HomeMy WebLinkAboutResolution 281 Fire Truck
RESOLUTION NO. 281
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 $13,334.86 REVENUE NOTE OF
SUCH CITY TO PAY THE COST OF SUCH FIRE TRUCK; PROVIDING FOR THE
RIGHTS OF THE HOLDERS OF SUCH OBLIGATION; PROVIDING FOR THE PAYMENT
THEREOF; AND MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN
CONNECTION \-lITH 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
II and vise versa, and words importing persons shall include firms and corpora-
A."Issuer" shall mean the City of \Hnter Springs, Florida.
B."Act" shall mean Chapter 166, Part II, Florida Statutes.
C."Obligation" shall mean the $13 ,334.86 Revenue Note herein
authorized to be issued.
D."Holder of the Obligation" or "Obligation Holder" or any similar term
shall mean any person 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 30th.
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) 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 terri-
tory 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
authorize 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 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 pro-
visions 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
the principal amount of not exceeding $13 ,334.86.
*1. Resolution #136 - Loan on Fire Station
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 thirty four and 86/100 dollars
($13,334.86); shall bear interest at a rate of Seven
7 percent, said principal and interest to be payable quarterly
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 be-
fore 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 successive
holder, in accepting the obligation shall be conclusively deemed to have agreed
II that it shall be and shall have all of the qualities and incidents of a nego-
tiable 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;
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
3.
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 instrument.
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 thenote 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 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 required or by any applicable statutes to be
I 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
halder of the obligation any lien on any real property of the issuer.
D. ISSUANGE OF OTHER OBLIGATIONS. The issuer will not issue any other
obligations payable from the revenue nor voluntarily create or cause to be
4.
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 obliga-
tion 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 TROPIC BANK OF SEMINOLE, 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 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, agreements or provisions and shall in no ~vay 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 27th day of November, 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 27th day of
November, 1979.
Mary T. Norton
City Clerk of the City of Winter
Springs, Florida
The foregoing Resolution is approved by me this 27th day of
November, 1979.
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. 281 was by me, on the 28th day of November
1979, posted in three public places within the City of Winter Springs,
Florida, to wit:
North Orlando Water & Sewer Corp.
Bulletin Board outside City Hall
Bulletin Board inside City Hall
IN WITNESS WHEREOF, I have hereunto set my hand and seal of the City of
Winter Springs, Florida on the 28th 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 this
28th day of November, 1979, and that a quorum of
Councilmen were present.
Mary T. Norton
CITY CLERK of the City of Winter
Springs, Florida
UNITED STATES OF AMERIG.
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 order of the TROPIC BANK OF SEMINOLE, from the special funds hereinafter
mentioned the principal sum of Thirteen thousand three hundred thirty-four and
86/100 ($13,334.86)
and to pay solely from such special funds, the prin-
cipal and interest from date hereof at the rate of (7%)Seven percent per annum
quarterly beginning 28th day of February, 1980. Both principal of and
interest on this obligation are payable in lawful money of the United States
of America at the Winter Springs office of the TROPIC BANK OF SEMINOLE.
If default be made in the payment of any installment under this note 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 acquisition of personal
property (hereinafter called the "firetruck") 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 27th day of November, 1979, (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 obliga-
tion, or any part thereof.
This obligation does not constitute an indebtedness of the issuer within
the meanir.3 of any constitutional, statutory or charter provision or limita-
tion, 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 valorem 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 con-
stitute 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 territorial 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 permitted 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 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 reso-
lution.
It is hereby certified and recited that all acts, conditions 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 required by the laws and Constitution of
the State of Florida applicable thereto, and that the issuance of this obliga-
tion does not violate any constitutional or statutory limitations or provisions
This obligation is and has all the qualities and incidents of negotiable
instrument under the 1aw 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 27th day of November, 1979.
CITY OF WINTER SPRINGS, FLORIDA
TROY J. PILAND, MAYOR OF THE CITY OF
WINTER SPRINGS, FLORIDA
ATTESTED AND COUNTERSIGNED:
Mary T. Norton
City Clerk