HomeMy WebLinkAboutResolution 197 Acquisition Fire Truck
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RESOLUTION
NUMBER 197
NOT ORIGINAL.
APPROVED IN
RESOLUTION NO. 197
A RESOLUTION PROVIDING FOR THE ACQUISITION OF
PERSONAL PROPERTY TO BE KNOWN AS A FIRE TRUCK,
IN THE CITY OF WINTER SPRINGS, FLORIDA; PRO-
VIDING FOR THE ISSUANCE OF A $29,302.40 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 CONVENANTS 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 resolu-
tion 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 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 $29,302.40 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 connnencing 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, deter-
mined and declared that;
A. It is necessary and desirable to acquire personal
property more commonly known as a Mack Fire Truck, Model
#MB 487. Serial #MB 487F (10) 1047C (hereinafter called the
fire truck) in order to preserve and protect the public health,
safety and welfare of the inhabitants of issuer.
B. The proceeds of the revenue are not now pledged or
encumbered in any manner, except as provided hereinbelow
which are not now being pledged herein.*
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 obligations 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. THIS INSTRUMENT TO CONSTITUTE CONTRACT.
In consideration of the acceptance of the obligation authorized
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to be issued hereunder by those who shall hold the same from
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
*1. Resolution #136 - Loan on Fire Station
2. Resolution #157 - Rescue Vehicle
3. Resolution #158 - Fire Truck
as the "obligation" is authorized to be issued in the principal
amount of not exceeding TWENTY NINE THOUSAND THREE HUNDRED
TWO and 40/100 DOLLARS ($29,302.40).
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 denomination of TWENTY NINE THOUSAND
THREE HUNDRED TWO and 40/100 DOLLARS ($29,302.40); shall bear
interest at a rate of five and one-half (5 1/2%) Percent, 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 obli-
gation, 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
countersigned and attested by its City Clerk, and its corporate
seal shall be impressed thereon.
SECTION 9. NEGOTIABILITY. The obligation issued here-
under shall be and shall have all of the qualitied 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 conslusively 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.
-3-
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 resolu-
tion adopted prior to the issuance thereof:
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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 the the order of the Southeast
First National Bank of 'Maitland, Maitland, Florida, from the
special funds hereinafter mentioned the principal sum of
TWENTY NINE THOUSAND THREE HUNDRED TWO and 40/100 DOLLARS
($29,302.40) and to pay solely from such special funds, the
principal and interest from date hereof at the rate of five
and one-half (5 1/2%) Percent per annum on the 14th day of
Nov, 1977. Both principal of and interest
on this obligation are payable in lawful 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 un-
paid 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 Constitution 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 4th day of November , 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.
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 convenanted 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 resolu-
tion and all other payments provided for in the resolution, and
that the rates of such revenues shall not be reduced so as to
be insufficient 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.
This obligation is and has all the qualities and incident
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
14 day of November, 1977.
CITY OF WINTER SPRINGS, FLORIDA
Troy J. Piland
ATTESTED AND COUNTERSIGNED:
Mary T. Norton
SECTION 11. SPECIAL OBLIGATION OF ISSURER.The obliga-
tion shall not be or constitute a general obligation or indebted-
ness of the issuer as a "bond" within the meaning of the Consti-
tution 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. CONVENANTS OF THE ISSUER. For as long as
any of the principal of and interest on the obligation shall be
outstanding and unpaid. the issuer covenants with the holder of
the obligations 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 obli-
gated 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
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 jurisdic-
tion, 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 required
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 contructed
to grant to any holder of the obligation 'any lien on any real
property of the issuer.
D. ISSUANCE OF OTHER OBLIGATIONS. The issuer will
not issue any other obligations payable from the revenue nor
voluntarily 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 rev-
enue.
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 provisions
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
superseded and repealed.
SECTION 17. EFFECTIVE DATE. This instrument shall
take effect immediately.
PASSED AND ADOPTED this 14th day of November, 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 November, 1977.
ATTEST:
Mary T. Norton
CITY CLERK of the City of
Winter Springs, Florida
The foregoing Resolution is approved by me this 14th
day of November, 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. 197 was by me, on the 15th dayof
November 1977, posted in three public places within
the City of Winter Springs, Florida, to wit:
North Orlando Market
North Orlando Water & Sewer Corp.
Bulletin Board-First St.
IN WITNESS WHEREOF, I have hereunto set my hand and
seal of the City of Winter Springs, Florida on the 15 day
November 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 November
1977, and that a quorum of Councilmen were present.
Mary T. Norton
CITY CLERK of the City of
Winter Springs, Florida
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
NINE THREE HUNDRED TWO and 40/100 DOLLARS ($29,302.40) and
to pay solely from such special funds, the principal and interest!
from date hereof at the rate of five and one-half (5 1/2%)
Percent per annum on the 14 day of November, 1977.
Both principal of and interest on this obligation are payable
in lawful 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 be come imme-
diately 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 an in full compliance with the
Constitution 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 14 day of November, 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
obligation 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, and that the issuance of this
obligation does not violate any constitutional or statutory.
limitations or provisions.
This obligation is and has all the qualities and inci-
dents 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
15 day of November, 1977.
CITY OF WINTER SPRINGS, FLORIDA.
Troy J. Piland
MAYOR
ATTESTED AND COUNTERSIGNED:
Mary T. Norton
CITY CLERK