0219 (Revenue Certificates)ORDINANCE NO. 219
ANORDIYANCE PROVIDING. FOR THE ISSUANCE OF $19,000.00
REVENUE CE7.TIFICATES OF THE CITY OF OKEECHOBEE, FLOTIIA,
PAYABLE FRO.1 A SPECIAL UTILITY TAX AND FIRM REVENUES DERIVED'
FRO T1U TATER SYSTIT OF SAID CITY; PnOVIDING AND PRESCRIBING
THE F07r- IN WHITT TIE SAID flEVENUE CERTIFICATES SHAL:- BF ISUED,
AN PROVIDING FOR THF SALE OF SAID REVENUE CETIFICAT7S AND
PAYMENT OF PRINCIPAL AND INTEREST AS I7E SAT :E BzcapE DITE1
PROVIDING THAT SAID REVENUE CERTITICATES SHALL 3E, A TIEN .A.AIST
ALL PROPERTY OCTPIUSING THE WATER SY.F3TFL OF SAID CITY.
BE IT ORDAINED BY THE 1\ YOR AND CITY COUNCIL 07 THE CITY
OF OKEECHOBEE, FLORIDA:
Section 1. The Mayor end City Council of the City of
Okeechobee, Florida, subject to the provisions of Section 1E0.07
and 180.08, Florida Statues, 1941, end this Ordinence, are here-
by authorized to iseue interest-bearing Revenue Certificates of
said City, under the seel of sic City, in. the SLIT. of Nineteen
Thousand. Dollars 019,000.01 for the purpose of making immediate
and. needed repairs to the rater system, end streets of SP..1 City.
Section 2, That each of said Revenue Certificates shell be
siFn ed. in the name of said City by its Mayor, its corporate
affixed, attest ed. by the City Clerk and. countersigned by the
President of City Council.
Section 3. The Revenue Certificates issued under the
provisions of this Ordinance shell be In denomination of ONE
THOUSAND DOLLAPS (1,000.00) each and shall bear interest ppypble
semi-annually pt the rpte of five (55) per centum per annum,
both principal and interest payable in leapful money of fhe United
States of America et Okeechobee County Bank, in the City of
Okeechobee, Florida. said Revenue Certificates to be -dated Anril
1, 1946; interest payable on the lst day of Octoler and. April of
each and every year after date of issupnce rntil. materity of said
Revenue Certificptes, and until their payment in. full. Said.
Revenue Certificates to be numbered from One to Nineteen end
shall be opypb12, sublect to rricr redemption pS hereinafter
provided; aa follows:
Certificates 1 and 2 payable April 1, 1947.
Certificates 3 end 4 paysble April 1, 1948.
Certificetee 5 and 6 payable Aril 1, 1949.
Certificates 7 end 8 payeble April 1, 1950.
Certificates 9 and 10 payphle April I., 1951.
Certificptes 11 and 12 Payable Aril 1, 195?.
Certificatec 13 and 14 payFble April 1, 1257.
Certificates 15 and 16 payable Aril 7, 1054
Certificates 17,18-and 19 payable April 1, 1955.
Section 4. Okeechobee County Dank, P berkine corporation
organizee end eeistin7 under the law of the State of Florida,
with. its principal place of tusinees in the City of Okeechobee,
is hereby aoDointed and deelieneted es the Depository for all
funds et acide for the payment of the Revenue Certificates,
intereet thereon, as the same becore due.
Section 5. That the text of SPirl 7evenue Certcater
1,9Eli under the provieione of thie Oreirance, shell be in
substantially the following form:
STATE OF FLO',IDA
COUNTY OF OKEZCIrC9ZE
CITY OF OKEECF(-27E
REVE7UE CE TinICATE
ISS"E CF APRIL 1, 1945.
No. 1 1 C00.00
KYOV, ALL YE7 BY TrEE•77, PRESE: That the City of Okeechobee,
a municipal corporation in the County of Okeechobee, State of
Florida, hereby eckrowledges itself indebted, ane, for value
received, hereby promises to nay to the bearer the nrincinal sum
of
1 ON TT:=SAND DOLLARS
on the first eay\of April, A. D. 19_, with the Gotten of prior
redemption az hereinafter provieee, Pn 9. to pey intereet or said
sum semi-annually, on the fret P7E, of October nne April in each
yer, fror the date hereof at the rete of fie (51) per centum
per ann11r7, peTable Peml-ennu7Ty on the first deg of Oetober pr
April in each yepr, on nrecentetion Inc? surrender of the annex-
ed interest coueons PE they severeTly become due, bat:- nriciL,71
e.T.td inteest being peyeble et Okeechobee County Bank in the City
of Okeechobee, Florie.
This Revenue Certificat is one of a series of 73.venue Certifi-
cates of like tenor, amounting in aggregate to the sur of Nineteen
Thousand (fl9,000.00) Donars, all issued under end. nureuent to
Sections 180.07 pre 180.00 Florida Statues, 1941.
IT IS HEREBY CERTIFIED AND R7CITITT that a11 Rote, corditIons
and. things reouiree to be done precedent to ane in the issuance
cf this Certificate have been one ane -cerformea FS requiree by
law.
FORM OF INFEST COUPON
Coupon No. $25,00
ON THE FIRST DAY OF OCTOBER (APRIL) A. D. 19
The City of Okeechobee, Florida.
will pay to the bearer at OKEECHOBEE COUNTY BANK Okeechobee,
Florida, the sum of TWENTY —FIVE & NO /100 DOLLARS ($25.00)
being the then enforceable and collectible interest on its
REVENUE CERTIFICATE, iesue of April 1, 1946,
dated April 1, 1946, No.
unless said. Revenue Certificate shall have been theretofore called
for redemption.
Attest:
CITY OF OKEECI =CBEE, 7LOTIIDA
3y:
City Clerk Countersigned.:
(Corporate Seal)
President, City Council
Approved PS to form:
City Attorney
Section 6. That for the prompt payment of the principel and
interest on said Revenue Certificates according to the tenor- thereof,
which are issued pursuant to this ordinance, the entire revenue re_
from the Utility Tax levied by the City Council under the authority
of Chapter 22829, Laws of Florida., Acts of 194, is hereby
irrevocably pledged, and net revenue after expenses of operation,
received from. the wete.r system of said City, not heretofore riledged,
is hereby irrevocably pledged.,/ ens? the City Council hereby covenants
end agrees with the holders of any and all of said Revenue Certificates
issued under the nrovistons of this Ordinance, that sane steal?_ constitute
a first lien on said Water Plant and that said City will make prompt
payment of the said Revenue Certificates when dt'.e. That all covenants,
representations agreements and undertakings herein. set out, as well
As those apeearing on the face of -each of the Revenue Certificates
shall constitute p contract with the holders of the Revenue Certificetee,
which contract shall he enforceable by suit, action or mandamus on
behalf of any holder in any Court of competent jurisdiction ?whether
or not a monetary default shall have then occurred in the payment
of the interest upon or principal of seld Certificates,
Section 7. That ell of said. Revenue Certificates shall be
callable upon any interest payment Fate prior to•maturity at per plus
accrued interest. That the option to call any or All of said Revenue
Certificates prior to maturity shall be exercised. in the following
manner:
The City of Okeechobee hereby, reserves the right to call end
redeem all or any part of the Revenue Certificates of the series of w
which this Revenue Certificate is one on any interest payment d=ate
st par plus accrued interest, end agrees that it will apply surplus
moneys in the interest and Sinking Fund established for said Revenue
Certificate Series over and above requirements for interest payments,
to the redemption of said 71evenue Certificates of said issue at par
and accrued interest by lot when such surplus is not ,used for the
purchase of Revenue Certificates of said Series at or below the call-
able price of par and accrued interest. In the event this Revenue
Certificate is so celled For redemption due notice s Bell be given to
the holder hereof, end. if this Revenue Certificate shall rot be nre-
se nted for payment on the date fixed for redemption, it shall cease
to bear interest from and after said date provided that adequate
funds for its redemotidn shall have been depoteited and set aside at
the designated raying agency by said City for such pureose. The
Si r.kine Fund provided for said ''evenu e Cert f ca tes may also be used
in the purchase thereof in accordance with th.= provisions of the
resolution authorizing; their issuance.
For the prompt payment of the principal ..end. interest of this
Revenue Certificate according to its terms the City of Okeechobee
covenants with the holders of this Certificate that it will:
(a) Set Aside all revenues derived. each month
from the Utility Tax levied by said City under
.the provisions of Chapter 22829, Laws of Florida,
Acts of 1945, and of Ordinance No. 216 of said
City adopted on the 8th ,day of October 1945, and
will continue to levy the tax on said Utilities
untillthis certificate and interest thereon, have
been paid in full.
(b) That said City will continue to own and overate
its Water System with r:.etes sufficient tc rroduce a
profit above operations until all of said Revenue
Certificates, and interest thereon, have been NAA
in full, and all unpled;ed revenue is hereby pledged
to the payment of this Certificate.
(c) That said Revenue Certificates constitute a. first
lien cn all property constituting the Meter System of
said City.
The City of Okeechobee further covenants that so long -s this
Revenue Certificate may be outstanding, it will not evail itself of
any legislation impairing or modifying the obligations of the City
incurred. hereby or the covenants contained in this T?evenue Certificate
and the Ordinance authorizing same.
IN WITNESS 77EREOF, the City of Okeechobee, in Okeechobee County,
Florida, has issued. this Revenue Certificate and has caused the same
to be signed by its Mayor and its corpor :ate seal to be affixed., attest-
ed by the City Clerk, and countersigned. by the President of the City
Council as of the first any of April, A. D. 1946.
(CORPORATE SEAL)
ATTEST:
CITY OF OKEECHOBEE, FLO:"IDA
By
City Clark COUNTERSIGNED:
President, City Council
The Revenue Certificates shall be drawn by lot by the governing
body of the City from t11 the Revenue Certificates then outstanding,
end notice of such redemption, specifying the number of Revenue
Certificates to be redeemed, shall be filed at least fifteen days
pr?_or to such redemption date, with the holders thereof; and said
Revenue Certificates when so called for redemption shell cease to
draw interest on such redemption date, provided that adequate funds
shall have been eepositeca anal set aside at the designated. paying agency
by said City for such purpose.
Section_ 8. The City Council further covenants and agrees with
the holders of said Revenue Certificates that proper validation
proceedings will be instituted in the :Circuit Court of Okeechobee
County, Florida, or that proper legislation action will be taken
at the 1947 session of the Florida Legislature, validating said
Revenue Certificates, and confirming the actions and proceedings of
the City Council in issuing same.
Section 9. That if any clause, section, paragraph or provision
of this Ordinance or fo the Certificates hereby authorized, be de-
clared unenforceable by any Court of Final Jurisdiction, it shall
not affect nor invalidate any remeincer thereof.
Section 10. That this Ord nano, shal l be in full force and.
effect immediately upon its assage by the City Council and approval
by the mayor.
PASSED AND APPROVED in Regular/session of the CI.ty
Council of ,the City of Okeechobee, Florida, this /3 day of Vey,
A. D. 1946.
(Corporate
Seal)
Attest:
City Clhrk
Pre 'dent of the City Counc l
Approved. this /4- day of May, 1946