Resolution 066-1965V
RESOLUTION NO. 66-1965
RESOLUTION AUTHORIZING THE CONSTRUCTION
AND ACQUISITION'OF ADDITIONS, EXTENSIONS
AND IMPROVEMENTS TO THE EXISTING JAIL SUB-
STATION AT MARATHON AND THE EXISTING JAIL
SUB -STATION AT PLANTATION KEY AND THE
CONSTRUCTION AND ACQUISITION OF A NEW
JAIL AT KEY WEST, FOR MONROE COUNTY, FLORIDA,
AND THE ISSUANCE OF NOT EXCEEDING $1,300,000
CERTIFICATES OF INDEBTEDNESS OF 1965 OF SAID
COUNTY TO FINANCE THE COST THEREOF, PAYABLE
FROM THE SPECIAL TAXES AUTHORIZED BY CHAPTER
135, FLORIDA STATUTES.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE
COUNTY OF MONROE, FLORIDA:
ARTICLE I
1.01. AUTHORITY FOR THIS RESOLUTION. This resolution is
adopted pursuant to the provisions of Chapter 135, Florida Statutes,
and other applicable provisions of law.
It is hereby found and determined as follows:
(A) That as provided in said Chapter 135, Florida Statutes
(hereinafter referred to as "Act", it is necessary for the carrying
out of the essential governmental functions of the County of Monroe,
Florida, and for the welfare of the inhabitants thereof, that there
be constructed and acquired additions, extensions and improvements to
the existing Jail Sub -Station at Marathon and the existing Jail Sub -
Station at Plantation Key and that there be constructed and acquired a
new Jail at Key West, all in Monroe County, Florida, together with, in
each case, other purposes necessary, appurtenant or incidental thereto
and all substantially in accordance with the plans and specifications
therefor heretofore prepared by Edward M. Ghezzi and Associates,
Architects of Homestead, Florida '(hereinafter sometimes collectively
called "Jail Improvements"�.
(B). That pursuant to the provisions of said Act, this Board
heretofore, at a regular meeting of said Board held on the:8th day of
September, 1964, fixed the time and place for a public hearing in said
County on the exercise of the powers provided in said Act, and that due
notice of such public hearing was published in the manner provided in
said Act.
(C) That said public hearing was thereafter duly held on the
13th day of October, 1964, pursuant to said published notice, and that
all taxpayers and residents of said.County were given full -opportunity
to be heard at said public hearing.
_ (D) That aft-er d.aid public hearing, and after due. and full
consideration, this Board-did.on_the 13th day of October, 1964, duly --
adopt a resolution finding and determining that is is necessary to con-
struct and acquire said Jail Improvements, providing for the financing-'-.--_
of the cost of such construction and acquisition by the issuance `of
Certificates of Indebtedness of 1965 pursuant to said Act and levying
building taxes which, together with -the building tax heretofore levied
pursuant to a resolution duly adopted by the Board of County Commissioners
on June 21, 1951 , authorizing the issuance of $349,000 Building Certifi-
cates, dated August 1, 1951, of which there is now outstanding and unpaid
$29,000 principal amount of said certificates, and pursuant to a resolu-
tion duly adopted by the Board of County Commissioners on Feb. 6, 1962 ,
authorizing the issuance of $75,000 Building Certificates, dated March 15,
1962, of which there is now outstanding and unpaid $52,000 principal
amount of said certificates (all said outstanding and unpaid certificates
being hereinafter sometimes collectively referred to -as "Outstanding
Certificates"), will not exceed five (5):mills per annum on the dollar
of the assessed valuation of all taxable property in said County for -'a
period of not exceeding thirty (30) consecutive fiscal years beginning
with the fiscal year 1965-1966.
(E) That the estimated cost of the construction and acquisition
of said Jail Improvements is the sum of $1-53003000 based upon the estimates
of said Edward M. Ghezzi and Associates, Architects, of Homestead, Florida,
and that all or substantially all of the proceeds of said Certificates of
Indebtedness"of 1965 authorized by this resolution, in the principal amount
of not exceeding $1., 300, 000, will be needed for the construction and ac-- -- --
quisition of such Jail Improvements...
(F) That the County has heretofore'issued.and has now outstand-
ing said Outstanding Certificates, which by their terms are payable from
and secured by a prior charge on and pledge of the proceeds derived from
an ad valorem levy of'not to exceed five (5) mills per annum on the dollar;.._
of the assessed valuation of all taxable property in Monroe County, all
in the manner provided in the proceedings which authorized said Outstand-
ing Certificates.
(G) That the,special taxes levied pursuant to said Act, said
resolution adopted October 13,.1964, and this resolution will be sufficient
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to pay all of the principal of and interest on the Certificates -of
Indebtedness of 1965 authorized by this resolution, as the same shall be-
come due, and.all sinking fund or other payments provided for in this
resolution, after all principal and interest and other required payments
have been ,made for said Outstanding Certificates.
(H) That the -principal of and interest on the -Certificates of
Indebtedness of 1965 to be issued pursuant to -this resolution, and all
of the sinking fund or other payments provided for in this resolution will
be paid solely from the said special taxes pledged therefor by this resolu-
tion, and it will never be neo:essary or authorized to levy any ad valorem
or other taxes, except said special taxes, on'any real or personal
property in said County to pay the principal of and interest on the
Certificates of Indebtedness of 1965 to be issued pursuant to this
resolution.
(I) That there is hereby authorized the construction and
acquisition of said Jail Improvements in Monroe County, Florida, sub-
stantially -in accordance with the plans and specifications prepared by
Edward M. Ghezzi and Associates, Architects, of Homestead, Florida, and
approved by this Board, and filed or to be filed in the office of the
Clerk of this Board, at an estimated cost. -of not exceeding $1,300,000.
Such cost shall be deemed to include the cost of the construction and
acquisition of said Jail Improvements; engineering, architectural and
legal fees and expenses; the fees and expenses of any -other experts or
consultants employed by the County, if -any, including the fees of
financial agents or consultants employed by said County, if any; pre-
liminary engineering or -architectural expenses and plans and designs
for -said construction; interest on said Certificates to and including
March 1, 1967; the expense of the issuance, authorization and sale of
said Certificates of Indebtedness of 1965, including advertisements,
notices and other proceedings in connection therewith; and such other
purposes as are necessary, incidental or appurtenant to the construction
and acquisition of such Jail Improvements, and the financing of the cost
thereof as provided in said Act.
1.02. RESOLUTION TO CONSTITUTE CONTRACT. In consideration
of the acceptance of the Certificates of Indebtedness of 1965 authorized
to be issued hereunder by those who shall hold the same from time to time,
this resolution shall be deemed to be and shall constitute a contract
between the County of Monroe, Florida, and such Certificateholders, and
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the covenants and agreements herein set -forth to be performed by said
County shall be for the equal benefit, protection and security of the
legal holders of any and all of such Certificates of Indebtedness of 1965
and the coupons attached thereto, all of which shall be of equal rank and
without preference, priority or distinction of any of said Certificates
of Indebtedness of 1965 or coupons, over any other thereof except as ex-
pressly provided therein or herein.
1.03. DEFINITIONS. The folowing terms shall have the following
meanings in this resolution unless the text otherwise expressly requires:
(A) "County" shall mean the County of Monroe, Florida..
(B) "Act" shall mean Chapter 135, Florida Statutes.
(C) "Certificates" shall .mean the $1,300,000 Certificates of
Indebtedness of 1965 originally authorized to be issued pursuant to this
resolution, or such amount thereof as shall hereafter be issued hereunder,
as hereinafter provided, and the interest coupons attached to said
Certificates.
(D) "Holder of Certificates" or "Certificateholder", or any
similar term, shall mean any person who shall be the bearer or owner
of any outstanding Certificate or Certificates registered to bearer or
not registered, or the registered owner of any outstanding Certificate
or Certificates which shall at the time be registered other than to
bearer, or of any coupons representing interest accrued or to be accrued
on said Certificates.
(E) "Special Taxes" or "five mills tax" shall :mean the special
taxes authorized to be levied by said Act, and said resolution adopted
October 130 1964, and this resolution.
(F) "Fiscal Year 1965-1966" shall mean the period beginning
with October 1, 1965 and ending with September 30, 1966, and reference
to each succeeding fiscal year shall in like manner mean the period
beginning with October 1 of the designated year of such fiscal year and
ending with September 30 of the next succeeding year.
(G) Words importing singular number shall include the plural'
number in each case and vice versa, and words importing persons shall
include firms and corporations.
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ARTICLE II
AUTHORIZATION, FORM, EXECUTION AND REGISTRATION
OF CERTIFICATES
2.01. AUTHORIZATION OF CERTIFICATES. Subject and pursuant to
the provisions of this resolution, obligations of the County of Monroe,
Florida, to be known as "Certificates of Indebtedness of 1965" are hereby
authorized to be issued in the aggregate principal amount of not exceed-
ing One Million Three Hundred Thousand Dollars ($1,300,000) for the
purpose.of financing the cost of the construction and acquisition of
said Jail Improvements, as provided in Section 1.01 (I)hereof.
2.02. DESCRIPTION OF CERTIFICATES. The Certificates shall
be dated September 1, 1965; shall be in the denomination of $5,000 -each;
shall be numbered 1 to 260, both inclusive, shall bear interest at a
rate or rates not exceeding the legal rate of six per centum (6%) per
annum, payable semi-annually on September 1 and March 1 of each year
at such bank or banks as shall be hereafter designated by resolution
of this Board; and shall mature serially in numerical order, lowest
numbers first, on September 1 of each year, in the years and amounts
as follows
Year
Amount
Year
Amount
1968
$253000
1982
$453000
1969
..25,000
198
.45,000
.1970
30,000
1984
503000
1971
30,000
1985
50,000
1972
30,000
1986
55,000
1973
30,000
1987
55,000
1974
30,000
1988
555000
1975
359000
1989
60,000
1976
35,000
1990
6o,000
1977
5,000
40,000
1991
65,000
1978
1992
70,000
1979
40,000
1993
70,000
198o
4o,000
1994
75,000
1981
45,000
1995
75,000
The Certificates maturing in the years 1976 to 1995, both
inclusive, shall be redeemable prior to their respective stated dates
of maturity, from any.moneys available therefor, at the option of the
County, on September 1, 1975, or on any interest payment date thereafter,
in whole or in part, but in inverse order of maturity and by lot within
maturities if less than all, at par and accrued interest, together with
premiums in the following percentages of the principal amount thereof
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if redeemed in the following periods:
Periods
Premiums
September 1, 1975
to
March 1,
1979,
both inclusive,
4%
September 1, 1979
to
March 1,
1983,
both inclusive,
3%
September 1, 1983
to
March 1,
1987,
both inclusive,
2%
September 1, 1987
to
March 1,
1991,
both inclusive,
1%
September 1, 1991
and thereafter
None
The Certificates maturing in the years 1994 and 1995, both in -
elusive, shall also be redeemable prior to their respective stated dates
of maturity, from moneys on deposit in the Certificate Redemption Account
hereinafter created and established, at theoption of the County, on
September• 1, 1970, or on any interest payment date thereafter, in whole
or in part, but in inverse order of maturity and by lot within maturities
if less than all, at par and accrued interest, together with a premium
equal to four per centum (4%) of the principal amount of each Certificate
so redeemed.
Notice of such intended redemption shall be given at least
once at least thirty (30) days prior to the redemption date by publica-
tion in a financial newspaper published in the City of New York, New York.
Interest shall cease on any of said Certificates duly called for prior
redemption if payment of the redemption price has been duly made or
provided for.
The Certificates maturing in the years 1968 to 1975, both
inclusive, shall not be redeemable prior to their respective stated
dates. of maturity..
2.03. EXECUTION OF CERTIFICATES AND COUPONS. Said Certifi-
cates shall be executed in the name of the County by the Chairman of
the Board of County Commissioners and its corporate seal or a facsimile
thereof, shall be affixed thereto or reproduced or imprinted thereon
and attested by the Clerk of the Circuit Court in and for Monroe County,
ex officio Clerk of the Board of County Commissioners. The facsimile
signature of said Chairman of the Board of County Commissioners and
M
Clerk of the Circuit Court in and for Monroe County, ex officio Clerk
of the Board of County Commissioners, may be imprinted or reproduced
on said Certificates and on the validation legend appearing thereon,
provided that either said Chairman or Clerk shall manually apply his
signature to said Certificates. In case any one or more of the officers
who shall have signed or sealed any of the Certificates shall cease to
be such officer of the County before the Certificates so signed and
sealed shall have been actually sold and delivered, such Certificates
may nevertheless be sold and delivered as herein provided and may be
issued as if the person who signed or sealed such Certificates had not
ceased to hold such office. Any Certificate may be signed and sealed
on behalf of.the County by such person as at the actual time of the
execution of such Certificate shall hold the proper office in the
County, although at the date of such Certificate such person may not
have held such office or may not have been so authorized.
The coupons to be attached to the Certificates shall be
authenticated with the facsimile signatures of the present -or any
future Chairman and Clerk, aforesaid, and the-County.may adopt and use
for that purpose the facsimile signature of any person who shall have
been such Chairman or Clerk at any time on or after the date of the
Certificates, notwithstanding that he may have ceased to be such Chair-
man or Clerk at the time when said. Certificates shall be. actually sold
and delivered.
2.o4. _NEGOTIABILITY AND REGISTRATION. The Certificates shall
be and have all of the qualities and incidents of negotiable instruments
under the law merchant and the Negotiable Instruments Law of the State
of Florida; and each successive holder, in accepting any of said
Certificates or the coupons appertaining thereto, shall be conclusively
deemed to have agreed that such Certificates shall be and have all of
the qualities and incidents of negotiable instruments under the law
merchant and the Negotiable Instruments Law of the State of Florida, and
each successive holder shall further be conclusively deemed to have
agreed that said Certificates shall.be incontestable in the hands of
a.bona fide holder for value in the manner provided hereinafter in the
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form of said Certificates.
The Certificates may be registered at the option of the holder
as to principal only, at the office of the Clerk of the Board of County
Commissioners, as Registrar, or such other Registrar as may hereafter
be legally appointed, such registration to be noted on the back of said
Certificates in the space provided therefor. After such registration
as to principal only, no transfer of the Certificates shall be valid
unless made at said office by the registered owner, or by his duly au-
thorized agent or representative and similarly noted on the Certificates,
but the Certificates may be discharged from registration by being -,in
like manner transferred to bearer .and thereupon transferability by
delivery shall be restored. At the option of the holder the Certificates
may hereafter again from time to time be registered or transferred to
bearer as before. Such registration as to principal only --shall not
affect the negotiability of the coupons which shall continue to passs
by delivery.
2.05. CERTIFICATES MUTILATED, DESTROYED., STOLEN OR LOST.
In case any Certificate shall become mutilated or be destroyed, stolen
or lost, the County may in its discretion issue and deliver a new
Certificate with all unmatured coupons, if any, so mutilated, destroyed,
stolen or lost, in exchange and substitution for such .mutilated Certifi-
cate, upon surrender and cancellation of such mutilated Certificate and
-attached coupons, if any, or in lieu of and substitution for the
Certificate and attached coupons, if any, destroyed, stolen or lost,
and upon the holder furnishing the County proof of his ownership thereof
and satisfactory indemnity and complying with such other reasonable,
regulations and conditions as the County may prescribe and paying such
expenses as the County may incur. All Certificates and coupons.so
surrendered shall be cancelled by the Clerk and held for the. account of
the County. If any such Certificate or coupon shall have matured or
be about to mature, instead of issuing a substitute Certificate or
coupon, the County may pay,the same, upon being indemnified as aforesaid,
and if such Certificate or coupon be lost, stolen or destroyed, without
surrender thereof.
Me
Any such duplicate Certificates and coupons issued pursuant
to this section shall constitute original, additional contractual obli-
gations on'the part of the County whether or not the lost, stolen or
destroyed Certificates or coupons be at any time found by anyone, and
such duplicate Certificates and coupons shall be entitled to equal and
proportionate benefits and rights as to lien and source and security
for payments from the -special taxes pledged herein with all other Certifi-
cates and coupons issued hereunder.
2.M. FORM OF CERTIFICATES AND COUPONS. The text of the
Certificates and coupons shall be of substantially the following tenor,
with such omissions, insertions, and variations as ,may be necessary and
desirable and authorized or permitted by this resolution or any sub-
sequent resolution adopted prior to the issuance thereof:
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No. $ 5, 000
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF MONROE
CERTIFICATE OF INDEBTEDNESS OF 1965
The County of Monroe, State of Florida, for value received,
hereby promises to pay, solely from the special fund provided by the
Board of County Commissioners, as hereinafter set forth, to the bear-
er hereof on the first day of September, 19 , the principal sum of
FIVE THOUSAND DOLLARS ($5,000)
and to pay from said special fund interest thereon.from the date here-
of at the rate of
per centum per annum, semi-annually
on the first days of March and September of each year until paid, such
interest as aforesaid, as may accrue on or prior to the maturity
date hereof to be paid upon presentation and surrender of the annexed
coupons as they severally become due. Both principal and interest on
this Certificate are payable in lawful money of the United States of
America at
or, at the option of the holder, at
It is hereby certified that. this Certificate is one of an
issue of not exceeding One Million Three Hundred Thousand Dollars
($1,300,000) all of like date, tenor and effect except as to number,
(interest rate) and maturity, issued by Monroe County, Florida,
pursuant to and in full compliance with the provisions of the Consti-
tution and Laws of the State of Florida, and particularly pursuant
to Chapter 135, Florida Statutes, and pursuant to a resolution duly
adopted by the Board of County Commissioners of Monroe County,
Florida.
The Certificates of the issue of which this Certificate is
one, maturing in the years 1976 to 1995, both inclusive, shall be
redeemable.prior to their respective stated dates of maturity, from
any moneys available therefor, at the option of the County, on
September 1, 1975, or on any interest payment date thereafter, in
whole or in part, but in inverse order of maturity and by lot within
maturities if less than all, at par and accrued interest, together
_10-
with premiums in the following percentages of the principal amount
thereof if redeemed in the following periods:
Periods Premiums
September
1,
1975
to March 1,
1979,
both inclusive,
4%
September
1,
1979
to March 1,
1983,
both inclusive,
3%
September
1,
1983
to March 1,
1987,
both inclusive,
2%
September
1,
1987
to March 1,
1991,
both inclusive,
1%
September
1,
1991
and thereafter
None
The Certificates maturing in the years 1994 and 1995, both
inclusive, shall also be redeemable prior to their respective stated
dates of maturity, from moneys on deposit in the Certificate Redemption
Account,hereinafter created and established, at the option of the County,
on September; 1, 1970, or on any interest payment date thereafter, in
whole or in part, but in inverse order of maturity and by lot within
maturities if less than all, at par and accrued interest, together with
a premium equal to four per centum (4%) of the principal amount of each
Certificate so redeemed.
Notice of any such intended redemption shall be given at least
once at least thirty (30) days prior to the redemption date by publication
in a financial newspaper published in the City of New York, New York.
The Certificates maturing in the years 1968 to 1975, both
inclusive, shall not be redeemable prior to their respective stated
dates of maturity.
The issue of Certificates of which this Certificate is one
has been authorized and issued for the purpose of paying the cost of
the construction and acquisition of additions, extensions -and
improvements to the existing Jail Sub -Station at Marathon and the
existing Jail Sub -Station at Plantation Key and the construction and
acquisition of a new Jail at Key West, together with, in each case;
other purposes necessary, appurtenant or incidental thereto, as
determined to be necessary by the Board of County Commissioners of
Monroe County, Florida, and after all notices have been published
and all hearings held as required by law. It is provided by reso-
lution duly adopted by the Board of "County Commissioners of Monroe
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County,
Florida,
that the principal
of this
Certificate,
together
with interest thereon is payable from and secured by a charge on
and the pledge of a special fund consisting of the proceeds derived
from an ad valorem levy of not to exceed five (5) mills per annum
on the dollar of the assessed valuation of all taxable property in
Monroe County, for the. period that the issue of Certificates, of
which this Certificate is one, is outstanding, but not to exceed a
period of thirty (30) consecutive fiscal years, beginning with the
fiscal year 1965-1966, after making provision for the.payment of
prior charges thereon in the manner provided in the resolution
authorizing this issue of Certificates.
The lien of the holders of the issue of Certificates of
which this Certificate is one on the proceeds derived from said ad
valorem levy is junior, inferior and subordinate in all respects to
the lien on such proceeds of said ad valorem taxes of the holders
of the outstanding Certificates of an issue of Building Jail Certi-
ficates dated August 1, 1951, and of the holders of the outstanding
Certificates of an issue of Building Certificates dated March 15,
1962. This Certificate, including interest thereon, is payable
solely from said special fund, and the Board of County Commissioners
of Monroe County, Florida, is under no obligation to pay this Certi-
ficate or interest thereon except from the proceeds of said five (5)
mills levy per annum on the -dollar of the assessed valuation of all
taxable property of Monroe County, Florida.
This Certificate, and the coupons appertaining hereto, is
and has all the qualities and incidents of a negotiable instrument
under the lava merchant and the Negotiable Instruments Law of the
State of Florida, and the original holder and each successive holder
of this Certificate, or of the coupons appertaining hereto, shall be
conclusively deemed by his acceptance hereof to have agreed that
this Certificate and the coupons appertaining hereto shall be and
have all the qualities and incidents of negotiable instruments under
the law merchant and the Negotiable Instruments Law of the State of
Florida. The original holder and each successive holder of this
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Certificate, and of the co"upons appertaining hereto, shall be
conclusively deemed to have aCD
greed and consented to the following
terms and conditions:
(a) Title to this Certificate, unless registered as herein
provided, and to the annexed interest coupons; may be transferred by
delivery in the manner provided for negotiable instruments payable
to bearer in the law merchant and the Negotiable Instruments Law of
the State of Florida;
(b) Any person in possession of this Certificate, unless
registered as herein provided, or of the interest coupons hereunto
appertaining, regardless of the manner in which he shall have
acquired possession, is hereby authorized to represent himself as the
absolute owner hereof, and is hereby granted power to transfer abso-
lute title hereto by delivery hereof to a bona fide purchaser, that
is, to any one who shall purchase the same for value (present or
antecedent) without notice of prior defenses or equities or claims
of ownership enforceable against his transferror; every prior taker
or owner of this Certificate, unless registered as herein provided,
and of the annexed interest coupons, waives and renounces all of
'his equities and rights herein in favor of every such bona fide
purchaser, and every such bona fide purchaser shall acquire title
hereto and to all rights represented hereby; and
(c) The County of Monroe, Florida, may treat the bearer
of this Certificate, unless registered as herein provided, or of the
interest coupons hereunto appertaining, as the absolute owner hereof
for all purposes without being affected by any notice to the contrary.
This Certificate may be registered as to principal only,
or as to both principal and interest, in accordance with the provi-
sions endorsed hereon.
It is further certified that all acts, conditions and
things required to happen, exist and be performed precedent to and
in the issuance of this Certificate, have happened, existed and
been performed as so required.
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IN WITNESS WHEREOF, the County of Monroe, State of Florida,
has caused this Certificate to be executed by the manual or facsimile
signature of the Chairman of its Board of County Commissioners and
the seal of said County, or a facsimile thereof, to be affixed
hereto, or reproduced hereon, attested by the Clerk of the Circuit
Court in and for Monroe County, ex-officio Clerk of the Board of
County Commissioners, by his manual or facsimile signature, and the
coupons hereto attached to be executed with the facsimile signatures
of said officers, all as of the first day of September, 1965.
Chairman of the B r o oun y
(SEAL) Commissioners of Monroe County,
Florida
Attest:
.X-
Clerk of the Circuit.Court
in and for Monroe County,
Ex-Officio Clerk of the Board of
County Commissioners of Monroe
County, Florida.
FORM OF VALIDATION CERTIFICATE
This Certificate is one of a series of Certificates which
were validated and confirmed by decree of the Circuit Court of the
Sixteenth Judicial Circuit in and for -Monroe County, Florida,
rendered on the day of
Clerk of the Circuit Court
in and for Monroe County,
Ex-Officio Clerk of the Board
of County Commissioners of
Monroe County, Florida.
19
Chairman of the Board of County
Commissioners of Monroe County,
Florida.
FORM OF COUPON
On the day of
Florida, will pay to bearer at
, 19 , Monroe --County,
, or, at the option of the holder, at
, the sum of
dollars ( ), in lawful
money of the United States of America, solely from the special fund
referred to in the Certificate to which this coupon is attached,
being the semi-annual interest then due on its Certificate of
Indebtedness of 1965, dated September 1, 1965, No.
Chairman of the Board of County
Commissioners of Monroe County,
Florida.
Clerk of the Circuit Court in an
for Monroe County, Ex-Officio
Clerk of the Board of County Com-
missioners of Monroe County, Florida.
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PROVISION FOR REGISTRATION
This Certificate may be registered in the name of the
holder on'the books to be kept by the Clerk of the Board of County
Commissioners, as Registrar, or such other Registrar as may here-
after be duly appointed, as to principal only, such registration
being noted hereon by such Registrar in the registration blank
below, after -which no transfer shall be valid unless made on said
books -by the registered holder or attorney duly authorized and
similarly noted in the registration blank below, but it may be
discharged from registration by being transferred to bearer, after
which it shall be transferable by delivery, but it may be again
registered as before. The registration of this Certificate as'to
principal shall not restrain the negotiability of the coupons by
delivery merely.
DATE OF IN WHOSE NAME SIGNATURE OF
REGISTRATION REGISTERED REGISTRAR
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<40 l�
ARTICLE III
COVENANTS, SPECIAL FUNDS AND APPLICATION THEREOF
3.01. CERTIFICATES SECURED BY PLEDGE OF SPECIAL TAXES.
The payment of the debt service on all of the Certificates of
Indebtedness of 1965 (hereinafter referred to as "Certificate-s")
issued hereunder shall be secured by a charge on and a pledge of
the proceeds derived from an ad valorem tax levy of not to exceed
five (5) mills per annum on the dollar of the assessed valuation
of all taxable property in Monroe County, for the period that the
Certificates are outstanding, but not to exceed a period of thirty
(30) consecutive fiscal years, beginning with the fiscal year
1965-1966, after making provision for the payment of prior charges
thereon as provided in this resolution.
The lien of the holders of the issue of Certificates
herein authorized on the proceeds derived from said ad valorem
tax levy is junior, inferior and subordinate in all respects to the
lien on such proceeds of said ad valorem taxes of the holders of the
Outstanding Certificates.
3.02. LEVY OF SPECIAL TAXES AND CREATION OF SINKING FUND.
There shall be levied in each fiscal year on all the taxable property
in said County a special ad valorem tax which, together with the
special ad valorem tax levied pursuant to the resolutions of the
Board of County Commissioners, heretofore duly adopted, authorizing
the issues comprising the Outstanding Certificates will not exceed
five (5) mills per annum on the dollar of the assessed valuation of
all taxable property in said County as provided in the Act and the
resolution adopted October 13, 1964. All of the proceeds of such
special taxes remaining after payment, in each fiscal year, of all
payments and charges required by the resolutions and other
proceedings which authorized the issuance of the Outstanding Certi-
ficates shall, as collected in each fiscal year, shall be deposited
to the credit of the following funds or accounts in the following
order:
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,'(a) To the credit of the Sinking Fund which is hereby
created.and established, such amount thereof (or -.entire amount
if less than the required amount)., as shall be' equal, or shall be
required,to make the sum deposited therein during such fiscal year
equal to.the total amount of principal and interest maturing and
becoming due on the.Certificates of Indebtedness of 1965 during
such fiscal year; and
''(.b), To the credit of a ,Reserve Account in said Sinking
Fund, such amount of .the balance remaining after- making the .deposit
under clause (.a); above '(or the entire amount if .less than the required
amount), as shall be'equal, or shall be required to make the sum on
deposit therein equal to the largest amount of principal and in-
terest maturing and„becoming due.on the Certificates in any succeed-
ing fiscal year; provided that when there has been deposited therein
and so long as there shall remain therein a sum equal to the largest.
amount of ,.principal and interest -maturing and becoming -due on the
Certificates in any succeeding year., no further deposits shall.be
made into said Reserve Account; and
,(c) Any balance remaining after making the deposits under
clauses :(a'). and (:b) above shall be deposited. in a Certificate Redemp-
tion Account in the Sinking Fund. Funds on deposit in the Certificate
Redemption Account shall be used to redeem bonds at the earliest op-,
portunity prior to maturity in accordance with the redemption pro-
vision in Section 2.02 of this resolution..
There shall also be deposited in the Sinking Fund, herein -
before created and established, promptly upon receipt thereof, such
amount of the proceeds of sale of -the Certificates of Indebtedness
of 1965 as shall be equal to the interest becoming due on such
Certificates to and including March 1, 1967, and all accrued interest.
The Board: of .County Commissioners for and on behalf of
Monroe County,'Florida, does hereby pledge the proceeds of such
special taxes (remaining after payment of all payments and charges
required by the resolutions and proceedings which authorized the
issuance of the Outstanding -Certificates have been made). for the
payment of the principal of the Certificates herein authorized
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and the interest thereon and reserves therefor; and said moneys
herein pledged shall be used solely for the payment of said principal
and interest and for the required payments into the Reserve Account
hereinbefore created and for no other purpose.
The County shall, in each fiscal year, beginning with the
fiscal year 1965-1966, after all required payments have been made
pursuant to the resolutions and proceedings which authorized the
issuance of the Outstanding Certificates, pay into said Sinking Fund
the full amount necessary to pay the principal of and interest on
the Certificates herein authorized which will mature and become due
in such fiscal year, together with the full amount necessary to pay
any delinquencies for required principal and interest for any prior
fiscal year, less such sum as is available in said Sinking Fund for
such purpose out of.the portion of the Certificate proceeds deposited
therein as hereinbefore provided.
All levies made pursuant hereto shall be in an amount
which, together with the special taxes levied pursuant to the resolu-
tions and proceedings which authorized the issuance of the Outstanding
Certificates, will not exceed five (5) mills on the dollar in each
fiscal year beginning with the fiscal year 1965-1966; subject, how-
ever, to the following provisions:
(1) In each fiscal year, after a.11.required payments
have been made for said Outstanding Certificates, the County shall
be obligated to levy only such millage, not exceeding in any event
five (5) mills as will, based on the percentage of the levy actually
collected in cash in the immediately preceding fiscal year, produce
an amount equal to One Hundred Thousand Dollars ($100;000) in such
fiscal year,
(2) In the event that in any fiscal year the aggregate
amount of such taxes actually collected and deposited in said Sinking
Fund, shall be less than the amount of principal of and interest
on said Certificates maturing in such fiscal year, plus any amounts
required for deficiencies theretofore incurred, then the deficit
shall be added to the amount of taxes required to be levied pursuant
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to the above paragraph in the next succeeding fiscal year; and
the County,, shall be irrevocably and unconditionally obligated' to
levy such.,.full five (5) mill tax for a period of thirty (30)conse-
cutive fiscal years beginning with.the fiscal year 1965-1966, to
the full extent necessary to comply with all the provisions of this
resolution".and to make all the required payments into said Sinking
Fund as th'e same become due and payable.
All such taxes shall be special taxes and shall be levied
as separate taxes and used only for the purpose provided in this
resolution. All such taxes as collected from time to time in each
fiscal year shall be deposited in the paying agent bank for the
credit of said Sinking Fund, Reserve Account therein, and the Cer-
tificate Redemption.Account. The money in said Sinking Fund shall
be used for the payment of. the .principal of and interest on said
Certificates as the same mature and become due. The moneys in said.
Reserve Account shall only be used for the payment of the principal
of and interest on said Certificates,.when the other.moneys in the
Sinking Fund are insufficient therefor., and..for no other purposes.
Any withdrawals from said Reserve-Account,shall be subsequently re-
stored from the proceeds of the tax.levies for the next succeeding
fiscal year.
.No further payments shall be required to be made into
said Sinking Fund or the Reserve Account therein, when there shall
have been deposited therein and irrevocably dedicated in trust for
the payment. of the principal of and interest on said Certificates
as the same;mature and become due, an amount at least equal to the
aggregate amount of principal and interest, accrued or to accrue
thereaf ter,,', which will mature and become due on said Certificates
then outstanding.
3.03 CONSTRUCTION FUND. .All of the proceeds derived
from the sale of said Certificates '(except accrued interest and
an amount equal to the interest becoming due on the Certificates
to and including March 1, 1967, which shall be deposited in the
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Sinking Fund) shall be deposited in a special fund to be known as
the "Construction Trust Fund" which is hereby created and established
and is hereinafter referred to as "Construction Fund."
Said Construction Fund shall be deposited and maintained
with a bank or banks, or trust company or trust companies in Monroe
County eligible to receive and hold deposits of County Funds, and
shall be used only for the payment of the cost of construction and
acquisition of said Jail Improvements, as such cost is defined herein;
under the supervision of the County Engineer or Architect or such
consulting engineer or architect as shall hereafter be designated by
this Board.
Any balance of unexpended moneys in said Construction Fund
after the completion of the construction and acquisition of said
Jail Improvements shall be deposited in the Reserve Account in the
Sinking Fund and used for the purposes provided herein for said
Reserve Account.
3.o4. INVESTMENT OF MONEYS IN FUNDS AND ACCOUNTS.
Moneys on deposit in the Construction Fund may be invested and rein-
vested in direct obligations of the United States Government or
Certificates of Deposit secured by direct obligations of the United
States Government maturing not later than the date or dates when
such moneys will be needed for the purposes hereof as shown in a
schedule prepared by the Architect or Engineer designated by the
Board pursuant to Section 3.03 hereof.
Moneys on deposit in the Sinking Fund may be invested
and reinvested in direct obligations of the United States Government
or Certificates of Deposit secured by direct obligations of the
United States Government maturing not later than the tenth (loth)
day prior to the day on which such moneys will be needed for the
payment of -maturing principal of and interest on Certificates
hereby authorized.
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Moneys on deposit in the Certificate Redemption
Account in the Sinking Fund may be invested and reinvested in
direct, obligations of the United States Government or -Certificates
of Deposit secured by direct obligations of the United States
Government maturing not later than the tenth (10th) day prior to
the day on which such moneys will be needed for the payment of
the principal, interest and redemption premium, if any, of Certi-
ficates called for redemption prior to maturity.
Moneys on deposit in the Reserve Account in the Sinking
Fund may be invested and reinvested in direct obligations of the
United States Government or Certificates of Deposit secured by
direct obligations of the United States Government maturing not
later than ten (10) years from the date of investment.
3.05. SALE OF CERTIFICATES. Said Certificates shall be
sold pursuant to law as shall hereafter be determined by this Board,,
provided, however, that prior to the sale of said Certificates, the
Board of County Commissioners shall make a determination, based
upon the award of contracts, or the receipt of bids for the cost of
such construction and acquisition and the amount of available moneys
in the Construction Fund, of the amount of Certificates necessary to
be issued to complete said construction and acquisition and pay all
the cost thereof, as such cost is defined herein, including reason-
able allowances for contingencies, and only such amount of the Cer-
tificates authorized herein shall be issued as the Board of County
Commissioners shall so determine to be necessary for such purposes.
3.06. COMPLETION OF IMPROVEMENTS. The County covenants
that it will construct and acquire said Jail Improvements in Mon-
roe County as provided in this resolution in an efficient manner,
and will complete the construction and acquisition of the same as
soon as practicable and will fully and punctually comply with all
the covenants and provisions of this resolution.
3.07. REMEDIES. Any holder of Certificates, or of any
coupons appertaining thereto, issued under the provisions of this
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i
resolution, may either at law or in equity, by suit, action, man-
damus or.other proceedings in any court of competent jurisdiction,
protect and enforce any and all rights under the laws of the State
of Florida, or granted and contained in this resolution,,and may
enforce and compel the performance of all duties required by this
resolution or by any applicable statutes to be performed by the
County, or by any officer thereof, including, but not being limited
to, the levying and collecting of said special taxes in the manner
provided in the Act and in this resolution.
3.08. LIEN OF ADDITIONAL CERTIFICATES OF INDEBTEDNESS.
The County covenants that any other obligations hereafter issued by
the County of Monroe and payable in any manner from said special
taxes herein pledged to the payment of the Certificates issued
pursuant to this resolution shall be junior, subordinate and inferior,
in all respects, as to lien on and source and security for payment
from said special taxes to the lien thereon of the Certificates
issued pursuant to this -resolution.
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ARTICLE IV
MISCELLANEOUS PROVISIONS
4.01. MODIFICATION OR AMENDMENT. No material modifica-
tion or amendment of this resolution or of any resolution amenda-
tory hereof or supplemental hereto, may be made without the consent
in writing of the holders of two-thirds or more in principal amount
of the Certificates then outstanding, provided, however, that no
modification or amendment shall permit a change in the maturity of
such Certificates or,a reduction in the rate of interest thereon,
or in the amount of the principal obligation or affecting the uncon-
ditional promise of the County to levy and collect said special
taxes as herein provided or to pay the principal of and interest on
the Certificates as the same shall become due, without the consent
of the holders of such Certificates.
4.02. SEVERABILITY OF INVALID PROVISION. If any one or
more of the covenants, agreements or provisions of this resolution
should be held contrary to any express provision of law or contrary
to the policy of express law, though not expressly prohibited, or
against public policy, or shall for any reason whatsoever be held
invalid, then such covenants, agreements, or provisions shall be
null and void and shall be deemed separate from the remaining cove-
nants, agreements or provisions, and in no way affect the validity
of all of the other provisions of this resolution or the Certifi-
cates or coupons issued thereunder.
4.03. VALIDATION AUTHORIZED. That Paul E. Sawyer, Esq.,
County Attorney, be and he is hereby authorized and directed to
institute appropriate proceedings in the Circuit Court of the
Sixteenth Judicial Circuit of Florida, in and for Monroe County,
Florida, for the validation of said Certificates, and the proper
officers of the County are hereby authorized to verify on behalf
of the County any pleadings in such proceedings.
4.04. REPEALING CLAUSE. That all resolutions of the Board
of County Commissioners of the County of Monroe, Florida, or parts
thereof, in conflict with the provisions of this resolution are to
the extent of such conflict hereby superseded and repealed.
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