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R-83-423 RESOLUTION NO. 423 • RESOLUTION AMENDING RESOLUTION NO. 394 ADOPTED BY..THE CITY COUNCIL OF THE CITY OF CLERMONT, FLORIDA, ON MARCH 23, 1982, ENTITLED: "RESOLUTION PROVIDING FOR THE ACQUISITION, CONSTRUCTION AND ERECTION OF EXTENSIONS AND IMPROVEMENTS TO THE MUNICIPAL WATER AND SEWER FACILITIES OF THE CITY OF CLERMONT, FLORIDA; AUTHORIZING ISSUANCE BY THE CITY OF NOT EXCEEDING $700,000 PRINCIPAL AMOUNT OF WATER AND SEWER REVENUE BONDS, SERIES 1982, TO FINANCE A PART OF THE COST THEREOF; PLEDGING THE NET REVENUES OF SAID FACILITIES AND CERTAIN MUNICIPAL EXCISE TAXE5 TO SECURE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF THE BONDS; AND AUTHORIZING ISSUANCE BY THE CITY OF NOT EXCEEDING $700,000 PRINCIPAL AMOUNT OF 1982 WATER AND SEWER REVENUE BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE OF SAID BONDS, PROVIDING FOR THE PAYMENT OF SAID NOTES AND ENTERING INTO CERTAIN COVENANTS AND AGREEMENTS WITH THE HOLDERS THEREOF;" FOR THE PURPOSE OF CORRECTING AN ERROR IN THE DEFINITION OF THE TERM "FRANCHISE TAX".CONTAINED THEREIN. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CLERMONT, FLORIDA, as follows: Section 1. Authority for this Resolution. This resolu- tion is adopted pursuant to the provisions of Part II, Chapter 166, Florida Statutes (1981), and other applicable provisions of law. Section 2. Findings. It is hereby ascertained, deter- mined and declared as follows: A. On March 23, 1982, the City Council of the City of Clermont, Florida (the "Issuer") by Resolution No. 394 (the "Original Instrument"), the title of which is quoted in the title of this resolution, authorized the issuance of not exceeding $700,000 principal amount of Water and Sewer Revenue Bonds, Series 1982, of the Issuer (the "Bonds") to finance a part of the cost of the acquisition, construction and erection of extensions and improvements to the sewer facilities of the combined munici- pal water and sewer system of the Issuer. B. The Issuer has entered into a loan agreement with the United States of America, acting through the Farmers Home Administration, U.S. Department of Agriculture (the -1- • • "Government"), whereby the Government has agreed to purchase the Bonds. C.~ It is and was the intention of the Issuer and the Government ghat the franchise tax levied and collected by the Issuer pursuant to an agreement with Florida Power Corporation under the authority of an ordinance duly enacted by the Issuer on September 22, 1970, be pledged as a part of the security for the payment of the principal of and interest on the Bonds. D. Although said franchise tax is levied and collected by the Issuer pursuant to an agreement with Florida Power Corporation, the definition of the term "Franchise Tax" contained in Section 1.01 of the Original Instrument refers to the franchise tax "...levied and collected by the Issuer pursuant to an agreement with Florida Power and.Light Company..." E. The Issuer desires to correct the definition of the term "Franchise Tax" contained in the Original Instrument, and it is appropriate and desirable to amend the Original Instrument to make such correction. F. The Issuer has determined that it is in the best interest of the Issuer and its citizens and inhabitants that the definition of "Franchise Tax" contained in the Original Instrument be corrected to reflect that the above-described agreement was entered into with Florida Power Corporation. Section 3. Amendment. The definition of the term "Franchise Tax" contained in Section 1.01 of the Original Instrument is hereby amended to read as follows: "'Franchise Tax' shall mean the excise tax levied and collected by the Issuer pursuant to an agreement with Lake Apopka Natural Gas District for a period of thirty (30) years from the date thereof, by reason of having granted to said company the right to supply natural gas to the Issuer and its inhabitants, under the authority of an ordinance duly enacted by the Issuer on November 17, 1959, and the excise tax levied and collected by the Issuer pursuant to an agreement with Florida Power Corporation, for a period of thirty (30) years from the date thereof, by reason of having granted to said company the right to supply electric light and power facilities and services to the Issuer and its inhabitants, under the authority of an ordinance duly enacted by the Issuer on September 22, 1970." Section 4. Original Instrument to Continue in Force. Except as hereby amended, the Original Instrument shall remain in full force and effect. Section 5. Effective Date. This resolution shall take effect immediately upon its adoption. -2- ~ 'ti • • DONE AND RESOLVED BY THE CITY COUNCIL OF THE CITY OF CLERMONT, LAKE COUNTY, FLORIDA THIS /~..~ DAY OF ~ , 1983. (SEAL) CITY CLERMONT Char es B. Beals, Mayor ATTEST: ay Saunders, City Clerk -3-