94-R-21RESOLUTION NO. 94-R-21
A RESOLUTION AMENDING RESOLUTION NO. 94-R-14 OF THE CITY OF
EDGEWATER, FLORIDA, ENTITLED: "A RESOLUTION OF THE CITY OF
EDGEWATER, FLORIDA, PROVIDING FOR THE CONSTRUCTION AND
FINANCING OF ASSESSABLE IMPROVEMENTS WITHIN THE CITY;
PROVIDING FOR THE ISSUANCE OF CAPITAL IMPROVEMENT BONDS OF THE
CITY TO FINANCE THE COST THEREOF; PROVIDING FOR THE PAYMENT
THEREOF FROM SPECIAL ASSESSMENTS LEVIED AGAINST BENEFITTED
PROPERTY, CERTAIN STORMWATER UTILITY FEES, CERTAIN EXCISE
TAXES, AND CERTAIN OTHER MONEYS; PROVIDING FOR THE RIGHTS,
SECURITY, AND REMEDIES OF THE REGISTERED OWNERS OF SUCH BONDS;
PROVIDING SEVERABILITY AND EFFECTIVE DATE," DULY ADOPTED ON
AUGUST 15, 1994, BY THE CITY; PROVIDING FOR CERTAIN FRANCHISE
FEES TO BE INCLUDED AS EXCISE TAXES TO BE PLEDGED TO THE
PAYMENT OF THE BONDS, AND PROVIDING AN EFFECTIVE DATE.
BE IT ADOPTED BY THE CITY COUNCIL OF THE CITY OF EDGEWATER,
FLORIDA:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This resolution is
adopted pursuant to the provisions of Chapter 166, Part II, Florida
Statutes, Sections 1.01 and 3.12 of the Charter of the City, the
Assessment Act, Section 6.06 of the Master Resolution and other
applicable provisions of law.
SECTION 2. FINDINGS. It is hereby ascertained, determined
and declared that:
A. The City Council (the "Council") of the City of Edgewater,
Florida (the "City"), on August 15, 1994, duly adopted a resolution
referred to by title in the title above (the "Master Resolution")
authorizing the issuance of Capital Improvement Bonds.
B. It is necessary and desirable and in the best interests of
the City that the Master Resolution be amended to allow for
Franchise Fees to be included in the Excise Tax Revenues pledged to
the security of the Bonds.
SECTION 3. AMENDMENTS TO RESOLUTION. The Master Resolution
is hereby amended as follows:
A. Section 1.02 of the Master Resolution is hereby amended by
amending certain definitions to read as follows:
"Excise Taxes" or "Excise Tax Revenues" means, collectively
the Gas Tax Revenues, the Guaranteed Entitlement Revenues, the
Utility Services Tax Revenues, the Franchise Fee Revenues and such
other excise tax revenues as may be provided for by supplemental
resolution.
"Series Excise Taxes or Series Excise Tax Revenues" means
collectively, the Series Gas Tax Revenues, the Series Guaranteed
Entitlement Revenues, the Series Utility Service Tax Revenues, and
the Series Franchise Fee Revenues.
"Series Pledged Revenues" means, with respect to a Series,
(a) the Series Special Assessments, (b) the Series Stormwater
Revenues, (c) the Series Excise Tax Revenues, (d) the moneys on
deposit in the Series Subaccounts in the Funds and Accounts, and
(a) the Series Investment Earnings.
B. Section 1.02 of the Master Resolution is hereby amended by
adding thereto certain definitions to read as follows:
"Franchise Fee Revenues" shall mean the amounts due and
payable to the City under franchises granted by the City, more
particularly described below, as such franchises may be
renewed or extended from time to time.
1. Franchise granted to Cablevision Industries of
Central Florida, Inc. for a cable television communication
system within the corporate limits of the City, pursuant to
Ordinance No. 84-0-8, enacted June 4, 1984.
2. Franchise granted to Southern Bell Telephone and
Telegraph Company for a communication system pursuant to
Ordinance No. 86-0-19, enacted August 4, 1986.
3. Franchise granted to Florida Power & Light Company
for electric light and power facilities, pursuant to Ordinance
No. 83-0-16, enacted November 7, 1983.
4. Franchise granted to South Florida Natural Gas Co.,
a franchise for operation of a gas distribution system
pursuant to Ordinance No. 85-0-4, enacted February 5, 1985, "
"Series Franchise Fee Revenues" means so much of the
Franchise Fee Revenues as are specifically pledged to secure
payment of Debt Service on a particular Series pursuant to a
series Resolution.
C. Article V of the Master Resolution is hereby amended by
adding thereto a new subparagraph (H) to read as follows:
3248/EDG08.001/R-AMEND-MASTER-RES 9-13-1994/13:49pm
"(R) ENFORCEMENT AND/OR EXTENSIONS OF COLLECTIONS;
ELIGIBILITY FOR RECEIPT. The City will diligently enforce and
collect the Pledged Revenues herein pledged; will take all
reasonable steps, actions and proceedings for the enforcement
and collection of such Pledged Revenues as shall become
delinquent in order to provide for the payment of the Debt
Service on the Bonds secured thereby; and will maintain
accurate records with respect thereof. All such Pledged
Revenues shall, as collected, be held in trust to be applied
as herein provided, and not otherwise. In addition, to the
extent one or more of the Excise Tax Revenues are pledged to
secure the payment of the Debt Service on the Bonds the City
shall (1) remain eligible to receive such Excise Tax Revenues;
(2) use its best efforts to extend or renew the ordinances
pursuant to which such Excise Tax Revenues are levied or
collected, as the case may be, in the event such ordinance
expires prior to the maturity of the Series of Bonds so
secured and (3) not repeal any existing ordinance pursuant to
which such additional Excise Tax Revenues are levied or
collected unless such repeal would not take effect until after
the maturity of the Series of Bonds so secured; unless in each
case such Excise Tax Revenues are first released from the lien
of this Resolution in accordance with the supplemental
resolution providing for the pledge thereof to a particular
Series of Bonds."
SECTION 4. SEVERABILITY OF INVALID PROVISIONS. If any one or
more of the covenants, agreements or provisions of this resolution
should be held to be contrary to any express provision of law or to
be contrary to the policy of express law, though not expressly
prohibited, or to be against public policy, or should for any
reason whatsoever be held invalid, then such covenants, agreements,
or provisions shall be null and void and shall be deemed separate
from the remaining covenants, agreements, or provisions of, and in
no way affect the validity of, all the other provisions of this
resolution or of the Bonds.
SECTION 6. REPEALING CLAUSE. All resolution and resolutions
of the City, or parts thereof, in conflict with the provisions of
this resolution are to the extent of such conflict hereby
superseded and repealed.
SECTION 7. EFFECTIVE DATE. This resolution shall take effect
immediately upon the final approval hereof.
3248/EDGO8.001/R-AMEND-MASTER-RES 9-13-1994/13:49pm
After Motion by Councilman Mitchum and Second by Councilman
Jones, the vote on this resolution was as follows:
Mayor Jack H. Hayman, Sr. AYE
Councilman Kirk Jones AYE
Councilwoman Louise A. Martin NAY
Councilman Mike Hays AYE
Councilman David L. Mitchum AYE
PASSED AND DULY ADOPTED this 12th day of September, 1994.
ATTEST:
CITY COUNCIL OF THE
CITY OFF EDD-GEE/WAATER, FLORIDA
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By: 1fi�F--rY+ ,
/ Jack
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APPROVED FOR FORM & CORRECTNESS:
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KriAta A. Storey
City Attorney
3248/EDG08.001/R-AMEND-MASTER-RES 9-13-1994/13:49pm