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409ORDINANCE NO. 409 AN ORDINANCE AUTHORIZING THE CITY TO BORROW AS AN INTERIM LOAN THE SUM OF $ 700, 000.00 TO INITIATE THE CON- STRUCTION OF A NEW SANITARY SEWERAGE SYSTEM, INCLUDING COLLECTION LINES, PUMPING STATIONS, FORCE MAINS, TREAT- MENT PLANT, SOFTENING UNIT FOR WATER TREATMENT PLANT AND APPURTENANT FACILITIES IN THE CITY OF EDGEWATER, FLORIDA; TO ISSUE PROMISSORY NOTES EVIDENCING SUCH INDEBTEDNESS; AND TO PROVIDE FOR THE PAYMENT THEREOF. BE IT ENACTED BY THE PEOPLE OF THE CITY OF EDGEWATER, FLORIDA, that: SECTION 1. This Ordinance is enacted pursuant to the provisions of Chapter 27532, Laws of Florida, Special Acts of 1951, as amended, and other applicable provisions of law. SECTION 2. It is hereby found, ascertained and determined as follows: A. The City of Edgewater, Florida (hereinafter called the "City") has heretofore by Ordinance enacted on March 2, 1964, provided for the construction and establishment of a new sanitary sewerage system, including collection lines, pumping stations, force mains, treatment plant, softening unit for water treat- ment plant and appurtenant facilities, in the City of Edgewater, Florida, and for the issuance of $1, 692, 000.00 Waterworks and Sewer System Refunding and Improvement Revenue Bonds to finance the cost thereof. B. It is necessary that the City initiate the construction of the system at this time and that funds to pay a portion of the cost thereof be trade immediately available for such purpose. SECTION 3. The City is hereby authorized to borrow from the Bank of New Smyrna, New Smyrna Beach, Florida, the sum of $ 700, 000.00 , to be evidenced by promissory notes, the totals of which shall not exceed said amount, to be payable on demand and to bear interest at the rate of Two and 95/100 (2.95%) %07 per centum per annum. Such notes shall be executed in the name of the City by the Mayor and countersigned and attested by the City Clerk. The corporate seal shall be affixed thereto. The City Attorney shall endorse upon such notes his approval as to form and correctness. A copy of such promissory notes is hereto attached and trade a part of this Ordinance. SECTION 4. Such notes as hereinabove authorized, shall be payable from, and secured by, a lien upon a portion of the proceeds of the permanent bonds hereinabove described, at such time as the same are delivered to the purchaser thereof, or, in the alternative, such promissory notes shall be payable from, and secured by, a lien upon the net revenues derived from the operation of the system and the proceeds of the City's utility tax. SECTION S. The proceeds from the promissory notes herein authorized shall be deposited into the Construction Account to be created and established pursuant to said Ordinance enacted on March 2, 1964, and shall be withdrawn and disbursed upon the presentation of a requisition for payment executed by a representative of the consulting engineers, together with the Mayor and City Clerk of the City of Edgewater, Florida. A copy of such requisition for payment is hereto attached and made a part of this Ordinance. SECTION 6. All Ordinances or parts of Ordinances in conflict herewith be, and the same are hereby repealed. SECTION 7. This Ordinance shall take effect immediately upon its passage and approval by the Mayor. The above Ordinance was read in full and passed by vote of the City Council of receeeed the City of Edgewater, Florida, at the mrg= meeting of said Council held on the 19th day of June , 1964. - 2 - Upon motion duly made, seconded and carried, the requirement of reading such Ordinance upon second reading was waived and the Ordinance was ordered put upon final passage. recessed Passed by vote of the City Council of the City of Edgewater, Florida, at the JPMMM meeting of said Council held on the 19th day of Jane , 1964, and approved as provided by law, the vote of said Council being as follows: &�� � Councilman IyV ) T - Councilman Councilman /7— City ler Approved this l Cth day of ,T,, 1964. Cz Mayor - 3 - Edgewater, Florida 1964 FOR VALUE RECEIVED, the City of Edgewater, Florida (hereinafter referred to as the "City"), hereby promises to pay to the Bank of New Smyrna, New Smyrna Beach, Florida, its successors or registered assigns, on demand, from the special funds hereinafter mentioned, the principal sum of Dollars, plus interest on such principal sum at the rate of Two and 95/100 (2. 95%) per centum per annum. Both principal of, and interest on, this note are payable in lawful money of the United States of America at the Bank of New Smyrna, New Smyrna Beach, Florida. This note is issued pursuant to the Constitution and Laws of the State of Florida, particularly Chapter 27532, Laws of Florida, Special Acts of 1951, as amended, and an ordinance duly adopted by the City on , 1964 (hereinafter referred to as the "ordinance"), in anticipation of the receipt of the proceeds from the sale of certain revenue bonds heretofore authorized by an ordinance of the City enacted on March 2, 1964, to pay the cost of the construction and establishment of a new sanitary sewerage system, including collection lines, pumping stations, force mains, treatment plant, softening unit for water treat- ment plant and appurtenant facilities of the City. This note and the interest due thereon are payable from, and secured by, a lien upon and a pledge of the proceeds to be derived from the sale of such revenue bonds or from the net revenues to be derived from the operation of said system and the proceeds of the City's utility tax, or from other funds legally available for such purpose. At the option of the City, this note is payable at any time at par and accrued interest to the date of such payment. It is hereby certified, recited and declared that all acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of this note, exist, have happened and have been performed in regular and due form and time as required by the laws and the Constitution of the State of Florida applicable thereto, and that the issuance of this note does not violate any constitutional statutory or charter limitations or provisions. The drawers and endorsers on this note severally waive presentment for payment, protest and notice of protest and non-payment of this note. And the time of payment may be extended from time to time until ultimate payment without the consent or discharge of any maker or endorser or any other person liable on this note directly or indirectly. And should it become necessary to collect this note through an attorney, either of us, whether maker, security or endorser onthis note, hereby agree to pay all costs of such collection, including a reasonable attorney's fee. IN WITNESS WHEREOF, the City of Edgewater, Florida, has issued this note and caused the same to be signed by its Mayor and its corporate seal to be impressed hereon, attested and countersigned by its City Clerk, all as of this day of June, 1964. CITY OF EDGEWATER, FLORIDA By Mayor ATTESTED AND COUNTERSIGNED City Clerk APPROVED AS TO FORM AND CORRECTNESS Ciry Attorney - 2 - BANK CITY ENGINEERS REQUISITION FOR PAYMENT Date Rego 'tan to the Ban of ew Smyrna, New Smyrna Beach, Florida, in connection with the dsburse- ments of a proceeds of $1,69 00 Waterworks and Sewer System Refunding and Improvement Revenue slued under O inance No. 0 passed by the City Council of Edgewater, Florida, on March 2, 1964. The attache i voices or estimates have been checked as to correctness and are approved for payment. Pay the order o Addre Following attached Invoiy or timates: Ori al Amount due: Total ount previous Balance du : i PAYMENT Outstanding The undersigned Consulting Engi ers for the City of Ed -ter, Flori , under that certain ordinance referred to above, dated March 2, 1964, 'fy that (1) The obligation referred to in the above requisi' was proper] incu red far the purposes as stated in that certain ordinance passed by the City Court l o dgewatep rids, n March 2, 1964. (2) That portion of the obligati which t amount of s requisitio represents has not been paid and is due for the purposes as outlined in this requston. (3) Such work as represented in the amount re ted has actually been compI d and such materials as are represented in said amount have actually been delivered at the site, to be d fort a purposes for which they were ordered. That all work done, materials, supplies, or equipment f ished f whs this obliga- tion was incurred, are in accordance with the plans and specifications Cher or here ore appr ed by the City of Edgewater, Florida. Date We, the undersigned, Dana T. Armstrong, Mayor, and Helen W. Jo City Clerk, eby ce fy to the best of our knowledge and belief that the amount requested herein above due and not ben paid, and that there are no vendors, mechanics or other liens or rights to liens or condition sales contra which should he satisfied or discharged before such payment is made. The Bank of N Smyrna, Ne Smyrna Beach, Florida, is hereby requested to honor this requisition payable to the payee named above. I/ CITY OF EDGEWATER, Mayor Circ Clerk