Ord. No. 19-86-1265ORDINANCE NO.19-86-1265'
AN ORDINANCE OF THE CITY OF SOUTH mtamt
ITSRIDREVEriDJNG ™™ISsS"NCEAMOFITSREVENUENOTETOFINANCECFRtaTm
PROVIDlS?ADSiSCED AS PROVIDED HEREIN;PROCEEDS o.^JL.XHE DISBURSEMENT OFREPA^FNT r,*™!,N°TE;PROVIDING FOR
SM^SiS 2"SALE «^"NOTE^OBARNETTBANKOFSOUTHFLORIDAma
'HEREIN FK?JSi'"N**™EFTERMSAPR0VJDEDAGREEMENTf?S CER™N COVENANTS AND
moSSR'am ?pfec??S,SIt?THEREWITH;
deficit inHEheEAaS;ounteo^3t6y0,^iaSn1°n b"di—"a
safety JftSJSh se^^es tHL Sty?^^^»*lle
standing SS^iod^^.S'^^S10?^^-"^will result in a threat to the saf£tv h..i(?2}days whichpublicpeaceifnotpaidimmeSL?ely-^nd 'property ™*
financinoT^et the*nll^rlltll^VT^'-«hort-t.r»
Principal amount o^;^^^^"^-^-)?and
Miami,FloridTJihe'^LrP^rchlse^r^""i*'"•*"offer to purchase the Note in t£»}/S-submitted an
$360,000 for the Diim««I.\T-he Principal amount ofandcondit?onshhe?eirsSe|forth?1^°^""With the tM»«
WHEREAS,the Issuer finds it desirable and in its
best interest to issue and sell the Note to the Original
Furchaser in the principal amount of $360,000 and for the
proceeds derived therefrom to be used for the purposes
provided herein;
NOW,THEREFORE,BE IT ORDAINED BYTHE MAYOR AND THE
CITY COMMISSION OF THE CITY OF SOUTH MIAMI,FLORIDA,THAT:
SECTION 1.AUTHORITY FOR ORDINANCE.This
Ordinance is adopted and implemented pursuant to the
author3 t-v r>f +}><>.»~-»-••«...-•-./•...,_,•••+•-*•>---«-.--i.-j..i.,J.s.^*.uc^jiea \n Section l
hereof.
SECTION 2.DEFINITIONS.
A.AsusedinthisOrdinance,unless thecontext
otherwise requires:
(1)"Act"means Article VIII,Seccion 2 and
Article VII,Section I?of the Constitutionof the
State of Florida (3^68),as amended,Sectjon
159.11,Florida Statutes,Chapter 166,Flc-ida
Statute?,theCityCharierofthe Ci*»rf Sc--.it>
Miami,Florida,a^1 oLher appli^uDl^-piovisi ..s of
law not inconsistent with the foregoing.
(2)"Authorized Depositary"means any bank,
trustcompany,national banking association,sav
ingsandloan association,savingsbankorother
bankingassociationselectedbytheIssuerasa
depositary,which is authorized under Florida law
tobea depositary of municipal fundsandwhichhas
qualified with all applicable state and federal
requirements concerning thereceiptofIssuer
funds.
(3)"City"means the City of South Miami,a
Florida municipal corporation.
(4)"City Clerk"means the City Clerk of the
Issueroranydulyauthorized Deputy City Clerk.
(5)"City Manager"means the City Manager or
Acting City Manager of the Issuer.
(6)"Costs"means all costs incurred by the
Issuer for which the Issuer is obligated to pay
pertaining to certain administrative and operating
costs of the Issuer,including employee salaries
and outstanding invoices for amounts owed by the
Issuer,costs of issuance of the Note,and redemp
tion of the Note.
(7)"Director of Finance"means the Director
of Finance or Acting Director of Finance ofthe
Issuer,or such other chief financial officer of
the Issuer as described in Section 218'.403,Florida
Statutes.
(8)"Exempt Rate"means a rate per annum com
puted for actual days elapsed on the basis ofa
year containing 365 days equal to a floating rate
perannumof65%ofthePrime Rate,subject toad
justmentasherein provided.
(9)"Franchise Revenues means the moneys
received bythe Issuer inpaymentof franchise fees
from the following franchisees:Southern Bell
Telephone Company pursuant to Ordinance No.422
enacted on April 21,1959,Florida Power &Light
Company pursuant to Ordinance No.7-84-1202 enacted
on May 15,1984,and Peoples Gas Company pursuant
to Ordinance No.478 enacted on April 2,1963.
(10)"Governing Body"means the City
Commission of the Issuer.
(11)"Holder,""Noteholder,""Registered
Holder,"or "Registered Owner"means the registered
ownerorowners(oritsortheir authorized repre
sentative)of the Note.
(12)"Investment Obligations"means any obli
gations in which surplus municipal funds may be in
vested under the laws of the State of Florida,in
cluding,without limitation,Section 166.261,
Florida Statutes,as amended,and the Local
Government Surplus FundsTrustFundcreatedandes
tablished pursuant to Part IV,Chapter 218,Florida
Statutes,as amended.
(13)"Issuer"means the City of South Miami,
Florida,a Florida municipal corporation.
(14)Mayor"means the Mayor of the Issuer,or
in his or her absence or inability to perform,the
Vice Mayor or Acting Ma/or of the Issuer as may be
-2-
designated in accordance with the City Charter of
the Issuer.
c {1SLoy°^e"means the Issuer's Revenue Note,Series 1986,dated the date of delivery thereof
issued in the original principal amount of $360,000
or such lesser amount as may have been advanced by
the Original Purchaser as provided in this
Ordinance,for the purpose of providing funds for
the Issuer to pay theCosts.
ri-^-J'*16*"N2fc?0rdinance"means this Ordinance No.n-^rv^enacted by the Governing Body of the Issuer
on September 26,1986,authorizing the issuance of
the Note and specifying the details thereof.
(17)"Note Redemption Account"means the ac
count by that name created by Section 15D hereof.
(18)"Note Proceeds Account"means the account
bythatname created by Section 15A hereof.
*J1!!"0ri9inal Purchaser"means Barnett Bank
of South Florida,N.A.,having its principal of
fices m Miami,Florida,and acting through its of
ficesinMiami,Florida.
(20)"Pledged Revenues"means the Franchise
Revenues and the Utilities Services Taxes.
(21)"Prime Rate"means the annual rate of in
terest announced from time to time by Barnett Banks
of Florida,Inc.,which is a reference rate for
the information and use of the Original Purchaser
in establishing the actual rates to be charged to
its borrowers.
(22)"Registrar"means the Issuer or any agent
designated from time to time by the adoption of an
ordinance or resolution to such effect by the
Governing Body of the Issuer,to maintain the reg
istration books for the Note or to perform other
duties with respect to registering the transfer of
the Note.
(23)"Utilities Services Taxes"means the
taxes imposed and levied by the Issuer on the pur
chases of electricity,metered or bottled gas
water,and telephone service as authorized by
Section 166.231 Florida Statutes,as amended,and
ordinances enacted by the Issuer and codified in
Section 18,Article I of the City of South Miami
Code.
<.,?'Words importing singular number shall include
the plural number in each case and vice versa,and words im
porting persons shall include firms,corporations or other
entities,including governments or governmental bodies
References to Florida Statutes are to Florida Statutes
(lybb),as amended.
SECTION 3.FINDINGS AND DETERMINATIONS It is
hereby ascertained,determined al^d declared b7~the Citv
Commission of the City of South Miami,Florida,that:
A.There is a present and existing emergency
resulting from the City not having sufficient funds
available to the City to pay certain administrative
and operating costs of the City for which the City
:?-esponsible and obligated to pay.
-3-
B.It is in the best interest of the City and
its citizens that sufficient funds be borrowed ona
short term basis to pay such administrative and
operating costsandthatthe City pledgetothe
repayment of such borrowing certain available non-
advalorem revenues,specifically Utilities
ServicesTaxesandFranchise Revenues,whichare
hereby found to be available for such purpose.
C.The City is authorized under the Act to
issue the Note and use the proceeds thereof topay
allora portion of the Costs.
D.The City requested proposals from area
financialinstitutionsforthe borrowing offunds
onashorttermbasisbytheCity,andafter
analysis of those proposals received bythe City,
it is found and determined that it is in the best
interestoftheCitytoacceptthe proposal submit
ted by Barnett Bank of South Florida,N.A.
E.A negotiated saleoftheNoteis required
and necessary and isin the best interests ofthe
Issuer for the following reasons:the costs of is
suance ofthe Note are likely tobe greater and the
time until issuance longer if the Note is sold at
public sale by competitive bid than if the Note is
soldatnegotiated sale,andthereisno basis,
considering prevailing market conditions,forany
expectation that the terms and conditions of a sale
oftheNoteatpublicsalebycompetitivebidwould
bemore favorable than atnegotiated sale;short-
term obligations having the characteristics of the
Notearetypicallysoldat negotiated saleunder
prevailing market conditions;the market conditions
are favorable for the immediate issuance of the
Note;and the Issuer has undertaken substantial
negotiations with the Original Purchaser ofthe
Note regarding the purchase of the Note by the
Original Purchaser,andhas received a favorable
commitment forthe purchase of the Note.
SECTION 4.THIS INSTRUMENT CONSTITUTES A CONTRACT.
Upon and in consideration of the acceptance of the Note by
the Holder,this Ordinance andtheNote shall bedeemedto
beand shall constitute a contract between the Issuer and
the Holder.
SECTION 5.AUTHORIZATION OF THE NOTE AND PAYMENT
OF THE COSTS;ACCEPTANCE OF OFFER TO PURCHA"SE^
A.The issuance of the Note and the payment of
the Costs are hereby authorized.The Issuer shall proceed
with the issuance and delivery oftheNoteasherein
provided,and shall use the proceeds therefrom for the pur
pose of paying Costs.
B.The offer of the Original Purchaser to pur
chase the Notein the principal amount of $360,000 or such
lesser aggregate principal amount as maybe advanced to the
Issuer bythe Original Purchaser as provided herein,ata
purchasepriceofparin accordance withthetermsandcon
ditions as set forth herein,is hereby accepted and the Note
is hereby awarded and sold to the Original Purchaser upon
the terms set forth herein.Payment of the purchase price
oftheNoteshallbemadeintheformofoneormoread
vances totheIssuerfor deposit inthe Note Proceeds
Account as provided herein.
-4-
SECTION 6.DESCRIPTION OF NOTE.
A.The Note shall be issued as a single note in
the aggregate principal amount of$360,000orsuch lesser
aggregateprincipalamountasmaybe advanced totheIssuer
by the Original Purchaser as provided herein,for the pur
pose of financing all or part ofthe Costs,andforno other
purpose.The Note shall be designated the "City of South
!?iami'.Flo.ridf'Revenue Note,Series 1986,"shall be datedthedateofdeliverythereof,shall be in substantially the
form set forth in Section 11 hereof,and shall be issued in
the name of and delivered to Barnett Bank of South Florida
N.A.,Miami,Florida,as provided herein.
*.^B*J.The Note sha11 bear interest from its date ontheoutstandingprincipalamountthereofpayableatmaturity
or such earlier date fixed for redemption thereof as
provided herein at the Exempt Rate,subject to adjustment as
herein provided.The Exempt Rate shall be adjusted daily to
reflect changes in the Prime Rate with such changes to
become effective on the date of a change in the Prime Rate.
The Original Purchaser will notify the Issuer of the Exempt
Rate ten (10)days preceding the date of maturity of the
Note or the scheduled date of redemption,and in the event
ws?i lTlmt ^te Tthereafter changes,the Original PurchaserwillnotifytheIssuerbytelephone,provided,however,
changes in the Prime Rate on the date or preceding date of
maturity or fixed for redemption shall not be effective with
respect to the Note.The initial Prime Rate shall be the
Prime Rate in effect on the date of delivery of the Note.
The Note shall mature on April 30,1987.
._C.In no event shall the sum of all interest and
all amounts deemed or treated as interest under Florida law
payable on the Note exceed the lesser of the maximum lawful
rate of interest allowed to be charged under Florida law on
the date of issuance of the Note or the Prime Rate.The
Issuer and the Original Purchaser intend that under no cir
cumstances including an event of default as provided in
Section 16 hereof,shall the Issuer be required to pay in
terest on the outstanding principal balance of the Note at a
rate in excess of the maximum lawful rate of interest al
lowed to be charged under Florida law on the date of is
suance of the Note,and in the event any interest is
received or charged by the Original Purchaser in excess of
refundm?her4of ^^ShaU **entitled to **immediate
i,n u -»Payment of the purchase price of the Note
shall be made in the form of one or more advances to the
Issuer for deposit in the Note Proceeds Account as provided
herein.The City Manager and other appropriate officials of
the Issuer are hereby authorized to execute the Note as fur
ther provided in Section 7 of this Ordinance in such princi
pal amount and deliver the Note in the name ofor upon the
Zl*l Zl I Original Purchaser upon payment of the purchase
price therefor as provided in this Section 6D.
E.If the date for payment of the principal of,
and interest on the Note shall be a Saturday,legal holiday
ora day on which banking institutions in the City of Miami
or the City of South Miami,Florida,are authorized by law
or executive order to close,then the date for such payment
shall be the next succeeding day which is not a Saturday,
Sunday,legal holiday oradayonwhichsuchinstitutions
areauthorizedto close,andpaymentonsuchdate shall have
the same force and effect as ifmadeonthe scheduled date
of payment provided that if the date for such payment is a
Sunday,payment shall be due on the next daywhich is not 'i
legal holidayoraday jn which banking institutions arc
authorized tobe clewed and shall includeaccrued interest
tothe actual day ofuch payment.
-5-
F.Principal and interest due on the Note
(whether at maturity or earlier redemption)are payable to
the Holder in immediately available funds upon presentation
of the Note to the Issuer when due at South Miami,Florida,
without necessity forany prior notice from the Holder.
G.Notwithstanding anything in this Ordinance to
the contrary,the Exempt Rate is subject to adjustment as
provided in this subsection 6G.The Base Percentage which
means the percentage applied tothe Prime Rate in determin
ing the interest which the Note will bear is currently
sixty-five percent (65%),and is subject to adjustment as
follows:
(1)In the event that the maximum federal
corporate income taxrate applicable tothe
Original Purchaser under Section 11of the Internal
Revenue Codeof 1954,as amended (the "Code")(the
"Maximum Corporate Tax Rate")shall,during any
period with respect to which interest shal be ac
cruingonthe Note,beotherthan forty-six percent
(46%),theBasePercentageshallbetheproductob
tainedby multiplying theBase Percentage asofthe
date hereof by a fraction,the numerator of which
shall beonehundredpercent (100%)minusthethen
applicable Maximum Corporate TaxRateandthe
denominator ofwhich shall be fifty-four percent
(54%);such product tobe rounded to the nearest
one-tenth of one percent.
(2)TheExemptRateshallbesubjecttofur
ther adjustment inthe event the amount of interest
incurredor continued bytheOriginal Purchaser to
purchase obligations the interest on which is
exempt from taxes (within the meaning of Section
291orany successor provisions oftheCode),and
allowed asa deduction tothe holders ofNote,is
reduced or limited because ofany change inthe
Code orthe regulations promulgated thereunder;in
suchevent,the Exempt Rateshallbeadjustedsuch
that interest ontheNoteshallbe increased (or
decreased)eachdaybyadollaramountequal to:
(i)the difference (expressed asa
decimal)obtained by subtracting (a)the
percentage listed in Section 291(a)(3)
(or any successor provision)ofthe Code
from (b)the percentage listed in Section
291(a)(3)(orsuchother successor provi
sion)of the Code after the effective
date of such change;
(ii)multiplied by the Federal Funds
Rate (as hereinbelow defined);
(iii)multiplied bythe principal
amount of the Note outstanding on the ef
fective date of such change;
(iv)multiplied by the Maximum
Corporate Tax Rate in effect on the ef
fective date of such change;
(v)divided by365(or366,depend
ingonthe number ofdaysintheyearin
which such change takes effect).
For purposes ofthis paragraph (2),"Federal Funds Rate"
shall mean the rate announced as the Federal Funds Rate in
the Wall Street Journal or,in the event the Wall Street
Journalisnolongerpublished,anysimilar daily financial
publication which publishes such rate.
-6
^Si Notw^hstanding any provision hereof tothecontrary,the Exempt Rate shall at no time ex-
f™»**Cfte.-eqnal to the Prime Rate<as adjustedfromtimetotime.J
,«.H>Interest shall be computed on the basis of a365-day year for the actual number of days elapsed a L
maturity and in the event of a default interest shait ™?accrue at the Exempt Rate,but shall accrue aT?he maximum
rate permitted by law or,in the event there is no such maximumthenattherateoftwenty-five percent (25?)oer annum(the "Default Rate").*<-ent \*>/.)per an-
SECTION 7.EXECUTION OF NOTE.The Note shall be
signed and executed in the name of the Issuer as set forth
in the form of the Note in Section 12 hereof.The signa
tures of the City Manager,City Clerk or other officers of
--!i 5U«authorized to sign the Note shall be manual.TheT*\°l the *SSUer sha11 be impressed,imprinted,reproducedorlithographedontheNote.The Note shall be validly exe
cuted when signed by the persons who shall respectively hold
t^aa?Pr°Pri^e °«i"s at the time of execution and -
of *£Ia'wlthou3 fe?ard to who "eld the office on the date,,u ,5d°Ptlon of this Ordinance or the date of the Note or
Note °ffiCe at the time of the ^livery of the
SECTION 8.NEGOTIABILITY AND REGISTRATION.
~*4.->A'The Issuer shall,so long as the Note isoutstanding,retain and maintain with the Registrar appro
priate registration books for the purpose of registering and
transferring the registration of the Note as contemplated in
oointJ6^10"8-Th\ISSUer Sha11 be<and ls hereby appointedtoserveas,the initial Registrar hereunder.
«*,„«,h'^T!,\Issuer may deem and treat the person inTftLnTt^6 N?v6 may be "Mistered as the absolute ownerf«r «?i ^purpose of receiving payment thereof andforallotherpurposeswhatsoever,and the Issuer shall not
be affected by any notice or knowledge to the contrary The
thenRfgistfarny "^ma*bS registered onlV on «»•bobks of
i-*„w~—°\"Pon surrender for registration of transfer oftheNoteattheofficeoftheRegistrar,the Registrar
shall execute and deliver to the transferee or transferees a
new fully registered Note for a like principal amount.
fo„„„,D-Ar,y Note Presented for registration of trans-
nr'J.1 ?*'**£demPtlon or Payment shall be accompanied(if so required by the Issuer or the Registrar)by a written
instrument or instruments of transfer or authorization for
"„"f:.ln form and with guaranty of signature satisfactorytotheIssuerortheRegistrar,duly executed by the
Holder or his duly authorized attorney or legal representa-
X-1 ve.
„„,.E'T1?e Issuer or the Registrar may charge the
Trnttnt^SU\SUffiC'tnt t0 C°Ver ^ta*'fee'°*^the^gov!IssuSr?L f ^^.that may be imP°se<*(other than by theIssuer)on any exchange or registration of transfer of the
Note.Such taxes,fees,or charges shall be paid before any
such new Note shall be delivered.
F.A Note delivered upon any registration of
transfer or exchange shall be a valid obligation of the
Issuer,evidencing the same debt as the Note surrendered,
shall be secured by this Ordinance and any supplemental or
dinances or resolutions,and shall be entitled to all cf the
security and benefits hereof to the same extent as thi?Ncte
•"•:r ndered.
-7-
SECTION 9.PROVISIONS FOR REDEMPTION.
A.The Note shallbe subject to redemption,in
whole,orinpart,attheoptionofthe Issuer,onanydate
prior toits maturity,without premium orpenalty.
B.The Holder oftheNotetobe redeemed inpart
shall present and surrender such Note tothe Registrar for
payment of the principal amount thereof so called for
redemption,and the Registrar shall note on the reverse side
thereof the date ofsuch redemption arid the principal amount
ofthe portion oftheNotesoredeemed,oratthe option of
the Holder of such Note,the Issuer shall execute and,if
applicable,the Registrar shall authenticate and deliver,to
or upon the order of such Holder,without charge therefor,a
Note fully registered asto principal and interest inan
amountequaltothe unredeemed balance oftheprincipal
amount of the Note so surrendered.
C.Notice of such redemption shall be given,in
theeventofapartial redemption,notlessthanseven (7)
days,and inthe event ofa redemption ofthefull amount of
suchNote,notlessthanfifteen(15)days,prior tothe
redemptiondate,bedepositedintheU.S.Mail,postagepre
paid,to the registered owner of the Note at its address as
itappearsontheregistrationbookstobemaintainedbythe
Registrar in accordance with the terms hereof.
D.IftheNoteistobe redeemed inpart only,
thenoticeofredemption shall statethepartorportion
thereof to be redeemed and shall state also that on or after
the redemption date,upon surrender of such Note,a new Note
intheprincipalamountequaltothe unredeemed portionof
suchNote will be issued if requested by theHolder.
LOST SECTI0N 10-NOTE__MUTILATED,DESTROYED.STOr.FM gp
i««4.^A;If the N°te is mutilated,destroyed,stolen orlost,the Issuer may,in its discretion (i)deliver a dupli
cate replacement Note or (ii)pay the Note together with ac
crued interest.A mutilated Note shall be surrendered to
and cancelled by the Registrar or the City Clerk of the
Issuer.The Holder must furnish the Issuer proof of own
ership of any destroyed,stolen or lost Note;post an indem-
conditionf a^°ryTt0 ^ISSU6r;C°mply with'aSy reason e«»S It t ?ISSUer °r the Re9istrar may prescribe;andpaytheIssuersortheRegistrar's reasonable expenses!A
destroyed,stolen or lost Note will be cancelled on the reg
istration books by the Registrar.9
^,-•,B*_Any SUch duPlicate Note shall constitute anoriginalcontractualobligationonthepartoftheIssuer
^/°S K0t the destr°yed<stolen,or lost Note be at anytimefoundbyanyone,and such duplicate Note shall be en
titled to the same benefits and rights as to lien on and
source of and security for payment from,the revenues'and
other funds pledged herein as the mutilated,destroyed
stolen or lost Note was entitled.y a'
«+»,<-'nSECTI?u l1'F0RM QF NQgg-The Note shall be substantiallymthefollowingform(with such variations
??on^nH JZd insertions<d^to differences in denominalbv%£?«ot^r provisions,as may be required or permitted
resolut 0rdlnance or any supplemental ordinance or
-8-
(Form of Note)
R-
UNITED STATES OF AMERICA
STATE OF FLORIDA
CITY OF SOUTH MIAMI
REVENUE NOTE,SERIES 1986
KNOW ALL MEN BY THESE PRESENTS,that the City of
SouthMiami,Florida (hereinafter calledthe"Issuer"),a
Florida municipal corporation and public body corporate and
politic,created and existing under and by virtue of the
lawsoftheStateofFlorida,for value received,hereby
promises to pay to Barnett Bank of South Florida,N.A.,
Miami,Florida (the "Original Purchaser")orto registered
assigns or legal representatives thereof (collectively,the
"Registered Owner"),on the 30th day of April,1987,but
solely from the funds hereinafter mentioned,the principal
sum of
THREE HUNDRED SIXTY THOUSAND DOLLARS
orsuchotherlesser aggregate principalamountashasbeen
advanced by the Original Purchaser to the Issuer as provided
in the Note Ordinance as of the date of maturity hereof and
topayinterestonthe outstanding principalsumhereoffrom
thedateoftheinitial advance andfromthedateordates
of subsequent advances on the aggregate amount so advanced,
as provided inthe Note Ordinance from and including the
date hereof with respect to the initial advance,and from
the dates of subsequent advances with respect to such ad
vances,until thisNoteisfully paid or redeemed atarate
(the "Exempt Rate")per annum (computed for the actual days
elapsed on the basis of a year containing 365 days)equal to
afloatingrateof65%ofthePrimeRate.PrimeRatemeans
the annual rate of interest announced from time to time by
BarnettBanksof Florida,Inc.ThePrimeRateisaref
erence rate for the information and useof the Original
Purchaser in establishing the actual rates tobe charged to
its borrowers.
Notwithstanding anything in this Ordinance to the
contrary,the Exempt Rate is subject to adjustment as
providedinthis Note.TheBasePercentagewhichmeansthe
percentageappliedtothePrimeRateindeterminingthein
terest which the Note will bear is currently sixty-five per
cent (65%),andissubjectto adjustment asfollows:
(1)Inthe event that the maximum federal
corporate income taxrate applicable tothe Bank
under Section 11ofthe Internal Revenue Code of
1954,asamended (the "Code")(the"Maximum
Corporate Tax Rate")shall,duringanyperiodwith
respecttowhichinterest shal be accruing onthe
Note,be other than forty-six percent (46%),the
Base Percentage shall be the product obtained by
multiplying theBase Percentage asofthe date
hereof byafraction,the numerator of which shall
be one hundred percent (100%)minus the then appli
cable Maximum Corporate Tax Rate and the denomina
tor of which shall be fifty-four percent (54%);
such product tobe rounded to the nearest one-tenth
of one percent.
-9-
(2)The Exempt Rate shall be subject to fur
ther adjustment in the event the amount of interest
incurred or continued by the Bank to purchase obli
gations the interest on which is exempt from taxes
(within the meaning of Section 291 or any successor
provisions of the Code),and allowed as a deduction
to the holders of Note,is reduced or limited
because of any change in the Code or the regula
tions promulgated thereunder;in such event,the
Exempt Rate shall be adjusted such that interest on
the Note shall be increased (or decreased)each day
byadollaramountequal to:
(i)the difference (expressed as a
decimal)obtained by subtracting (a)the
percentage listed in Section 291(a)(3)
(or any successor provision)of the Code
from (b)the percentage listed in Section
291(a)(3)(or such other successor provi
sion)oftheCodeafterthe effective
dateofsuchchange;
(ii)multipliedbytheFederalFunds
Rate (as hereinbelow defined);
(iii)multiplied by the principal
amountoftheNoteoutstandingontheef
fective date of such change;
(iv)multiplied bytheMaximum
CorporateTaxRateineffectontheef
fective date of such change;
(v)divided by 365 (or 366,depend
ing on the number of days in the year in
which such change takes effect).
Principal and accrued interest on this Note shall
be payable at the maturity hereof or upon earlier
redemption.Principal and interest due on this Note are
payable to the Registered Owner in immediately available
Florid UP°n presentation when due at city Hall,South Miami,
Advances made by the Original Purchaser to the
Issuer as provided in the Note Ordinance shall constitute
advances of principal of this Note and shall be made to the
JSUtu 25 !i e„manner and subject to the terms and conditionsoftheNoteOrdinance.Each advance and each redemption of
principal and the date thereof shall be recorded by the reg
istered owner hereof in the space provided therefor on this
Note.
This Note shall be subject to redemption,in whole
or m part,at the option of the Issuer on any date prior to
IIL m*turity>without premium or penalty.Notice of such
epioftn *ha11 bS giVen by mail in the manner required bytheNoteOrdinance,as hereinafter defined.
..ef Jhis *ote ^issued to finance in part certain ad
ministrative and operating costs of the Issuer,pursuant to
the authority of and in full compliance with the
Constitution and laws of the State of Florida,including
particularly Section 159.11,Florida Statutes,Chapter 166
Florida Statutes,and Ordinance No.rnvivfeS enacted by the
SS^nJ[.Body of the Issuer on sFptimber 26,1986 (the
Note Ordinance").This Note is subject to all the terms
and conditions of the Note Ordinance and capitalized terms
not otherwise defined herein shall have the same meanings as
ascribed tothem in theNote Ordinance.
-10-
In the following order and priority,this Note ispayablefromandsecuredbyapledgeofandlienupon(ittheundistributedproceedsof£he Note and ?he interest
earnings thereon until used for the purposesprovided in the
on ?h«odlnanC6'41'taX6S imp°sed and levied by the issueronthepurchasesofcertainservices,including electricitvmeteredorbottledgas,telephone and wa?fr service asauthorizedbySection166.231,Florida Statute"ascended
18d °Irt?clee?TfCttt hyr^1S^r and codifi4d as Cha^r«nU-,<l t -°f the Slty of South Miami Code (the"iUl"Services Taxes");and (iv)franchise revenues im!rliltu ^received by the Issuer from Southern BellTelephoneCompanypursuanttoOrdinanceNo.422,enacted bv
the Issuer on April 21,1959,Florida Power &Light Comoanv
on^Mafas"0 I^Th T 7784-1202'-acted bftheSonMay15,1984,and Peoples Gas Company pursuant tn
Ordinance No.478 enacted on April 2,1963 Reference is
relating V?^finance for ^he provisions,among o?nIrs!relating to the terms,lien and security for this Note thi
custody and application of the proceeds of this No the
rights and remedies of the Registered Owner of this Note
the custody and application of the proceeds of this Note'
the rights and remedies of the Registered Owner of this Note
and the extent and limitation on the Issuer's rights dutiesandobligations,to all of which provisions ^Registere!Owner hereof assents by acceptance hereof.registered
ora,„K1.Thjs Note sha11 not be deemed to constitute a generalobligationorapledgeofthefaithandcreditofthe
Jw!^*!£•S5?te of.Florida °r any political subdivisionthereofwithinthemeaningofanyconstitutional,legisla
tive or charter provision or limitation,and itis expressly
agreed by the Registered Owner of this Note that such
Registered Owner shall never have the right,directly or in-
aW y'/°-reqUire °r C°mpel the exercise of the 2dvaloremtaxingpoweroftheIssueroranyotherpolitical
subdivision of the State of Florida or taxation in any form
on any real or personal property for the payment of the
Resolution ^"*^^am°UntS p™vided ^™"he Note
R^i =t-~l\iS f"rther agreed between the Issuer and theRegisteredOwnerofthisNotethatthisNoteandtheindeb!
tedness evidenced hereby shall not constitute a lien upon
any property ofor in the Issuer,but shall constitute a
iw.°nl^°n thS Pl6dged Revenues and other items described
Ordinance man"er prOVided above and described in the Note
ResolnH^Issuer has covenanted and agreed in the NoteResolutiontofix,revise,maintain and collect such fees
rates and charges as will provide Pledged Revenues which
will be sufficient to pay the interest on the Note as thesamebecomesdue.««i.<s as tne
„T,he Issuer does hereby covenant with the Reaistered
^n^°fM^1S ??*?that "wiU raake no use °£the processofthisNotewhichwouldcausethisNotetobetreatedasan
^venue'^code01^^SSCti°n 103(C)«*'ST^tEnSKevenueCodeof1954,as amended,and the reoulat-i ms
prescribed and proposed thereunder;or take any oth^r action
which would otherwise cause the interest on thistote to
become taxable to the Registered Owner hereof under federal
j-«w•
-21-
..It is hereby certified and recited that all acts
conditions and things required to exist,to happen and to be
performed precedent to and in the issuance of this Note ex
ist,have happened and have been performed in regular and
*^f°rm and time as re(3uire<*by the laws and Constitution
of the State of Florida applicable hereto,and that the is
suance of this Note does not violate any constitutional or
statutorylimitationor provision.
IN WITNESS WHEREOF,the City of South Miami,
Florida,has issued this Note and has caused the same to be
manually signed by the City Manager,and attested and coun
tersigned by the City Clerk,and its corporate seal or a
facsimile thereof to be affixed,impressed,lithographed or
reproduced hereon,all asof the dayof,198
CITY OF SOUTH MIAMI,FLORIDA
By.__m
City Manager
[SEAL]
ATTEST:
By_
City Clerk
PROVISIONS FOR REGISTRATION
ThisNoteshallbe registered inthe name ofthe
initial owner as to principal and interest on the books kept
by the Registrar appointed by the Issuer.Subsequent regis
tration shall be made on the books kept bythe Registrar.
No transfer shall be valid unless (i)made by written as
signment,(ii)noted on books of the Registrar and (iii)un
less anew registered Note shall be issued,notedinthe
blank below.
(No writing inthis blank except bythe Registrar)
Dateof Nameof Signatureof
Registration RegisteredOwnerRegistrar
-12-
SCHEDULE OF PRINCIPAL ADVANCES AND PREPAYMENTS
Date
Amount
Advanced
Principal
Prepayment
ASSIGNMENT
Initials of
Noteholder
FOR VALUE RECEIVED,the undersigned
_(the "Transferor"),hereby'seTTi";a^iiin^and transfers unto
(the "Transferee")
PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF TRANSFEREE
the withi^o^^^^^^^^r,and hereby ir-
SSFHS^s^Egras
-13-
Date:
Signature Guaranteed:
NOTICE:Signature(s)must
be guaranteed bya member
firm of the New York
Stock Exchange ora
member firmofany
other recognized
national securities
exchange or a com
mercial bank or a
trustcompany.
Registered Holder ""—
NOTICE:No transfer will be
registeredandnonewNote
will be issued in the name of
the Transferee,unlessthe
signature(s)to this assignment
correspond(s)with thenameas
it appears upon the face of the
within Note in every particular,
without alteration or enlarge
ment orany change whatever and
the Social Security or Federal
Employer Identification Number
of the Transferee is supplied.
(End of Note Form)
SECTION 12.APPLICATIONOF PROCEEDS,
from the sale of the Note,shall be applied by the Issuer as
follows:
Proceeds
A.Simultaneously with the delivery of the Note
the Issuer shall advance as provided in Section 13 below an
amount equal to the legal expenses,fiscal expenses,admin
istrative expenses and such other expenses as may be neces
sary or incidental for the issuance of the Note,which shall
be deposited in the Note Proceeds Account herein created and
established and used to pay such expenses.
B.The balance of the proceeds of the Note shall
when advanced as provided in Section 13 below,be used for
payment of Costs and be deposited to the credit of the Note
Proceeds Account hereinafter created and established.
SECTION 13.PROCEDURE FOR ADVANCES.Except for
the initial advance on the date of delivery of the Note the
Director of Finance shall request each advance of principal
with respect to the Note by delivering to the Original
Purchaser a written request for advance no later than five
(5)business days prior to the date on which the advance is
requested to be made.Each request for advance shall spe
cify the proposed date of the advance and the amount
thereof.Not later than 12:30 p.m.(Miami Time)on the date
of the proposed advance,the Original Purchaser shall make
the requested advance to the Issuer in immediately available
funds for deposit into the Note Proceeds Account.
SECTION 14.NOTE PROCEEDS ACCOUNT.
A.Immediately following the delivery of the
Note,the Issuer shall deposit in a separate account hereby
designated as the "City of South Miami,Florida,Revenue
Note Account"(the "Note Proceeds Account"),which is hereby
created and established,proceeds from the sale of the Note
which have been advanced as described in Section 13 above •
Such account shall be kept separate and apart from all other
accounts of the Issuer,and the funds on deposit therein
shall be withdrawn,used and applied by the Issuer solely
for the payment of Costs and purposes incidental thereto
and,solely to the extent provided in Section 12 above to
pay costs of issuance of the Note.
B.Any funds on deposit in the Note Proceeds
Account that,in the opinion of the Issuer,are not immedi
ately necessary for expenditure,as hereinabove provided
14
may be invested and reinvested in Investment Obligations
which shall mature or be redeemable at the option of the
Issuer at face valuenot later than the datesonwhich such
funds are needed.All income derived from investment of
funds in the Note Proceeds Account shall be deposited
therein and shall beused to pay Costs.
C.Moneysin the NoteProceedsAccountshallbe
secured at all times in the manner prescribed by the laws of
the State of Florida relating to the securing of public
funds.
D.Upon payment of the Costs,any amounts then
remaining in the Note Proceeds Account and not reserved by
the Issuer for the payment of any remaining Costs incurred
and for which the Issuer is obligated to pay,shall be
transferred tothe Redemption Account andusedto redeem the
Noteinthe manner described inSection15below.
SECTION 15.COVENANTSOFTHE ISSUER WITHRESPECT
TOTHE NOTE.Untilthe principal ofandinterestonthe
Note hasbeenpaidin full,the Issuer covenants with the
Holder as follows:
A-Punctual Payment.The Issuer,covenantsand
agrees with the Holder of the Note that it will punctually
payorcausetobepaidtheprincipalofandinterestonthe
Note,in conformity with the terms of the Note and this Note
Ordinance and that it will be unconditionally and irrevoca
bly obligated,so long as the Note is outstanding and un
paid,to take all lawful action necessary or required during
each Fiscal Year to make any and all payments of principal
of and interest on the Note as such become due and payable.
B•PledgeofCertain Proceeds,Revenues.The
payment oftheprincipalofandinterestontheNoteissued
hereunder shall be secured by a lien on and pledge of,and
the Issuer does hereby irrevocably pledge to the payment of
the Note and the interest thereon and grant a lien upon,(i)
the undistributed proceeds of the Note and the interest
earnings thereon until used for the purposes herein
provided,(ii)Utilities Services Taxes,and (iii)Franchise
Revenues (collectively,the "Pledged Revenues").The pledge
described in this Section 15 shall be valid and binding from
the date of delivery of the Note issued hereunder,and all
moneys and sources of funds sopledgedand thereafter
received by the Issuer shall be immediately subject to the
lien of such pledge without any physical delivery thereof
and without further act of any person.
Fr_aJHhJ^R,ven^i^^Tfs^
for paymyen?*£^b^.:^.00^^^™UU^^Services Taxes and the Franchise Revenues Utilities
D.Redemption Account.
(1)Moneys remaining in the Not*p™,-=^„Account after completion of the acquisition or the
of Costs"0^^'T^?rmmitted for th*P^nttoasthtlwithnf6Xtent.Pitted hereunder,l*?lrS ~^2 Ller moneYs in the manner and to thetions^f°Vthf T*Subse<*fnt ordinances or re o !*han ht a the.4.Ifsuer adopted from time to time
herebv ecd!^ted ^a Special account ^h is«Z f y created and established to be known a*tul'Note Redemption Account."Moneys in the Note
tentTo^^T"^ShaU be applied to the full ex!
re o6t!£a?^princiPal °f and accruedeart'r2 „°v'-"'"?-turity °r at the «»•of>>/-»
(2)On the maturity of the Note,unless suf
ficient funds have been previously deposited
therein,there shall be deposited into the Note
Redemption Account,Revenues pledged hereunder or
from other available funds of the Issuer,moneys
which are sufficient to pay the principal of the
Note then due,and any unpaid interest.
(3)Commencing on the day following maturity
of the Note and in the event the Note has not
theretofore been paid from proceeds pledged for the
payment thereof or from other sources,the Issuer
shall accumulate in the Note Redemption Account all
funds pledged for the payment of the Note hereunder
as soon as they are received including,without
limitation,all Utilities Services Taxes and
Franchise Revenues until the Note shall be paid in
full.Funds thus deposited in the Note Redemption
Account shall be promptly used first to pay accrued
interest on the Note,and then to retire the prin
cipal of the Note.
E.Investment of Funds.
Redemption Account may be
Investment Obligations.All
in the Note Proceeds Account
used for the purposes speci
come and profits derived from
the Note Redemption Account
into the Note Proceeds Ace
therein are sufficient topa
come and profits shall therea
Redemption Account.
Funds in the Note
invested and reinvested in
income on investments of funds
shall be retained therein and
fied for such account.All in-
the investment ofmoneysin
shallbe deposited uponreceipt
ount until funds on deposit
y the Costs,and then,such in-
fter be retained in the Note
F.Compliance with Laws and Regulations.The
Issuer covenants and agrees to perform and comply in every
respectmaterialtothe security oftheNotewith all appli
cablefederaland state laws,rulesand regulations relating
tothe payment oftheCostsandthe performance ofthe
Issuer's covenants andobligationshereunder.
rustFunds.As provided by Section 159.11,
s,and this Ordinance,all accounts created
onstitute trust funds to secure the Holder of
r the purposes herein provided,shall be es-
"andheldbythe Director ofFinance(oran
sitary designated by the Issuer),and shall
be kept separate and distinct from all other
suer and used only for the purposes as set
G.T
Florida Statute
herein shall c
the Note and fo
tablished with
Authorized Depo
at all times
funds of the Is
forth herein.
SECTION 16.EVENTS OF DEFAULT;REMEDIES.
A.Eventsof Default.Eachofthefollowing
events is hereby declared an "event of default":
(1)the payment ofthe principal ofand
interest on the Note shall not be made when
thesameshall become due and payable atmat
urity;or
(2)theIssuer shall for any reason be
rendered incapableof fulfilling itsobliga
tions hereunder tothe extent thatthepayment
oftheNotewouldbe materially adversely af
fected,and such condition shall continue un
remedied fora period of thirty (30)daysaf
ter the Issuer becomes aware of such condi
tions;or
(3)an order or decree shall b<-entered,
with the consent or acqui .cence of th«
Issuer,appointing a receiver oi receivers .•_
the Issuer,or any part thereof or the filirn
of a petition by the Issuer for relief unaer
federal bankruptcy laws or any other applica
blelawor statute ofthe United Statesof
Americaorthe State ofFlorida,whichshall
notbe dismissed,vacated ordischargedwithin
thirty (30)days after the filing thereof;or
(4)theIssuer shall default inthedue
and punctual performance ofany covenant,con
dition,agreement or provision containedin
theNoteoronthepartoftheIssuertobe
performed,other than the timely payment of
principal or interest onthe Note,andsuch
default shall continue for sixty (60)days af
terwrittennoticespecifyingsuchdefaultand
requiring sametobe remedied shallhavebeen
giventothe Issuer bytheHolderofthe Note.
B-No Default if Cured.Notwithstanding the
foregoing,with respect to the events described in paragraph
(4)of subsection A above,the Issuer shall not be deemed in
default hereunder if such default can be cured within a
reasonable period of time and if the Issuer in good faith
institutes appropriate curative action and diligently pur
suessuchactionuntilthedefaulthas been corrected.
C.Right of Holder to Institute Suit.
(1)Upon the happening and continuance of any
event of default specified in subsection Aof this Section
16,then and in every such case the Holder may proceed,sub
ject to the provisions of subsection D of this Section 16
to protect and enforce the rights of the Holder by a suit,'
action or special proceeding in equity or at law,either for
the specific performance of any covenant,agreement or
provision herein or in aid or execution of any power herein
granted or for the enforcement of any proper legal or
equitable remedy as such Holder shall deem most effectual to
protect and enforce such rights.
(2)If the Issuer defaults under any of the provi
sions of this Ordinance as described in this Section 16,and
the Holder should employ attorneys or incur other expenses
for the collection of the payment of principal and accrued
interest by the Issuer or the enforcement or performance or
observance of any obligation or agreement of the Issuer in
the Note or herein contained,the Issuer agrees that the
Issuer will on demand therefore pay to the Holder the reas
onable fees of such attorneys (including fees on appeal)and
such other expenses so incurred by the Holder.
D.Discontinued Proceedina<?t^proceeding t.keTTW^hTlioldTr—»"rc^At of"any^d.fau??shall have been discontinued or abandoned or I dff
beenreastore'deVtory itf S"-^ISSUer ^^^olZr^Tn
given hereunder or now or hereafter existing »*f medy
equity or by statute or otherwise and mav hi 9 laW 2r lnanytimeorfromtimetotimeandmofIn.e*««sed at
sary,by the Holder of the Note?may be neCes_
F.NoWaiverofHolder's RirrK+-<=vt .,,omission of the~l^l^c-t7 ^>^^~~^^'"°dela*or
mg upon any default shnll impair th*Sr1P°Wfr accru-hereunder wi^b r^sr—t :,,„JP !*e Holae^s rightstl)1-p aM _.«r--t <->ai.j such defaultor rha.ii --st -
time to time ana as _£ten as may be deemed expedient
G.Interest Rate Upon Default.In the event
payment of principal and accrued interest on the Note shall
not be paid when due,the amount in default shall continue
to bear interest from the date of occurrence of the event of
default,as described in subsection Aof this Section 16and
subjectto subsection Bhereof,until payment thereofata
rate per annum equal to the Prime Rate,or the maximum
lawful rate,whichever shall be less.
SECTION 17.COMPLIANCE WITH PRIOR ORDINANCES AND
OTHERDOCUMENTS.TheIssuerwill comply with the covenants
and obligations applicable toitcontainedinanyotheror
dinance or resolution or contract to which the Issuer isa
partyand noncompliance withwhichwould materially adver
selyaffecttheabilityoftheIssuertomakepaymentson
the Note when due.
SECTION 18.COVENANT PROHIBITING EXCESSIVE ARBI
TRAGE .The Issuer covenants with the Holder of the Note
thatneithertheIssuernorany party under its control will
make anyuseofthe proceeds oftheNoteatanytime during
theterm thereof which,ifthatusehadbeen reasonably ex
pected on the date the Note was issued,would have caused
the Note tobean "arbitrage bond"withinthemeaningof
Section 103(c)of the Internal Revenue Code of 1954,as
amendedorany successor Code(the"Code"),as implemented
bysuchproposed,temporary and permanent regulations as
havebeenormaybeadoptedfromtimetotimebytheUnited
States Treasury Department thereunder orwilltakeanyother
action which would otherwise cause the interest on the Note
to become taxable to the Holder thereof under federal law.
The Issuer understandsthat this covenantimposesanobliga
tion on the Issuer throughout the term of the issue to com
plywiththe requirements ofSection103(c)oftheCode,and
tocomply with the requirements ofsuch Treasury regulations
implementing such Code section.
SECTION 19.DEFEASANCE AND RELEASE OF ORDINANCE.
If,atanytimeafterthedateof issuance ofthe Note,(i)
theNotesecuredherebyshallhavebecomedueandpayablein
accordance with its terms,(ii)the whole amount ofthe
principal and all unpaid interest sodueandpayableupon
theNoteshallbe paid,orsufficientmoneysshallbeheld
by an Authorized Depositary in irrevocable trust for the
benefitoftheHolder(whetherornotinanyaccounts
createdhereby)which,wheninvestedindirectobligations
ofthe United States of America maturing not later than the
maturity or redemption dateofsuch principal and interest
will,togetherwiththeincomerealizedonsuchinvestments,
be sufficient to pay allsuch principal and interest onsaid
Noteatthe maturity thereof,and(iii)provisions shall
also be made for paying all other sums payable hereunder by
theIssuer,then and in that casetheright,title and in
terest ofthe Holder hereunder onthe Pledged Revenues and
other funds and accounts pledged hereunder,and all other
pledgesandliens created hereby or pursuant hereto,with
respect to the Holder shall thereupon cease,determine and
become void,and if such conditions have been satisfied with
respecttotheNote issued hereunder and then outstanding,
all balances remaining inany other funds or accounts
createdbythisNoteOrdinanceotherthanmoneysheldfor
redemptionorpaymentoftheNoteandtopayallothersums
payable by the Issuer hereunder shall be distributed to the
Issuer for any lawful purpose;otherwise this Note Ordinance
shall be,continue and remain in full force and effect.
-18-
SECTION 20.SUPPLEMENTAL ORDTNANPfc!and RESoru.TIONS;ISSUANCE OF ADDITrONAr^^-^™*%™»,»ESOM-
sue bonds notes or other obligations on a parity with or
£?VinV ilen Pri°r to the lien created hereby on thePledgedRevenues,except for the purpose of paying the Note
in full at or prior to maturity,without the prior written
consent oftheHolderwhich consent shall notbeunreasona
bly withheld.After issuing the Note,the Issuer will not
adopt any supplemental ordinances or resolutions,which
would materially adversely affect the ability of the Issuer
to make payment of the Note when due,together with all ac
crued interest thereon.
SECTION 21.AUTHORIZATIONS.TheCityManagerand
the City Clerk,or their duly authorized substitute offic
ers,are hereby authorized to execute theNoteby their man
ual signatures inthe manner provided herein.Such officers
and the Director of Finance,and such other officers,em
ployees and agents of the Issuer as may be designated by the
City Manager or the Governing Body,are hereby authorized
anddirectedtoexecutesuch documents,instrumentsandcon
tracts,whether or not expressly contemplated hereby,and to
execute and do all acts and things required by the provi
sions of this Ordinance as may be necessary for the full,
punctualandcomplete performance ofallthe terms,coven
ants,provisions and agreements herein and therein con
tained,orasotherwisemaybenecessaryordesirabletoef
fectuate the purpose and intent of this Ordinance.The City
Clerk,theCityManagerandtheDirectorofFinanceare
hereby designated astheprimaryofficersofthe Issuer
charged withthe responsibility ofissuingthe Note.
SECTION22.SEVERABILITY.Ifanyoneormoreof
thecovenants,agreementsorprovisionsofthisOrdinance
should beheldcontrarytoany express provisionsoflawor
contrary to the policy of express law,though not expressly
prohibited,or against public policy or shall for any reason
whatsoever be held invalid,then such covenants,agreements
or provisions shall benulland void and shall be deemed
separate from the remaining covenants,agreements or provi
sions of this Ordinance orofthe Note issued hereunder.
SECTION 23.CONTROLLING LAW;MEMBERS OF ISSUER NOT
LIABLE.Allcovenants,stipulations,obligations and
agreements of the Issuer contained in this Ordinance shall
bedeemedtobe covenants,stipulations,obligations and
agreements ofthe Issuer to the full extent authorized by
theActand provided bythe Constitution and lawsofthe
State of Florida.No covenant,stipulation,obligation or
agreementcontainedherein shall be deemed tobeacovenant,
stipulation,obligation or agreement of any present or
futuremember,agentoremployeeoftheIssuerinhisorher
individualcapacity,andneitherthe members ofthe
Governing Bodyofthe Issuer norany official executingthe
NoteshallbeliablepersonallyontheNoteorthis
Ordinance or shall be subject to any personal liability or
accountability by reason ofthe issuance of the Note or the
execution thereof bythe Issuer or such officers thereof.
-19-
Note shanEn^°K ^'5PECIAL_0BL1GATI0N_0F THE ISSUER.The
de^edn "V IL^llutTVitlln^k °bli*ation «-"ConstihiHA^,*i 1 er within the meaning of the
payable ,"l3WS 2f the State °f F1°rida,^t shall bettePd,Y and secured by a lien upon and pledgeof
of the Note 1^7***"?^desi^^l»»in.So Holderoftheadv,^Ter haVe thS right to coraPel the exerciseoftheadvaloremtaxingpowersoftheIssuerortaxationin
PremfuT ?5 ^P^pertV to Pa*such Note or the interest or
to parent «?*'^ereon'.nor sha11 such Holder be entitledottw?fSS\f *£T princlpa*<P^mium and interest from any
de^gna^dhe're^n.15511^^"^the fU"dS expressly
All nrrtin^TI°N 25,REPEAL OF INCONSISTENT RESOLUTIONS««,ordlnances °r parts of ordinances in conflict herewithareherebyrepealedtotheextentofsuchconflict
SECTION 26.FINDING Of EMERGENCY.Baseduponthe
of the9T^'T^V °£tMS 0^n«nc*>the Governing Body
he o n°".h"ey flnd a"emergency exists requiringdoesherebvfind^°^dlnance on an emergency basis andaoesnerebyfindthatcircumstancescreatingtheemeraenov
Article T -^^aten.borrowing of money or"6ArticleIV,F(2)oftheCity Charter.
OF EMERGENCY.
take effecf Kh?7;iEFFECTI7E DATE"Thi*Ordinance shallcaKeetfectimmediatelyuponitsenactment.
1986.
PASSED AND ADOPTED this 26th day of September,
Emergency Reading:^(jY /pr
273830025o:46
APPROVED
Mayor
A
Passed on First reading:10/07/86
Passed on second reading:
Public Hearing Held:
Jo\n /frd
^ULOmSV*i
Otexic^K
-20-
V *-k "''
or\r\or