Ordinance 001-1981
ORDINANCE NO. 1 -1981
AN ORDINANCE RELATING TO THE ACQUISITION,
CONSTRUCTION AND EQUIPMENT OF CAPITAL
PROJECTS IN MONROE COUNTY, FLORIDA; AUTH-
ORIZING THE ISSUANCE OF REVENUE BONDS BY
MONROE COUNTY, FLORIDA, TO FINANCE THE
COST THEREOF, PAYABLE FROM RACETRACK AND
JAI ALAI FRONTON FUNDS ACCRUING ANNUALLY
TO THE COUNTY AND ALLOCATED TO THE BOARD
OF COUNTY COMMISSIONERS, LEGALLY AVAIL-
ABLE FOR SUCH PURPOSE, AND OTHER AVAILABLE
NON AD VALOREM FUNDS OF THE COUNTY; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, pursuant to Art. VIII, Sec. 1, Fla. Const. (1968).
and Ch. 125 Fla. Stat. (1979), as amended, the Board of County
Commissioners of Monroe County, Florida, has all powers of local
self-government to perform county functions and to render county
services in a manner not inconsistent with general or special
law, and such power may be exercised by the enactment of county
ordinances; and
WHEREAS, it is necessary for the public health, safety and
general welfare of Monroe County, Florida, and its citizens that
provision be made for the acquisition, construction and equipment
of capital projects in such County (hereinafter called "Projects");
and
WHEREAS, it is necessary and desirable to provide for the
issuance of revenue bonds to finance the cost of such Projects,
payable from racetrack and jai alai fronton funds accruing annually
to Monroe County, Florida, pursuant to Ch. 550 and 551, Fla. Stat.,
and allocated to the Board of County Commissioners of such County
pursuant to law, legally available for such purpose, and, at the
option of the Board of County Commissioners of such County, from
other funds of the County derived from sources other than ad valorem
taxation and legally available for such purpose; and
WHEREAS, the Board of County Commissioners of Monroe County,
Florida, duly declared that an emergency existed and that immedi~tc
enactment of said ordinance is necessary, waiving the notice re-
quirements by a four-fifths (4/5) vote of the membership of such
Commission, pursuant to Fla. Stat. 125.66; now, therefore,
BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA:
SECTION 1. AUTHORIZATION OF PROJECTS. The Board of County
Commissioners of Monroe County, Florida (hereinafter called "Board"
and "County", respectively) is hereby authorized to acquire, con-
struct and equip the Projects, from time to time, in the unincor-
porated areas of the County.
SECTION 2. AUTHORIZATION OF BONDS. The County is authorized
to issue bonds, from time to time, in an amount sufficient to pay
the costs of the Projects. Such bonds may be in coupon form or fully
registered form, may be in such denomination, may bear such rate or
rates of interest not exceeding the maximum rate authorized by law,
and may mature on a date or dates not exceeding 40 years from their
respective dates of issuance, all as shall be determined by the Board
prior to their issuance. The bonds may be made redeemable before
maturity, at the option of the Board, at such price or prices and
under such terms and conditions as may be fixed by the Board prior
to their issuance. The Board shall determine the place or places of
payment of the principal of, redemption premium, if any, and interest
on the bonds which may be at any bank or trust company within or
'Page 1 of 3 Pages
without the State of Florida. The bonds shall be signed either by
the manual or facsimile signatures of the Chairman and Clerk of the
Board, provided that such bonds shall bear at least one signature
which is manually executed thereon. The coupons, if any, attached
to such bonds shall bear the facsimile signatures of such officers.
The bonds shall have the seal of the Board affixed, imprinted,
reproduced or lithographed thereon, all as may be prescribed in the
resolution authorizing the issuance thereof. The bonds may be sold
either at public or private sale at such price or prices and upon
such conditions consistent with general law, as the Board shall
determine to be in its best interest.
SECTION 3. REFUNDING BONDS. Subject to the limitations con-
tained in Section 2 hereof, the Board may issue bonds (hereinafter
called "refunding bonds") to refund any bonds issued pursuant to this
ordinance and provide for the rights of the holders thereof. The
refunding bonds may be issued in an amount sufficient to pay (a) the
principal of the outstanding bonds; (b) the interest due and payable
on the outstanding bonds to and including the first date upon which
the outstanding bonds shall be callable prior to maturity, or the
dates upon which the principal thereof shall mature, or any date or
dates in between; (c) the redemption premium, if any; and (d) any
expenses of the issuance and sale of the refunding bonds.
SECTION 4. SECURITY FOR BONDS. The principal of, redemption
premium, if any, and interest on the bonds shall be payable from the
portion of the racetrack funds and jai alai fronton funds accruing
annually to the County under the provisions of Ch. 550 and 551, Fla.
Stat., and allocated to the Board pursuant to law, legally available
for such purpose, and, at the option of the Board, may be addition-
ally payable from any other funds derived by the County from sources
other than ad valorem taxation and legally available for such pur-
pose. The principal of and interest on the refunding bonds shall
be payable from such portion of the racetrack funds and jai alai
fronton funds and/or any other funds of the County derived from
sources other than ad valorem taxes and legally available therefor.
SECTION 5. BONDS LEGAL INVESTMENTS. The bonds and the re-
funding bonds shall be legal investments for any state, county,
municipal or other public funds; for any bank, savings bank, trustee,
executor, guardian; and for any trust or fiduciary funds whatsoever.
The bonds and the refunding bonds shall also be legal securities
which may be deposited by any bank or trust company for the security
of state, county, municipal and other public funds.
SECTION 6. NO REFERENDUM REQUIRED. No referendum or election
of the qualified electors in the County shall be required for the
exercise of any of the provisions of this ordinance, unless such
referendum or election is required by the Constitution of the State
of Florida.
SECTION 7. COSTS OF PROJECTS. The costs of the Projects
shall be deemed to include, but shall not be limited to, the cost
of the acquisition of sites; legal, engineering, fiscal and archi-
tectural fees and fees of any other experts or consultants employed
by the Board; engineering or architectural studies, surveys, plans
and designs; the expense of the issuance, authorization and sale of
bonds or refunding bonds, including advertisement, notices and other
proceedings in connection therewith; the capitalization of interest
for a reasonable period after issuance of the bonds; the capitali-
zation of reasonable reserves for debt service on the bonds or re-
funding bonds; bond discount, if any; the premiums for policies of
municipal bond insurance; and other such purposes as are necessary,
incidental or appurtenant to the purposes authorized hereunder.
SECTION 8. NO IMPAIRMENT OF CONTRACT. The Board will not
enact any ordinance or adopt any resolution which will repeal,
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impair or amend, in any manner, the rights of the holders of the
bonds or refunding bonds or the security of the racetrack funds or
jai alai fronton funds or other non ad valorem funds which may be
pledged to the payment of the principal of, redemption premium,
if any, and interest on such bonds or refunding bonds.
SECTION 9. BONDS NEGOTIABLE INSTRUMENTS. Bonds or refunding
bonds issued pursuant ot this ordinance shall be negotiable instru-
ments under the laws of the State of Florida.
SECTION 10. THIS ORDINANCE SUPPLEMENTAL AUTHORITY. This
ordinance shall not be deemed to repeal or supersede any special
law, but shall be considered as supplemental and additional author-
ity to the Board and the County to carry out and perform the powers
authorized herein.
SECTION 11. EFFECTIVE DATE (EMERGENCY PROCEDURE). A certi-
fied copy of this ordinance, as enacted, shall be filed in the
office of the Department of State of the State of Florida by the
Clerk of the Board as soon as practicable after its enactment, and
this ordinance shall take effect upon acceptance of such copy by the
postal authorities of the Government of the United States for special
delivery by reigstered mail to the Department of State of the State
of Florida.
SECTION 12. POWER OF BOARD. All power and authority granted
to the County by the provisions of this ordinance shall be exercised
by the Board, or its successors, as the governing body of the County.
SECTION 13. SEVERABILITY. The provisions of this ordinance
are intended to be severable. If anyone or more sections, para-
graphs, sentences, clauses or provisions shall be held to be illegal
or invalid, the remaining sections, sentences, clauses and provi-
sions of this ordinance shall nevertheless stand and be construed
as if the illegal or invalid sections, sentences, clauses or pro-
visions had not been included herein.
SECTION 14. INCLUSION IN CODE. The provisions of this ordi-
nance shall be included and incorporated in the Code of Ordinances
of the County of Monroe, Florida, as an addition or amendment thereto,
and shall be appropriately renumbered to conform to the uniform
numbering system of the Code.
BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA
By,.~
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Chairman.
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(Seal)
Attest:
ADOPTED: January 13, 1981
FILED WITH DEPARTMENT OF STATE:
January 16, 1981
EFFECTIVE:
Page 3 Df 3 Pages
FLORIDA DEPARTMENT OF STATE
George Firestone
Secretary of State
Ron Levitt
Assistant Secretary of State
January 20, 1981
Honorable Ralph W. White
Clerk of Circuit Court
Monroe County Courthouse
500 Whitehead Street
Key West, Florida 33040
Attention: Virginia Pinder, Deputy Clerk
Dear Mr. White:
Pursuant to the provisions of Section 125.66, Florida Statutes,
this will acknowledge:
"..-1 .
Receipt of your letter/s of
and certified copy/ies of
County Ordinance/s No./s
January 16, 1981
Monroe Emergency
81-1
2 .
Receipt of
relative to:
County Ordinance/s
(a)
which we have numbered
(b)
which we have numbered
~ We have filed this~ Ordinance/s in this office
January 20, 1981
4. The original/duplicate copy/ies showing the filing date
is/are being returned for your records.
Cordially,
NK/ my /~
FLDRIDA-State of the Arts
The Capitol 0 Tallahassee, Florida 32301 0 (904) 488-3680
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1. The followin<< terYice is requested (check 0lIl.)
~ Show to whom and date delivered............-1Il:
o Show tl) whom, date and addrell of ~ u_.
o R!:STRlCTED DELIVERY
Show to whCJlll and date delivered.......... u_1Il:
o RESTRICTED DEUVERY.
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(CONSULT POSTMASTER FOR FEES)
2. ARTICUi ADDR_D TO:
~ Hon George Firestone
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