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HomeMy WebLinkAboutCity of Tamarac Ordinance O-2010-0121 Temp. Ord. #2204 May 11, 2010 Page 1 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, CODING: Words in 5tFike thr-eugh type are deletions from existing law; Words in underlined type are additions. Temp. Ord. #2204 May 11, 2010 Page 2 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. 1 CODING: Words in stFike thFeugh type are deletions from existing law; Words in underlined type are additions. Temp. Ord. #2204 May 11, 2010 Page 3 (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 CODING: Words in StFike thmugh type are deletions from existing law; Words in underlined type are additions. Temp. Ord. #2204 May 11, 2010 Page 4 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. CODING: Words in BtFike thFeugh type are deletions from existing law; Words in underlined type are additions. 1 1 Temp. Ord. #2204 May 11, 2010 Page 5 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 c 1 SSG:DNT:js HA2005\050164 TAMARAC\ORD 2010\2010-_(Investment in Real Property).doc CODING: Words in +.;sough type are deletions from existing law; Words in underlined type are additions.