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Home My WebLink AboutR-1977-213 RESOLUTION NO. 213 A RESOLUTION AUTHORIZING ISSUANCE OF A $153, 610 . 00 REVENUE CERTIFICATE OF THE CITY OF DANIA, FLORIDA; PROVIDING FOR THE PAYMENT OF SUCH CERTIFICATE ; AND j ENTERING INTO CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH. r i WHEREAS, through the adoption of Ordiance No . 169 , as >f amended, the City Commission of the City of Dania , Florida 3 s levies an annual occupational license tax on all businesses located within the City of Dania, s j WHEREAS, by virtue of Ordiance No . 169 , as amended, the f City receives gross revenues in excess of $50 , 000 . 00 each fiscal year, and WHEREAS , the City is authorized , under the provisions of its Charter, to borrow money and to execute certificates of indebtedness evidencing the obligation , { NOW, THEREFORE , BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF DANIA, FLORIDA: Section 1 : That the City Commission has made due investigation w-. and has ascertained, and hereby formally finds and recites , that j the amount to be derived by the City from the payment of the I occupational license tax, if continued in the amounts now being derived therefrom, will be fully sufficient to pay the principal . . and interest of the note hereinafter authorized. Section 2 : That for the purpose of retiring previous indebtedness , and for other obligations of the City of Dania , there be issued a revenue certificate of the City of Dania (sometimes hereinafter referred to as "the City") in the total aggregate amount of $153 , 610. 00 (which certificate is sometimes F referred to hereinafter as "the Certificate") . The certificate shall be dated on a date to be determined , and shall be payable in lawful money of the United States of America as to principal and interest , and shall bear interest until paid at the rate of 54% per annum. Installments of principal and interest shall be due and payable in annual installments of $15 , 361 . 00 each, plus accrued interest , i beginning one year from the date of receipt of said funds and continuing each and every calendar year thereafter until the principal and interest are fully paid : —) Resolution No. 213 /Page 1 j a 0 Section 3 : That said certificate shall be signed by the Mayor. , jand the City Clerk, and shall have embossed thereon the corporate seal of the City of Dania. i Section 4: That the certificate and the provisions to appear on the back, thereof shall be substantially in the following form: (Form of the Certificate) No. April 1977 UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF BROWARD CITY OF DANIA REVENUE CERTIFICATE OF INDEBTEDNESS OF CITY OF DANIA, A FLORIDA MUNICIPAL CORPORATION, AUTHORIZED BY RESOLUTION NO. , PASSED AND ADOPTED BY THE CITY COMMISSION OF THE CITY OF DANIA, FLORIDA ON APRIL 12 , 1977 The City of Dania, in Broward County, State of Florida , for value received, hereby promises to pay to bearer solely from the special fund provided therefor as hereinafter setforth, the principal sum of $153, 610. 00 which shall be payable in annual installments of $15 , 361 . 00 each, plus accrued interest at the rate of 54% per annum from date hereof beginning one year from date hereof and continuing each and every calendar year thereafter until both principal and interest are fully paid. Both principal and interest on this certificate are payable in lawful money of the United States of America at Atlantic National Bank of West Hollywood in the City of Hollywood, Florida. This certificate in the sum of $153, 610. 00 .is issued by said City pursuant to the provisions of its Charter and pursuant to a Resolution duly adopted by the City Commision of said City on the 12th day of April , 1977 , for proper municipal purposes . Said issue of certificate is payable solely from and secured by first pledge of revenues to be received by the City from occupational license taxes . For a more particular statement of the security pledge of such payments , reference is made to Ordinance No . 169 , as amended, of the City of Dania. This certificate , including interest thereon , is payable solely from the aforesaid revenues and does not constitute an indebtedness of the City of Dania within the meaning of any constitutional , statutory or Charter provisions I Resolution No. 213 /Page 2 J L i or limitation, and it is expressly agreed by the holder of this certificate that such holder shall never have the right I to require or compel the exercise of the ad valorem taxing power of said City , or the taxation or assessment of real estate in said City for the payment of the principal of or interest on this certificate, or the making of any sinking fund reserve or other payments provided for in the above described resolution. It is further agreed between the said City and the holder of this certificate that this certificate and the obligation evidenced thereby shall not constitute a lien upon any property of or in the City of Dania , but shall constitute a lien on the revenues only hereinabove in this paragraph described. This certificate is issued upon the following terms and conditions , to all of which each taker and owner hereof consents and agrees : (a) Title to this certificate , unless registered as herein provided, may be transferred by delivery in the same manner as a negotiable instrument payable to bearer; and (b) Any person in possession of this certificate ,unless registered as herein provided, regardless of the manner in which he shall have acquired possession, is hereby authorized to represent himself as the absolute owner thereof, and is hereby granted power to transfer absolute title thereto by delivery i thereof to a bona fide purchaser, that is , to anyone who shall purchase the same for value (present or antecedent) without i notice of prior defenses or equities or claims of ownership enforceable against his transferor; every prior taker or owner of this certificate, unless registered as herein provided, waives and renounces all of his equities or rights therein in favor of every. such bona fide purchaser, and every such bona fide purchaser shall acquire absolute title thereto and to all rights represented thereby; and (c) The City of Dania may treat the bearer of this certificate, unless registered as herein provided , as the absolute owner thereof for all purposes without being affected by any notice to the contrary. �1 Resolution No. 213 /Page 3 i All acts , conditions and things required by the Constitution and Laws of Florida and the Charter of said City to happen, exist and be performed precedent to and in the issuance of this certificate , have happened, exist and have been performed as so required. The City may retire this certificate at any time at its option without penalty by the payment of principal and accrued interest to the depository with written notice to the holder, if known. IN WITNESS WHEREOF, the City of Dania has caused this certificate to be signed by the Mayor and the City Clerk, under its corporate seal , all as of the day of April , 1977. MAYOR (SEAL) CITY CLERK Section 5 : All of the money received by the City under the terms w-� of the Ordinance hereinabove described (which is sometimes hereinafter referred to as "The Ordinance") , including any amendments thereto , shall be placed by the City in a "Revenue Certificate Sinking Fund" , if written demand for same is made by the owner and holder of this certificate. Section 6 : That while the certificate is outstanding, the City will not issue any additional obligations in excess of the anticipated revenues pledged for the payment of the certificate herein authorized. Section 7 : The City of Dania hereby covenants and agrees with each successive holder of the certificate issued hereunder that all records of the City with respect to the amounts received by the City in each year under the ordinance and the dispostion made of all such revenues shall be available for inspection at all reasonable times by the holder of the certificate issued hereunder , and that the City will , within sixty (60) days following the close of each fiscal year, supply to any holder of the certificate who Resolution No. 213 /Page 4 �. may have so requested a written statement covering the receipt and disposition of such revenues during such fiscal year. i Section 8: It is further agreed by the City Commission of the City of Dania that it will not repeal Ordiance No. 169 , as amended, during the duration of the indebtedness evidenced by the certificate issued hereunder and that the City will not amend said Ordiance No. 169 , as amended, if such change will I result in less revenues than are now being realized. Section 9 : If any section , paragraph, clause, or provision of this resolution shall be held to be invalid or unenforceable, the invalidity and unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this resolution. PASSED AND ADOPTED: April 12, 1977, Date' Si� ed MAYOR g c (SEAL) { C TV CLZR�'I� s...f` APPROVED FOR FORM AI'MQ�CORRECTIVENESS By� CI�y rTb-, City w Ux'u ;'I, P!; y 141," i Resolution No. 213 /Page 5 t A Fr l