R-76-284• •
RESOLUTIONS N °_ 419
RESOLUTION N0. 284
RESOLUTION AMENDING RESOLUTION ENTITLED: "RESOLUTION
PROVIDING FOR THE ACQUISITION, CONSTRUCTION AND ERECTION
OF EXTENSIONS AND IMPROVEMENTS TO THE MUNICIPAL WATER
AND SEWER SYSTEM; AUTHORIZING THE ISSUANCE OF NOT EXCEED-
ING $323.100 WATER AND SEWER REVENUE BONDS, SERIES 1975,
TO FINANCE THE COST THEREOF; PLEDGING THE NET REVENUES
OF SAID SYSTEM, CERTAIN MUNICIPAL EXCISE TAXES, ASSESS-
MENTS AGAINST SPECIALLY BENEFITED PROPERTIES AND ALL
MONEYS OF THE CITY DERIVED FROM SOURCES OTHER THAN AD
VALOREM TAXATION AND LEGALLY AVAILABLE FOR SUCH PURPOSE
TO SECURE THE PAYMENT THEREOF; AND PROVIDING FOR THE
RIGHTS OF THE HOLDERS OF SUCH BONDS; "FOR THE PURPOSE OF
DEFERRING ALL MATURITIES OF THE BONDS BY ONE YEAR AND
MAKING A SPECIFIC COVENANT WITH RESPECT TO THE AMOUNT OF
THE ASSESSMENTS PLEDGED.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CLERMONT, FLORIDA,
as follows:
Section 1. Authority for this Resolution. This resolution is adopted
pursuant to the provisions of Chapter 159, Part I, Florida Statutes, and other applic-
able provisions of law.
Section 2. Findings. It is hereby found and determined that:
(A) The City council of the City of Clermont (the "Issuer") on
May 27, 1975 adopted a resolution providing for the issuance of $323,100 principal
amount of Water and Sewer Revenue Bonds, Series 1975, and authorizing the construction
of extensions and improvements to the Issuer's water and sewer system, entitled as
follows:
"RESOLUTION PROVIDING FOR THE ACQUISITION, CONSTRUCTION
AND ERECTION OF EXTENSIONS AND IMPROVEMENTS TO THE MUNICI-
PAL WATER AND SEWER SYSTEM: AUTHORIZING THE ISSUANCE OF
NOT EXCEEDING $323,100 WATER AND SEWER REVENUE BONDS,
SERIES 1975, TO FINANCE THE COST THEREOF; PLEDGING THE NET
REVENUES OF SAID SYSTEM, CERTAIN MUNICIPAL EXCISE TAXES
ASSESSMENTS AGAINST SPECIALLY BENEFITED PROPERTIES AND ALL
MONEYS OF THE CITY DERIVED FROM SOURCES OTHER THAN AD
VALOREM TAXATION AND LEGALLY AVAILABLE FOR SUCH PURPOSE
TO SECURE THE PAYMENT THEREOF; AND PROVIDING FOR THE RIGHTS
OF THE HOLDERS OF SUCH BONDS;"
hereinafter referred to as the "Original Instrument."
(B) The Bonds authorized by the Original Instrument mature serially
in numerical order on September 1 in the years 1978 through 2015, according to the
schedule set out in Section 2.02 of the Original Instrument; and it is in the best
interest of the finances and economy of the Issuer that each of the maturities de-
scribed in Section 2.02 be deferred by one years.
(C) Said Bonds will be purchased by the United States of America,
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N_° 420
U. S. Department of Agriculture, Farmers Home Administration (the "Government"),
on or about October 19, 1976, pursuant to a loan agreement entered into by and between
the Issuer and the Government; and the Government has indicated to the Issuer its
willingness to accept the Bonds having maturities as hereinafter provided.
(D) In Section 3.04 (E) of the Original Instrument, the Issuer has
covenanted to perform all acts necessary for the lawful levy and collection of the
special assessments pledged to the principal of and interest on the Bonds, and the
Government has requested that the Issuer specify the amount of assessments in such
covenant and generally enlarge such covenant, and the Issuer is agreeable to such
enlarged covenant in such respect.
Section 3. Amendments. The Original Instrument is hereby amended
in the following respects:
(A) Section 2.02 thereof is hereby amended to read as follows:
"2.02 Description of Bonds. The bonds issued hereunder shall be dated
as of the date of their delivery; shall bear interest at not exceeding the legal
rate per annum, payable on September 1, 1977 and annually thereafter on September of
each year; and shall be numbered, in the denominations and mature on September 1 of
each year in the years and amounts as follow:
YEAR DENOMINATION BOND N0. YEAR DENOMINATION BOND N0.
1979 $ 2,100 1 2002 $ 8,000 28
1980 3,000 2 2003 8,000 29
1981 3,000 3 2004 9,000 30
1982 3,000 4 2005 9,000 31
1983 3,000 5 2006 10,000 32
1984 3,000 6 2007 10,000 33
1985 4,000 7 2008 10,000 34
1986 4,000 8 1,000 35
1987 4,000 9 2009 10,000 36
1988 10,000 10-13 1,000 37
6,000 14 2010 10,000 38
1989 4,000 15 2,000 39
1990 4,000 16 2011 10,000 40
1991 5,000 17 2,000 41
1992 5,000 18 2012 10,000 42
1993 5,000 19 3,000 43
1994 6,000 20 2013 10,000 44
1995 6,000 21 4,000 45
1996 6,000 22 2014 10,000 46
1997 6,000 23 5,000 47
1998 7,000 24 2015 10,000 48
1999 7,000 25 5,000 49
2000 7,000 26 2016 10,000 50
2001 8,000 27 5,000 51"
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(B) The last paragraph of Section 3.04 (E) thereof is hereby stricken
and the following substituted in lieu thereof:
"The Issuer covenants that it will forthwith, whenever it shall
first be timely, adopt all resolutions and ordinances, hold all hearings and perform
all acts which are conditions precedent to and are necessary for the lawful levy
and collection of such special assessments, in an amount aggregating not less than
$41,400, excluding interest and penalties thereon, against all lands and properties
specially benefited by the construction of the project. If any special assessment
made with respect to this project shall be either in whole or in part, annulled,
vacated or set aside by the judgment of any court, or if the Issuer shall be satified
that any such assessment is so irregular or defective that the same cannot be
enfored or collected, or if the Issuer shall have omitted to make any such assessment
when it might have done so, the Issuer covenants that it will take all necessary
steps to cause a new assessment to be made for the whole or any part of any improvement
or against any property benefited by any improvement of this project, following as
nearly as may be the provisions of Chapter 170, Florida Statutes, and in any case
any such assessment, or an initial assessment for one that shall have been omitted,
shall be either in whole or in part annulled, vacated or set aside or be unenforce-
able or uncollectable by reason of defect or irregularity the Issuer shall obtain and
make other assessments until a valid assessment shall be made."
Section 4. This resolution shall take effect immediately upon its
adoption.
DONE and RESOLVED this 28th day of September, 1976.
ATTEST:
~; ,
DOL S WL CARROLL, CITY CL K
CITY OF CLERMONT
BY: /
CL UDE E. SMOAK, JR., Y R