and substitution 4oA /such mutitated Note, upon zutrrenden
and cancettation o~ such mutitated Note, i4 any, oA ,in P_.ieu o4 oA sub,stitution 4ot
the Note, i. any, de~stnoyed, stolen, on lost, and upon the holden 4u nilshi,ng the
City ptcoo4 o4 it-6 ownetushi.p theneo4 and zati66actony indemnity and comptying with
,such other neatsonalble Aegutati.onz and coed itio" as the City may pAuc tibe and pay-
ing such expenze~s ass the City may incutc. The note so zmAendeAed shate be can-
ee ted by the MawL and City Cletck. 14 the note sha t have matuAed oA be about
to matuAe, tiwstead o4 issuing a .substitute Note, the City may pay the same upon
being indemnified ass a4met aid, and .gib such be lost, stolen destAoyed without
.suttnendeA theneo U .
Any such duplicate Note izsued pursuant to this section shale constitute otri.g-
.i.nal, additi.onat eontnaetuae obtigat,i.ows on the paAt og the City whether at not the
to,st, stolen oA destroyed Note 1`e at any time bound by anyone, and such dupti.cate
Note shale be ent-iteed to equal and pnopoAt-ionate bene4 is and Aights ate to lien on
and soutce and .6ecutity jot payment 4nom the 6und6, sus heAeina6ten pledged, to the
,same extent as the other Note .cam,sued herceundeA.
SECTION 7. FORM OF NOTE. The text o6 the Note ~shaU be in sub,stant-i,u,Uy the
6ottwing 6otm and tenoA, with such vaAiation61 omis.6ions and inzeAti.ons as may be
. neeessany, de~si&ableand •zuthotcized oA penmdtted by thins OAdinanee oA any subsequent
OAdinance adopted pntioA to the asuance theneo6:
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SECTION 8. PLEDGE OF NON-AD VALOREM FUNDS. The pxr ncipa.t o4 and .intetcest on
the Note ate zeeu&ed by and payab.te 4AOm a pledge o4 the 4unds a4 the City de ived
6,tom zou&cets otheA than ad vatotem taxation and .tegaety avai,tabZe theAe(joAe; sueh
p-tedge shatt not, howevetc, constitute a t ien on such 4unds. The Note zha2e. not and
does not pledge the pnapehty, cAed,it, ot genekat tax Revenue o6 the City. No hotdeA
of the Note issued heAeundeA shall eveA have the tight to eompet the exeAcise o4
the ad vato tem taxing poweA o6 the City ot taxation in any 4ot m o j any Aea.t ot peA-
sonat ptopetcty thet in to pau such Note oA the inteAest theAeon ot be emitted to
payment o4 such pt inc ipat and inteAest JAom any otheh 4und6 o6 the City except 4tom
the spec i.at 4unds in the manneA provided hette(.n.
SECTION 9. CITY BUDGET. The City, in &epatc,i.ng, approving and adopting its
budget eontAot t i.ng aA p tov iding JoA the expends tutees o~ its 4unds so tong as any
p,tincipat o4 oA intettest on the Note is outstanding and unpaid, wd t t apptoptr i.ate,
altot and app&ove, 4Lom funds o4 the City deAri"ved AAom souAce6 otheA than ad vatotem
taxes and .tegatty ava.c tabte thene4ou the amounts sujj6 is i,ent to pay the pti i"nci"pat
o4 and -i.nteAest on the Note as the same shatt become due, a4teA deducting thete4um
any otheA funds which may be avaitabte such payments and which may be so appt i_ed.
SECTION 10. NOTEHOLDER NOT AFFECTED By USE OF NOTE PROCEEDS. The ho-tdeA o6
the Note issued heAeundeA shalt have no tespons.ibi sty 6oA the use of the p)coeeeds
o6 said Note, and the use o ~ such Note ptco eeeds by the City shaft in no way a4 6 eet
the tights o4 such NotehotdeA.
SECTION 11. MODIFICATION OR AMENDMENT. No mateur iat mod.i4 ieation ot amendment
o4 this OAd.inance at o4 any OAd.inance amendatoAy heheo6 oA supp.tementa.t heAeto, may
be made without the consent in whiting a6 the ho-tdeA o~ said Note.
SECTION 12. SEVERABILITy OF INVALID PROVISIONS. 16 any one ot mane o6 the
covenants, agAeements oA p&ovi6ions o~j this OAdinanee shoutd be head conttcaAy to any
expAess ptovisions ag taw aA contAatcy to the po.ticy oA expAess .taw, though not ex-
pAess-ty ptoh.ib,cted, otc against pubtic policy, oA zhatt 4oA any Reason whatzoeveA be
hetd invalid, then such eavenants,agAeements oA ptovi6ionz shah be ncctt and void
and shat.t be deemed sepaAate 4tom the Aema.iwing covenants, agreements oA pAavizions,
and in no way e44ect the vat i.d.ity o6 alt the othett ptoviz.ions o6 this, Otc"d-inanee at
o6 the Nate issued theAeundeA.
SECTION 13. ARBITRAGE. No use w,i tt be made o6 the puceeds o6 the Note which
woutd cause the same to be "aAb,ittcage bonds" within the meaning o6 the InteAna.t
Revenue Code. The City at alt times white the Note and intet ut theAeon aAe out-
.standing w,itt compty w,ctk Aequitcement6 o4 Sect-ion 103(c) o6 the Intethnat Revenue
Code and any vati.d and appt i.eab.te flutes and tc.egutat ionz o6 the InteAnat Revenue SeA-
v.ice.
SECTION 14. EFFECTIVE DATE. This OAdi.nance .6haP2 take ej6eet immedcate.ty upon
its 4inat passage. This OAdinanee Witt be automat catty repeated ,iA not exuLcized
on oA be{oAe MoAch 1, 1982.
This OAdinanee passed on 6 inert Leading this 12th day o~ JanuaAy, 1982
ay A
. ATTEST:
City "c etc
AppA a~ a &M
atn
E
1
$55,000.00
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF OKEECHOBEE
CITY OF OKEECHOBL•'F.
CAPITAL IMPROVEMENT NOTE
KNOW ALL MEN BY THESE PRESENTS, that the City of Okeechobee, Florida (here-
inafter referred to as "City") for value received, hereb
Okeechobee Count Bank y promises to pay to the
y , the principal sum of Fifty Five Thousand Dollars ($55,000.00)
with interest thereon from date at the rate of eight percent (8%) per annum, pay-
able one year from the date hereof and annually thereafter.
interest on this Note are Both principal of and
payable in lawful money of the United States of America
at the Okeechobee County Bank, by check or draft mailed to the Bank at its princi-
pal office in Okeechobee, Florida.
This Note is authorized to
pay the cost of purchasing one fire engine under
the authority of and in full compliance with the Constitution and Statutes of the
State of Florida, including Chapter 166, Part II, Florida Statutes, and other appli-
cable provisions of law, and
pursuant to an Ordinance of the City of Okeechobee
adopted on the 12th day of January 1982
(hereinafter called "Ordinance").
This Note is subject to all the terms and conditions of said Ordinance.
It is hereby certified and recited that all acts, conditions and things requir-
ed to happen, to exist and to be
performed, precedent to and in the issuance of this
Note, have happened, exist, and have been performed in due time, from and in the
manner as required by the Constitution and Laws of thereto and that the issuance of this Note does nottviolateean of Florida
. applicable
statutory or charter limitation or y constituional,
provision.
The principal of and interest on this Note are payable from certain funds of
the City derived from sources other than ad valorem taxation in the manner provided
in the Ordinance. This Note shall not and does not pledge the property, credit
general tax revenue of the City. or
This Note does not constitute an indebtedness of the City within the meanin
g
of any constitutional or statutory provision or limitation and it is expressl
agreed by the holder of this Note that such holder shall never have the right to
y
require or compel the exercise of the ad valorem taxing power of the City for the
payment of the principal of and interest on this Note.
It is further agreed between the City and the holder of this Note that this
Note and the obligation evidenced thereby shall not constitute a lien upon the
fire engine, or any part thereof, or on any other property of or in the City.
This Note shall mature in six (6) equal annual installments on the anniversar
date of the date hereof and shall bear interest from the date hereof to final ma
tuy
rity payable annually on the anniversary date hereof in the years and amounts as
follows:
Year Principal Total
1983 Interest $9,167.00 $4, 0 Payment
1984 9,267.00 $13,567.00
1985 3,666.64 12,833.64
9,167.00 2,933.28
1986 9,167.00 12.100.28
1987 2,199.92 11,366.92
9,167.00 1,466.56
1988 9,165.00 10,633.56
733.36 9,898.36
Totals $55,000.00
$15,399.76 $70,399.76
• 7
r
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The City shall have the right and privilege to redeem the Notre in full any
time prior to maturity upon payment of the unpaid principal sum plu--. accrue ~t,=rest,
to the date of redemption and without penalty and without prior notice to t' hank.
IN WITNESS WHEREOF, the City of Okeechobee has caused this Note to be ned
by its Mayor, attested and countersigned by the Cit Clerk and its corr-o.rate <.a~.
to be affixed hereto, all as of the
/may of / G .A.D.. 1982.
CITY OF OKEECHOBEE, FLORIZ)A
By:
Mayor
ATTESTED AND COUNTERSIGNED:
City Clerk