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HomeMy WebLinkAboutResolution 180 Aquisition Fire Truck Amended RESOLUTION NO. 180 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 $21,905.70 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 CONNECTION 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 meanings specified in this section. Words importing singular number shall include the plural number in each case and vice 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 $21,905.70 Revenue Note herein authorized to be issued. D. "Holder of the Obligation" or "Obligation Holder" or any similar term shall mean any person who shall be the owner of the obligation. E. "Fiscal Year" shall mean the period corrnnencing 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 #JC2M757513, 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 encumbered 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 territory 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 sufficient 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 TRUCK. There is hereby authorized the acquisition of the fire truck. The cost of 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 authorized and the acquisition of the fire truck and the placing of same in operation. SECTION 5. Tl-lIS 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 -2- time to time, this instrument shall be deemed to be 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 be known as the "revenue note", herein sometimes referred to as the "obligation", is authorized to be issued in the principal amount of not exceeding TWENTY -ONE THOUSAND NINE HUNDRED FIVE and 70/100 DOLLARS ($21,905.70). SECTION 6. DESCRIPTION OF OBLIGATION. The obligation shall be dated as of the date of its delivery to the purchaser thereof; shall be in the denomination of TWENTY-ONE THOUSAND NINE HUNDRED FIVE and 70/100 DOLLARS ($21,905.70); shall bear interest at a rate of five and one-half (5 1/2%), said principal and interest to be payable one year from the date of delivery to 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. The obligation shall 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 negotiable 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 and desirable and authorized or permitted hereby or by any subsequent resolution adopted prior to the issuance thereof: -3- UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF SEMINOLE CITY OF WINTER SPRINGS REVENUE NOTE KNOW ALL MEN BY THESE PRESENTS, that the City of Winter Springs, Florida (hereinafter called the "Issuer", for value received, hereby promises to pay to the order of the Southeast First National Bank of Maitland, Maitland, Florida, from the special funds hereinafter mentioned the principal sum of TWENTY ONE THOUSAND NINE HUNDRED FIVE and 70/100 DOLLARS ($21,905.70) and to pay solely from such special funds, the principal and int- erest from date hereof at the rate of five and one-half (4 1/2%) per annum on the ______ day of_______, 197__. Both principal of and interest on this obligation are payable in law- ful money of the United States of America at the principal office of the Southeast First National Bank of Maitland, Maitland, Florida. If default be made in the payment of any installment under this note or in the performance of any agreement contained herein or in the resolution hereinafter mentioned, then, at the option of the holder, the principal sum then remaining unpaid hereunder, together with accrued interest, shall become immediately due and payable. This obligation is issued to finance the cost of ac- quisition of personal property (hereinafter called the "fire truck" under the authority of and in full compliance with the Constitu- tion and Statutes of the State of Florida, including particularly Chapter 166, Part II, Florida Statutes, and other applicable provisions of law, and a resolution duly adopted by the issuer on the 14th day February, 1977., (hereinafter called the "resolution"), and is subject to all the terms and conditions of such resolution. This obligation is payable solely from and secured by a pledge of the proceeds of all revenue of the City not previously obligated by the City. The issuer hereby reserves the rights, at its option, to repay this obligation, or any part thereof. -4- This obligation does not constitute an indebtedness of the issuer within the meaning of any constitutional, statutory or charter provision or limitation, and it is expressly agreed by the holder of this obligation that such holder shall never have the right to require or compel the exercise of the ad val- orem taxing power of the issuer for the payment of the principal of and interest on this obligation. It is further agreed between the issuer and the holder of this obligation that this obligation and the indebtedness evidenced thereby shall not constitute a pledge of the credit of the City nor a lien upon the fire truck, or any part thereof, or on any other property of or situated within the corporated ter- ritorial limits of the issuer, but shall constitute a lien only on the revenues in the manner provided in the resolution. In and by the resolution, the issuer has covenanted and agreed with the holder of this obligation that it will levy and collect revenues pledged, not exceeding the maximum rates per- mitted by law, as shall be necessary to provide funds which shall be sufficient in each year to pay, and out of such funds pay as the same shall become due, the principal and interest on this obligation in the manner provided herein and in the resolution and all other payments provided for in the resolution, and that the rates of such revenues shall not be reduced so as to be in- sufficient to provide funds for such purpose. The issuer has entered into certain further covenants with the holder of this obligation for the terms of which reference is made to the resolution. It is hereby certified and recited that all acts, con- ditions and things required to exist, to happen and to be per- formed precedent to and in the issuance of this obligation exist, have happened and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida applicable thereto, and that the issuance of this obligation does not violate any constitutional or statutory limitations or provisions. -5- This obligation is and has all the qualities and incidents of a negotiable instrument under the law merchant and the Laws of the State of Florida. IN WITNESS WHEREOF, The City of Winter Springs, Florida, has issued this obligation and has caused the same to be signed, by its Mayor and attested and countersigned by its City Clerk, and its corporate seal to be impressed thereon, all as of the 14th day of February, 1977. CITY OF WINTER SPRINGS, FLORIDA Troy J. Piland MAYOR ATTESTED AND COUNTERSIGNED: Mary T. Norton CITY CLERK SECTION 11. SPECIAL OBLIGATION OF ISSUER. The obligation shall not be or constitute a general obligation or indebtedness of the issuer as a "bond" within the meaning of the Constitution of Florida, but shall be payable solely from and secured by a lien upon and a pledge of the revenue as herein provided. No holder of the obligation shall ever have the right to compel the exercise of the ad valorem taxing power of the issuer or taxation in any form of any real property therein to pay such obligation or the interest thereon or be entitled to payment of such principal and interest from any other funds of the issuer except from the special funds in the manner provided herein. The payment of the principal of and interest on the obligation shall be secured forthwith equally and ratably by an irrevocable and prior lien on and pledge of the proceeds except as otherwise provided herein received by the issuer from the revenue, as hereinafter provided, and the issuer does hereby irrevocably pledge such funds to the payment of the principal of and interest on the obligation and for all other payments re- quired by this instrument. SECTION 12. COVENANTS OF THE ISSUER. For as long as any of the principal of and interest on the obligation shall be -6- outstanding and unpaid, the issuer covenants with the holder of the obligation as follows: A. So long as any principal of or interest on the note shall be outstanding, the City covenants and agrees with the holder of the note issued pursuant to this resolution to maintain and collect such revenues as may be necessary for the payment of the note. The issuer shall be unconditionally and irrevocably obligated, so long as the obligation or the interest thereon is outstanding and unpaid, to levy and collect such revenue pursuant to Resolution No. 136 of the City of Winter Springs, Florida, as shall be necessary to provide funds which shall always be sufficient to pay the principal of and interest on the obligation. B. ENFORCEMENT OF COLLECTIONS. Issuer will diligently enforce and collect the revenues herein pledged; will take all steps, actions and proceedings for the enforcement and collection of such revenue, which shall become delinquent, to the full extent permitted or authorized by law; and will maintain accurate records with respect thereof. All such revenue herein pledged shall, as collected, be held in trust to be applied as herein provided and not otherwise. C. REMEDIES. Any holder of the obligation issued under the provisions hereof or any trustee acting for the holder of such obligation may either at law or in equity, by suit, action, mandamus or other proceedings in any court of competent jurisdiction, protect and enforce any and all rights, including the right to the appointment of a receiver, existing under the laws of the State of Florida, or granted and contained herein, and may enforce and compel the performance of all duties re- quired or by any applicable statutes to be performed by the issuer or by any officer thereof, including the collection of the revenue. Nothing herein, however, shall be construed or constructe to grant to any holder of the obligation any lien on any real property of the issuer. -7- D. ISSUANCE OF OTHER OBLIGATIONS. The issuer will not issue any other obligations payable from the revenue nor voluntariy create or cause to be created any debt, lien, pledge, assignment, encumbrance or other charge having priority to or, being on a parity with the lien of the obligation issued pur- suant to this instrument and the interest thereon, upon said revenue. Any obligation issued by the issuer other than the obligation herein authorized, payable from such revenue, shall contain an express statement that such obligation is junior and subordinate in all respects to the obligation herein authorized as to lien on and source and security for payment from such revenue SECTION 13. MODIFICATION OR AMENDMENT. No material modification or amendment of this instrument or of any resolution amendatory hereof or supplemental hereto may be made without the consent in writing of the holder of the obligation. SECTION 14. SALE OF OBLIGATION. The obligation is hereby awarded and sold to Southeast First National Bank of Maitland, Maitland, Florida, for a purchase price in the amount of the par value thereof. SECTION 15. SEVERABILITY OF INVALID PROVISIONS. If anyone or more of the covenants, agreements or provisions herein contained shall be held contrary to any express provision of law or contrary to the policy of express law, though not ex- pressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agree- ments or provisions shall be null and void and shall be deemed separable from the remaining covenants, agreements or provisions and shall in no way affect the validity of any of the other pro- visions hereof or of the obligation issued hereunder. SECTION 16. REPEALING CLAUSE. All resolutions or parts thereof of the issuer in conflict with the provisions herein contained are, to the extent of such conflict, hereby superceded and repealed. SECTION 17. EFFECTIVE DATE. This instrument shall take effect immediately. -8- PASSED AND ADOPTED this 14th day of February, 1977. Troy J. Piland MAYOR of the City of Winter Springs, Florida ATTEST: Mary T. Norton CITY CLERK I HEREBY CERTIFY that the foregoing Resolution was presented by me to the Mayor of the City of Winter Springs, Florida, on the 14th day of February, 1977. Mary T. Norton CITY CLERK of the City of Winter Springs, Florida. The foregoing Resolution is approved by me this 14th day of February, 1977. Troy J. Piland MAYOR of the City of Winter Springs, Florida I HEREBY CERTIFY that a true and correct copy of the foregoing Resolution No. was by me, on the 14 day of February, 1977, posted in three public places within the City of Winter Springs, Florida, to-wit: NORTH ORLANDO WATER & SEWER CORP. (OUTSIDE) BULLETIN BOARD, FIRE STATION, N. MOSS ROAD (INSIDE) BULLETIN BOARD, FIRE STATION, N. MOSS ROAD IN WITNESS WHEREOF, I have hereunto set my hand and seal of the City of Winter Springs, Florida, on this 14th day of February, 1977. Mary T. Norton CITY CLERK of the City of Winter Springs Florida I HEREBY CERTIFY that the foregoing Resolution was adopted and passed at a duly called special meeting of the Council of Winter Springs, Florida, on the 14th day of February, 1977. and that a quorum of Councilmen were present. Mary T. Norton CITY CLERK of the City of Winter Springs Florida -9- UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF SEMINOLE CITY OF WINTER SPRINGS REVENUE NOTE KNOW ALL MEN BY THESE PRESENTS, that the City of Winter Springs, Florida (hereinafter called the "Issuer"), for value received, hereby promises to pay to the order of the Southeast First National Bank of Maitland, Maitland, Florida, from the special funds hereinafter mentioned the principal sum of TWENTY ONE THOUSAND NINE HUNDRED FIVE and 70/100 DOLLARS ($21,905.70) and to pay solely from such special funds, the principal and int- erest from date hereof at the rate of five and one-half (5 1/2%) per annum on the______day of___________. 197_. Both principal of and interest on this obligation are payable in law- ful money of the United States of America at the principal office of the Southeast First National Bank of Maitland, Maitland, Florida. If default be made in the payment of any installment under this note or in the performance of any agreement contained herein or in the resolution hereinafter mentioned, then, at the option of the holder, the principal sum then remaining unpaid hereunder, together with accrued interest, shall become immediatel due and payable. This obligation is issued to finance the cost of ac- quisition of personal property (hereinafter called the "fire truck') under the authority of and in full compliance with the Constitu- tion and Statutes of the State of Florida, including particularly Chapter 166, Part II, Florida Statutes, and other applicable provisions of law, and a resolution duly adopted by the issuer on the 14th day of Feb., 1977 (hereinafter called the "resolution") and is subject to all the terms and conditions of such resolution. This obligation is payable solely from and secured by a pledge of the proceeds of all revenue of the City not previously obligated by the City. The issuer hereby reserves the right, at its option, to repay this obligation, or any part thereof. This obligation does not constitute an indebtedness of the issuer within the meaning of any constitutional, statutory or charter provision or limitation, and it is expressly agreed by the holder of this obligation that such holder shall never have the right to require or compel the exercise of the ad val- orem taxing power of the issuer for the payment of the principal of and interest on this obligation. It is further agreed between the issuer and the holder of this obligation that this obligation and the indebtedness evidenced thereby shall not constitute a pledge of the credit of the City nor a lien upon the fire truck, or any part thereof, or on any other property of or situated within the corporated ter- ritorial limits of the issuer, but shall constitute a lien only on the revenues in the manner provided in the resolution. In and by the resolution, the issuer has covenanted and agreed with the holder of this obligation that it will levy and collect revenues pledged, not exceeding the maximum rates per- mitted by law, as shall be necessary to provide funds which shall be sufficient in each year to pay, and out of such funds pay as the same shall become due, the principal and interest on this obligation in the manner provided herein and in the resolution and all other payments provided for in the resolution, and that the rates of such revenues shall not be reduced so as to be in- sufficient to provide funds for such purpose. The issuer has entered into certain further covenants with the holder of this obligation for the terms of which reference is made to the resolution. It is hereby certified and recited that all acts, con- ditions and things required to exist, to happen and to be per- formed precedent to and in the issuance of this obligation exist, have happened and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida applicable thereto, andfuat the issuance of this obligation does not violate any constitutional or statutory limitations or provisions. -2- This obligation is and has all the qualities and incidents of a negotiable instrument under the law merchant and the Laws of the State of Florida. IN WITNESS WHEREOF, the City of Winter Springs, Florida, has issued this obligation and has caused the same to be signed, by its Mayor and attested and countersigned by its City Clerk, and its corporate seal to be impressed thereon, all as of the 14th day of February, 1977. CITY OF WINTER SPRINGS, FLORIDA Troy J. Piland MAYOR ATTESTED AND COUNTERSIGNED: Mary T. Norton CITY CLERK -3-