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HomeMy WebLinkAboutCity of Tamarac Resolution R-2016-1101 Temp. Reso. #12860 Page 1 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-2016- //6° A RESOLUTION SUPPLEMENTING A RESOLUTION ADOPTED ON EVEN DATE HEREWITH AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $22,000,000 UTILITY SYSTEM REFUNDING REVENUE BONDS, SERIES 2016A FOR THE PURPOSE OF REFUNDING A PORTION OF THE OUTSTANDING CITY OF TAMARAC, FLORIDA UTILITY SYSTEM REFUNDING REVENUE BONDS, SERIES 2009 AND FINANCING THE COST OF IMPROVEMENTS TO THE CITY'S UTILITY SYSTEM, AND PAYING COSTS RELATED THERETO, AND AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $5,000,000 UTILITY SYSTEM REFUNDING REVENUE BONDS, SERIES 2016B (TAXABLE) FOR THE PURPOSE OF REFUNDING A PORTION OF THE OUTSTANDING CITY OF TAMARAC, FLORIDA UTILITY SYSTEM REFUNDING REVENUE BONDS, SERIES 2009, AND PAYING COSTS RELATED THERETO, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS CONTAINED HEREIN AND SUBJECT TO THE TERMS AND CONDITIONS OF A BOND PURCHASE AGREEMENT; APPROVING THE FORM OF THE BOND PURCHASE AGREEMENT, PRELIMINARY OFFICIAL STATEMENT, DISCLOSURE DISSEMINATION AGENT AGREEMENT AND ESCROW DEPOSIT AGREEMENT; AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT, FINAL OFFICIAL STATEMENT, DISCLOSURE DISSEMINATION AGENT AGREEMENT AND ESCROW DEPOSIT AGREEMENT; APPOINTING A PAYING AGENT, REGISTRAR AND ESCROW AGENT; DELEGATING TO THE MAYOR AND CITY MANAGER TO AWARD THE SALE OF THE BONDS TO THE UNDERWRITER NAMED HEREIN PURSUANT TO A NEGOTIATED SALE AND SUBJECT TO THE CONDITIONS AND TERMS SET FORTH HEREIN AND IN THE BOND PURCHASE AGREEMENT; AUTHORIZING OTHER REQUIRED ACTIONS; AND PROVIDING FOR SEVERABILITY AND AN EFFECTIVE DATE. WHEREAS, the City Commission (the "City Commission") of the City of Tamarac, Florida (the "Issuer") has, by resolution adopted on the date hereof (the "Master Resolution" and, as supplemented hereby, the 'Resolution"), authorized the issuance of not to exceed $22,000,000 City of Tamarac, Florida Utility System Refunding Revenue Bonds, Series 2016A Temp. Reso. #12860 Page 2 (the "Series 2016A Bonds") and not to exceed $5,000,000 City of Tamarac, Florida Utility System Refunding Revenue Bonds, Series 2016B (Taxable) (the "Series 2016B Bonds", and together with the Series 2016A Bonds, the "Series 2016 Bonds"); and WHEREAS, RBC Capital Markets LLC, on behalf of itself, Stifel, Nicholas& Company, Inc., and Raymond James & Associates, Inc. (collectively, the "Underwriter") has indicated that it is willing to enter into the hereinafter defined Bond Purchase Agreement with the Issuer pursuant to which the Underwriter will agree to purchase the Series 2016 Bonds; and WHEREAS, due to the present volatility of the market for public obligations such as the Series 2016 Bonds, the need to access such market very quickly, the willingness of the Underwriter to purchase the Series 2016 Bonds at interest rates favorable to the Issuer, and the critical importance of timing of the sale of the Series 2016 Bonds, the Issuer has determined to sell the Series 2016 Bonds through a negotiated sale to the Underwriter, and it is hereby determined that it is in the best interest of the public and the Issuer to delegate to the Mayor and the City Manager the authority to fix the final details of the Series 2016 Bonds, based upon the advice of the Financial Advisor, and accept the offer of the Underwriter to purchase the Series 2016 Bonds at a negotiated sale pursuant to the terms of a Bond Purchase Agreement, the form of which is attached hereto as Exhibit A (the 'Bond Purchase Agreement"), if certain conditions set forth in this resolution are satisfied; and WHEREAS, prior to acceptance by the Issuer of the offer of the Underwriter to purchase the Series 2016 Bonds, the Underwriter will provide the Issuer with all applicable disclosure information required by Section 218.385, Florida Statutes, to be attached to, or otherwise included as part of, the Bond Purchase Agreement; and WHEREAS, the Series 2016A Bonds are being issued to (i) refund a portion of the Refunded 2009 Bonds; (ii) finance cost of the 2016A Project; and (iii) pay the costs of issuance of the Series 2016A Bonds; and WHEREAS, the Series 2016B Bonds are being issued to (i) refund a portion of the Refunded 2009 Bonds; and (h) pay the costs of issuance of the Series 2016B Bonds; and WHEREAS, the Issuer has determined it to be in its best interests and to serve a public purpose to provide in this resolution for the issuance of the Series 2016 Bonds for the purposes heretofore described, and this resolution shall constitute a Supplemental Resolution for purposes of the Master Resolution; and WHEREAS, on parity with any Series 2009 Bonds not being refunded, the Series 2016 Bonds will be secured by a lien on the Pledged Revenues and, as of the date hereof, except as to the Series 2009 Bonds, the Pledged Revenues are not pledged or encumbered in any manner, and upon issuance of the Series 2016 Bonds, the lien of the holders of the Series 2016 Bonds and any Series 2009 Bonds not being refunded will be the senior lien on the Pledged Revenues; and Temp. Reso. #12860 Page 3 WHEREAS, in connection with the offering and sale of the Series 2016 Bonds, the Issuer desires to approve the distribution of the Preliminary Official Statement, a form of which is attached hereto as Exhibit C, and delegate to the Mayor, the City Manager or the Director of Financial Services the authority to deem the Preliminary Official Statement "final" for purposes of Rule 15c2-12 of the Securities and Exchange Commission (the 'Rule") and to execute and deliver a final Official Statement with respect to the Series 2016 Bonds (the "Official Statement"); and WHEREAS, the Issuer desires to appoint U.S. Bank National Association, as a paying agent with respect to the Series 2016 Bonds and authorize the execution and delivery of a Registrar and Paying Agent Agreement (the 'Registrar and Paying Agent Agreement"); and WHEREAS, in connection with its continuing disclosure obligations under the Rule, the Issuer desires to approve the form of, and authorize the execution and delivery of, a Disclosure Dissemination Agent Agreement by and between the Issuer and Digital Assurance Certification, LLC, as disclosure dissemination agent, a form of which is attached hereto as Exhibit D (the "Disclosure Dissemination Agent Agreement"); and WHEREAS, if the conditions in the Master Resolution do not become effective on the date of the issuance of the Series 2016 Bonds, in accordance with the conditions described in Section 40 of the Master Resolution, until all such conditions are met, for all purposes hereunder, "Master Resolution" shall mean the Original Resolution, which means that any amendments intended to be effected through the adoption of the Master Resolution and the corresponding amendment and restatement of the Original Resolution shall not be effective until such conditions are met; and WHEREAS, "Original Resolution" means Resolution No. R-2009-96 adopted by the City Commission on July 22, 2009, as amended and supplemented from time to time, and as particularly supplemented by Resolution No. R-2009-98 adopted by the City Commission on July 22, 2009; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: SECTION 1. Authority for this Resolution. This resolution is adopted pursuant to the provisions of the Act. SECTION 2. Definitions. All capitalized undefined terms shall have the meaning ascribed thereto in the Master Resolution. In addition, the following terms, unless the context otherwise requires, shall have the meanings specified in this Section. Words importing singular number shall include plural number in each case and vice versa, and words importing persons shall include firms and corporations. Temp. Reso. #12860 Page 4 "Escrow Agent" means U.S. Bank National Association as the bank or trust company which shall execute the Escrow Deposit Agreement with the Issuer simultaneous with the issuance of the Series 2016 Bonds. "Escrow Deposit Agreement" means that certain Escrow Deposit Agreement by and between the Issuer and the Escrow Agent, for the purpose of providing for the payment of the Refunded 2009 Bonds, which agreement shall be in substantially the form attached hereto as Exhibit B. "Underwriter" shall mean RBC Capital Markets LLC, on behalf of itself, Stifel, Nicholas& Company, Inc., and Raymond James & Associates, Inc.. SECTION 3. Approval of Issuance of Series 2016 Bonds; Terms of Series 2016 Bonds; Authorization to Refund the Refunded 2009 Bonds and Finance the Costs of the 2016A Project. The Issuer hereby delegates to the Mayor and City Manager the authority to determine the final terms of the Series 2016 Bonds, based upon the advice of the Financial Advisor, including (i) the dated date, (ii) the principal amount and whether the Series 2016 Bonds shall be issued as Serial Bonds and/or Term Bonds, (iii) the maturity dates and amounts, (iv) the interest rates, prices and yields, (v) the optional redemption features, if any, (vi) the Amortization Installments and other mandatory redemption features, if any, (vii) the sale date and the delivery date, (viii) all other details of the Series 2016 Bonds, and to take such further action as shall be required for carrying out the purposes of this resolution all with respect to the Series 2016 Bonds. All covenants contained in the Master Resolution with respect to the Bonds shall be applicable to the Series 2016 Bonds. SECTION 4. Award of Sale of the Series 2016 Bonds; Execution of Bond Purchase Agreement. Due to the indication by the Underwriter of its willingness to purchase the Series 2016 Bonds by negotiated sale at interest rates favorable to the Issuer, the present volatility of the market for public obligations such as the Series 2016 Bonds and the critical importance of timing of the sale of the Series 2016 Bonds, the Issuer hereby approves the negotiated sale of the Series 2016 Bonds to the Underwriter and delegates to the Mayor and City Manager the authority to accept the offer of the Underwriter to purchase the Series 2016 Bonds and to execute and deliver, on behalf of the Issuer, the Bond Purchase Agreement, in the form attached hereto as Exhibit A, which form is hereby approved; provided, however, that the Mayor and City Manager shall not have the authority to execute and deliver the Bond Purchase Agreement, unless the Mayor and City Manager shall have received from the Underwriter (i) all applicable disclosure information required by Section 218.385, Florida Statutes, and (ii) such other information as the Mayor and City Manager shall deem necessary, upon the advice of the Financial Advisor, which demonstrates to the Mayor and City Manager that (A) the aggregate principal amount of the Series 2016A Bonds is not in excess of $22,000,000 and the aggregate principal amount of the Series 2016B Bonds is not in excess of $5,000,000, (B) the final maturity of the Series 2016A Bonds shall not be later than October 1, 2046, and the final maturity of the Series 2016B Bonds shall not be later than October 1, 2039, (C) the underwriting discount is not Temp. Reso. #12860 Page 5 greater than 0.5% of the original principal amount of the Series 2016 Bonds, (D) the true interest cost rate on the Series 2016 A Bonds is not greater than 4.50%, the true interest cost rate on the Series 2016 B Bonds is not greater than 5.00%, and (E) the net present value debt service savings relating to the refunding of the Refunded 2009 Bonds by the Series 2016A Bonds and the Series 2016B Bonds shall not be less than 3.00% of the par amount of the Refunded 2009 Bonds. All actions of the Mayor and City Manager taken pursuant to the authority contained in Sections 1 and 2 of this resolution shall be evidenced by the execution and delivery of the Bond Purchase Agreement, which shall be filed with the City Clerk. The execution and delivery of the Bond Purchase Agreement shall constitute complete evidence of the actions of the Mayor and City Manager and shall constitute the action of the Issuer. Subject to satisfaction of the conditions in this Section 2, the Mayor and City Manager is hereby authorized and directed to execute and deliver, the City Clerk is hereby authorized to attest under seal, and the City Attorney is hereby authorized to approve as to form, the Bond Purchase Agreement. The execution and delivery thereof in the manner described in the preceding sentence shall constitute complete approval of such Bond Purchase Agreement by the Issuer, including any changes to the form attached hereto as Exhibit A, and shall be deemed to be a part of this instrument as fully and to the same extent as if incorporated verbatim herein. SECTION 5. Authorization of Series 2016 Bonds. Subject and pursuant to the provisions hereof, obligations of the Issuer to be known as "Utility System Refunding Revenue Bonds, Series 2016A" are authorized to be issued in the aggregate principal amount of not to exceed $22,000,000, subject to the provisions hereof, obligations of the Issuer to be known as "Utility System Refunding Revenue Bonds, Series 2016B (Taxable)" are authorized to be issued in the aggregate principal amount of not to exceed $5,000,000, and subject to the provisions hereof. SECTION 6. Book Entry System. The Issuer has previously executed a blanket letter of representation dated August 22, 1997 (the "Letter of Representation") with The Depository Trust Company ("DTC"). It is intended that the Series 2016 Bonds be registered so as to participate in a global book -entry system with DTC as set forth herein and in such Letter of Representation. The Series 2016 Bonds shall be initially issued in the form of a single fully registered Series 2016 Bond for each subseries and maturity. Upon initial issuance, the ownership of such Series 2016 Bonds shall be registered by the Registrar and Paying Agent in the name of Cede & Co., as nominee for DTC. With respect to Series 2016 Bonds registered by the Registrar and Paying Agent in the name of Cede & Co., as nominee of DTC, the Issuer and the Registrar and Paying Agent shall have no responsibility or obligation to any broker -dealer, bank or other financial institution for which DTC holds Series 2016 Bonds from time to time as securities depositary (each such broker -dealer, bank or other financial institution being referred to herein as a "Depository Participant") or to any person on behalf of whom such a Depository Participant holds an interest in the Series 2016 Bonds (each such person being herein referred to as an "Indirect Participant"). Without limiting the immediately preceding sentence, the Issuer and the Registrar and Paying Agent shall have no responsibility or obligation with respect to (a) the Temp. Reso. #12860 Page 6 accuracy of the records of DTC, Cede & Co., or any Depository Participant with respect to the ownership interest in the Series 2016 Bonds, (b) the delivery to any Depository Participant or any Indirect Participant or any other person, other than a registered owner of a Series 2016 Bond as shown in the bond register, of any notice with respect to the Series 2016 Bonds, including any notice of redemption, if applicable, or (c) the payment to any Depository Participant or Indirect Participant or any other person, other than a registered owner of a Series 2016 Bond as shown in the bond register, of any amount with respect to principal of, premium, if any, or interest on, if applicable, the Series 2016 Bonds. No person other than a registered owner of a Series 2016 Bond as shown in the bond register shall receive a Series 2016 Bond certificate with respect to any Series 2016 Bond. Upon delivery by DTC to the Registrar and Paying Agent of written notice to the effect that DTC has determined to substitute a new nominee in place of Cede & Co., and subject to the provisions hereof with respect to the payment of interest by the mailing of checks or drafts to the registered owners of Series 2016 Bonds appearing as registered owners in the registration books maintained by the Registrar and Paying Agent at the close of business on a regular record date, the name "Cede & Co." in this resolution shall refer to such new nominee of DTC. In the event that (a) the Issuer determines that DTC is incapable of discharging its responsibilities described herein and in the Letter of Representation, (b) the agreement among the Issuer, the Registrar and Paying Agent and DTC evidenced by the Letter of Representation shall be terminated for any reason or (c) the Issuer determines that it is in the best interests of the beneficial owners of the Series 2016 Bonds that they be able to obtain certificated Series 2016 Bonds, the Issuer shall notify DTC of the availability through DTC of Series 2016 Bond certificates and the Series 2016 Bonds shall no longer be restricted to being registered in the bond register in the name of Cede & Co., as nominee of DTC, but only in accordance with the Letter of Representation. At that time, the Issuer may determine that the Series 2016 Bonds shall be registered in the name of and deposited with a successor depository operating a universal book -entry system, as may be acceptable to the Issuer, or such depository's agent or designee, and if the Issuer does not select such alternate universal book -entry system, then the Series 2016 Bonds may be registered in whatever name or names registered owners of Series 2016 Bonds transferring or changing Series 2016 Bonds designate, in accordance with the provisions hereof. Notwithstanding any other provision of the Resolution to the contrary, so long as any Series 2016 Bond is registered in the name of Cede & Co., as nominee of DTC, all payments with respect to principal of, premium, if any, and interest on, if applicable, such Series 2016 Bond and all notices with respect to such Series 2016 Bond shall be made and given, respectively, in the manner provided in the Letter of Representation. As long as any Series 2016 Bonds are outstanding in book -entry form, the provisions of the Resolution inconsistent with such system of book -entry registration shall not be applicable to such Series 2016 Bonds, and the Issuer covenants to cause adequate records to be kept with respect to the ownership of any Series 2016 Bonds issued in book -entry form or the beneficial ownership of Series 2016 Bonds issued in the name of a nominee. Temp. Reso. #12860 Page 7 SECTION 7. Application of Series 2016 Bond Proceeds. A. The proceeds, including any accrued interest received from the sale of the Series 2016A Bonds, shall be applied by the Issuer as follows: 1. Accrued interest, if any, shall be deposited in the Interest Account in the Bond Service Fund, and shall be used only for the purpose of paying interest becoming due on the Series 2016A Bonds. 2. To the extent not reimbursed therefor by the Underwriter of the Series 2016A Bonds, the Issuer shall pay all costs and expenses in connection with the preparation, issuance and sale of the Series 2016A Bonds. 3. Subject to the execution and delivery of the Series 2016A Bonds to refund a portion of the Refunded 2009 Bonds, a sum which, together with other legally available funds of the Issuer, proceeds of the Series 2016B Bonds, and investment earnings thereon, is equal to the principal of and interest and redemption premiums, if any, on the Refunded 2009 Bonds when due in accordance with the schedules to be attached to the Escrow Deposit Agreement to pay principal and interest on such Refunded 2009 Bonds and to pay applicable call premiums and any costs with respect thereto. 4. The remaining proceeds of the Series 2016A Bonds shall be deposited to the Series 2016A Project Account and shall be used the pay Project Costs relating to the 2016A Project. The Issuer agrees and covenants to commence and proceed with due diligence to complete the construction, erection and acquisition of the 2016A Project. B. The proceeds, including any accrued interest received from the sale of any or all of the Series 2016B Bonds, shall be applied by the Issuer as follows: 1. Accrued interest, if any, shall be deposited in the Interest Account in the Bond Service Fund, and shall be used only for the purpose of paying interest becoming due on the Series 2016B Bonds. 2. To the extent not reimbursed therefor by the Underwriter of the Series 2016B Bonds, the Issuer shall pay all costs and expenses in connection with the preparation, issuance and sale of the Series 2016B Bonds. 3. Subject to the execution and delivery of the Series 2016B Bonds to refund a portion of the Refunded 2009 Bonds, a sum which, together with other legally available funds of the Issuer, proceeds of the Series 2016A Bonds, and investment earnings thereon, is equal to the principal of and interest and redemption premiums, if any, on the Refunded 2009 Bonds when due in accordance with the schedules to be attached to the Escrow Deposit Agreement to pay principal and interest on such Temp. Reso. #12860 Page 8 Refunded 2009 Bonds and to pay applicable call premiums and any costs with respect thereto. SECTION 8. Appointment of Escrow Agent; Execution of Escrow Deposit Agreement; Redemption of Refunded 2009 Bonds; Transfer of Funds; Bidding Agent Services. U.S. Bank National Association is hereby appointed to serve as Escrow Agent in connection with the refunding of the Refunded 2009 Bonds. The Issuer hereby approves the Escrow Deposit Agreement as set forth in the form attached hereto as Exhibit B. The Escrow Deposit Agreement shall be executed in the name of the Issuer by the Mayor and the City Manager, such signatures to be attested to by the City Clerk, the official seal of the Issuer to be imprinted thereon, and shall be approved as to form by the City Attorney, with such additional changes and insertions therein as are subsequently approved, and such execution and delivery shall be conclusive evidence of the approval thereof by such officers. The Issuer hereby also approves GNP Services, CPA, P.A. to serve as verification agent in connection with the refunding of the Refunded 2009 Bonds. The specific maturities (which could be all maturities) which constitute Refunded 2009 Bonds shall be specifically designated pursuant to the Escrow Deposit Agreement. Subject to the execution and delivery of the Series 2016 Bonds to refund the Refunded 2009 Bonds, there is hereby authorized a deposit of proceeds of the Series 2016 Bonds which, together with other legally available funds of the Issuer and investment earnings thereon, is equal to the principal of and interest and redemption premiums, if any, the Refunded 2009 Bonds when due in accordance with the schedules to be attached to the Escrow Deposit Agreement to pay principal and interest on the Refunded 2009 Bonds and to pay applicable call premiums and any costs with respect thereto. Subject to the execution and delivery of the Series 2016 Bonds for the purpose of refunding the Refunded 2009 Bonds, the Issuer hereby irrevocably calls the callable Refunded 2009 Bonds for early redemption on October 1, 2019, or such other date as determined by the Mayor and the City Manager in the Escrow Deposit Agreement, at a redemption price of 100% of the principal amount of such callable Refunded 2009 Bonds to be redeemed, plus accrued interest thereon to the redemption date. At least thirty (30) days prior to the date fixed for redemption, the Issuer hereby directs TD Bank, National Association, in its capacity as Paying Agent and Registrar for the Refunded 2009 Bonds (the "2009 Paying Agent"), to mail by first class mail, postage prepaid a notice of the redemption of the callable Refunded 2009 Bonds to each holder of Refunded 2009 Bonds to be redeemed at the address of such holder shown on the registration books maintained by the 2009 Paying Agent or at such other address as shall be furnished in writing by such holder to the 2009 Paying Agent in accordance with the requirements of Section 14 of the Original Resolution in the form to be prepared by Bond Counsel. Furthermore, upon issuance of the Series 2016 Bonds for the purposes of refunding Temp. Reso. #12860 Page 9 the Refunded 2009 Bonds, the Issuer hereby directs the 2009 Paying Agent to mail a notice of defeasance to each holder of the Refunded 2009 Bonds in the form to be prepared by Bond Counsel. On the date of issuance of the Series 2016 Bonds, the Issuer may transfer moneys on deposit in the Principal Account and Interest Account created pursuant to the Original Resolution which were being held for the benefit of the Refunded 2009 Bonds to the Escrow Agent to be held on behalf of the Issuer and to be used pursuant to the terms of the Escrow Deposit Agreement. The Issuer hereby designates Larson Consulting Services, LLC and RBC Capital Markets LLC for the sole purpose of causing the subscription for the State and Local Government Securities (SLGS) and/or bidding Acquired Obligations, to be purchased and deposited in the Advance Refundable Escrow Account and Non -Advance Refundable Escrow Account (as such terms are defined in the Escrow Deposit Agreement) pursuant to the Escrow Deposit Agreement, and if bidding is undertaken, to pay Larson Consulting Services, LLC and RBC Capital Markets LLC the agreed upon bidding fees. SECTION 9. 2016 Subaccount in the Reserve Fund. The Issuer hereby establishes a 2016 Subaccount in the Reserve Fund to initially secure the Series 2016 Bonds. The Issuer hereby determines that the 2016 Subaccount in the Reserve Fund shall secure the Series 2016 Bonds and that such 2016 Subaccount in the Reserve Fund will be funded at the Reserve Requirement applicable to the Series 2016 Bonds as of the date of issuance of the Series 2016 Bonds. "Reserve Requirement" with respect to the 2016 Subaccount in the Reserve Fund shall equal zero dollars ($0). SECTION 10. Approval of Distribution of Preliminary Official Statement and Authorization of Final Official Statement. The preparation and distribution of the Preliminary Official Statement relating to the Series 2016 Bonds, in the form attached hereto as Exhibit C, is hereby approved and authorized. The Mayor, the City Manager or the Director of Financial Services are hereby authorized to execute and deliver a certificate of the Issuer which deems such Preliminary Official Statement "final' within the contemplation of the Rule. Such Preliminary Official Statement is hereby authorized to be used and distributed in connection with the sale and marketing of the Series 2016 Bonds. The distribution of the final Official Statement relating to the Series 2016 Bonds is hereby authorized, and the execution of such Official Statement by the Mayor, the City Manager and the Director of Financial Services is hereby authorized, which execution and delivery shall constitute complete evidence of the approval of such final Official Statement by the Issuer. SECTION 11. Appointment of Registrar and Paying Agent; Authorization of Execution and Delivery of Registrar and Paying Agent Agreement. U.S. Bank National Association is Temp. Reso. #12860 Page 10 hereby appointed to serve as Registrar and Paying Agent with respect to the Series 2016 Bonds. The Registrar and Paying Agent shall perform such duties as are more fully described in the Resolution and an agreement to be entered into with the Issuer in connection with the Series 2016 Bonds. The Registrar and Paying Agent shall fulfill such functions with respect to Registrar and Paying Agent Agreement until a qualified successor shall have been designated by the Issuer and accepts such duties, such designation to be subject to written notice to the Registrar and Paying Agent, or until the Series 2016 Bonds have been paid in full pursuant to the Resolution. The Registrar and Paying Agent Agreement shall be executed in the name of the Issuer by the Mayor and the City Manager, such signatures to be attested to by the City Clerk, the official seal of the Issuer to be imprinted thereon, and shall be approved as to form by the City Attorney, with such additional changes and insertions therein as are subsequently approved, and such execution and delivery shall be conclusive evidence of the approval thereof by such officers. SECTION 12. Continuing Disclosure. The Issuer hereby covenants and agrees that, in order to assist the Underwriter in complying with the continuing disclosure requirements of the Rule with respect to the Series 2016 Bonds, it will comply with and carry out all of the provisions of the Disclosure Dissemination Agent Agreement to be executed by the Issuer prior to the time the Issuer delivers the Series 2016 Bonds to the Underwriter, as may be amended from time to time in accordance with the terms thereof. The form of the Disclosure Dissemination Agent Agreement, attached hereto as Exhibit D is hereby approved and ratified, all of the provisions of which, when executed and delivered by the Issuer as authorized herein shall be deemed to be a part of this instrument as fully and to the same extent as if incorporated verbatim herein. Notwithstanding any other provision of the Resolution, failure of the Issuer to comply with such Disclosure Dissemination Agent Agreement shall not be considered an event of default under the Resolution. However, the Disclosure Dissemination Agent Agreement shall be enforceable by the Series 2016 Bondholders in the event that the Issuer fails to cure a breach thereunder within a reasonable time after written notice from a 2016 Bondholder to the Issuer that a breach exists. Any rights of the Series 2016 Bondholders to enforce the provisions of this covenant shall be on behalf of all Series 2016 Bondholders and shall be limited to a right to obtain specific performance of the Issuer's obligations thereunder. The Disclosure Dissemination Agent Agreement shall be executed in the name of the Issuer by the Mayor and City Manager, attested to by the City Clerk under seal, and shall be approved as to form by the City Attorney, with such additional changes and insertions therein as are subsequently approved, and such execution and delivery shall be conclusive evidence of the approval thereof by such officers. SECTION 13. Prior Resolutions. All prior resolutions of the Issuer inconsistent with the provisions of the Resolution are hereby amended and supplemented to conform with the Temp. Reso. #12860 Page 11 provisions herein contained and, except as may otherwise amended and supplemented hereby, the Resolution shall remain in full force and effect. SECTION 14. No Personal Liability. Neither the members of the City Commission nor any person executing the Series 2016 Bond shall be personally liable therefor or be subject to any personal liability or accountability by reason of the issuance thereof. SECTION 15. General Authority. The Mayor, the City Manager, the Director of Financial Services, the City Clerk, the City Attorney and any other proper officials of the Issuer are hereby authorized to perform all acts and things required of them by this resolution, the Master Resolution, the Escrow Deposit Agreement, the Series 2016 Bonds, or any other agreement or contract relating to the Series 2016 Bonds, or that may otherwise be desirable or consistent with accomplishing the full, punctual and complete performance of all the terms, covenants and agreements contained in any of the foregoing and each member, employee, attorney and officer of the Issuer is hereby authorized and directed to execute and deliver all documents which shall be required by Bond Counsel to effectuate the sale of the Series 2016 Bonds to said Underwriter. SECTION 16. Severability and Invalid Provisions. If any one or more of the covenants, agreements or provisions herein contained shall be held contrary to any express provision of law or contrary to the policy of express law, but not expressly prohibited or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separable from the remaining covenants, agreements or provisions and shall in no way affect the validity of the other provisions hereof or of the Series 2016 Bonds. SECTION 17. Master Resolution to Continue in Force. The Master Resolution and all the terms and provisions thereof, are and shall remain in full force and effect. SECTION 18. Effective Date. This Resolution shall become effective upon such time as its adoption. [Remainder of page intentionally left blank] 1 Temp. Reso. #12860 Page 12 PASSED AND ADOPTED the 11th day of October, 2016. CITY OF TAMARAC, FLORIDA 1 1 HARRY DRESSLER, MAYOR ATTEST: PATRICIA TEUFEL, C CITY CLERK RECORD OF COMMISSION VOTE: MAYOR DRESSLER till DIST 1: COMM. BUSHNELL G —' DIST 2: COMM. GOMEZ DIST 3: VICE MAYOR GLASSER- ' DIST 4: COMM. PLACKO =' I HEREBY CERTIFY THAT I HAVE APPROVED THIS RESOLUTION AS TO FORM IA4A,41 �4� f0/4/4 SAM L S. GOREN CITY ATTORNEY fl EXHIBIT A Form of Bond Purchase Agreement 1 E Temp. Reso. #12860 Page 13 Temp. Reso. #12860 Page 14 EXHIBIT B Form of Escrow Deposit Agreement 1 1 1 EXHIBIT C Form of Preliminary Official Statement 1 Temp. Reso. #12860 Page 15 Temp. Reso. #12860 Page 16 EXHIBIT D Form of Disclosure Dissemination Agent Agreement C