1983-17
$700;0~~
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, : ,':,11 I: I . UNITED STATES OF, AMERICA
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.:: !; : I .' STATE OF FLORIDA
.::, COUNTY OF LAKE (
CITY OF CLERMONT
WATER AND SEWER REVENUE BOND ANTICIPATION
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1982
NOTE
e,
FOR VALUE ~ECEIVED, the Ci ty of Clermont, Florida' (the
"Issuer" ) , her~~y, promi ses to pay to Sun Bank., National
Association, 'Clermont, F1orfda, or regi~te,J:'ed assigns~ : at its
principal office" in" the City of Clermont, F~orida, on: 'June 22,
1984, solely from the specia+ funds hereinafter mentioned, in
lawful money. of the United States of America, the principal sum
of Seven Hundred Thousand Dollars ($700~POO) and interest on such
principal sum from the date hereof to the maturity date hereof at
the rate of. seyen and seven-eighths per centum (7 7/8%) per
annum.
This Note is issued pursuant to the Consti tu'tion and
Laws of the State of Florida, particularly Part III, Chapter 166,
Florida Statutes (1982), and a resolution duly adopted by the
Issuer on March 23, 1982, 'as amended and supplemented (the
"Resolution"), in anticipation of the receipt by the Issuer of
the proceeds from the sale of not exceeding $700,000 principal
amoupt of Water and Sewer Revenue Bonds, Series 1982, of the
Issuer (the "Bonds").
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This Note and the interest due hereon are payable
solely from and secured by a prior lien upon and a pledge of the
proceeds to be derived from the sale of the Bonds or the sale of
bond 'anticipation notes issued to extend and renew the indebted-
ness evidenced by the Notes and, if necessary, from and secured
by a lien upon and a pledge of the revenues to be derived from
the operation of the Issuer -: s combined municipal water and sewer
system (the "Facilities") and certain municipal Excise Taxes
(defined in the Resolution), all in the manner provided in the
Resolution. '
The lien in favor ,. of the holder of this Note on the
"
revenues of the Facilities and the Excise Taxes is junior, subor-
dinate and'inferior in every respect to the lien thereon in favor
of the holders of the Issuer's outstanding Water and Sewer
Revenue Bonds dated Novembe~ 1, 1970, Water ahd Sewer Revenue
Refunding Bonds, Series 1972, dated November 1, 1972, Water and
Sewer Revenue Bonds, Series 1975, dated January 25, 1977 and
Water and Sewer Revenue Bonds, Series 1980, authorized to be
issued pursuant to a resolution adopted by the Issuer on July 22,
1980 . \
-
This Note may be prepaid, as a whole or in part, at any
time prior to maturity, at par plus accrued interest and without
premium or penalty, at the option of the Issuer.
This Note shall not constitute a general obligation of
the Issuer, and the holder hereof shall never have the right to
require or compel the exercise of the power of t~e Issuer to levy
ad valorem taxes for the payment of the principal of and interest
on this Note. ;
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It is ~ereby certi;fiied, recited and declared that:~ ail".
acts, conditions, and things' required to exist, to happen and to
be performed precedent to and in connection with the issuance. of
.this Note, exisi:.~ have happ~ned and have, been perfor,m~4 ,in q~:,;g~-:'I::::
.1ar: and due 'fprm and tlme as requlred by the 1::; La~s;: /.a.nd ::: ,~
cons~i tution of, ~he , State of F1o:r;ida applicable the,re.~6;,:' ~l}g,~;it;~a~::,: ~:,
:the ,1:s~uance o~. ..~his Note do?s. not ,?~olate any constl;,~.ut.i.9IJ-~~'! l~:r::'; :,:;'
.. statutory 1imi tatlons or provl Slons. ,'h o':.:'u ".:;~~q ~'::"ll":: .'j
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.': ~::-:~~~i~!l::";~;Th'i~'~ 'Note is and shall have all of the, qualities and
,':,'iriclqe'nts" of', negotiable instruments under the law merchant and
the:La~s of the State of Florida.
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" ! "'~",.~:':;;':'ThisNote and the issue of which this Note is one were
',' validated "by 'Judgment of the Circuit Court of the' Fifth Judicial
. ",Cireui t';'"'1'ri: :and for Lake County, F~orida, rendered on July 20,
'1982" , . ,', ..' , { ,
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"',i::~~;;..~'~'IN;'WITNESS WHEREOF, the city of Clermont, Florida, has
issued'l,this' Note and has caused the same to be; sign~d by its
Mayor:1and attested and countersigned'j by its Clerk, and its .cor-
porate. sea1- to be impressed hereon,: all as of the twenty-third
day of June, 1983.
~ ,
CITY OF CLERMONT, FLORIDA
o
(SEAL)
~~l3.&-~
Mayor
By
ATTESTED AND COUNTERSIGNED:
~~
Ci Clerk
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