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HomeMy WebLinkAboutResolution 158 Resolution Number 158 was adopted by City Council on February 16,1976 the resolution document is not dated or signed. RESOLUTION NO. 158 A RESOLUTION PROVIDING FOR THE ACQUISITION OF PERSONAL PROPERTY TO BE KNOWN AS A FIRE TRUCK IN THE CITY OF WINTER ,SPRINGS, FLORIDA; PROVIDING FOR THE ISSUANCE OF A $27,905.70 REVENUE NOTE OF SUCH CITY TO PAY THE COST OF SUCH FIRE TRUCK; PROVIDING FOR THE RIGHTS TO THE HOLDERS OF SUCH OBLIGATION; PROVIDING FOR THE PAYMENT THEREOF; AND MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN CONNCECTION WITH THE ISSUANCE OF SUCH OBLIGATION. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WINTER SPRINGS, FLORIDA, AS FOLLOWS: SECTION 1. AUTHORITY OF THIS RESOLUTION. This \ \ resolution, hereinafter called "instrument", is adopted pursuant to the provisions of Chapter 166, Part II, Florida Statutes, and other applicable provisions of law. SECTION 2. DEFINITIONS. Unless the context otherwise requires, the terms defined in this section shall have the meainings specified in this section. Words importing singular number shall include the plural number in each case and vise versa and words importing persons shall include firms and corporations. A. "Issuer" shall mean the City of Winter Springs, Florida. B. "Act" shall mean Chapter 166, Part II, Florida Statutes. C. "Obligation" shall mean the $27,905.70 Revenue Note herein authorized to be issued. D. "Holder of the Obligation" or "Olligation Holder" or any similar term shall mean any person who shall be the owner of the obligation. E. "Fiscal Year" shall mean the period conrrnencing on October 1 of each year and ending on the succeeding September 30. F. "Revenue" shall mean the following: 1. Any and all revenue of the City not previously obligated by the City. Provided, however, revenue shall not include ad valorem tax revenue for the City of Winter Springs, Florida. SECTION 3. FINDINGS. It is hereby ascertained, determined and declared that: A. 'It is necessary and desirable to acquire personal property more commonly known as a Jaco Deluxe Model Fire Truck, Model # JC2M7575l3, Serial # 3455-49032, Identification # C75FvW 47824 (hereinafter called the fire truck) in order to preserve and protect the public health, safety and welfare of the in- habitants of issuer. B. The proceeds of the revenue are not now pledged or emcurnbered in any manner. C. The principal of and interest on the obligation shall be payable solely from the proceeds of the revenue as herein defined. The issuer shall never be required to levy ad valorem taxes on any property within its corporate territory to pay the principal of and interest on the obligation and such obligation shall not constitute a lien upon any property owned by or situated within the corporate ter~itory of the issuer, nor shall such obligation be a pledge of the credit of the City. D. The estimated proceeds to be derived from the revenue will be sufBCient to pay the principal of and interest on the obligation to be issued hereunder, as the same becomes due. SECTION 4. AUTHORIZATION OF ACQUISITION OF FIRE TRUqK. There is hereby authorized the acquisition of the fire truck. The costcr such fire truck may include legal and financing expenses; expenses for estimates of costs and of revenue; administrative expenses relating solely to the acquisitiOn of the fire truck; interest upon the obligation herein authorized during the initial period of organization and acquisition of the fire truck; and such other costs and expenses as may be necessary or incidental to the financing herein authorizaed and the acquisitbn of the fire truck and the placing of same in operation. SECTION 5. THIS INSTRUMENT TO CONSTITUTE CONTRACT. In consideration of the acceptance of the obligation authorized to be issued hereunder by those who shall hold the same from time to time, this instrument shall be deemed tore and shall constitute a contract between the issuer and such holders. SECTION 6. AUTHORIZATION OF OBLIGATION. Subject and pursuant to the provisions hereof, an obligation of the issuer to known as the "revenue note', herein sometimes referred to as the "obligation", is authorized to,pe issued in the prncipal amount of not exceeding TWENTY SEVEN THOUSAND NINE HUNDRED FIVE and 70/100 DOLLARS ($27,905.70). SECTION 7. DESCRIPTION OF OBLIGATION. The obligation shall be dated as of the date of its delivery to the purchaser thereof; shall be in the demonination of TWENTY SEVEN THOUSAND \ \ NINE HUNDRED FIVE and 70/100 DOLLARS ($27,905.70); shall bear interest at a rate of five and one-half (5-1/2%), said principal and interest to be payab~e one year from the date of deliverym the purchaser of the obligation at the principal office of the purchaser, in lawful money of the United States of America; and the issuer shall have the right to prepay said principal and interest on or before maturity of the obligation, said maturity being one year from the date of delivery of the obligation to the purchaser. SECTION 8. EXECUTION OF OBLIGATION. Thernligation shal be executed in the name of the issuer by its Mayor and counter- signed and attested by its City Clerk, and its corporate seal shall be impressed thereon. SECTION 9. NEGOTIABILITY. The obligation issued hereunder shall be and shall have all of the qualities and incidents of a negotiable instrument under the law merchant and the Laws of the State of Florida, and each successive holder, in accepting the obligation shall be conclusively deemed to have agreed that it shall be and shall have all of the qualities and incidents of a n~gotiable instrument under the law merchant and the Laws of the State of Florida. SECTION 10. FORM OF OBLIGATION. The obligation shall be in substantially the following form, with such ommissions, insertions and variations as may be necessary andresirable and authorized or permitted hereby or'by any subsequent resolution adopted prior to the issuance thereof: ....