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HomeMy WebLinkAboutResolution 200 Acquisition Fire Truck RESOLUTION NO. 200 A RESOLUTION PROVIDING FOR THE REFUNDING OF AN OBLIGATION ISSUED TO ACQUIRE PERSONAL PROPERTY A FIRE TRUCK IN THE CITY OF WINTER SPRINGS, FLORIDA: PROVIDING FOR THE ISSUANCE OF A $10,905.70 REFUNDING NOTE OF SUCH CITY TO REFUND A CERTAIN OBLIGATION ISSUED IN THE AMOUNT OF $21,905.70: 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 $10,905.70 Refunding Note herein authorized to be issued. D. "Holder of the Obligation" or "Obligation Holders" or any similar term shall mean any person who shall be the owner of the obligation. E. "Fiscal Year" shall mean the period commencing 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 refund a certain obligation issued in the amount of $21,905.70 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 REFUNDING NOTE. There is hereby authorized the Refunding Note to retire an obligation in the amount of $21,905.70 which was issued to acquire the fire truck. The cost of such refunding may include legal and financing expenses; expenses for estimates of cost and of revenue; administrative expenses relating solely to the refunding; interest upon the obligation herein authorized during the initial period of Refunding; and such other costs and expenses as may be necessary or incidental to the refunding herein authorized. SECTION S. 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 to be and" shall constitute a contract between the issuer and such holders. -2- SECTION 6. AUTHORIZATION OF OBLIGATION. Subject and pursuant to the provisions hereof, a refunding obligation of the issuer to be known as the "Refunding Note", herein sometimes referred to as the "Obligation", is authorized to be issued in the principal amount of not exceeding TEN THOUSAND NINE HUNDRED FIVE and 70/100 ($10,905.70) DOLLARS. 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 TEN THOUSAND NINE HUNDRED FIVE and 70/100 ($10,905.70) DOLLARS; 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 maturtiy of the obligation, said maturity being one year from the date of delivery of the obliga- tion 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 negltiable 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 herein or by any subsequent resolution adopted prior to the issuance thereof; -3- 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 is corporate seal to be impressed thereon, all as of the 25d day of January, 1978. CITY OF WINTER SPRINGS, FLORIDA Troy J. Piland MAYOR ATTESTED AND COUNTERSIGNED Mary T. Norton CITY CLERK ~ " r\ I .' '1 ,.\ UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF SEMINOLE CITY OF WINTER SPR~NGS REFUNDING 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 TEN THOUSAND NINE HUNDRED FIVE and 70/100 ($10,90S.70) DOLLARS, and to pay solely from such special funds, the principal and interest from date hereof at the rate of five and one-half percent (S 1/2%) per annum on the day of , i97_ 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 South- t' east First National Bank. of Maitland, Maitland, Florida. -. If default be made in the payment of any installment I 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 here under, together with accrued interest, shall become immediately due and payable. This obligation is issued to refund the financing of the cost of acquisition 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 28th day of February, 1977. (hereinafter called the "resolution") and is subject to all the terms and conditions of such resolution. j f 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. Tbe issuer hereby reserves the rights, at its option, to repay this obligation, or any part hereof. ~ I ~ . . ~f This obligation does not constitute an indebtedness of the issuer within the meaning of any constitutio~al, 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 and ad valorem taxi g 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 th~ indebtedness evidence a lien upon the fire truck, or any pa~t thereof, or on any other thereby shall not constitute a pledge of the credit of the ~ property of or situated within the corpora~ed territorial limits 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 thatit will levy and collect revenues pledged, not exceeding the maximum rates permitte 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 obliga- tion 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 insufficient to provide funds for such purpose. The issuer has entered into cer- tain 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, condi- tions and things required to exist, to happen and to be performed ~~ precedent to and in the issuance of this obligation exist, have happened and have been performed in regular and due form and time as rquired by the laws and Constitute of the State of Florida applicable thereto, and that the issuance of this obligation does not violate any constitutional or stautory limitations or provi- sions. 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.