HomeMy WebLinkAboutCity of Tamarac Ordinance O-2010-0121
Temp. Ord. #2204
May 11, 2010
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CITY OF TAMARAC, FLORIDA
ORDINANCE NO. 2010- / %'
AN ORDINANCE OF THE CITY OF TAMARAC, FLORIDA
AMENDING CHAPTER 6 OF THE CODE OF ORDINANCES OF
THE CITY OF TAMARAC, FLORIDA, SPECIFICALLY, BY
ENACTING A NEW SECTION 6-42, "CITY INVESTMENT IN
REAL PROPERTY"; TO PROVIDE FOR THE USE OF REAL
ESTATE, LAND TRUSTS, OR OTHER LEGALLY AVAILABLE
OWNERSHIP VEHICLES, AS AUTHORIZED INVESTMENTS;
PROVIDING FOR CODIFICATION; PROVIDING FOR CONFLICT;
PROVIDING FOR SEVERABILITY; PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, at this time pursuant to Section 218.415(16)(h), Florida Statutes, the
City Commission desires to add real estate, land trusts, and related legally available
vehicles to the list of authorized investments of City funds; and
WHEREAS, the City Commission finds that there is a need to provide for the
necessary flexibility in order to insure that the City's Finance Director may effectively
manage the City's financial assets through the use of all available investment vehicles;
and
WHEREAS, authorizing investments in real estate and real estate investment
provides the City's Finance Director with the necessary latitude to effectively manage
the City's financial assets; and
WHEREAS, the investment of City financial assets in real estate shall be in
conformance with applicable Federal and State laws and regulations in addition to the
City's Charter and Code of Ordinances; and,
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Temp. Ord. #2204
May 11, 2010
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WHEREAS, the City Commission of the City of Tamarac considers this
Ordinance to be necessary and in the best interests of the health, safety, and welfare of
the citizens and residents of the City of Tamarac.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA THAT:
SECTION 1. The foregoing "WHEREAS" clauses are hereby ratified as being
true and correct and incorporated herein by this reference. All exhibits attached hereto
are hereby incorporated as though fully set forth herein.
SECTION 2. That Chapter 6, "Finance and Taxation of the City of Tamarac Code
of Ordinances be amended by enacting a new section 6-42, "City Investment in Real
Property" to read as follows:
SEC. 6-42 CITY INVESTMENT IN REAL PROPERTY
(a) LISTING OF AUTHORIZED INVESTMENTS
(1) Real estate, so long as the acquisition and sale complies with
applicable federal and state laws and regulations in addition to
applicable City Charter provisions, if any, and the City Code of
Ordinances.
(2) Land Trusts or Title Trusts as described in Sections 689.07 or
689.071, Florida Statutes, so long as the Land Trust complies with
any applicable Federal and State laws and regulations, applicable
City Charter provisions, if any, and the City's Code of Ordinances.
(b) PORTFOLIO COMPOSITION
The following are the authorities for investments and limits on
security issues, issuers, and maturities as established within this
policy. The Finance Director shall have the option to further restrict
investment in selected instruments, to conform to then -present
market conditions.
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May 11, 2010
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(1) Real Estate
a. Authoritv to Invest
The City Commission has the authority to acquire real estate
so long as the acquisition complies with applicable federal
and state rules and regulations, and, to the extent
applicable, the City's Charter and Code of Ordinances. The
City Commission may authorize the investment or
acquisition of real estate in the City's name, or Title Trust
authorized through this section.
b. Maturity Limitation
Real estate shall only be held so long as necessary in order
to provide the City an opportunity to either effectuate a
transfer of the real estate to a person, corporation, or other
entity that will develop the real estate for a public purpose, or
develop the real estate in accordance with master
development plans as adopted by the City, from time to time,
or to permit the City the opportunity to develop the property
for a public purpose pursuant to master development plans
as adopted by the City, from time to time.
(2) Land Trust
a. Authority to Invest
The Finance Director has the authority to acquire any real
estate through a Land Trust subject to City Commission
approval. The Land Trust must be legally established in
conformance with applicable state and federal laws and
regulations, and must be approved by the City Commission.
b. Maturity Limitation
The City Commission may provide for the acquisition and
retention of any real estate through a Land Trust for only that
amount of time that is necessary in order to provide the City
an opportunity to either effectuate a transfer of the real
estate to a person, corporation, or other entity that will
develop the real estate for a public purpose, or develop the
real estate in accordance with master development plans as
adopted by the City, from time to time, or to permit the City
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Temp. Ord. #2204
May 11, 2010
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the opportunity to develop the property for a public purpose
pursuant to master development plans as adopted by the
City, from time to time.
(c) DEFINITIONS. For purposes of the Section, the following definitions shall
apply
(1). LAND TRUST: Any written instrument as provided in either
Section 689.07 or 689.071, Florida Statutes, as may be amended
from time to time, which provides for the holding of title to any
interest in real property by any person, corporation, bank, trust
company, or other entity qualified to act as a fiduciary in the State
of Florida, in which the instrument, regardless of whether recorded
in the public records of Broward County or filed in the official
records of the City, provides that the person, corporation, bank,
trust company, or other entity is designated "trustee," or "as
trustee," provided the trust instrument confers on the trustee the
power and authority to either to protect and conserve, or to sell, or
to lease, or to encumber, or otherwise to manage and dispose of
the real property described in the trust instrument.
(2). REAL ESTATE: Real property, either developed or
undeveloped, located within the corporate limits of the City of
Tamarac, as may be amended from time to time.
SECTION 3. It is the intention of the City Commission of the City of Tamarac
that the provisions of this Ordinance shall become and be made a part of the Code of
Ordinances of the City of Tamarac, Florida. The Sections of this Ordinance may be
renumbered, re -lettered and the word "Ordinance" may be changed to "Section",
"Article" or such other word or phrase in order to accomplish such intention.
SECTION 4. If any clause, section, or other part or application of this Ordinance
shall be held by any court of competent jurisdiction to be unconstitutional or invalid,
such unconstitutional or invalid part or application shall be considered as eliminated and
so not effecting the validity of the remaining portions or applications remaining in full
force and effect.
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Temp. Ord. #2204
May 11, 2010
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SECTION S. All Ordinances or parts of Ordinances, Resolutions or parts of
Resolutions in conflict herewith be and the same are hereby repealed to the extent of
such conflict.
SECTION 6. This Ordinance shall become effective upon adoption.
PASSED, FIRST READING this d,b day of Lf rtz , 2010.
PASSED, SECOND READING this `-`''l.day of LZ114-41 , 2010.
BY:
ATTEST:
MAYOR BETH TALABIS O
RECORD OF COMMISSION VOTE:
1ST Reading
- RION SWENSON, C
ITY CLERK
MAYOR TALABISCO
DIST 1: COMM BUSHNELL
DIST 2: V/M. ATKINS-GRAD
DIST 3: COMM. GLASSER
DIST 4: COMM. DRESSLER
I HEREBY CERTIFY that
I have approved this
ORDINANCE as to form:
RECORD OF COMMISSION VOTE:
2ND Reading
MAYOR TALABISCO
yoj�tlj' M/10-
DIST 1: COMM BUSHNELL
SANfUEL O N
DIST 2: V/M. ATKINS-GRAD
-�
CITY ATTORN
DIST 3: COMM. GLASSER
DIST 4: COMM. DRESSLER
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HA2005\050164 TAMARAC\ORD 2010\2010-_(Investment in Real Property).doc
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