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Home My WebLink AboutOrdinance_138_11/21/1967.• ORDINANCE N0. 138 • ~ AN: ~ORD7CNAN'CE: AU'°?'HORI2TNG THE ACQ3~ISITION . '~ OF A WATER S~S`CF.M BY ~'s~E VI~LAOE OF TEQ~ESTA, FLORIDA, A POLIl"ICAL SDIVI:SI.UN OF THE STATE O;E' FLORIDA, FROM °THE TEQ't~'ESTA WATER COMPANSt', TNC,, AND T~i;E CONSTR~uCTION OF ADDITIONS, EX- TENSIONS AND 2MPROVEME111'1'S TO SAID S~'STEM, ANTI~OR]CZINCx THE ISS~JANCE OY NOT EXCEEDING ~~., 7n^, 000 WATER REVF;nIT~'F CERT7;~°~°C,ATES 0'~' SAID v''IL1:~ACZE TO F:~l~.4:~'CE ~.c',~iE COS' Ob~` ~~fiE ,~lC- QNISY'fION AND IMr1~OVFM]~NT 0~` SAID WATER S'~'S~i"EM, AND PROV'IDTIVG FOR T~riE TERMS Or' SAxD WATER REV- EN~JE CERI`:~:F:~CR yES ADD ~''~+~ ~ZIC-HTS, SEC~';'RITY AND REMEDIES OF T~1.E HO~.,DE:RS P~.'W~ER'EOF, WHEREAS, the 1'eq+a.esta Water Company, :inc. (hereinafter .referred to as the "Company"~, a corporation daily organized and exist- ing under the laws of the State of Florida ar~d having its principal office in the '~a'illage o:f Teq~xe~-,ta, Pa~.m Peach County, Florida, now owns and operates a water supp:l.y treatment and water. distx°ibution system (her.einafter referred tE~ as'Water System"~; arid W~3;ER~;AS, the terr:itary sear.rrec~, and to be served by said Water System includes the eats r. F, area 1;y1.n~; a?~~ t':~.i.r~ tlk.~e t5oundarieS of the ti''i1l.age of Teq~iesta, a;~ wa:~l as adja:.:;er~t areasy ara~i Wi~:FREAS, th.e a~~q~.isitaon of sa~.d Water ~~y~stem by the Village of Tequesta (hereinafter referred to a,s the "'1Ti11age", i.s deemed nec- essary and desirable far the health and welfare of tree residents of said Village and the Village has heretofore under date of August 1~, 1967, entered int. an agreement with the Company for the purchase and sale of said Water System, all as more specifi.cal.ly provided in said Agreement of Purchase and Sale, dated August 1~, 19673 and WHEREAS, it is necessary for the Village to issue its revenue certificates payable from the r°evenues to b.°, derived from said Water System, to finance the cost of the acquisition and improve- meat of said Water System; NOW, THEREFORE, BE ]"~' ;ORDA7~NED Pg?' THE VILLAGE COUNCIL 'OF '~ . TEQ~7E.STA FLOR7~A o ~ . • • ~ S~'A~~3`3~OR5~ A~®1~.~~?9`~', ~`~,1V~~:~~'~~r~ F1 ][~BP1~°:~:~~T'~OIV'S Section 1 o Ol . A~x`i'`OR~L~,~,-~ ~~'~~R ~~~~~~ ~vP~~~C1iA a~T~ 4 '~~is ord~.a~a~~e;, is adopted pur, scant to Chapter ~.5q, ~~°1.or:ida StatuTMes, as amended a~.d su.pplemer~ted,and ether applicable pro~v:is:ie.7s~s of law Sect~..on 1. G2 ° ~`~;?~il~~-S o ;~:~~ ~..s l~e~reby~ ascertained, deter m:~.ned, and declared teat Ao ~'he Comparl~r n~:~w ow•~-,s a~~.d ~pera~es a Wa~~,er S~rstem under various f.r.anc~a.~.ses, permits and :~..icer~~,es, fG;~° t~~.e s;~.pp:l~r ar~~d d:istr;ibu.- tiara of .water to the re:~~ider~~:s;, pkc~e~~~.s~:;s a,7Y.d bus:f_r:~~:sses o:f the 'pillage of ~equ.esta, of t'~,e ~'~upi~~er °'~1~y~,et ~r't'a~ti.~~?. ,~.:ac;:~.oi~:.,~, of fr~ha~~ p~~rtion of tb~.e ~'owr~ of ~~'upiter a~,d Pa:~m Bea;: ~~ ~'~n~Lr:~.t~ :~.~'a.r:.g no:rt~~~ and east of the °o;x:l~atchee River and part of Mar~~i;r~ Q:~r~~,°~.r~ty o B ~ That ~;'~~e a::q~;~:i s:i'~.i.~~~r ~ :f' sa: d ~+1a,i~-;r '~;~~tern b,y~ tae ~J:i.1.l.age from the Corr?pa*~~y, aric.T~udir!g a1.1. ~'~~ar_.::_:~se~, p~~r~rr.:%~;:s ar~d :~_icenses of the C~~rr;payR='~ pu~rsua,~.t to ~.~a d A~~ree rrer~~.~~ t.:. ~'~r°;. ~~~<:~,k~e a~•,d Sa:l.e, dated August l~{, 196`x, is r:~ec;E:s~a,a°y ,a.ri~. ~.d.~~-°:.~;a~::1.~G fc~~x° tY.~, b1ed,1.t1~~, safety ar~d economic we:l.fa.re of ~~"~ye `U:~.1Jl.z~;". C, °~hat these is he:~°e?~~ authux°.~,zed ~;~~~e acquis:iti.on of sa:i.d Water S~rstem. bar tb.e ~'i.llage fro^n. th^~ Cornpar~y, ire accordance with the te:e°t~.s arYd p.ro~isi.or~s of said AgreerrAen~~ e:f' Purchase and Sa.l.e, dated August 1.~~, 196`x, and the ~,.m.px°o~~emer~? s t~r~ereof and ot~~er purposes necessax°y, appu.rten.an~" or inr~° ~.der~ ~a.l ~,~~ere boo , D. ghat the V~il:Lage has a:~..so been g:~°ar~ted a new franchz.se by the Counter of Pa~.m Beac'~'.~ for wate:~° se~~°~ices :in aty u~°~:i.ncorpot^a~ed area descr.:i.bed as follows All of Sec~~ion 25 aa~d that pax°t ~,f Sect:ions 26, 35 and 36 lying forth arlid Bast ref t~we ~~c~.rt~~west ~°ork of the l,axahaLc~~~ee ~~~~~.p~ ter r~.~,Ve:r, in 'i'ow°~~ ship ~-0 South, Rarlge ~? 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"„r ".,' ^,1~ ry ~ V .L !./,!..a ,.. ~...-l ~.~r r.} ...,~ i ~`7- Y~ r e,J 1 F~ e. .. , ~,r. ~ ~/.~ . i n..l.. `~ IIV a ~~ ~. 1'0 CC1 +~ ~~ ,~ . 'I h..~~~ UY Ci ;!. t. tlV ~~~.~. 4+~ 1.. ':.J~' ~ /~ o ~ ~ ~~_~ V w ~:, ~ ~ ~._.. "~~. ~- ~ ~I 7r ~~.r~~..'.a.~- l~~t~~ _ir~~~ ~.1.. 'J~:.~ _ ~_ C'.~~'~~ C7:t' ~Ti~..`w`1~va:1C`±:~,r'~~.~ Z'0~7~.3 "'.r+~ cl~~',~ ~':~'+= P i .. :=;:',1-~ IN ~,~"~:X v',.- °c`!~"A a~l.~ ~~12 9 ~3~,~t12E'.~'' C;'.t v,.~ ~.~1~xC1t'±~,1. ~f' `~?~ ~"~, :i''.'~'_".'~. `. ... ~',~~,r:. ~ci f'1 .r+,~t=;i I!',F?Y'E;.3d~ ~.v;~~`~~"i,Jl:°7 °t."e'C~ a. ~'~'>r:- ~,a~'.~ ~ ~. i=''1:~E1 (' :~! 1n'i .~ .. .:. ~ ._ ~, ,~ i _, ... , ,. ., . ~. •. _ r .. <_ • • 1 t fr®m the operatiors of said eater System ~':~~~~. be sufficient to pa,y the principa7l of and interest o~~ t~~e hex°tific:ates ~~o be issued pur~ stunt to this. o~°~.inance a,~e~ tee ma~,e alb, reserve, sinking fund and other payments provided for in t~~~ia ~x°~1~~~ ~~s~;,r~~~, and tc~ pay f~he n~cm essary post of operating and ma;inta,in~.~,g said Water System. and that the principal of and interest on the certificates herein at~~~orized to be issued, and all of the r~sex+ve, sinking `fund, and other payments provided for in tk~is e~x°~~~,~~~a~~~ ~, ~'~i:~:~-. be pa:~.d s©~.,e1.y from. t~.e revenues derived by t?~~e Vi~,lage f.rcm. ti~!~~ ~~pera~~,~~~a of sa~.d Water System, and it will never be ~ae~~essa,x°y ~~ au~,, ~:~r~. ?~~~1 ~o u.se the ad valorem ta~:ing power or any otY~.er fur~~.ds of said ~'~~,~~.1.a°ge to pay t~~2e pr:~.~ncipal of and inter~;st on they ~e,x°t~.fi Wades tf:; &~~ ~. ~~~~~e~l pt~:rs,~~a~~t .~ s the s ox°~ii~a~nde- or to' make any e~f the resE~r°~'e, s:r~'.-~:Y.~~g :~~~~~~~, or c~t~~er payments pr.o~ vided for in th~,.s o~°di~~~~.~r~~~~~, a,~,s ~;r,~i.e ~'~-~x°~~.~':~.•^a,~~c~s ~ss~ed p~rs~zar~t to t~x°i.s ord~nan~:,e s~n~~:~1.1 r.,,~t com~,:~t.i.tt~te a :?~:~.~~~~ ~up~~r~ a°rY:y, of the properties of said Watex° System or ^~a,p~~ru a,r:4~ ~~~"~ae:~ px°~ape:~°~~°~' ~%a.~~soevc~r of tk'ie Village of ~equesta. 5e~;t:~,on l~k"~~~ r~;:fi~:~lV~~~J~~ ~~~~~'~~'~~''~°j~u~~~~, ~~'~~~~.i~`~.~~`~e ~:~. considerate tion of the acceptance ~~f the ~~rt:,f:~;:a,tes aut?~or~.zed to be issued hereunder by those w?~o sh~.al:L h?~l~l thesame from tame to time, this ord~..nance ~bal,l Yae dQemed tc~ be and. s'~a1.1, const~~.~yr,~.te a contract between the Village and s~~~;h ~ertif~.cateb.a~lders, and the covenants and agreements herein set fort~a to b~e pex°fo~.~°med key paid Village shall be for the equal benefit, prc~teWtion and secc;tra.ty of fdhe legal holders of any and all of stzc&~ certificates and tae coupons attached t?~ereto, all of whic'~ shall be of eq°~,al rank and wi tho~at preference, pr3,o.rity, or distinction of a,ny of tae ~~^x°tifiWates or coupons over any other thereof except as e.~press,~.y provided t~.~°rein and ~-~ere~na Section 1.®~o D~~l~~;°~~CC~~,~a ~~~at, a,s used in this o.x°di~aa~~~~ ~ . the following terms shall have the fe;~l~.ow,i.ng mean.~..ngs a A. °8~greement of ~ur~.t~ase and ~~a~Le ~~ s~.al1. mean t?~e agreement ®~,~ e~atered into ~y and '~etv~~ee~ t~~e ~~;~pa~~y ~~~~~ t~~e ~~il~.a~e of ~ee~uesta~ Filor3.daa under date of ~~aSust :,~~ ~~~,~~ ;'~;~ tie purchase of the Water System here~.n desor~.~ed, ~, "~ertif~.,~~,tes"" s~ry~s~~ me~.~~~ ~ ~~~~ X19 a ~~,~ ~~iC~ ~ertifioates originally authorised to he ~.ss~e~ p~xr~s~~~.~,~~; ~,,o this ordinanoe~ to~etY~er with any pars passe ~,ddlti~~,ial ~~'c~r°~.~t'~.~;~-~~;es ~sere~.~ter lss~.ec1 ender the terms9 lian~tatio~~ms ~~~~~ ~:o~:dl,t~,o~s ~~~~~~,~ie,~ for here~n9 ~,nd the ln.terest coupons appe~~t~;~.:..~~1g ~~.,~~et~~ ~o ae~o~p~.S~y°p ~~~:~;~ ~~c~~w, t~_:e ~~.~~°~s~~: 4+Y,~~ver ~o~ip~.7wsy~~~~o~ a oorpor~.tion d~:~:y ~~~~~~~~~~,w~ ~.~~~ e~~~.~~~~~~~ ~_w~~'~~~ ~~;~,e laws of the State of .~lorida a ~o o9~"dnsulti ~~ ~~`;c~'-~,~~~~'9 ~~_~~,~'., xl+~~u°S ~o~~Y~~.y9 ®we1;~ ~ Anderson Eng~.neers~ a:,~~.,,~,o:rp~;:r~ate~d9 W~~~, ~~~.`~~~~ ~~~..'.'~.:~ ~''~~~~~.~or >~x~,?~1 other farm of ~ua~i.f'ied ~}N~d ~^z~.~.~c~rs~~:~,~. ~~e~,~~r`i~~d ey~~a ~~ee~°s as a~~ty ~~ere~,ft,er be emp~i.oyed ~y txye ~P~.`'' ~~W~~.ge , ~~ :Ea ~ina~fi;i~.~L ~c~~~~.srr;~e s~'~_a"~~. mea~~ ~. e.rso~i ,~ p 9 f~r~i or ~or~- poration l~aow~~ ~.~~d re~~og~~~~e.~ ~~_. s~~~~~de~ ~~~;~~,~ei~,al ~.~~~~~ pu~',J~~~' t"lnanoe, retained by the ~l~.~age ~~ p~~,~~'r~~~r~, ~'~u ~~:~~.e~ p~°~~~rided he re~.~ .for such financial advisor, ~e °Bf~soal year°~ s~~,~;ll mean the period beginn~.ng with January ]. of each year and ending with ~eoem~er 3l of sa~.d yearn ~o as fa;~~ll~:t~,es~~ sp~~~,~,~. mean alb t~se fa~i~.ities of the Water System and alA parts 't~hes~eof~ ~,~~u~red or ~o~str~uo~,~ed pursuant to th~.s ordinance and any fa~;l~,~,ties w~a~.~h may hereafter be added to tk~e Water System or any part t-?~,ereof~ ~y addit~o~s~ ~etterments~ extensicins or imps®~eme~ts thereto or property o.f ~.ny ~~nd or na°~urea real or personal9 ta~g~~~,e or i~ta~gihie~ hereafter ~onstrueted or aoquired~ H, Beho~,der of ~ertlfi~~.tes"B or ~~~e`~tifioateholder~'~ or ~~ 1 . ~.. _ r x' ,:,, ~ r ~ ,,..- . ~~ ~ + ~ 1 F7t,, a,, x ~.aa ~ _ ~,s~ _:d >.L "~-r~d.Y. _~'':y ,~~ d 'r ~,.r~~. ~`_.~,?.._. 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C.: v u r .- / . ~ -} M. .- ,. ~ ~ r l - r..l~ y r... ).. v .. 1 -. ~ ~ ~' ~'_' - -. ._ i~ 7, ~ C•. ~. ~, ~ rv __ ` ~ vY` 1 r1 ~, F-' '~' Y ~ a`! '~ l-~. K~ ~y Y _r • • ~~ includ.~ing aa~~r water facilities or w~.ter s~~stem which ~~.~ k~~ereafter be acquired by tb,e ~~llage of ~equesta, ~`~,orida, a~ad :jade a part of or combi~.ed w~,th said Water ~~~'st~~sa, ~°~,~-~1 s&~~.11 include (with®u,t being limited toy fac~.la,ties for t~'.~° supply, treatment and di.stribt~® tion of water, and all lands or :~ntere,~t~ therein, plants, buildings, machinery, franch:i,ses, pipe:;, fa,~tures, e~,uipment and all property, real or per~sona.l, tang:r.?~l.e a~r ir~ta~ag:i,'~~..~, ~.t.~w or h~,reafter owned or used i,n conner_:t:i.on with. ,sai,~. Ws,te~c~ ~~~~~t~~n~, Q~S...= ~ d, ae ~a ~'.~.~..~,ag~ ~~:~.a1.1 mean the: ~~i.:~.~a~~ ~~f °~;`er~a~es~~a,, ~1,oridao ~'n Word: imp~x~~,~~=.g ~~%~~~~:~a i~_;~~~.r~~,e ~^ ~ahal:~ :~,~acl~ude the plural a~uzmber in each case and ~r:~,c~e ~re:rsa, a~,:~d words 7.mpor~~ir~g persons shall include firm~~ aXsi~~ co:~°pora.~.;.~ c~;;~ „ ~~~ C 1 ~R~:~c~~,,E II A~~°HORIZ.~`~ION, I°E~MS, EXEC~~~'I^~~ A~~~ FtEG.ISTI~TIO~T OF G.Ei3~IF`~C~~ES Section 2. ®~. o ,~3J~~IORI~~,~'I0~ ~~~`~ ~EFMS ®F` CEit~'IF'ICATES . For the purpose of financing the cost of the acquisit.~,on and improvement of said Water System and other purposes r~~ecessa~°y, appurtenant, or incidental. thereto, as authorised by this o;~~',;~~a,~oe, °~h~z3~ ~h~,I~ be issued negotiable 'Water Rev~;n~e Cep°tl.f~c~.tes of the ~i;~lage of 'Iequesta, Florida (here;~nafter called ~'"Certif:i.ca~'~es "~ ~, a.r~ the aggx°egate principal am®~rit of One Million .Seven dlurad~red "~t-y~~usand Uo:~:Y,ars (1.9700,000)9 which Certificates shal`~.. be dated duly :i, lg6'~, shall be in the denomi- rr.ation of 1.9000 each, numbered con.secut.i~vely ir~~ numerical. order from :1 to ;1,7~aU, bo°~h incl,~sive, shall. 'dear i.~~`er.°es°~ ~.t the rate of fivF pe.rc 4ent°~rn ~5~~ peg a.r.~~i„.=za., p~~~r~;ki't ~:em.~. ~~,~~1~~~~.a:~_1.;~; c>r~ ~arzt~~ary 1. and ~lul.y 1 in each year, paya'ca~~ as to bot~d p~~l.r`~u~pal. and interest at such bank or banks or° ~i,r~u.st company o;r~ ~~;~°~.YSt cozrpa,n ,~s within, o~r without the State of Fl.orada as sha:~:1 ties°eafte~r~ ~~>~~ des.~,.gnat~.~ by `~°eso_t~ation of the Vi1.l.age Council., an :~awfu:l money of ~:~ye ~~Tri ted States of Amer ca; sha11, be reg_is~t~x~able as :~o p~r~:arLCl,pa:1 on~~y and shall. mature se.r°l.ally in numer:lcal. order on ~?'anua~°y 1, of cacti year :i.n i:,he years and amounts as followso year amount year Amount 1970 X17, 000 1.g8~ ~ 3 ~, 000 1971 1.8,000 1985 35,000 1.972 :199000- 1986 37,000 1973 20,000 1.887 39,000 1.874 2:1, 000 :x.988 ~~. , 000 :1975 22,000 :~98g 43,000 ~g76 23,000 Lggo 45,000 1977 24,000 lgg1. 479000 1g78 25,000 1gg2 .50,000 x-979 26 , 000 1993 52 9 000 :1980 28,000 `994 55,000 1881. 2g, 000 ~1,gg5 58, 000 1.882 30,9000 x.gg6 6;1,000 ig83 329000 Lgg7 769000 -8- "the Certifica~~es m~,t~ ~~.ir~g i~a ,~~xe ~ ears ~y'~ C to 1q~3~,~ inclusive, shall not be redeema`tle pr~.o~° ~~~ thei~° :~ ~~.~ed dates of° maturity, `the Certi.~°ica~es I7~a~~!;E~'.~,1'A~ :~~°~ ~~~.~ yea.: s ~. ~~3 to l~g'~, inclusive, shalt be redeer~~able pr~,or to tfl-;ei;~ s,~~,ted d~..t~s of matr~~~,t~, at the option of the ~Tillag~e, in wh®~~ or i~~ pe,~rvt b~,t in inverse numerical order if less than ~.:~~, on duly ~~ 1y~~9 ®r on any in~e~°est payment date thereafter, at the p~iCe ®f par a~Yd accr^~,ed in~~erest to the date fixed for rede~r~ption plus ~. ,p~°erL~i~~rr~ off`" oY~ae~~~~;~..~~t~~~ ccf o~ae pe~° centwm (l/~ of l/`~ of the p~,r ~ral~e the reof ~'or ~:acY~ ~°c~,~ or f;~adtion thereof from the date o.f redemptiojL~ to ~°~~~:~ s~;ated date .of mat^~:~~~t,y of any. such Certificate so redeemed, s~~ufl~~ p`"%.Yl`&"~ ~~m ~~~, an~Y e~~e~;t riot to exceed four per centum ~~/~ of t~Ye par ~>~..~~~e th,e~eof o ~ iraotice of the p~~°~o~~ y~~d.~„y„ptio~; ®f ~,n;~ of said Certificates shall be published at :~wast ogY~e ~.t l.e~.st thirty (3Q) days prior to the date of redemption ~z~~ ~. fi:~s.~'~e.i~,~, ~,,~~wspape:~ or ,~~~urraal pa~blished in the C~,ty of New yore, I~~:w ~~~°Km a~r~.~~e~est sh~.:~l cease ~~pon an.y of said Certificates duly called fog- p:N°~.o:~~ ~~e~i:~rr~p~;~~~~~ on °~:~e ~ ederript~on date :if the ~':~,l.~.age h~,s d~:fl,y wade p ~,~~r.is:~,o~ #'o~~ ~°;~e paya~e~i~ of the redemption price thereof o section 2 00~, ~~C~ICN 0.~ CER~:~.~'lC~~'~S ANA C©d~~®NS m Said Certificates s~.all be signed .in ~;fl~.e name of the Vil.l.age by the Nflayor and its corporate seal shall be at'fixed t~°ereto or imprinted or reproduced ~;h~;:r.~eon and. at`~es~;ed by the ~T~,llage ~'ler~; o ~~~e signatures of said Mayor and V~.llage C~ e:rk on said S~~e~^t~:.f"~cates may be a manual or facsimile signature, p~°ov.~ded that one of such signatures .shall be a man~xal signat~~reo ~n ease a,ny one or more of the officers who .shall have signed o~r sewed any of the Cer~~ificates shall cease to be such officer of the `pillage before the Certificates so signed and sealed shall have been actually s®ld s.nd del.~vered~ suc+h Certificates may nevertheless be sold and delivered as herein provided and may be issued as if the person who sig~~e~d or sealed s~~ch Cer~~i~ficates had not ceased to hold s~xch off°ic~o ~~~~~ Cep°~ff~,cate may be signed and ®c~ ~, " • se~.led ~~ ~~eh~.l:f c~ t~~e ~~~1 ~~~~ ~yy saac~~ ~~~~s®~ ~.s at the ac~ax~.l time ®t° t~.e e~eeP~tic~ ~f s~.c~i ~"~~°~~,~~.c~at~s ~~~:~~~!. ;~~~~Td the ~~°c~pe~° c~~°t'l,ce~ alth®a~gh at the date ~~° suc~~ C,~°_;~~ °~.~ic~.~,es sA~.ch pe.r°s~~ rxray a~a~t h~.ve held such ®:~~~°ice ~~° na.ay ~~t h~.~e `~eer~ s~ ~.~~th~~°~.~€~d p the ceuTaea~s t® he ~,`~tached t~ the Ce~t~,~icates e,r~d the `~alidat`i®n ce~tific~,te e~ tk~e '~~,~~ 5~~~'~e~e~f a~.ay k~e s~"gyred with the facsimile "sigrrata~~~s ®~° the p~ese~t e~ ~,~~ ~~tP~~°e lay®r aid Village SO ~. ~ .G C~,~ 9 4.P. ,~J`1 ~~~ „": 9 ~. ,4, ~ a ~l ~.• s• Y . ~ u 1 c .¢ y~q ry ~c y}- ~ ~+, ~r _. .. - ~p ,_ ems., :a ~~~ ~~ t .i ~ ~'~ )' °1" ~ ~~) 2".. ~., ~.? 1!~. ~;'p~ s ~ ~1t~ ~" 3 ~ ~61 ~ F7 .~~ L e.: a...i.. ~.• U ~ .:.~~~I T ~~~ `Y> ~.. `K n~ acrd Village C':~.e~~ a~~~ ~r~~n;: :~;~ha~~k- ;~~~. c~;°~ ~.k~'~" ~~ae ~ t. ~. ~, L ~~~ e~" h ~ ~~~~~~t'ificates ~ ~.etwithst~.ndia~g th~.t k~e rr~~:~~ ~~~~~~_ c~.~~ ~~ ~,~.~; .~~ s4xch ~,~°~~~ ~~~ ~`i;~.:~.age (~le~°k at the ~~i.t~lie whey. ~~.:~.~ ~ -~ r ~'~,~ ;kk~~,°~;~~ ~ ~~a;~:li: `~ v~ r~.~: t~.~,l~~r .~~ld axed deli~e~~;pd a ~'~,~'~;i~rr ~oC~3® ~~~;.~.~„,r~:a~~~~.~,._.~,'~' .~~'~ ~x°~~~'~.~~~>~:1;~~~~~o ~'he C'e~t"ifi- cates rra~.y ~~e, ~;gis~ r°tyd. ~.~• ~~y;=~ ~~~:~.~~TM~ ~~T' ~~.~ h~~~~~~;~ ~,s '~~ ~~i~ci~al ®:rgly h~ off°:`~.c ~ e ~~ :~"' at t ~ ~ o:~ t~~ ~ ~ ale `.k `~ ~=as ~~ ~;~:«:~ ~~,s T~~.~~~i~ r:~ ~~.~ such ~°egist:~°~.ti®rv tc~ ~^e x~®~;ey~ ~?~ ~':~- k~~.~ c~~ s~r.i~` ~°~a. ~ ~.f~c~.~es .i~~ "thy space P~°®~r~fded ~~he~~~~~~~:~~o ~f'~~~~:~ S_:~c~:., ~,~g~, ttl ~:°:~~:~~.®~ as ~,~ ~»°~~:~,~r~~c:~~pa~, ~~ly n® tra~:s f'~~° ~ ~' ~~ ~~-~ ~°t:~,:f i 'he ~ ~ ~,~_~-~ ~:~.~;~.T: ~?~ ~~~~.~ ~ ~~ ~W s rr~ s~,:id :.:s. keel, F°:~ "%"1.'a~a Ka ~'%~6W '~~~~~l.e by the ~°eg.istered ®w~ae~^, ~~ 1ay h:is dazly ~.ut~.e~°i~ed agent ®~° ~°ep~esenta- t.~i~e ~,nd sim;~l~,xly ~rc~~~ed err ~~`.~e C~~~~if'ic~.t~s9 h~~`~ ~<~he Ce~t.if3~~.tes may ~e disch~,r°ged ~°~°®rn regist~~t~~xr by laei~g ia~ bike ma~xre~ t~°~.rrsfer~°ed tc ~aea~°e~° ax~ad ~;he~eup~r~ `~~~.a~~s~~r~.~~.i1i~~~~ `fad. d~.~,i~~::~`'~' s~a~.l:~. he ~~~~~stex°edo. At th~~ ept~,err ~~° the h~al.dex°~, t~x~ Cep!°ti~'~,c~.~~;=~s m~.y the~°e~.fte~ fr®m time t~ time be ~°egiste~e^d ~~ tx°aa~sfe~°;.wed t® ~~~-~.~~~e~° as he~f®~^e e each ~°egist~°a- ti®rr as t® ,p~°i~cip~.l ®~ly sh~.:~,1 xr~f~~ af~~ect the peg®t,i~.hili~~y ®f the coup®~~ which sh~.ll. c~a~~t~.~~e t~ p~.ss `~y delave~°yo A~~,id Ce~tific~,t~s s~n~..`~1 'fte arrd c,~xrst,i°~,ut~~ a~eget.is,ble inst~°u- merrts fe~° ~.ll pu~°pases uxrde~= the ~,~.w me~~~;~~rarrt ~,~;~ the ~:~.if®rm C®mmercial C®de~~n~re~tmea~t ~ecur~i~~.ies Taw cif the ~t~.te of pl®~°°ida, b~ecti~~ 2,C?~ e C~~~l~"`~~ ~~~~~ ~~~~~~~ ~~~~~~~~'~~ ~~C~~l~ C~ ~C~~~°, l~ case ~.rsy Ce~tific~.t~ s~d~.ll hec~m~~ n~~~:ati:~.~.ted cA ~e dest~°®yed~ ~~ ' • stolen or lost, the Ville.ge may, in ,~,~s discretion, issue and deliver ~, new Certificate with all unme.tu:~ed coupons ~.ttached rcf like tenor as the Certificate and atteched coupons 9 ~,~° ~.ny~ so muf~i~.ated, destroyed, stolen or Lost, in exchange and substi~;u~~ion for sucks muti~,ated Certifi- cate, upon surrender and cancellation of such trnutii,ated Certificate and attached coupons, if any, or in ~.ieu of and substitution for the Certificate and attached coupons, if ~.ny, destroyed stolen ox° lost, and upon the holder furnish:~ng the Vi:~~~.ge p:~~~of of h:~s owner°ship thereof and satisfactory indemnity and complyi.~~g w:~,~,h such otk"~er reasonable regulations and conditions as the Village ~~.ay r~:qu~,:~"r o ~~.1 Certificates and coupons so surrendered shal;~. be can.ce^lled 'lty te~~~e `~~i:9.:~.age treasurer and held for the accou~at of the Villageo if av~y s~uc~~ Ce~°tif.ic~,te ox coupon shai.l have ma- tured or be abou~ to mature, inste;~d of issuing ~, substituted Certificate or coupon9 the Vii,lage may pay the same upc;~~ [~e~~~~ng inder~~ified as aforesaid, and if such Certificate o:~ coupon `be :~os'~a st,o~len ox° destroyed without surrender tkbereof, any such duplic,aw~~ C~°r~ti:~ica~~;,~s an~.~ coupons issued pursuant to tkiis Section shall cons°~:,:~,t~~nte add:3~t:~,~~~r,~,l ~~o,~`~~~°ac~u~~~al o~~.igations on the part of the Vil~,age, wksether or not tk~e ~.os t, stolen or de- stroyed Ce~°tificates or coupons be at any time found by anyone, and such duplicate Certificates and coupons shall be entitled to equal and proportionate benefits and righ`~s as t~o ~,ien on and s®urce and security for payment from the net ~°evenues of said Water System with all other Certificates and coupons issued he~°eunder® Section 2 a 05 e FCC ®F CE~~i~~RC~~°~S AND C©~TP®~tS o °~he te.xt of the Certificates and coupons shall be of substantially the fo3iowing tenor, with such omissions, inser~iona~ and vari~.tions as may be necessary and desirable and authorized or pe~Y°mitted by this ordine,nce ®r air. subsequent ordina~~ce o~° r~so~~~tion ~.dopted prior to the issuance there®f o -11- ~, ~ 000 No. 00~"~NC~`~ C~~ ~~ ~~~u~~~I V ~`~:~~ ~ ~ 0.~ ~;,~ ~~T~ auk' SOW AT.A~ ~ ~~~ '~~iES~ ~~~ :~~"`'u~y ~:~',~a~ ~~~e ~Ti~.~~,ge e~ °~e~,uesta, ~~®~~d~.~ fog valve ne~°e~.~re~.a ~e~°e`~y p~®~~.ses to pay tee t1~,e bearer ®~°~ ~~f t~~.s ~'ert~~~,~~ate ~e ~~e~~.stex~ed~ t~ tie r°e~~.ster°ed holder as k~~,e~°e~?~ p~'~"~"~~~:~'9 0~~~. ~ti~~~, ~'~~~~~~ ~.~y ~~±~ ,~~,~;~~~x°~r~' ~~ ~ s('~~9~e~,y f~~oan ^y ,p ~y y~~ v p ~/ ~r~ Y a I't' ~+ q yr~ .,2.. `,.. ~ ~,y_ "~7 h'1~ \d ~.,.~C,l, ~Y N l.1LS18 4./.1. t~e 1 6.~ V e A.Y.~vL C. "w1' ~e ~`~. ~..l~l, t:x. ~ ~'~, ~^ ~.W .tl i~' ~., l~.s'e~~\~ ~.+F. J ~.; ~ ~I 1 with ~.nte~~est t~ereoY~ ~,~, ~~~.e ~~a e °, payak~~e serr?~.i~a~ltt~~..a ~, .;, ~ ~,, __, y i _ ., _.~ _. . o:E' ~ ~,.~.~y of the aa~~~,~~ ~ '. c ~~~p~.,~,_; ~+,.. ~_ N_-~1' ,~ ,~-. _ - ~ Y ~ .. , (;t cl~l„~ y;C3'~,f'•~'e~ , C: ~ ~- ,. ,U `:F'''` ? : { ~t~ ~~., ~,r~` ~a,'~~,~ ~ ci, d St~.te s o.~ ~R,m~a ~~~:;~. o ~~~~.~z ~er~;~~'~,~.;a~e ~.~ k~~r~e ~~° w~~ ~.~at`~~_~~~~~~.~~ed ~.::~:~~.~~ ~>~~ Oert~.fJ~cates ~.~ the a~grege,i~e prl.n~:~p~.l am~~~nt of ~k~~ ex~~eed~~in~ ~~.9'`~'~Oa~:b00 0:~' l~.~e date9 tenor acid ef~°e~t~ e~~ept ~~ to ~~~a.~be~° s,nd date ~~~' ~~.t~r~ty~ issued to ~°~,~s.noe the ~~st ~~° ~t~he a~,~ix:is~.t~©~ s.~.d ;~a~pr~avemea~t of a dater System bar tie ~~:~:Y~ ~.~~ ~t;° ~"e~~~~~ sty., ~l~r~~.a,~ ender ~~de a~t~uor~ty of and ~n ~°~a,ll ~oa~pl~.s.n.~e r~~t~~ ~~~e ~ ~~yst,~~~~t,~on acid S~~ata~tes cif tie State o~° ~'lorl~la~ 3.n~laxd~n~ 0`~'~~.pter l~~a :plor~da S`~at~~tes9 and other appli~oable st;a~~atesa ~.~~~. ~,m~~ a~°d~~uu~,~~~~e ~~~y adop~ed by th~~ ~'~~.~.~,~~ ~o~noil ®f ~a~.d ~`~~,~.~.~e ~.nd ~s ~sr~~~e~t t~ a~~ t~~e terms ~.nd conditions ®~ said ordi.i»~:~,«~e o ~°he ~„~°~ti.fi,~at°s ~~' t~,~e issue ~~° ~,~~~.a.,~~ th:~s ~~erti.~°i.csate is erne ~at~xr~n~ ~~n tie ye~.~~s ~,g`~0 t ~ 1~8'~, ~.n~'?~~xs~.s~e9 are not redeemable pri®~° to t~~ei,r st~.ted da~~es ~~' :~a~~~~.$;yo `~~ie Oey-~~;°~aa~e ~~' ~d~~~ i~s~e ;~~ ~;~~ ~~~ ~;.~is ~er~~~fioate is o~ie ~aturin~ in ~,irbe ye~.~~s 1~~3 to .:,fig 7'~ in~l~~sive~, a~~e redeemable prl®r :~_? • r ~O °~;~~~..~ ~~~.~;~~ ~~.~e~ d,~ &~L~~,~'~Y,~'~~jr ,~ ~.~ ~,~~e K~:`~'~~.~~~ e~~,° ~~~e ~~~~.~ge~ d~ ~'u1y 1.9 19~3~ r~~° e~ ~.~~~' ~~~~;e~e~s~; ~~~ ~~~e~,~ ~~~e ~~~.~;~~:~e~,~'~~~°,, ~~s ~~,d~e ~r 3~ p~.~~~ b~~ ::~»~~ ~.~~e~~e ~L¶~e:~~~~i~. ~r~~.~ ~~~' u,~~~ ~'~L~`~"4 ~~,~9 ~~ tie p~~.ee d~ p~,~ a~~ ~,e~~~e~ ~.~°~~~e~°e~s`~ ~~ t~r"We ~~.~,~~ ~`'~~~;,~. ~~~~~ ~e~e~p~~~~~ p~u~ ~. p~e~~ e~f d~~e-~,~~,~~~er ~f ~~~r~e pe~~ ~e~,~~~~~~ t~,,~'~ ~t~ :~/~ ~~~ tie p~,r ~~.1.~.e ~~?~ye~ee~" ~'d~° e~~~ ye~~ ~,~ ~~j~.,~;~~d~~ ~~-~,~~~~e~~f-> ~,:~,;.~~ t~~e ~,~.'~e ~f ~e~empt':ie~ ~;d ~°,~~e ~~~.~;e€~ s~~~'.e ~~~ ~~.c~..~~°~.~~ d~'° d"ir~~ ~~~~:~~ ~;e~.~~~~'~~~~e ~~ ~e~ee~ed9 ~~a~r~~ p5Y9e~~.,~~rs ~.~~ ~.~,y e~~~e:_~~ ~~-~ r,:~ ~;~.~.~.4 ~.'o~.~ ~;,,~~-a e~~~:~~.:~ ~~~~) df' ~t~~~e ~~ ~~v~; ~.~:'; d~ ~~`~e r '~''?v~'" `*''~:: ,~t~'eT:;y"+ ; ~ :~~"', d T;' ~.r:~ d w' ~~~. i~.(~ ~.~' °*: ~ f :1 ~".fie S p '^ '',l~',i~.;~x ~ry.'~i •:r l.., ~rti' ~ ~..w 1~ ~. ~..1 o~M-"~J `/~~,`~P';^i q'q, r,:° ~~~' v i~ r/~,,e ~.~'~.,e ~;~:° rep°~;~+t~~~W~ ~w~y. ~. ~'~.._ ,x~~'1Wx.a.:~.''. W_..:~~~~~ ~.~,~~. ~~~ j~~~~~~°~~:~ p~'~~~:~..~ ~a~-~.e~ ~.~~ ;ale ~~.,~y~ ~~~' ~er~ ~'~ ~"~~~~, I~~.Zn~ ~'.~LL,~a ~~.~~.:~~~~~~ w >wW~.Y,~ ~e~~e ~'~p~r~ a~~y df ~~.~.ci ~e~~~f'~~c~.~;ew ^~~`~~Y ,1,~.~~Le~ ~:v~y°p.~.~~5 ,je:~~~'r.G->~-.~'~~r ~~^~. t;~=.e re,~ernp~,.~:~~~ ~.~.~e 3~~' ~C~ ~~.~.,.~,~=1.ge ~'°~"~,.~ ~'~~1`;~! ~3~~.C '~1'd`'+~M~~.:a~~ %'~...~ ~~~~ ~'as~j~'Y~S.~~i'~; ~i~° ";Y"~t'" %'~y~e1TT[J~`~ld~. x"1,4 ".~ ~ VvC:.. 'vi v..~.,.f~'..C.. ~."-t_i, ~'s~ v._.!'v v.. fir.". ~. <i .~~ ~~~ .1 5~. ~'i rY~.Y.'~. ~.~. ~'y "d `cj. -~~.7'"~~.~ ~S.~d ~.~~. ~ "~ ~, Y ,~ ~,,,,,., ',~, .;, . .,nom Cti~ w.~. .Y .: .'wf":, .,ti,k.".a~ ~.?"i''a~ ~, AiE::'U~f~ ,~~ .fw7,~.,y~ ?T"~.~'l. re~ven^a,e~ ~e.~~~~~e~ fy~~~ ~:~~.e d~e~~~.~.~~°~~~ c>i .~a~~w ~'~.'~~c~:.~ ~y,~:~~~exm :~~r x,~,e a~~.~~ae~ p:~r:~~~~~.~.e~ ~~ ~.;~~~ e~~~~~!~.~~'~^e ~,•~fi~~,.~~~~~~.~~g ~T~,~.S ~~~~.e ~~' ~er~t~~.~'~~~.~~e~ e ~"he ~'~:]V~ £°~.~~~;~i ~.~.~. ~re~i3.~ d~° t,`~e ~°°~,~.~..~.ge :~ ~°~d~ p~.edge~ ~'~r ~,~~~. t.J~.i~~ Ce~~i- ~~~~~~e ~d~~ ~~~~~ ~~~~~~~~x~e ~,_~, ~~~e~~~;e~~e~~ dI" '+~~:e ~~~~.°i~.ge ~~~~~~. tie ~.e~.~~.~.g d~ ~~d~ ~;d:~:~~~:~.°~~~~~°~d~~~,~,~ ~t~.°~~~.~.,~.~.~~ ~~., *,°~1~~r~rer~ ,~'~a~~.~~d~ d~ ~..~.~ni- t~.y~id~,~ ~.~.~. ~t ~~~ exp~~s~l~ ~g~ee~ ~~ ~°~e `~~~~~~~~ ~~~° r:~~°~.~ ~er~1~.f ~e~,~e ~.~.~ tie ~d~.:~e~~~ ~.ppe~°~:~~.~.~~.~~.g ~~~e~e+e ~~~~,~ ~~.~~~ a-~d°"~~e ~ ~~W.~.1~. ~eve~ ~i~.ve tie ~~.g?~.~ ~e ~ae~.~~,~? e~ ~:~~pe~ ~~~e e~~e ~,~~~e df t''.'^~'e ~~ ~r~.~d're~ ~~.~'.i~g pd~e~ ~#~ ~~~~ J'~~al~,ge ~°~:~~~ ~"^~e pw~r~e~~'t gat' ~'~~e p;~~~3~i:~~~.:~~.~, o~ ~.~.~ ~'~~'erest c~y~ t,~~~ ~"e~~~~3e~~°e u~ t~ye rr~~.~~~~,g df~ ~~'.~ ~~~~~~g f~~`~+..c~9 ~°e~e~~e9 d~° dt~.er p~y~er~°~~ p:r^~~~..~e~. f~d~~, ~~ t~~~ ~~:~~,t ~.~~~~~ w~~~.~il~~~~~z~~s~^lg ~:~~~.~ i~~~~a.e ~~ Ce~~i.~ic~.~''e ~~ ~- fr~.:n~,~~~er ~g,~ee~ `~~tyn~~~-w .~,e '"w~~~.~,~,ge ~~~1'~ *~~e ~:,d~.c1e~° d~ t.~i.~ ~e~'~~f~~~,~u~ ~,~~~f ~~.~~ ~'u~~.~f~r~,~e ~,_~,~ ~~n~e d~~:l°F.g~.~:~~~~. e~~~~e~~a~:e~ ..L ~ ~ thereby sha11 not constitute ~, l~.en ~~p~~~ t;he phys~.cal properties of said Water System or any pay'°t t~~~erecf~ o.r o~~ any other property of or in the ~Tillage9 but sha11 con.s~;it-~~~,e a 1~,e~~ o~~~:~y on t~`~e ne~~ revenues derived from the operation of said Water S~~stebx~. ~.~~~ the m~.nner provided in said e~rda_nance The Villages in said or;~~~.~~a 3°e; has oovena~.ted and agreed with the holders of the Certificates of ~_~~is issue to fix and establish and mainta3.n such rates aind ~.~°alle~~t s~~~'~m~ ~'ees9 ~"en'~a1s or ot~~er charges for the services and fae~.,lit~.es cf s~.id T~~~,'i°~e:~ Sy>tem~, and to ?revise tk~.e sabre from tiar~.e to f~ime w`±~ei~aeve~° ~~ye,~r~ss~.-~'y~ as will always provide revenues in each fis~:a1 ye~,x~ s~af"~'i~°~,ed~~~ ~~~~a pay all cost off' ope~°s.tion and maintenance of ~.+?rJ.e Water Sys~;~W`~r ~..~ "~~~.~~`~ .fiscyal~. year, together v~Tith one hu~.clred twenty-five per .-Jen~:um ~l.r~,I~ ~f' fiche pr~.ncip~.l a~f aN~d interes`c on the Certifi4~a'~e~,ms.*~~~r°`a`~~,~g a°~r,~ ~~..~°a~:~~.g due ~.n suc{~ f'i.scal year9 s.nd on any other ~;~,r~~ifi~:a`~:es c-~-, ,~~,` ~^~eLL° vbl~.gat~o~~s paya'~1e from the revenues of said Water Systemb s,~~~~d t~.at suc.~. r°ates~ ~'eess rentals, or o~t~her charges shall note be °~~eda~ :~~e ~ so as t o be ~. s^,s~~ f°:f'~ ~w ~ent to provide adequate reven~a.es for su~;~~~ p~u~;~~c%~~es a Sa~.d ~"~.ll~.ge ryas entered into certain further covenants w~.th ~~;~~e ho7Lders of the Certific~.tes of this issue for the terms of w~~ich refere~a~:e is made to sa~.d o~°dib~ance;: It is hereby certified and. rec~f.~ed that a1.1 a.~°t,s9 conditions and th3.ngs requ~,red to e~ist,~ to rs~,ppersa ~.nd to be perfor~r-ed~ precedent to and in the issuance of this Certif3.c~.te ex.ist9 hs,ve happened, and have been performed in regu.ls.r and due fo:~n and time as required by the 1~,ws and Constitution of the State o:f ~lor3.da ~applics.ble thereto and that the issuance of th~.is Cert;i,.fi~:~~~.t~ea and of tie issue of Certi- ficates of which this Certificate is ones is in full compliance with a~.,1 constitutional, ste.tutory~ or ch~,~~~~:~r limits.tions orprovisions This Certificates ~.~r~d the ~o~~pans ~.ppe~°tain~..ng thereto, is and has all the qualities and iTM~~ciden~s of a negotiable :instrument under the law me rchan.t and t?~ie ~Tn~.. f c ~' or~~e rci al C ode Alnve stment Securities ~s.w of the State of ~°lcr°~da~ ~.nd the original holder and es,ch ~1~.~ ~~ ,~ ~~ °~~-~e~e~o~ ~~,~.~.~ `k~e ocn~~•~.~~~e~,~ deg ~~~ ~-. ~9.~.tiTe ~.~~~ee~ ~~`i~F ~;~~~~.~ ~;~~~°~ ~~iz~cs`;~ ~,s°~..~ ~~...~~. _.~~'~,~'~~~~~~a ;1;,~N~~~':1"~:,~,~..~ao~'u°9.~ ~'le~e~0 sY~a11 'be ~.~i~ ~~.~re ~~.~. t..e e~ menu ~.~.de~ ~;~,e 1~.w r~e~~.;k~a~~f.; ~~y~ ~°~~~e° ~~~y~~a,~~~ ~~~::~~a~~e:r3~;~~,:~ ~"o~.e-~~^~~~~e~t~ent Seo~z~~~~e~ ~,~,~n, ~f" ~~~e ~*~~~°e o~' ~ ~~:>~~:~d~.~ ~~~d v~u~e ~~ ~~~,r~~, ~~o~,de~^ ~.nd eao~i ~u~;~ess~~e ~io:~de~° ~rfe `~~~~.~ r~e~k;~.~"~~;~.~e, ~,~~d o~ ~;~~e eo~xpo~~ appe~- ~y ..$ qry 7~ `(. ~ i ~ ~~' ~ ~ ".:'~ie~d ~~ 1'' ~.. •~~ ~~.7.'4'~ ~'w1 ~~~ ~6'~~,"L~e~'l~ed ~~:1:.1.;j d.~..~'~ ~'.~ ~e 1,:~ ~' n:7~„~.~'~ 'f~l, N~::; V.~..J ~~ 4....i, u., ,Jl. ~ _ „ . J~..^.~ ~~~ to fi;~e f'c~:i.~ ou~~,W~.~; ue9 `u~,~-~ ~~~~:~ a~.~~~,;!~~y_t ~ ~t ; o ~y } ~jy g Vm1~ `~i~ .5-' X fp ~ -~ ~. ~ dLi T,d ~ 1..~, n' ~~ \.• ~ (X.:.Y.JL JY 4'l ~ ~~~ ~~~ ~:J L.i ~.• ..L~~W ~~ ~ 1J r~.er°e~~. °~~a~°~.de~.~ ~.s~~. ~;o t;`~We ~.~>waw x~:d ~t : r Y~~e ~~~ ~ c:~~~a;~;'~~~b:~, m~~~ "fie ~re.~i~ferred .~. ~ .r;,,r ~ * - r ~° . ~- A~~,=: ~ ~,t::i ~'~ ~ ~; ~ r't ~ 4. ~'tix~~e:~ t a 'p ~~.'ye.b l.e ~~ de.~.,3..'~,''e:CJV ~.`~ ~,~E' m~~„~,.~.v,~...° ~',~~~~,/o..~i4,.~ .,v ~ ~I{~ 1~'~^~ y~1 I /~~ ~~j '{~ ,y 7 y,~~. f ~ ~: ~r~ ~ r~~~~t~ r°~~:~ ~.~.Y. ~"~ E d e -~.i~`~J'E: ~ t~ment o ~e ~dl+~~r L i. ~.W ~; +lyf,~ e~.'`~. Vil L1Ee .i v~LlwM,:. 1. r lJ+~ a S~"s4 ~ - y~ o~elr"~.1'.7. v~.•e S ~.!~.4Vtl ~.~ ~'~y~~~ ~,~ ~~~L'~i° :/, .~:,sa.°> (.~~ A.. w 'Sa'`Y ~i`r,~' `~~?~ C -, ., .._ iJ`'~ `" ~ f:, i ~ ~_~P Y. ~;~'. ~."t '_'~,~;f' ~ Nal.~'''.~.,e ~~. ~e~i~°~e~'ed ~~ ~Ye~~=''M..t"k ~Y'~J•~•`=,'~,G~,q i:,jT' ~:il' ~"~`~~' .1':~:L~'~;~;f;, G~^.~''.~~3e:~~'~h5 s'~f'.'~"~ellyx'1~~7 oy y~~vy y~ ~.t~~ +-~~~~: ~ ... ~~.~~:~ K.~~,a ~ .y ~~~ ~~~:.~~".~..~~, ~W~.~.~pe ~.oqu~..red W.~`.Y`~'.~V~.l 'J C.I. ~.J.i>~.:..~,~~ ~ .l.'~.:, Cam, w' „t.~C.C ~. r~ [~ ~ti. ~J 1 V,l: `~.~ ~,. "" v~,L ~~ ~w WW OO ~YY~~ -,-~~ 7,~~ •i;~..;~ ~w~}.y:c `~-~~?~^.~.; ~', ~il,~d~~.'~, ~' ~, ~~ ~a~"a.e ~~,.~ti ~i i"r ~. ~.l~e ~}"VNn~~[J ~`~ ~JYi .~.. `..i .il: ~-~~'~.~,~ Ca."vL Siti.).i .~ ~.. i..6 9 or~ney, '~`~ere~~~:' ~~,~. ~..~ ~e'~~e~y` ~~~~,~5~'c,~~~. ~; J~Ir~1:° ,:a ~ r~~,~i~f"~;~, ~:~~c~:l.~~e fi;~~~e ?~on,r ~ ~' , , ~o ~~yone ~.e~eto ~~ de1~~e~~ ~ie•reof" f,o ~ ~. f'~d~.. ~r~c°~~.~e~~° ~~~i~.~ ~.~: ~r~6o ~~~~~~1 ~u~o~~.,~„ae ~.~'~:e ~~~iP f~~~, `x~~~~~e (~~e}e~.t, o~' ~.~i±;e~'Q~1e:n~~ ~~.t;~.out ~°~o~~,~we o~° ~~~~o~° de~en~e~ ~~ equ~..~~ee ~;x5 ~~~.~~ o~ o~ne~~~~p e~~oroe- ~.'b~,e ~.ge.~x~ti~~ ~`i~.~ t~~~.~~~fe~~o~o ~'~e~~`Y ~rT'o~~r`?" ~~~.~°~° o~ ~~v~~~e~~ ;~f. ~~~.~.s Cex°ti- f~~'~.~e, ~n~P~~ ~e~~~~e~~ed. e.5 ~~e~^e~~y ~r°;.;a~~~ed, ~~~~. o£' ~;~~ ~.~~~~e~ed eoupons, ~~~~`~e~ ~,nd :~e`no~n4: ~ ~; ~,~~. of ~°~~_:~ e~~±~~~°~ ` ~a e.~s~ ~x~;~~.~~s ~e~e~..n ~~ f`~~ror of e•~r~:ry ~ua~ '~o~~a ~'~de ~~a~a~~.~.se~~~ ~.~d e~~~erl~ ~~~a :u^~ ~~o~,~, .t'~.de ~~~.~~~i.~.~er ~~~.11 ~,o~u~:~'~e e.b~o~~ite ~~~~le ~~ex^e~a ~.~~~~ t;~, ~.:Y~ `~°~~,~~t;~ ~e~reee~r~-,ed ~ie~e~ay; end (o'~ ?~•4,ie V'~5.,~~~,~e nrr,~~ ~re~.~. ~;~~e ~~'~."'ey~' of ~:~~:i~ re~°~~f~oe.~.;e, un~e~e re~~~~e~ed ~,~ ~~~e~e:i~~~ ~.:~°~'~ded, ar ~~~ t~~e :in~~e~~~~ ac~u~,o~~~ :~~oe~e-' ert~.~n~~~~ ~~ ~~~ae ~~,~~»:~,~~,~ a~•~r~e~° `Y~.e~ el~~~ fog ~.YS. ~,ur~oeee ~~.~~ou~ ~.~..~, ~ W ~.. a z~r T~!i~ ~er~~i~ioate ~~,~ ~e ,~~ ~~~ e~ ~,~ ~o ~~~i~~~ ~a~, o~1yg i~ aooo~da~.oe v~i~~n fie p~ov~..~~~a~!~ ~,nsc~~~~e~ ~~ie~~~~~,e l<`~V W~~'~T.~~.S tn~i~1~F©F"9 f~~e ~~,~' ~.~.~,~ ~~~ `~~~,L~.~~~~9 ~l.ox~i~~,9 i~,a~ oau~ecl °~l~~.e ~e~~i~ioa°~e ~o 'fie ~ig~e~ '~~ ~,~~ ~a~o;~, e~~~e~ ma~uall~ ®~^ witYa hip fao~ianile ~ig~a~u~e9 a~ad ~~e ~e~.l of" ~~~,~ `~';111age ~® lbe a~'~°iaced Yae~°e~o o~ ia~pria~~e¢~ o~ ~°e~~oduoe~ ~:~e~eo~9 ~,~~ a~~e~~ed a~~ ~oun~e~~ig~.e~ lad t1~e Village ~le°~k o~° eaic~ Vi17l,a~;e~, ei~~~ye~ ~~.~~xa~1~ o~° ~~.~~ ~.is ~ao~im~,le ~ig~a°~u~.~°e9 ~.~~ ~,`~z~ ~.~~'~e~'~~~. tr~,~;~~ f,~n~ ~5e~~'~ ~:s a~~~~.~~~e~ ~o ~e exeou°~e~ ~i~t,~ °~;~e ~a~~i~.i1e ~ig~La~~~ °~:~ ~J:~' ,~,~.~ ~a~r~:~.° a7n~~ ~~.~.~'a~e c~ler~c, all a~ o~ fie ~~.,~~~'~ ~a~ o~ ~~~~~~ :~,~~~~~n ~m ~~~~,~ ~~~~~ ______ ~9~~~~~o V~.ll.age ~~e~~ ~~~M ~,>~' O~yk'O.~T Nom 0~. °~~,e fi~~~ ~a~ o~ , 1~ of ~eques~a, ~lori~a, v~ill ~a~ ~o ~tT~e 1bea,~^er', at ~"~k~e ~T~.11a~e of Amer~ioa, t~.e ~uE11 0~ Do11a~~ (~ ~ ~x~o~n~ ~a~e~e~i~atiox~ a~~ sur~er~der of °~~i~ oou~o~a, Y~e~..~ag t~se ~i~~~e~e~~ ~~e~ due oar ids ~da~er R.~~1e31'+~e ~i'~1~'~;~.~,°~.C<a°~e, C~.a~;e~. e.'~1~' 7.,~ l'9~°~9 ~e'~'o a Village C1e~~~ ~,~® ~,.~.~.~ • FORM OF VALIDATION CB'RTl'FICATE This Certificate is one of a ser"i.es of Certificates which were validated and confirmed by a decree of the Circuit Court of the Fifteenth ~'udicial Circuit of Florida, in and for Palm Beach County, rendered on the day of 197• Mayor of the`Village of Tequesta, P~lor3.da Village Clerk of the Village of Tequesta, Florida PROVISION FOR R..FCISTR.ATION This Certificate may be registered as to principal only at the office of the `treasurer. of the ~~~illage of Tequesta, Florida, as Registrar., or such other Registx"ar as may hereafter be legally appointed, such registration to be noted hereon yn trLe space provided below. After such registration, no traTMxsfer• of this Cep"~ificate shall be valid unless made at said office by the registered owner, or 'by his duly authorized agent or representative, and similarly noted hereon. This Certificate may be discharged from registration by being in like manner transferred to bearer and thereupon transferability by .delivery shall be restored. The Certificate may t1~:ereafter 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 pass by delivery. Date of In Whose Name Registration Registered Signature of Registrar -17_ ~ • P:~°~"~~~iyR x~~l~ C~`'~~1~`~:OA"~':~ ~'~RG~~~~~5 WA'D'ER RE~~1yES A1.~ A~~~1CA~"'arr.~~ `~~~~'0~ Se c tio?~ 3 P 0 ~ a CEi?.~'~u.~°~~CA~ES S~°C ~~.E~ ~`~ ~'i1EpCE OF RE~~ S , °~'he payment of the debt service of all t~~e Certif:i.cates iss~xed and o~xt~ standing here~nder9 toget~.er with any pars paws additional Certificates hereafter iss~~ed9 as~ provided herei~^~9 ~n~a'~.l be sec•~~red fo''t~iwitl~ equzally and ratably by a firs~~ ~1,ie~'~ on t°~e n~:*~ reve~~•!~l~s d.er~.~red from tia:i.d Water System9 a.nd said nPt ~aeve~~~~es9 ~.n are amc~~~°t ,•~ffioier~i; to pay the prin~ cipal of and i.ntere;~t on t~~u 0~,~~°t~f a.:^a~:;~:~~ r~,,~:~rei~a a71~,~;~so~~i~ed and i-,o make payments into t'~~e sinking f~~~ds a.~~~d a.ll c,~~;~~~e~° payme~~ts provided for in this o~di,~ia.~~.:.e, are ~`iereby ir're~~~i~a,`ic~,y~ p"~~:c~.ged to t~.e~ pa.yment of the principal of and i~r_teres`~ r:~°r~ t~.e C~`='t~-f'.i~:ate ~`ie~'e:in av~thori~,ed as the same be ~ ome d~~~e e "~PCtios~ 3,02n APR:~°~.C';~'~'TO~T '~`~` P~0'C~.S ~~ Q~~~~?'.'~:~C~~~C1~~'FSo All money. received from the sale off" $~'C~Od 000 f~~~TM~tif;icate :>a n~wrribered l to 2009 inclusive, a~`~d ma.t~~cim~g ~:~ t'~~P yF~ar~s l"~70 tr.~ ~~~7~~9 i~~~~l~~.si.ve9 of Y ..~.. , ..Y„`i~:A~ ~ ~~~lu;a1~'.~" t® t~nis the197009000 Certif:~.c;a,tus c~r:ig:l~~~a:;l:~.y a,~~~ ,~.:~~ . ordinance ~~. ;~hal1 be deposited by i;he Val~lage :Ln a. ,peci.a,l acco~xnt in a bank or tr~.st company to be designated by s~abseq~ent resol~~tion of the Village an.ci applied a a f oi.'lr.Jws m A, ~~e sum of ~1~9500 squall be deposited in a special f~xnd to be known as the "Working Capital ~•and"9 w~uich is hereby created and established, 'L~he moneys in said f~~.nd shall be ~s,ed for the acquisition of eq~~ipment9 supplies9 or any other property9 services, or purposes necessary in connection with Vhe acq'~3.sition of said Water System and the placing of the same in cperatic~~ as a p~abl3c utility cif the Village or for the payment of the operating e:xpe~ises of said Water .~ystem~ to i;he extent that revenwa~e s a.re iriss~~°facient therefor At t!'de expir°a.tic~: of cne ye-~r after ~,h~y dat° of iy~e acquisi~ tio~? and placi?~g in oper°at:ion ~~ sai~'~. Wate?^ ' ys~em9 any m~~~ueys remaining a l8m in said fund shall be deposited in tree ~~~~~~ation and ~aintena,nce Fund hereinafter created, B, 1'he sum of $259 000 slh~all be deposited in the Sinking Fund hereinafter createdp C , ~.'he suan of $105 9 000 shall a~,e paid t® the Company a s part of the initial payment for the pu~rc~iased as sets of the Water System as provided in the Agreement of purchase a7~.d Sale r~fer~°ed to in the pre® ambles hereof , D, '.fie Tillage shall newt ~~se t~r~~e moneys in said special fund to pay all engineering fees, lega:~ f'ees9 fees of financial a.d® visors9 cost of the issuance of sai,~ ~.ert~.ficates9 and all other costs similar in connection with t'::ne ac~~~:.as~ ti~yn oaf said Water System and the issuance of said Certificates to fi~~~anc~e the cost thereof o E, Any farther moneys rema~~~i,ng :fin said special f~znd9 after making all the deposits and paymeTM~ts pra~ri.~~ed for in s~xbsections A to D, both inclusive9 above, shall be w~tl'^~d~~av~rn therefx~~o~ and deposited in the Capital Improvement ~Reaae~we ~'~~~~ ~~~ureinafter created end shall be used only for tine purpos~.°. s provid ~d ~~~~~~°e~~n for sa~.d f~E~~~d, F . From the remaining $ l9 500 9 OOO Ce r t:if ica to s o.f the Iota 1 authorized issue of $1,70090009 Certificates of the par value of $86390009 numbered 201 to 1063, incl¶a~~ive9 and mat~ar:S..ng in the years 1979 to 19979 incl,usive9 shall be given to the Company being the balance of the initial payment duxe for the purchased assets of said Water System as provided in said Agreement of ~uxrc~'nlas~: and Sale, Oo 2'he remaining $6379000 ";e~e~tificates~ numbered 106 to 17009 inclusive9 maturing in the yeaa° 1~~~9°~~ of ty'~ie $19 700 9 000 Certif® icates authorized by this ordina,~y~ce sh~l~~ 'fie deposited by the Tillage in a special escrow account or a,cco~~nts in a bank ear trust company or banks or trust companies and exc-hanged for the p¶~rc~.ase of water properties and facilities of the C®mpany9 ~~.nde~r the conditie~ns and in the manner to be hereafter deterr~in.ed by r~es,e~,~atien of the `~3.llage W ly~ • ~~~'`~;14"~.C:~ ~ c~~d ~ ~ ~7~~~iY:.~~Ck~~'e~ ~~ w;~'~,",~ l~;~~~-°.~:!^.~ . _ ~1 ~ ~° .i~~ ~"i~;:c,~ ~,~"x~ aT~,:~! ~' a ~~'d~ ' ~~,~~~000 C'e~~~.~'bc~~~~ ~~ ~e 'rl~; ' ~: .~~. ~ ~=p~~~~~~.~, Wes, ~,,: ~ ~~, ~>~~~*; ~~ a~~~~~~~~ .,~~ _, Ga w~ ! ti.~~°~Vit1P~ 4~~~°t~~..f°~..~a~~~ eo, a.J~ ~ ~~,1.~~1~ ~ b~l~ a Fi'tJ~u/L:~;i~'d1`~.1~ ~_~,„f ~ ''~ ~~L~~~h-.~~ ~>~..~ F .~J. v,"J:;r, i?,.Ce.1t~.Y'9'.:, filh~i~' o ,!y ~}~p~~ mew "'~; 44 ~~5Y1~ ~~~'~~_~'Y eW~~,~~~ W~"~~~ ~. x,11: v~ ~ ~ ~ - ~. ~.~ ~ ~ i ]~q,z pa~:~d~ rc~~r~~~"dCi" Utr:~..u'~! :.~~'i~c?~~^~ ~° ° ~ , r C'G'~%'~~i~l<''i~a Vu'~ ~~~, ~r~~~'>~^ 7~1P.~~~~.~~~~~1C°.~ (`;„~' ~',r~; ,.._ 1 =~ _ _ ~.. c~ ~, r~ .w..i l ~~ ~~ ~j y~ - / ~Y. _ ~.~ 0..A ,1. 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'til "~~~ ~^ ~ ~t~.4 ,. +' :.~°J'~,y ~e;, ~ , dN 'n c5 a N - c` ~L-- 'Q~vi ~~,m~ ~~,,~ ~e~s~c~i~~ Q~~.~+~ ~a,y e~f ea~~: me~tIl~ ~~anmem~~i erg ~a~s~a~~ 1,~~~ ~,~E~9~ t~~e~e ~~,a~,:~ `~~ ~~p~~~ite~ i~ ~ai~ ~~,~ki ~'uuncl an ®~.~~ e~~a~. to e~se~t~e~,~7~ys, Q~~~,~~ ~~° tie p~i~~~ipai t~?~i~~i wi~i mature and ~e~eme d~.e ~~ ai.~, t~,i~;~ ~t~t~`~a.~s~i ~ert~~i~ate~ ~~ the ~e~:t a~~~ ~ee~:~a~~ p:~i~~ip~:~ mat~,rit~ .ate, Qom'' j ~~~ t~ye te~~t~i Q~~~ ~a~ of each m~~~~~, ~emme~eia~g with t~~e ~zr~t mu~~~~~ ~°1~.c;~, i~ m~~,~:~ ~~~:ya,~ ~~.~~t~ Q~~~ ~a~~ a~°ter t~~e abate of a~e;9~:~ve~°~, a,~~a& pa`e~~t .f~~~~ a'"y~ E ~~~ a:_y,:~ ~:~"' '~<~~~ ~ge~~~`~i~iG~:ate~,, °~~~e~~e ~ha~1i ~e ~epr si.ta~~ :3.un.~ a4~ ~ wT„~~u~y~`~ a w~ ~;a:~.t `4:~~~~~.~y~ ~'~~d tc~ ~e ale ~i.~~~at,a?a~ °J~e~:,e~~~e ~~~~~,_~~~~~°p ~,r,~~~Y~~~~ ~.:,,~~~~!~~~~ i~~ ~rLerL~~' ~reatea~ a~i;a~ a:~`~a1~~i~hed9 t~i~ ~'~~ ~~ '~:~~.~~or~9 YAv~~~,~;7`lS r1_"1~~1~~1~"~~,~'' pca4:~a~`~~~ a;~"dc`~~.~, ~ll~' t~~~.~1YY'~l~'i.~C~ ~"®1.' ~, peg°~~~ .:~' ~~~~~,~~~c>~ f'c:~°~u~ (~~Ar ~~~.~,~~~~~~.~~e mc~~~tl'r5~:~ i~~~m t:~.~e date e:~ the :~.~~.~,tia~.. ~~a~n~~;~~~~to ~`~,~~~~~~"~~~~~~ ~~~;~,~ ~s"'.;a.~~, 'fie ~ep~y~:~,te~ i~ ~aia~ Reserve ~~ ~~t~~~?r"~1°~ ~~ ~a~x,~~~.:~ ;y~ ~.~ t~~° ~:~.~ ~ ~y~~~ar a~~y amc~~~n~°~ ~~.n~~~~~ YnY1'~~e`~'i a~~e~ t® t?~e ama~~~as~~~, es~ a~,ep~;;~i.t .~.~r~ ~:,a~~ R~~~~~u~°~a? .A,~~,~~~:~~~~~, ~vi~~~, ~~e e~~~,~a~l to t~~e mania mom am~~~~~t e:f' ~.~,~.y~:~:~pa~ c:~f.' a~;~~~ti :i~~.t~^~~~~,t ~~~,si~~~~ w:~.~~ mat~~~~e a~~ be~eme a~~ue ~~~~ t~'n~a~ t~,e~ ~~az,~: ~;ta,~~~.~~~ '`9~~~~t:~ ~°~~.;at~ ;:~ :~~e~~e~~,r~~~~~e i;~~~~! p~r~a~a~t 4~~ ~~'u~,i' ~w~ .,~_u.~l',~:i;~.'.~' .J. ~a.5 '~,~i.,~ i's~.S' ,~~.' ~'~AC~.,~~.~ ~~f~d~.°~ ~'~}~~~ i~p~ ~~:le ~T~~,~~ ~77 E o ~a~~aa~r~ i~ t~'aa~ ~te~erve ,~~ ~a~~nt ,~ha11,~, he u~~ec~ c~n7Ly f°er the p~.rpa~~e ®~' t~~e pa~~nne~~, ~~° the pri:~~ipa~ ~~ a~ai i~ta~re~t ©~ the ~ertifm ieate~ a~ t'he game mat ~~re ~~ '~e~ema~ die w~ae~n the ether mraa~ey~ in the ~:3.~~1~~~ ~~,~~ aye i~~~!~°~°i~r~ie~,t tx~ie~e~'~~.r~ a~~ f°er the pa~me~t e~ t~~ie ~at~,ri,~~ pri~~ipa~~, ~~ a~r~z~. i~tere~t ~>~ the ~a~rti.fieate~ ia~ the ~a~~t ~t'ea~, ~.". a'Pla E;~rit~q ~~~~ r~.t~~~k~~.x°a~uai~ :~~~~~. the F~.e~e~°ve A~~c~~~~~tr ~hai~L be su~h~eq~ently ~e~;t~~~e~ f~~z~m t~~~e ~':ir~~~ ~~e~~p~~~~e~ avai~a~~.~,e afte~^ a~,~, ~e~~i~e~ pe~ments "eta t~~~e a 1~N~~;:it~ i~'~~~~~~ ~.~~r~.z~~;i,~~ a~~ ~ef,~i~ie~~ie~ ~"er prier payane'~nt~, ~'~e ~":~~~.a~e S~,a.~.~ ~a~t ~tle Me~~a.re~ ~;~ ~~,k~ a~~r~ ~'~rt;~~er payr,~ent~ -~°~m • info said ~i?~~i.~~ ~~~~id c~ i.~ ~u ~7.:W~e Rese~~~e ~~~~f~n~ ~~:en ~~hae a~~~°o~af~o aa~o~n~ o.~ i'~.nds in said ~in~,i, .~°~,nd and R~~o~w~~ ~~~~~.~~ a~~ a~ lea~~ ega~al ~® ~~e a~~~e~a~e ~~in~i~a~ a~.~~n~ ~~' ~e~~if~i~a~es issued ~~~s~an~ '~® '~P(&i~ ~~"~~p~a,n~~' ~~~n ~f~'~~'~an~~Yli~s ~~,3A~ `~~ite aEri~1~~51~ ~i$° ~n~~~es~ ~~fl~n dare o~ ~~e~eaf~e~ ~o `~e~o~e ~~~~ on said; ~e~~;~f~L~a~es ~Y'~en oaA'~s~andi~o (5) ~n ~~~e ~en~~ (~~`~) day ®i° ea~~u r~®n~h~~ ~o~en~ i~ on ~a?~~aa~y :~®, i~~~~9 ~~k~~e~~"e ~~'~~a~~ 'fie ~~:~~:~~i.~a~ i.n a, f~a~~~d~ ~o '~'~ lk?~c~vnrn a~ `~;~e °`~ene~~al and ~.e~ia~~~~li~:~~ 9 ~''twy ~'?, ~~~~:~.~`r.~ ft~n~~ i.s l~n~~e~y ~:~ ea~?~ed and es~aT~7Li.s~Lrd~ an au~~~~}~~ ~~~~~.~.~~. ~~:~ ~n~.-~~~e~~~°~~~~ (~.~':'' ~) ~~~' fi~rc ~e~ ~er~~aa.m (5~) of ~~~e ~~r<,~s TM°e~~~rv~~~~ ~ r~e~:~~;~e~~ ~'~~o~ ~~r~ue o~e~"a ~,i~zn~ off" ~~w ~n~a~e~ ~ys~ea~ .L?~ ~~~e media rely X~~~~~w~din~ f~ w~~a1 y~~a'~"9 ~'y~°~~rided9 ~owe~e~^~ ~;~a ~ no fa~,~"~hz~;r ~a;~erren~,.~ 4~~~a`~„~~. ~>~ ~"~~~,~~:~~.~ec~. ~c~ 'fie ax~ade i.au paid ~r;nevaal and ~.o?~~~.a~ogn.~~n~~ ~~~~nd a.~ ~,c~~r~~ a ~ *~^~,~~~e l,~~a~,l ~a~aai?na ~~^lp~"~i~a ~I~e a~aatr~ ~.~ a~°e'V'~°'n ~;yY~.~i~~: ~l'.~-l`%~k;.~.^`;,~"!;~~ a ~~ ..'ii.,,'i s6~' ~ ~ ~ ~';j '~~ ~~!,~^G:= ~ a "~~~ ~ ~:1Q~~k~;;yY;a ~.~ i~', j.d ~~C ® .. f ne~ra~, aa~d ~s'~~,a,~ea~e~s~;~ L~~.~y~. ?^~~~.~~, ce ~~ ~r~~d. °~rT~.i!,y ~'~°~~~ ~;~e rc~;~.9 ~~f ~on~ ~ s`~~~~x~ ~~ ~ a.d.d.~i ~~.~n~,y e~~~en i.~~~~~ ~ ~~~ .~ar~~t"c~~~~:~~:n* ~, ~~ .~a~..~l T~a~e~ ~~y~~ean ~~ t~'~e ~'~'n~:°btxa~, eJ~ `~''~.2~4~::;~."~t°~L'V .;~ v~"'r~ .~.~~c"~:i~''~cual. a~:",~~~ry-~~, ~ss<,~~,'L"'~G~J:t"9 Ca`5C" e~'~~'aa, c~~din~a~~;~ o~ non-:rse~.<~,~~•~x ~.~~~, ~~~~;.n~~~ a:~~" o~::~"a.~.ie~~, a~~d ~~;i~ry~~~nay~~e of said ~ia~e~ ~y~~em; per®videci9 ?~o~~eve~°9 `~~a~ ~k~e moa~ey~ i.n paid Ronewal a~ad ~epla~~emen~ ~°aAnd s~ua~~,.,~L alwag~s be used w~ene~e~ r~e~essa~y ~o ma1~e ~~ie ~e~axi~ed deg~osi~s info ~~e ~i~~akin~ end aa~d ~~e Rpse~~e A~~oa~n~ ~?~e~ein ~r~~ene~~~ ~~e ~.~a~~ey~ ~~~ ~~e ~.e~~n~ae ~~~and a~~~; i~a~a~ffi~i~~a°~ ~R~e~efor, (6) ®n ~~e ~en~~ (~~) day of ea~~ ~xon~~9 ~oan~aen~ing on Janaxa~"y ~.~~ 169, af~~~ aid ~~~,aui..~~d payar~en~s ~~a~e Veen aia~le in a~~ox~® dame wi.~~ ~~e ~~o~risio?~s of s~~s~~~ioa~s (1) °~o (?~) a~'bo~em in~7laxding any defi~ien~ies fog p~°i~~° ~°~eg~i~ed ~aymeruf~s, ~Yae~e s~ahl 'be deposited in a faxnd to ~e kno~rn as t,~e 0°~;e~~a.fi~a~e ~iedemp~ion ~vtnd8tl~ ~a~i~h fund is hereby ~~ea~~ed and es~a'~i~_s~ad, an aane2t~a~~ er~aal ~o ©ne-~welf~~a (1/,1~) of fc~ax~ peg ~e~a~~a (s~~) of ~?~ie pay ~ra?~a~e o.~° ~I~e ~s~rowed ~er- ~ifi~a~es delivered ~o the Company ~o the end of the p~e~ed~.ng fiseal yeas in e~~hae fe~~ ~~a~~e~ p~o~ie~~ies and fa~i~.i,~ie~~9 as provided o~~~- ~~. ~~~i~ee~tir~~ ~ o.f' w'e~,-~,ie,~^~ o~;r? ~~e~'ec~fe ~'~~~.~ a:,~.'~. ~;~~:' ~:~a.izi E~,~~°c~vaeci ~:e:r~tif~~ate~ r~a~e `~eex5 de~i~~~~e~ ~~ the ~empa~y ~~ e~:~~;~~ar~ge .f€_~~ paid vaa~~ex' px'ope~~~.e" a~`~t~. .fa~~.,~,i?;:ie1~ '~~~,~:t ~ii~„LY!?~:~:°~' ~-:~' ~'ear'~~ t°xry~m `~:he date ~f t?~~e f1.~~a.'i, de.l.:is~~:x~;y~' of ~~~~c?~ E .~~:'c'~ae~~ C~e~~t~.f~.~,ate~ try t~~e ff~ra,~. mat~.~^3.t,y d.atr9 of t~,e ~e~y't;if:ie;ate~ ~e~^~;~~n~ .a'~:t~r~c~~f~e~~ ~;~~a~.~ ~~~e c~:i~i~e~ ~..r~ta L~~e pa~° r~ral~,° o:f '~~e ~~ ~~~ta.aradf~xg E~c~~°o~~ved Gey of i~ate~,, aftex^ ded~eti~g f"ream ~y:~~e pax~ ,e~a~'~.F' of w;~.~:;''~~ ~,~~~:~t~ .~~~~:?yr.~ E ~~°~:~}~~~~ ex°tif~.c;a^~e~ a~yy mc.WyeSf;;~ `~~si2W"', ~~~ de,r:~c,~:~t 1.~~ *~~~.~ ~`., r ~~.ix i~~.;a.'~:. ~~e~~em.pt:i~~:~~ r°~;~~~d. c~~~ t~'Le date (7~f ~11:Y~'.';~~ ~C~~T~~`il...'d,v.a.~:,1.t::~?'"~y 1.~; C;iC'~.6'~,. ,~;1; ~.'~ ~' ~'~._ ~ 11~ +~ry~ }~,yv ~, U~J~~:~~r.',,~:. ~~y ~ 1 ' W'.~P,./.Y. ~...~~ ~....LL C.7~168~U'..1Il b9 VY .~..r.~ Ct..~~w ~~it~~~~e e~~~a~ ~.r~~u~wa.:~ p~.~n!ney~w:; ~,~,~.~~~~~ wi~:.~ ~~e "aid i.~~ta v~^~e fie:.°taficate ~ed.e~b~ ~i.r_;r~ F ,r~~. fr~ym ~t;~".e da~;e ~~~f i~!:x~e :t°~.~'~? :. ~~: ~~tr~.~y~y' of t:":be E~c;rr~red ~' ^~~~f'a.~~a,t~. ~~° '~,~ '-`,~ti~ f'~i~.~~ rr ,.."i~ Via'°~: ~," -~w~,~ C' -~.~b ,,. Jy,*r ~%:i' :j .i:_•E~ 1. ~~A.~.~.!. T/1~,1 v_ * .:.:'~: a. ~ 1,i...'f~~'1~~.i.: Y.~ ~ at oA YeAS~.'' m~J~.v~~.t f~.,1.:.,.~~nri rtg ~ '~~~ ~~at~ cif _~~^.~ ~ ~i7~a~. ~~~ .i~r<~~~;y" , f, t`:~ge E4 c^r~,~e~ i~Frtif i~tia.te~s, a.~~. c,TM~. *,. le fi:'f~,~~,~~~~~ (:~~~ ~...~, cif ~ _ ?-y;~: ~;'r~<<;y~,~, ~... t~'~''.e ~~a~.l ~e lei,tW ., ~-~~ i~ +4.=:5 (;ey°~:xf'i.~..~ <~~~~ ~r~,~.~'mp~;ir;:.u F'~~~~~ a:"~ aa~u~~~~:''~ e:~'~xa~, to c:~5~ ~ tv~ie:.f ~~;'~ `~.~'' ! ~=' ~ i~~f' ';,;~x~' ~:E;~w ~. a?tiT~':'~~. ~ ~r~ ,y~!":.~ ~~..~ a ~ ~P Ct.Ti,,~i',;,`i,'~~,f:°u'~, a ~c~'d'e o `~e '~c~~"i4~~'~~, ~,~~ ~~..~ ~~;~„~~:ifi.~;:a~>~~ y~.~~~~.F~rLp'~i.+~x~ ~'~~c~ ~~:i.~ ~~e u~;ed ~o::r.e:i.~' ~'(y~ t:..he pu~r'~:~"~~~, ~:e c~:r r~ed~mpt.i_c~~~ p~ric~r~ to ma, t~u.:~i~Ly cif the Ce:r- i~i.fi~ate~ 3~~~,~ed p~r~5uaa~t 'tee t?~i~ ~r~~imam~o~~ ~e Village may at a.~ay time f~~r~. mor~~ey: o~ ~iepr;~:L'to in t~~e ~e~'~~:if irate Rede~np'~:icx~ Ea~d p~~~ ~;"~y.~. ~e any c;f ua~~ ~'e:~~t:if'i,;at~ ~ at ~,x'i~e ~ ~~~t g~°eatexe ~;'"xa~ the redQmpt~.c~~ p~i~.;e of maid ~e~tif .i,~a.teA, cx~, if the ~e~°t~.fi~at~e~ awe ~c~ ~; t~~A~ r'e ~ee~a ~ ~.e at p~:i.ee :~ r~~t gs~ea'~e:r than the redemptia.~n price of ~~~~h Certi,£icat;es, o~ the ~e:~t e~~~,i~.g x'edempt:~on date o ~e Village ~hai:~9 to t~::~e e~~;,a~t o-f any mo~ey:s c~xfl repo:=~.it ixg ~a:i.a~ Ce.x^tff.z~ate Redemp~i~~~~ ~`~~:~~. c~~A ~~~°v'e'm~er ci~th of ea~'~ yea,, xyedeem c~u~'~~tar~~:i~ig rert~ifica.'~~.,. ~n ':9~he ma.:~r';~~r ~>r~cF~:idF~d ~~ ~; k._. .r°~?r_ .. r. ~~ ~- /~ ~~i"'.i'P!7f#,'~y ;; 8,t":y ~T1d;`o~"iF'~1,c" 3a~`TI1%J r.1I~':~°~!'~ C:''~ c:ep~":~~L'`; :ii1 tti'ie ~'^~rer~~~e ~'~'.~~~~. ,a.f'~r::~ a~ x. t'"{e ~~eq~~ired payme~.f..~ ?~a~re ~ee~ made i ~~%~~ a(~cordar~,o.e with ~LTI'~SC,G°t~?or~~.a (.~.~ ~G.~ ~r~ ',~~`:~'~, !'' -.~~.+;~~:l,i~~ a?"iy de~:LC'1.er3~1E?S for prior required payments, -~:ax.'., be ~~:p f-r;e~ :i'~. a f~~~b~ to `fie kno~rr~i ~- ~ ~,s ~ ~~ r~- T";. ~r,,~ .- ~ ; r~ :~`ur~~~ :i.s hereby ^:.~°eated as dh~ Cap:i„al :i._nproveme~.~ _ ~ ~k..~ .. .~ud.'~ ~nY~~_._> . ar~~d estab:l.i:shed, and moneys :irr Ua ~~ ~ ... ! ~~~'a.,t.", (, r, Sara;,~.a.°~°y ~~Ct:~~ o:f each fi.s(~.a.-i year be ~.sed to pay tree ~~.:~ _a.~e are arr~~~~.`"_t~ eq~~~a:~ to the fire ~~yd:ra,n~ renta:l.s pai,3 by t~"ie ~'~.~`~a~P ~.°~~~ ~,~°~e Fde;r~;r~~~ ~~r~d, h.eurein~efc~re created, du.rir~; t~~'ie i.mmediat~el.y prP~.~~1;"a~'; ~:a1 year,°. Arty moneys remain-~ z.<g or? deposi~ a:~. ti:e Cap:.ta1 .~~upr.. e~TF :-.f _ ~,~~~ -~ ~: rvd after a:.l.l required amp^,.:;r:~:s k::aefe been paLd ;,,~ ;,,t-..e ~':~.~1;°~~, :x,:~ p. , •~;ar~. .~r. ~,~.is ~;ti: ~,r~~ ion, may ~~e Used f'o:r. the purp~:. ~u c>f :~" ~.~:~_~,, .. Y ~r ~;~ = ~, -~ ~ of =°. o, ~,~ ~ ~~.~. ,. ~ r4~ add:i_-~ t;i.ons, ex.t~er~s:~.ons and. im.pr.c,v°~r~e._~;_, ~_. e u ,._;er 'y;wtem. -: . .,,, .. ~, .Ta,. ~ ~. ~ ~, , - ,. ~ , ~ :~ ? ~ ~~ ~- ~_~e ba1.a.~.~e o:~ m~r~~-.yam J_<_ l'. , ~Grlt;~. _ ~._ . a .~. l.,~i ea~~__, y?a.r ~~~. dep,~s1 "-mod in t._P C"ap ` °'~aa ... t~.p~°;~ ~ ~,~~ _:~ r?p~°rv° ~'~~~~.~ a,s lard a,s ,._._ ~~ fl. _ te._, r~,a rF 1 ~„ Or, ~;p;` 1~9 '1 r~ ~.'-,° °SCrOw Tn1a~ ~9 r ?ever.".~e t~~tia - ~ r a ... .... ., ar ~ ~.. ,. dCC::Or ~."; ,~,Y~, a,~,C.:a".'_':t:~ a,a pr .. rc~ ... y..`: ~_ _,_ ,n. t~ ~~~?~t-.1.0:`~ ~ ~)`~ iJ:t ~'rC:1 ^rd'inar:ce or sr?al1 har~re been ; . ~ ~ ~ •;rm'";t f`%r .;r_e a.~er ,~ystem. ,d._.,.i 1.. r ._.. ~,~:.. A~;r°_.en.~._y _... P,r~;'ease a^~~d ,.aye, t;~~_er.~ea~ ,er ~,~~mp:i(:t,ed a~ pr~~~~r~ded in ° A c i ~ p n r -, . ~ ~+° :~ e p v._ ~ i _ " .. ~ ~ E._ .,.'.~~.ad a_' ~` d, l ._A- .re ~'.I 7 re d ,, .~r v ,^t, ~„ T far p.x°.ic~r regk.~ired pa,yme~~f~s have ~beer~ mad~y~ 1 .~1"~~'~~.r: a":_~ ~-. _ ..~ pa.yment.,s, shale be t.ransferY°ed tso t;1-.e ~Ii ild.~;F.;~ and. used for arty -lawful purpose. Any moneys remain~.r~~, cn depo~-i" i;'° t~tye Capital ~;mprovemer~t Re~~arve F~~:~r:°,d after a1:1 of tre Way-er Re~~er,~F~ ~-et t i-~':i.;_a~.,es der~oit°d "in the escr~~w acc.ot_r~t or ac°c;~a_,r~~-~ ~~_~.u,.;, ~~p~,r~ ~~ ; - ir~r°e^~ ~r ~°ancel~..ed as provided in i:.Y:._i~ ordl.r'.;a?'? ~'e and she 1i,~,Y'e°'~~~?':,.~ ~~"._ _ .~1 ~ ;, 7`_ cl,"_ _~al~`_'• :"_~1.~ ~..~ ~~, t;'le ~pt:l.Or`b of the ~i.lla~e be (.l~ Wised for t~,~~e paro 4 e for w~~ich said Cap:r.ta1 1:mprove® meats Reserve :Fund was or~.ir~a_1~..`~ c:reax:e,~, car ~2. ~ transferred t;o the Cer- t°if:a.ca~e Redempi-,ior~ Fund ar~d a~.ser. for }.,?':e p~zrp^sf~s prova.d.ed t;~lerein.. (8) ~.' on any payment date t;"r?e re~~enues of said ~Tater System are ins~xffi.cient to place tre required a.mo :~.t,. ire a.ra-y cf t;~rYe fT;±r~ds as herc- inbefore provided, ~&~ie defir~:i.e7lcy s~~al:l. re; ~d.d.e =~;,p iri t?^e s-ar>sequ.entj payW menus i.r~. a,ddi.t,ian t:o the pay::aen~~,s wh:i.~~rt: ~~o~;ld ot,l~erw".i.se "k~~e yr°equ.ired ~o be made into the fr~rs.ds or. tree sub~seq~en~ paymeF-:t: dates . (9) ~'he Revenge ~ ~~°~nd, i ~~_ a~~d ~ r`~r ~~~e Opera+,;:i on a~^~cl Mair"itenance ~'~ ~ s • ~u~nc~~ ~~ne ~~~a~~~~ ~~i~n~~ ~~?~~ ~~i~~u ~ ~~; .~.~~~~_ .~~~~~~ ~ ,,,yn.~:~,w~~~, ~,re~. ~~~°ia~e~ mend ~'~.~~~ i;~e ~~e~.~`~~:f~~.~a~e ~~~~1~rc~~~.;~ _W: ~,.~~,~ a7~~'"~ ``r.~; ~~rl~._~~'a` ~~~.~~c~~~emen ~e~fd~'~i~ .~"'~'.n~~ czt~ai,''~ ~.1.-..~. ~,J~!~;~° ~~~,o~'...~.~,.r L'.,.,''1~..,`,.~ ~~ t`cz _~~u~, !d,y~, ~~,;~ ~ ~-.~°`4.~~". t.f~'~,'.~1~` ~a:~Y e~n~~~~~~~~e ~r~~~~~€~ fu~'~~~~ f'~r ~`:~a~ p~~~~,.:a~e~ ~.~,:;:~:i~e,~ ~~e~~e~_n ~'r~~ ~~xe~~ f'~.~~d~:r, A~:i, r~~~' ~^~~:~~ f~~~~r~~a~ r~'~~a~.i. `~~e ~:",:,~:s~~.~.'~d~^~:_~~ ~,,~w° .`:c~~r~'e~ ;iii ~P~e ~a.me Ina~~ne~ ~, ~ ~;a ~e ~,~~ m~'!~,K~~.a~' ~~~...~ c~.~,w~;~,~.? °~> ~ ~;~ ~ ~L~~~~ ~ a ~~e r~eq~.:ir°e~ ~~ be ~P~~rJ~d by~ ~;~~e ~.a~~ c~ `~'",e ..;~~~Je ~;~~' r ;".a~ ~~.e ~ec`~er.~~ 3~~% a :~:y~~~;tis.~. ~.~,~. [ ~..~_°, .z, m .,a i~R~ ~ ;;ixaki~',g ~`t~nc~ Ina ~e ~r~~e~ ~,'~~~'_.~. ~~'y ci:irfi,,{.~~ 1.,:~~~ ~.~."; ~ . ~_.. ~ f° ~;~ ~.a ~_:'~u.~°;~~~ ',r;a ~e:~ ~~~' 1~,IT?P_,~'~,C;a '_t2' ~,~ ~:iIl;1.C" ~:k~;~`e~,~j ~~L'~~ .,,~u_._. w f`'~C' .,;~ .~,''", ~ ~ u%K!`~`~ra"E~i k ;- ~'~'.~`:+'*,~; ..'!~~~rel~ b ~ie~ J~l .~`fi u'.G ~J ~~.+ aJ V,Y., SAW I,ll di': ..1, ~~ 11C~ JWLi .Ym mfr L>' V r..~ ~~ M ~ ~ :..~ "~~, ~~1':~ ~ ~,5.6 .J C~~:J ~ ~,r Y.l tltl.~.R ~.lr~ U,,~1J1'~~,L `1 IIl (.i '~E' ~7'i ~EIU's.. .~ '. &'J ~' ~~c_~~'Ul~'ol, .~1..5.,~ ~, I~..o ~.'' .... ~, ~jc, ...., _ ,. r i~ ..'..A _-~~. ~.~i::I, ~Jlcd, o ~'.~ i~ II1C~~"~~'~,~, J,~; y;_q~,,ic, .~:i -,c?.r'~u'`~ ~,. . J._,*.~ c7:'_in '~.M~~' ~~~q~"`l ~3.9. .1.?fP'~I'"u'~7e~ w P ~ F~vr ~~~, ~ ~,~~~:~~;'~' ~... r'r~.t~, of C-.- .i.~.~- _. :._ ~, r -;. 3 Y. ~ ,.t~r _. r, .. 'i .~L ~, _ ._ . .,, :~: g ry F + J fi QJJ y:L I~,f~lR. +~lU.~., r~~..:. ~.~1.. 11 1 tAA.~a'~.~°.~. '(~,~ ~l. ~rr~ ,lyli ,.,~ ~"r .~';,~ <. /. ~~,. '~,. i.. f 1._.. 6 L "'.'A:. ~, P`. .5, 8„"J,..i~' !~; i~~~k :L~ 1~~^._;'~~.p~..~'~e~J .~~. 1'~' I!l E~a ~r 'v ~i 'i. ~ i,~~_{a~ ~~r,=,';"~.t; ,ii'~. .li~ ~"'.:~~, ~'`~; ?,Cr ._~. .t7 ~~y"+~" s~".e~ .::~, '~'V_~`~ifr ~".re :7.,°R°`Gu ve~~ed ;i~~ ciir.ec:d ~b.l~ati.i~~.,v G~f ~,W~e ~~~'~i`'~e~ S~a~e~ c;;f' Mmer~~:,a car i~. Milne ~e~rr~u,~.~:~ ~n ~~.~~~ ~~ ~~~~~ ~-;c~~n~s,~.~~.~:~ r°e~~:r~~:~~n~~~ ~°;~ ~er'~;ifiea~e~ of depa~iv ma.~~.~~i ,nc~~ ~~.`~E_ _~~,•r~ _::~:E ~.'~.~ ~veTa.r a:t'`Ur' ;~a,se ~.:' t~'~x~°~:ha.~e ~?~~e m~nE.ys ~.~ ~r~e ,~e;r.~sf~ieate ~~:e~.~~~I;~~~°~:ic.~.~ ~ .~!~..n ~~.~ ~,' in~e ~~e~ :~~ ~i~e~~~ t~b~.i~a~ic~n4; ~~ ~nP 7:;;~i~;e;;~ d"~~t,~:;> ~~f~ Amer°:.:~~ c~~ in time depE~~ifs ~~ bane c~:r ~~~~~~ e~~<n~~a;~'~i~ _ ~,L~r~e:.~~~.~at>~;~ rah ".~e{*~~..f.i~a~e~ c~~ ~.e~r~~~.~ Ixia~,~~~r~ing ~~r~~ ~.a"~E~~ ~~sa~ *,'~,e !~~. ~.°: ~.~i: , ~,~ ~,'? ;!'lc ~P'~Al~be~~ ~.e • • Se~~~.~"'^ ~~p~, o ~a~: ~.~5 ga~91~.~t~~:. ~.~~:....°~~!~~ ~_.~~ uti~~~71 y~`~,~,~~' iJy~~em me.~' be ~o~c~9 mo~tg~,ge~l~ ~.e~,~ed~ ~~r~ ~~~:~~~,n~~ ~e ~~ ~ ~p~:~~~~i ~~' ~~~gy ~.~ ~ v~h®le o~ saxbet~.~r~~~.~,:1~Ly ~~ ~. ~a~y.v:le~ a~~d o~~~y ~f: -~~p~ 1~~e~, ,~.y~~~~~,~~.~ ~~~:~ be r~e~~~..~ed sh:al~. be ~~.f".f~,~~,e~~ ~'u.~.~y *~o ~e ~~ ~e ~,~.~ ,~,;, ~~~.e <;~~~ ~f ~ ~~e~ ~~a7~e~ pu~suar~t t® t~~.s. ~5~~~:~L~li~~i~~:~:o a.~r~~. ~,~~ ~~vte:~°~-~:~ ~;:~~~ereo~~~ ~o t:~~e~~ ~°e~peo~:~.ve dates of m~.tr~x~~~`~.~~, a~~d ~,~.:~. ~*~~^~~.° ~~~::~g~.- ~~~~ ~ k~.;ya`~.e f':~:„xr~ ~"~~o ~~e~ren~e~ cif-° paid Wa~~.e~~ ~>~rti~um~ ~;m wy=~y ~~~.r~~ d''.,~~''~£.~:a~`~ .~~e ~~.`,c;~:~e~a~5 i'r~om ~•4ac:r,. u~al:ey mo~°ligZ~'lg~~ ~.,"ti~.i.~:ai'~',9 l:~' ~.%~ ^_':~.~.' ~'~.~~+:~~SS'~4i.~.~.a.~:%.':". C'.~: ,. ..~.~~:~, ~by~'''6~,:;..:T' A~~~/w~i`~:.-~:','~1J~. r L. ~hal~, ~.mtned~.ate~y .fie de~.~~~ ~t~d .~~ fi ~W:=; ....~:~.~ r,g ~. ~~~~~ ~.~~~~ ~~.~.:~. ~~e used oag~~ f~~ ~~f.~ L'~~~~`i~~~ 1:7.L ~v"~yy _.:'_`~~~ ''~.. ~.1:: ~s~.... a•a; .l ~~~.:~ ._;i ''~',~ir.±. .i :~~'~~~'f,-."~il~"~(~ EJ'.. w~'iAE'. ~ert3~f~o~.te~ ~~~~e~i p~~~~~~.;~~~: ~ ~~ ~4-y~: ~:~.~ ... -_~,~_~~, ~, ~ ~~ ~z~=_~~ ~ _~,._. ~,~~~:~~~e d~xe~ ~,~~d ~~~ o~Y~~e~~ ~~v~~.~g~a~~ ~~~~ pW~y~.~~.e ,,~"~~`r °~.~; r°e;~~_~~~u~~^~ e:i% ~a~d ~J~.ter .S~r~te~n o~ ~,r~y p~.~t ~'~~~er~eo~°~ gar .;~~o '~~a;,r.::~~.~F~ of ~:~.1. :~~: ~~;•"e P°'e,r~t;i.f'~r~.~~es or cthe.r ob~~.g~,~~.o<~::~ ~~ ~. p:,~ ~:~: ~~~~: ~>r~;~~;e. t ~~,~ ~ ~~:~ ~,C..~ ~<:_ _:~~~ed i~te~e~t, er~ ~~ve re~~e ~.k x, ;;.~~ gg r~ rm.~ k~s _ ~, .~ f`°r.~~~~e~ '~~,° ~~~e.~'~ '~'i lV Y..1.,~j~,~~ a.l~JwrA %J~ L~".i'~° l.~d~~.A'yt. ~. ~::..i~.~:.7 ~. '.Y. `9 ~~:'~:, ~. ~.~ .i, ~, ~.dl.':~,." +`.°. ~~'~.-.'L 1... ~'~. 1.~~.'e,? o~ ®ther ®b~.~gat~.®~~~~ ~,~ ~ pr~~~e ~~~t; ~,~eat-e~° ~r.~~; ~~de r°~~~~:rrip~~~~~ pr~:~~e ®f stxuh c:a~l~ab~e Cert~f":.oa~e~ ~~ o~:~z~:~ o~~.~.ga~:,~io~~~ o~ r'_;~~e r,.exr~ e~~~u:ing date c~ w~~~.eh ~ub.h ~e~t~f:i~~.°~.te~ o~ o}~~~er o°t,l°~ga~,~,.~~.~ a.~e ~a:l~ab'.le prior to m~.t~r~t~r a ~~ie forego~.?~~g pro~r~i~~o~~ ~~.o~~~~.~r~s~~x~~~~~-rg.~ ~~he ~+1~.~.~.ge ~h.e:~.~ h~.~e ar~d hereby re~er~e~ she r~g'~~~ tc~ ~e:l~~ ~ea~~e,~ o~, o~:~~~er~l~e dispose of ~a~y of t~~e property ~ompr~~.s~.~g a p~:~:,~ €~~:~° s~,~~d ~a~~er tiy~s~~e~n heree.f~ter determi~.ed to be ~e ~.u~ger ~e~ess~.ry~ •~sef"'u~~ ~~r~ p~~of1~~~~1e ~~ t,~e operat3o~ t~ie~°ee~fo p~~~o~ to ~.~~.y ~~~~:°`o~ ~a~e9 :~ea~e ~r o~~-~~~e~ d ~pr~~~lt~on of s~o~: property, ~f ~~te^ a~.e+~.~~~~ t ~ ~;~ ~r~e~;e~°,red ~~xeref°c~~ :is mot in exeess ~f ~~~a~~:`~~~9 t~~e d~~~y a~~~o~°.~~ed. ~~'~~°4°,e.~ ~.:w~ r~a~ge ~f Bald ~n~~:ter~ System s~~a:l~ rn~.~.e a f~a~dx~g :~~ ~~°~.~ .~;.g ~1~:~~.rr~~~w~~; r~~s~.'. ~L1~,:1~ p~~:~pert~,y compris~~g ~, park:: of ~,~,~ ~? Wa+,~~ r `~y~~e~ ~l ~ f ~_; `~:~~~~ge~ry r,~~~° ~~~ary ~ i;~~ef'~x~ 9 er prof~ta'~le :~~ t~ze ope r,~t~a_~ ~-'r~ereof ~ ~.~.~ ~,~:~". ~~°~~ ~e~~a,~~ ~;..~.~.~~ to ~r ~~ ~ ~ deposited in the ~~°ne~aal a~~d ~epla~.;eme~`i`~ "F~~~r~d and used o~zly as pro ' ~aaed herein for s~°ck~. f~~~d ~ ~.f t ~~e ar.~so°~~.~t to be ' ~°ec:ei.~ed from s~Wh sale, lease, or ot~~er daspcsi.~~:io~~ o:t' a~aa,d p:ru~pe;r~y shad lie in excess of ~1~,®~®, the ~ans~ltang ~ng:a~n:~~g shah, make a fat~da~~g i.n w:rating determining that such pr~aper~y oompr~s,~ing a part of said Water System is no longer ner..essary, ~~sef~~~l or profata"ble an the operat:~on thereof, and the go~re~°ning ?~ody of °~x2e ~,~~:~,:P.a.age s:~~~aa~~, ~y rese~lu~ti.or~ d~.ly adopted, approve and c°onh,~:r ~..n t".'~~~e ~':i.1d~~~.~~ ~::~f ,~~~:'c.:l ~o~~~~~+~,~:~,r~g .~t~ug:i,r~eer and a~.tY~or°:ize ~~~xcb sa:l,e, 1ea~~, or c~~^tw~r d~i,~~pc~s ~:1~;~~;,. oefi' sa~.~la~ pr.~pe~°ty ~~'~e p~°o~:eeds derived ~':~om a~ 4~ ~ ~~°,~-:; ~a1.e , :1_~~:,a.se, or otrier disposition of said property in e_~.c~ss Wit' ~i.U,~~~~~ ~.t~aa.,, 1t~P deposited in the ~ertifie:ate R.ede~~ap~i~.~~ ~~~;~:~a~ a.r~~. ~~ed .~t'o:~~ ~;"~,ie :~^edump~:io~n of ~e~'~i~t'icates then o~itstardi.rlg ~~~i ~k^~ ~:e°~, ca:L:l.a'~:l.e py~°:~ or ~~:~ mat~i~.r:.t~r, or tree p~.rchase of c:aA.:1.a~~~.e ~e:r~if.l,c.a~es a,;, a p:r:i~;c= `.'~i:~t ~:~~e~~:~y:~° ~~,"raa:~~ t~~e red~;mp~;.l.on pride o:f' s~+a.` h .:a1.1a'~:l..e +"'e; r ,~ ~ a:'a ~e ~ ors ~~,~e ,~LL~e:~.t ~~~^a~t~ 1 ~-~g .redemption date; provided, ~~.owe~er, ~~°~a ~ ~;~;~,~:~ pr~:QeeF:ls s,~a;~' ~~~' a,pp:l:led ~~ t~~,ye pa:rchase of r~~e~ aL~d u i.ma..iar propc:.~°"~y ~~o ~°~=~p.~ a~;v w ~.~~ ~;~'•: ~;:l,~i~~.:l. pr. ~~pex°~~y or s~z~:h or^~.gin~ii pr~.~~verty m~.y be ~rle~.a°~e~~~:d or ~ssi~;5nedl ~s p~.rt~ p~yme~.t ®f any similar property to be a~~~,ir~.d to rep7lac;e such o,r~..ginai property, Section ~ a~~ o ~SSt~~I~~':~ c~F C9'a'R t~;B1:~~~vt?~`T'~COIVS FAYA~13.hE O~Jfi OF RE~N~S e ghat the ~'i~~..age ~ri~l not issa:~e ~,ny otryer^ a~ligations, except par^3 passe ~,ddit~.on~i ~erti.f'i~at~~s ~s ~~erein pr®~aded~ paya~~e From the revenuxes derived ~"rom the operation ot° said Water System nor voluntarily create or cause to 'be c~e~.ted ~.r~y del~~,,~ l~.er~, pledgee assignment, enca~,m'brancee or any other charge, having pri.oraty to or `being can a parit~r with the ~.3.en of the ~'er~tific~,tes issued pursuant to this ordinance a!~d, the intent th,ereo~~ upon any of the income and revenues of said Water System pledged as securi~~y therefor in t~iis ordanaa~ce m any other o1~~Ligatioa~s issued `by *~he ~Ti~,~,~.ge in addition to the Cex°t.i.~°ic~,tes a~xthor°i~c~d lby t1~is e~~°dinam~~e and suc~n pari pass~x addition- al ~ertifi.cates as prov;~.dedl ~~er^ei:n sha~.l contain an express. statement that sa:~ch o~ligatio~rss are ~~°~n.ior ancd s~~~ordanate, ~,, to lien and source ®~gm • ~n.c~ se~~.r~ty for ps.y~e~~ ~'ro~ ~`~e re`~en~e~ ~.;~f 't~se ~~.~~ ~~~er ~ys~em to Cer°~~.~°~,2:~.°~es~ssaxe~ p~~.rs~a~~~~~ ~~,o ~~~°~~ ~.y,,~ ~~~.~,.~ .~~a ~~aa~ ~e p~r~ p~ssax ~.d~li~~a~~~ ~er~~~~~~~~es~ ~s :~~ `~~•~~~..s se~~~.a~ ~e~3ned~ ps.ys,b~e ps,ri p~.ss~ ~~.i~~a ~ert~~i~~.~~®s ar~~~~~~~~~~y ~ssuxe~ p~~u.rs~x~~at ~a t~a.3s o?~~~i~aa~ae a~~ ~~' ~~e re~e~~xes af° sa3~ 1~~~.~er ~ys~e~,~ ~~~:~~, ~e ~re~.~ed exeept uxn~er° ~..~.~~e ~e~~s~ ~~.~~~~~.~~~od~~~ ~~~~~~,~~~~~.~~.a~.~ 'p~°;~~.~.~le~l ~~~ t~l~.s se ~^'~~ ary m ~a s`~a~~~~ p~.~°~. ps.ss~ ~.~.~a~~..o~Y~~ ~ ~~r+~~~ s~~.~~~s ~~~~~3 ~e :i.ssue~l U.~~e~s ~,sry~~/ 1, 0/J.~ll VV~ 4w'VrrW~OA ..IL.~~o~yIL .i~ `W odAd~,J .L.,.,L. Co ~~.( tltl J.~v~~0 ~"~~e s~e~ ~~°e~e~~~.es ~e~°~~~~e~ :~r~ s~~,~1 'V~'~~e~° ~~~~,e~ ~r~~~:r~~.:~g ~~ie ~~ume~~d~e~,Y' p~°~'~v`.~~'.r~~ ~~~ue~~,~e ~~~=~ ~~~L~rp~?e~e ~~a:~t;r~.~P s~.~:~~~ ~;~ ~'~ ~.e~S~ e~li~~i. '~C5 ^r~C'y~ "~:V.'~!ae'~~~'1~ ~;~,:k.'~;%~'~t'`~ ~~ ~;~~~ ~ ~'~'"i'~'~x~!"1 ~:~..~SI~ af° ~r~e ~~~~`:.e~~ ~~,~t°~:ga~~ ~:t~~~~xf; ox~' ~.~~~;,>~p~:~ ~,~+~,~ ~~-;rere~°~ ~~i~.~h ~r~1:1 m~~~~~~e ~~a:d ~.e~.o~~rYe ~`~e ~°~~ ~~~~;;r ~,~,y_ ~~~~~`~~~,~ ~~ ~~e~d~~r year are ~e~''~~.~'~~.~y~.b`~J~~ l: ~~Jl.~.~r;,'~.Y.u'~y uA."r.~~~"1v`.:'~~i.~ls:.! ~':n~'a'.A~i'~.~;W ~'J l-w<.'.~Ja1 `,"'1.~,:ica,f~~~=. ex,~:ep~ f°or t~~~e ye~,:~ ~.~'7~ ~,,-~Y;~y= ~~.~'~ ~~~~~~ ~.~~~'~`4:f~,,~~~:~. ~~;~z~~:::~f'~~, pass~x ~~e~~~~.o~.a~. ~er.'~.~i~"~o~~.~~es ~~1~e~n 'proposed ~o ~k:~e as~~e~l® ~T~e ph~r~,se "~er~~f~~~~es ar~.~~~n~:~~y s.~~~~a~:~~e~ p~rs~~~~~ ~o ~,~ '~~'~~ s C`~ ~'~~ na.:~1~E ~~.~~~. ~ea~k #';T~O ~.~; "TE~~;~`~ ~~, °~,:, C;er~, ~ f':~ ~:~.x~e~~; ~,~~~-,o ~e ~by ~k~i:is o~°~3:~~a~e?~e ~.~.~ ~o~~ ~~~-~erv,~°~~~, r~~~~°r~~~,~ =,~r° r~~~:ix~e~~ :~~~;~w ps.ri pe.ss~x ~.~?~~.~ is>~~.s.~. ~""e~~~~~~~~~.`;e, ~r,~~;1 :"~""d.~.y ~e ~sstxe~l ~'or tie p°~.rposes o~ ~'':~~a~ir;z~~~ ~.~~e ~os~~ o~:' +~~,~ ~~~~s~ :°~~~~:'~o~ or ~,e~qu~s.it:~on Off' ~d~~:~.~.~o~~~ e~~en.s~.o~isg Or ~.1C4~i'rOYJ'~"1f11~ei~~'>ei ';';~._- ~~~.d~ ~t'~'' ~^~ >>~1'w`!"E'Yl'le f~'T' ~ny, ps.~~ ~°~1.ereaf'~, a:~' ~o f~x~c~ c~° refan~ ~'.`~;y a"~:~;;~,~4~zo~~~~s ~~~e~~etuf°ore sLss~ecl f®r s~e~ p~rpo~ses o ~:~e term ""pa~~. pa.ss~~ ~~~Y~.t;ia~~~.:~ <~~.~,~,~.f'°~~,~.L;,~~,~ ~!~ ~~~sed ~n tl~~s seet~o~a~ s~i~~l~ ~e c~eeme~ to ~rre~,~~ ~~c~:it-~.a~~~'~ ~A,:F;~~~F:o~°~s e~~°~tir~erc~~e~ k~~' Cer~°~~ f'~.a~,~~e s ~.ss~e~ Y~.~i~er t,Y~e p~ro~v~~ s ~..~~~s ~.~~d .~.ZTi:~ a;~i ~ a e~~'a~° ~:~i' t?r~:~_s se ~~ :ian ~~y~.~~.e From t'~r~e re`~re'n~es o~' ~~.~.~ i~~~;e~ :~ys~.e~r ~~,~~~ p~~~:.~ `~ ~.~jr-, ~Gi:1.~ • • Certifio~.tes ®rig~.n~.Y.~ly ~.u~th~r~~ed ~~~~ ~ fi,-;~~ec~ p~~.rsu~~y'~ ~o ~~-~ia ~~°~ ~~ r~ar~ikve . ', Suoh ~ertifica~tes sh~,~~ ~~e deemed to ~~s.~re ~~e~.n ~ss~~~ed p~xx~suan~; to this ~ardi~aa~oe ~'~~e same as t~~e ~~e~~tif~~~:~-~~es ~~ ~~~;~,~°~a~~,y a~u.°~~~yo~~~~.~ed a~~d ~ss~.ed +~ ~..p i- pursuant to tJ~i~: ord~~a~~e, :end aiy o~ ~.~~~ ~o~~~~ya~s anal other pro~~ visioms of° th.~is ~srd~e,4~~:e ~e~e~~pt as ~o d~~~~,~.~ls of su~N~~ k:~er~ffi~:~,tes evidenoin,~ such park passe ~,ddit~.o~a~i~l ~~~~~°~.fi~~.~~a~s inconsistent therein with) shah tae for the e~ua~l ~aenef~t~ prote~t~on~ ~znd se~,~x.rity ®~ the ho~.ders of ~cSY~y ~er~~if~.~ates ~~.~~~~ra.~~ ~ a~~; ~cav~~~e~~ ~~µ_d ~.~~uer~ ~aar~suant to this ordi~ya~~~~::W a.r.a:~i ~o~d~rs o~ ~.~~n~y ~~~.r~:~'~. ,at~~,~ e~~~`~„!.en~~n~~; add~..t:f.o~.e.l a`bligatio~~s suhsec~ue~~t:fy ~~r°~~a~ eel wu~ ~~~W~~~~ ~~y.e :~;~..,~r~.~;~.~:~or~s :~,f' and ~n ~om- pl~ noe wit~?~ t~~~s se~~~.o~. ~ ~ ~. of s~~"~~ ~`~yr ~ ~_f`:~ ~°ayes.9 rer~ard:~:es~s of the time or Mimes ofU t'_"~i~:3.r ~~ss~~::^~~~~ sti~~-;~~'. r~::~~,~ e~~~~.~~~~,. ~v~~t,'_~~ ~~e~~.yeo~~, to ~he3.r lien a~~ t~h~e revenues af' ~~~.~ ~~a~ey~ .:~y~~~_.ei~~ a:~~~d r'~::•.~j s~~'~:~~.,,;~: and seouri~y for payme~~t From said ~~ev~n~~~~ s ~~l~i.. ~ ~~a': p.~~ ~ ~:~ ~~A ~:,e ref a~~y ~" et~u~. t~ f ~.oate or ooupon over a~~;y otY~eW~. . `.the t~:rtn r'~:dC!`~t~~.~.~W~~,:~ pa~~~. p~.s~,~~ ~'~~~°~;:~t:'°~~a~.es'~ as used in tri~.s wLlb-se~:tio~Il,, s~W'a`~.l Z~~~~ t>e d~~,~me~ "~;~ ~'"~„~:.'~.~'~~: ~:~~~'^~~~;~ '~5~'~,~~y ~'sertif~~o~ttes, or other ot/~.3gations suit>:~,e~~~:n~ ~y ~ss~~xed, toe ~i.'~i~',r~ ~~' ria'ru~~~~~ o~~ the revenues of sa:fd ~'~.ter system is s~y~,~~;~;~, .~.o ~,~'^xe ~~~~~~~~° ~~~-~,~ s':xoe~-for lien on Suoh .revenues of C~ert~f~.c,~,tes fssued p~.rrs~a~::~.°;r; f;~o t}-~a~~ ~~~+~_;rua~~~~ P~, s.nd the Vil~a~e sha~.1 n.ot 'issue any oh~.~~ations w~-~~tsoeve~' payah~e from the revenues of said Water System w:~~a.oh :r~'a~k equa;t~,y as t® ~~en ~,nd source ar~d se~u~~ity for payme~~.t frv~c su~~a.,_ re~t~er.~ea ~~~~~ r~e~~~~f'3~ates issued pursu.s,nt to thy.. or~d~.~a~~~~e ~~~~p~ ~.~w~~~. ~d~~e manner aid u~~der the oonditions provided in this seot~.ona No s.dd3.tio~i~.Y. park.. p-~.ss~x ~ert~f'ir~~~~esA ~s ~~~~ t~~~~s se~t~on de- f"3,ned, sh~,13. be or~ea,°~ed a~J any ~~.rrYe~ howe~~er~ ~a~a.~.ess ~~,~ o~ t1~ae payments into the respeot~.ve f~xnds p~~o~r3ded for ~~~ °~~y.~ _, ~ ~° ~~«~,^:_~.~ ~:~ ;~~ ~~t:~'~.~~,te then outstanding, and ~,~,Y ot:~~,er r~e erv~e or s~.n~~.n~ f'}~~~ds, or other pay- ments ,provided .for in t~'i~.~: ~~r~~ ~~a~--~~~.~ :,':~ ~,~}_ ~-:ave ~eer~~ made yn f'u~.~i to the date of issuanoe of sa.x.d pa~~~ pa:ss~~ add~.~~.on;~Y ~ ert.~~i,r°ates ~.nd the V3.1.lage sha~.~ ha~re fu~,~Ly ~omp~~ed r~i.t'~y ~.:~~ t~^~~e ~o~,yena~~~~s.4 agreements., and terms of t'~is ~;z~~:~.~-~aLu~e , ~~~~ • Section ~,4~4e 1~V~5~~~A~.C~~ ~~h~at the Vil:Y,a.ge wil", carry such insurance, and in such ame~~.r~ts, as sP~al:Y. be rec~~mmended and .approved by the Consult~.ng ~ngir~eer, wi~;h a r°ep~ta~~le insurance carrier. or carriers against Loss or damage by fire, e~'p~.asiY~r~, h~,~r.ricane, earthquake, cyclone, occupancy, or other h.a~ards and :N°isk.s ~ In time of war, the Village shall aaso carry in. said ~ar~ou.nt such insn~ran,ce as may be available against loss or damage bar the risks and ha~a:rds of war, Ar~;Sr pro~,~ ed~, c; f s~,4.~~~ iy.~sti~rar~ ~°e s'~aa:.:L he ~.se~r3 to tie fu~.l extent nPCessary :frr the .restc~~.,at:~.~r~ ,~.y, .~°ep..a,c~=Rrne~~~~ off, t?~~e d~;tr~,yed properties or facilif;:les ~~:f sa:.d G1a~;F~r y,'~'si~em, apad any .h,~:Laruce ~~~ae.rec~:t' not needed for suc~'i purposes sl"~a:~:C_ be ~.~ep+~si~e;d :i.r.T .~~y.~N Rene7~a,l a,rad. ~~ep~cement Fund and used as pro~rieed ~.ereirt for ;~~~;~-f~.r~~d o ectio~ !~o C+:S. ~~c~4~:~ A~"~'~ FZ~,~a~9R~~,~ e What the V~.i.lla.ge will keep books and records of said Water Syster~, w~~ic?~ shall be separate and aparf. from a.11 otn.er books, re;~«~rc~s, a~:c~ acLc;our~_ts e~f the ~~i i:C,a,ge, in wh:i~ch comp:~ete arad correct erntraes ,;~~~.ai ~ ~t,c. ~aa~Ae ~yf a:11 t:~°ansac:tions :relating to sa,~_cl Tila.te r ~~y'sterri c:r'~ ~~, t??~.cr~ s °?.~.~y~ ba;~i ~ a.~ ~d r ~~~ ~ a a, w~~ Pr~o.~.dc:r oi' a Certificate or Cert~.fzcates 1,;~a.~ed p~ti~°su.a~-vt to t:~,~is o~°dinar~ce sha:l,.l have the r°aght at aa.1. reasonat;l.e ti~xe to a.nspec.t said Water System, and a1:1 parts thereof., and all monthly records, accounts, and data of the Village relating t~;ereto, the Village shall, at the end of each fiscal year, cause the books, records, and accounts of said Cuter P~ystem to be properly audited by a qualified and .recognised firm of certified public accoa~.ntants and shall mail, upon request, and make avai.la~~,,~„e general:l,y within ninety (94) days after the end of each. fiscal year the report of said,quali® fled and x°eco~°r.:~zed firm ' ®f certified p~,bl:ic accountants at a.ll reasonable times to any holder or holders of Certifi.c,ates issued pursuant to this ordi.riar?.ce, and shall file suc.n reports with the or~.ginal p~.rchaser. s of the Certificates and the ~inanc°ial Adva.sor, Section ~ e 46. MAm~`N"a°°~~~A~TC:~ 4~° WAR S~'S~P:E~I, ghat the Village will acquire said Water System as provided in this ordinance and upon such acqu,i.sition th.e Sri page will maintain said Water System in good condition a.nd c®ntimu.c.;usl~r operate the same :in an effici,er~t manner aa~d at a reasonable costo .A 3 • • Section ~•.~'~. SE~V1~~S ~~~5~ ~°~ ~H~ ~'ll~~.~~. That the Vi1~.age will not render or cause t~~ be rendered any free services of any- nature by said Water System, or a~,y part tE~ereof, no~° w~.ll. any pre- ferential rates be estab~._ished for users of, the same class9 and in the event the Village or an~~ po~_~..ti.cal ~;;~sbdivi.s~.o~i, department, agency, instrumentality, officer or employee thereof, s~~.a11 avail itself of the facilities or ser~~ices provi~.ed by sa:~.~ 'tn~ater ~`~",'stem, or any part thereof, the same rates, fees, o.x° ~°k~a:r~;e~~~ e.ppl:ie~able ~,~o o~~~~.er ~°us~tomers receiving l:ik.e services undF~ sa.mi:~~.r ~.:~.,r~c~.~,~~,.r::.sta.~~~°.e,s sbia~.l be charged the Village and any s~~~.ch pol~..ti~.a:~. .~r.~b~iv:~_sic~;~i, department, agency, instrume~~tality, offi~~er ar emp:~.Uy~:V ~ 5~.~:~.~~. charges shall ~~~ paid as they accrue, and t'y're Village sp~'i~.:~.1 era;^:s:~'e.r fr~~~. its general funds sufficient s~zms to pay such c?~arge~~ 1°~~~? :~•e~~~~~n'~Ps so ren.eived sha:l.1 be deemed to be revenues d,e:rir~<~d. frf~~~n ~~rr~;~ op~~ra.~~ion of sa:i.d Wak,er System and shall be depos~..ted and acco'~.~~~t~ed. f~~~° ~.~a t~~~~e same mam~ner as other revenues derived from such operaw•i c~n of ss.:id Wa~~e,r S~ystemo .Section x•.08. ANR;.;'1=~1~ ~~~D~'y~F~'S~ ~''~~at t~Ye ~;~":~~:~_la~;e s'~.a11 annually, at least sixty (60) days pre~~edi.~~ ~~4~~~h k~f i~~s f~.~..sca1 years, prepare and adapt, by resolution of its gove.r.ning body, a detai.l.ed budget of the estimated expenditures for operation and. mainte*~ance of said Water System during such succeeding fiscal year, wh%c;h badge ~ s'~.a1:1 riot be so adopted until approved by the Con~ult:ing engineer. ~'o expen~itures for the opera- tion and maintenance of said Water System sha;i,1. be made i.n ar~,y fiscal year ~.n excess of the amounts provided therefor a.n such budget without a written finding and recommendation by tT~e general manager of said Water System or other duly a~a.thoriz~ed officer in charge thereof, which finding and recommendation sl.^yall state it detail th:e purpose of and necessity for such increased expendi.~~~~res for the operation and main- tenance of said Water System, and no s~~~.~v~:. ax~~.creased expe:~yditures sha11 be made until the governing body o:f sa~.d Vi.7..:~.age shall have approved • i such finding and recommendation by a resolu~:ion duly adopted. N'o . increased expenditures :in excess of ten per centu.m (1,~~~ of the amounts provided for in s~.~~h '~u~~get sha1,:~~ be made with~saxt the further certificate of the ~onsu.:~tin~g ~ng~,~r~eer that such increased e.xpend~ itures are necessary for the cont:i.r~a~.ed ope:r°at:i.on and maintenance of said Water S3rstem. ~~,_~e ~~illage shall mai:1 copies of such annual, budget and all resolutions aut~~.orizing :i.ncreased expenditures :for operation and maintenance to ar~v he:~ider r~r ~:o:Lde:r.s of Certificates who shall file his or their ad.d:r°ess wa,.t'~:, ~,~;e ~"~.l:i,age a,n~ re~~~~~,est In wx°:i,ti.r.~g that cop~..es of a.ll s~dch b~adget5 a~:~,~ r~.so~:i~~~~;ior~~~~.s ~~e fe~~rn~~s~~ed him or them, and shall make ava:i.labl.e ~±,;i~:'.~ ~;~~.~.dg~~ts a~~u:~ a:L:~. reso:Y.~utior~~s a,a~~~horizing increased expendi.t~res for op~~~°a~.i on d,~'~,:d m.a,:i.ntenance of said Water System at a:~.,l :r°easor~ab:k.e ti,m.es ~~:,~ a~~~t,~ _.~~l.de~r or Y~~ol.ders of Cert:i.ficates issued pursuant t~o t~~~i ~. o-~°~~:L¢~~a,~r~~c~~;, a~~~~1 ~~':~l~al file copies of same with the orig:i.nal purchase:,~s oj' ~~i^~o ~~~.~:r.t:~.:~'i~„ate and ~i:~ c~':Lr~a,nc:Lal Advisor. Sectioh ~+.C>~. :f?.Fl~[~~:~;L;F~~, A~~y hc:~l.der cf ~o~~ds, or of.' any coupons appertaining th.~rE~~~;o, ~.ssG.~ed ~~*~der ~"r:~p pro~r~~ ~~i~.~s of tYa,is ordi:~ance may, either at :~~,,w ~,r ;~~ F~~xi~a~~r~, key s~~.a.t, ac ;:ion, mandamus, or other proceeding in any cou:r°t of comp~:te~it jur:isdict:i.on, protect and enforce any ar.~d all r, fights u~~der the laws of t1e State of ~'1.orida, or granted and contained ix~ w~~i.;. o~^r,: irb~.l~~~~°c;, a.r:d. ma,y enfo.roe and compel the performance of al_l du,t~..es required by the ~'3.l:Lage or by any officer thereof, including the :Fixing, ci~a.rg°i.ng, and collecting of rates, fees, and charges for the services and fac:ilit:i.es of said Water System, 2n the event that dEfaa~l,t shall. be made in t;he payment of the interest on or the principal of any of t~ye Certif.:i.cates issued pursuant to thiN ord:Lnar~e:e as the sam~^ shall become due, or in the making of the payments into the sinking fund or any other payments required to tae made by this o~°dinance, or in the event that the ~ill.age or. any officer, agent, or employee thereof sha:l:l. fail. or refu~.se to comply with the provisions of thi~~~ ard~.~~a,nce, or ~:?~~a,ll default in any covenant made m~~® • • herein, and 'in the f~~x°t~~e~° e~~era~ ~'w~~a~, ak~yT ~~~.~'~'i defau:~t shall continue for a per~..od of thix°t~r ~:,~~ days any 1r_ti:~lder of st~.c~~a Ce~°tificates or any trustee appointed ~~ represent C'e~~~~:l.f,~.~:a~e:~:~o:~~ders as r~ere~,naf~er provided, s~~a,ll be en~~i~~;,led as of r~~gh~ ~;v~ t~~~e appo:~nt~nent o:f a receiver of said Water system in an appropriate ~j1~d~.~~:ial, px°or:eeding in a court of competent ,jur~sdl.c.~~iory, ~v~e ~'~~er ox° : got suc'~ he~lder or trus~~ee is also seeking or s~iall have soug:~~~~ tr enf r;x°ce ar"~y~ .other rgk°~t or exercise ar~~r ot~~e r° remedy in ~ ~:°~..:~ _ ;.~c~:~,~ w:L~'~k ~~r ~e {yam r°t:a.:~':l.cat~s ~.ss~~ed p~.:rsuant to `she re~,el.ver sc° appc~.~~'~ed ~"^a..~~:1. fo~°°~rtv~~.i.~,~:., d~.rec.~:x.;~ or by his a.ger~~~~s and at~~rrbe~;~s, e~~,~~er x.~1~~o a,~'d ~apoL~ and take possews:LOn of said Water ~,ys~~em a~~d s'~:a1:1. ~~.old, ,~p°=;ra.~e a~~d maira~aii:.~,, manage and control sal.d Wa~~~,r a~'stem a,~~~,d ea~:~. a:~ d ~W~~-e,°wr pax°~ ~P:~~•,reof, and irr the name e~f the `~~:i.l:lage shall, exert°e~.°~..~=~e a,~.~, x°:~~Y:~'~s ar~d p~a~rers o:f the ~1':1,:.Llage vai.th respect ~o ,~~aid WateY° ~,~~w~~'~r!'p a~ ~~.L ~~.l.:l,:l.a~;e 7.~,se:l.f rrz~.igh~ do° Such rece°~ ver shal.:l. ~~:o:l~le~:~~ aril r°e .e.i.ve a..~. 1. r~~~~~~a~~as, ma,:in~~a,:i,n and operate said Waver ti y~°~~=T! :11"+. '~~'.'_.E-`rr~,?".~~=.'W prU`J;~,~e ~. :l.t''i '~ -~ ~r~~.:l,"11~,~`?y~, a:'1~~ complyy~1"~i9.ert?~~° PJn~x:ra.s^1~a~ :i~:~{: ~~"~ ~~°;e° .U ~°t app~!'~.w~~`;g,~~~; :J~;~h receiver, Vtl ~, 6Bol a„!.e~ Uf tR'«'A`~9v pl V'v~Z.!41 '.~,. ~.~:. wJ o1. ~~,~.~ A. ..~ 4:'.Ti~ ~=. ~~s~,l:h ~.:.L.W ~ Whenever all, that is due upcn t~y~e C~erti.fic.ates issued pur. scant to th~..s ordia~ance and, in~erest thereon, and under any covenants of this ord~,nance f'.~r sinking or other funds, and upon any other obligations and interest the.reo~i, having a charge, lien, ear encumbrance upon the revenraes of said Water system shall have been paid and made good, and a:ll defa.ul,~;s axrgder the p.r®v'.~.s~ons of thi°~; ~;-r°,~3~rn.~.ne~e sha11 have been cured and made go~~d, possess°z.on of saa..d Wa~,er Sys`~em shall be sur,r.endered to the '~:l,llage ~.pon ~'~~e entry of an order of the court to that affect . upon and subseq~~.ent defar~lt, any holder of certificates issued pursuant to this ord°~~ r~a,mce, ~~ ar~y trus°~ee appolr~ted for Ger~ t~.ficateholders as hereinafter px°ov:~ded, sha:l.:1 have the ,same right to secure the further appair~tment of a rece:ive.r ~apo~ aruy such su?~seq~aent default ° ~~?~._ ~- i Such. r°eceiver >kWal.l, :g.n t~~~;e pex°formance of tk~e powers here-~ i inabove conferred ~.pon k~~m, be ~.rgder t?':~e d:ix°ec°tion and super~rision of the court making such appoi!~ktrr5er~t, sk7.a? 1. at all tames be subject ~o the orders and decrees of s~,r ~i c~:ourt a,nd may be removed tk^~ereby and a successor receiver appoar~ted sn the discre~:ion of such court. Noth~..ng herein contained sha1.1 lim~.t or. res~;:~ ~,ct the ~rarisdict~.~.on of .such ~®urt to enter such other and f~.rther orders and decrees as such. court deems necessary o.r appx°<~p.r:i.a9<~~ fUr ~.`~~e ~~~er~°.i~~e r,:~r tt~.e receiver of ar~-';y function not specific:all.y se: y, for~~~~?. k:ere:i~~. Any receiver app~:ixl°~ed a~; ~r~:~~~..ide~~ 'EaerE:~.ra shall kuold and operate said Wa~9er Syste~?~ ~~.n t~~ie na~!e of t~~e ~"il.la,ge arnd for the joint protection and ~~~~~efit c:~" the F~~ ~.ls,g~~ a~~d t,p~,.e k~:older,s of ~ertz.f:i.cates i.ss^~.ed p~.rsp~.ar_t ~~o tk~:i~~ ~~x°~~.r~~a~~.c°~, ~".~ ~~~ receiver shall have no power to sell., assign, mortgage, o:r o~~~~~e:rv~~~~;e da,~spose cf any assets of any kZ.nd or ck~~arac.te:x° ~.~el.ang:%xyg cr pertaa.n:~.~~g $9~7 sa~.d Wa~:er System, except a,s provided k?erea~r~, 'bn.;~t t1"~e a~zt?~~or:~ t~~ ~~f =;~~°~^~ rece:a..ver shah be limited to the possess:i,on, operati~~: , a.nd rT.a:~,nter~a~~~e:e of saa..d Water, System and th.e c:ollee;t:i.on an~~ a_Y.:loca*:,;i.on ~::~~ ~~~,W~.e :re5.jen~e:s frc,m sa:1..d Water System, for the so:l.e purpose of the p~°~~t~,ctL.oTM;i of bot~~ the `~~,:3.:.age and Certificateholders, and the c~u:ring and mak~.ng good of any default under the provisio~.s of this e~rdinance, and the title to and ownership of said Water System skull remain in th.e ~T:illage, and no co~.rt sh.a11 have any ~uri.sdiction to er~~ter any order o:.ic~° decree permitting or re- q~.~..ring such receiver. to sell, rr~ortgage, or otherwise dispose of. arty assets of said Wader System except as provided herein. The holder or holders of ~'ert:ificates in an aggregate prin- cipa,l amount of not less than twentywfi.ve per ~°en~>+am ~~5~) of Certif~.- cates issued under this ordi~sance tz°len outstanding may, by a duly executed certificate in writing, appoint a trustee for holders of Certificates :~.ssued pursuant to th:~C crdi.ne.~:~ve wi°~h authority to represent such Certificatekao:lders :i.n aa~.~,r legal, proceedings fo.r the ®~~- • • enforcement a.nd protec,t:ic~n ref t~~~.e ra.rh~.-s, of such Gerti~ficateholdFrs. Such C>ert~if'icata sha:i.~, be e~ec;u*~e,c~. ~;,~,v s~.;:,~~ ~e.r~~:~.f:ica,~~~t~o~der ar their duly authorized attorr±eys or .represerta~;:i.ves, ar~d ti,hall be f:il,ed in the office of the ~ia~llage G:1erk~. of said ~'~.:L:r.age . Secti ors ~ .1G ~ E~?~~~~,~'~~~~ p~° ~'~L~~~~°~'~;01~5 . What the Village wi1.1. diligentl,~r en.,fox°ce aYd collPc:t a7.1 fo.r t~+~ie s~:r~ri.c~.s arid. :t'a,~;.i.I,:.;;:;.~ ~ o:A' ~a,a..~ steps, ac^,:i.crn.s, anal p:ro~~;ee~~:z Yig~ f'::~^ ~hF: su~:h fees, rates, an~~ c;~~~.e:r harg,es ysr'~~ the ft~:11 exter_t perrr!i,~ted car a~~,t"io:r~.z~~:~. ~~ta'~e o:f ~'lor.da. fees, rates, or other charges 1~Ta~~F.r 5~~~~;tem and ta~.e a1,1 en:f"c~r.emP~4L ar~d collect;:ion of ~~ skwalL 'tecome de:l.in~,uent #vo by ~;he app~.icable laws o.f. the she ,~`i.~~..:1age :.pvc:~.:f:i.c,a.:~.~.ti=~ `:c°vea~~ad~ts t~iat i.~~ wf.:11, under reasona_~;le :r°egu:laf;ions to be .~~eu,-°eaf er. adopted, d:is~~o;rltiriue and shut off' th.e s~U.ppl~ra..~~~; of water uer~r:i.~.^~~ to a,:~:~y~ u.ser5 i~f sa:id Water System, o.r anv~ pax°t t;re~reof, who sha,l:~- :f'a:i..~., to pa`s the fees, rentals, or other charges ft~r s!,.~c~:a water ser~r.~_.:w~;, wi~~1.:ar`~ a p~r.i~~d o:f th~.rt;v (~0) days f:rocn tie dtze dates t:.ereo:~:`~ ar;d ~,~.,a.t ir. r;~?.r Fver^t o~' the shutting off of vaate.r services for the r1:~;A-payment of water charges, i.t~, w~.1.1 not restore the wa+.;er services ur~ti:~. all c~xarges then dtze .for said water se:rvi.c:es sha1..1. have lbeen fi~:1:1V pa.ad, inc~.rzdi.ng rea,sona'ble pe:nalti..es and ia~.tere~,t and other ~~v°op~r :ti,:~,rr~~~s 'Lr~ connecta.or with. such delinquen- ci,es, and p.rope.r charges for restoration of water services upon pay- merst in ft~.11 o:f a:l.]. del.r~q~er~cie, ar~d ~.ha,r~es i.n connection therewith. Section !-l-. rl1 . C~U~r;~~:J'~~l'~~:N Q Ew~1~~TNE~.~. ghat a, c~msulting engineer or f':ir°m of cons^a.'1};irig P•~g:i.rieer°~ }.r~~o~r~~ a;r~~i y°eco~r~~iiz~;d ire coryr?ecti.on wi~~h the: c~-~r~st;Y,act:iort and ~,peration of water. systems s?~ta1:1 be x°etained by the '~%'il'la~e on an annual ba~:i.,s to make an annual inspee;t:ion of saa.d Water S~yPstem, ~o appr~~~re awl a,n~?ua:L budgets, and ®~h_ '` generally to make rec°ommenda~~~~ ores ~on~°ern~.~Lg sand ~4Ja~er ~ys~tem and ,. ~ tY~e rates fo~° wa~e~° serv:~~:~.s, a~~d ~o p~:~nf~,~,m a;~~`~' o~~er du.~:i.es pro® v~.ded ~ere~.n fir s~c:~ +;;;,~a ~ m,~,~ ~~; ~~,~,,,~~ ~~~r. 5~~~,~ ~r~nF~~,~l~:~ng ~ng~a~eer shall make an annul repE~r'3~ ~~~z~ ~::~°~°~..~°~,~ ~ "~}:~~ c-~~nd3.~:Lor,~ of sa:i,d Wa'tpr system, wh~~:~i repox~~ ~~~~,~.:~. ~e r~ra'~:~°ed ~~~ ar.~~' I~a~,der off' Cer~~f~,~a~es rpq~est~.rig °the same and ~~~ °~"~.~ ~.r,^:i.g:i~a':~. ~~a~r:^:~"~i.aser off' tie ~e.r. tif~.cates and °to tY~e :~;~.x~anc gal A~~'~.~ ~,r w ~.~~.~C v.3.~`~:^a "~ °:i.:7 y ~Ir ~f ~~ai~~''~~~!l,'s,~~ ~.~~~~.~ ~~~T':: ~~,r .~,'~ ~, p~Y~°~~;_~~;~`y ~;Lrm, ~`d~" 1;~:`"'~51:+'~:~~~! L'~ ~' .~P_?'~~~~~ ;~._-`k -"~i".°i^ C;,.;.o,.. .,~~;. _d?m .;'..Y,°.~,'~ y G1"~9P":! L'~.~'a,~~ , al`^_d p~s:~:i.c: f:~.n.an~,e s'~~~a,.~, k;~ ~'~~,~,....'r1d~~? ~~~ ~.~,~.~e ~;':`~~.~ '~~ i ~~rr a~u ar~TM~~'M~.a7.. ~b~°s~..:~ to advise arnd mak.~ re,°.o.n ra _. -~ -;:x.4 .~ ~;.~ y ~ ,~~.e s .:....:Lag.., ~a c~o~.ne~~:~.on w nth f~.nanc~; :ial !~a~~~:~.. , ~-~~~.a~,i~l~.~ _.::> ~.~.:.d ~~~~,'~;.`^wT ~~g~s~~~c~. an~~ t© perform any otL''!f~r d~'~1.es pr~;~vide;~ i:~E':~'"~--t":: t'3K' ~,~: .'?`~ 1 .~:"i~.~.'4 gal A.dv:i.SP.ra ~ec~~~i.on ~0:~3 ~~ ~.~~~';~~~;°,s' ;~~~~ c~~:~`'~"~.~'%® `~:'~a.t ~tl~e ~'~llage will not grar~~, or. :-:a~x;;e ~~:r p~ ~ Mr.~.~ '~°~.~~ ~,~°ar, ~.? :~~ Ff, a,ra~%' license, franchise, O:r pertr~x.~~ ~O ~.P"~J' p0~°~~k%, ~ s ra"r'.a ;'~'S":"~~; ~ ~;1.(ar?., ;~,~P~vy~ or ~:~;~.;Y'~.er body, , pE:~b~,~..e~' o:r pr:.~v~.'~.~~'., `f'~'+ "° `.~" c' ~'~ ` ~ ~~~ u'i?"i~ z.i:~ Y~Pa`~~~ ~~" ?.;~?~°"et;~.(~:F;~~ R:~r :~a01.~1.~1 E?S ,. wi~.~h:i.~. ~?~~~ ar°ea seer°~red k::~r ~~a'~.::~. T~~,~~~~~ ~~`~; ~~~em, a.N:rd t~~~,*, t~:.e "~'~llage will not fa~r~a:%sh wader ~:~er°~:i::~s ~_9r :~'a~~::~ ~,~.. ~:~.~=;~ `~~' c~x° '~~~~°o~g~ ar~y G'ther water system which w:~ll ~~° compe~i~~au~ wz~?~ a~'id mate.r.ially an~~ adversely affect th~° revenges of sai,~ Wa~,~r ~ysuer~° ~~~~o , ` Ivf`~`~CI~~:~~~..A~~~7~5 r ~Sectior.~ 5. (~l p NI~.~Is?:~'~~~'A~~'~:~N ~~ A,I~I~IV:~~1~`l0 1~'o material modif i® cation or amendment of 'this ~~iY~«~~:,~i<~,s~~~~ or of s,ny rese~lution or ordinance amendatory hereof or supp~,e~meri~al here~~;o ms,y 'fie made without the consent in writing of the holders of ~;w~=;,~tw'~irds or more in the principal amount o.f the Certificates 't~~~en o~tstar~d.ing9 provided,, however that no modifica- tion or ame.ndme~Xt shah, per?r~lt ;~, ~:'4~sar~s.ge iAri ~~;he mat~~~,r3,ty of such Certific- at~s~~®z° ~, red~~~.~cti,o~x i~ ~t~~~,e r~,~,.~e ~_~~:~' :~r~fi~ea~es~ ~~~~~ereone or in 'the amo~xnt o.f the principal ot~l:T.ga~.~ia7z~ ~~~~~re~:1' ~~r s,ffE~~`~:rlig ~~he promise of the Village to pa,y °~~he principal csf ar~z~ ~,r~~,~res~~ r,r~, she Centificates as the same shall come due from ~w~~e rw~ t~en~:zes ~~f s~~.;~,d Inca ~e:r~ ~~as+„e~a~ or red~~xce ~,he percentage of Certifica~,~e?~~ols~ers ree~uired ~~;o cr.~~Mse~.r~~t f,+~ any material modification or amendment cif ~~~T~is ~~~°c~~~~~s, ;_,~~~, ~,~~, ~,~~~o„~t ~r~e c~,;v~bsent of.' t~,e holder or holders of s~A.c,pc•~~ ":erti~'i~.ates~ Sec~~ion r~ ~ 4? o `~I~G'I~~Rr~:I3:I ~ ~ :~'"~ r'~1~, IN~rA:I"~:3;D ~'F30~i'S~S:~C~'S o If any one or more of this covenari~~ s ~ ~~,greemen~~ s ~ or pr~,,visions of this ordi,~ance shall be held cor-~trs.ry to s.r~~y e~:press pro~'3.s:I,on of law or contrary to the policy off' express ~,aw~ ~~~~'io~~gh ir~ot expressly prohibited„ or against public pol.,ic;y~ or shall or any reason whatsoever be held invalids then such covenants9 agreements, or provisions sl~.all be null and void and shall be deemed separs,ble fr+~m ~t~~,e rems,i~s.~ng covenants ~ agreements, or pro- visions9 and sha~,l :in rye, way' affect the va.~.dity of any of the other pro- visions of this ~r_~~~~a~~~~;~~ ,~,r o:F tae ~"ertif:i.cates or co~~,pons issued here- under. ~ecti©n ~ ~ ~3 0 ~A~~ ~~:F CT~~R`~1~1CA~°~ES A What the Certificates au- thori~ed to be iss~~e~d p~rs~:xa.Yi~ ~;o th~i~ Fn,rd~.~la,n~~.e s~'iall ~e i~~~v~d said sold in sr~ch manner .and at s~~~;~.~;h pr:I,ce or prices consistent with Chapter ~~~~ F°lorida S' ~p~ ~~s~ arid ~;?~~ S F w ~ s.r`s~,'"~ _ ~;, ~..~ ''~ ~ ~ ~s~`~~r~ ~W~"'~~ ®~r ~~ ~~.a stal~,ments fmm ~~ime to times a~,~, as shall be hereafi~er determined by the Village Counci.la ®~~~ . ~ Section ~. ~"4 o NA.L.S,L'A~~®dF9 ~Wh~~"~OR,1,L La,L1 0 ~' iYa En YNi~3,.J.,am A o ~rdy „~,~E~quiree Village Attorney of the Village of 'leq~.estap Florida, be and he is authorised and directed to prepare and file proceedings to validate the Certificates a~xthorized by this o~°di~,ance in tine maa~~~e~° provided by law , Section 5,05, REPRA~I~TC C~~1SEo ghat all ®rdi~~s,a~~es, or parts thereof a of the Village ~ in conflict with the provisions of this ord~.na~~ce are to the extent of such co~.,flict hereby superseded and repealedm Section 5.06. COP~PI~IAI~CR ~1~~~ ~"RA~TCH~CSES a 1Votwithstanding ATTEST :~ ..-~~-'j ~~ Village Cl rk any of the other provisions of this c%:~°~:~rn.a;_~.~e, tie Vi]Llage shall comply fully with all the terms9 conditions9 and provisions of any franchise acquired by or granted to the Village for said Dater System or any part thereof . Section 5,07. F~'~~EC~1VE DA~.~R, phi: ~r~~i~~~w,~~:~,~~ ~~~~~:~,l.Z take effect after its final passage in the manner provided by law, PASSED AND A~fJPTED ON S~ ~-~ ~-'a READING this ' ~ ' ~ day of /~-~~~~ ~"~~~~- , A. D., 1967 r .~ m~g~ -> ~ `~,~~ ~~ ,~ .- ~P VED ~ . ~~ ~, ~_ Mayor _..____