R-88-589
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CITY OF CLERMONT
RESOLUTIONS
No. 589
A RESOLUTION OF THE CITY OF CLERMONT, LAKE COUNTY, FLORIDA,
PROVIDING FOR THE RELEASE OF THE EXCISE TAXES AS SECURITY
FOR THE PAYMENT OF THE $1,540,000 WATER AND SEWER REVENUE
BOND SERIES 1972, PURSUANT TO SECTION 15 (G) OF ORDINANCE
51-M, ADOPTED BY THE CITY COUNCIL ON DECEMBER 12, 1972,
MAKING LEGISLATIVE FINDINGS OF FACT, ACCEPTING AND RECEIVING
THE CERTIFICATE OF A CERTIFIED PUBLIC ACCOUNTANT CERTIFYING
THE SUFFICIENCY OF THE NET REVENUES DERIVED FROM THE OPERA-
TION OF THE WATER AND SEWER SYSTEM; FILING SAID CERTIFICATE
IN THE MINUTES OF THE CITY COUNCIL AS REQUIRED BY THE ORDI-
NANCE; ACCEPTING AND RECEIVING THE CERTIFICATE OF THE CITY
FINANCE DIRECTOR STATING THAT ALL PAYMENTS TO THE SEVERAL
ACCOUNTS AND FUNDS SPECIFIED BY THE ORDINANCE HAVE BEEN
PAID IN FULL AND THAT THE RESERVE ACCOUNT REQUIRED BY THE
ORDINANCE HAS SUFFICIENT FUNDS ON DEPOSIT IN COMPLIANCE
WITH REQUIREMENTS AND CONDITIONS IMPOSED BY THE ORDINANCE;
DECLARING THE LIEN IMPRESSED BY THE ORDINANCE UPON THE
EXCISE TAXES AS SECURITY FOR PAYMENT OF THE BONDS AND THE
INTEREST THEREON TO BE PERMANENTLY RELEASED; PROVIDING
THAT HENCEFORTH THE SECURITY FOR THE PAYMENTS OF THE BONDS
AND THE INTEREST THEREON SHALL BE SOLELY SECURED BY A LIEN
UPON AND PLEDGE OF THE NET REVENUES OF THE WATER AND SEWER
SYSTEM; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City Council of the City of Clermont, Florida
(the "Issuer") by Ordinance No. 5l-M, adopted December 12, 1972,
(the "Ordinance"), authorized the issuance of not to exceed
$1,540,000 City of Clermont Water and Sewer Revenue Refunding
Bonds Series 1972 (the "Bonds") to pay a part of the cost of
the construction of new sewage collection facilities; and
WHEREAS, the payment of the debt service for the above noted
bond issued pursuant to the Ordinance is secured equally and
ratably by a pledge of and a prior lien upon the net revenues of
the operation of the Water and Sewer System and certain Excise
Taxes (Revenues); and
)/
WHEREAS, the net revenues of the Water and Sewer System so
pledged as Revenues shall mean those amounts as described in
Section 2 (I) of the Ordinance; and
WHEREAS, the Excise Taxes so pledged as Revenues are those
sums accruing to the City of Clermont from sources as described
in Section 2 (M) of the Ordinance; and
WHEREAS, Section 15 (G) of the Ordinance provides for the
release of the lien upon and the pledge of the Excise Taxes as
security for the payment of the debt service for the above noted
bond issued pursuant to the Ordinance upon the happening of certain
contingencies; and
WHEREAS, it is the determination of the City Council that the
contingencies provided for in the Ordinance allowing the release of
the lien upon and pledge of the Excise Taxes have occurred and that
the purposes of the Issuer will be best facilitated and accomplished
by declaring the lien impressed upon the Excise Taxes as security
for payment of the bonds and'·the interest thereon to be permanently
released,
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CITY OF CLERMONT
RESOLUTIONS
No. 589
Page -2-
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CLERMONT, FLORIDA, THAT:
SECTION 1.
The matters contained in the preamble hereof are hereby declared
to be true and correct and to constitute a legislative factual deter-
mination thereof. As such they are hereby incorporated into the body
of this resolution as an integral part hereof.
SECTION 2.
The City Council hereby accepts and receives the certificate of
Greenlee, Kurras, Rice and Brown, a certified public accountant not
regularly employed by the City of Clermont, stating that:
For the next preceding two (2) fiscal years the
net revenues of the operation of the water and
sewer system exceeded one hundred thirty-five
per centum (135%) of the amount of principal
and interest on all obligations then outstand-
ing to become due in anyone ensuing fiscal
year.
The certificate of the certified public accountant certifies the
compliance by the City with this condition which is imposed by Section
15 (G) of Ordinance 51-M. Said certificate is attached hereto marked
Exhibit "A" and made a part hereof.
SECTION 3.
The City Council of the City of Clermont hereby files the afore-
said certificate of the certified public accountant in the minutes
of the Clermont City Council, pursuant to the requirements of the
Ordinance as aforesaid.
SECTION 4.
The City Council also accepts and receives the certificate of
Joseph E. Van Zile, Finance Director of the City of Clermont, stating
that each and every of the several payments required to be made pur-
suant to Ordinance 5l-M have heretofore been duly made in full to
the several accounts and funds as specified by said Ordinance. The
certificate of the City Finance Director certifies the compliance by
the City with the further remaining requirements and conditions which
are imposed by Section 15 (G) of Ordinance No. 5l-M. Said certificate
is attached hereto marked Exhibit "B" and made a part hereof.
SECTION 5.
The City Council of the City of Clermont hereby declares that the
lien impressed upon the Excise Taxes by Ordinance No. 5l-M as aforesaid,
and the pledge thereof, as security for the payment of the bonds and
the interest thereon is permanently released.
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CITY OF CLERMONT
RESOLUTIONS
No. 589
Page -3-
SECTION 6.
The City Council of the City of Clermont hereby further declares
that hereafter the payment of the bonds and the interest thereon shall
be solely secured by a lien upon and pledge of the net revenues derived
from the operation of the City of Clermont Water and Sewer System.
SECTION 7.
This resolution shall take effect immediately upon adoption.
DONE AND RESOLVED BY THE CITY COUNCIL OF THE CITY OF CLERMONT, LAKE
.9 'I-k.
COUNTY, FLORIDA, THIS
DAY OF
(LJ,d:
, 1988.
CITY OF CLERMONT
. /2~~
obert A. po~ May~V '----
Attest:
~"L~ e. ý~ ~·¡)D.fi1)
J~~Van Zi1e,~~ Clerk
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Clermont, Florida
August 1, 1988
RECE\\lEO AUG 0 ~ '9~~
GREENLEE
KURRAS
RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
Honorable Mayor and City Council
City of Clermont, Florida
Helbert John Groen/ea, J,.. CPA
Dorothy A. KU/1!Is. CPA
John S. Rice. CPA
Jerry O. Brown, CPA
The net revenues, as defined by Ordinance No. 51-M, derived from
the operation of the utility system for fiscal years ending Sep-
tember 30, 1986 and 1987, were $499,917.00 and $621,645.00 respect-
ively.
Patricia A. Sykes. CPA
Lisa C, Mo"ison, CPA
C. L (Chip) Gamer, CPA
The net revenues exceed One Hundred Thirty-Five per centum (135%) of the maximum
amount of principal and interest on all outstanding obligations at July 29, 1988,
to become due in anyone ensuing fiscal year. The maximum amount of principal
and interest due in anyone ensuing fiscal year at July 29, 1988 is $345,009.00
In accordance with Section 15(G) of Ordinance 51-M signed December 12, 1972, since
the net revenues derived from the operation of the utility system for the next
preceding two fiscal years exceeded One Hundred Thirty-Five per centum (135%) of
the maximum amount of principal and interest on all outstanding obligations to
become due is anyone ensuing fiscal year at July 29, 1988, the lien impressed
upon the City's excise taxes may be permanently released, and thereafter the pay-
ment of the Water and Sewer Refunding Bonds, Series 1972 obligations shall be
solely secured by a lien upon and pledge of the net revenues to be derived from
the operation of the utility system.
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752 Montrose Street
Post Office Box 400 · Clermont, FL 32711
Telephone (904) 394-3256
627 N. Donnelly Street
Post Office Box 8 · Mount Dora, FL 32757
Telephone: (904) 383-6300
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CITV DF CLERMDNT
P,O. BOX 219. CLERMONT, FLORIDA 32711 . PHONE 904/394-4081
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Exhibit "B"
CERTIFICATE OF JOSEPH E. VAN ZILE
FINANCE DIRECTOR OF THE CITY OF CLERMONT
TO THE MAYOR AND MEMBERS OF THE CITY COUNCIL, OF THE CITY OF
CLERMONT, FLORIDA:
WITNESSETH, that I, Joseph E. Van Zile, Finance Director of the
City of Clermont, have reviewed the provisions of Ordinance No. 5l-M,
adopted by the City Council on December 12, 1972, providing for the
issuance of $1,540,000 Water and Sewer Revenue Bonds, 1972, and have
examined the financial records and accounts of the City of Clermont
pertaining thereto, and, having full knowledge concerning the facts
thereof, I do hereby certify pursuant to the authority of my office
as follows:
A. Each and every of the several payments required
to be made pursuant to Ordinance No. 5l-M have
heretofore been duly made in full to the several
accounts and Funds as specified by said Ordinance.
B. All payments required to be made to the Reserve
Accounts for principal, for interest and for
maximum annual debt service for the outstanding
bonds issued pursuant to the said Ordinance,
have been duly made as required thereby.
This certificate is issued to certify the compliance by the City
of Clermont with the further remaining requirements and conditions
which are imposed by Section 15 (G) of Ordinance No. 5l-M which are
not otherwise addressed by the certificate of compliance issued by
Greenlee, Kurras, Rice and Brown, independent certified public
accountants, in connection therewith.
IN WITNESS WHEREOF I have executed this certificate
of Clermont, Florida this ij~ day of ~~~
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Q n E. Van ile
nance Dire or
Attest: (CITY SEAL)
in the City
, 1988.
. ~.~dC
J~ Brandt, Deputy City Clerk