HomeMy WebLinkAboutCity of Tamarac Resolution R-2016-124Temp Reso. #12880 -November 9, 2016
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-2016-AV
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
TAMARAC, FLORIDA AUTHORIZING A NOT TO EXCEED
$6,000,000 INTERIM INTERFUND LOAN TO FINANCE THE
COSTS OF THE ACQUISITION, CONSTRUCTION,
RECONSTRUCTION AND EQUIPPING OF A CITY -OWNED
GOLF CLUBHOUSE AND CART BARN AND ESTABLISHING
ITS INTENT TO REIMBURSE SUCH CAPITAL EXPENDITURES
INCURRED WITH PROCEEDS OF A LONG-TERM TAXABLE
FINANCING TO REPAY SUCH INTERIM INTERFUND LOAN;
PROVIDING CERTAIN OTHER MATTERS IN CONNECTION
THEREWITH; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Tamarac, Florida (the "City") has
determined that the need exists to acquire, construct, reconstruct and equip a City -owned golf
clubhouse and cart barn in accordance with plans on file at the offices of the City, as such plans
may be modified from time to time (collectively, the "Project"); and
WHEREAS, until the cost of the Project is known and taking into account transaction
costs, interest rates and investment return, the City has determined that it is in the best interests
of its citizens to make an interim interfund loan in an amount not to exceed $6,000,000 (the
"Interim Interfund Loan"), based on the terms described herein, from the Stormwater Fund (also
referred as the Surplus Fund in Resolution No. R-2009-95 adopted by the City Commission of
the City on July 22, 2009, as amended and supplemented from time to time) to the Golf Course
Fund in order to finance the costs of the Project on an interim basis; and
WHEREAS, such Interim Interfund Loan is not inconsistent with the bond covenants of
the City in connection with its Stormwater System Refunding Revenue Bond, Series 2009 (the
"2009 Bond"), as evidenced by the executed Bond Covenant Waiver Certificate attached hereto
as Exhibit A; and
WHEREAS, once such Project costs are known, it is the present intent of the City that the
Interim Interfund Loan will be repaid with proceeds of long-term taxable debt at which time
the Stormwater Fund will be reimbursed, with interest; and
WHEREAS, the City desires to hereby evidence such intent to reimburse the costs of the
Project through the incurrence of taxable debt.
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BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY AS FOLLOWS:
Section 1. Authori1y. This Resolution (the 'Resolution") is adopted pursuant to the
provisions of Article VIII, Section 2 of the Constitution of the State of Florida, Chapter 166, Part
II, Florida Statutes, Chapter 159, Part VII, Florida Statues, the municipal charter of the City and
other applicable provisions of law (collectively, the "Act").
Section 2. Interfund Loan. The City hereby loans not to exceed $6,000,000 from the
Stormwater Fund to the Golf Course Fund in order to finance the costs of the Project. The
interest rate on the Interim Interfund Loan described in this section is equal to the interest rate
on the 2009 Bond (4.15%, as adjusted as described therein). The maximum term on the Interim
Interfund Loan shall be five (5) years. The principal on the Interim Interfund Loan is payable or
prepayable in whole or in part at any time, at the City's option.
Section 3. Declaration of Intent. The City hereby expresses its intention to reimburse the
Stormwater Fund from proceeds of a future taxable financing for capital expenditures to be
paid by the City in connection with the incurrence of debt for the purpose of financing the costs
of the Project. The City expects to use proceeds of the Interim Interfund Loan to pay such costs
including but not limited to capital expenditures, costs of design and engineering, and other
costs associated with the incurrence of debt. It is reasonably expected that the total amount of
debt to be incurred by the City with respect to the costs of the Project will not exceed $6,000,000.
This Resolution is intended to constitute a "declaration of official intent" within the meaning of
the Act, with respect to the debt incurred, in one or more financings, to finance the cost of the
Project.
Section 4. Severability. If any one or more of the covenants, agreements or provisions
of this Resolution should be held contrary to any express provision of law or contrary to the
policy of express law, though 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 separate from the remaining covenants, agreements or provisions
of this Resolution.
Section 5. Repealer. This Resolution supersedes all prior actions of the City inconsistent
herewith. All resolutions or portions thereof in conflict with the provisions of this Resolution
are hereby repealed to the extent of any such conflict.
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Section 5. Effective Date. This Resolution shall become effective immediately upon its
adoption.
PASSED AND ADOPTED this 9th day of November, 2016.
CITY OF TAMARAC, FLORIDA
(SEAL)
�_
By:
Name: Harry Dressler
Title: Mayor
ATTEST:
By:
�W;Alw& 0 1
Name: Patricia A. Teufel, CM
Title: City Clerk
RECORD OF COMMISSION VOTE:
MAYOR DRESSLER _6
DIST 1: COMM.BUSHNELL
DIST 2: COMM. GOMEZ
aw—
DIST 3: V/M. GLASSER
DIST 4: COMM. PLACKO
I HEREBY CERTIFY that I have approved this
Resolution as to form.
By:
Name: Samuel S. Goren
Title: City Attorney
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EXHIBIT A
BOND COVENANT WAIVER CERTIFICATE
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Exhibit A