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HomeMy WebLinkAboutResolution 279 Acquisition Fire Truck RESOLUTION NO. 271 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 $13,302.40 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 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 herein- after 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 $13,302.40 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 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, determined 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) l047C (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 obliga- tion 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 acquisi- tion 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 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 knotm as the "revenue note" herein sometimes referred to *1. Resolution #136 - Loan on Fire Station as the "Obligation" is authorized to be issued in the principal amount of not . exceeding THIRTEEN THOUSAND THREE HUNDRED nm AND 40/100 DOLLA..'lS ($13,302.40). 2. 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 THIRTEEN THOUSAND THREE HUNDRED TWO AND 40/100 DOLLARS ($13,302.40); 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 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 countersigned 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 successiv 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. 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 required by this instru- ment. SECTION 12. COVENANTS 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 uncon- conditionally 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 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 4. 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 pro- visions hereof or any trustee acting for the holder of such obligation may either at law 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 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 constructed 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, enccumbrance or other charge having priority to or, being on a parity with the lien of the obligation issued pursuant 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 obliga- tion 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 National Bank of Orlando, Maitland Banking Center, Haitland, 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 5. 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 be null and void and shall be deemed separable from the remaining covenants, agreemeents or provisions and shall in no way affect the validity of any of the other provisions 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 13 day of Nopvember, 1979. CITY OF WINTER SPRINGS, FLORIDA By: Troy J. Piland, Mayor 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 13th day of November, 1979. Mary T. Norton CITY CLERK of the City of Winter Springs, Florida The foregoing Resolution is approved by me this 13 day of November, 1979. TOY J. PILAND, MAYOR OF THE CITY OF WINTER SPRINGS, FLORIDA I HEREBY CERTIFY that a true and correct copy of the foregoing Resolution No. 279 was by me, on the 14 day of November 1979, posted in three public places within the City of Winter Springs, Florida, to wit: Bulletin Board-City Hall-outside Bulletin Board-City Hall-inside North Orlando Water & Sewer Corp. 6. IN WITNESS WHEREOF, I have hereunto set my hand and seal of the City of Winter Springs, Florida on the 14 day of November, 1979. Mary T. Norton CITY CLERK I HEREBY CERTIFY that the foregoing Resolution was adopted and passed at a duly called meeting of the Council of Winter Springs, Florida, on the 13th day of November, 1979, and that a quorum of Councilmen were present. Mary T. Norton CITY CLERK of the City of Winter Springs, Florida 7.