HomeMy WebLinkAboutCity of Tamarac Resolution R-98-1561
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. 98- lJ`
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
TAMARAC, FLORIDA, ENTITLED: "A RESOLUTION AUTHORIZING THE
ISSUANCE OF NOT EXCEEDING $15,000,000 REVENUE BONDS OF THE
CITY OF TAMARAC, FLORIDA, TO FINANCE THE REPAIR AND
RESURFACING OF PUBLIC ROADWAYS, MEDIAN BEAUTIFICATION
AND OTHER IMPROVEMENTS TO SUCH ROADWAYS WITHIN THE
CITY; PROVIDING FOR THE ISSUANCE OF SAID REVENUE BONDS,
AND THE RIGHTS, SECURITY AND REMEDIES OF THE HOLDERS
THEREOF; PROVIDING FOR CONFLICTS; PROVIDING FOR
SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE HEREOF."
WHEREAS, the City Commission of the City of Tamarac (the "City") is a Municipality
within the scope of Florida Chapter 166 (the "Act"), and authorized to adopt this Resolution
pursuant to the Act, and other applicable provisions of law; and
WHEREAS, the Act authorizes the City to issue revenue bonds for the Project (as
defined herein); and
WHEREAS, the City deems it to be in the best financial and economic interests of
the City and the public to fund said Project as set forth in this Resolution; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA, AS FOLLOWS:
ARTICLE 1
DEFINITIONS, AUTHORITY AND FINDINGS;
RESOLUTION CONSTITUTES A CONTRACT
SECTION 1.1 DEFINITIONS. As used in this Resolution, the following terms
shall have the meanings as provided:
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"Act" shall mean Chapter 166, Florida Statutes, as amended and supplemented,
and other applicable provisions of law.
"Additional Parity Bonds" shall have the meaning given in Section 3.4(F)(4)
hereof.
"Additional Pledged Revenues" shall mean any revenues, other than those
revenues pledged pursuant to this Resolution, that may hereafter be pledged by the City
for the payment of Bonds by subsequent proceedings of the City, provided, however, that
the City shall have received an opinion of Bond Counsel or the City Attorney to the effect
that such source of revenue is legally available to be pledged as security for the Bonds and
the City has full authority to pledge said revenues.
"Annual Debt Service Requirement" shall mean the amount required to be
deposited during any Fiscal Year into the Interest Account, the Principal Account and the
Bond Redemption Account as provided in this Resolution.
"Bond Counsel'" shall mean a nationally recognized firm of attorneys -at -law
selected by the City and experienced in the financing of capital projects for governmental
units through the issuance of tax-exempt revenue bonds under the exemption provided
under Section 103(a) of the Code.
"Bonds" shall mean up to $15 million of Revenue Bonds, Series 1998 ("Series
1998 Revenue Bonds) authorized to be issued pursuant to this Resolution, together with
any Additional Parity Bonds hereafter issued pursuant to this Resolution.
"Bondholder," "Holder," "Holder of Bonds" or "Owner" or any similar term, shall
mean any person who shall be the registered owner of any Outstanding Bond or Bonds.
"City" shall mean the City of Tamarac, Florida.
"Code" shall mean the Internal Revenue Code of 1986, as amended. Each
reference to a section of the Code herein shall be deemed to include, if applicable,
temporary or proposed regulations, revenue rulings and proclamations issued or amended
with respect thereto, and any applicable rules and regulations promulgated under the
Internal Revenue Code of 1954, as amended, by the Treasury Department or Internal
Revenue Service of the United States.
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"Fiscal Year" shall mean that period commencing on October 1 and continuing to
and including the next succeeding September 30, or such other annual period as may be
prescribed by law.
"Interest Payment Date" shall mean, for each Series of Bonds, such dates of each
Fiscal Year on which interest on such Series of Bonds is payable, as set forth in the
proceedings of the City providing for the issuance of such Series of Bonds.
"Maximum Annual Debt Service" shall mean, at any time, the greatest Annual
Debt Service Requirement in the then current or any succeeding Fiscal Year.
"Moody's" shall mean Moody's Investors Service, a corporation organized and
existing under the laws of the State of Delaware, its successors and assigns, and if such
corporation shall be dissolved or liquidated or shall no longer perform the functions of a
securities rating agency, "Moody's" shall be deemed to refer to any other nationally
recognized securities rating agency designated by the City and approved by each
Municipal Bond Insurer.
"Municipal Bond Insurance Policy" shall mean an insurance policy issued for the
benefit of the Holders of any Bonds, pursuant to which the issuer of such insurance policy
shall be obligated to pay when due the principal of and interest on such Bonds to the
extent of any deficiency in the amounts in the funds and accounts held under this
Resolution, in the manner and in accordance with the terms provided in such Municipal
Bond Insurance Policy.
"Municipal Bond Insurer" shall mean the provider of a Municipal Bond Insurance
Policy.
"Outstanding" when used with reference to the Bonds, shall mean, as of any date
of determination, all Bonds theretofore authenticated and delivered except:
(1) Bonds theretofore canceled by the Registrar or delivered to the Registrar for
cancellation;
(2) Bonds which are deemed paid and no longer Outstanding as provided
herein;
(3) Bonds in lieu of which other Bonds have been issued pursuant to the
provisions hereof relating to Bonds destroyed, stolen or lost, unless evidence
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satisfactory to the Registrar has been received that any such Bond is held by a
bona fide purchaser; and
(4) Bonds to which a Municipal Bond Insurer shall have been subrogated until
such subrogation rights have been extinguished in accordance with law.
"Paying Agent" shall mean any bank or trust company or any successor bank or
trust company appointed by the City to act as Paying Agent hereunder.
"Permitted Investments" shall mean, to the extent permitted by law:
(1) For purposes other than investments in escrow accounts and investing and
receiving credit for accrued and capitalized interest or for purposes of defeasance of any
Series of Bonds:
(1) cash (insured at all times by the Federal Deposit Insurance Corporation or
otherwise collateralized with obligations described in paragraph (2) below);
(2) direct obligations of (including obligations issued or held in book entry form
on the books of) the Department of the Treasury of the United States of
America;
(3) obligations of any of the following federal agencies which obligations
represent the full faith and credit of the United States of America: Export -
Import Bank, Farmers Home Administration, General Services
Administration, U.S. Maritime Administration, Small Business Administration,
Government National Mortgage Association (GNMA), U.S. Department of
Housing & Urban Development (PHA's), Federal Financing Bank, and
Federal Housing Administration;
(4) bonds, notes or other evidences of indebtedness rated "AAA" by Standard
and Poor's and "Aaa" by Moody's issued by the Federal National Mortgage
Association or the Federal Home Loan Mortgage Corporation with remaining
maturities not exceeding three years;
(5) U.S. dollar denominated deposit accounts, federal funds and banker's
acceptances with domestic commercial banks which have a rating on their
short term certificates of deposit on the date of purchase of "A-1" or "A-1+"
by Standard and Poor's and "P-1" by Moody's and maturing no more than
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360 days after the date of purchase. For purposes hereof, ratings on holding
companies shall not be considered as the rating of the bank;
(6) commercial paper which is rated at the time of purchase in the single highest
classification, "A-1+" by Standard and Poor's and T-1" by Moody's and
which matures not more than 270 days after the date of purchase;
(7) investments in a money market fund rated "AAAW or "AAAm--G" by
Standard and Poor's and rated in the two highest categories by Moody's;
(8) prefunded municipal obligations defined as follows: any bonds or other
obligations of any state of the United States of America or of any agency,
instrumentality or local governmental unit of any such state which are not
callable at the option of the obligor prior to maturity or as to which irrevocable
instructions have been given by the obligor to call on the date specified in the
notice; and
(1) which are rated, based on the escrow, in the highest rating category
of Standard and Poor's and Moody's, or any successors thereto; or
(2) which are fully secured as to principal and interest and redemption
premium, if any, by a fund consisting only of cash or obligations
described in paragraph (2) above, which fund may be applied only to
the payment of such principal of and interest and redemption
premium, if any, on such bonds or other obligations on the maturity
date or dates thereof or the specified redemption date or dates
pursuant to such irrevocable instructions, as appropriate, and
(3) which fund is sufficient, as verified by a nationally recognized
independent certified public accountant, to pay principal of and
interest and redemption premium, if any, on the bonds or other
obligations described in this paragraph on the maturity date or dates
thereof or on the redemption date or dates specified in the irrevocable
instructions referred to above, as appropriate;
(9) investment agreements approved in writing by each Municipal Bond Insurer
(supported by appropriate opinions of counsel) with notice to Standard and
Poor's and Moody's;
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(10) certificates of deposit properly secured at all times by collateral security
described in either or both of paragraphs (1) and (2) of this definition or in the
collateral provisions of Chapter 280, Florida Statutes, as amended, and
issued by commercial banks, savings and loan associations or mutual
savings banks chartered by the State or the United States of America, and
bank trust receipts issued by commercial bank or trust companies chartered
by the State or the United States of America upon any securities described
in paragraph (1) of this definition;
(11) the following investments fully insured by the Federal Deposit Insurance
Corporation or the Federal Savings and Loan Insurance Corporation:
(A) certificates of deposit, (B) savings accounts, (C) deposit accounts, or
(D) depository receipts of a bank, savings and loan association or mutual
savings bank;
(12) units of participation in the Local Government Surplus Funds Trust Fund
established pursuant to Part IV, Chapter 218, Florida Statutes, as amended,
or any similar common trust fund which is established pursuant to State law
as a legal depository of public moneys;
(13) other forms of investments approved in writing by each Municipal Bond
Insurer with notice to Standard and Poor's and Moody's; and
(2) for purposes of defeasance, investments in refunding escrow accounts, and for the
purpose of investing and receiving premium credit for accrued and capitalized interest, only
those investments described in (1) and (2) above.
"Pledged Revenues", shall mean the Sales Tax Revenues and any Additional
Pledged Revenues.
"Project" shall mean one or more municipal capital projects to be financed or
refinanced, in whole or in part, by a Series of Bonds and identified as such in the resolution
authorizing the issuance of said Bonds. For purposes of this Resolution the Project means
the repair and resurfacing of public roadways within the City; median beautification and
other improvements to such roadways, provided that no such improvements (or contract
relating thereto) shall individually involve a cost to the City in excess of two and one-half
percent (2 %) of the then current general fund and enterprise fund budgets of the City; the
costs and fees associated with the issuance of the Bonds, funding a reserve fund and
funding capitalized interest with respect thereto.
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"Registrar" shall mean a bank or trust company or any successor bank or trust
company appointed by the City to act as Registrar hereunder and any successor thereto.
"Reserve Account Insurance Policy" shall mean the insurance policy, surety
bond or other acceptable evidence of insurance, if any, deposited in the Debt Service
Reserve Account in lieu of or in partial substitution for cash or securities on deposit therein.
The issuer providing such Reserve Account Insurance Policy shall be an insurance
company, corporation or financial institution authorized to issue a Reserve Account
Insurance Policy whose policy, security or other evidence of insurance results in the rating
of the municipal obligations secured thereby to be rated in one of the two highest rating
categories of both Moody's and Standard & Poor's.
"Reserve Account Letter of Credit" shall mean the irrevocable, transferable letter
of credit, if any, deposited in the Debt Service Reserve Account in lieu of or in partial
substitution for cash or securities on deposit therein. The issuer providing such letter of
credit shall be a banking association, bank or trust company or branch thereof whose letter
of credit results in the rating of municipal obligations secured by such letter of credit to be
rated in one of the two highest rating categories of both Moody's and Standard & Poor's.
"Reserve Requirement" shall mean the lesser of (1) Maximum Annual Debt
Service, or (2) 1 0% of the original principal amount of the Bonds, or (3) 125% of Average
Annual Debt Service; provided however, that the Reserve Requirement for the Series 1998
Bonds may be initially funded at a level such that interest earnings on the Debt Service
Reserve Account, retained therein, will result in accrual of monies on deposit equal to the
Debt Service Reserve Requirement within two years from the date of issuance of the
Series 1998 Bonds and such funding and accrual of interest will satisfy the Reserve
Requirement for such two-year period.
"Resolution" shall mean this Resolution as the same may from time to time be
amended and supplemented in accordance with the terms hereof.
"Sales Tax Revenues" shall mean the proceeds derived by the City from the local
government half -cent sales tax levied and collected pursuant to Chapter 212, Part I, Florida
Statutes, and distributed to the City pursuant to Chapter 218, Part VI, Florida Statutes, as
amended, and to the extent provided in any supplemental resolution of the City, any
additional sales tax revenues distributed to the City.
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"Serial Bonds" shall mean the Bonds of a Series which shall be stated to mature
in annual installments but not including Term Bonds.
"Series" shall mean all of the Bonds authenticated and delivered on original
issuance and pursuant to this Resolution or any supplemental resolution authorizing such
Bonds as a separate Series of Bonds, or any Bonds thereafter authenticated and delivered
in lieu of or in substitution for such Bonds pursuant to Article II hereof, regardless of
variations in maturity, interest rate or other provisions.
"Series 1998 Bonds" shall mean the initial Series of Bonds issued under and
pursuant to this Resolution.
"Standard and Poor's" shall mean Standard and Poor's Ratings Services, a
division of the McGraw-Hill Companies, Inc., its successors and assigns, and if Standard
and Poor's shall be dissolved or liquidated or shall no longer perform the functions of a
securities rating agency, "Standard and Poor's" shall be deemed to refer to any other
nationally recognized securities rating agency designated by the City and approved by
each Municipal Bond Insurer.
"State" shall mean the State of Florida.
"Term Bonds" shall mean the Bonds of any Series which shall be stated to mature
on one date and for the amortization of which payments are required to be made into the
Bond Redemption Account in the Sinking Fund.
Words importing singular number shall include the plural number in each case and
vice versa, and words importing persons shall include firms and corporations.
SECTION 1.2 AUTHORITY FOR THIS RESOLUTION. This Resolution is
adopted pursuant to the provisions of the Act.
SECTION 1.3 FINDINGS. It is hereby ascertained, determined and declared:
(1) That it is necessary for the health, safety and economic welfare of the City and its
inhabitants that the Bond proceeds be expended for the Project in the manner provided in
this Resolution.
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(2) That the Pledged Revenues are not pledged and encumbered in any manner; and
it is deemed necessary and advisable to pledge such Pledged Revenues to the payment
of the principal of and interest and premium, if any, on the Bonds authorized herein.
(3) That the estimated Pledged Revenues to be derived in each year hereafter will be
sufficient to pay the principal of and interest and premium, if any, on the Bonds, as the
same become due and payable, and all sinking fund, reserve and other payments provided
for in this Resolution.
(4) That the principal of and interest on the Bonds, and all of the reserve, sinking fund
and other payments provided for in this Resolution will be secured equally and ratably by
a lien on and pledge of the Pledged Revenues all as provided herein; and the ad valorem
taxing power of the City, or the taxation of real or personal property in the City or the
application of any other funds of the City have not been authorized to pay the principal of
and interest and premium, if any, on the Bonds, or to make any of the reserve, sinking fund
or other payments provided for in this Resolution, and the Bonds shall not constitute a debt
of the City or be a lien upon any other property whatsoever of the City.
(5) That the cost of the Project shall be deemed to include, but shall not be limited to,
the cost of any lands or real estate, including easements or other interests therein, or any
other property, real or personal, as determined by the City to be necessary therefor;
discount on the sale of the Bonds, if any; capitalized interest on the Bonds for a period to
be determined by the City in a manner provided by law; deposits to be made in the Debt
Service Reserve Account for the Bonds or such other funds or accounts as may be
provided herein, if any; administration expenses; bond insurance premiums or surety or
letter or credit fees; expenses for engineers; legal expenses; expenses for fiscal agents
or financial services; expenses for estimates of costs and of revenues; expenses for plans,
specifications and surveys; expenses of making rebate calculations; and such other
expenses as may be necessary or incidental to the acquisition and construction of the
Project.
(6) That the Bonds may be issued at one time or from time to time as determined by the
City.
SECTION 1.4 RESOLUTION CONSTITUTES CONTRACT. In consideration
of the acceptance of the Bonds authorized to be issued hereunder by those who shall own
the same from time to time, this Resolution shall be deemed to be and shall constitute a
contract between the City and such Bondholders, and the covenants and agreements
herein set forth to be performed by the City shall be for the equal benefit, protection and
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security of the owners of any and all of such Bonds, all of which shall be of equal rank and
without preference, priority or distinction of any of the Bonds over any other thereof except
as expressly provided therein and herein.
ARTICLE 2
AUTHORIZATION, TERMS, EXECUTION AND
REGISTRATION OF BONDS
SECTION 2.1 AUTHORIZATION OF BONDS. Subject and pursuant to the
provisions of this Resolution, Bonds of the City to be known as "City of Tamarac, Florida
Revenue Bonds, Series 1998", are hereby authorized to be issued in the aggregate
principal amount of not exceeding Fifteen Million Dollars ($15,000,000) for the purpose of
financing the repair and resurfacing of public roadways in the City, and paying the costs
of issuance, funding a reserve fund and funding capitalized interest with respect to the
Bonds, which Bonds may be issued all at one time or from time to time in one or more
Series, and if in Series, may be dated, numbered, and designated as to Series, all as shall
be determined by subsequent resolution of the City.
The Bonds may, if and when authorized by the City pursuant to this Resolution, be
issued in one or more Series, with such further appropriate particular designations added
to or incorporated in such title for the Bonds of any particular Series as the City may
determine and as may be necessary to distinguish such Bonds from the Bonds of any
other Series. Each Bond shall bear upon its face the designation so determined for the
Series to which it belongs.
The Bonds shall be issued for such purpose or purposes; shall bear interest at such
rate or rates not exceeding the maximum rate permitted by law; and shall be payable in
lawful money of the United States of America on such dates; all as determined by this
Resolution or subsequent Resolution of the City.
The Bonds shall be issued in such denominations and such form, whether coupon
or registered; shall be dated such date; shall bear such numbers; shall be payable at such
place or places; shall contain such redemption provisions; shall have such Paying Agents
and Registrars; shall mature in such years and amounts; shall provide that the proceeds
thereof be used in such manner; all as determined by this Resolution or subsequent
resolution of the City. The City may issue Bonds which may be secured by a Municipal
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Bond Insurance Policy all as shall be determined by this or subsequent resolution of the
City.
SECTION 2.2 DESCRIPTION OF BONDS. Unless otherwise specified by the
City in subsequent proceedings, the Bonds of a Series shall be payable, with respect to
interest, principal and premium, if any, in any coin or currency of the United States of
America which at the time of payment is legal tender for the payment of public and private
debts; shall be issued in the form of fully registered Bonds; shall be dated as determined
by subsequent resolution of the City relating to the issuance of such Series of Bonds; shall
bear interest from their date at a rate not exceeding the legal rate per annum, with interest
mailed to the registered Holder thereof by the Paying Agent at the address shown on the
registration books of the City held by the Registrar at the close of business on the 15th day
of the calendar month preceding an Interest Payment Date, provided, however, that if such
15th day is a Saturday, Sunday or holiday, then to the registered Holder and at the
registered address shown on the registration books of the City at the close of business on
the day next preceding such 15th day of the month which is not a Saturday, Sunday or
holiday, shall be lettered and shall be numbered in such manner as may be prescribed by
the Registrar; shall be in the denomination of $5,000 or any integral multiple thereof, and
shall mature on such dates, in such years and in such amounts, all as provided for by
subsequent resolution of the City.
The Bonds issued hereunder may be Serial Bonds or Term Bonds and may be
capital appreciation bonds, capital appreciation and income bonds and option bonds, as
determined by subsequent resolution of the City.
SECTION 2.3 REDEMPTION PROVISIONS. The Bonds of each Series may
be subject to redemption prior to maturity at such times, at such redemption prices and
upon such terms in addition to the terms contained in this Resolution as may be
determined by subsequent resolution of the City.
SECTION 2.4 EXECUTION OF BONDS. Said Bonds shall be signed in the
name of the City by the Mayor of the City and its seal shall be affixed thereto or imprinted
or reproduced thereon and attested by the City Clerk of the City. The signatures of said
Mayor and City Clerk on said Bonds may be manual or facsimile signatures. In case any
one or more of the officers who shall have signed or sealed any of the Bonds shall cease
to be such officer of the City before the Bonds so signed and sealed shall have been
actually sold and delivered, such Bonds may nevertheless be sold and delivered as herein
provided and may be issued as if the person who signed and sealed such Bonds had not
ceased to hold such office. Any Bond may be signed and sealed on behalf of the City by
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such person as at the actual time of the execution of such Bond shall hold the proper
office, although at the date of such Bonds such person may not have held such office or
may not have been so authorized.
The Bonds of each Series shall bear thereon a certificate of authentication, in the
form set forth in Section 2.9 of this Resolution, executed manually by the Registrar. Only
such Bonds as shall bear thereon such certificate of authentication shall be entitled to any
right or benefit under this Resolution and no Bond shall be valid or obligatory for any
purpose until such certificate of authentication shall have been duly executed by the
Registrar. Such certificate of the Registrar upon any Bond executed on behalf of the City
shall be conclusive evidence that the Bond so authenticated has been duly authenticated
and delivered under this Resolution and that the Holder thereof is entitled to the benefits
of this Resolution.
In the event any Series of Bonds are validated, a validation certificate shall be
placed on the back of the Bonds and signed with the manual or facsimile signatures of the
Mayor and City Clerk, and the City may adopt and use for that purpose the facsimile
signature of any person who shall have been such Mayor and City Clerk at any time on or
after the date of said Bonds, notwithstanding that he may have ceased to be such Mayor
or City Clerk at the time when said Bonds shall be actually delivered.
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SECTION 2.5 NEGOTIABILITY, REGISTRATION AND CANCELLATION. At
the option of the registered Holder thereof and upon surrender thereof at the principal
corporate trust office of the Registrar with a written instrument of transfer satisfactory to the
Registrar duly executed by the registered Holder or his duly authorized attorney and upon
payment by such Holder of any charges which the Registrar or the City may make as
provided in this Section, the Bonds may be exchanged for Bonds of the same aggregate
principal amount of the same Series and maturity of any other authorized denominations.
The Registrar shall keep books for the registration of Bonds and for the registration
of transfer of Bonds. The Bonds shall be transferable by the Holder thereof in person or
by his attorney duly authorized in writing only upon the books of the City kept by the
Registrar and only upon surrender thereof together with a written instrument of transfer
satisfactory to the Registrar duly executed by the Holder or his duly authorized attorney.
Upon the transfer of any such Bonds, the City shall cause to be issued in the name of the
transferee a new Bond.
The City, the Paying Agent and the Registrar may deem and treat the person in
whose name any Bond shall be registered upon the books kept by the Registrar as the
absolute Holder of such Bond, whether such Bond shall be overdue or not, for the purpose
of receiving payment of, or on account of, the principal of, premium, if any, and interest on
such Bond as the same become due and for all other purposes. All such payments so
made to any such Holder or upon his order shall be valid and effectual to satisfy and
discharged the liability upon such Bond to the extent of the sum or sums so paid, and
neither the City, the Paying Agent nor the Registrar shall be affected by any notice to the
contrary.
In all cases in which the privilege of exchanging Bonds or transferring Bonds is
exercised, the City shall execute and the Registrar shall authenticate and deliver Bonds
in accordance with the provisions of this Resolution. All Bonds surrendered in any such
exchanges or transfers shall forthwith be delivered to the Registrar and cancelled by the
Registrar in the manner provided in this Section. There shall be no charge for any such
exchange or transfer of Bonds, but the City or the Registrar may require the payment of
a sum sufficient to pay any tax, fee or other governmental charge required to be paid with
respect to such exchange or transfer. Neither the City nor the Registrar shall be required
(a) to transfer or exchange Bonds of any Series for a period of 15 days next preceding an
Interest Payment Date on such Bonds of such Series or next preceding any selection of
Bonds of such Series to be redeemed or thereafter until after the mailing of any notice of
redemption; or (b) to transfer or exchange any Bonds of any Series called for redemption.
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Except as may otherwise be provided with respect to option Bonds in the
proceedings of the City providing for the issuance thereof, all Bonds paid or redeemed,
either at or before maturity shall be delivered to the Paying Agent when such payment or
redemption is made, and such Bonds, together with all Bonds purchased by the City, shall
thereupon be promptly cancelled. Bonds so cancelled may at any time be destroyed by
the Paying Agent, who shall execute a certificate of destruction in duplicate by the
signature of one of its authorized officers describing the Bonds so destroyed, and one
executed certificate shall be filed with the City and the other executed certificate shall be
retained by the Paying Agent.
SECTION 2.6 BONDS MUTILATED, DESTROYED, STOLEN OR LOST. In
case any Bonds shall become mutilated, destroyed, stolen or lost, the City may execute
and the Registrar shall authenticate and deliver a new Bond of like Series, date, maturity,
denomination and interest rate as the Bond so mutilated, destroyed, stolen or lost;
provided that, in the case of any mutilated Bond, such mutilated Bond shall first be
surrendered to the City and, in the case of any lost, stolen or destroyed Bond, there shall
first be furnished to the City and the Registrar evidence of such loss, theft, or destruction
satisfactory to the City and the Registrar, together with indemnity satisfactory to them. In
the event any such Bond shall be about to mature or have matured or have been called
for redemption, instead of issuing a duplicate Bond, the City may direct the Paying Agent
to pay the same without surrender thereof. The City and the Registrar may charge the
Holder of such Bond their reasonable fees and expenses in connection with this
transaction. Any Bond surrendered for replacement shall be cancelled in the same manner
as provided in Section 2.5 of this Resolution.
Any such duplicate Bonds issued pursuant to this Section shall constitute additional
contractual obligations on the part of the City, whether or not the lost, stolen or destroyed
Bonds be at any time found by anyone, and such duplicate Bonds shall be entitled to equal
and proportionate benefits and rights as to lien on and source and security for payment
from the Pledged Revenues with all other Bonds issued hereunder.
SECTION 2.7 PREPARATION OF DEFINITIVE BONDS; TEMPORARY
BONDS. The definitive Bonds of each Series shall be lithographed or printed with steel
engraved borders lithographed or printed; provided, however, type written Bonds may be
delivered to a registered securities depository for use in a book -entry system or to a
purchaser who has specifically agreed to such form. Until the definitive Bonds are
prepared, the Mayor and the City Clerk of the City may execute and the Registrar may
authenticate, in the same manner as is provided in Section 2.4 hereof, and deliver, in lieu
of definitive Bonds, but subject to the same provisions, limitations and conditions as the
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definitive Bonds, one or more printed, lithographed or typewritten temporary fully registered
Bonds, substantially of the tenor of the definitive Bonds in lieu of which such temporary
Bonds are issued, in authorized denominations or any whole multiples thereof, and with
such omissions, insertions and variations as may be appropriate to such temporary Bonds.
The City at its own expense shall prepare and execute and, upon the surrender at the
corporate trust office of the Registrar of such temporary Bonds for which no payment or
only partial payment has been provided, the Registrar shall authenticate and, without
charge to the Holder thereof, deliver in exchange therefore, at the principal corporate trust
office of the Registrar, definitive Bonds of the same aggregate principal amount, Series
and maturity as the temporary Bonds surrendered. Until so exchanged, the temporary
Bonds shall in all respects be entitled to the same benefits and security as definitive Bonds
issued pursuant to this Resolution.
SECTION 2.8 BOOK ENTRY. Bonds may be issued in book entry form or
immobilized with a registered depositary or its nominee as may be determined by
subsequent proceedings of the City.
SECTION 2.9 FORM OF BONDS. The text of the Bonds shall be of
substantially the following tenor, with such omissions, insertions and variations as may be
necessary and desirable and authorized or permitted by this Resolution:
OR063891;1 15
1
1
No. R
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
[FORM OF BOND]
(Face of Bond)
UNITED STATES OF AMERICA
STATE OF FLORIDA
[6161Ilohlodrelaqat*
1�1J•
CITY OF TAMARAC
REVENUE BOND,
SERIES 1998
Date of
Interest Maturity Original
Rate Date Issuance CUSIP
E.1
KNOW ALL MEN BY THESE PRESENTS that the City of Tamarac, Florida (the
"City"), for value received, hereby promises to pay to , or registered
assigns, on the date specified above, solely from the Pledged Revenues hereinafter
mentioned, upon presentation and surrender hereof at the principal corporate trust office
of , as paying agent (said and/or any bank or trust
company to become successor paying agent being herein called the "Paying Agent"), the
principal sum of THOUSAND DOLLARS with interest
thereon at the interest rate per annum specified above payable on the first day of
and of each year. Principal of this Bond is payable at
in lawful money of the United States of America.
Interest on this Bond is payable by check or draft of the Paying Agent made payable to the
registered owner and mailed to the address of the registered owner as such name and
address shall appear on the registry books of , as Registrar (said
and any successor Registrar being herein called the "Registrar") at the
close of business on the fifteenth day of the calendar month preceding each interest
payment date or the date on which the principal of a Bond is to paid (the "Record Date").
Such interest shall be payable from the most recent interest payment date next preceding
the date hereof to which interest has been paid, unless the date hereof is an 1 or
OR063991;1 16
1
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
1 to which interest has been paid, in which case from the date hereof, or unless
the date hereof is prior to , 19_, in which case from , 19_, or
unless the date hereof is between a Record Date and the next succeeding interest
payment date, in which case from such interest payment date.
This Bond is one of an authorized issue of Bonds of the City of Tamarac, Florida
designated as its 'Revenue Bonds Series 1998" (herein called the "Series 1998 Bonds"),
in the aggregate principal amount of not exceeding Dollars
($ ) of like date, tenor and effect, except as to number, date of maturity and
interest rate, issued for the purpose of financing the cost of the repair and resurfacing of
public roadways within the City (the "Project"), the costs associated with the issuance of
the Bonds, funding a reserve fund and funding capitalized interest, under the authority of
and in full compliance with the Constitution and Statutes of the State of Florida, including
particularly Chapter 166, Florida Statutes, as amended and supplemented, and other
applicable provisions of law, and a resolution duly adopted by the City Commission of the
City on 1998 (hereinafter referred to as the "Resolution") and is subject
to all the terms and conditions of the Resolution.
Reference is hereby made to the further provisions of this Bond set forth on the
reverse side hereof and such further provisions shall for all purposes have the same effect
as if set forth on the front side hereof.
It is hereby certified and recited that all acts, conditions and things required to exist,
to happen, and to be performed, precedent to and in the issuance of this Bond exist, have
happened and have been performed in regular and due form and time as required by the
Laws and Constitution of the State of Florida applicable thereto, and that the issuance of
this Bond, and of the Series of Bonds of which this Bond is one, is in full compliance with
all constitutional, statutory or charter limitations or provisions.
OR063991-11 17
1
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
IN WITNESS WHEREOF, the City of Tamarac, Florida has caused this Bond to be
signed by its Mayor, either manually or with his facsimile signature, and the seal of the City
of Tamarac, Florida or a facsimile thereof to be affixed hereto or imprinted or reproduced
hereon, and attested by the City Clerk of Tamarac, Florida, either manually or with his
facsimile signature, all as of the first day of , 19
CITY OF TAMARAC, FLORIDA
(SEAL)
Attest:
City Clerk
Carol Gold, CMC/AAE
OR063891 j 18
Mayor
Joe Schreiber
1
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
FORM OF CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds delivered pursuant to the within mentioned
Resolution.
Date of Authentication:
as Registrar
20
Authorized Officer
[FORM OF VALIDATION CERTIFICATE]
This Bond is one of a Series of Bonds which were validated by judgment of the
Circuit Court of the Seventeenth Judicial Circuit of Florida, in and for Broward County,
Florida, rendered on the day of , 19
City Clerk
Carol Gold, CMC/AAE
OR063891;1 19
Mayor
Joe Schreiber
1
Ili
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
[FORM OF BOND INSURANCE LEGEND]
[Back of Bond]
This Bond is payable from and secured by a lien on and pledge of the Pledged
Revenues levied and collected by the City (as such capitalized terms are defined in the
Resolution), all in the manner provided in the Resolution. The City is not obligated to pay
this Bond or the interest hereon except from the Pledged Revenues pledged thereto, and
the full faith and credit of the City is not pledged for the payment of this Bond and this Bond
does not constitute an indebtedness of the City within the meaning of any constitutional,
statutory or other provision or limitation; and it is expressly agreed by the Holder of this
Bond that such Holder shall never have the right to require or compel the exercise of the
ad valorem taxing power of the City, or taxation in any form of any real or personal property
therein, for the payment of the principal of and interest on this Bond, or the making of any
other sinking fund and other payments provided for in the Resolution.
OR063891;1 20
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
It is further agreed between the City and the Holder of this Bond that this Bond and
the obligation evidenced thereby shall not constitute a lien upon any property of or in the
City, but shall constitute a lien only on the Pledged Revenues pledged thereto, all in the
manner provided in the Resolution.
[Redemption Provisions]
Additional parity Bonds may be issued by the City from time to time upon the
conditions and within the limitations and in the manner provided in the Resolution.
The original registered owner, and each successive registered owner of this Bond
shall be conclusively deemed to have agreed and consented to the following terms and
conditions:
a. The Registrar shall keep books for the registration of Bonds and for the
registration of transfers of Bonds as provided in the Resolution. The Bonds shall be
transferable by the registered owner thereof in person or by his attorney duly authorized
in writing only upon the books of the City kept by the Registrar and only upon surrender
hereof together with a written instrument of transfer satisfactory to the Registrar duly
executed by the registered owner or his duly authorized attorney. Upon the transfer of any
such Bond, the City shall issue in the name of the transferee a new Bond.
b. The City, the Paying Agent and the Registrar may deem and treat the person
in whose name any Bond shall be registered upon the books kept by the Registrar as the
absolute owner of such Bond, whether such Bond shall be overdue or not, for the purpose
of receiving payment of, or on account of, the principal of and interest on such Bond as the
same becomes due, and for all other purposes. All such payments so made to any such
registered owner or upon his order shall be valid and effectual to satisfy and discharge the
liability upon such Bond to the extent of the sum or sums so paid, and neither the City, the
Paying Agent, nor the Registrar shall be affected by any notice to the contrary.
G. At the option of the registered owner thereof and upon surrender hereto at
the principal corporate trust office of the Registrar with a written instrument
of transfer satisfactory to the Registrar duly executed by the registered owner
or his duly authorized attorney and upon payment by such registered owner
of any charges which the Registrar or the City may make as provided in the
Resolution, the Bonds may be exchanged for Bonds of the same Series and
maturity of any other authorized denominations.
OIt0OM -11 21
1
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
d. In all cases in which the privilege of exchanging Bonds or transferring Bonds
is exercised, the City shall execute and the Registrar shall authenticate and deliver Bonds
in accordance with the provisions of the Resolution. There shall be no charge for any such
exchange or transfer of Bonds, but the City or the Registrar may require payment of a sum
sufficient to pay any tax, fee or other governmental charge required to be paid with respect
to such exchange or transfer. Neither the City nor the Registrar shall be required (1) to
transfer or exchange Bonds for a period of 15 days next preceding an interest payment
date on such Bonds or next preceding any selection of Bonds to be redeemed or thereafter
until after the mailing of any notice of redemption; or (2) to transfer or exchange any Bonds
called for redemption.
e. By purchase and acceptance of a Bond or portion thereof in book -entry form,
the beneficial owner agrees that the City shall have no responsibility for the action or
inaction of The Depositary Trust Company or other registered depositary or any of its
participants, nominees or successors as depositary in connection with the Bonds.
OR063891;1 22
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
ASSIGNMENT AND TRANSFER
FOR VALUE RECEIVED the undersigned sells, assigns and transfers unto
(please print or typewrite name and address of transferee)
the written bond and all rights thereunder, and hereby irrevocably constitutes and appoints
Attorney to transfer the within bond on the books kept for registration thereof with full
power of substitution in the premises.
Dated:
In the presence of:
QR063891;1 23
ARTICLE 3
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
COVENANTS, FUNDS AND APPLICATION THEREOF
SECTION 3.1 BONDS NOT TO BE INDEBTEDNESS OF THE CITY. The
Bonds shall not be and shall not constitute general obligations or indebtedness of the City
within the meaning of any constitutional or statutory provision, but shall be special
obligations of the City, payable solely from and secured by a lien upon and pledge of the
Pledged Revenues in accordance with the terms of this Resolution. No Holder of any Bond
or any Municipal Bond Insurer or the issuer of any Reserve Account Insurance Policy or
Reserve Account Letter of Credit shall ever have the right to compel the exercise of any
ad valorem taxing power to pay such Bond, or be entitled to payment of such Bond from
any moneys of the City except from the Pledged Revenues in the manner provided herein.
SECTION 3.2 SECURITY FOR BONDS. The payment of the principal of and
interest on all of the Bonds issued hereunder and any Additional Parity Bonds hereafter
issued, as provided herein, shall be secured forthwith equally and ratably by a lien on and
pledge of the Pledged Revenues; provided, however, a Series of Bonds may be further
secured by a Municipal Bond Insurance Policy in addition to the security provided herein.
The Pledged Revenues in an amount sufficient to pay the principal of and interest on the
Bonds herein authorized and to make the payments into the Sinking Fund and all other
payments provided for in this Resolution, are hereby irrevocably pledged to the payment
of the principal of and interest on the Bonds authorized herein, and other payments
provided for herein, as the same become due and payable.
The Pledged Revenues shall immediately be subject to the lien of this pledge
without any physical delivery thereof or further act, and the lien of this pledge shall be valid
and binding as against all parties having claims of any kind in tort, contract or otherwise
against the City.
The City does further hereby covenant and agree that as long as any of the
principal of or interest on any of the Bonds issued pursuant to this Resolution are
outstanding and unpaid, or payment thereof not duly provided for, it will not repeal any of
the ordinances or resolutions, if any, pursuant to which it levies, collects or receives the
Pledged Revenues and will not amend or modify said ordinances or resolutions in any
manner so as to impair or adversely affect in any manner the pledge of Pledged Revenues
made herein, or the rights of Holders of Bonds issued pursuant to this Resolution.
OR063891;1 24
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
The City further covenants that if, in any Fiscal Year, Pledged Revenues are less
than one hundred twenty-five percent (125%) of the Annual Debt Service Requirement for
all Bonds Outstanding, it shall pledge, to the extent legally available, Additional Pledged
Revenues, so that the Pledged Revenues shall be adequate in the next succeeding Fiscal
Year to pay at least one hundred twenty-five percent (125%) of the Annual Debt Service
Requirement for all Bonds outstanding, and that such Pledged Revenues shall be sufficient
to make all of the other payments provided herein as the same become due in such Fiscal
Year.
The City does further covenant that it has power to irrevocably pledge said Pledged
Revenues to the payment of principal of and interest on the Bonds issued pursuant to this
Resolution and that the pledge of said Pledged Revenues in the manner provided herein,
shall not be subject to repeal, modification or impairment by any subsequent ordinance or
other proceedings of the governing body of the City, except as provided herein, or by any
subsequent act or acts of the Legislature of Florida.
SECTION 3.3 APPLICATION OF BOND PROCEEDS.
(1) All moneys received by the City from the sale of Bonds issued pursuant to this
Resolution, unless otherwise provided by subsequent proceedings of the City, shall be
simultaneously disbursed as follows:
(1) The accrued interest derived from the sale of Bonds together with capitalized
interest, if any, derived from the proceeds of the Bonds shall be deposited
in the Interest Account, hereinafter created and established, and used for the
purpose of paying interest on said Bonds as the same becomes due and
payable.
(2) Proceeds derived from the sale of Bonds shall be deposited, together with
other moneys lawfully available therefor, if any, in the Debt Service Reserve
Account, hereinafter created and established, in an amount equal to the
Reserve Requirement. For purposes of the initial funding of the Reserve
Requirement with respect to the Series 1998 Bonds, the Debt Service
Reserve Account may be funded in equal installments over a period not to
exceed twenty-four from the date of issuance of such Series of Bonds.
(3) The balance of the proceeds derived from the sale of Bonds issued pursuant
to this Resolution shall be deposited in a Construction Fund which is hereby
created and established and used for the purpose of paying the costs of
issuance of the said Bonds and the costs of the Project. The Construction
OR063891;1 25
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
Fund shall be deposited in a bank or trust company in the State which is
eligible under State laws to receive deposits of municipal funds.
(2) Withdrawals shall be made from the Construction Fund only upon receipt of a
written requisition executed by a duly authorized official of the City, specifying the purpose
for which such withdrawal is to be made and certifying that such purpose is one of the
purposes provided for in this Resolution; provided, however, that no such written approval
shall be required for legal, financial and engineering expenses and fees and for costs of
issuance in connection with such Bonds. If for any reason the moneys in the Construction
Fund, or any part thereof, are not necessary for, or are not applied to the purposes
provided in this Resolution for the Construction Fund, then such unapplied proceeds, upon
certification of the Finance Director of the City that such surplus proceeds are not needed
for the purposes of the Construction Fund, shall be disbursed in the following order:
First, to the Debt Service Reserve Account, hereinafter created and established, to
the full extent necessary to make the amount then on deposit therein equal to the Reserve
Requirement.
Second, the balance, if any, to be used for any lawful capital expenditures in
connection with the City's capital improvement plan or, at the option of the City, the
redemption or purchase of Outstanding Bonds, if any.
(3) Any moneys received by the City from the State or from the United States of
America or any agencies thereof for the purpose of financing part of the cost of the
acquisition and construction of the Project, shall be deposited in the Construction Fund and
used in the same manner as other Bond proceeds are used therein; provided, however,
that such moneys shall not be so deposited in the event and to the extent that the City has
incurred debt in anticipation of the receipt of such moneys for payment of such debt and
provided further that separate accounts may be established in the Construction Fund for
moneys received pursuant to the provisions of this paragraph whenever required by
Federal or State regulations.
The proceeds of the sale of the Bonds shall be and constitute trust funds for the
purposes hereinabove provided and there is hereby created a lien upon such moneys, until
so applied, in favor of the Holders of said Bonds.
SECTION 3.4 COVENANTS OF THE CITY. The City hereby covenants and
agrees with the Holders of any and all of the Bonds issued pursuant to this Resolution as
follows:
OR063891;1 26
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
(1) Arbitrage Covenant; Rebate Fund. A special fund is hereby created, established
and designated the City of Tamarac Revenue Bond Rebate Fund (the "Rebate Fund").
Amounts on deposit in the Rebate Fund shall not be a part of the Pledged Revenues and
are not pledged to the payment of the principal of, or interest or premium, if any, on the
Bonds.
In order to maintain the exclusion from federal gross income of interest on the
Bonds, and for no other purpose, the City covenants to comply with the Code. In
furtherance of the covenant contained in the preceding sentence, the City agrees to
comply with the tax certificate delivered by the City in connection with the issuance of
Bonds, including, but not limited to:
(1) Making a determination in accordance with the Code of the amount required
to be deposited into the Rebate Fund, and making such deposit;
(2) Paying on the dates and in the manner required by the Code to the United
States Treasury from the Rebate Fund and any other legally available
moneys of the City such amounts as shall be required by the Code to be
rebated to the United States Treasury; and
(3) Keeping such records of the determinations made pursuant to this Section
3.4(A) as shall be required by the Code, as well as evidence of the fair
market value of any investments purchased with the proceeds of the Bonds.
The City covenants and agrees with the Holders of the Bonds that the City shall not
take any action or omit to take any action, which action or omission, if reasonably expected
on the date of initial issuance and delivery of the Bonds, would cause any of the Bonds to
be "private activity bonds" or "arbitrage bonds" within the meaning of Sections 141(a) and
148(a), respectively, of the Code.
The City shall make any and all payments required to be made to the United States
Department of the Treasury in connection with the Bonds pursuant to Section 148(f) of the
Code from amounts on deposit in the funds and accounts established under this
Resolution and available therefor.
Notwithstanding any other provision of this Resolution to the contrary, as long as
necessary in order to maintain the exclusion from federal gross income of interest on the
Bonds, the covenants contained in this section shall survive the payment of the Bonds and
OR063891;1 27
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
the interest thereon, including any payment or discharge thereof pursuant to Article III of
this Resolution.
(2) Pledged Revenue Fund. That the Pledged Revenues shall be deposited in a
special fund in a bank or trust company which is eligible under the laws of the State of
Florida to receive deposits of municipal funds, which fund is hereby created, established
and designated as the "Pledged Revenue Fund" (hereinafter referred to as the "Revenue
Fund"). Said Revenue Fund shall constitute a trust fund for the purposes provided in this
Resolution, and shall for the purposes of an accounting be kept separate and distinct from
all other funds of the City and used only for the purposes and in the manner provided for
in this Resolution.
(3) Disposition of Pledged Revenues. There are hereby created and established the
following funds and accounts:
The "Pledged Revenue Sinking Fund" (herein referred to as the "Sinking Fund");
and within this Sinking Fund there are also hereby created four (4) separate accounts to
be known as the "Interest Account," the "Principal Account," the 'Bond Redemption
Account" and the "Debt Service Reserve Account."
The Sinking Fund and the four (4) separate accounts therein shall be deposited in
a bank or trust company in the State which is eligible under State laws to receive deposits
of municipal funds.
All revenues at any time on deposit in the Revenue Fund shall be disposed of only
in the following manner:
(1) Revenues shall first be used, to the full extent necessary, for deposit into the
Interest Account in the Sinking Fund, on the fifteenth (15th) day of each
month, beginning with the fifteenth (15th) day of the first full calendar month
following the date on which any or all of the Bonds are delivered to the
purchasers thereof, such sums as shall be sufficient to pay one -sixth of the
interest becoming due on the Bonds on the next semi-annual Interest
Payment Date, provided, however, that such monthly deposits for interest
shall not be required to be made into the Interest Account to the extent that
money on deposit therein is sufficient for such purpose.
In the event that the period to elapse between Interest Payment Dates will
be other than six (6) months, then such monthly payments shall be increased
OR063891;1 28
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
or decreased as appropriate, in sufficient amounts to provide for the payment
of all interest due on the next Interest Payment Date. Any monthly payment
from the Revenue Fund to be deposited as set forth above, for the purpose
of meeting interest payments for any Series of Bonds, shall be adjusted, as
appropriate, to reflect the frequency of Interest Payment Dates applicable to
such Series.
(2) (1) Revenues shall next be used, to the full extent necessary for deposit
in the Principal Account on the fifteenth (15th) day of each month in each
year, one -twelfth (1/12th) of the principal amount of the Serial Bonds which
will mature and become due on such annual maturity dates, beginning on
such dates at least one year prior to such maturity dates, as shall hereafter
be determined by subsequent proceedings of the City; provided, however,
that such monthly deposits for principal shall not be required to be made into
the Principal Account to the extent that money on deposit therein is sufficient
for such purpose.
In the event the period to elapse between the date of delivery of the Bonds
and the next principal payment date will be other than twelve (12) months,
then such monthly payments shall be increased or decreased, as
appropriate, in sufficient amounts to provide the required principal amount
maturing on the next principal payment date. Any monthly payment from the
Revenue Fund to be deposited as set forth above for the purpose of meeting
payments of principal of the Bonds, shall be adjusted, as appropriate, to
reflect the frequency of principal payments applicable to such Series.
(2) Revenues shall next be used, to the full extent necessary, for deposit
into the Bond Redemption Account on the fifteenth (15th) day of each month
in each year, one -twelfth (1/12th) of the principal amount of the installment
coming due in the next sinking fund payment date, beginning at least one
year prior to the first such sinking fund payment date, in such amount and in
each year as may be required for the payment of the principal amount of
Term Bonds payable from the Bond Redemption Account, as shall hereafter
be determined by subsequent proceedings of the City.
The moneys in the Bond Redemption Account shall be used solely for the
purchase or redemption of the Term Bonds payable therefrom. The City may
at any time purchase any of said Term Bonds at prices not greater than the
then redemption price of said Term Bonds. If the Term Bonds are not then
OR063891;1 29
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
redeemable prior to maturity, the City may purchase said Term Bonds at
prices not greater than the redemption price of such Term Bonds on the next
ensuing redemption date. The City shall be mandatorily obligated to use any
moneys in the Bond Redemption Account for the redemption prior to maturity
of such Term Bonds in such manner and at such times as shall be
determined by subsequent proceedings of the City; provided, that the City
shall not be obligated to redeem such Term Bonds prior to maturity unless
and until there are sufficient moneys on deposit in the Bond Redemption
Account to provide for the redemption of at least Twenty -Five Thousand
Dollars ($25,000) principal amount of Term Bonds at any one time. If, by the
application of moneys in the Bond Redemption Account, the City shall
purchase or call for redemption in any year Term Bonds in excess of the
installment requirement for such year, such excess of Term Bonds so
purchased or redeemed shall be credited in such manner and at such times
as the Finance Director of the City shall determine over the remaining
installment payment dates.
No distinction or preference shall exist in the use of the moneys on deposit
in the Revenue Fund for payment into the Interest Account, the Principal
Account and the Bond Redemption Account, such accounts being on a parity
with each other as to payment from the Revenue Fund.
(3) Revenues shall next be used, to the full extent necessary, for deposits into
the Debt Service Reserve Account on the fifteenth (15th) day of each month
in each year, beginning with the fifteenth (15th) day of the first full calendar
month following the date on which any or all of the Bonds issued hereunder
are delivered to the purchasers thereof, such sums as shall be at least
sufficient to pay an amount equal to one -twelfth (1/12th) of the difference
between the amount on deposit in the Debt Service Reserve Account and
the Reserve Requirement; provided, further, that no payments shall be
required to be made into the Debt Service Reserve Account whenever and
as long as the amount deposited therein (including any Reserve Account
Insurance Policy or Reserve Account Letter of Credit) shall be equal to the
Reserve Requirement.
Notwithstanding the foregoing provisions, in lieu of the required deposits of
Revenues into the Debt Service Reserve Account, the City may cause to be
deposited into the Debt Service Reserve Account a Reserve Account
Insurance Policy or a Reserve Account Letter of Credit for the benefit of the
OR063 891;1 30
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
Bondholders in an amount equal to the difference between the Reserve
Requirement and the sums then on deposit in the Debt Service Reserve
Account, if any, which Reserve Account Insurance Policy or Reserve
Account Letter of Credit shall be payable or available to be drawn upon, as
the case may be, upon the giving of notice as required thereunder) on any
Interest Payment Date on which a deficiency exists which cannot be cured
by moneys in any other fund or account held pursuant to this Resolution and
available for such purpose. If a disbursement is made under the Reserve
Account Insurance Policy or the Reserve Account Letter of Credit, the City
shall be obligated to either reinstate the maximum limits of such Reserve
Account Insurance Policy or Reserve Account Letter of Credit immediately
following such disbursement so that amounts on deposit therein equal the
Reserve Requirement, or to deposit into the Debt Service Reserve Account
from the Revenues, as herein provided, funds in the amount of the
disbursement made under such Reserve Account Insurance Policy or
Reserve Account Letter of Credit, in twelve (12) equal monthly installments
as provided in the first paragraph of this Section 3.4(C)(3).
In the event that any moneys shall be withdrawn from the Debt Service
Reserve Account for payments into the Interest Account, Principal Account
and Bond Redemption Account, such withdrawals shall be subsequently
restored from the Pledged Revenues available after all required payments
have been made into the Interest Account, Principal Account and Bond
Redemption Account, including any deficiencies for prior payments unless
restored by the reinstatement of the maximum limits of a Reserve Account
Insurance Policy or Reserve Account Letter of Credit.
Moneys in the Debt Service Reserve Account shall be used only for the
purpose of making payments into the Interest Account, Principal Account and
Bond Redemption Account when the moneys in the Revenue Fund are
insufficient therefor.
Any moneys in the Debt Service Reserve Account in excess of the Reserve
Requirement for the Bonds and any Additional Parity Bonds hereafter issued
shall be transferred to the Construction Fund during construction of a Project
and thereafter to the Revenue Funds.
The Debt Service Reserve Account shall be valued at least once in each
Fiscal Year.
OR063891;1 31
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
(4) Revenues shall next be used for the payment of any subordinated
obligations hereafter issued by the City in accordance with Section 3.4(E) of
this Resolution, which subordinate obligations shall have such lien on the
Pledged Revenues as the City shall determine in the proceedings authorizing
the issuance of such subordinated obligations.
(5) After the fifteenth (15th) day of each month, any moneys remaining in the
Revenue Fund, after all required current payments into the Interest Account,
the Principal Account, the Bond Redemption Account, and the Debt Service
Reserve Account, including any deficiencies for prior payments, have been
made in full, as provided in this Resolution, shall be withdrawn from the
Revenue Fund, transferred to the general fund of the City and used by the
City for any lawful purpose, but no moneys in the Revenue Fund shall ever
be used for any such purpose until all such required current payments into
the Interest Account, the Principal Account, the Bond Redemption Account,
and the Debt Service Reserve Account, including any deficiencies for prior
required payments, have been made in full, and the City shall have complied
fully with all the covenants and provisions of this Resolution.
(6) If on any payment date the Pledged Revenues are insufficient to place the
required amount in any of the funds or accounts or for any of the purposes
provided above, the deficiency shall be made up on the subsequent payment
dates.
(7) All moneys levied and collected by the City as Pledged Revenues shall be
deposited into the Revenue Fund within twenty-four (24) hours after the
receipt thereof to the extent practicable.
(4) Investment of Funds. The Interest Account, Principal Account, Bond Redemption
Account, Debt Service Reserve Account, Construction Fund, Revenue Fund and all other
special funds created and established by this Resolution, but not including the Rebate
Account, shall constitute trust funds and shall be invested at the direction of the City as
provided herein.
Moneys on deposit in the Revenue Fund, Interest Account, Principal Account and
the Bond Redemption Account may be invested in Permitted Investments maturing not
later than the dates on which such moneys will be needed for the purposes of such fund
or account.
OR063891;1 32
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May 21, 1998
Revised May 21, 1998
Moneys on deposit in the Debt Service Reserve Account may be invested (1) in
direct obligations of the United States of America, or (2) in obligations fully guaranteed by
the United States of America, maturing not later than the dates on which such moneys will
be needed for the purposes of such fund or account.
All income and earnings received from the investment and reinvestment of moneys
on deposit in the Interest Account, Principal Account, and Bond Redemption Account shall
be transferred on the next business day following their receipt to the Revenue Fund and
used in the same manner and order of priority as other moneys on deposit therein.
All income and earnings received from the investment and reinvestment of moneys
on deposit in the Debt Service Reserve Account shall be transferred on the next business
day following their receipt to the Interest Account and used in the same manner as moneys
on deposit therein as provided in Section 3.4(C)(1) of this Resolution, provided that the
amount on deposit in the Debt Service Reserve Account equals Reserve Requirement on
the Bonds and any parity obligations (taking into account any Reserve Account Insurance
Policy or Reserve Account Letter of Credit). In the event that the amount on deposit in the
Debt Service Reserve Account is less than the Reserve Requirement, all income and
earnings received from the investment and reinvestment of moneys on deposit therein shall
be retained therein. Notwithstanding the foregoing, any moneys in the Debt Service
Reserve Account in excess of the Reserve Requirement for the Bonds shall be transferred
to the Construction Fund during construction of a Project.
Moneys on deposit in the Construction Fund may be invested and reinvested to the
fullest extent practicable in Permitted Investments maturing not later than such date or
dates on which such moneys will be needed for the purposes of the Construction Fund.
The earnings and investment income derived from the moneys and investments on
deposit in the Construction Fund shall be deposited and maintained in the Construction
Fund and used for the purposes thereof.
For the purpose of investing or reinvesting, the City may commingle moneys in the
funds and accounts created and established hereunder in order to achieve greater
investment income; provided that the City shall separately account for the amounts so
commingled. The amounts required to be accounted for in each of the funds and accounts
designated herein other than the Rebate Fund may be deposited in a single bank account
provided that adequate accounting procedures are maintained to reflect and control the
restricted allocation of the amounts on deposit therein for the various purposes of such
funds and accounts as herein provided. The designation and establishment of funds and
OR063891;1 33
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May 21, 1998
Revised May 21, 1998
accounts in and by this Resolution shall not be construed to require the establishment of
any completely independent funds and accounts but rather is intended solely to constitute
an allocation of Pledged Revenues and assets held under this Resolution for certain
purposes and to establish such certain priorities for application of certain revenues and
assets as herein provided.
The value of investments shall be determined as follows:
(1) as to investments the bid and asked prices of which are published on
a regular basis in The Wall Street Journal (or, if not there, then in The
New York Times): the average of the bid and asked prices for such
investment so published on or most recently prior to such time of
determination;
(2) as to investments the bid and asked prices of which are not published
on a regular basis in The Wall Street Journal or The New York Times:
the average bid price at such time of determination for such
investments by any such time of determination for such investments
by any two nationally recognized government securities dealers
(selected by the City in its absolute discretion) at the time making a
market in such investments or the bid price published by a nationally
recognized pricing service;
(3) as to certificates of deposit and bankers acceptances: the face
amount thereof, plus accrued interest; and
(4) as to any investment not specified above: the value thereof
established by prior agreement between the City and each Municipal
Bond Insurer.
(5) Issuance of Other Obligations Payable Out of Revenues. That the City will not issue
any other obligations, except upon the conditions and in the manner provided herein,
payable from the Pledged Revenues nor voluntarily create or cause to be created any
debt, lien, pledge, assignment, encumbrance or any other charge issued pursuant to this
Resolution and the interest thereon, upon any of the Pledged Revenues. Any other
obligations issued by the City in addition to the Bonds authorized by this Resolution or
Additional Parity Bonds issued under the terms, restrictions and conditions contained in
this Resolution, shall contain an express statement that such obligations are junior, inferior
and subordinate in all respects to the Bonds issued pursuant to this Resolution as to a lien
OR063891;1 34
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
on and source and security for payment from the Pledged Revenues and in all other
respects.
(6) Issuance of Additional Parity Bonds. That no Additional Parity Bonds, as in this
subsection defined, payable on a parity with Bonds issued pursuant to this Resolution out
of Pledged Revenues shall be issued after the issuance of any Bonds pursuant to this
Resolution except upon the conditions and in the manner herein provided.
No such Additional Parity Bonds shall be issued unless the following, among other
conditions, are complied with:
(1) The City must be current in all deposits into the various funds and accounts
and all payments theretofore required to have been deposited or made by
it under the provisions of this Resolution and the City must be currently in
compliance with the covenants and provisions of this Resolution and any
supplemental resolution hereafter adopted for the issuance of Additional
Parity Bonds; unless upon the issuance of such Additional Parity Bonds the
City will be in compliance with all such covenants and provisions.
(2) The amount of the Pledged Revenues during the immediate preceding Fiscal
Year or any twelve (12) consecutive months selected by the City of the
twenty-four (24) months immediately preceding the issuance of said
Additional Parity Bonds, adjusted as hereinafter provided, as certified by the
City's Finance Director, will be equal to one hundred twenty-five percent
(125%) of the Maximum Annual Debt Service on (1) the Bonds originally
issued pursuant to this Resolution then Outstanding; (2) any Additional Parity
Bonds theretofore issued and then Outstanding, and (3) the Additional Parity
Bonds then proposed to be issued; provided that for the purpose of
determining the Maximum Annual Debt Service under this Section, the
interest rate on variable rate Bonds shall be the maximum interest rate
provided therefor in the proceedings authorizing such Bonds.
(3) The Pledged Revenues calculated pursuant to the foregoing subparagraph
(2) may be adjusted, at the option of the City, as follows:
(1) If the City, prior to the issuance of the proposed Additional Parity
Bonds, shall have increased any rates, fees or charges which
constitute a portion of the Pledged Revenues, the Pledged Revenues
for the twelve (12) consecutive months immediately preceding the
OR063891;1 35
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
issuance of said Additional Parity Bonds, shall be adjusted to show
the Pledged Revenues which would have been derived in such twelve
(12) consecutive months as if such increased Pledged Revenues had
been in effect during all of such twelve (12) consecutive months.
(4) The term "Additional Parity Bonds" as used in this Resolution shall be
deemed to mean additional obligations evidenced by Bonds issued under the
provisions and within the limitations of this subsection payable from the
Pledged Revenues on a parity with Bonds originally authorized and issued
pursuant to this Resolution. Such Bonds shall be deemed to have been
issued pursuant to this Resolution the same as the Bonds originally
authorized and issued pursuant to this Resolution and all of the covenants
and other provisions of this Resolution (except as to details of such Bonds
evidencing such additional parity obligations inconsistent therewith), shall be
for the equal benefit, protection and security of the Holders of any Bonds
originally authorized and issued pursuant to this Resolution and the Holders
of any Bonds evidencing additional obligations subsequently issued within
the limitations of and in compliance with this subsection. All of such Bonds,
regardless of the time of their issuance shall rank equally with respect to their
lien on the Pledged Revenues and their sources and security for payment
therefrom without preference of any Bonds over any other.
The term "Additional Parity Bonds" as used in this Resolution shall not be
deemed to include bonds, notes, certificates or other obligations
subsequently issued under the terms of this Resolution, the lien of which on
the Pledged Revenues is subject to the prior and superior lien on the
Pledged Revenues of Bonds issued pursuant to this Resolution, as provided
in Section 3.4(E) of this Resolution, and the City shall not issue any
obligations whatsoever payable from the Pledged Revenues, which rank
equally as to lien and source and security for their payment from such
Pledged Revenues with Bonds issued pursuant to this Resolution except in
the manner and under the conditions provided in this subsection.
(7) Books and Records. That the City will keep books and records of the funds and
accounts established hereby, which shall be separate and apart from all other books,
records and accounts of the City, in which complete and correct entries shall be made in
accordance with generally accepted accounting principles of all transaction relating to the
funds and account established hereby, and any Holder of a Bond issued pursuant to this
Resolution and each Municipal Bond Insurer, shall have the right at all reasonable times
OR063891;1 36
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Temp Reso #8249
May 21, 1998
Revised May 21, 1998
to inspect funds and accounts established hereby, and all records, accounts and data of
the City relating thereto.
The City shall promptly after the close of each Fiscal Year cause the books, records
and accounts of funds and accounts established under this Resolution, for such Fiscal
Year, to be audited by a qualified, recognized and nationally known independent firm of
certified public accountants and shall file the report of Finance Director of the City, and
shall mail upon request, and make available generally, said report, or a reasonable
summary thereof, to any Holder or Holders of Bonds issued pursuant to this Resolution.
(8) Remedies.
(1) Any Holder of Bonds issued under the provisions of this Resolution or any
trustee acting for such Bondholders in the manner hereinafter provided, may
either at law or in equity, by suit, action, mandamus or other proceedings in
any court of competent jurisdiction, protect and enforce any and all rights
under the laws of the State, or granted and contained in this Resolution, and
may enforce and compel the performance of all duties required by this
Resolution or by any applicable statutes to be performed by the City or by
any officer thereof, including the collection of Pledged Revenues.
(2) The Holder or Holders of Bonds in an aggregate principal amount of not less
than twenty-five per centum (25%) of Bonds issued under this Resolution
then Outstanding may by a duly executed certificate in writing appoint a
trustee for Holders of Bonds issued pursuant to this Resolution with authority
to represent such Bondholders in any legal proceedings for the enforcement
and protection of the rights of such Bondholders. Such certificate shall be
executed by such Bondholders or their duly authorized attorneys or
representatives, and shall be filed in the office of the City Clerk of the City.
(3) Anything in this Resolution to the contrary notwithstanding, upon the
occurrence and continuance of a breach of covenant or an event of default
in the payment of principal or interest on a Series of Bonds, the related
Municipal Bond Insurer, if any, shall be entitled to control and direct the
enforcement of all rights and remedies granted to the Bondholders insured
by the related Municipal Bond Insurance Policy for the benefit of the Holders
of such Bonds under this Resolution.
OR063891;1 37
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Temp Reso #8249
May 21, 1998
Revised May 21, 1998
(9) Enforcement of Collections. That the City will diligently collect all Pledged
Revenues, and take all steps, action and proceedings for the collection of such Pledged
Revenues which shall become delinquent to the full extent permitted or authorized by
applicable laws and regulations.
(10) Discharge and Satisfaction of Bonds. The covenants, liens and pledges entered
into, created or imposed pursuant to this Resolution may be fully discharged and satisfied
with respect to the Bonds in any one or more of the following ways:
(1) by paying the principal of and interest on Bonds when the same shall
become due and payable; and
(2) by depositing in the Interest Account, the Principal Account and the Bond
Redemption Account and/or in such other accounts which are irrevocably
pledged to the payment of Bonds as the City may hereafter create and
establish by resolution, certain moneys which together with other moneys
lawfully available therefor, if any, shall be sufficient at the time of such
deposit to pay when due the principal, redemption premium, if any, and
interest due and to become due on said Bonds on or prior to the redemption
date or maturity date thereof; or
(3) by depositing in the Interest Account, the Principal Account and the Bond
Redemption Account and/or such other accounts which are irrevocably
pledged to the payment of Bonds as the City may hereafter create and
establish by resolution, moneys which together with other moneys lawfully
available therefore when invested in such Permitted Investments as are
described in clause (ii) of the definition of "Permitted Investments" in Section
1.1 of this Resolution which shall not be subject to redemption prior to their
maturity other than at the option of the Holder thereof, will provide moneys
which shall be sufficient to pay when due the principal, redemption premium,
if any, and interest due and to become due on said Bonds on or prior to the
redemption date or maturity date thereof.
(4) Upon such payment or deposit in the amount and manner provided in this
Section 3.4(J) of this Resolution, Bonds shall be deemed to be paid and shall
no longer be deemed to be Outstanding for the purposes of this Resolution
and all liability of the City with respect to said Bonds shall cease, terminate
and be completely discharged and extinguished, and the Holders thereof
OR063891;1 38
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May 21, 1998
Revised May 21, 1998
shall be entitled for payment solely out of the moneys or securities so
deposited.
(5) Notwithstanding the foregoing all references to the discharge and satisfaction
of Bonds shall include the discharge and satisfaction of any Series of Bonds,
any portion of a Series of Bonds, any maturity or maturities of a Series of
Bonds, any portion of a maturity of a Series of Bonds or any combination
thereof.
(8) If any portion of the moneys deposited for the payment of the principal of and
redemption premium, if any, and interest on any portion of Bonds is not
required for such purpose, the City may use the amount of such excess free
and clear of any trust, lien, security interest, pledge or assignment securing
said Bonds or otherwise existing under this Resolution.
(7) Notwithstanding anything to the contrary in this Resolution, in the event that
the principal and/or interest due on Bonds shall be paid by a Municipal Bond
Insurer pursuant to a Municipal Bond Insurance Policy, such Bonds shall
remain Outstanding for all purposes, not be defeased or otherwise satisfied
and not be considered paid by the City, and the assignment and pledge of
the Pledged Revenues and all covenants, agreements and other obligations
of the City to the Holders shall continue to exist and shall run to the benefit
of the Municipal Bond Insurer, and the Municipal Bond Insurer shall be
subrogated to the rights of such Holders.
(11) Concerning the Reserve Account Insurance„ Policy and/or the Reserve Account
Letter of Credit, and the Municipal Bond Insurance Policy. As long as the City shall have
a Reserve Account Insurance Policy and/or a Reserve Account Letter of Credit on deposit
in the Debt Service Reserve Account, the City covenants that it will comply with the
provisions of the Reserve Account Insurance Policy and/or the reimbursement or similar
agreement with respect to the Reserve Account Letter of Credit.
As long as any Series of Bonds of the City are insured by a Municipal Bond
Insurance Policy the City covenants to comply with the requirements and conditions
imposed on the City by the issuer of the Municipal Bond Insurance Policy.
ARTICLE 4
OR063891;1 39
Temp Reso #8249
May 21, 1998
Revised May 21, 1998
MISCELLANEOUS PROVISIONS
SECTION 4.1 MODIFICATION OR AMENDMENT. Except as otherwise
provided in the second paragraph hereof, no material modification of amendment of this
Resolution, or of any resolution amendatory hereof or supplemental hereto, may be made
without the consent in writing of (1) the Holders of fifty-one percent of more in principal
amount of the Bonds then Outstanding or (2) in case less than all of the Bonds then
Outstanding are affected by the modification or amendment, the Holder of fifty-one percent
or more in principal amount of the Bonds of each Series so affected and Outstanding at
the time such consent is given; provided, however, that no modification or amendment
shall permit a change in the maturity of such Bonds or a reduction in the rate of interest
thereon, or affecting the unconditional promise of the City to collect Pledged Revenues,
or to pay the principal of and interest on the Bonds, as the same mature or become due,
from the Pledged Revenues, or reduce the percentage of Holders of Bonds required above
for such modification or amendments, without the consent of the Holders of all the Bonds.
For purposes of this Resolution, to the extent any Series of Bonds is insured by a
Municipal Bond Insurance Policy and such Series of Bonds is then rated in as high a rating
category as the rating category in which such Series of Bonds was rated at the time of
initial issuance and delivery thereof, by either Standard & Poor's or Moody's, then the
consent of the issuer of such Municipal Bond Insurance Policy shall constitute the consent
of the Holders of such Series.
This Resolution may be amended, changed, modified and altered without the
consent of the Holders of Bonds to (a) cure any ambiguity, correct or supplement any
provision contained herein which may be defective or inconsistent with any other provisions
contained herein, (b) such changes as may be necessary in order to adjust the terms
hereof so as to facilitate the issuance of capital appreciation Bonds, option Bonds and
capital appreciation and income Bonds which changes will not adversely affect the interest
of such Holder of Bonds, and (c) provide for the issuance of Bonds in coupon form if, in the
opinion of Bond Counsel, such issuance will not affect the exclusion from gross income of
interest on the Bonds for federal income tax purposes.
With respect to a Series of Bonds insured by a Municipal Bond Insurance Policy, the
related Municipal Bond Insurer's consent shall be required in addition to Bondholder
consent, when required, for the following purposes: (1) execution and delivery of any
supplemental resolution or ordinance relating to the Series of Bonds so insured, (2)
removal of the Paying Agent and selection and appointment of any successor paying
OR063891;1 40
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May 21, 1998
Revised May 21, 1998
agent, and (3) initiation or approval of any action not described in (a) or (b) above which
requires Bondholder consent.
SECTION 4.2 SEVERABILITY OF INVALID PROVISIONS. 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 or 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, and shall in
no way affect the validity of any of the other provisions of this Resolution or of the Bonds
issued hereunder.
SECTION 4.3 SALE OF BONDS. The Bonds shall be issued and sold at one
time or from time to time and at such price or prices consistent with the provisions of the
Act and the requirements of this Resolution as the City shall hereafter determine by
resolution.
SECTION 4.4 CONFLICTS. If any clause, section, other part or application
of this Resolution is held by any court of competent jurisdiction to be unconstitutional or
invalid, in part or application, it shall not affect the validity of the remaining portions or
applications of this Resolution.
QR063891;1 41
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Temp Reso #8249
May 21, 1998
Revised May 21, 1998
SECTION 4.5 TIME OF TAKING EFFECT. This Resolution shall take effect
upon its passage in the manner provided by law.
OR063891;1
PASSED and ADOPTED this oL7 day of May, 1998
oe Schreiber, Mayor
ATTEST:
Carol Gold, C C/AAE
City Clerk
I HEREBY CERTIFY that I have
approved this RESOLUTION as
to form.
Mitchell S. Kraft
City Attorney
S
RECORD OF COMMIS!
MAYOR
SCH_REIBER
DIST 1:
COMM. McKAYE
DIST 2:
V/M MISHKIN
DIST 3:
COMM. SULTANOF
DIST 4:
COMM. ROBERTS
42
N VOTE