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O-10278
re isGeted her o c�f°l such ,,Aond oC . 8c5nde , r►i n , aha�1 At the -_ tit a lye t;egiator@ other than to bearer y. i,ft, the event ' 01 ds - ahal'i be .tjj'rj,tALitl@d oh a bo6k-@htt b49IS°',H61debe, 6 e,:86hd51 r `r �rS�S ii liolde s'r ,;sha).1 mean a Per'g6h Who shallhave , putchaeed an j. OWI,IeY hi�, ;i tereat its any ' orid of Bonds 'thrrough ;:a tesminee and 41 whose interest, ' City tar a paying -'agent; - tirattser agent or, auo'h other` entity: appointed' by:' the'`Ci't Yfob suoh'purpose� . be a ll mcanaiCher�tity as_shall in the: business ,.. , bf 1nsur.ing ,or guaranteeing the payment ot, principal of and ' interest, on, municial secure ' p ` tires and whose cr it is such ed a t the;aime of an action or consent re ured or ermitt ed` by t,hs Y, q . ,this Ordinance,, all mu Inshrer to -the'terms of nicipal pursuant securities insured'or':guaranteedtby.it are then rated, because''ot such i;nsurance :orguarantee,in one othe' two, .most securegrades � he two most'4idel by: one of t y, nationally recognized rating a enc`ies whic h r'e ularly ra ' municipal..'� Ies. g g to khe credit of securer . ; "Interest.Account";shall mean the ,separate 'account,in the Sink'in Fund created urs g p uant,to Subsection 19(C) hereof. Ym S' . "Intacest Pa ent' Date" shal or ,dates of 1 mean uch" date each Fiscal„year ;as shall be provided for` a particular _series of b y a reso" ch . ma be.. an „Aw . Bonds lution (wtti , Y and Resolution) or S,upplementai Ordinance of ''the.; Commission relating to such series of Bonds "Investmenk Earnings" shall' mean all investment r Accoun.t,.to the derived from investment .of . movie s in the Rese, ve Y. , extent ` permitt'ed: by Se�ti.ons :19 (B)° and 19(J) hereof. �ihich ,shall he tran$�erred ko the : Sln,king Fund in accordance ° w�.th` the "terms of this prdinance. ` "tter : Q Tr�uekors" sha1 mace the batter of instrwCtions . retIat n9 to the 1907 44nds. `'aid delivered to �h� City , „ , by Qnd CQ�an�el Pursuant ,G ec Qh 19 { )' tisr o r i 1., A 1, L 09k as- I'ht pity i'ay 6terftitie and as - y i dessa y Eo isti. is u �h audh 1187 8oncis trvh the iJ$1 ° r ids;: o '.e ti+, i tYle'gub-alatidt .'.. �A h 1,58 td, sisal. bear u.p6h its. ,face thei nation so d-%titLntd' for she. �ecies oe subi-ser ie - Whioh it belo�igs i to " ,;:. such _dates, beat inter The 1 �� �6nd shall iriature on est, at such t tea i b sold in such manner attd at such' priors and' hAVe such ':edentiption 'provisions as sbe hall set forth : in a .5�ppl e s mecital0 rdinarlce ,br i n a n ward -tie aoltition SE�"TION 7. bESCgtPTION' OF„ � 98'7 . gONbS. A 5er ies' of Bonds which ,is entit�ed',to the benefit, protection and security of tnis ance ereb a uthorized in the'a re ate pr`i cipal unt Orden i$ h n amo Y '' 9 9 5 , g. $ ,000 not exceed for ;theprincipal u 2, 00n p 'epos of of. n 1: e financing the costs ,of the :Project. Such Series of Bonds `.shall _ be ;designated` aand sha11 be distinguished from, the Bonds of L otKer` her ies ` ' b the , title "City of Miami Marina Revenue Bonds► Series 2987". The' .1987 ;Bonds .shall be issued as,fully registered.:Bond,s,, consecutiv y " h ����. i the eF x or, some other numbered el wit pr designatiAa, and shall consist of such amounts of Serial SonSs and Term 8o,�ds shaZl',be in such denominations; maturing in, such and amounts,: n 9' y' ) Y their ,years of exceedin fort (40 ears from date, shall be payable in such .place. or'places, ahal'1 contain such ., redemption provisions shalt'. be payable: on such date c� J datesr and shall have such, Registrar and/or paying agents, as the City shall determine by .Supplemen:taZ Ordinance to in,an award t€ Resolution': SECTION 8, APPLICATION OF 1987 BOND PROCEEDS., The pr.oceed.s ;. inc uc ing accruedervedrom Q he sade 98cds , eous �nteet and; remain, an s�m_lan y, X s:i�al with the ` deli the I967 Sonc�� t�' ' tk�e' p��ch�s�r 4r ��rch`a�ers t ere b 0Iie� key;`t: 0 C1,tY as fQll©ws: , 777 I exe �tib�t'Adnd shall Hold the r.dpet �f�ride Frith t i'ty alth u t� at the : cat6 b adapti6fi 6 tt��.e c��t�� rtgbt� Ana : hdthaV6 held s h c f ice Or, , itay hotha��e been so . r CTION 10.: At�t�'IGATION. Nb 3o�d, cif, any a z�ce ofrhich sham be fulIye iateredihal., be eeureciiere I.! _ under nor exit flea to the 'benefits t ereofor ahall be valid ,c� ot�iigatbry for any p. ur case iunle55 .there. sha11 ° be manually endoraed on such ger►d: a certiiflCate of authot�tication bpi the ficate : on " any Bond_': shall be conclii, Registrar.' Such certis 1V evidence that such.; Bond has'been duly authenticated and delivere cl under this Ordinance,; The for of'such certificate:$hall be _ substantially in the form provided, Section 15 hereof,: The validation certificate on'the;_back.of the Bonds shall be Signed with the facsimile"'signatures of the.present_or any future Mayor and Clerk 'of the City and the',City> may ,:aidopt and use for that purpose the facsimile signature of any; person .who shall have been ouch'Mayor and Clerk of the City at any time oh or after the date of the Bonds, notwithstanding' that he may have ceased to be such Mayosor `Clerk of the . City at . the "time when said Bonds "sha11 De elivered. actuall d — SECTION "ll...'BONDS ;MOTIUATED',.DESTROYED STOLEN OR LOST. case any Bond shall become mutilated, or be destroyed, stolen or — lost, ma in :its di'sc'retion issue:and'delver'a rev,Bond the City Y of like' tenor as: "the 'Bond mutilated, destroyed, stolen or. ost, in exchange and„ substi�tutio,n for such mutilated Bond upon ender and cellar ion of suc or in :eu of Burr, can' h mutilated Bond and :substi tution„for the Bond,des roved, stolen or, `'loSt, and upon �. Mold the C�kY p_ nd the er furnishing roof of his ownership.there©f a fatQry �ncmnik Ind dam 1 ..fin w� t such Qthredoab.e y r cegulatL�ns end Qnd tiQns as the C� ty gay p[es r�k�e. end; p y n� $1 h expepen5es as ''the rCit may. W14r. All. Blon S surren er�� shalJ fgir. the""B�, 5 e, ,' ,�: 1 Bonds c k S ARC 'T -1 nl iF I i t, ii r f sha.1�. �ia�ve �atu��d of Ede , abt�i�t to Mature,.. i�5ste�d"cf issu:in� a ,. substitute the City MAY,,,paye 'sai�e� upon bei t� itdt�ic as" - aforeaid� and if such : �ot�ds ate, least, °'stolen off' destyec� �i.thc�ut gurrs�i: Yc y,Y a Q�ILd •7 ,.:iss., .. - -- b Any. `such : d, I'�ioat issue pursua►�t to triis ectinn l . i�. tractual t�b1 i�ati�ins on snail constitute c�ti it�al► , addit' 16rial,. c6ft ' the pate b the City whether o ndt the lost, stolen oe destrc�yec3 - gon be at Any title Eound by anyone, and such .duplicate fonds be entitled to equal and proportionate benefits.and ;rights, .as to - 1en, on the source e d security'Eor payment from theledgad revenues to'the same.ektent as all of her Bonds, hereunder,.. SECTION 12.. PREPARATIO OF DES' INITIV}E' BO[DS; 'TEMPORARY " BONDS: Th ch Series'shal p e Bonds 1'be tinted: with ,.. def �.ni t ive B E ea ' eel °en raved borders . 1' Bonds are prepared, steel g ' Unti the definitive61— _ the 'Mayor and the Clerk' may execute and the .Registrar may the p 10, nti „ same m on ' authe cate, in: anner as is rovi`ded in Secti - And deliver,' in .lieu of definitive `;Bonds, b' jsame. ut sub ect to the p ations and on as the definitive Bonds`, rovis'ons, limit : one or more printed, lit g p yp n temporary fully � p'� ho ra hed or t ewrl to r'egis.tere3+ Bonds ;substantially of: th'e tenor of = the `define Live Bonds in `'�u of which such temporary Bond or Bonds are issued, in authorized denominations or 'any whole.multi�les thereof, and with such omissions, insertions: and variation's as may. be appropriate to. such temporary 'Bonds. The City at 'its own expense e an ' 'd execute and, upon the' surrender at th shall: repay p,. P e corporate trust office of,,- he' Registrar of such temporary Sa'n s for which, -no .payment :or only. '.partial:, payment; has been :provided, h Registrar shall authent-idate and, without charge to the ip]�d�r thereof, deb v r in' change th for,` e at,' al n e'x ''the"; prxnc p. eorpor4te txt�st 'office of_the Registrar, def i n'J. t ive. Bonds of ,the m ac.rgt prncpad ;. amounte r,i e '; and matur Itx ti_e tempoy'trdrrndered, TintsQ exehaned, 'thy tempQracy Fonda eta a ra p� is be entitled to the ��l�tte ben efit's aid '.s rit' ,I, s-definitive:':aont,s Issuthis Qrdinal1qi�R.,. � 14 AA/�rp� rt `:PROVtStONS POR f20w t6N. the 96nds ot. ea 5eies day; b rieetable prior tc, their :tatec`.dates 6:fiaeurty' — :1 the,C lW!Ci@Ci1'Pa tt, at .9ud1h tittteerd,bon SLhternsat d _. vide° � �� the Award noe dt ,be b:u leC�ental c0ti t otide bf such 'cede ipti sha1 be ,f iiet' with ;the n = -- aients aitheSc�ds. an, Bbeer tailed: first "— class, post ge prppajde't least thirty t' ay bit :trot .yore; than te em tion date . tc� a to srxt. (60 11 Yegi'tet`ed Y da s prior t the Y : .. ocahers of Btttds to. be . redeemed �t their addresses as they appear on,,.the registration'' books,:,net eina'fter':'provided for:..,Fallur@, to — alders of the: Bonds to be redeemed or a mail :notice to the H d, ny, defect therein, shall not affect the proceedings of;redempt'ion 'of such Bonds Any Bond .which is to be redeemed ,only, in par shall be ace of a ment speciFied in the notice o n ,.. ` ere at an 1 P Y s'urre Y P t p e nt o redem tion ( end y, or -:written inst ors f ment b rum with due e y he Registrar duly ransf'er i sfactor to the City and t t n form sati ; executed, by the .registered owner the reof'.or his -attorney duly author,iz.ed.in writing ):`and the. City 'shall execute and'cause:to be authentica3, i del f necessary,' and, ivered` to the registered • g of s withou Bonds, e ► a new; Bond'' or d' t service char uch:� .. owner Bon... , r` ,:. of any authorized denocnination asrequested by :such,registered owner _in an a re ate zinc_ al amount gg g p 'P. equal t a ge o -and in exch for the:.unredeemed portion. of the principal > of the.; Bonds so, surrendered.' SEC IQN :.14 . INTERCEANGEA_ ILITY, ,NEGOTIABILITY ' AND 'TRANSFER. Bonds, upon surrender thereof, at the off ice 'of the Regi.stra'r with a.. written", instrument of transfer sate_sfc'torto the' Regiskrar., duly iexecu.t,ad y' the regi5,ere. owner f Qr his attorney duly j, 0 a.th ., tip , ma at Ghs` option _ t 9' e n e r wry. :. - thereof, be cub -angel for an ,equaI aggr9a prone p 1 an44z t Qf r:e9tocds thy. same .eesd mt:it.; pfn thet <: Y t the AL -Iauthorised dr�oiritic�sr. tCa', 1i1..'r"esb each t ti siaht g.trtds, .shall abs 1isttar aid trarlSf@r a�etit f�C _ - such 'he ortds. ssuad 'under ':,this C�ditiat�o sha11 .be atd hav« .411 $. ,r�y µ s of ne u: w� � s tr Mlle 11 4 s der t;1. � e Ln e of ia151 he ualities, arid' it�ciden�: Mtn -, . y i �r� � o�ercia d e o t e te .o oL zd � . t �y�y .. ,. . a j;' sub eft -tile ajj - , rovsinsc� resistratibtt and transfer s g on�ttaineo - �t� . „ th1 brc finance ' and in the fonds. 50 ,bong As any of, the Bands 'shah utstandin the Cit shall tnaintain : and :'kee at th r etna zn o -�+ p offive cf .the Registrar, books Eo,r the: eegistration; and transfer I: of Bonds; and,'Upon presentation thereoe for such purpose at said of fice, the City shall register or' cause to be registered therein,; and permit to be: tran'sLerred thereon, under such reasonable reg�la a Re istrar,ma re.s Lions as_':it or th g' y p cribe, any. or .transt, enti led to:,registra'' Ler. Bond t Each tra le:only.'Lpon .the ' of`the Bond shall be nsferab nooks City, at ;the ' office ''of the Registrac`, by the registered owner I thereof•` in ,person or by 'his, attorney 'duly authorized Iri writi`rig E upon surrender thereof to with a written instrument of executed- b e t to ransf er3tisfac for . � to, the _ Reg�strar; duly'' y . Y registered- Qwner or. his duly authorized attorney Upon the transfer:. of any such Bond; the City shall issue int,,Ithe name of ' t'he t.ransEeree, a; new Bond or ' Bonds o e a regate pr`inci f ,the;. same gg - I.: al amount arid'; Series- ,.and: ma writ as.:"the' surrendered ,Bond p Y any .paying' a ciar o The ;City and gent or., fidu' y f the' City may deem- and ;;.treat the, person in whose name any; outstanding Bond shall- be 'registered upon :the books of the City as the` absolute owner of such 8rond, _whether uch,,,Bond shall be :'overdu e or nqk, for the purpose of r'ece v .ng payment : o � o on ac'coun:t ci `, the no?pal,, redem klon ,` rem erect on sic r p p um,.' if any, _ a 'd int h Bona anal Qr 'ali qth ur ,As s.� on all such payments sQ a�ie `to in - Such registered Qwner QrL upon hls order shall be vat1 and - Sal � e,� 3 U a l t '�4 :. _ - M '1�. t ti/ at�.s� �nc� d,��cha� e th ; Y 4 y upon such Bond s e 1a.ab,� � Lf W A _. A` f h �� t $Idttit r °ted: den!m�iAat16hs. 1e egia tat't �;� .'ras iec� tc each. Beries ofchds shad All adt . as registrar and trant Eet agent foe77 : — �cns: 0 t,sudh der7 ies he('nds.;lssu'ed ender. t�tig C�rdliia�ce shall be and .hare c3i1.. "' g ns�rument under: the the calif w otiable'i �- ies and �rtdlden s ne =. -` tnbrttdtutte'Ceiai ..:Cade cif.' the state osub.et ti 'F►e — _ frir reds ,his P rovisibns tration annd trsTiS, a Gontried '� _ Ordinance and in the Bonds. �o long;, As _any cif the Scnds :shall' ,. y, rema ding► the Ci t shaT1 ma-int'ain ;`and keeCi; atthe n c5utstan offioe :.cf � the ,Registrar, books 'for the, registanon: and . t.'ansfer of Bonds and, upon pre_se.tltation th_ere0f for such .purpose at .said or cause a ist - Oft ice; the City sha�1 register ao be r g, er'ed therein , .,end permit to`, be transferred thereon,. under such the Registrar <ay pres'cri'oe, any reasonable: regulations :as it or. m s. on or 'd to tratisfe-.Bontl re gi d : s f shensfera6le onlY uPon the bookoE Each: Bond. shall tra City, at''the re ist'.. office of the Registrar,,. by: the g' erect owner thereof in person,,:or by his attorney.. duly .authorized in wr,itin:g upon urrender` thereof together with: a written instrument o£ transfer r�tisfactoryto the:. Registrar duly ,,executed by the regis Bred--9wner or his ''duly, authorized: .attorney Upoci the transfer of any. such Bond,` the `City shall.: issue in the name of the transferee, a new Bond:or Bonds of:,the same,agg'regate princ1 ity_,as the surrendered B. pal amount an d ries and matur` and.,, Se The City and any paying 'agent or...fiduciary of the City may deem and 'treat the person in whose name any' putstand�ng 3o^a ! ' shall be,reg.stered upon the.books of the City as the absolute owner of such Bond, whether, suck, Bond shall be overdue or trot, for the purpose o receivin ment of; Qr on aecQunt of'f the g P,y pc�ricl a�'► redemption ;premium,, J.f' any,: an interest on such fond p .poes; an �l and- Qr all other u uch Payments :so made ;. o ariy ,be val� such regstred Qwe Qc upon has odh�.„ ci e to sa y 'at�d da char t Ii bil ty upon 4u�kt �carid s JAN9 0 1 1 to the eXtet . if' tYSe but tit suitso paid anti, tleittier thei ty nor .afi�t.'payitt a ePit„VL t14/ICL..��1dt�tiiiaty- Wf-�.th4.:isity thG.,i.,Le�1�..,G,d ' . by Any hoti e to ` 'the bthtras' 'o a -silt .cheer% ttatlot tYe fonds► t e i y, in its i is tetit l , ma;y appoint one or. &tot0 F2 c st�a e, fob the fonds bf any Beriea ,; in the' upp �me,ftta1 t rdinance' br A, card Resolution ;pert4ihinq to suoh Y. ' the a6gistrar r iM resoeCt to each :,5e ies o t, 8ohdAy . thal.l aitiy case where: it` is ",hot also the paying agent in tegpect to suoh 5eriesr forthwith (Aj o` the fifteenth day, of the rho nth immediately precedin,:aninterest payment.,date' for such ser;iee, (e) on o`r immedI.ateIy;following the day of'First fiiing'of:notice of an Bonds of suet y 5er es t any `other tedem Lion of„ + and (�) a P ` e a in a ent of r ies re b th p itne as r onabl y sue 5 t' eas e I Y quested Y 9 9 ce,rtif, urni` y, and f sh to such paying agent ,the'naines; 'addresses acid ,. , holdings'of ..`Bondholders and any other relevant information reflected. in the: re istration`g' 'books. Any flaying agent of any- _ ' fully"registered Bond shall' effect payment of,in`terest on such Bonds ..by: mailing :at check .to the 'Holder entitled thereto or may', n lieu thereof, u on the, request a e ex erase o f, such i nd at th p P ayment b bank wire transfer, for t'he Holder, t nsmit such Y p account 'of —such Hoi�der; _— In all 'cases' in which ���th'e privilege of exchanging Bonds or t'ran'sferri'ngBonds is' exercised, the City shall execute and deliver Bonds in accordance with -the' provisions;`. of:. Fi's Ordinance: 'Execution,of son 'ds by the Maygr,or designated City official and Clerk, Ear purposes of,_ exchanging, replacing or t:ransfe. n . on may,'occur at the time of, the original. de? ivery "= -of the:!,Ser-ie of. wh, ch_=:such j3onds ': a' part. Al' $on�is ,:°are, d n any. such e, c. an4es :;or t r•s s be` ,h�Id b� urehd�eransfe hall the tegi 'tray in `zafekeeping.`until di rebted :,by the �a ty to be o n ell d ? tkla tegistrar. For ever .. ..aueh- ghang ;q tr:ens r _ C9 a(J:nds r t 1s �t q � .„P,�'g st�dC m. maka cha g : suf ff i tent O 4�th �vrn tc� relm�u�sa �r any tax,; deer ��Qer��� m�rata M IT - JAN,9 k; - 1 Al 1 e t �lditutes ) dlsbUt§I16flets Yl� 1�f1 t�1e C i1st$u tl �t eU iC shah e t de ors }� a t r sudh dxpditaitures c disburse tints sh it ha ap t ved, jh wtitift. by th4 City te a se . h date bf by ttnpleti�sn , the�et sha11 be detertlned by the . C`Ity ,, , _ ngit er WhosEiall carti�y such tart Ii1 writLng to t"e-'�It,� — Mar�ag�� . CITY t�nleSS Z t�'1eCwls specified ttils'8ectil6n l� for as long as any o£ the principai of and interest on any of khe Bonds .shall be outstanding and unpaid or_until pro! sirih has been made for such. payment under ectlon �6.hereof,'the.City covenants with the i0lders of 1h7 and. ah1 Bonds as fo110, W5' Manna Reve on and Maintenance Expense A nue Fund,. 0 e,ratl Fund:and°Marina Enterprise Fund: The -;'City covenants and agrees ' bank o,r trust: company its the State1 to establ'Ish with A:." Florida, which Is eilglble under the laws df s'uch 5tatp to receive City 'funds, a fund ', to be known as the:.:ty of Miami,:,. Marina Revenue Bond Fund, a fund to be known as' the "City of Miami Marina Operation and Maintenance Expense Fund" -and a fund to be„knower as the "City of Miami Marina Enterprise Fund. he;Ci y may enter :`into an agreement with such bunking institution or trust company as it. -appoints by . resolution to _ ;. function as„.Cust'odiari for the Marina Revenue: Fund and E.ox the Enterprise Fund 8. Rebate' Fund The City covenants and agrees Co establish with a bank' or trust company it the State of Florida, — G which is eligbTe under .the laws`, of such State to receive City . funds, a . find to be knowc� as the "City of Miami_ Marina Revenue di �} �� The fit 'tanager - shall, Rebate Fund ) 8or�dS Rebate Fund (the Y: wlkhin twentyays after the close 4 each'Q�i�l year tithe amQUA a : m,e �y set � rnn t a e ) le Qsit an s�ac ',Rebate- „ ,. .. ' or h the Me ter ` c Insk uok 4t�s ( the, "Re. at smut'") ti e ..Y - J! 0 L \^J ' 1 1 1 TJ I ` r p�ri t t �� i Urider - yy y4 +} f yy y �y y: yy y, y.� ,y� 3� jyy y.� µ- ,e� .y. }q. Gh(vyy jr' i•lC,,- Lug' AhAl•{•,,' 1lCJl,4 d�J it j.1i'l.W 4hG V f�1�llCJk t�G''G�� Wil - extent retiireo the sith r '' teethe[ Ac�un+the with Hve try nt am 'tc s and �t3h6ys bhefeifi not tt er t f re alldcat 6d tc�;uienent any preVius monthly, dppsit i w�11 be suffidlent t� pay one �t eI th (1.j1 j of th' t duty€ o� the - A tt rti atic�t� 'Installment HOC- 'ettt� dnt s wYtiCh h 1 be c[te due and payable during' the current aloe Ye e► 1u btie-t elfth (1/1 of the redemption premiutt� is any, do such Amorti ration Installment. Moneys in such Bond Amortizaticin Account shah be used to purchase or `redeem, Term Honds in thp_ mangier herein provided, and or'no other purpose. (5) 'The _City shall next' deposit into' th e �2eserve Account ,a ieual to the Maximum sum sufficnt to maintain. therein `an amount eq Maximum. Bond Service Requirement. Any deEiciency;in the Reserve Account shall be restc,red'�:Lrom` the first` Pledged seven es available.` after all required current ,payments' for the �rinc; oal Account, the, Interest Account an. dthe.Bond Amortization Account, in a 11'deficiencies for prior Dayments, have been made in ` y the Reserve :Account 1, be used only for Eh�e full Mopes in�, shal k rind al_ of,or 'interest 'or ur ose..:of=_the payment of maturing p P P P Amortization,'Installments, on the Bonds when the other moneys, in v ::.,Sinking the , Fund are insufficient therefor, and for no other -- purpose. Whenever the moneys on denositl in ,the Reserve Account exceed _the Maa4imum Bond Se,rv,ice Requirement, such excess shall, be ,.; withdrawn and deposited into the Principal Account, the Lntere5t " ` Account or, the Bond Amortization Account► at the discret on of the C i ty;. , On each Rebate petermination Date' ,the' Citytaraager s held in the Resipb determipe the value o the inves,t.m, Account' az',khe amortised cast'' the,reof', To the ectent suoh if ualat�on r_sU�.ts gin' thy° acr►Qnk on depos't' �n, the, Reserve Account �c t3't en�es th the Maium o_ Requeme f. , r C l flt++iflr xw�xneverxnw _ _ _ _ : : �c ��++yy, y �i, qq,4 y� ,t� �.t ys yc ,c 'i �C Ma14 a d' L@�aa id_I u11C-.: Ga l.. tl .7u i'1., aiut�ri eegults i1 tuht' cri i�epiit ift theeset�e,ecsunt — bpah At" that th,6 14AXIMu 1 t�hd S r � � � ui e 4e it i su b. be w+ithdfAWh at�d c�e�ositee� as a��te�a�di e�c a ial tJ �t the is t f� :t�f ariy Addit1.6ftAl Par t' ,Ba ds .under the `— tet i ►.,, 1�t'itatjons acid condit chs as hef€in pi o ided, the :i ��kt — ah 1l •.:in rOase the' suit Yequite`d to be accu iulated 'an,iai itai�ec� ; i deposit ii'the �teet�e Account: to .tie at least equal to the all dutstan �n �n ds y etvi6e requirement o g and M a7�ilriufi Bb rt d S the: h,c�ditiot�al p•atity:; Sorids becoming due in any ensuing Bond - Year. Su requited sum may be paid in full or iri past from the proceeds or such Additional ar13 orids or°may be accumulated in accordance with the"terms of. ''this paragraph 'in equal monthly �, payments in the ,Reserve Account over-4 pear�od of years, not o 'rt -six (36) months, r'zc?m the date°of deliver1 of tze exceed thi y issuance of Additional parity 3onds, as determined by he t Supplemental Ordinance. In the' event moneys in the Resezve - Account 'are accumulated as provided above, (a) the amount rn said Reser nt on th er of the Ad` tonal:`?ar_t ve Accou a date of deliv y Add Y Bonds sha1 not,be less than 'the Maximum Bond:Service Requirement bn all Boers:'outstanding such date, and (b) the incremental .on difference between the Maximum Bond Service 'Requirement on all :. hall be 70 funded such,:Bonds and 'the Additional Parity'Bonds s ; y Bo upon -'deliver of the Additional Parity nds rov lions, in lieu of the iyotwithstandrng the ;foregoing p 1 ` required deposits into the Reserve ,Account, the City may, with ,. khe consenk' of the Insurer,' if" any, (such. consent not to be unreasonably wxkhheld), cause to be.dited into khe Reserve at�retY band ,an insurance pQJ.icy issued by or insurer forP.kk benefit of �e utab•le acid recognize, anck'��rs �nntQuhk ega1 to 'the d�ferenceekween ,the IL MaimM:80cdery : Reg4retaenk and the, 'sums kten on dePok, n khe,'°'SfxY'. plant., bcci[ zuFn� f 4 :.:; _ redih ah itttereet ayfteht date': �sr� 'WYiF� suc:itands subet tda� le t�de�natioti e?CGeltt<)l fC16t°1e �ti ede�a' or ion ' tdu�tt sie ettde�t thet Soh dsx As tIdAb, L after the h 5tday prededi c3ue date o atly u4'�t : ftt� tiiatloCi n3ta� t91�h_ r t2t� C'l.t{ji t1ali — �rooeed tb da11 for redeMPtiOn on such clue dat�'r by9i�}`ngndtiCs as proerided ih 5ectio�i i hereof, .fierm Borde ;,df the Series m turity for whioh such Amortization iti5tall tent was established (except in file case of Term Bonds maturi�ic� on an. ArttortizaCion Inataiiment date)_ such amount as hall be: necessary tb comp ate the, retirement of',the,-unsatisfied balance of such Amortizion,2nstallmenti at (b) Moneys in the Bond Amortization Account shall be applied by the. City in each Bond'Year to the retirement of.the Terrt 3oncsJ. of each Series to the, extent of the Amor,tiza,ion inst;ai me,nt,.i= any, for `sucn Bond Year for the 1erm`'3onds of each such Senses then outstanding, plus the applicable'redemptlon premium, and, iL the `amoucit available :in .such' Bond 'Year s"hall : not . be .,sufficient therefor, then in proportion to the Amortization Installmec�t, if an Bch Bond Year for the Tern' Bonds of each such Series for Y out g redemption premium then. s.taiidin ,° plus the applicable 1 (7): The balance of any" Marina, Revenues, remaining in the Marina Revenue Fund after the foregoing required' paymznts have 1 been:made may be transferred: to the Enterprise Fund and used as follows (a) flcstfor deposit in the Rebate Fund 6 fob the payment of any def ica ency `in , the Rebate 41 { Amount;, 31 (a) s+�cQnd, for ,: tie PaYment', of suet other be required under thi. gxd�n' nce'wh ch sam aa: may. rI" art, not otherwi. e provided `fog, -an c: prpc�, (o) tci., <c�� any 1awfui 1 �r Luc ing� hout _`. `ama t tic , for depo t in t!� , t q 77777 66 the 4>l tt i1 t C� L_urid.p, tftt iC�v�i�l�� i�1.lnd, nt the ., rater st Ac tStiht y. the pee ve Act ��1 A�cbu ► .. Aft tatic �i..ACdc �irit and airy dthL specia) funds (bth�r "i h the debate �'uridj ';6r adcc5tirits het'eln established and Cleated shall cb�►situt'e trust funds f© the` purpbees �cvlded herein, Edr such ftinds;Cst aeccunte, All such funds end abceUnts shal!i be cbtttinuously secured in the manner by which the deposit of public tends.: are authorized to be secured by the laws o� the State Moneys on deposit in the Cbn$tructlon x�und, the Marina'tevenue E'unc. and the Siniting Fund, except for the reserve Accounts may, be invested and reinvested, to the ext`enz lawful, In Authorized Snves.tments maturing` not, later than the date on which. the.moneis ' therein will be needed Moneys on deposit in 'the deserve Account , ;., may be invested and reinvested' only in such ,ablioations a5 — nrovded in causes t',) thc-ugn t) of the ceE�r:tion =�L E y`J. Authorized Investments, p rovided .`they mature . no later than ten 5# 1p ears from the date' of; investment. Prior to the date or: ) Y %completion of the Project, as .certified. oy,the' City ngiileer { t� pursuant:'o,,Sections 18, 19(B) and 19(J:) hereaL, any and all reved-b the City from`'the,`investment of moneys, in theA. cr,i- Y income y C onstruction Fund shall be retained in:,, the' Construe ion' Furid, +, as otherwise provided in Sections 18, T9(B) and �9(.T) ex , cept _ hereof. After such date of completion of'the_Project, any and all' me.°recei ed by the'City from the anveskment of moneys �n income any, ` account or fund -created: pursuant to ;this Ordinance, e�ccept , the Reserve., Account.: (to the exkent the amount therein, is.greate� than the Maximum Bond -Service Rejui,remenk), shall be retained in' such respective fund' or ,'account . piny, anti alb income received' by h ty r4m the investinenk of moneys in khe'Reserv4 Account,(�Q' the'i nk khe ►oi ask therein rater than the,,,MAXImum Song Sv�,ceRequiGement') shah be,: deposited in'such account of the nk�ngncs "All b� de���m��ed by the C i�yR dl AK _ i � 7 78 Y , "R� AIL be uhted The t iqjj, I fete to ead fundsfoie iit� nits, 6's a b ghod r d i ft MAY 14� d". 4, b A am d� oc- A t C to the yaws batik AC t g t 6 d h a ft addou t :'et tab! 1 9"d her 6 a be . e 9' it M 6 ft t ro 1. ed that a ouftt I'Ift'g recbrci a r C, ftv P cc n ou� tain a i;fted, to' reflect-tol the t Lis t.1 d 411ocat�io ft ebt� the VAtidiqsl ft. a d: such the, cat deposit therein of such. funds: 'and :aCc6ufttS. i� herein r* idd' ii� riid i The des ignat ion' an- d establishment,' tun d8, . .�account t'r u L t ton a ha. I not bi s 0- in and ',by .:,th Ordinance e requ i r e the,. establishment of 'any completely independent, self _i, 4f ifted,,: and, UsLhd- n balancing , fund s as such,� term, is Commonly die 'Mid ed solely t 0 b t rat er is in e governmental� i.4c6o'unt ing u h earmarking of certain revenues f`certain , od ripc Se cons ui,..eian� . iapp catian� much. -cer a, priorities o,-, establish and it A. n revenues as e in h re provided. 6 require to ,na e an urt er , deposi t S i The �cjty_,shall not :b d k Y h the e:. 'sums F nd, when 'h aggregate, 0 t. sin i ng,�,: u 'n the k to: any. account I deposited .:in. several, accounts in :,the Sinking Fiin& eguals., or,, q, n a amount Bonds ' ithe s aggregate pri c,J. p exceeds 1: 1. L , 'I 1 . il. f .� . �% W IC 7 , d snali utstandin.And interest, en,,,, accrue thereon an j thereafteraccrueaccrue thereon h maturity thereof. s S A, k �and', Records., The.,C,.ty, ' a 0 keep books a-nd,, E Books L�A e P ed,__ for ' --a. perio, dL f at 'least ;records of 66& �,RevenueS 'd hall,haVe afte principal: interest of and A' on :` tthe, Bonds S years r the , i , l from a 11 other een paid, Ich' 'ShA I I be , kept separate an , apart :h_ 'e�. been te 'and, :.bOoks,records and1. : account he:cit yin which complete y correct entresi shad be made inacicor ance w thgenerally 1rall ;e at rq 0 f in t accepted �,-accou'n t i rig rinCiples, o al,_ transactions or Ii 61 r riot ,,;,� I e 5,s, it an f"i've: :the F�cll ties ,an d:-the 40 t r nc i alw4nt� Q. the, _onds Pei cent e grega- 1:, have, the �r ig ht a a- I �e,,asqnabl thep,� Q,t,4 t s it ano, 1; nq s ha I t P 0, C t gj n d a of t q. pitying p 4 1 4 UP An�tu E Audi.t Y. iha C ty► tia l , i : a da i� ii t;1 a� , bksrsttd9atd: 469uft reltilq CGS the total — CAL tYie ah tual. budf the City in �difig the P edged A4venU6A tO oe ,.'. . ,3 ,, p' bserl ►''audited by a rae�tgni ed it�dsc iGlenIt firiit �L e r �taed public adun ahts.l 1�cy cif 'eaottitluai aut t shl� re�.i`ar — s Lurnis ed to,such' r t� it t encieg a Y 2i$�e be h published.' on -the' fond and to the folder or Molders zif pia s thatn .'fire per' cetttutn (), of the' aggregate prinoiba] a�iouht of onds'who shall .have'requested in c�Yitiri that <a Dopy of the audit be furnished theYn. In atoordance with law, the Ci Operati ng.Budaet. tY shall annually, preceding :each of its, Fiscal Yeats, prepare and adopt a detailed„ budget ''of the estimated 'Ma riha: `Revenuesand expenditures during such. next succeeding r^isca2: �ear,> ahicn budget may, be amended from time to time in accordance The City ,'shall mail cc, of is ` annua' budget ' c "�e -'^-ser or Holders of riot less than ,five per c,entum the aggregate pr nciaal amount 'of Bonds. who shall f ile .their agdress with the City and request; in writing,that:a copy be furnished: and,. shall ``'such udget available at all reasonable times to any ciolder _ make of Bonds'otrto anyone acting for and on behalf of such `Helder _ Issuance of Other Obligations. :The City will not issue other obli at ions, except under the 'conditions and in the 'any g -the Pledged Reve P a able from` nues or any manner rovided Herein, p y portion 'thereof', nor voluntarily create or cause'to be created any ,debt, lien,: ,pledge, °assignment, encumbrance or 'other -,, charge having prior.it to or .being, on a parity with: the `lien of *he y st on upon' any, of the Pledged:°. Bonds and the lntere there:. Revenues Any other obligations:1:5sued by the pity► �t� addition . , to :the, 1Qnds, which'are payable rgm'the Pledged: Revenues,,,:,.$fall.. Gontain an express sateinent,: that such ok�gaiQns are �un'� �r an�i subQr irate in sill tespeot to the 5.ond5 herein autho 1 n Qn; and sQuroe,'::end securlty for PaYMent �m the Pl iged e'jeue anal in All eathec �ep£ct$; }i JAN910 J i 861�ft d A:& Nt 6 Additidha"l AdditidftAl 'PAel Y�E,�, Parity �26 pclylb. 6ft�.& par i tyT t Ve n 0 he fledged Re W It i 6.4uod Af t t ':thL% iSg�aftC4: �6f :a the the Contt r,uCt n And, �Acqu S I Ion ecdit oval' jitp tove md n t a 'he i I its t comp et ion OE.�Ahe 7 dcuedL g L r r 6 Ltd t o r C hL are subordinate thetet 'A rid (t:e P t': upon, t h e oblilationg,:, which I ,, Ift cond*itibhz an d in the � rftAhhLi% h r i ed ifolowI g Where bLh Shall', have n prepared a n t d� :a,6cepted he Cl e, r k which ma be based in pert a %, �, , report r t by the pity t y Znq i nee r o the r s,as.,nec S sa ry Set n- g Co r th the established .s, E T report o d'� 'Costimprovements -anfacilities; � a: the propose capiof.; _ r rid debt, e �and ,,the � estimated on ru n a service; schedules.�' 6 f "C' St 6tiO JL� revenue jo r.oduc i ng facilities PtPuosel d to annual revenues from any:, , of ,,the . Ad, i t proceeds d' b constructed or acquired :pro e, co,n t ..Bonds Par i y 2 There s ha 11 havebeen ,obta ne d:and f ilLed with t he, C6 e r k ed ed public of of an -independent certifi: a certificate ' LSt,at n.g C att h e su1tablei,:experience andres onsibiIJty, a 1 0, '7 t relating t 04 thel -collect on :and books and records of the City rel receipt of_ledqedRevenues hav,6 been n au i ed by. :h (-b) set ti.ngl for C V s re Y - City any e amount f 'Pledged ' Revenues en b the C r h� th' arho t: 0 fo t 8 �_md n t twelve 2 consecutive 'months , -within the� eighteen months . of ,such ': Ad L at delivery i nmed iAdditional , te 1 y preceding e c ed i ng d a the, P i tBonds with respect t to whichthe j S made, :ari,d, 7'. City f.0r C ',r ,d' b y -the , stating that the,, Marina' Revenues. collected twelve 2 Month, period equals at, leas, times , the t such: _. equ rement�. n lb Bonds 'd 'ervice a Maxi .Bon_ S Faith respectto i n gi e . Additional , ?a r I ty P w o t an d and� I i i -th s i c h the c t i I. cat s �ma el -er W e e pA r ed and,:.filed With� the shy 11,,have been,, pre acrti, caste of,the Managere:5t i.ta t that annul,a, I. bu4qet I'oll . f f �Qrthe Ct e nt-fiscal Yea ri n h ch.the Add Q!1 a _- 77771. �� t,�i e i'° � ad u a brdan e it ���d� �ti�.Y� - t efall a de�3ted' abcdunti ig i�it ci � es said radtie-&8, w Il !fie y ". . s1iiletit tc .pad all etpEtiees ,� be �Citiurred In the bpe,rat�o�i b the C tY artd tb pad the MaxMum �d � er�� ee u� er er�� due bpi (i j all �o�ds, then buts4arid�ng acid (ii) the Additional arit $rinds :r�iith reepedt to which the cert fibate is ma'de� — (,Qj For, purposes bf deter:tiriirtt� thee, :axtui 8t�nd �ervibs gL,t,q Cement under this Subsebtiott 19(i) ► the interest rate ott the aciditional,aiabl'e Rate fonds then proposed to be issued: shall ' mum' merest R" be deemed to:be'the`axi t ato. O'The.Supplemental Or authriri2ing the issuance of Additional Parity Bonds w"II red, that all of;the covenants herein contained''wi11 be applicable,"to the Additional:,rarit,r Sonds,4.- {6) tShall lot''be in .;defaun oe=fcrm rc 'any -yt S the covenants and"cbligatIons.as�u��ec� :.erau^cer f ur t:1e ed ,.or p Additional Parit Hon ds may be issu pose ct (Y) Y financing the cost of the completion of the Pro;ec�`without compliance with paragraphs {1): through„(3) aboy✓e:as orovided by a Subsequenesolution' or. or, (g)."additional` Parity Bonds' shall be deemed to have been issued pursuant to. this Ordinance the ,,same as the Outstanding J. Bonds, and all 'of the. other covenants and other orevisions:oL his Ordinance ('except as to details of such Additional Pa"rty Bonds inconsiskent there'wlth) shall be for"the.equal benefit protection and security` of: the ho:iders of all Bonds "issued purscant'to khs`Ordinahce, All Bonds oukstand ng, regardless or uanc / 4 y wit.^, s e l k e uall khe ,time Qx times of their xs.sha respect ` tokhe1in on the �'7.dg�d Revenues and their' saur`Qes an�3�eur�.!Qr yment therefrom, wthout°arefrence : of any'' r ��ner ca avany Qthr. nt and `A,dd ki�nal; Parit �Qnds are ss �d' o Ora tk�e,' eve y ths: Q r u gcic and c�nd khan c tstan,, in�, the T r 1. i J N. r } :yr r det�dittt9 aregrh� 1) ttuib () Above :si gistp1y; rovid d rt �t 'the sUande -6 udh Addi t i nal �A t i tY 8c�nds stye �. result it1 reductidm b th te ete debt ge�v��e pePent9 6e do ndit c ►9 6f er gra hs (`].j this l t F1 ( � t�b�te sriaii sp l to Additid Al r�nc a"''iseued 'to gay, t ut�d :junior t5t eubodir�t �ndebt dr►es. — l�) ' fh tie eVerlt .that the total CAMouht of Bonds ie min authorised to be issued are not issued $ictultanea'uely► such` 19$ fonds ', which are subsequently issued 'shall b subject to the restriotions, "cone I Ions and tations; of t"�is Subsection 19(I)• (11) The term Additional Parity Sonds'+ as used in•th�s certificates and oter Subsection► 19(I) sha11 include notes'; '� obligations of the City which are secured by ,and payable.:f�o';n Marina Revenues. of Exclusoraeral 'Cross r;c,�;�z , J �e �reserva�ion L The City covenants that it will 'not take or omit to take ariy which iftaken or omitted would ,adversely effect the action exclusion:Erom'Federal gross income of the interest on'the 3onds pursuant' section 103(a) of the internal,Qevenue Code o'f 986 t r or wh'ich,t.=City has reason to believe would adversely,affect'or materially jeopardize the`contin.ue validity and:effectiveness of s such:'e'xclus ion.:.: covenant, the CZt rthera nee of t a reel to 'comply, In,fur his y g s with. the "Letter: of Instruct ions"'provided to the City by Bond Counsel. on the date of issuance and _delivery of the:1987 fonds, as such 'let'te� may be amended from time to time, as a source :of i ith. the Code`h guidance'E9 campliarlce w, Te Eo�going �covsion$ F of Section 9 (J) mall not,be, appliaable tQ the extent ,the ; ,tY�e.. Cat( +elects .�n a Supplemen,a Ordinance to issue a tier s of HQc�d the me et inn which . �s a�abj.ect .0 .�nci�aS��n �o5 5 Lncom g, .77777 of; thlS" dima�id �i' the i �l:i�°�lataCt�1C try ether, 'prdvisifln 0t cc� t i�ted' in : ubsecti6Mt, ' 10 b and 19 { ;) `Mall sur sve cb' eria t , the de a err e d t er paymemt ,` bE the 1 97 bnda , and the intet.est theYect�, : ' iticlutit� any paint Cyr riishar 4YeCab a is ard�settiCrb� th pursuaht t rtance ;-- �1ate cr�ten�.tr� fihe City covenants aid agree that sty and' that : are tlutst' icy itwill use an o� the �bn io ng as y ,. reason efort, consistent with prudent business practices to coiled or, cause to be collected,!' such rates, 'fees, rental s and either charges fcr the use and servic ; of the facilities- that _ will :produce Marina: Revenues suff cien in each Fiscal tear to — all 0 Maintenance Expenses, 1 the pay 100% . of peratiort'and Bond Service Requirement togetherwith 100$ of'asl other payments required hereunder and that such rates, fees, rentals .and .othe* - charges: shall not, .be reduced 'so as' to.be insufficient .,to oro<� del adequate ?1edged Revenues, for such'our ooses L. No:.Impairment The pledging of the Pledged Revenues the manner provided' herein shall not be subject to renea'1, modification or impairment by' any. ordinance; or, other proceedings of the governing body of the City M.-�ollec'tion :of 'Marina Revenues The City will take all lawful action necessary or required 'to collect Marina Revenues .._ ` n, a coon ermitted a or re uired b C P 53� includi 11 a nd/ q y hapte g - - ! - s Article II of the City' Code of'Ordinances. — _ ndCondemnationts chat N. Lnsurance'a;- The Ci ky, covenan at `all .times cacr insurance, with,a responsible insurance will . y:.. company or companies authorized and qualified under ,the laws `of t , the :state tc ass ume the risk thereof, covering such roperties belonging tea khe F'acil tzes as are customarily iAsured, and t aa�.ns loss Q damage fQm such;:causes as aye "u�marly nstred ag nst�ntn� but h© lI�nlte � .,t4 puicia}�. ns xa� oe aid such ' Qther i risucance against. doss , Qr Bang �y t ire, �� c �n, hur r i c l'on : 4r he �� and anO r s s ' y 'o�nacae !tad n s�tna�s ti r 4 , j ANI 9 #t it Tuv ' C ,11 au h �t i ie eh i'e t f th# beheEit of �YSe �It�ir g�talll''hetad gayale to the city end' trigitiy 'gYi�i1 t`ave : pie 90 i� t r'eeive trie pr�cece of such . ptlSicies enr� to''., , eitClainns thereunder . the proceed collection► and rec s and all such insurance shall be deposited by the art `:te, any dntruct,icnundr he pity d6venahts that,; irn�rtedi,ately after any loss or any, pt6perties.,.bf`'the Faci;litie5 resulting. frotti arty damage, to cause; whether or, not, such loss ,or damage shall .be covered by insurance „or reimbursed bpi a .condemnation'award� it will its engiheers :to are plans and spec�ficatlons for repairing`, re lacin ( in accordance witri th p g,' or reconstructing either e original or a different design) the damaged, destroyed oz condemned property► and that, it will forthwith commence and t diligent'ly prosecute the repair, repldceme,nt or' reconstruction of or propertyunleall deFermine _,ac the .damaged „ destroyed 'ss it sh repair, replacement or reconstruction of such property IS"got - the essential to the efficient or economic operation of the Facilities. In the event that the City shall,dete'rmine that t!�e 1 re air or,replacement of such damaged, destroyeago-d or condemned _:repal Ls�not:essential to the. efficient or economic operation ` of the Facilities the p rocee'ds as of. such: insurance or condemnation award receivedCity, at the, option'of the ' by the - Cityr shall be transferred to the1Enterpri'se Fund. The' proceeds o f all insurance and condemnation., awards ` ection`sha1l be`availabie for and shall, to refe rred' to:in t: is S _ ` be a l� ed ko the .. r,epair`, replacement , or the extent necessary°r pp r ert andsha;,I be `recc�stuct�oc� of tine damaged of ;destroyed P QP X� 1' or from the v�dpaymertsbovethemanrapzo �a, out d t Cons X1Cion . Fungi Ifuh proc,eds.`ar� more than 51f�cient for QCu [D CAS r the bad a ema n n� sk1all be 4� �Q i. � tc the nt�cpc?� Fund. l $ueh �ceeda s:k►all- ;. CT ea �k pr /+* _./',Q �+ } '. pp ('� p' }f�'�1 }�►� #,4ih-,RTN!.'rJ �r'�R,,1.%�FbSbd•..e` ffF,, J. :• _ carat; c s ys n the' nterpr,it Fund. AN914 en to the Al i i[ts�ectiot� bf bisuC$ n rz led — ''Al t�lei. re 5fe4eiit�tiv�e $t A1�: a cfi e — tp1e.. �ndho�.dec� $n fide pity Thal. dei$nd� cdlle+t► sue $nd reoe1pt hoc t $43rds .,riicri fttaY br~oti1 to $old:' ittst�rt''.�►�ney.: or:..'CSttdettlti$ioYt py$ble under any po�iCie9 or rield► eminent domainroceed:r+gg _ �p11oab1 ' b its Any, a re set ent ear ad ju§tftent d any 1 of — dan$e set lertent ` or pey tte it o iridemt� ty r,horefor +ahioh an, any, reed upon, between, the City. $nib arty lnsiirer or ooridinor may b gip a she11 be evidenced by' a certificate signed by the oiCer oti. res onsible for managing the �'aciiitiei the,City P , o ficers of the fore, oink revisions ' of this:; Section''; 9 Notwithst$nd�ng P C'it ma institute a sell -insurance progrart with regard to the Y y as shall be consistent with the p CactIces O.f such; risks municipally owned marinas'cperating in a manner similar,to:the — — Facilities. or substantially all of the r^acuities — In the',ewent that all, domain proceedings ,s destroyed, or' taken pursuant'.to to 1 and the City 'elects not to repair:or replace the Facilities, all '1 proceeds of such„:insurance p olicies or eminent domain proceedings l. nof;-, Cty ional sth addit e osited► alongwi shal 1 be. at self insurance, it any, and the 1 represents. the, p roceeds of ` fundled ed hereunder, to the credit of 'the Sinking Fund for the fun p 9 y a sn the principal of, and,to,,the extent necessary for, p Y9 — 1 purpose the'Bonds as, the same shall an of, premsum, sf Y► and'sntecest'on ,.,., become and :payable.` Any excess p rocee'ds remaining:,':, the r ,due Sinking, Fund after the '`payment of the prsncpal of, premium, a d itlkerest on' the aondS sha1 1 have been made or provided r any, n fog be" transferred to 'the Enterpc�s"e Fund. .ehal O. Free' Service, The C1ty `w� l not render . or cause to H._Qr ku rencred any "fir' rv���. oE';,ayae by Ghe Fao� itie$ wa,i any pexentil� 'be ,eGalali shetQr users Qr. h game 11 class;4 the' tei11.hlud� its .de drtiilentSr n les ti and. 5 rldtil nt � '#a s.ItSe +�� ��e ���� and. , r I #tom Ih/ 1 ,j fees apliabie to' othet"�tiotee - thern etas ,orhares Sii 11�L i'eou tstat� es st a; 1 be ifl li1�e ervides uftder Cit�' agetto+ y and su'�h department ethe h a ed to suchl�ares,. tail be:. pain as they aoo:ue,, and — — itisttu�nentality` transferroi its'appropriate fudeut�ic1enit, tY�e ity shah re ba deemed oeived shall - SUM s to such charges... the rnot�e s so ..tr►e'acilit�es 'Pay: derived from the operat�t�n of and to be teVe nUes bee.-osited and aocr�utited for in the same ,manner as other Shall P derived from,'such operation of the "aoilities. venues Re , or Oth"er Dis osition .off the �'aoi ities p. Sal'.e, Lease rovided in this ' action, the'`City shall riot sell or S as p. Except otherwise dispose of all or any part -of the Facili`t.ies. To permitted by law '(including, �iitnouY a. 'extent 1 ..the 19(J) h'ereof): the City, may, r�ithout limi-tation► Section res'trict.ions; in any.Fiscal Year sell, lease or other��r�e d�soose forming a.P art of :the FaciL�ties, the aggregate vas se of assets each such Fiscal dear does :not exceed Five percent 5 of which in of the net oroperay, p Iant and equipment (5) of the book value financial statements'of he F' litres as shown ;on the audited o f t a c� 1 ",, ea fiscal Y for ,chic uch Cit 'ti£or he latest F' ear h s audit Y e: the. ds of'a sale rsuant to The p roceepu statements -,33e available. :.repair,..' (a) shall be'used by,. the City for, the this clause. o aci ties of the op f the replacemen t, renovation. or ,. Facilities b; To the extent permitted by law (nciuding,;w�thout f)scab 19( J) hereo the City may in anyF= s l:m�tation, Section o.therwi.se dispose, of assets forming a oar,tt Year se lease or . - the Fa�ilties.in excess of 'the .amount set forth �n clause (a) Qt SectlQn► reay auh transfer, these �s delivered - this a report o . the Consu�.tcg `ngneer e C �►ucinleCk` th. Y Qthr d�it�Qt �. auh det4nt rale, leave or °fie w li ` nc�t `have an `adverse `.�mP k onthe a :na F eve rues ,ky ; w:neth�Q u � A^ C�+ t c Q $o �t hl� eaT?A./;n}}�##T� a}fd'. _A .edt������' 1 JAN . .,. - tYttiiultic:ht�ineet eYtaz5�isio� tote ;:_ e crt� e e e eudh p , t, date o abroeet)s off' a aaie''and tC1e reit1 ihote uee t 1 receiVea Ltheapot try any ' lease � triereo h r de to: be. [�tlrlian tio.:this olauee . (b) 9hal1 beeec by tte pity rk. r;� of e eie teriov t'ic�n car opetaF�on: a the ' the repair, replaoeI I; _ 11: fzr _: facilities of.the raoilities. the extentperttiteti by law (incldLnq r Without .o Section 19(J') hereof) the Cite may lease the entire l ftitation, shall be 'delivere.d to the City Audi tot acid lities, if: there Faci , Cler he followingI g g veer setting _ : f .the Consultin En i : ,. 1. a report o i that; the ''proposed lessee of the Facilities is a ( ) forth Y responsible Tessee with substantial experience in the fin anciall y and size of t meat of utility e of the typehe - operation and.manage C � (:iz) the revenue 'to be der,,.L , d b 'the Ir .p4_ I , . L . Facilit:yes► of the Tact 1 tomes o.r ^e' r . I '' , comp Aga t from the:°ope'eation Fiscal Years,'following the date on which such Tease Ls o "be forecast to be sufficient to pay to ttie City the effective are by such lease,.and;to,:make :.all necessarj repairs► rent; provided , vemec�ts', and:, replacements to maintain. the F a j I litres ' in the imp _. condition. As prior to such Ie'ase,.and .. anag r to. the e 20 a certificate of the' M e fect ; �'. lease: shall ,provide'(i) for r2n payments for the that such : meats of the Bond_Serv-ce , Facilities sufficient to make all pay for all Bonds issued and which will remain ;' t — Require meats dian following such lease and all ,other obllga ions of .. the qutstan 9 _' ch ie'. Matlna..ev P C tQ` su s Cit which were:p enues rip a :, Y ayabl� from ',l. similar .to those: ) ap;�Xat�.onaI covenants ba nd�ng on the lessee _ . ;s; (� this gcdinancear►d any ` SuPP1em nta7, R �Qyen�nts eontain�d . . ate ,d�spQsse, _ 1e and (a �a.) fog �mxned� sic off. Sub. ssee n ©r0 nance :tha 'event a a cefilk und, W .GG? ut teacart tQeg urges a.n f a, , the .. . :- " ' :: ..,. .:'i -,.. -. ; ...,. : ,, _ .' �, �' ., .. - .: -. - ^q 1.,. , 'r'.. a. _ - _ _ _ r., ,.t- _ - - - - - f C ll,', pi �t fi 'c5 nd OUtigA i t:l �iLL l,t that the:ea c theaLlitIs will riot adr�fect ti e.atua — oY1 Interest tYt�ohcs faith��5t todetel itldce taetichr d. he AV'en 1 w (,ineliid to '► tiittldut t t p�tt�d by liiftitat ldn►j)'-h�r�r�)� thy. Git n1aj gill the et�tlre k� �'adil3 ties , i, upon tY►a ' appl�atb of the poo�ads o£ any° suo�i ship ..as hrainaftereuiradr thEr� .shelf 'b� 'no rind dated to be outstandingunder„ the'. eo�tision� ' of this Otdineijoe aria the pai,provision Eor the payment of City shall have d car made dull all other obligations of the City payable; from the Marina ev2nues.-. The proceeds of anj+ sale pe-rm_t,ted by this clawse (d) shall. be applied first to, the payment or provision for payment of din the Ho - ` rth above, and only F i nds ► se,t„` . o. -,he':; obligations, irtc�u 9 after asu`ch cbli9ations shall:hay., e paid or or'ov�sicn Lor tn'eir oaymen't may such proceeds �e seo .�� 3i�,. orneY 1 of :the 'City in ', addition `, no such sale �ra�e purpose,, consummated'nor :shallthe proceeds of any such sale °be applied unless prior ' to such consummation;: or application, there shah be eliwereopinion .of Bond Counsel to .the effect that such sale dd.�,P ' ? and the'ap�lication of the proceeds as required herein will have no adverse impacton,'the,.status of the interest or'the Bond with respect to Fedezal. income taxation:'and' onl,the status of the interest on any other indebtedness of the City 'payable from the - Marina Revenues with.respect'to Federal income taxation Q. Management'Contracts. The City covenants ;and':'agrees that itlwil�, not enter into,'any management contracts with respect' to 11'-or`any port1.0n of the Fac�lit�e$ unless khe City has cecevQd ate:' oQr��Q,ci of. Bond Gounse7, to the ef�ot that such E�eot the Stdt4ls 0 tha lntezSt ' transaolAtl ,Wl nitsY�'Sy a.ef $_- on th�:ons with repot tc FeeraI �noometaxation, Mai nk�n�i tht fit. c�arataon and- nc Thet Covenant$ a w. 1 m �t t� n � r d con t �Qn the a gas ► ar ? 1, A M9 ? .. t4'. .... , .. .r. , .. r : any 6Ide c bf nd : su dnd 9& t6w l'ig !�.i ��Y yp 5 �1 � �(y� yyry� ys y� ♦ i V�. �:v/V,1��3. �11 9,, yC{C - t. �. - � ty r law et ti y Ott l k r Ad k B �idh ide day k i th§ r at 6t��„tEEdit�g� in h7 d6uft cif omp teat 1aCaitflu C��` And and :ali r i ghts -under he a fl y .. - �uri5dic iohr ` prd otCt : artd h , g ahtod ahc:' Oftt 3 t��d icy his �7rd :"�r1 e ► the ''Bt t r .or of alb duties required d Ana endr arid,�(nPe� tY1e:erfornande an Y a iicable ':statutes: tb be pef'f.6fed by Y p b phis Ord iriance b the Ci br by 'any.oEfieer thereof. Holde r. or Eio lders �f Bonds in an aggregate c�riri�iPal The a majority of the Bondi then outstanding amount o f not 1e55 than may by a ''dull executed cert�f.idate in writing appoint to trustee Bonds issued pursuant to this drdinance �1.th for .Ho lders of Bondholders in any 1e5a1 proceedings ity tore resent such authorP Q ri hts Su 4 enforce'ment and orotec* Lori n- 9 for .�^e r { e,C 1 4 e f1 b'! o U C Lr o.aho�ders and ��ch c er+-�cat'e sna; ce a authoc�zeci atrornAys or their duly Bondholders or: and,shall be.: fired �n the orrice of tie Cler{. representatives►: of'this Section 22►: an -,Insurer vhicn.' nas;;naae a For-; 'purposes Bond,.whicn he City ' rindi al of or interest on any P P payment o' _ "u d in payment to shall be considered theti Holder of has.,defa , such Bond. SUPPLEMENTAL: ORDINp,NCE::WITHOUT 'BONDHOLDERS' SECTION 23. The City, :from time to time and at any time, a�ay adopt :CONSENT. shall not be.inconsistent with _ such.: 'Su lemental Ordinances as; s PP (w,hich Supplemental Orainance - the terms and provisions :hereof form a part .hereof) for any of tYie follow ng { shall thereafker purposes: ect ambiguity' ar, �arml def,or omi�sio.n �r To cure any ;. any �;t�cot�iskek Qrov�.sions inthis Ors Hance;. as' to carat �u �ementd, 4Qlery a.nY matter Qr queskaons arr>n+ p hertulnder . . A AN91 (i� - r,a : u et erl es r ovie ► dthdr it'd o e r�hter der: w�flt�� to o� co�t�err�c�:.u�t�ct t�� �o�idric�l �. t - - bdltir tat etc �etr�dtion nt ftl 1t11it �6 ' ' : ! a, c nds under the totb'VIsio►�s E ttt� Ord* anu Y► �$ u�r � t : �r1e::aftd..:retriCtibns,, ther�aEtar to be ' bthep :.: �� �� i e it ei lLMit�ti 6 b 9 er;Ved Y. to the, oo'venants and agreeterit b� the �it'� ,add D+To— and agreemsnts th�reaEter td be this 0 rdinance other covenants right o;r oowe� iiereirt y or to surrender y:. cbsetved,;bY trie pitan reseed to or conferred upon trie pity: o authorize Bonds: of a:,5eres and► in conneC`ion E. fe irred s' ecify and determne, the .matters and hings re therewith, p 6, 7 or 8 hereof,' and also ariy ot:1er matters ana to i n Sections rcr`-are ucF° ..° sh, Bcnds :ah�ch are not: - thir'gs re ati �e �neretcio're r e c` �nconsistent ' such authcritation► sbecificat on cr < ,esc�nc.3n�� amend, modi�7or S delrvery Bete t�� she_ of sucrt atio r to rmin n at any me orio Bonds .... _ ; SUPPLEMENTAL: , ORDINANCE WITH .�ONDHOLDEAND SECT SL1N:24. and provisions' cantainea . INSDR ERAS NSENT Subject to the terms Section:24. and Sections'23 and 25 hereof, the Hoiden ar in .this 2 in aggregate.PrJ.nc110 two tnrds,.( I3 i Holders of ,not_ less. than ht► Lrom, the 'fig_, amount,oF the Honds` triers outstanding shall -hake anythsng contained in this Ordinance to the, time to time: to to: and approve ahe ad°PC1° ` contrary notwithstanding, consent be or Su lemental Ordinance or Ordinances hereto, As PP of s uch b b y the City' foe: the ,purpOs.e of desld le deemed neessarY Qr or. e�c�nding., in any modifyngv aitrin9, amennir�g. adding ito Q t� terms Qr Q rQySlQt1s coc�tained �n this a rt euiar r Y ke cQntai:ned snail �e'cm� e. eov that nQ.ng e Qxc inan, o r P etnsQr� 9,f the.ma14 r p e m l t k i,n q r , � � : � �� - ( 4 �r Q„1 M f hsYEKtR,hAlfr rG, pr f�l+rx '.het-fi nd?�,4� the n� pal Q:f 9r the:, n ere t anY 7Qntei JAN 910 , u lEtdi 5�1 a duht et�y dttd off, the ' iti the ti u tidi t`e�et� tiott refii'ufh br EY1e tat e df i ltete54 'het`eofl� a lien �apbn dr a ,p��e o tth4r that tte let a;d die tibC� oaf fe; �y �fi,'i�if1c111tY�r (�� � �teCetiGe 'dti, pt'�dr,lt°� of ��ea��'(� ,'this ot�d E3b�cs cet ° �riy %thendnd or Sbnt5►sr any d thebr�d r�cu�rec reductic�t in the '.at�gtre�ate;:pr`itislrnesut�t. to such le terital on inattioe. Any Supt5lettiental Edt�nsent naCtc�'' which ,is ;adopt in acdorda"nce with the, fbvlsidris of — card 5ectiot 4 shall also require she written consent o£ fife — this re outstanding at srich Bthe time An. dnr)s which a �nstirer of ' t thi herein ake' effect. '. n9 Supplements �rd�na nce shallo be- on a.s making necessary the con s itzed, howewerr;:'shall _ Bondholders or the insurer (if any of the adca' ion PPrbval:.by lemecitai Ordinance as authorizes in Sect 23'he'paE• 12 of any, -Su PP `=me City shad de n_ e ij F at any 'he desiranle, `� adept any 5u'po' emen- .3 Ord ..a co �r ion. 2,4,` the. Cler'{ sh'a1lcause notice. ^r =^e of this. Sect purposes of such Supplemental Ord.:ance to be �na� Led, sei ado tion propo P prepaid,' to the .Holders of a!' Bonds at their ads*esses :postage ...r. "ear on'the registration boo►ca and to ,the Insurers, �t the aP�. as y. of Sus# notice' shall brief,,ly set Eorth the nature: any; . ...._ ro osed Supplemental Ordinance and shall state that copies P P 'are at 'the 'office of the Clerk— inspection by the reoE on ;file all Bondholders°. The City -shall not, however, be subject to any. liability to any Bondholder by reason of, ,its failure :to cause.`the`. hzs ectn 24 tobe mailed and any succt notice required by tS o shall not' affect the validity of such Supplements failure ed t o and aPP roved as provided-�+� this Otdinance when consent ; Section a twh 'the. thinafter one ye T seal c�� Q such rit�c.e► the pity shill dalave t4 tie 'le;k a- r ;y nsrmnt` dontru�n�ntsn wr).tn9 pir�Qrt�.n to bexacG�dx It the Qld rs Q� ttok less than tWQa�h�rc�����a�� -a ,iidi -a1 a(�iounC o the ends thin' �iu�stand,iii4And all insu���� — nstuteht of ins'tr:uftren shill eer ,' to the oresased PP lete�ttal G7rd.iane deScib€ su�:hoc�e aid ship ally con § eft t end c�P�MV, the adb t�or� 4hereOf i a�tbstantially the.,form o the l pY riteoefered to �n . s�3Ch notice, th�rUpdnr but not othwii5� t1� �it'y mad �dzpt uch �p lementa�' ordinalde in substantially Sl1Gr1 t5�t�l'r w thout liability:, o rcesponsly to anti holder of any fond, aihe�-her or not si�oh,HoIder hAVe'consented thereto shall If the Holders _ of :, not,; less than gad-thtt3s (2/) in e �ime ggregate principal amount of the. Hc�ni�s outstanding at thjL adopt , such Supplemental Ordinance shall' ha�'e of the n' of ;. to and approved the adoption thereof as heroin — consented no Holder of any Bond shay i 'hat>eany r. provided; S oD a Ord:^ancA, n �o,e c _ 31 7 one adopt on cf such u amen `e '(Tl5 3^� �i:.'I �� ,nS :C �C, ,a n2C: ^e-ell �- 1 ��`Ie o que t he:or'cnriet� cL L^P thereof,, or n any, manner sLZl _ ' .._ � �L�cm adcpti zQ adoption, tnereoE► or :to- enjoin or'res��ainthe:Clay or, from - takingany action pursuant to;the provis ans the. same thereof, of any Supp lementa1, Ordinance pursuant: to Upon -the adoption the ,prov'isions o E this Secto24, this ordinance,shahl be deemed in be modified and. amended' Jn accordance therewith, and .the to respective xights, duties and obligations,.under this Ordinance oL City and all Holders" of, Bonds;:.: then oukstandin e�'a� the: enf o thereafter be determined, ex,eccsed:and rced` in all resaecrs' under the p rovasions of this Ordinance as so modified and amended; this Section shall' permit, or be cQnstrueci as NQth�n in Qerm�tt� 4� wthou�t the cQn�,eht of the owners of IAQ�sn 9g r�gate .Fr in'cIa amount the , 13ond� then outatand#r9 : ar o a€ f ther��y. t , I:' W W . , 'iii c�tv k�lCs i - bl ".k Gdul�i�4.�11 - / r A§;'.�x'C1lj l,Vl1 VJ to �te,teted 1. \ . ` rin i l;' Afhbuftt ;Of i' or ��dt��t i.. 1�1; t�i� t�t� b� 1P1 ., tYie ift d� iht t 9t oft# �r tedu�ti��, s tenei� the ti e.bE �$y , , t.b riie :Oft the t6deth"Pti: ft b I i any dttd� . h rettiu ► Ley 6 e p itY *t t ,, c .6ht o, the bwfler o' su ti ,lq , ,� or (b). A„eedudtibn in the amount or`itxten$A. �on the ''ime — '''ec aired to be trade into the �inkin� rand' ,,r b ari ayttant •. , , or sinking fund applicable 'to any Addit.lona� atti intar Y ritYS bade; car - - u a n t h e.' F a Cif 1�ies oar o an lien, p (c The creation Y , _ ` any other prrper,ty of the' City, or in the aforesaid aggregate principal d A reduction (- ) . the fonds the o,w`ners of 'which . aze required tc amountof consent'to any such Sutiplemerital 0rdiitance, or �j _nteresL cn o ds ., , - - � ;I -env 3onc' o tiers to oeccme : 3 b ec 9 taxation -. . _ .,, . Al+1ENDMENT WITH CONSENT OF INSURER ONLY ` := 25'• .1 ,, SECTION' { d%m- a m e n u. outstanding hereunder are insured as to p 1 all of th._Bonds and interest by.. an Insurer or Insucers►' the City may of princip one or more Supp lemental`Ordnances amending ,all or any '_ enact - and 19 with the ,.written consent `of each part of Sections T8 by each Insurer that its insurance surer and_the_'acknowledgment In - olfc will remain in Eull fprce•and effect In such p Y or guaranty' - consent of` the Holders' of any Bonds shall' rot cue - event, `the ' = :' nt,.howev.er, does right of amendme ,�:, i,' ,, The Eor necessaryy egoing :a�� i t4 any amendment tp.Subsec ,, 19'(J) hereof with respect to � app1Y Said Bonds from federal income ' �II: can tac�n ontezest: on t p ,1 ".�1: . 01 ee' s Q Y maY 4ny ��h ameh�lmetit d pr va the Fi E an ;. teat can nQr. 1 ._ - me�k o tk�e Bonds .from, aid the r ten Qn; Bond Q. ' get Fad , ' . ',: ,. d , i euen s = rJ� l tag . w� h Ghe. lei Q �v'iden e hepkedge . ;' `�2n n c f n �ac� a , : a ©.r sa. the to c. ay adopt _' Y, ; . : . x .:,�,:�1., ,, .,. , �, : I :.;' ffi ::���� '_ [/�jw 'yam/ ' I .i�,i", ��.,�' i�::;, �7M t?4r' 7 . yr t14. , -_ ;, ..,, - k such u 5fdif a tde.Aftep tale 0XPC �t iC h b t i pity or t e�itelnbt db tneret E etch' be `i► it d •. th'e a a i ►e� ►btu e a a tetic� tent under ti 2 — { 25AN pity'. �ha.l pay or pause t6be 5r1t .or here the E�c�iders 1 ti�ia� b f Al hall" bth e phi �t�d the d t: pr�ncip l' � ,' eecdemp,tion �ietm1um i� Any, end t�tereet' due or tc� become due theCec�1 , at the times ;and;' in .the manner, styti'lated therein and in this Ordinances then the ;pledge the,ldged alfgons d covasagreements and i evenuesrand le ali theYeu on mate and the' term City t-o the.Bondholders sh = become void: and b' is and Satisfied. An�t;Sonds or interest installments appertaining thereto, A �; cr redempt�n cats , :rh t er at or prior to the mail, �r�t, 3c ics., s:^.a� „A ceA�r�ec peen,' -pa yea . r� this Section 26 there shall:have peen deDositeb`•in irretToca�lp trust with a flanking institution,:`or trust comoa'ny the "Escr ;gent'") by or on behalE of the City ,either moneys in an amount ' r- a be su dent o� which sh ffi or Obligat'ohs of the United States. America►: ''obligations guaianteed by the':;United States of America (hereinafter "Go'vernment :Obligations") the princi'pai 'of _ ,t ";-■ -: and the interest on ;.which when due _ ail'l provide moneys ` which, together - with he moneys, ifs any, deposit1.ed wiEh such bank or t.. ' trust company at the same time`:shall be sufficient to pay the - principal of, redemption.premium; �r,applicable, and interest :due ' T. and • to become due ors sand Bonds on an prior, to:the' redempc`ion matuy date thereof► `as the case may be, Except as date" or rit ' her ina ter prov dQd, neither such overnment flbligat ons,4r any monys :o dep4sied' w� t'h such bank or ` trust company noz any . . . or . acoQuotut dompan d bpk moneys' receive r�t Qf �rltl � c?f� ed mp ion pr.em m, �f: dpp�.lo ble, or interest, r,?n' ci'� Cdun�ne.nt Q�� 1�st�Qns shillb W.thdraWn',,r ussd €4s�►'�' :_ s l 7 j S'h'e li �e �Se -' 3°t `�is t; ur iae 6, htr I',tha,C� r r3i1C,1 aii Li h i1�1i1e d — tot,aild be:..a�"1 J.1ed for 'the 0ay'tndhtr .When:dU60 of hd r deitpt ion. t �ni ut , i' apc�) bie i tlf tt e , $o�ds c r. the ajitileClt c r@demtlbh. of which : they7ere deslted aftd "h' interest' accrued 'tyereoh to. t:e date o� rtturit o redeiotid�i; In the eveIht the City shall seek ► pr icat to the — maturity o redetnptitln date thereof, to pay or cause to be' oazd allbutstandtig 19$ _5tlnds► then the 19$7 �otds sha11 rii5t b p d unless i itin to all Ether deemed to ha al n a it have been requirements "for defeasan'ce, ;there shall have been delivered: (a) a certificate From; an•`'auttorized of of the then City, to the •effect 'that, .(I the ,City is ;i;� with=Sec:tlon`19(J) of,thi's Ordinance, compliance an (2j the City has irrevocably deposited with ' escrow ' agent such ,monies, . securities, docu�T,ents and such irrevocable a'hd, other things, :issued' i`nstr:uctions to said escrow agent so` that any `; remaining and cons ui.ng acol i Cable ec<< emerit� s�E Ccde zChine'soec~ �hepr+alaandJreooc nat lre, City h,as i t eliccacy 1 3 t cry �� end Lon ^� �a to. p.erFrm such remain .: applicable ;requirements on _ne � oeralf, and 9 to do, ana said escr unde rtaken so ow a gent has. (bj There; shall have been delivered "b said esc-cw e`Eec'- ; agent an ,.opinion of Bond ..Conn"sel to the in t:^.e --'that ',.'based upon the ;nat,t,ers set',°ortn t certificate described in(a) above and assuming its compliance by said escrow agent with undeitakin described.,in (a)(3jabove, no further g action by or ..,on the = par ,of 'the City wig 1 be the r required.unde r the applicable,iequirements of .Code to inincome tax exemption mainta' the Federal of inter est sin. the 1987 ohd the ,event the City- shall =seek► prior o the maturity or redemption date.°thereof,,. to pay, or cause to be, paid t { - ,. less' all ;outstanding ;" 1987 Bonds and the- provisions of •than force,or effect, n are' sti 11` of . any fo :.r Sec_ on :19 (J ).. Or,d�na ce' t of.th�s, then the",. 1987 Bonds which the City then seeks, to 'pay. or cause to !' be ,paid sha11 .not be d�cned to have been d unless tie require,.ments' of Section �(i(i) of that Qrdinanoe have been met with Fe s, ect to the.987phas o, be .d, In the event that the principal 9�, r�demQt�Qn premI 14m, F �f a r end, �.nteceet die`. 'any �rnds shall be paad by �3n .nsre r :4 , AV91Q 'l ifk •'���"RT ot..�1sur�s @dee they ed�de�iCiues sYid al �,:. co er�et�ta►;, a rse outs Anti other a�lilatich9 o the i to th'e ondho a `rs l� li C0htlnil t0. exist and Such 1ngurer �r . in�tl�ers ;,. stiel ,be uo � steel tb the rights of such bondholders, >_ � . any C'C�Vt�NS. if. C�l�� s Y C7' tl ' brie „or mote oGhe oovenantst agreements:or' pLdvisidcfs hesiti Co�ltained shall be held coc ttary to any expfess provision b law 6r cohtrary to the policy of `express iaW,. though not expressly — ptohibited, or against public poliCy,_.,or''shall for any reason whstsoever' be. 1d invalid, then such covenants, "agreements o'r provisions shall 'be null and: void .and 'shall be deemed` separable from;the remaining covenants,` agreements or provisions and ahai� n no way affectvalidity of any of: the other praviszons hereoF or, of ._,the Bonds or,:'couor�ns issued Hereunder. SECTION 28. VALIDATION AUTHORIZED: ,he, 3c �cL "ie:Js `� '- arJ �iereoy autnor�zea andi-di.rec e s crecaYa' ^c G�tr nroceedt ngs to validate the 1987 Bonds, the oraceea� ngs �e? a ..g _ to the issuance of Ghe:1987 Bonds, 'and tiie �evenue pledged fo~ the payment thereof in the manner'orovided by law.'' SECTZLIN 29. GENERAL AUTHORITY.. The groper ;oEf� cers of t?�.e Cit Yare:.t3ereby'authoiized and directed to take all such action ; hey may find to be necessary or appropriate to effectuate �-he as t26 - p rovi.sions or this Ordinance and the consumation o'f the transaction contemplated hereby. I SECTION 30.' ORDINANCE. Due to trie present EMERGENCY ravgrable market.con ditions for tax-exempt obligations such as the1987 Bonds. and the volati la ty of, the market: foc such obigatQns, and iri order tQ .take advantage o satd. market { cC?t3d[�s� It is '- necess'ary to proceed a expedit�.Qsly a t�A a4s �.ble . with th< act�an n dess fiy Q s ue' the 1957' fonds, Zt' i 4s h r y e a ec ► there Qrei than t s, Ora r►an e �s and s ale beR.3s 1'I tl*d'ld aEJ� SL�,t' ei M[h �Telf � w'I# O iSf �*F A their gr!/M1,d+T�ltl t� iF need fQr the pre et�{ak t Q p, a e, head h, safety Q { t il - , ,, . . - -- ,; : f 0 — ., 1. It I , " - T9 "L : b �N' .. , G�IIWCi L'_i 1 i i'i Y i i�i s -'i i l Y i a'' pis �y y y� y t i� L i ,m� y� tli itI V - �i �(y� y j iµy a7Cl•4i11 . I' -, �l y {y: , ptu Wh'6 Ity: I,, Lsl1" i 1 i i'i Ly p� $y yly j� i i-:i i i i' ' '--„ qy� y7i�'y7- g wits i6ri -1 �� . , . - .. g e d i tt i i,fY i i ti i f 1 i LL i i't t i'_1 .i i L t y,, i, i q lhityY}4sl li r� :' i� d � .7: Y ", L ' i I, Y . i Y i , i, . . , - i , - , ti1C.. i6�.G,ti Y i'i L iL{ Y i L Y i'Yi i i }y y� y� y� �y a { L� /y 6 it U ' . _ 4 c t i o ft 4. '�-�til ��yy y� yc ;y!y y W,L LGls �lj 11 V".: C y y yy y� q y( jig R /� x yq Lis t WV 11 �7 4..1 tti tG'" �LW llt L �4-t ''' i j„i„�. -' s 6c tj i 6 : 5 J� t pY p V"' . i'i,.'Y�. 1 i j;h i. .7" �`.d� lla ll Vl:G �i i yj 6' O e �y y iy y� p . :AUthV-L i.;ifiat-Vis.'.:DVilliiJ i i { "i L'i i. -i i- i •9 i i-'i -" V' 1 l- - any pc1:,i�r'lll,�- �;:': i Y i i �i L i 'i 1 f Y 1' i /� i i . 1�y�y�'y/ � tio�t .'i �j �o��gid {]iLd beed jiiptyicy�iy� y -_ A, {:'. liiVli d �JV ( LViid. GtoI e I 71 . l i;.'i i i i:L. i"i : i i i t . i i pC -" jK y..iwl _ .7ec is lbft ,,0, .iG'L,a f i±.V,lldi i,i , .'6'i ,,i i i L,i,"i , .�'�;�.`Y i L Uecut ion . - j L i Y i - i` + edtion 9 . ' . A4tH6nt cation Y i,i / i 'i L'i L L,i t L -Y-i Y i L i t• i i Y i . S'ection 10 Section 11 , Bonds Mutilated► i i , . L i ..Lit . Stolen or 'too tI 13 Destroyed i . . .: " section l� prepaatiori of.beElnitive Bondsi.: i.;L•lit.i. tal" L i . t - i 1 15 onds;.Tempo prtwision5 for ,tedeinption i • • • ' ' t L Y i i.i i . i i i . Section 13 Interclian"9eahllity► i t i. i 1S Section 14 s f r{ i: L. . { i Negotiabilit and Tran e ',. l$ Section 15 "Form of'gonds.ii,.L.i,i. i.iL;..ii.i.i...it•t Debt; City....., .:.{ 60i6 i.. 18 18 Section;.'16 Bonds" Not, -of Securit for Sonds.•'.,.t•i.i.ii.i. ..{tL.�• `'` y • � • 19 Section 17 Section 18 ConstructionFund... :.. , .. 4 .....:, i ... ., t..,.iii City 20 '9 — Section``'19 Covenants.of ttie ...• .. . • • . i pation Notes.:• :• •• 'S n Antici ', . i 39 Section ` Q • , i , of Default..:. .:i.0 Section; 21" Ev,ents: Section -22 ' Remedies ::'.,;:•.... Oroinance t Section 23 Supplement"a,l .';' iv i t Bcnah1-lders' �,.1.1, •, , 1. SeC. lvn :2 . Sup lement'al Ordinance.,'�11�h" P Bondholde rs' a surer's. Consen� nd In 'I- 4 W,lth':Consent . . , . i Amendm f i surer On 3 ent" ° n , Section,25 Section:, •: Defeasance..... ....... .,,• Provisions... :. 47 S'ection;'27 Seperabilit— Invalid •• Validation Au;thocized 7 }7 Section 28.; Authorization :. 47 Section" 290- General Emergency; Ordinance •• '• 48 Section:.3G" ,, Repealing Clause .. ;4 Sect ion,31,•: Section 32 EfEective,,Date., ... .. .. -.. . " . _. , - -" -- 11 - 4, _ 11 ;- ' ., . ,. l ,, , -.. , :- . — ,: ,.. - . „ ;j ,. =. - :; , - . _. -' " .1,111 -",-: ,' l;5 -- .. I �,: - - , �.`?f, -� - ,i, f j v ..' . ''� ., - .. 1. j ., .l : .. -. _ _ ., _ ' - �.,:., _ .. _ -' - - i , -.. .. . '. ., : I, "( .. T �f {i11 - P { MIAMI AV IW PUbh9ned bailq except Sal6rdayi Sunday and Legal Holidays Miam; Dade County Florida STATE OF FLORIDA COUNTY OF DAD 9e(ore-Yhe undersighed authority personally. appeared: Sookie Williams, who`oh bath'says that: the ,'is the:Vice:.: President, of 't.egai Advertising of the, Miatbl Review, a deity, (exeept Saturday, Sunday and Legal Hclidaysj Newspaper,., published at Miami in Dade County; Florida; that the attached copy of advettlsenient, being Legal Advertisement of Notice in Ilia matter of CZTI' 0F.MIAMI ORDMANCD 110: 110278:. In the XXX Court was published In said newspaper in the Issues of June , 29, 1987 Afflenl farther says that the'said 'Miami" Review, Is a' newspaper published at Miaml' in said Dade' County, Florida, and that -the said newspaper has,heretofore been continuously publlshed-'in,,sald , Dade. County,' Florida each, day (except.' Saturday; Sunday and Legal Holidays) and Iras s been entered a''.i second class mail 'Matter at the post office.in Miami In said, Dade- County. -Florida, fora perlod'of one year next preceding the first publication of the -attached copy of advertisement; and afflant further "says that she has neither, paid nor: promised any person, firm. or corporation any discount; rebate, commission': or re'fu d;.for the, purpose of, securing this advertisement for publication in the s ld newspaper; Shorn fdjand subscribed before me this -- 29th day o� ,` j. .Tlln@ 87 1,._ Cheryj H Harmer « NAtpryPubilo, .Stafe of .Flo r►da at Large `(SEAL) t' My Cprrfpt!)sipn expires Aprilr 12, 19fI8 MR 114 ", , c r� All tnteresled beTjbhs` lrtAL ifldtltl::, ke iihll�rf If1g1""-t5n 1fie itlh ddy 6t June f38t the City G fitfi10idtr of Mlamt,Flotida. 686p(dd the 61IdWing Itlied tirdinanCe3: " " AN NERGENGY 6RbfNANCE AUTHORI20i 1f HE ISSUANCE OF City OF MIAMI MARINA REVENUE BONDS SERIES f9 ;1N .AN AGGREGATE PRINCIPAL p'MOUNT' NOT TO'EXCEED $121000.oft PROVIDiNG FOR TjtE TERMS THEREOF AND CER THIN MATTERS IN CONNECT(ON THEREINlTH; bFLARiNG THE ORDINANCE AN EMERGENCY 'MEASURE; DISPENSi,NG WiTH THE,h AbiNG OF THE ORDINANCE ON TWO. SEPARATE DAYS AND t'l10VIDING AN EFFECTIVE DATE, .". bAbINANCE NO. fbiis AN EMERGENCY ORDINANCE AMENDING CHAPTER 54,OF THE CODE ;OF THE GITY OF MIAMI; FLORIDA, AS AMENOED,ENTI TLEO "STREETS AND SIDEWALKS' ,BY AMENDiNG.SECtIONS 54.45'• AND 54-4;7 OF'sAit) CHAPTER .TO REOUIRE SiDEWALIC " iMPROVEMENT AND'DEDiCATION cIF',PROPERTY,.FOR RIGHT OF -WAY PRIOR TO ISSUANCE OF 801_01NG PERMITS, WHEN PROPERTY IS TO 815 iMPROVEb BY CONSTRUCTION RECONSTRUCTION,,AENOVATION, OP REPAlR OF $25,0DQ OR MORE IN VALUE OR WHEN 1HE C,ONS'rRUCT10N RECONSTRUCTION. RENOVATION OR„ REMODELiNG EXCEEDS SIX HUNDRED FIFTY_SdUARE FEET IN F_ LOOR,ARE.A; FURTHER.. PROVIDINGFOR .AN APPEAL AND, R'Ev.tEW_PRO CEDURF ' CONTAINING 'A,RF.PE_ALER PROVISION ANO A SEVERABILITY CLAUSE, DAMNANCP Nb 102 b r' AN EMERGENCYORDINANCE ESTABLISHING A NEW SPECIAL REVENUE FUND. ENTITLED' "HAiTIAN CHILD ABUSE EOUC;A tiON PROGRAM FY:'86•`0 AND APPROPRIATING FUNDS FOR THE OPERATION OF $AMEIN,THE.AMOUNT•OF.$60.000 FROM THE UNITED STATES.. DEPARTMENT OF HEALTH AND HUMAN SERVICES ,THROUGH;THE;:STATE OF FLORIDA AND DADE, COUNTY'S OFFICE OF.THE DADE•MIAMi CRIMINAL. JUST( COUNCIL; AND RATIFYING THE CITY MANAGERS ACTION ACCEPTING :THE $60,000 GRANT.AWARD, FROM THE UNITED STATES DEPARTMENT,. OF.HEALT'H'AND HUMAN SERVICES CONTAINING A REPEALER PROVISlDN.AND A SEVERABILITY CLAUSE: ORDINANCE .NO.1D2t31 AN EMERGENCY ORDINANCE ESTABLISHING A "NEW.DEbF SERVICE FUND ENTITLED. `,'HOUSING SPECIAL OBLIGATION FRANCHISE .FEE, REVENUES DEBT SERVICE FUND'`; .AND _': APPROPRIATING"FUNDS,FOR;THE OPERATION OF, SAME IN `THE AMOUNT'OF$3DO.000 FROM SOUTHERN''BELLTELEPHO.NE AND TELEGRAPH. COMPANY. FRANCHISE ;FEE REVENUES,. CONTAINING A REPEALER PROVISION AND A SEVERABYLIIY CI.AUSEr ORDINAN"CE NO10282 AN ORDINANCE, AMENDING SECTION 40163 OF THE CODEOF THE CITY OF MIAMI FLORIDA, AS AMENDED; ENTITLED''ADDi + TiONAL CERTIFICATION", BY ADDINGA NEW'PARAGRAPH TO THE EXISTING SUBSECTION (e)„ENTITLED "MANNER OF CER TIFiCATiON OF ELIGIBLES FOR, APPOINTMENT",, REQUIRING THAT CHANGES IN ETHNIC, STATUS'BE,ESTABLISHED AT;THE TiME OFAPPLICATION FOR ALG COMPETITIVE EXAMINATIONS, :CONTAINING A REPEALER PROVISION. AND ASEVERABILITY, .'. ,CLAUSE: ,, . ORDINANCE NO 10283 AN ORDINANCE AMENDING SECTION 1 OF,ORDINANCE NO 110187, AS AMENDED, ADOPTED DECEMBER 11, 1986, THE CAP ITAL,iMPROVEMENT, ,APPROPRIATIONS ORDINANCE;; BY "RECLASSIFYING THE :FUNDING SOURCES FOR;THE PROJECT ENTITLED.'AFF,ORDABLE'.RENTAL HOUSING 'OROGR,AM' PROJE&%321024: BY DECREASING ,THE,EXISTING APPROPRI' ATIO.N, OF; 1976 'HOUSING GENERAL OBLIGATION,. BONDS, ey THE 'AMOUNT. OF, $2,555,847' AND, BY ,'APPROPRIATING This SAME AMOUNT-FROMANTEREST:.EARNED ON.1976.HOUSING GENERAL :OBLIGATION BONDS; 'CONTAINING "REPEALER 'PROVIStON AND A SEVERABILITY CLAUSE;' ORDINANCE NO 10284` ,AN ORDINANCE AMENDING, SECTION it OF ORDINANCE NQ 10187,;ADOPTED DECEMBER 11; 1986,-ASAMENDED, THE CAP iTAL IMPROVEMENTS APPROPRIATIONS ORDINANCE;;BY DECREASING AN'D_,RECI.ABSIFY!NG THE. FUNDING, SOURCES FOR. THE PROJECT ENTITLED"FLAGAMI!SANITARY SEWERS', ,- PROJECT.N0.-351]73;,BY DECREASING THE APPROPRIATION FROM 1980.SANITARY:SEWER,G,6; BONDS BY,THE•AMOUNT OF THREE MILLION SEVEN HUNDRED THOUSAND. DOLLARS „($3 700,000)'AND BY APPROPRIATING TWO MILLION SIX HUN DRED THOUSAND DOLLARS ($2 660,000),FROWTHE REMAINING' 1975'& 1976°SANITARY :SEWER%G:O,-:BONDS FUND, BALANCE ` CONTAINING A'•REPEALER,PROVISION:AN,D A;SEVERABI,L',ITY' CLAUSE: ORDINANCE NO 10285.= AN EMERGENCY ORDINANCE. AMENDING SECTION t OF ORDINANCE .NO. 9743,: ADOPTED, NOVEMBER 16;. 1983, AS AMENDED, WHICH ESTABLISHED THE SPECIAL REVENUE FUND ENTIT.LED,."PARK.:DEVELOP..MENT,.FUND," BY INCREASING ' RESOURCES AND.APPROPRiATIONS IN.THE AMOUNT OF $6;000 CONSISTING OF $3 000 IN .PRIVATE DONATIONS ANp $5 00p 1N CITY ;MATCHING FUNDS' FOR .GRANTS,; OONTAINING;:A11 ; REPEALER PROViSION:AND SEYERABILITY.OLAUSE., ORDINANCE NO 10286 AN ORDINANCE:AMENDING SECTION 1"OF ORDINANCE' NO 1011t7, "ADOPTELi ;DECEMBER 11 1986 YHE CAPITAL APPRO , PRIATIONS ESTABLISHING A SOURCE OF.FUND FOR TNE'C1TY 9F MIAMI'S NJATGH'I .G:FVNQ. AND INCREASING APPRQ PRIATION, BY"$55,7p0 70 THE B.AYFRONT NEDEVELOPMENT— WALKWAY"AND LANDSGAPING;AREA A PROJECT NO::331228, AND,,Y INCREASING THE;APPOOP-RIATION OF.THE,EXI$TiNG PROJECT ENTITLED' 13AYSIDE SPECIALTY',CENTER". pROJECT NO, ,322630 IN .THE_ AMOUNT OF $21;07Q A'ND BY' RENAMING ANDINCREASING, THE APPROPR,iATION�-OF:.06STiNG PROJECTS, ENTITLED'"BAYFRQNT PAs}K.REOEVELOP.MENT AMRHfTHEATAE PROJECT ,NQ: 331231 ANP 1:3AYFRQNT PARK -' 13EiJEVELOPMENT�-OESiGN AND; DEyELL?PMEh1T, t?HASE 11 '331302,IN THE.AMOWNTS,QF $3q 74p'AivQ $ 26p,000 RESP.ErrTIVFLY AND BY.INCREASINO THE'APPRi IRRiATfdifF Y 1I1,371;510 TQ THE OiTYW1QE'-NEIGH{3S9RH�iQp PAh)K RENOVATION PHQJECT'`NO:331303;.AN TAlN1Nl�x`A ? REP1~ALM PRPWSION LAND A SEVERAWLITY O).AIJSE �RtiINANC€ AN EMERGENCY?ADlNANOE fiSTABt.1SMtNOA NEW SP};,QIA4 REVENUE F#JNP ENT11%. 0.'"QQAAMl1N1T' pEVE1�OPMEN3 SI..RCK DaRfANT (THIRTF,9,NTH YEAR),' AND APPI3OPRIAT* $11;919.0m FOR EXEt�UTiQt�1 OFSAME ANp A} St? A'PRAtOP,f i ATING TH.E SUM OF:$025,000 FR!?M THlRTEENTH.YEAR=QEtM o +!1411111'4, ; 3FVPi �'t1�A.�l�' i3L��Ii,FaI�AAIT It -Aga) #3#t11/ta fred�re+:: °�'�Rllf����.�t� 6 5I4#a s an iDl POaId :dl� n9�'►aiT�'� la�lnlQ$ $I .?�Q. YAII nib IV.4 :�1!# �,t�9® - %:,};df1O('.h+'