HomeMy WebLinkAbout1980-08-21 - City Commission Special Meeting Minutes5811 NORTHWEST 88TH AVENUE 0 TAMARAC, FLORIDA 33321
TELEPHONE (305) 722-5900
P. 0. Box 25010
Tamarac, Florida 33320
NOTICE OF SPECIAL MEETING
CITY COUNCIL.
TAMARAC, FLORIDA
FIRST CLASS MAIL
Please be advised of a Special Meeting of the City Council to be held
on Thursday, August 21, 1980 at 2:00 P.M. in the Council Chambers of
City Hall, 5811 N.W. 88th Avenue, Tamarac, Florida.
The items to be discussed are as follows:
1) Temporary Resolution #1742 - Discussion and Possible Action to
amend Resolution Number R-79-251 providing for the issuance of
water and sewer utility revenue bonds not exceeding $15,000,000.
2) Temporary Resolution #1743 -- Discussion and Possible Action to
provide for the issuance and fixing certain details of water and
sewer utility revenue bonds and designating the fiscal agent and
paying agent.
3) Temporary Resolution #1744 - Discussion and Possible Action to
approve the official statement relating to the water and sewer
utility revenue bonds,approving the contract of purchase with
the bond underwriters, establishing the bond rates and authorizing
staff to take necessary action in connection with the issuance of
the bonds.
4) Bond Purchase Agreement - Discussion and Possible Action to approve
the Bond. Purchase Agreemlt for the water and sewer utility revenue bonds with
First Boston Corporation, bond underwriters.
5) Bond Counsel Fees - Discussion and Possible Action concerning fees
for Brown, Wood, Ivey, Mitchell and Petty, Bond Counsel.
6) Travel and Subsistence Authorization - Discussion and Possible Action
to authorize Mayor Falck to travel to New York and provide for sub-
sistence allowance in connection with the closing proceedings on the
bonds.
Council may consider such other business as may come before it.
All interested citizens are invited to attend.
8/19/80 Carol A. Evans
mt Assistant City Clerk
CITY OF TAMARAC, FLORIDA
SPECIAL MEETING
WATER & SEWER UTILITY REVENUE BONDS
AUGUST 21, 1980
CALL TO ORDER: Mayor Falck called the Special Meeting to order on
Thursday, August 21, 1980, at 2:00 P.M., in the Council Chambers of
City Hall.
ROLL CALL: PRESENT: Mayor Walter W. Falck
Councilman Irving M. Disraelly
Councilman Irving Zemel
Councilwoman Marjorie Kelch
ALSO PRESENT:
City Manager, Edward A. Gross
City Attorney, Arthur M. Birken
Ass't. City Clerk, Carol Evans
Clerk/Steno., Mimi Reiter
ABSENT AND EXCUSED: Vice -Mayor Helen Massaro
Mayor Falck read the official Notice of the Special Meeting, and included
the various items to be discussed.
Mr. Gross referred to his memo of August 20th, which was sent to Council;
and indicated that on Tuesday, August 19th, the staff held a meeting with
First Boston via telephone, in order to discuss the final options of the
bond issue. It was recommended at that time, he said, by. First Boston,
that an interest rate of 9 1/4% be established for selling of the bonds.
He advised that other bonds were being marketed at the same time, with
approximately the same price or higher, and could not be sold for a lower
figure. It was negotiated at the 9 1/4% figure, he said.
He indicated that another item of the gross spread was discussed, with
First Boston requesting $30.00 originally, and after many hours, the final
figure of $26.74 was agreed upon. It was then determined, he said, to
hold a Special Meeting to discuss the sale of the bonds at 9 1/4%,with the
gross spread of $26.74.
Mr. Gross further stated that there were two other bond issues on the market;
namely, Parkersburg, West Virginia, a triple "A" AMBAC, at 9 1/4%, which
was still in syndicate as of 12:30 P.M. this day, and were not able to sell
all the bonds. The other bond issue, he said, was the Palm Beach Bonds,
which came out at 9 1/2%, and were raised to 5/8 and 3/4, but were still
not able to sell them at 10%.
Rick Tilghman of First Boston Corporation in New York, said that as evidenced
by Palm Beach County financing, which is approximately $100,000,000.00, there
were several other issues in the market, ranging from 9% to 9 5/8, to 9 3/4%.
He further stated they were not insured issues, or they would have been rated
higher than Tamarac. No bid has been received by the issuer, he said, from
the underwriter, in Palm Beach, with the level change from 9 1/2 to 10%.
He additionally stated that the Tamarac issue, which was one out of seven
that were priced this past Monday, is the only one which has a formal bid
presented to an issuer. Mr. Tilghman said this would indicate that the
price is correct for Tamarac, and represents a very attractive price for
the securities, based on this day's market.
Mr. Tilghman discussed the Contract of Purchase, which sets forth their offer
to purchase the securities from Tamarac; from 5 1/2% for the serial bonds in
1982, increasing every year to 8.4% in 1995, and 9 1/4% for the $10,120,000.00
term bonds which are due 2010. He also said they would offer to purchase
those at 97.326% of the principal amount, which recognizes the discount at
$26.74, and is compensation to the syndicate. He said they were prepared
to execute the Bond Purchase Agreement, after Council discussion, and present
their good -faith check in the amount of $129,350.00.
Mayor Falck inquired as to the commitments to purchase this issue, and
whether it was moving along.
Mr. Tilghman responded that the bonds have been sold, and the bonds have
been allocated and allotted to the syndicate members who have put in orders.
Subject to the City Council's formal approval, Mr.Tilghman said that those
members now effectively own the bonds. After approval of this issue, he said,
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it would be finalized, and this would be the agreement between the
City of Tamarac, and First Boston, with payment and delivery of the
bonds occurring on September 16, 1980. The balance of the purchase
price of the securities will be paid at that time, he said.
Mayor Falck inquired as to the rates for water and sewer being affected,
to which Steve Wood, the Finance Director, responded that the current
rate covenant and the amount of debt service requirements, would not
anticipate a rate increase, until 1985, with an estimated 4% or 5% in-
crease at that time. He said the revenues of the system have been
projected, and also the expenditures, allowing for an inflationary
factor in the amount of debt service; and would not anticipate a rate
increase through 1984, for the utility.
Richard L. Goard of Brown, Wood, .Ivey, Mitchell and Petty, the Bond
Counsel, discussed the three resolutions under consideration. He said
that Temp. Reso. #1742,would amend Resolution a-79-251 which was approved on
October 13, 1979, which authorized the bonds. Mr. Goard stated that
it was known if the bonds were sold publicly, then it would lower the
rate coverage. Also, he said, the Staff became more familiar with the
document, and it was felt that the City did not have sufficient flexi-
bility. In turn, he said, negotiations were :primarily with the under-
writers and Bond Counsel, for some covenants which were more flexible
than originally written.
He indicated the following changes; 1) Section 1 adds "in lieu of
tax fund" into the definition of current expenses, as a clarifying
change, .and 2) was for a change in the defin
miition of investment obliga-
tions, by liting such investments to thgp„two--rating categories,
3) Section 3, he said, is a change to the General Reserve Fund because
monies that are received as impact fees or Contributions In Aid of Con-
struction are required by the terms of this case to be used for spe-
cific purposes, which would require new improvements to the system.
4) Section 4, he said, was a conforming change, where the fund appears.
He also noted that the City's Staff felt that Sections 5, 6, and 7 would
be changes for more flexibility by putting the duty upon the Consult-
ing Engineers to comment in their annual report, on insurance coverages
carried by the City, and covering the system. Basically, he said,
they would be requested to indicate that they are reasonable, based
upon comparable municipally -owned utilities of size and type.
This job, he said, was originally placed upon an Insurance Consultant,
which has been eliminated, and was the reason for Section 6. He further
stated that Section 7, in the original Section 708, Separate Systems,
prohibited the acquisition of a separate utility, unless the revenues
from the new separate utility were pledged to the bond. Staff felt,
he said, there should be flexibility to acquire a separate system, and
issue bonds payable solely from the revenues of the separate system.
This section, he noted, does permit that change, and clarifies the
pledge of the revenues to the other system, and the other system and
bonds should have no right to these revenues, which should be separated.
Mr. Goard advised that the other two resolutions were primarily for
purposes of effectuating the sale of the bonds for the underwriters.
He additionally stated that it was necessary, prior to issuing the
bonds, to fix the details of the bonds, as to the size, serials, terms,
interest rates, and the time of the first interest payment. He said
this is accomplished in Temp. Reso. #1743; also, naming the bank which
will be the bond registrar, paying agent and fiscal agent. This is
named to be the Central Plaza Bank & Trust Company in St. Petersburg,
Florida.
He indicated that the last resolution, Temp. Reso. #1744, approves
the form of the Official Statement, the Contract of Purchase, and
authorizes execution of both. Mr. Goard said that it also makes cer-
tain findings with respect to a negotiated sale, which are accomplished
in the WHEREAS clauses on the first page, and is required by State Law.
Mr. Birken recommended additional language in Section 1 of Temp. Reso.
#1744. This would be included at the end of a�2, "that the recita-
tion set forth above are found to be true and correct". He also noted
there were two exhibits to this resolution, namely, the Official State-
ment and the Bond Purchase Agreement.
Mr. Tilghman reviewed the Bond Purchase Agreement, by stating that the
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cover page was changed, with the principal amount being downed from
$13,075,000.00 to $12,935,000.00, and is the amount of the issue. He
additionally noted grammatical changes, with the cover page address
to read; "City Council of the City of Tamarac, Florida;"lst paragraph,
second line, commas were added after the word Purchasers, including_
itself, which sets -it off, and were minor.
Page 4, has a new Section(i) inserted; "the City from November 8, 1979,
(date of title policy)to the date of the Closing has not(i) caused or
permitted or (ii) agreed to cause or permit in the future any convey-
ance of its interest in the System or any placement of any lien or other
encumbrance on its interest in the System except for the lien of Broward
County as described in the opinion of the City Attorney delivered pur-
suant to Section 3(c) of this Bond Purchase Agreement". He additionally
said that the old(i) was renumbered to(j).
Page 5, Section 3 b)-3. the word and was deleted, and added to sub-
paragraph 4, on page 6.
Page 7, Section(h), a new commitment letter was received from the
insurance company, AMBAC, or MGIC Corporation. The new date is
August 15,.1580, instead of June 4, 1980.
Page 8, has another new Section(i); "the Representative shall have
received a certified copy of the owner's title insurance policy of the
City with respect to the System ;" This relates to the November 8, 1979
title policy.
This change, he said, together with the representation made previously,
indicates to the underwriters that up -to the date of the purchase,
a title insurance policy was received, which assured clear title to
the System. Then the representation brings the date of insurance of
the title policy, up -to the closing date, he said. He additionally
stated that old (i) was renumbered to (j); and old number (j), to (k).
Page 8, Section 4, under Security Deposit; Closing, the third line
dollar amount is $129,350, which represents1% of the new principal
amount. Also, the immediately available funds has been changed to
New York Clearing House Funds; with a good faith payment to be delivered
this day, by check, and at closing, it will be paid in Federal Funds
for the balance of the monies.
Page 9, end of Section 4, 2nd paragraph, the fifth line from the bottom,
has an insertion of if requested.
Page 10, Section 7 - Expenses; it was agreed with the City and Bond
Counsel, as to negotiations, that First Boston Corporation, or the
underwriters, would pay for the Blue Sky Survey, or any legal invest-
ment surveys. He noted that the following language has been deleted
after the words Fiscal Agent, "as mentioned in Section 2(i) of this
Bond Purchase Agreement or the determination of the eligibility of
the Bonds for investment by purchasers in any state or other jurisdic-
tion".
Page 10, in the signature, under First Boston, it has been changed
to Vice President, rather than Authorized Signature, and reflects
Mr. Tilghman's title.
Schedule I has four changes, with three (3) firms being added to the
syndicate; Alan Bush Brokerage Co., and placing M.G. Lewis & Co., Inc.
before Marcus, Stowell & Beye, Inc. He further noted that National
Investco, Inc. has been changed to The Ohio Company, and is a new member
of the syndicate. The last change was to add Stix & Co., Inc., after
Southeastern Municipal Bonds Inc.
Schedule II has a change in the Maturity Date, to October 1, plus the
various years, to indicate such maturity; with a new column being in-
serted in the center, as to Principal Amount scheduled to mature on
each maturity date; and the Purchase Price as Percentage of Principal
Amount being inserted for 97.326%. This percentage recognizes the
2.674% discount from the purchase price, and is the underwriter's
compensation.
Tape Mr. Birken said that under the 1980 Statute, First Boston is required
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to provide certain information to Council, as relates to its costs
and disbursements, which is contained in a letter dated August 21st,
1980; with a copy being submitted to the City Clerk. He advised
that the same or possibly additional information will have to be pro-
vided to the State, under oath, within 120 days. The City, he said,
is also obligated to provide this information to the State, under the
Statute, which will be accomplished within the time period set forth.
In response to C/M Disraelly's question, the City Attorney stated
that the cost of issuance, namely, $68,000, is part of the $313,000,
and not in addition.
Mr. Tilghman said that the cost of issuance in the Official Statement,
in the amount of $313,000i does not include the $68,000, but is in-
cluded in the $346,000, which is shown as the underwriter's discount.
He further stated that $313,000 is the City's expenses, and the other
is First Boston's expenses.
7. Purchase of Insurance from AMBAC in an Amount to not exceed $210,000.
SYNOPSIS OF ACTION: AGENDIZED BY CONSENT
See page 7)
C/M Disraelly MOVED to AGENDIZE BY CONSENT, under the cost of issuance
of the Utility Revenue Bonds, the insurance from AMBAC, for an amount
not to exceed $210,000, and C/W Kelch SECONDED.
Mayor Falck indicated that the Staff did work to reduce the amount
of the total bond i s,ue from $14,000,000,�° 1, ',down to $12,935,000;
and felt that Staff should be commended �"oYi'�- tt 6"'savings that will
accrue. He said the purchase price of MIBAC Insurance was reduced
by approximately $25,000, if the $14,000,000 was retained.
VOTE: ALL VOTED AYE.
Milt Klika inquired as to the yearly debt service on $12,935,000.
to which Mr. Wood responded that it would be $1,276,000 plus or minus.
Mr. Klika inquired of the City Attorney, as to the Statutory Limit
change, to which Mr. Birken replied that it was changed in the 1980
session of the legislature. Mr. Birken also advised that the interest
on the BANS will be funded out of the revenues of the system, and not
this issue.
In response to a question by Mr. Klika, as related to a drastic market
change in one year or ten years, and whether there was a provision for
refinancing, the City .Attorney stated- that if it would -be ,between
1 and 2%, it would become feasible to have a refunding issue.
1. Temporary Resolution #1742 - Discussion and possible action to amend
Resolution Number R-79-251 providing for the issuance of Water and
Sewer Utility Revenue Bonds not exceeding $15,000,000.
SYNOPSIS OF ACTION: Adopted RESOLUTION NO.R- JO -Z, PASSED.
The City Attorney read Temp. Reso. #1742.
C/M Disraelly said as presented by Mr. Goard, indicating that if the
bonds have to be sold, it will be necessary to make certain changes,
and MOVED for the adoption of Temp. Reso. #1742, and C/W Kelch SECONDED.
VOTE: ALL VOTED AYE.
2. Temporar Resolution #1743 - Discussion and possible action to provide
for the issuance and fixing certain details of Water and Sewer Utility
Revenue Bonds and designating the Fiscal Agent and Paying Agent.
SYNOPSIS OF ACTION: Adopted RESOLUTION NO.R- gn / 99 PASSED.
The City Attorney read Temp. Reso. #1743.
Mr. Gross felt that it was necessary to discuss the Fiscal Agent, and
indicated that costs were discussed with four banks in the State of
Florida; namely, 1) Southeast Bank & Trust Company, 2)Landmark First
National Bank, 3)Exchange National Bank, and 3) Central Plaza Bank.
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He advised that the total approximate cost to the bond issue for
the Paying Agent and Fiscal Agent, over the 30 year period, is as
follows; Southeast Bank & Trust Company - $152,734.17; Landmark
First National Bank - $142,673.60; Exchange National Bank - $117,219.00;
Central Plaza Bank - $30,162.50, in St. Petersburg, Fla.
Mr. Gross said that it was Staff recommendation that the City Council
approve the Central Plaza Bank because of the substantial savings
and cost to the City over the thirty (30)period.
C/W Kelch inquired as to additional expenses, to which Mr. Wood res-
ponded that Bond Resolution 79-251 was read by Central Plaza Bank,
with review of the Official Statement. It was believed, he said,
that all the functions required of the Fiscal Agent that are presently
there would not be charged. If, he said, the City, at a later date
required a trust agreement between the bank and the City, as relates
to the bond issue, they would have to charge for that at a later date.
This, in turn, would be separate action, and it would be Council's
option to accept or refuse.
Mr. Wood said there was a provision in the Bond Resolution whereby
the Fiscal Agent can resign, or another agent can be appointed, with
advertisement, and so forth. He felt the City was not getting into
anything not foreseeable at this time.
C/W Kelch MOVED to authorize the designation of the Central Plaza
Bank & Trust Company, of St. Petersburg, Florida, as the Fiscal Agent
and also designating the same Company as a Paying Agent for the 1980
Bonds, and with this insertion, would approve Temp. Reso. #1743.
C/M Disraelly SECONDED the motion.
VOTE: ALL VOTED AYE.
3. Temporary Resolution #1744 - Discussion and possible action to approve
the Official Statement relating to the Water and Sewer Utility Revenue
Bonds, approving the Contract of Purchase with the bond underwriters,
establishing the bond rates and authorizing staff to take necessary
action in connection with the issuance of the bonds.
SYNOPSIS OF ACTION: Adopted, as amended. RESOLUTION NO.R- gb-,Rp p PASSED.
The City Attorney read Temp. Reso. #1744, and indicated an addition
at the end of Section 1, stating "that the recitation set forth above
are found to be true and correct". Both attachments have been dis-
cussed, the Official Statement and the Bond Purchase Agreement.
C/M Disraelly said that a one-year period has elapsed for the sale
of the bonds, with rates being discussed for the past few months.
He felt that the bonds have to be placed for sale, and the necessary
procedure for ownership of the Utility is a requirement. He then
MOVED that Temp. Reso. #1744 be approved, as amended, and C/W Kelch
SECONDED.
Mayor Falck noted that after the City endeavored to have the Marmon
Company purchase the bonds, as discussed at a previous meeting, the
Council was faced with a decision to sell through litigation to
Marmon, or go to the open market with the issue. He said the interest
market has been fluctuating, which was called to Council's attention
on numerous occasions for the past few weeks. He additionally stated
that the City was not anxious to become further involved with negotia-
tions or litigation with the Marmon Company.
The Mayor said they were aware of the interest rates climbing gradually,
and the decision was very difficult because a settlement was necessary
due to the Purchase Agreement. He also indicated that it was a con-
stant struggle to lower the interest rates. In his participation of
discussions, he said there were two issues of particular interest to
him; namely,the Parkersburg, West Virginia, issue, a City similar in
size to Tamarac, which is located on the Ohio River. Parkersburg had
a rate at 9 1/4%, and for an unknown reason, it has not moved, and
the bonds are being discounted in an effort to sell them.
Also, he said, the second issue of interest to him, was Palm Beach,
with a 9 1/2% interest, and presently being offered at 10%, in an
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endeavor to dispose of them. Fie, therefore, felt that every day can
produce a considerable variance, and with the alternatives available,
the action being taken was in the best interest of the City.
Mayor Falck commended the City Council on facing a situation
which has required a tremendous amount of time and effort in order
to arrive at the best decisionfor the citizens of Tamarac. He addi-
tionally commended the City Attorney on the tremendous amount of work
he accomplished in this matter; also, the diligent work performed by
the City Manager and members of Staff, Finance Director, Assistant
Finance Director,plus. the City Clerk's office for their contributions,
and the City Engineer's tremendous efforts in effecting this decision.
VOTE: ALL VOTED AYE.
4. Bond Purchase Agreement -'Discussion and possible action to approve
the Bond Purchase Agreement for the Water and Sewer Utility Revenue
Bonds with First Boston Corporation, bond underwriters.
SYNOPSIS OF ACTION: Approved, with Mayor
authorized to execute Agreement.
Mr. Birken indicated that the Agreement was discussed, and the changes
were reviewed, with the recommendation that a motion was in order.
C/M Disraelly MOVED for the approval of the Bond Purchase Agreement,
dated 8/21/80, with the insertion of the date of November 8, 1979,
on page 4; also, authorizing the Mayor to execute the Agreement.
C/W Kelch SECONDED the motion.
VOTE: ALL VOTED AYE.
5. Bond Counsel Fees - Discussion and possible action concerning fees
for Brown, Wood, Ivey, Mitchell and Petty, Bond Counsel.
SYNOPSIS OF ACTION:$65,000 fee to be paid
at the bond sale closing on 9/16/80.
Mr. Birken advised that discussion was held with the representatives
of the Bond Counsel, also indicating that an appeal was not contempla-
ted when the original fee was quoted. He further stated that addi-
tional work was involved in the issuance of an opinion for the Bond
Anticipation Notes, with no monies being paid. The City Attorney
advised that a number of discussions were held with Mr. Whitaker,
concerning the possibility of additional compensation, but no figure
was suggested.
He indicated that the Bond Counsel has agreed that their $73,000
figure can be modified and reduced to $65,000, if it is acceptable
to Council. This figure, he said, includes expenses of $15,000,
which would compare to a similar figure of expense by First Boston,
and was realistic. It was his recommendation that the City Council
approve the $65,000 fee, which was modified and reduced by the Bond
Counsel.
C/M Disraelly said that based on the input and information submitted
by the City Attorney, he would MOVE that the Bond Counsel fee, payable
to Brown, Wood, Ivey, Mitchell and Petty, including all expenses,
shall be the sum of $65,000, to be paid at the closing of the Bond
Sale on September 16, 1980. C/W Kelch SECONDED the motion.
VOTE: ALL VOTED AYE.
6. Travel and Subsistence Authorization - Discussion and possible action
to authorize Mayor Falck to travel to New York and provide for sub-
sistence allowance in connection with the closing proceedings on the
bonds.
SYNOPSIS OF ACTION: Approved, with funds from
the Utility, and not the City's General Funds.
Mr. Birken advised that under the Purchasing Regulations, the Staff
can be authorized to travel by the City Manager because it will be
necessary to have other members of .Staff and Council attend the closing.
C/M Disraelly MOVED that travel and subsistence authorization be
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endeavor to dispose of them. He, therefore, felt that every day can
produce a considerable variance, and with the alternatives available,
the action being taken was in the best interest of the City.
Mayor Falck commended the City Council on facing a situation
which has required a tremendous amount of time and effort in order
to arrive at the best decision for the citizens of Tamarac. He addi-
tionally commended the City Attorney on the tremendous amount of work
he accomplished in this matter; also, the diligent work performed by
the City Manager and members of Staff, Finance Director, Assistant
Finance Director,plus the City Clerk's office for their contributions,
and the City Engineer's tremendous efforts in effecting this decision.
VOTE: ALL VOTED AYE.
4. Bond Purchase Agreement --,Discussion and possible action to approve
the Bond Purchase Agreement for the Water and Sewer Utility Revenue
Bonds with First Boston Corporation, bond underwriters.
SYNOPSIS OF ACTION: Approved, with Mayor
authorized to execute Agreement.
Mr. Birken indicated that the Agreement was discussed, and the changes
were reviewed, with the recommendation that a motion was in order.
C/M Disraelly MOVED for the approval of the Bond Purchase Agreement,
dated 8/21/80, with the insertion of the date of November 8, 1979,
on page 4; also, authorizing the Mayor to execute the Agreement.
C/W Kelch SECONDED the motion.
VOTE: ALL VOTED AYE.
5. Bond Counsel Fees - Discussion and possible action concerning fees
for Brown, Wood, Ivey, Mitchell and Petty, Bond Counsel.
SYNOPSIS OF ACTION:$65,000 fee to be paid
at the bond sale closing on 9/16/80.
Mr. Birken advised that discussion was held with the representatives
of the Bond Counsel, also indicating that an appeal was not contempla-
ted when the original fee was quoted. He further stated that addi-
tional work was involved in the issuance of an opinion for the Bond
Anticipation Notes, with no monies being paid. The City Attorney
advised that a number of discussions were held with Mr. Whitaker,
concerning the possibility of additional compensation, but no figure
was suggested.
He indicated that the Bond Counsel has agreed that their $73,000
figure can be modified and reduced to $65,000, if it is acceptable
to Council. This figure, he said, includes expenses .of $15,000,
which would compare to a similar figure of expense by First Boston,
and was realistic. It was his recommendation that the City Council
approve the $65,000 fee, which was modified and reduced by the Bond
Counsel.
C/M Disraelly said that based on the input and information submitted
by the City Attorney, he would MOVE that the Bond.Counsel fee, payable
to Brown, Wood, Ivey, Mitchell and Petty, including all expenses,
shall be the sum of $65,000, to be paid at the closing of the Bond
Sale on September 16, 1980. C/W Kelch SECONDED the motion.
VOTE: ALL VOTED AYE.
6. Travel and Subsistence Authorization - Discussion and possible action
to authorize Mayor Falck to travel to New York and provide for sub-
sistence allowance in connection with the closing proceedings on the
bonds.
SYNOPSIS OF ACTION: Approved, with funds from
the Utility, and not the City's General Funds.
Mr. Birken advised that under the Purchasing Regulations, the Staff
can be authorized to travel by the City Manager because it will be
necessary to have other members of Staff and Council attend the closing.
C/M Disraelly MOVED that travel and subsistence authorization be
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granted for the Mayor for possible action in conjunction with the
Bond Issue in New York City, and that such funds will come from the
Utility, and not from the City General Funds. C/M Zemel SECONDED.
VOTE: ALL VOTED AYE.
7. Purchase of Insurance from AMBAC, in an Amount to not exceed $210,000.
SYNOPSIS OF ACTION: Approved.(See page 4)
C/W Kelch MOVED that Council authorize the purchase of AMBAC insurance
to cover the purchase of the bonds, and not to exceed $210,000.00.
C/M Disraelly SECONDED.
J
VOTE: ALL VOTED AYE.
Mr. Gross advised that additional Staff has been employed at the Utility,
for the accounting and bookkeeping involved in the rebates of monies to
the residents, with the initial checks being disbursed within 90 to 120.days.
Mayor Falck said that Council has indicated that once the matter of the
Bond Sale has been disposed of, that Public Hearings would be held on per-
manent rates that have been in effect since.September of 1979.
MEETING WAS ADJOURNED AT 3:30 P.M.
ATTEST:
'CITY CLERK
APPROVED BY
C�IiNCI� ON
Gd is ✓ 9 ��
This public document was promulgated at a cost of $ if. or
$� *2,,L_ per copy, to inform the general public and public officers and
employees about recent opinions and considerations by the City Council
of the City of Tamarac.
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8/21/80
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ATTACHMENT #1
OFFICIAL NOMINATION 8/15/80"
FOR
FLORIDA'S LOCAL GQVERNMENT ELECTED OFFICIAL OF
THE YEAR
"E. HARRIS DREW AWARD"
Sponsored by the Florida League of Cities
THE UNDERSIGNED ARE PLEASED TO NOMINATE:
NAME WAT.TER W . FALcx
TITLE MAYOR
CITY CT
ADDRESS 5811 N.W. 88th AVENUE TAMARAC FLOPTT'
For Florida's Local Government Elected Official of the Year
NUMBER OF YEARS OF SERVICE 5
SUPPORTING STATEMENT (Should include the nominee's outstanding qualities in performing the
duties of their position(s) with your city. It should also include other Significant offices, honors, and
awards that they have received in connection with their service to the citizens of Florida.)
UPPO ING S AT E H
SUBMITTED BY THE CITY OF
NOM IONS ST BE SIGNED BY TWO ELECTED ICIALS F CITY
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On behalf of all members of the Tamarac City Council, its administrative
Im
officers, general staff, and its citizenry, we are pleased to place in
nomination for the E.Harris Drew Award the name of our Mayor, Walter W. Falck.
He has contributed much to the advancement of our municipality through successive
terms and long hours of devoted and unselfish efforts. He has also shared
willingly the experience and expertise of his lifetime for the improvement and
progress of Tamarac, of the South Florida region and the State of Florida on the
whole.
Walter W. Falck is a strong and patient leader, who has demonstrated a
conscientious reception to strong, diverse public expressions and has thereby
set a tone of harmony in a multi -faceted community with fervent and distinct
interests. He brings people closer to Government by encouraging their participation
in the democratic process through important voluntary service in many fields.
He was instrumental in the creation of Boards of Consumer Affairs, Social Services,
Public Information, and several advisory groups within this municipal organization.
Mayor Falck spends a great percentage of his own time, which might otherwise be
used for personal leisure pursuits, at local civic and social gatherings to enstill
a confidence in the accessibility of governmental officials to any citizen.
As a retired insurance executive, Mayor Falck has been keenly interested in
the exorbitant costs experienced by all governmental agencies, particularly muni-
cipalities, which costs are passed on to the taxpayers. He has enthusiastically
shared his knowledge with other agencies and groups by participating in feasibility
studies and being a member of structural committees seeking remedies for the insurance
dilemma: for example, the Self Insurance programs for Risk Management of the Broward
League of Cities and the Florida League of Cities' Life and Health Insurance Fund
now under review.
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His concern for the optimum conditions in the future have spurred his
involvement in regional as well as local planning matters in areas such as
education, development, resources, and commerce. His interests and his voice
are strongly devoted to the planning concerns of all groups, regardless of age,
race, national origin, ethnic background or economic status*
it is the collective view of his legislative associates in Tamarac that
Mayor Walter W. Falck exemplifies the highest principles of devoted governmental
service. He has dedicated a compassionate vigor to the basic functions of the
office -of Mayor and has broadened the extent of his commitment to public matters
evidenced by the following list of some of
beyond these municipal boundaries, as
his current affiliated activities:
Member of Broward County Areawide Council on
Aging and Chairman of its Access Committee
Broward County League of Cities -- Vice Chairman
Broward County Planning Council and its
Executive Committee
Broward County Northwest Council of Governments
Broward County North Area School Advisory Committee
Broward County School Advisory Board
Nova University Board of Governors
South Florida Regional Planning Council - Vise Chairman
Florida League of Cities' Life and Health Insurance
Fund - Vice Chairman
Tamarac Chamber of Commerce
Broward County 208 Program Advisory Committee
We heartily endorse and earnestly solicit your selection of Walter W. Falck
to receive the Florida League of Cities - E. Harris brew Award for 1980 for his
outstanding contributions in.public service and for the honorable and generous
execution of his duties.
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