HomeMy WebLinkAboutCity of Tamarac Resolution R-98-348Temporary Resolution No. 8474
December 9, 1998
RESOLUTION NO.98- 3 4 3
A RESOLUTION OF THE CITY OF TAMARAC, FLORIDA,
AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
$3,250,000 IN AGGREGATE PRINCIPAL AMOUNT OF CITY
OF TAMARAC, FLORIDA GENERAL OBLIGATION BONDS,
SERIES 1998 (COMMUNITY CENTER PROJECT), TO PAY
FOR ACQUISITION AND CONSTRUCTION OF A
COMMUNITY CENTER WITHIN THE CITY; PROVIDING
THAT SUCH GENERAL OBLIGATION BONDS SHALL
CONSTITUTE GENERAL OBLIGATIONS OF THE CITY
AND THAT THE FULL FAITH, CREDIT AND TAXING
POWER OF THE CITY SHALL BE IRREVOCABLY
PLEDGED FOR THE PAYMENT OF THE PRINCIPAL OF
AND THE INTEREST ON SUCH GENERAL OBLIGATION
BONDS; MAKING CERTAIN COVENANTS AND
AGREEMENTS IN CONNECTION THEREWITH;
PROVIDING CERTAIN DETAILS OF THE BONDS;
DESIGNATING THE BONDS AS "BANK QUALIFIED";
APPROVING THE NEGOTIATED SALE OF THE BONDS;
APPOINTING A PAYING AGENT AND A BOND
REGISTRAR; AUTHORIZING CERTAIN OFFICIALS AND
EMPLOYEES OF THE CITY TO TAKE ALL ACTIONS
REQUIRED IN CONNECTION WITH THE ISSUANCE OF
SAID BONDS; PROVIDING FOR SEVERABILITY AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission (the "Commission") of the City of Tamarac, Florida (the
"City") adopted Resolution No. 98-207 on July 8, 1998 calling for a bond referendum to determine
whether the qualified electors of the City approve the issuance of Bonds to finance a Community
Center and related costs; and
WHEREAS, by bond referendum duly held on September 1, 1998 in accordance with
applicable laws of the State of Florida, the issuance of the Bonds was approved by the qualified
electors of the City; and
WHEREAS, the returns of said referendum have been provided to the Commission and the
Commission has canvassed and declared the results thereof pursuant to Resolution No. 98-232 duly
adopted by the Commission on September 9, 1998; and
OR 114254;1
WHEREAS, the Commission has determined that it is in the best interest of the City to
proceed at this time with the issuance of the Bonds to finance the Project (defined below).
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
SECTION 1 DEFINITIONS. As used herein, unless the context otherwise requires:
"Act" means the Constitution and laws of the State of Florida, including, without limitation,
Article VII, Section 12 of the Constitution, Chapter 166, Florida Statutes, and, to the extent not
inconsistent with and not repealed by the provisions of Section 166.021, Florida Statutes, the Charter
of the City of Tamarac.
"Authorized Depository" means any bank, trust company, national banking association,
savings and loan association, savings bank or other banking association selected by the City as a
depository, which is authorized under Florida law to be a depository of municipal funds and which
has complied with all applicable state and federal requirements concerning the receipt of City funds.
"Bond" or 'Bonds" mean the City of Tamarac, Florida General Obligation Bonds, Series
1998 (Community Center Project), issued hereunder in an aggregate principal amount not to exceed
$3,250,000.
"Bond Registrar" means initially the City (acting by and through the Finance Director) and
thereafter, any other agent designated from time to time by the City, by resolution, to maintain the
registration books for the Bonds issued hereunder or to perform other duties with respect to
registering the transfer of the Bonds.
"Bondholder", "holder" or "registered owner" means the person in whose name any Bond is
registered on the registration books maintained by the Bond Registrar.
"City" means the City of Tamarac, Florida.
"City Attorney" means the City Attorney of the City or his or her designee.
"City Clerk" means the City Clerk or the Assistant City Clerk or his or her designee or the
officer succeeding to his or her principal functions.
"City Manager" means the City Manager or his or her designee or the officer succeeding to
his or her principal functions.
"Code" means the Internal Revenue Code of 1986, as amended, and all temporary, proposed
or permanent implementing regulations promulgated or applicable thereunder.
ORI 14254;1 2
"Commission" means the City Commission of the City.
"Finance Director" means the Director of Finance of the City or his or her designee or the
officer succeeding to his or her principal functions.
"Fiscal Year" means the period commencing on October 1 of each year and ending on the
succeeding September 30, or such other consecutive 12-month period as may hereafter be designated
as the fiscal year of the City.
"Government Obligations" means:
(a) direct obligations of, or obligations guaranteed as to timely payment by, the -
United States of America;
(b) 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 (i) which are
not callable prior to maturity or as to which irrevocable instructions have been given to the
trustee of such bonds or other obligations by the obligor to give due notice of redemption and
to call such bonds for redemption on the date or dates specified in such instructions,
(ii) which are secured as to principal and interest and redemption premium, if any, by a fund
consisting only of cash or obligations of the character described in clause (a) hereof 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 redemption date or dates specified in the irrevocable instructions referred to in
subclause (i) of this clause (b), as appropriate, and (iii) as to which the principal of and
interest on the obligations of the character described in clause (a) hereof which have been
deposited in such fund along with any cash on deposit in such fund are sufficient to pay
principal of and interest and redemption premium, if any, on the bonds or other obligations
described in this clause (b) on the maturity date or dates thereof or on the redemption date
or dates specified in the irrevocable instructions referred to in subclause (i) of this clause (b),
as appropriate;
(c) Evidences of indebtedness issued by the Federal Home Loan Banks, Federal
Home Loan Mortgage Corporation (including participation certificates), Federal Financing
Banks, or any other agency or instrumentality of the United States of America created by an
act of Congress provided that the obligations of such agency or instrumentality are
unconditionally guaranteed as to timely payment by the United States of America or any
other agency or instrumentality of the United States of America or of any corporation wholly -
owned by the United States of America; and
(d) Evidences of ownership of proportionate interests in future interest and
principal payments on obligations described in clause (a) hereof held by a bank or trust
company as custodian.
oxt 1a2540 3
"Mayor" means the Mayor of the City or, in his absence or inability to perform, the Vice
Mayor of the City.
"Outstanding" or "Bonds outstanding" means all Bonds which have been issued pursuant to
this Resolution except:
(a) Bonds canceled after purchase in the open market or because of payment at
or redemption prior to maturity;
(b) Bonds for the payment or redemption of which cash funds or Government
Obligations or any combination thereof shall have been theretofore irrevocably set aside in
a special account with the Paying Agent (other than the City) or other Authorized Depository,
whether upon or prior to the maturity or redemption date of any such Bond, in an amount
which, together with earnings on such Government Obligations, will be sufficient to pay the
principal of and interest and redemption premium, if any, on such Bonds at maturity or upon
their earlier redemption; provided that, if such Bonds are to be redeemed before the maturity
thereof, notice of such redemption shall have been given according to the requirements of
this Resolution or irrevocable instructions directing the timely giving of such notice and
directing the payment of the principal of and interest on such Bonds at such redemption dates
shall have been given to the Paying Agent;
(c) Bonds which are deemed paid pursuant to Section 5.G hereof; and
(d) Bonds in exchange for or in lieu of which other Bonds have been
authenticated and delivered pursuant to this Resolution.
"Project" means the acquisition and construction of a community center within the City, the
payment of capitalized interest on the Bonds until the community center is completed, and the
payment of costs associated with the issuance of the Bonds.
"Paying Agent" means initially the City (acting by and through the Finance Director) and
thereafter, any other agent which is an Authorized Depository, designated from time to time by the
City, by resolution, to serve as a Paying Agent for the Bonds issued hereunder that shall have agreed
to arrange for the timely payment of the principal of, interest on and redemption premium, if any,
with respect to the Bonds to the registered owners thereof, from funds made available therefor by
the City.
"Resolution" means this resolution authorizing the issuance of the Bonds, as amended from
time to time to the extent permitted hereby.
Words in this Resolution importing singular numbers shall include the plural number in each
case and vice versa, and words importing persons shall include firms, corporations or other entities
ox> > 4254;1 4
,- including governments or governmental bodies. Words of the masculine gender shall be deemed and
construed to include correlative words of the feminine and neuter genders.
SECTIQN 2. FINDINGS AND DET RMINATIONS. It is hereby ascertained,
determined and declared that:
A. The recitals to this Resolution are hereby incorporated herein as findings and
determinations.
B. The Project consists solely of "capital projects" as such term is used in Article VII,
Section 12 of the Constitution of the State of Florida.
C. The reasonably anticipated amount of tax-exempt obligations which will be issued
by the City during 1998 does not exceed $10,000,000. There are no entities that issue obligations
on behalf of the City. The City hereby designates the Series 1998 Bonds as "qualified tax-exempt
obligations" within the meaning of Section 265(b)(3) of the Code.
D. A negotiated sale of the Bonds (within the meaning of Section 218.385, Florida
Statutes) is in the best interest of the City due to the small size of the issue, the benefits of issuing
the Bonds as "bank qualified" to financial institutions, and the fact that the City has obtained bids
from multiple reputable financial institutions and selected the lowest conforming bid.
SECTIQN 3. CONTRACT. In consideration of the acceptance of the Bonds authorized
to be issued hereunder by those who shall hold the same from time to time, this Resolution shall be
deemed to be and shall constitute a contract between the City, the Bondholders, the Bond Registrar
and the Paying Agent. The covenants and agreements herein set forth to be performed by the City
shall be for the equal benefit, protection and security of the Bondholders, and all Bonds shall be of
equal rank and without preference, priority or distinction over any other thereof, except as expressly
provided herein.
SECTION 4. AUTHORIZATION OF THE BONDS, WARD OF THE
BONDS. Subject and pursuant to the provisions hereof, general obligation bonds of the City to be
known as "City of Tamarac, Florida, General Obligation Bonds, Series 1998 (Community Center
Project)" are hereby authorized to be issued at one time or as needed in an aggregate principal
amount of not exceeding Three Million Two Hundred Thousand Dollars ($3,250,000) for the
purpose of paying the costs of the Project and to pay costs of issuance of the Bonds. The City
Manager shall determine the aggregate principal amount of the Bonds to be issued. The Bonds are
hereby awarded to SunTrust Bank, South Florida, National Association, which bid the lowest
interest rate of the financial institutions which submit a bid conforming to the Issuer's Request for
Commitment, at a purchase price equal to the principal amount of the Bonds plus accrued interest,
if any.
oRl 14254;1 5
SECTION & Tom, REDEMPIIQN AND F01tM_0E BONDS.
A. The Bonds shall be issued as fully registered bonds and shall be numbered
consecutively from 1 upward preceded by the letter "R". The principal of and redemption premium,
if any, on the Bonds shall be payable upon presentation and surrender at the designated office of the
Paying Agent. Interest on the Bonds shall be paid by check or draft drawn upon the Paying Agent
and mailed to the registered owners of the Bonds at the addresses as they appear on the registration
books maintained by the Bond Registrar at the close of business on the 15th day (whether or not a
business day) of the month next preceding the interest payment date (the "Record Date"), irrespective
of any transfer or exchange of such Bonds subsequent to such Record Date and prior to such interest
payment date, unless the City shall be in default in payment of interest due on such interest payment
date; provided, however, that (i) if ownership of Bonds is maintained in a book -entry only system
by a securities depository, such payment may be made by automatic funds transfer (wire) to such
securities depository or its nominee, or (ii) if such Bonds are not maintained in a book -entry only
system by a securities depository, upon written request of the holder of $1,000,000 or more in
principal amount of Bonds, such payments may be made by wire transfer to the bank and bank
account specified in writing by such holder on or prior to the Record Date (such bank being a bank
within the continental United States). In the event of any default in the payment of interest, such
defaulted interest shall be payable to the persons in whose names such Bonds are registered at the
close of business on a special record date for the payment of such defaulted interest as established
by notice deposited in the U.S. mails, postage prepaid, by the Paying Agent to the registered owners
of the Bonds not less than fifteen (15) days preceding such special record date. Such notice shall be
mailed to the persons in whose names the Bonds are registered at the close of business on the fifth
day (whether or not a business day) preceding the date of mailing.
B. The Bonds shall be dated such date, shall bear interest payable semiannually on such
interest payment dates, commencing on such date, at the interest rates, shall mature on such dates
and in such amounts, and shall be subject to redemption prior to maturity all as set forth in the Form
of Bond contained in Section 5.J hereof.
C. The Bonds shall be executed in the name of the City by the Mayor and the seal of the
City shall be imprinted, reproduced or lithographed on the Bonds and attested to by the City Clerk.
The signatures of the Mayor and the City Clerk on the Bonds may be by facsimile. If any officer
whose signature appears on the Bonds ceases to hold office before the delivery of the Bonds, his
signature shall nevertheless be valid and sufficient for all purposes. In addition, any Bond may bear
the signature of, or may be signed by, such persons as at the actual time of execution of such Bond
shall be the proper officers to sign such Bond although at the date of such Bond or the date of
delivery thereof such persons may not have been such officers.
- Only such of the Bonds as shall have endorsed thereon a certificate of authentication
substantially in the form hereinafter set forth in Section 5.J hereof, duly manually executed by the
Bond Registrar, shall be entitled to any right or benefit under this Resolution. No Bond shall be
valid or obligatory for any purpose unless and until such certificate of authentication shall have been
oRllaz54;1 6
duly executed by the Bond Registrar, and such certificate of the Bond Registrar upon any such Bond
shall be conclusive evidence that such Bond has been duly authenticated and delivered under this
Resolution. The Bond Registrar's certificate of authentication on any Bond shall be deemed to have
been duly executed if signed by an authorized officer of the Bond Registrar, but it shall not be
necessary that the same officer sign the certificate of authentication on all of the Bonds that may be
issued hereunder at any one time. The foregoing notwithstanding, for so long as the City serves as
the Bond Registrar under this Resolution, the Bonds shall be authenticated by the manual signature
of the Finance Director or his designee, and the registered owner of any Bond so authenticated shall
be entitled to the benefits of this Resolution.
D. Any Bond may be transferred in whole, but not in part, upon the registration books
maintained by the Bond Registrar upon delivery thereof to the designated office of the Bond
Registrar accompanied by a written instrument or instruments of transfer in form and with guaranty
of signature satisfactory to the Bond Registrar, duly executed by the Bondholder or his attorney -in -
fact or legal representative, containing written instructions as to the details of the transfer of such
Bond, along with the social security number or federal employer identification number of such
transferee. In all cases of a transfer of a Bond, the Bond Registrar shall at the earliest practical time
in accordance with the terms hereof enter the transfer of ownership in the registration books and shall
deliver in the name of the new transferee or transferees a new fully registered Bond of the same
maturity and of authorized denomination or denominations, for the same aggregate principal amount
and payable from the same source of funds. Bonds may be exchanged at the office of the Bond
Registrar for a like aggregate principal amount of Bonds, of other authorized denominations of the
same series and maturity. The City and the Bond Registrar may charge the Bondholder for the
registration of every transfer or exchange of a Bond an amount sufficient to reimburse them for any
tax, fee or any other governmental charge required (other than by the City) to be paid with respect
to the registration of such transfer or exchange, and may require that such amounts be paid before
any such new Bond shall be delivered.
The City, the Bond Registrar, and the Paying Agent may deem and treat the registered owner
of any Bond as the absolute owner of such Bond for the purpose of receiving payment of the
principal thereof and the interest and redemption premium, if any, thereon.
E. If any Bond is mutilated, destroyed, stolen or lost, the City or its agent may, in its
discretion (i) deliver a duplicate replacement Bond, or (ii) pay a Bond that has matured or is about
to mature. A mutilated Bond shall be surrendered to and canceled by the Bond Registrar. The
Bondholder must furnish the City and the Bond Registrar proof of ownership of any destroyed, stolen
or lost Bond; post satisfactory indemnity; comply with any reasonable conditions the City and the
Bond Registrar may prescribe; and pay the City's and the Bond Registrar's reasonable expenses.
Any such duplicate Bond shall constitute an original contractual obligation on the part of the
City whether or not the destroyed, stolen or lost Bond be at any time found by anyone, and such
duplicate Bond shall be entitled to equal and proportionate benefits and rights as to lien on, and
OR 114254;1 7
source of payment of and security for payment from, the funds pledged to the payment of the Bond
so mutilated, destroyed, or stolen or lost.
F. The Bonds shall be subject to redemption prior to their maturity at such times and in
such manner as set forth in the Form of Bond contained in Section 5.J hereof Notice of redemption
shall be given by facsimile or express delivery service, at least five (5) and not more than ten (10)
business days before the redemption date to all registered owners of the Bonds or portions of the
Bonds to be redeemed at their addresses as they appear on the registration books to be maintained
in accordance with the provisions hereof.
Such notice shall set forth the date fixed for redemption, the rate of interest borne by each
Bond being redeemed, the name and address of the Bond Registrar and Paying Agent, the
redemption price to be paid and, if less than all of the Bonds then outstanding shall be called for
redemption, the distinctive numbers and letters, including CUSIP numbers, if any, of such Bonds
to be redeemed and, in the case of Bonds to be redeemed in part only, the portion of the principal
amount thereof to be redeemed. If any Bond is to be redeemed in part only, the notice of redemption
which relates to such Bond shall also state that on or after the redemption date, upon surrender of
such Bond, a new Bond or Bonds in a principal amount equal to the unredeemed portion of such
Bond will be issued.
The Bond Registrar shall not be required to transfer or exchange any Bond after delivery of
a notice of redemption.
G. Notice having been given in the manner and under the conditions provided in the first
two paragraphs of Section 51 above, the Bonds or portions of Bonds so called for redemption shall,
on the redemption date designated in such notice, become and be due and payable at the redemption
price provided for redemption for such Bonds or portions of Bonds on such date. On the date so
designated for redemption, moneys for payment of the redemption price being held in separate
accounts by the Paying Agent or other Authorized Depository in trust for the registered owners of
the Bonds or portions thereof to be redeemed, all as provided in this Resolution, interest on the
Bonds or portions of Bonds so called for redemption shall cease to accrue, such Bonds and portions
of Bonds shall cease to be entitled to any lien, benefit or security under this Resolution and shall be
deemed paid hereunder, and the registered owners of such Bonds or portions of Bonds shall have no
right in respect thereof except to receive payment of the redemption price thereof and, to the extent
provided in the next subsection, to receive Bonds for any unredeemed portions of the Bonds.
H. In case part but not all of an outstanding fully registered Bond shall be selected for
redemption, the registered owners thereof shall present and surrender such Bond to the Paying Agent
for payment of the principal amount thereof so called for redemption, and the City shall execute and
deliver to or upon the order of such registered owner, without charge therefor, for the unredeemed
balance of the principal amount of the Bonds so surrendered, a Bond or Bonds fully registered as to
principal and interest.
OR] 14254:1 8
I. Bonds or portions of Bonds that have been duly called for redemption under the
provisions hereof, or as to which irrevocable instructions to call for redemption have been given by
the City, and with respect to which amounts (including Government Obligations) sufficient to pay
the principal of, redemption premium, if any, and interest to the date fixed for redemption shall be
delivered to and held in separate trust accounts by an escrow agent, any Authorized Depository or
the Paying Agent (other than the City) in trust for the registered owners thereof, as provided in this
Resolution, shall not be deemed to be outstanding under the provisions of this Resolution and shall
cease to be entitled to any lien, benefit or security under this Resolution, except to receive the
payment of the redemption price on or after the designated date of redemption from moneys
deposited with or held by the escrow agent, Authorized Depository or Paying Agent (other than the
City), as the case may be, for such redemption of the Bonds and, to the extent provided in the
preceding subsection, to receive Bonds for any unredeemed portion of the Bonds.
The text of the Bonds, the authentication certificate to be endorsed thereon and the
form of assignment for such Bonds shall be substantially in the following form, with such omissions,
insertions and variations as may be necessary or desirable and authorized by this Resolution or as
may be approved and made by the officers of the City executing the same, such execution to be
conclusive evidence of such approval, including, without limitation, such changes as may be required
for the issuance of uncertificated public obligations:
ORl 14254;1 9
No. R-1 $3,250,000
�~ F AMERICA
i H i L Ur r i ,ORIDA
CITY OF TAMARAC, FLORIDA
GENERAL OBLIGATION BOND,
SERIES 1998 (COMMUNITY CENTER PROJECT)
Interest Original Dated
Rate: Maturity Date: Date: SIP NO:
4.269% October 1, 2017 December , 1 8 /A
REGISTERED OWNER: SUNTRUST BANK, SOUTH FLORI ANSI. SOCIATION
PRINCIPAL AMOUNT: THREE MILLION TWO HUND TSAND DOLLARS
The City of Tamarac, Florida (hereinafter lie ity' , for value received, hereby
promises to pay to the Registered Owner id abo e, or to registered assigns or legal
representatives, to the extent and from the s vid therefor, as described herein, the
Principal Amount identified above in ins llments p y annually on the first day of October
commencing on October 1, 2000, as t f in Sch u e A hereto, and to pay, to the extent and
from the sources herein described nt est ncipal sum from the date hereof, or from the
most recent interest payment d h terest has been paid, at the Interest Rate per annum
identified above, compute 3 ay y consisting of twelve 30-day months and subject to
adjustment as providec em, til ent of the Principal Amount, or until provision for the
payment thereof ha en provided for, such interest being payable semiannually on the first
day of April and e firs ay tober of each year, commencing on April 1, 1999 as set forth in
Schedule A attach mcipal and interest will be paid on each such payment date to the
Registered owner her of at is address as it appears on the registration books of the City maintained
by the Bond Registrar the Bonds, at the close of business on the fifteenth (15th) day (whether or
not a business day) of the month next preceding the payment date (the "Record Date"), irrespective
of any transfer or exchange of such Bond subsequent to each Record Date and prior to such payment
date, unless the City shall be in default in payment of amounts due on such payment date. In the
event of any such default, such defaulted amounts shall be payable to the person in whose name such
Bond is registered at the close of business on a special record date for the payment of such defaulted
interest as established by notice by deposit in the U.S. mails, postage prepaid, by the Bond Registrar
to the Registered Owners of Bonds not less than fifteen (15) days preceding such special record date.
Such notice shall be mailed to the persons in whose names the Bonds are registered at the close of
business on the fifth (5th) day (whether or not a business day) preceding the date of mailing.
This Bond is one of an authorized issue of bonds in the aggregate principal amount of
$3,250,000 (the "Bonds") of like date, tenor and effect, except as to number, maturity and interest
rate, issued to pay the cost of the acquisition and construction of a community center within the City,
pursuant to the authority of and in full compliance with the Constitution and laws of the State of
[Form of Bond]
10 .
UNITED STATES OF AMERICA
STATE F VLORIDA
CITY OF TAMARAC, FLORIDA ,
GENERAL O ATION BOND,
SERIES 1998 (CO TY CENTER PROJECT)
Interest! Original Dated
Rate: Maturity Date: Date: CUSIP NO:
�% October 1, 201J, December 10, 1998 N/A
REGISTERED OWNER:
PRINCIPAL AMOUNT: �� DOLLARS
The City of Tamarac, Florida (hereinaftcalled the "City"), for value received, hereby
promises to pay to the Registered Owner identified above, or to registered assigns or legal
representatives, to the extent and from the sources provided therefor, as described herein, the
Principal Amount identified above in installrients payable annually on the first day of October
commencing on October 1, 2000, as set foin Schedule A hereto, and to pay, to the extent and
from the sources herein described, interest n the principal sum from the date hereof, or from the
most recent interest payment date to which -interest -has beenpaid, at the. Interest Rate per annurn
identified above, computed n a 360-day ear for the actual number of days lapsed and subject to
adjustment as provided herein, until p�yment of the Principal Amount, or til provision for the
payment thereof has been duly p emi ngually on the first
day of April and the first day of Octo er of �eachear, commencing on April 1, 199 as set forth in
Schedule A attached hereto. Princi al and interest will be paid on each such payment date to the
Registered owner hereof at his add ss as it appears on the registration books of the City maintained
by the Bond Registrar for the Bonds, at the close of business on the fifteenth (15th) day (whether or
not a business day) of the m/efault
ext preceding the payment date (the "Record Date"), irrespective
of any transfer or exchange Bond subsequent to each Record Date and prior to such payment
date, unless the City shall bin payment of amounts due on such payment date. In the
event of any such default, suaulted amounts shall be payable to the person in whose name such
Bond is registered at the clousiness on a special record date for the payment of such defaulted
interest as established by no deposit in the U.S. mails, postage prepaid, by the Bond Registrar
to the Registered Owners of Bonds not less than fifteen (15) days preceding such special record date.
Such notice shall be mailed to the persons in whose names the Bonds are registered at the close of
business on the fifth (5th) day (whether or not a business day) preceding the date of mailing.
_ 4
OR 114254;1 10
This Bond is one of an authorized issue of bonds in the aggregate principal amount of
$3,250,000 (the "Bonds") of like date, tenor and effect, except as to number, maturity and interest
rate, issued to pay the cost of the acquisition and construction of a community center within the
City, pursuant to the authority of and in full compliance with the Constitution and laws of the State
of Florida, including particularly Article VII, Section 12 of the Constitution, Chapter 166, Florida
Statutes, to the extent not inconsistent with and not repealed by the provisions of Section 166.021,
Florida Statutes, the Charter of the City of Tamarac, and Resolution No. 98-_ duly adopted by the
City on December 9, 1998 (the "Bond Resolution"), and other applicable provisions of law. This
Bond is subject to all the terms and conditions of the Bond Resolution, and capitalized terms not
otherwise defined herein shall have the same meanings ascribed to them in the Bond Resolution.
The full faith, credit and taxing power of the City are pledged to the punctual payment of the
principal of and interest on the Bonds, as the same shall become due and payable. Reference is made
to the Bond Resolution for the provisions, among others, relating to the terms, lien and security for
the Bonds, the custody and application of the proceeds of the Bonds, the rights and remedies of the
holders of the Bonds, and the extent of and limitations on the City's rights, duties and obligations,
to all of which provisions the registered owner hereof assents by acceptance hereof.
This Bond is subject to prepayment at the option of the Issuer in whole or in part on any date
at a price equal to the principal amount being prepaid plus accrued interest thereon. In the event of
partial prepayment, each payment shall be applied first to accrued interest and then to such principal
installments as the City shall designate.
In connection with any prepayment while this Bond is owned by SunTrust Bank, South
Florida, National Association, or its successors (the "Bank"), the City shall give the Bank not more
than ten (10), and not less than five (5) business days' notice of any proposed prepayment specifying
the prepayment date, the principal amount of this Bond to be so prepaid, the installments of principal
against which the prepayment shall be credited and the person or persons authorized to notify the
Bank of acceptance of the terms of prepayment referred to in the next succeeding sentence. The
Bank shall provide oral notice to a person specified by the City on the second business day prior to
the proposed prepayment date of the amount, if any, of the prepayment premium which shall be paid
in connection with such proposed prepayment by the City pursuant to the next succeeding paragraph
hereof. At the time of such oral notice, such person shall state whether the City elects to make such
proposed payment, and if such person so elects, such election of prepayment given by the City shall
be irrevocable and the aggregate principal amount of this Bond so specified in such notice, together
with such accrued interest and any such additional sum payable pursuant to the premium provisions
set forth below shall become due and payable on the specified prepayment date. The Bank may, but
shall not be obligated to, provide written confirmation of receipt of such election to the City, but any
failure of the Bank to provide such confirmation shall not affect the obligation of the City to make
such prepayment on the agreed terms.
While the Bond is owned by SunTrust Bank, South Florida, National Association, or its
successors (the "Bank'), in the event that the Issuer shall make any optional prepayment, then the
ORl 14254;1 11
Issuer will pay to the Bank, if a positive number, a prepayment premium equal to the amount
determined by the Bank to be the amount equal to (X) the present value as of the prepayment date
of the payments of principal and interest that would have been received with respect to the portion
of this Bond being prepaid using a discount rate as of the prepayment date minus (Y) the present
value as of the prepayment date of the payments of principal and interest that would have been
received with respect to the portion of this Bond being prepaid using a discount rate as of the
Original Dated Date, with such discount rate in each case being the fixed rate based on quotations
obtained by the Bank in its discretion from one or more dealers or other counterparties in the interest
rate swap market for an interest rate swap (i) with payment dates coincident (or approximately so)
with the Interest Payment Dates hereunder after the date of such occurrence, (ii) with a notional
amount equal to the principal amount of this Bond scheduled to be outstanding after such date
(taking into account the amortization hereof), and (iii) pursuant to which such dealer or other
counterparty is the fixed rate payor and the Bank is the floating rate payor at the 30-day London
Interbank Offered Rate.
The Issuer understands that the Bank may enter into an interest rate swap agreement in order
to preserve the yield anticipated to be earned by the Bank in connection with this Bond, although
it shall not have any obligation to do so and the obligation of the City to pay the amounts required
under the preceding paragraph shall not be affected thereby. The parties agree that the amount
payable under the preceding paragraph are a reasonable pre -estimate of loss and not a penalty. Such
amounts are payable for the loss of bargain and payment of such amounts shall not in any way
reduce, affect or impair any other obligation of the City under this Bond.
The Interest Rate shall be adjusted, as set forth below:
If the interest earned on this Bond is included in the gross income of the Bank when
determining Federal and State tax liability for whatever reason, then this Bond will bear interest from
the earliest effective date as of which interest payable on this Bond is includable in the gross income
of the Bank at a fixed rate of interest per annum equal to the Interest Rate then in effect times 1.54
(the "Taxable Rate"). The Issuer shall also pay any additions to tax, penalties, and any interest
thereon incurred by the Bank as a result of the loss of the tax-exempt status of this Bond, and any
arrears in interest resulting from a determination of taxability. Any penalties in the form of interest
or otherwise shall be paid by the Borrower on the next succeeding interest payment date.
The Interest Rate shall be adjusted automatically as of the effective date of any change in the
Maximum Corporate Tax Rate, presently 35%, or in the Preference Reduction Rate, presently 20%
(hereinafter defined) based upon the following calculations.
Upon the occurrence of any of the foregoing events, the Interest Rate shall be adjusted to the
product obtained by multiplying the Interest Rate by a fraction, the numerator of which is equal to
the sum of (i) the product of the "Fully Taxable Equivalent" times one minus the Maximum
Corporate Tax Rate in effect as of the day of adjustment, plus (ii) the TEFRA Adjustment
(hereinafter defined) in effect as of the date of adjustment, and the denominator of which is equal
OR 1 14254; 1 12
to the sum of (i) the product of the "Fully Taxable Equivalent" times 0.65 plus (ii) the TEFRA
Adjustment (hereinafter defined) in effect as of the date of funding of the loan.
For the purpose hereof: (1) "TEFRA Adjustment" means an adjustment equal to the product
of the following: Cost of Funds multiplied by the applicable Maximum Corporate Tax Rate
multiplied by the applicable Preference Reduction Rate; (2) "Cost of Funds" means one hundred
(100) multiplied by a fraction, the numerator of which is equal to the total interest expense of
SunTrust Banks, Inc., for the immediately preceding tax year and the denominator of which is equal
to the average total assets of SunTrust Banks, Inc. for such year, but at no time will be determined
to exceed the cost of Fed Funds; (3) "Preference Reduction Rate" means the percentage reduction
to be applied to the amount allowable as a deduction under Chapter 1 of the Code with respect to any
financial institution preference item (as such term is defined in Section 291(e) of the Code); and
(4) "Fully Taxable Equivalent" means the Interest Rate times 1.516 expressed as a number and not
as a percentage (for example, if the "Interest Rate" is 5%, the Fully Taxable Equivalent is seven and
five -eighths (7%).
Notice of call for redemption is to be given by faxing or delivering by express delivery
service a copy of the redemption notice at least five (5) but not more than ten (10) business days
prior to the date fixed for redemption to the registered owner of each Bond to be redeemed at the
address shown on the registration books maintained by the City, as Bond Registrar, or any successor
Bond Registrar appointed by the City pursuant to the Bond Resolution. All such Bonds called for
redemption and for the retirement of which funds are duly provided will cease to bear interest on
such redemption date.
This Bond may be transferred in whole, but not in part, upon the registration books of the
City upon delivery thereof to the designated office of the Bond Registrar accompanied by a written
instrument or instruments of transfer in form and with guaranty of signature satisfactory to the Bond
Registrar, duly executed by the registered owner of this Bond or by his attorney -in -fact or legal
representative, containing written instructions as to the details of transfer of this Bond, along with
the social security number or federal employer identification number of such transferee. In all cases
of a transfer of a Bond, the Bond Registrar shall at the earliest practical time in accordance with the
provisions of the Bond Resolution enter the transfer of ownership in the registration books and shall
deliver in the name of the new transferee or transferees a new fully registered Bond or Bonds of the
same maturity and of authorized denomination or denominations, for the same aggregate principal
amount and payable from the same source of funds. Bonds may be exchanged at the office of the
Bond Registrar for a like aggregate principal amount of Bonds, of authorized denominations of the
same series and maturity. The City and the Bond Registrar may charge the owner of such Bond for
the registration of every transfer or exchange of a Bond an amount sufficient to reimburse them for
any tax, fee or any other governmental charge required (other than by the City) to be paid with
respect to the registration of such transfer or exchange, and may require that such amounts be paid
before any such new Bond shall be delivered.
OR] 14254;1 13
If the date for payment of the principal of, redemption premium, if any, or interest on this
Bond shall be a Saturday, Sunday, legal holiday in the State of Florida or, if the Paying Agent is then
an entity other than the City, a day on which banking institutions in the city where the corporate trust
office of the Paying Agent is located are authorized by law or executive order to close, then the date
for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday in
the State of Florida or a day on which such banking institutions are authorized to close, and payment
on such day shall have the same force and effect as if made on the nominal date of payment,
provided that interest shall continue to accrue on all unpaid principal until paid.
All principal of and interest on this Bond may be declared immediately due and payable by
the Registered Owner hereof upon the occurrence of an Event of Default under the Bond Resolution
or this Bond, as described in Section 14 of the Bond Resolution.
It is hereby certified and recited that this Bond is authorized by and is issued in conformity
with the requirements of the Constitution and statutes of the State of Florida; that all acts, conditions
and things required to exist, to happen, and to be performed precedent to 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 hereto; that the issuance of the Bonds of this
issue does not violate any constitutional or statutory limitation or provision; that due provision has
been made for the levy and collection of an annual tax, without limitation as to rate or amount, upon
all taxable property within the corporate limits of the City (excluding exemptions as provided by
applicable law), in addition to all other taxes, sufficient to pay the principal of and interest on the
Bonds as the same shall become due and payable, which tax shall be assessed, levied and collected
at the same time and in the same manner as other ad valorem taxes are assessed, levied and collected
within the corporate limits of the City; and that the full faith, credit and taxing power of the City are
pledged to the punctual payment of the principal of and interest on the Bonds, as the same shall
become due and payable.
This Bond shall not be valid or become obligatory for any purpose or be entitled to any
security or benefit under the Bond Resolution until the Certificate of Authentication endorsed hereon
shall have been manually signed by the Bond Registrar.
THE CITY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR
PROCEEDING BASED UPON, OR RELATED TO, THIS BOND. THIS WAIVER IS
KNOWINGLY, INTENTIONALLY AND VOLUNTARILY MADE BY THE CITY AND THE
CITY ACKNOWLEDGES THAT NEITHER THE BONDHOLDER NOR ANY PERSON ACTING
ON BEHALF OF THE BONDHOLDER HAS OR HAVE MADE ANY REPRESENTATIONS OF
FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR
NULLIFY ITS EFFECT. THE CITY FURTHER ACKNOWLEDGES THAT IT HAS BEEN
REPRESENTED (OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE
ISSUANCE OF THIS BOND AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT
LEGAL COUNSEL, SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE
OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. THE CITY AGREES THAT
ORI14254;1 14
THE OBLIGATION EVIDENCED BY THIS BOND IS AN EXEMPTED TRANSACTION
UNDER THE TRUTH -IN -LENDING ACT, 15 U.S.C. SECTION 1061 ETT SEQ. THE CITY
FURTHER ACKNOWLEDGES THAT IT HAS READ AND UNDERSTANDS THE MEANING
OF THIS WAIVER PROVISION.
This Bond is, and has all the qualities and incidents of, an investment security under the
Uniform Commercial Code -Investment Securities Law of the State of Florida.
IN WITNESS WHEREOF, the City of Tamarac, Florida, has issued this Bond and has
caused the same to be signed by its Mayor and attested by its City Clerk, either manually or with
their facsimile signatures, and its seal to be affixed hereto or a facsimile of its seal to be reproduced
hereon.
CITY OF TAMARAC, FLORIDA
(SEAL)
e
ATTESTED:
I:
City Clerk
OR 114254;1
15
Mayor
CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds designated in and executed under the provisions of the within
mentioned Bond Resolution.
City of Tamarac, Florida,
as Bond Registrar
Director of Finance
Date of Authentication:
OR 114254;1 1
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned (the "Transferor") hereby sells, assigns and
transfers unto
(the "Transferee")
PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF TRANSFEREE
the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints
as attorney to register the transfer of the within Bond
on the books kept for registration and registration of transfer thereof, with full power of substitution
in the premises.
Date:
Signature Guaranteed:
NOTICE: Signature (s) must be guaranteed
by a member firm of the New York Stock
Exchange or a member firm of any other
recognized national securities exchange or a
commercial bank or a trust company.
NOTICE: No transfer will be registered and
no new Bond will be issued in the name of the
Transferee, unless the signature(s) to this
assignment correspond(s) with the name as it
appears upon the face of the within Bond in
every particular, without alteration or
enlargement or any change whatever and the
Social Security or Federal Employer
Identification Number of the Transferee is
supplied.
[End of Form of Bond]
OR 114254;1 17
W. .
SECTION_( APPLICATION OF BOND PROCEEDS. The proceeds, including accrued
interest and premium, if any, received from the sale of the Bonds shall be applied by the City,
simultaneously with delivery of the Bonds, as follows:
A. Accrued interest, if any, shall be deposited in the account designated "City of Tamarac
1998 General Obligation Bond Principal and Interest Account" (the "Principal and Interest Account")
which is hereby established with the Paying Agent, who shall apply such moneys to pay interest on
the Bonds as the same becomes due.
B. An amount set forth in a certificate of the Finance Director delivered concurrently
with the delivery of the Bonds (the "Proceeds Certificate") shall be deposited in a separate account
designated "City of Tamarac 1998 General Obligation Bond Construction Account" (the
"Construction Account") which is hereby established with the City and shall be disbursed to pay the
costs of the Project, including reimbursement to the City of funds advanced for costs incurred with
respect to the Project, which may be reimbursed pursuant to the Code. Any balance remaining after
payment or provision for payment of such costs of the Project, shall be transferred to the Paying
Agent for deposit in the Principal and Interest Account and used solely to pay principal of and
interest on the Bonds.
C. The remainder of the proceeds as set forth in the Proceeds Certificate shall be
deposited in a separate account designated "City of Tamarac 1998 General Obligation Bond Cost of
Issuance Account" which is hereby established with the City and shall be disbursed for payment of
expenses incurred in issuing the Bonds. Any balance remaining after payment or provision for
payment of such expenses has been made shall be transferred, at the option of the City, to either the
Construction Account for the payment of costs of the Project or to the Paying Agent for deposit in
the Principal and Interest Account and used solely to pay principal of and interest on the Bonds.
SECTION 7, INVESTMENT OF BOND PROCEEDS AND OTHER MONEYS. All
proceeds of the Bonds and other moneys held under the provisions of this Resolution may be
invested by the City and, with respect to the Principal and Interest Account, shall be invested by the
Paying Agent at the direction of the Finance Director, in such investments as are permitted by
applicable law.
SECTION 8. LEVY OF AD VALOREM TAX, PAYMENT AND PLEDGE. In each
Fiscal Year while any of the Bonds are Outstanding there shall be assessed, levied and collected a
tax, without limitation as to rate or amount, on all taxable property within the corporate limits of the
City (excluding exemptions as provided by applicable law), in addition to all other taxes, sufficient
in amount to pay the principal of and interest on the Bonds as the same shall become due.
The tax assessed, levied and collected for the security and payment of the Bonds shall be
assessed, levied and collected in the same manner and at the same time as other ad valorem taxes
are assessed, levied and collected and the proceeds of said tax shall be applied solely to the payment
of the principal of and interest on the Bonds. On or before each interest or principal payment date
OR114254;1 18
for the Bonds, the City shall transfer to the Paying Agent for deposit in the Principal and Interest
Account an amount sufficient to pay the principal of, redemption premium, if any, and interest on
the Bonds then due and payable and the Paying Agent is hereby authorized and directed to apply
such funds to said payment.
The full faith, credit and taxing power of the City are hereby irrevocably pledged to the
punctual payment of the principal of, interest on and redemption premium, if any, with respect to the
Bonds as the same shall become due and payable.
The City will diligently enforce its right to receive tax revenues and will diligently enforce
and collect such taxes. The City will not take any action that will impair or adversely affect its right
to levy, collect and receive said taxes, or impair or adversely affect in any manner the pledge made
herein or the rights of the Bondholders.
SECTIONS COMPLIANCE WITH TAX REQUIREMENTS. The City hereby
covenants and agrees, for the benefit of the holders from time to time of the Bonds, to comply with
the requirements applicable to it contained in the Code to the extent necessary to preserve the
exclusion of interest on the Bonds from gross income for federal income tax purposes. Specifically,
without intending to limit in any way the generality of the foregoing, the City covenants and agrees:
A. to pay to the United States of America from any legally available funds, at the times
- required pursuant to Section 148(f) of the Code; the excess of the amount earned on all nonpurpose
investments (as defined in Section 148(f) (6) of the Code) over the amount which would have been
earned if such non -purpose investments were invested at a rate equal to the yield on the Bonds, plus
any income attributable to such excess (the "Rebate Amount");
B. to maintain and retain all records pertaining to and to be responsible for making or
causing to be made all determinations and calculations of the Rebate Amount and required payments
of the Rebate Amount as shall be necessary to comply with the Code;
C. to refrain from using proceeds from the Bonds in a manner that would cause the
Bonds or any of them, to be classified as private activity bonds under Section 141(a) of the Code;
and
D. to refrain from taking any action that would cause the Bonds, or any of them, to
become arbitrage bonds under Section 148 of the Code.
The City understands that the foregoing covenants impose continuing obligations on the City
to comply with the requirements of the Code so long as such requirements are applicable.
SECTION 14, APPOINTMENT OF T AN BOND
REGISTRAR. The City, acting by and through its Finance Director, is hereby appointed the initial
Paying Agent and initial Bond Registrar for the Bonds.
OR114254;1 19
SECTION 11. FURTHER AUTHORIZATIONS. The Mayor, the City Manager,
the Finance Director, the City Attorney and the City Clerk, or any of them and such other officers
and employees of the City as may be designated by the Mayor or the City Manager are each
designated as agents of the City in connection with the issuance and delivery of the Bonds and are
authorized and empowered, collectively or individually, to take all actions and steps and to execute
all instruments, documents and contracts on behalf of the City that are necessary or desirable in
connection with the execution and delivery of the Bonds, and which are specifically authorized or
are not inconsistent with the terms and provisions of this Resolution or any action relating to the
Bonds heretofore taken by the City. Such officers and those so designated are hereby charged with
the responsibility for the issuance of the Bonds.
SECTIQN 12. MODIFICATION_ OR AMENDMENT. After the issuance of the
Bonds, no modification or amendment of this Resolution or of any resolution amendatory hereof or
supplemental hereto materially adverse to the Bondholders may be made without the consent in
writing of the registered owners of not less than a majority in aggregate principal amount of the
Outstanding Bonds, but no modification or amendment shall permit a change (a) in the maturity of
the Bonds or a reduction in the rate of interest thereon, (b) in the amount of the principal obligation
of any Bond, (c) that would affect the unconditional promise of the City to levy and collect taxes as
herein provided, or (d) that would reduce such percentage of registered owners of the Bonds required
above for such modifications or amendments, without the consent of all of the Bondholders. For the
purpose of Bondholders, voting rights or consents, (i) the Bonds owned by or held for the account
of the City, directly or indirectly, shall not be counted.
SECTIONS 12EFEASANCE AND RELEASE. If, at any time after the date of
issuance of the Bonds (a) all Bonds secured under this Resolution or any maturity thereof shall have
become due and payable in accordance with their terms or otherwise as provided in this Resolution,
or shall have been duly called for redemption, or the City shall have given irrevocable instructions
directing the payment of the principal of, redemption premium, if any, and interest on such Bonds
at maturity or at any earlier redemption date scheduled by the City, or any combination thereof,
(b) the full amount of the principal, redemption premium, if any, and the interest so due and payable
upon all of such Bonds then outstanding or any portion of such Bonds, at maturity or upon
redemption, shall be paid, or sufficient moneys or Government Obligations maturing not later than
the maturity or redemption dates of such principal, redemption premium, if any, and interest, which,
together with the income realized on such investments, shall be sufficient to pay all such principal,
redemption premium, if any, and interest on said Bonds at the maturity thereof or the date upon
which such Bonds are to be called for redemption prior to maturity, shall be held by an escrow agent
who shall be an Authorized Depository or the Paying Agent (other than the City) in irrevocable trust
for the benefit of such Bondholders (whether or not in any accounts created hereby), and
(c) provision shall also be made for paying all other sums payable hereunder by the City, including
compensation due the Bond Registrar and the Paying Agent, then and in that case the right, title and
interest of such Bondholders hereunder shall thereupon cease, determine and become void;
otherwise, this Resolution shall be, continue and remain in full force and effect. Notwithstanding
OR 114254;1 20
anything in this Section 13 to the contrary, however, the obligations of the City under Section 9
hereof shall remain in full force and effect until such time as such obligations are fully satisfied.
SECTJD—N--1-4, DEEAULTS AND REMEDIES. The following events shall each
constitute an Event of Default under this Resolution and the Bonds:
(a) failure to pay the principal of or interest on the Bonds when due;
(b) the dissolution or liquidation of the Issuer, or the filing by the Issuer of a
voluntary petition in bankruptcy, or the commission by the Issuer of any act of bankruptcy,
or adjudication of the Issuer as a bankrupt, or assignment by the Issuer for the benefit of its
creditors, or appointment of a receiver for the Issuer, or the entry by the Issuer into an
agreement of composition with its creditors, or the approval by a court of competent
jurisdiction of a petition applicable to the Issuer in any proceeding for its reorganization
instituted under the provisions of the Federal Bankruptcy Act, as amended, or under any
similar act in any jurisdiction which may now be in effect or may hereafter be enacted;
(c) the Issuer shall default in the due and punctual performance of any of the other
covenants, conditions, agreements and provisions contained in the Bonds or in this
Resolution on the part of the Issuer to be performed, and such default shall continue for a
period of ten (10) days after written notice from the registered holder or holders of a majority
of the outstanding principal amount of the Bonds.
The holder or holders of the Bonds may either at law or in equity, by suit, 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 or contained in the Bonds or this Resolution, and may enforce and
compel the performance of all duties required by this Resolution and the Bonds or by any applicable
statute to be performed by the Issuer or any officer thereof.
SECTION 15, SEVERABILITY. If any one or more of the covenants, agreements
or provisions of this Resolution shall be held contrary to any express provisions 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 or of the Bonds issued hereunder.
SECTION 16. NO THIRD PARTY BENEFICIARIES. Except as herein otherwise
expressly provided, nothing in this Resolution expressed or implied is intended or shall be construed
to confer upon any person, firm or corporation other than the City, the registered owners of the
Bonds, the Bond Registrar and the Paying Agent, any right, remedy or claim, legal or equitable,
under or by reason of this Resolution or any provision hereof, this Resolution and all its provisions
being intended to be and being for the sole and exclusive benefit of the City, the registered owners
from time to time of the Bonds, the Bond Registrar and the Paying Agent.
oRl I4254;1 21
SECTION 1CONTROLLING LAW,• MEMBERS OF COMMISSION 0R
CITY NQT LIABLE. This Resolution shall be governed by and construed in accordance with the
laws of the State of Florida and all covenants, stipulations, obligations and agreements of the City
contained herein shall be deemed to be covenants, stipulations, obligations and agreements of the
City to the full extent authorized by the Act. No covenant, stipulation, obligation or agreement
contained herein shall be deemed to be a covenant, stipulation, obligation or agreement of any
present or future member, agent, independent contractor or employee of the Commission or the City
in his individual capacity, and neither the members of the Commission nor any official executing
the Bonds shall be liable personally on the Bonds or this Resolution or shall be subject to any
personal liability or accountability by reason of the issuance or the execution by the Commission or
such members thereof.
SECTION_I& PROVISION OF FINANCIAL INFOB TION. The City shall
provide the Bank with a copy of its budget each year, within thirty (30) days of the adoption thereof,
which budget shall make provision for the payment of the principal of and interest on the Bonds
when due. The City shall also provide the Bank with a copy of its annually audited financial
statements free of charge within ten (10) days of such statements being prepared, but in no event
later than one hundred eighty (180) days after the end of the preceding fiscal year of the City. The
City shall also provide the Bank with such other financial information as the Bank may reasonably
require.
SECII!DN a. WAATR OF JURY TRIAL. THE CITY WAIVES THE RIGHT
TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, OR RELATED
TO, THE SUBJECT MATTER OF THIS RESOLUTION. THIS WAIVER IS KNOWINGLY,
INTENTIONALLY AND VOLUNTARILY MADE BY THE CITY AND THE CITY
ACKNOWLEDGES THAT NEITHER THE BONDHOLDER NOR ANY PERSON ACTING ON
BEHALF OF THE BONDHOLDER HAS OR HAVE MADE ANY REPRESENTATIONS OF
FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR
NULLIFY ITS EFFECT. THE CITY FURTHER ACKNOWLEDGES THAT IT HAS BEEN
REPRESENTED (OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE
ADOPTION OF THIS RESOLUTION AND IN THE MAKING OF THIS WAIVER BY
INDEPENDENT LEGAL COUNSEL, SELECTED OF ITS OWN FREE WILL, AND THAT IT
HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. THE CITY
AGREES THAT THE OBLIGATION EVIDENCED BY THIS RESOLUTION IS AN EXEMPTED
TRANSACTION UNDER THE TRUTH -IN -LENDING ACT, 15 U.S.C. SECTION 1061 ET SEQ.
THE CITY FURTHER ACKNOWLEDGES THAT IT HAS READ AND UNDERSTANDS THE
MEANING OF THIS WAIVER PROVISION.
SECTION 20, EFFECTIVE DATE. This Resolution shall be effective immediately
upon its adoption.
OR] 14254;1 22
ADOPTED this the 9th day of December 1998.
ATTEST:
r
Carol Gold, CMC/AAE, City Cl6k
I HEREBY CERTIFY
that I have approved this
Re olution as form.
Mitchell S. Kraft, City Ait6rney
r
tie Schreiber, Mayor
RECORD OF COMMISSION VOTE
Mao reiber
Dist. 1: John E. McKaye. Commissioner
D' 2: LaLry Mishkin, Mayor
D' : Marc L. ult ner
4: Karen L. Roberts.ner
OR114254;► 23
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CERTIFICATE OF THE CITY
MCERIAIN MATTERS
The undersigned officers of the City of Tamarac, Florida (the "City"), DO HEREBY
CERTIFY that:
1. Marion Swenson is the duly appointed and qualified Assistant City Clerk of the City
and in such capacity keeps the records of the acts and proceedings and the minutes of the meetings
of the City Commission of the City of Tamarac (the "City Commission") and has general charge of
the books, records and official seal of the City.
2. Resolution No. 98-207 adopted by the City Commission on July 8, 1998, Resolution
No. 98-232 adopted by the City Commission on September 9, 1998 and Resolution No. 98-348
adopted by the City Commission on December 9, 1998 (the "Bond Resolution"), being the only
resolutions relating to the authorization, sale and issuance of the $3,250,000 General Obligation
Bonds, Series 1998 (Community Center Project) (the "Series 1998 Bonds") of the City are, as of this
date, in full force and effect as adopted without any modification or change whatsoever.
3. The following persons constitute the duly qualified and elected members of the City
Commission for the periods indicated below:
Name
Office
Term Ends
Joseph Schreiber
Mayor
3/21/2000
Lawrence Mishkin
Vice Mayor
3/21/2000
John E. McKaye
Commissioner
3/16/1999
Marc L. Sultanof
Commissioner
3/16/1999
Karen L. Roberts
Commissioner
3/21/2000
4. All of the above named persons have duly fled their oaths of office and such of them
as are required to file bonds or undertakings have duly filed such bonds or undertakings in the
amount and manner required by law.
5. The persons named below are, on the date hereof, the duly qualified officials or
officers of the City.
City Manager
City Attorney
Assistant City Clerk
Director of Finance
OR115210 I
Name
Robert S. Noe, Jr.
Mitchell S. Kraft
Marion Swenson
Margaret A. McGarrity
6. The seal impressed hereon is the true and only official seal of this City of Tamarac,
Florida.
7. The issuance of the Bonds was approved by a majority of the registered voters of the
City voting at a special referendum election held on September 1, 1998, notice of which was duly
advertised as required by law.
8. The City is not in default in the payment of the principal of or interest on any
indebtedness for borrowed money and is not in default under any instrument under and subject to
which any indebtedness may be incurred, and no event has occurred and is continuing under the
provisions of any such instrument which, with the lapse of time or the giving of notice, or both,
would constitute an event of default thereunder.
9. The average net interest cost rate on the Bonds is in compliance with the requirements
of Section 215.84(3), Florida Statutes.
10. The City has duly performed all of its obligations under the Bond Resolution to be
performed by it at or before the date hereof. All representations and warranties of the Issuer
contained in the Bond Resolution are true and correct as of the date hereof as if made on this date.
11. All proceedings of the City at which the authorization and sale of the Bonds were
considered were conducted in compliance with the provisions of all applicable state and local public
meetings laws.
12. There has been no material adverse change in the financial position of the City, as
presented in its financial audit for its fiscal year ended September 30, 1997, since the date of such
audit. All of the financial information provided by the Issuer to SunTrust Bank, South Florida,
National Association, the purchaser of the Bonds, is accurate and correct as of the date hereof.
IN WITNESS WHEREOF, I have hereunto set my hand and impressed hereon the official
seal of the City of Tamarac, Florida as of the 10th day of December, 1998.
CITY OF TAMARAC, FLORIDA
Marion Swenson, Assistant City Clerk
Ja -- L.7
N
Ti ity Manager
OR11521011
CERTIFICATE OF CITY AS TO DELIVERY OF
SERIES 1998 BONDS AND RECEIPT AND
APPLICATION OF PURCHASE PRICE
I, Margaret A. McGarrity, Director of Finance of the City of Tamarac, Florida (the "City"),
DO HEREBY CERTIFY that:
1. The City has delivered to SunTrust Bank, South Florida, National Association (the
"Holder"), its $3,250,000 City of Tamarac, Florida General Obligation Bonds, Series 1998
(Community Center Project) (the "Series 1998 Bonds"), which have been duly executed and sealed_
2. The City has on this date received from the Holder the full purchase price for the
Series 1998 Bonds, constituting the face amount of the Series 1998 Bonds in the amount of
$3,250,000 in immediately available funds, as follows:
1998.
3. The net amount received from the Holder is being applied as follows:
A. $34,500 has been deposited in the City's 1998 General Obligation Bond Cost
of Issuance Account to pay all costs and expenses in connection with the preparation,
issuance and sale of the Series 1998 Bonds.
B. $3,215,500 has been deposited to the credit of the City's 1998 General
Obligation Bond Construction Fund.
IN WITNESS WHEREOF, I have hereunto set my hand as of the 1 Oth day of December,
CITY OF TAMARAC, FLORIDA
u� ►X� Q ,
Margar t A McGarrity
Directo Finance
UTH-IN-BONDIN AND FINDERS FEE STATEMENT
December 9, 1998
City of Tamarac, Florida
Tamarac, Florida
Re: $3,250,000 The City of Tamarac, Florida
General Obligation Bonds, Series 1998
(Community Center Project)
In connection with the proposed issuance by the City of Tamarac, Florida (the "City") of its
$3,250,000 General Obligation Bonds, Series 1998 (Community Center Project) (the "Series 1998
Bonds"), SunTrust Bank, South Florida, National Association, 501 E. Las Olas Boulevard,
Ft. Lauderdale, Florida, the sole purchaser ("Purchaser") of the Series 1998 Bonds, represents as
follows:
(1) The purpose of this section is to furnish, pursuant to the provision of Section 218.385(2)
and (3), Florida Statutes, as amended, the truth -in -bonding statement required thereby, as follows:
(a) The City is proposing to issue $3,250,000 of debt or obligation for the purpose
of (i) paying certain costs of the Project (as such term is defined in the bond
resolution of the City Commission authorizing the issuance of the Series 1998
Bonds) and (ii) paying the costs of issuing the Series 1998 Bonds. The debt or
obligation represented by the Series 1998 Bonds is expected to be repaid over
a period of twenty (20) years. At a forecasted true interest rate of 4.269% total
interest paid over the life of the debt or obligation will be $1,584,862.13.
(b) The source of repayment or security for this proposal is ad valorem taxes levied
by the City upon the taxable real property within the City, without limitation as
to rate or amount (excluding exempt property as required by Florida law). The
use of ad valorem tax revenues by the City for such purpose is pursuant to
specific authorizations granted by the qualified electors of the City by
referendum and, therefore, such revenues are not available to finance the other
services of the City.
The foregoing is provided for information purposes only and shall not affect or control the
actual terms and conditions of the Series 1998 Bonds.
(2) The Purchaser hereby certifies that it has not paid or has not promised to pay (directly
or indirectly) a fee to any person not regularly employed by the Purchaser to act as an intermediary
between the City and the Purchaser for the purpose of influencing any transaction in connection with
the purchase of the Bonds.
SUNTRUST BANK, SOUTH FLORIDA,
NATIONAL ASSOCIATION
By,
.�
Its: , r
OR115217;1
REGISTRAR'S CERTIFICATE OF
AUTHENTICATION AS TO THE SERIES 199$ BONDS
I, Margaret A. McGarrity, Director of Finance of the City of Tamarac, Florida (the "City"),
as Registrar for the City's General Obligation Bonds, Series 1998 (Community Center Project) (the
"Series 1998 Bonds"), do hereby certify that I did, as of December 10, 1998, authenticate the Series
1998 Bonds with my manual signature.
IN WITNESS WHEREOF, the undersigned does hereby execute this certificate as the
Registrar for the Series 1998 Bonds, as of the 1 Oth day of December, 1998.
CITY OF TAMARAC, FLORIDA
Margar t A. McGarrity
Directo inance
OR115215;1
AKERMAN, SENTERFITT 8 EIDSON, P.A.
ATTORNEYS AT LAW
CITRUS CENTER
235 SOUTH ORANGE AVENUE
POST OFFICE BOX 231
ORLANDO. FLORIDA 32802-0231
(407) 8A3 70150
TELECOPY (407) SA3AG410
December 6, 1998
Division of Bond Finance
State Board of Administration
P.O. Drawer 13300
Tallahassee, FL 32317-3300
Re: $3,250,000 CITY OF TAMARAC, FLORIDA
GENERAL OBLIGATION BONDS, SERIES 1998
(COMMUNITY CENTER PROJECT)
Dear Ladies and Gentlemen:
On behalf of the City of Tamarac, Florida, we are filing this Notice of Impending Sale with
you pursuant to Section 218.38, Florida Statutes, as amended, and Chapter 19A-1 of the Florida
Administrative Code. The issuer, the name of the obligations and the amount proposed to be issued
are as set forth in the above caption. The date of sale of the above -captioned obligations is expected
to be December 10, 1998.
Please acknowledge receipt of this filing by stamping the enclosed copy of this letter and
returning it to us in the self-addressed, stamped envelope provided for that purpose.
Very truly yours,
AKERMAN, SENTERFITT & EIDSON, P.A.
T. Dean Dickson
TDD/kg
Enclosure
OR 121334;1
ORLANDO FORT LAUDERDALE MIAMI TALLAHASSEE TAMPA WEST PALM BEACH
STATE OF FLORIDA
DIVISION OF BOND FINANCE
LOCAL BOND MONITORING SECTION
This form represents an update and compilation of the BF2003, BF2004-A and BF2004-B forms.
Bond Information forms (BF2003) are required to be completed by local governments pursuant to Chapter 19A-1.003, Florida Administrative Code (F.A.C.).
Bond Disclosure forms BF2004-A (Competitive Sale) or BF2004-8 (Negotiated Sale) are required to be filed with the Division within 120 days of the delivery
of the issue pursuant to Sections 218.38(1)(b)1 and 218.38(1)(c)1, Florida Statutes (F.S.), respectively.
Final Official Statements, if prepared, are required to be submitted pursuant to Section 218.38(1). F.S..
" Please complete all Items applicable to the issuer as provided by the Florida Statutes.
PURSUANT TO SECTION 218.369, F.S., ISSUERS OF BOND ANTICIPATION NOTES ARE EXEMPT FROM THESE FILING REQUIREMENTS.
BF2003
BOND INFORMATION FORM
PART L ISSUER INFORMATION
1. NAME OF GOVERNMENTAL UNIT: City of Tamarac. Florida
2. MAILING ADDRESS OF GOVERNMENTAL UNIT OR ITS MANAGER: 7525 h Avgnug
Tamarac. FL 33321-24 1
3. COUNTY(IES) IN WHICH GOVERNMENTAL UNIT HAS JURISDICTION: City of Tamargg
4. TYPE OF ISSUER: _ COUNTY X CITY AUTHORITY — INDEPENDENT SPECIAL DISTRICT
DEPENDENT SPECIAL DISTRICT SPECIFY OTHER
PARTII. BOND ISSUE INFORMATION
I. NAME OF BOND ISSUE: General Obli i 1299 (QommunU Center
2. AMOUNT ISSUED: $ 3,250,000 3. AMOUNT AUTHORIZED: $ 3.250.000 _-
4. DATED DATE: December 1 Q. 1928 5. SALE DATE: December 10, 1998 6. DELIVERY DATE: December 10.199$
7. LEGAL AUTHORITY FOR ISSUANCE: FLORIDA STATUTES Chapler 166. Part If
SPECIAL ACTS Article VIL F4 12 of the C n f
Florida -
OTHER Resolution 98-348 adopted by the I§suer on December
8. TYPE OF ISSUE: XX GENERAL OBLIGATION — SPECIAL ASSESSMENT — SPECIAL OBLIGATION
T REVENUE — COP (CERTIFICATE OF PARTICIPATION) _ LEASE -PURCHASE _ BANK LOAN/LINE OF CREDIT
9, A. IS THIS A PRIVATE ACTIVITY BOND (PAB)? YES X NO
B. 1. IF YES, DID THIS ISSUE RECEIVE A PAB ALLOCATION? YES NO
2. IF YES, AMOUNT OF ALLOCATION: $
10. SPECIFIC REVENUE(S) PLEDGED:
(1) PRIMARY Ad valorem
(2) SECONDARY
(3) OTHER(S)
OR121267;1
11. A. PURPOSE(S) OF THE ISSUE:
(1) PRIMARY Acguisition and cgnstruction of a community n r wi hi f Tamarac
(2) SECONDARY
(3) OTHER(S)
B. IF PURPOSE IS REFUNDING, COMPLETE THE FOLLOWING:
(1) FOR EACH ISSUE REFUNDED LIST: NAME OF ISSUE, DATED DATE, ORIGINAL PAR VALUE (PRINCIPAL
AMOUNT) OF ISSUE, AND AMOUNT OF PAR VALUE (PRINCIPAL AMOUNT) REFUNDED.
(2) REFUNDED DEBT HAS BEEN: RETIRED OR
(3) A. DID THE REFUNDING ISSUE CONTAIN NEW MONEY? YES
B. IF YES, APPROXIMATELY WHAT PERCENTAGE OF PROCEEDS IS NEW MONEY?
DEFEASED
NO
12. TYPE OF SALE: _ COMPETITIVE BID r NEGOTIATED ,_, ,_ NEGOTIATED PRIVATE PLACEMENT
13. BASIS OF INTEREST RATE CALCULATION, I.E., INTEREST RATE USED TO STRUCTURE THE BOND ISSUE:
NET INTEREST COST RATE (NIC) % TRUE INTEREST COST RATE (TIC) 4.269 %
CANADIAN INTEREST COST RATE (CIC) % ARBITRAGE YIELD (ARBI)
SPECIFY OTHER:
14. INSURANCE/ENHANCEMENTS:
HUD _ MBIA __. NGM
X NOT INSURED
15
16
17
AGIC _ AMBAC ____ CGIC _ CLIC
_ LOC(LETTER OF CREDIT) SPECIFY OTHER
RATING(S): _ MOODY'S —S&P _ _ FITCH _ DUFF&PHELPS SPECIFY OTHER.
x NOT RATED
FGIC _ FSA
DEBT SERVICE SCHEDULE: ATTACH COMPLETE COPY OF SCHEDULE PROVIDING THE FOLLOWING
INFORMATION:
MATURITY DATES (MO/DAY/YR): SEE
COUPON/INTEREST RATES: ATTACHED
ANNUAL INTEREST PAYMENTS: SCHEDULE
PRINCIPAL (PAR VALUE) PAYMENTS:
MANDATORY TERM AMORTIZATION:
LIST OR ATTACH OPTIONAL REDEMPTION PROVISIONS:
18- PROVIDE THE NAME AND ADDRESS OF THE SENIOR MANAGING UNDERWRITER OR SOLE PURCHASER.
Sole Purchaser: SunTrust Bank, South Florida, National Association
501 East Las Olas Boulevard, Ft. Lauderdale, FL 33301
.w. ■
OR121267r1 2
19. PROVIDE THE NAME(S) AND ADDRESS(ES) OF ANY ATTORNEY OR FINANCIAL CONSULTANT WHO
ADVISED THE UNIT OF LOCAL GOVERNMENT WITH RESPECT TO THE BOND ISSUE.
NO BOND COUNSEL
BOND COUNSEL(S):
NO FINANCIAL ADVISOR — NO OTHER PROFESSIONALS
Akerman, Senterfitt & Eidson, P.A., 255 S. Orange Ave., P.O. Box 231, Orlando, Florida 32802-0231
FINANCIAL ADVISOR(S)/CONSULTANT(S):
Public Financial Manaaement, Inc.,0 Enterprisg PkW. Fort Myers,Florida 33905
OTHER PROFESSIONALS:
Mitchell S. Kraft, Esq., City Attorney 7525 N.W. 88th Avenue, Tamarac, Florida 33321-2401
20. PAYING AGENT City gf Tamarac NO PAYING AGENT
21. REGISTRAR Cily of Tamarac __ NO REGISTRAR
22. COMMENTS:
PART III. RESPONDENT INFORMATION
FOR ADDITIONAL INFORMATION, THE DIVISION SHOULD CONTACT:
Name and Title T. Dean Dimon Phone 4 7 843-7869 Akerman. SenterfittEidson, P. .
INFORMATION RELATING TO PARTY COMPLETING THIS FORM (If different from above):
Name and Title Phone
Company
Date Report Submitted Degember 10. 1998
BF2004-A and BF2004-B
NOTE: THE FOLLOWING ITEMS ARE REQUIRED TO BE COMPLETED IN FULL FOR ALL BOND ISSUES EXCEPTTHOSE SOLD PURSUANT
TO SECTION 154 PART III; SECTIONS 159 PARTS II, III OR V; OR SECTION 243 PART II, FLORIDA STATUTES.
23. ANY FEE, BONUS, OR GRATUITY PAID BY ANY UNDERWRITER OR FINANCIAL CONSULTANT, IN
CONNECTION WITH THE BOND ISSUE, TO ANY PERSON NOT REGUL6RLY EMPLOYED QR ENQAGED
SUCH UNDERWRITER OR CONSULTANT:
X___ NO FEE, BONUS OR GRATUITY PAID BY UNDERWRITER OR FINANCIAL CONSULTANT
(1) COMPANY NAME
FEE PAID: $ SERVICE PROVIDED or FUNCTION SERVED:
OR121267;1 3
(2) COMPANY NAME
FEE PAID: $ SERVICE PROVIDED or FUNCTION SERVED:
(3) COMPANY NAME
FEE PAID: $
(4) COMPANY NAME
FEE PAID: $
SERVICE PROVIDED or FUNCTION SERVED:
SERVICE PROVIDED or FUNCTION SERVED:
24. ANY OTHER FEES PAID BY THE UNIT OF LOCAL GOVERNMENT WITH RESPECT TO THE BOND ISSUE,
INCLUDING ANY FEE PAID TO ATTORNEYS OR FINANCIAL CONSULTANTS:
NO FEES PAID BY ISSUER
(1) COMPANY NAME „Akerman. Senterfitt & Eidson, P.A.. 255 S orange Ave. P.O. Box 231, Orlando. EL 32 1
FEE PAID: $ 18.000 _ SERVICE PROVIDED or FUNCTION SERVED: B n el
(2) COMPANY NAME Public Financial Manilgement, In . 5900 Enterprise ekw. Fort Myers.
FEE PAID: $ 15.000 SERVICE PROVIDED or FUNCTION SERVED: Financial Advisor to i
(3) COMPANY NAME Morri§ Q. Mill 11382 Prosgerity Farms, Road, Suite-227,Palm Beach Garjgns. FL 31410
FEE PAID: $ 1,500 SERVICE PROVIDED or FUNCTION SERVED: Cojjnsel to $012 Purchaser
(4) COMPANY NAME
FEE PAID: $
SERVICE PROVIDED or FUNCTION SERVED:
PLEASE PROVIDE THE SIGNATURE OF EITHER THE CHIEF EXECUTIVE OFFICER OF THE GOVERNING BODY OF THE UNIT OF LOCAL
GOVERNMENT OR THE GOVERNMENTAL OFFICER PRIMARILY RESPONSI FOR COOR AT G THE 1�5SUANCE OF THE BONDS:
NAME (Typed/Printed): Joseph Schreiber _ SIGNATURE:
TITLE; Ma DATE: D/ember 10. 1998
BF2004-B
ITEMS 25 AND 26 MUST BE COMPLETED FOR ALL BONDS SOLD BY NEGOTIATED SALE
25. MANAGEMENT FEE CHARGED BY UNDERWRITER
OR
PRIVATE PLACEMENT FEE:
$ PER THOUSAND PAR VALUE.
R1
✓ NO MANAGEMENT FEE OR PRIVATE PLACEMENT FEE
26, UNDERWRITER'S EXPECTED GROSS SPREAD: $
✓ NO GROSS SPREAD
PER THOUSAND PAR VALUE.
PART IV, RETURN THIS FORM AND THE FINAL OFFICIAL STATEMENT, IF ONE WAS PREPARED, TO:
Courier Deliveries: Division of Bond Finance Mailing Address: Division of Bond Finance
State Board of Administration State Board of Administration
1801 Hermitage Blvd., Suite 200 P. 0. Drawer 13300
Tallahassee, FL 32308 Tallahassee, FL 32317-3300
Phone: 850/488-4782
FAX: 850/413-1315 REVISED Feb. 199e/bf0304/
OR121267;1 4
Capitalmed
Net
\el
Date
Principal
Coupon
Vitlif
Price
Proceeds
Interest
Debt
Interest
Debt Scnice
Annual
Service
12/10/99
04/01/99
42.779.94
42.779.94
42.77E 94
000
10/01/99
4,269
4.269
100,000
0.00
69.37125
69371,25
6937125
000
000
04/01/00
69-371.25
69.37125
0.00
69,371.25
10/01/00
123.630.39
4.269
4269
100.0DO
123.630.39
69,37125
193,001,64
0.00
193.001 64
262.372.$q
04/01/01
66.73236
66.73236
0.00
66,732.36
10/01/01
128.908.16
4269
4269
100.0DO
123.901,16
6&73236
195.640.52
0.00
193.640.52
262.372.88
04M1102
63.980.32
63.930.92
0.00
63.9$0.82
10/01/02
134.411,25
4169
4269
100.ODO
134A1125
63,980.92
198392.07
0.00
193.392.07
262372.89
04/01/03
61.111.91
61,111.81
0.00
61.111.81
10/01/02
140.14917
4169
4169
100.000
140,14927
61.111.81
201-261,08
0.00
201161.0E
262372.89
04/OM
58.12032
59.120.32
0.00
59.12032
10/01/04
146.13224
4,269
4269
1OD.ODO
146.132,24
58,12032
204252.56
0.00
204252,56
262372.8E
04/01/03
53.001,13
55.001.13
0.00
55M1.13
10/01/05
152370.62
4269
4.269
100.000
152370.62
55.001.13
207371.75
0,00
207371.75
262.372,98
04/01/06
51.748.78
51,748.7E
0.00
51.748.78
10/01/06
159.875,32
4.269
4169
100,000
158,97532
51.749.78
210,624.10
0.00
210,624.10
262,372.8E
04/01/07
48357.59
48-35759
0.00
49.357,59
10/01/07
165.657.70
4.269
4269
100.000
165.657.70
48357.59
214.01529
0 DO
214,015-29
262372.88
04/01/09
44.921.63
44,821.63
0.00
44.921,63
10/01/08
172.729.62
4,269
4269
100.000
172.729.62
44121.63
217.35125
0.00
217,551.25
262372.8E
04/01/09
41.134,72
41,134.72
0.00
41,134.72
10/01/09
190,103.45
4169
4269
100,000
180,103.45
41,134,72
221.239.17
0.00
221.233,17
262372.99
04/01/10
37.29041
3719041
0.00
37.29041
10/01/10
187,792.06
4.269
4269
100.000
197,797.06
3729041
225.092.47
0.00
225.092,47
262372.99
04/01/11
33181.99
33191,99
0.00
33.291.99
10/01/11
195.909.90
4269
4169
100,000
193.808.90
33.281.99
229.090.99
0.00
229,090.89
262372.8E
04/01/12
29.102.45
29.102.45
0.00
29.102.45
10/OI/12
204.169.00
4,269
4169
100.000
204,162.00
29.102.45
233,27045
0.00
233270,45
262.372.90
04/01/13
24.744,48
24.744.48
0,00
24.744.48
10/01/ 13
212.883,93
4.269
4 269
100.000
212.88393
24,744 48
137,62E 41
000
237.628 41
262372.99
04/01/14
20.200.47
20.200.47
0.00
20.200.47
10/01/14
7-21,971.94
4269
4169
100.000
221.971.94
20.200.47
242.172.41
0.00
242.172.41
262a72.E8
04/01/15
15,462.48
15.462.4E
0,00
15,462.4E
10/01/15
231.447,93
4.269
4.269
100.000
231.447,93
15.462.48
246,910.41
0.00
246.910.41
262372.89
04/01/16
M52212
10,52212
0.00
10,522.22
10/01/16
24132845
4.269
4169
100.000
241329.43
10,522.22
251,950.67
0.00
251.850,67
262372,89
04/01/17
5371.06
5371.06
0.00
5371.06
10/01/17
251,630.77
4169
4169
100.000
251,630.77
5371,06
257,001.13
0.00
257.001.83
262.372,29
3150,000 3150,000,00 1.564.862.13 4.834,962,13 112.150.19 4.722.711.94 4,722.711.94
OR121267;1 S
TAX COMPLIANCE CERTIFICATE
OF ISSUER
Pertaining to
$3,250,000
CITY OF TAMARAC, FLORIDA
GENERAL OBLIGATION BONDS, SERIES 1998
(COMMUNITY CENTER PROJECT)
Dated as of December 10, 1998
The City of Tamarac, Florida (the "Issuer"), by its officer signing this Certificate, certifies,
represents, and covenants as follows with respect to the captioned bonds (the "Issue"). All
statements in this Certificate are of facts or, as to events to occur in the future, reasonable
expectations.
I. DEFINITIONS
1.1 Attachment A. The definitions and cross-references set forth in Attachment A apply
to this Certificate and its Attachments. All terms relating to a particular issue, relate to the Issue
unless indicated otherwise. (For example, "Sale Proceeds" refers to Sale Proceeds of the Issue unless
indicated otherwise.)
1.2 Special Dgfini ions. In addition, the following definitions apply to this Certificate
and its Attachments:
"Bond Fund" means the portion of the Issuer's "1998 General Obligation Bond
Principal and Interest Account" created and established pursuant to the Bond Resolution that is to
be used to pay Debt Service on the Issue and is properly allocable to the Issue.
"Bond Resolution" means Resolution No. 98-348 adopted by the City Commission
on December 9, 1998 authorizing the issuance of the Issue.
"City Commission" means the Commission of the City of Tamarac, Florida.
"Project" means the community center described in the Resolution.
"Purchaser" means SunTrust Bank, South Florida, National Association.
OR 127464; I
"Resolution" means Resolution No. 98-348 adopted by the City Commission of the
Issuer on December 9, 1998 which provided for the issuance of general obligation bonds to pay for
the community center project within the City of Tamarac, Florida.
Reference to a Section means a section of the Code. Reference by number only (for example, "2.1 ")
means that numbered paragraph in this Certificate. Reference to an Attachment means an attachment
to this Certificate.
II. ISSUE DATA
2.1 La=. The Issuer is a Governmental Unit.
2.2 Purpose of Issue. The Issue is being issued to provide funds to pay costs of the
Project, including Issuance Costs of the Issue.
2.3 Dates. The Sale Date of the Issue is December 10, 1998 and the Issuance Date of the
Issue is December 10, 1998.
2.4 I s�ce,. The Issue Price of the Issue is computed as follows:
Par amount of Issue $3,250,000.00
Original issue premium or (discount) (0.00)
Pre -Issuance Accrued Interest _ 0.001
Issue Price $ 3,250,000.00
2.5 Sk Px co eeds, Net PrQ,ggeds and Net � le p_M ceeds. The Sale Proceeds, Net Proceeds
and Net Sale Proceeds of the Issue are as follows:
Issue Price $3,250,000.00
Less: Pre -Issuance Accrued Interest (0.00)
Sale Proceeds $3,250,000.00
Less: Deposit to reserve fund _ (0.00)
Net Proceeds $3,250,000.00
Less: Minor Portion (I00,000.QQ1
Net Sale Proceeds $3,150,000.00
OR 127464;1 2
2.6 Disposition of Sale Proceeds and Pre -Issuance Accrued _Intgrest. There is no
Pre -Issuance Accrued Interest. The Sale Proceeds of the Issue will be applied as follows:
To pay costs of the Project $3,215,500.00
To pay Underwriter's Discount N/A
To pay other Issuance Costs 3k500.00
Total Sale Proceeds $3,25Q,0020
2.7 Higher Yielding Investments. Gross Proceeds of the Issue will not be invested in
Higher Yielding Investments except for (A) the Minor Portion and (B) those Gross Proceeds
identified in 3.1, 3.2, and 3.3, but only during the applicable Temporary Periods there described for
those Gross Proceeds.
2.8 Sams Issue. No other obligations have been or will be sold within 15 days before or
after the Sale Date of the Issue pursuant to the Same Plan of Financing with the Issue that are
expected to be paid from substantially the same source of funds as the Issue, determined without
regard to guarantees from a person who is not a Related Party to the Issuer. (For purposes of the
previous sentence, variable yield bonds are treated as sold on their Issuance Date.) Accordingly, no
obligations other than those that comprise the Issue are a part of the same issue with the Issue.
III. ARBITRAGE (NONREBATE) MATTERS
3.1 Use of Net Sale Proceeds and E=-Issuance Accrued I • Teml2or= Periods.
(A) Pre -Issuance Accrued__InIgTest. The aggregate amount received as
Pre -Issuance Accrued Interest on the Issue and deposited in the Bond Fund, if any, together with the
investment earnings thereon, will be used to pay Debt Service on the Issue within one year from the
Issuance Date of the Issue, such period being the Temporary Period for those amounts.
(B) Underwriter's Discount and Issugflpr, os s. No Sale Proceeds will be
retained by an underwriter from the Issue Price otherwise paid to the Issuer to purchase the Issue.
Sale Proceeds in the amount of $34,500 will be used to pay Issuance Costs of the Issue within 13
months from the Issuance Date of the Issue, such period being the Temporary Period for that
amount.
(C) Payment of Project Costs. Sale Proceeds in the amount of $3,215,500 will
be used to pay a portion of the costs of the Project. Such Sale Proceeds may be used to acquire or
hold Higher Yielding Investments with respect to the Issue for a period ending on the third
anniversary of the Issuance Date, (such period being the Temporary Period for such Sale Proceeds)
since the following three tests are reasonably expected to be satisfied:
OR 127464:1 3
(1) At least 85% of the Net Sale Proceeds will be allocated to
expenditures on the Project by the end of the Temporary Period for such Net Sale
Proceeds;
(2) Within six months of the Issuance Date, the Issuer will incur a
substantial binding obligation to a third party to expend at least five percent (5%) of
the Net Sale Proceeds on the Project; and
(3) Completion of the Project and allocation of the Net Sale Proceeds to
expenditures with respect to the Project will proceed with due diligence.
Any Sale Proceeds that remain unspent on the third anniversary of the Issuance Date,
which is the expiration date of the Temporary Period for such Proceeds, shall not be invested in
Higher Yielding Investments with respect to the Issue after that date except as part of the Minor
Portion for such Issue. In complying with the foregoing sentence, the Issuer may take in account
"yield reduction payments" (within the meaning of Regulations § 1.145-5(c)) paid to the United
States.
(D) Reserve Fund. There is no reasonably required reserve or replacement fund
with respect to the Issue.
3.2 Investment Proceedsa. Any Investment Proceeds will be used to pay costs of the
Project, Debt Service on the Issue or for other governmental purposes of the Issuer within the longer
of the Temporary Period set forth in 3.1(C) or 12 months after the receipt of those Investment
Proceeds, such period being the Temporary Period applicable to those Investment Proceeds.
3.3 Bond Fund. Amounts deposited from time to time in the Bond Fund, which is a Bona
Fide Debt Service Fund, will be used to pay Debt Service on the Issue within 13 months after the
amounts are so deposited, such period being the Temporary Period for such amounts.
3.4 NQ 2thgrReplacement Fund or A$suredAyailable Funds. The Issuer has not
established and does not expect to establish or use any sinking fund, debt service fund, redemption
fund, reserve or replacement fund, or similar fund, or any other fund to pay Debt Service on the Issue
other than the Bond Fund. No other money or Investment Property is or will be pledged as collateral
for the payment of Debt Service on the Issue (or for the reimbursement of any others who may
provide money to pay that Debt Service), or is or will be restricted, dedicated, encumbered, or set
aside in any way as to afford the holders of the Issue reasonable assurance of the availability of such
money or Investment Property to pay Debt Service on the Issue.
3.5 No Overissuance. The Proceeds of the Issue are not reasonably expected to exceed
the amount needed for the governmental purposes of the Issue as set forth in 2.2.
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3.6 Other Uses of Proceeds Negated. Except as stated otherwise in this Certificate, none
of the Proceeds of the Issue will be used:
(A) to pay principal of or interest on, refund, renew, roll over, retire, or replace
any other obligations issued by or on behalf of the Issuer or any other Governmental Unit,
(B) to replace any Proceeds of a prior issue of obligations that were not expended
on the project for which such prior issue of obligations was issued,
(C) to replace any money that was or will be used directly or indirectly to acquire
Higher Yielding Investments,
(D) to make a loan to any person or other Governmental Unit,
(E) to pay any Working Capital Expenditures other than expenditures identified
in Regulations §1.148-6(d)(3)(ii)(A) and (B) (ice,, Issuance Costs of the Issue, Qualified
Administrative Costs, reasonable charges for a Qualified Guarantee or for a Qualified Hedge for the
Issue, interest on the Issue for a period commencing on the Issuance Date of the Issue and ending
on the date that is the later of three years from such Issuance Date or one year after the date on which
the project financed or refinanced by the Issue was or will be placed in service, payments of the
Rebate Amount, and costs, other than those already described, that do not exceed five percent (5%)
of the Sale Proceeds and that are directly related to Capital Expenditures financed or deemed
financed by the Issue, principal or interest on an issue paid from unexpected excess Sale Proceeds
or Investment Proceeds, and principal or interest on an issue paid from investment earnings on a
reserve or replacement fund that are deposited in a Bona Fide Debt Service Fund), or
(F) to reimburse any expenditures made prior to the Issuance Date except those
that qualify as a Reimbursement of Prior Capital Expenditures.
No portion of the Issue is being issued solely for the purpose of investing Proceeds
in Higher Yielding Investments.
3.7 Disposition QLFivanced Property, The Issuer does not intend to sell or otherwise
dispose of the property or any portion thereof financed by the Issue during the term of the Issue
except for dispositions of property in the normal course at the end of such property's useful life to
the Issuer. With respect to any tangible personal property financed by the Issue, the Issuer
reasonably expects that:
(A) Dispositions of such tangible personal property, if any, will be in the ordinary
course of an established governmental program;
(B) The weighted average maturity of the bonds of the Issue financing such
property (treating the bonds of the Issue properly allocable to the personal property, as a separate
OR 127464; I
issue for this purpose) will not be greater than 120% of the reasonably expected actual use of such
property for governmental purposes;
(C) The fair market value of such property on the date of disposition will not be
greater than 25% of its cost;
(D) The property will no longer be suitable for its governmental purposes on the
date of disposition; and
(E) The amounts received from any disposition of such property are required to,
and will be, deposited in a commingled fund with substantial tax or other governmental revenues
and will be spent on governmental programs within six months from the date of commingling.
3.8 No —Other Replacement Proceeds. That portion of the Issue that is to be used to
finance or refinance Capital Expenditures has a weighted average maturity that does not exceed
120% of the weighted average reasonably expected economic life of the property resulting from such
Capital Expenditures.
3.9 MinorPortion. The Minor Portion with respect to the Issue ($100,000) may be
invested in Higher Yielding Investments.
IV. REBATE MATTERS
4.1 Issuer ObligatiObligatign Regarding Rebate. Consistent with its covenants contained in the
Bond Resolution, the Issuer will calculate and make, or cause to be calculated and made, payments
of the Rebate Amount in the amounts and at the times and in the manner provided in Section 148(f)
with respect to Gross Proceeds to the extent not exempted under Section 148(f)(4) and the
Instructions.
4.2 No Avoidance of Rebate Amoun . No amounts that are required to be paid to the
United States will be used to make any payment to a party other than the United States through a
transaction or a series of transactions that reduces the amount earned on any Investment Property or
that results in a smaller profit or a larger loss on any Investment Property than would have resulted
in an arm's length transaction in which the Yield on the Issue was not relevant to either party to the
transaction.
4.3 Fxcentions. Notwithstanding the foregoing, the computations and payments of
amounts to the United States referred to in IV need not be made to the extent that the Issuer will not
thereby fail to comply with any requirements of Section 148(f) based on an Opinion of Bond
Counsel.
OR 127464;1 6
4.4 SnmE Issuer. The Issuer qualifies as a small issuer for purposes of Section
148(f)(4)(D) of the Code in that: (i) the Issuer is a governmental unit with general taxing powers,
(ii) the Note is not a "private activity bond", (iii) the Issuer will expend 95% or more of the net
proceeds of the Note for local governmental activities of the Issuer (or of a governmental unit the
jurisdiction of which is entirely within the jurisdiction of the Issuer), and (iv) the aggregate face
amount of all tax-exempt bonds (other than private activity bonds) issued by it (or any entity which
issues bonds on its behalf or which is subordinate to it) during the current calendar year is not
reasonably expected to exceed $5,000,000.
V. OTHER TAX MATTERS
5.1 hLQLErivate Activity,,, Bonds. No Obligation of the Issue will be a Private Activity
Bond based on the following:
(A) Not more than 5% of the Proceeds, if any, will be used for a Private Business
Use and not more than 5% of the Debt Service on the Issue, if any, is or is to be paid from or secured
by or derived from, directly or indirectly, payments with respect to property, or secured by property
or borrowed money, used for a Private Business Use.
(B) Less than 5% of the Proceeds, if any, are or are to be used to make or finance
loans to any Private Person or Governmental Unit other than the Issuer.
5.2 Issue Not FederallyGuaranteed. The Issue is not Federally Guaranteed,
5.3 Not -Hedge Bonds. It is reasonably expected on the Issuance Date of the Issue that
not less than 85% of the Spendable Proceeds of the Issue will be used to carry out the governmental
purposes of the Issue within three years from the Issuance Date of the Issue. Not more than 50%,
if any, of the Proceeds of the Issue will be invested in Nonpurpose Investments having a
substantially guaranteed Yield for four years or more, including but not limited to any investment
contract or fixed Yield investment having a maturity of four years or more. The reasonable
expectations stated above were not and are not based on and do not take into account (A) any
expectations or assumptions as to the occurrence of change in market interest rates or changes of
federal tax law or regulations or rulings thereunder or (B) any prepayments of items other than items
that are customarily prepaid.
5.4 IjUgrnal Revenue e i rmati n Retum. Within the time and on the form
prescribed by the Internal Revenue Service under Section 149(e), the Issuer will file with the Internal
Revenue Service an Information Return setting forth the required information relating to the Issue.
The information reported on that Information Return will be true, correct, and complete to the best
of the knowledge and belief of the undersigned.
5.5 Responsibility- of -Office . The officer signing this Certificate is one of the officers
of the Issuer responsible for issuing the Issue.
OR 127464;1 7
To the best of the knowledge, information, and belief of the undersigned, all expectations
stated in this Certificate and in Attachment B are the expectations of the Issuer and are reasonable,
all facts stated are true, and there are no other existing facts, estimates, or circumstances that would
or could materially change the statements made in this Certificate or in Attachment B. The
certifications and representations made in this Certificate are intended to be relied upon as
certifications described in Treasury Regulations § 1.148-2(b). The Issuer acknowledges that any
change in the facts or expectations from those set forth in this Certificate may result in different
requirements or a change in status of the Issue or interest thereon under the Code, and that bond
counsel should be contacted if such changes are to occur.
The date of this Certificate is December 10,1998.
CITY OF TAMARAC
By: m
Name: Mar ar t A. McGarrity
Title: Chief inancial Officer
OR 127464;1 8
List of Attachments
Attachment A Definitions for Tax Compliancy; Certificate
OR127464;1
i•�IJI i.
Definitions for Tax Compliance Certificate
The following terms, as used in Attachment A and in the Tax Compliance Certificate to
which it is attached and in the other Attachments to the Tax Compliance Certificate, have the
following meanings unless therein otherwise defined or unless a different meaning is indicated by
the context in which the term is used. Capitalized terms used within these definitions that are not
defined in Attachment A have the meanings ascribed to them in the Tax Compliance Certificate to
which this Attachment A is attached. The word "issue," in lower case, refers either to the Issuer or
to another issue of obligations or portion thereof treated as a separate issue for the applicable
purposes of Section 148, as the context requires. The word "obligation" or "obligations," in lower
case, includes any obligation, whether in the form of bonds, notes, certificates, or any other
obligation that is a "bond" within the meaning of Section 150(a)(1). All capitalized terms used in
this Certificate include either the singular or the plural. All terms used in this Attachment A or in
the Tax Compliance Certificate to which this Attachment A is attached, including terms specifically
defined, shall be interpreted in a manner consistent with Sections 103 and 141-150 and the
applicable Regulations thereunder except as otherwise specified. All references to Section, unless
otherwise noted, refer to the Code.
"Bona Fide Debt Service Fund" means a fund, including a portion of or an account in that
fund (or in the case of a fund established for two or more bond or note issues, the portion of that fund
properly allocable to an issue) or a combination of such funds, accounts or portions that is used
primarily to achieve a proper matching of revenues with Debt Service on an issue within each Bond
Year and that is depleted at least once each year except for a reasonable carryover amount not to
exceed the greater of the earnings thereon for the immediately preceding Bond Year or one -twelfth
of the annual Debt Service on the issue for the immediately preceding Bond Year.
"Bond Year" means the annual period relevant to the application of § 148(f) to the issue,
except that the first and last Bond Years may be less than 12 months long. The last day of a Bond
Year shall be the close of business on the day preceding the anniversary of the Issuance Date of the
issue unless the Issuer selects another date on which to end a Bond Year, in the manner permitted
by the Code.
"Capital Expenditures" means costs of a type that are properly chargeable to capital account
(or would be so chargeable with a proper election) under general federal income tax principles.
"Code" means the Internal Revenue Code of 1986, the Regulations (whether temporary or
final) under that Code or the statutory predecessor of that Code, and any amendments of, or
successor provisions to, the foregoing and any official rulings, announcements, notices, procedures
and judicial determinations regarding any of the foregoing, all as and to the extent applicable.
Unless otherwise indicated, reference to a Section includes any applicable successor section or
oR 127464J
provision and such application Regulations, rulings, announcements, notices, procedures and
determinations pertinent to that Section.
"Commingled Fund" means any fund or account of the Issuer that contains both Gross
Proceeds of an issue and amounts in excess of $25,000 that are not Gross Proceeds of that issue if
the amounts in the fund or account are invested and accounted for collectively, without regard to the
source of funds deposited in the fund or account.
"Computation Date" means each date on which the Rebate Amount for an issue is required
to be computed under Regulations §1.148-3(e). In the case of a Fixed Yield Issue, the first
Computation Date shall not be later than five years after the Issuance Date of the issue. Subsequent
Computation Dates shall be not later than five years after the immediately preceding Computation
Date for which an installment payment of the Rebate Amount was paid. In the case of Variable
Yield Issue, the first Computation Date shall be the last day of any Bond Year irrevocably selected
by the Issuer ending on or before the fifth anniversary of the Issuance Date of such issue and
subsequent Computation Dates shall be the last day of each Bond Year thereafter or each fifth Bond
Year thereafter, whichever is irrevocably selected by the Issuer after the first date on which any
portion of the Rebate Amount is required to be paid to the United States. The final Computation
Date is the date an issue is retired.
"Controlled Group" means a group of entities controlled directly or indirectly by the same
entity or group of entities within the meaning of Regulations § 1.150-1(e).
"Debt Service" means principal of and interest and any redemption premium on an issue.
"Federally Guaranteed" means that (a) the payment of Debt Service on an issue, or the
payment of principal or interest with respect to any loans made from the Proceeds of an issue, is
directly or indirectly guaranteed in whole or in part by the United States or by an agency or
instrumentality of the United States, within the meaning of § 149(b), or (b) more than five percent
of the Proceeds of an issue will be invested directly or indirectly in federally insured deposits or
accounts. The preceding sentence does not apply to (a) Proceeds invested during the initial
Temporary Period until such Proceeds are needed to pay costs of the Project, (b) investments of a
Bona Fide Debt Service Fund, (c) direct purchases from the United States of obligations issued by
the United States Treasury, or (d) other investments permitted by § 149(b) or Regulations
§ 1.149(b)-1(b).
"501(c)(3) Organization" means an organization described in Section 501(c)(3) and exempt
from tax under Section 501(a).
"Fixed Yield Issue" means an issue of obligations the Yield on which is fixed and
determinable on the Issuance Date.
V R 127464;1 A-2
"Governmental Unit" means a state, territory or possession of the United States, the District
of Columbia, or any political subdivision thereof referred to as a "State or local governmental unit"
in Regulations §1.103-1(a). "Governmental Unit" does not include the United States or any agency
or instrumentality of the United States.
"Gross Proceeds" means Proceeds and Replacement Proceeds of an issue.
"Higher Yielding Investments" means any Investment Property that produces a Yield that
(a) in the case of Investment Property allocable to Replacement Proceeds of an issue, is more than
one thousandth of one percentage point (.00001) higher than the Yield on the applicable issue, and
(b) for all other purposes of this Certificate, is more than one -eighth of one percentage point (.00125)
higher than the Yield on the applicable issue.
"Investment Proceeds" means any amounts actually or constructively received from investing
Proceeds of an issue in Investment Property.
"Investment Property" means investment property within the meaning of Sections 148(b)(2)
and 148(b)(3), including any security (within the meaning of Section 165(g)(2)(A) or (B)), any
obligation, any annuity contract and any other investment -type property (including certain residential
rental property for family units as described in Section 148(b)(2)(E) in the case of any bond other
than a Private Activity Bond). Investment Property includes a Tax -Exempt Obligation that is a
"specified private activity bond" as defined in Section 57(a)(5)(C) but does not include other Tax -
Exempt Obligations.
"Issuance Costs" means any financial, legal, administrative and other fees or costs incurred
in connection with the issuance of an issue, including any underwriter's compensation withheld from
the Issuer Price.
"Issuance Date" means the date of physical delivery of an issue by the Issuer in exchange for
the purchase price of the issue.
"Issue Price" means in the circumstances applicable to the issue:
(1) Public Offering. In the case of obligations actually offered to the
general public in a bona fide public offering at the initial offering price for each
maturity set forth in the Certificate of the Underwriter or Placement Agent attached
to the Tax Compliance Certificate, the aggregate of the initial offering price for each
maturity (including any Pre -Issuance Accrued Interest and original issue premium),
which is not more than the fair market value thereof as of the Sale Date, and at which
initial offering price not less than 10% of the principal amount of each maturity, as
of the Sale Date, was sold or reasonably expected to be sold (other than to bond
houses, brokers or other intermediaries). In the case of publicly offered obligations
that are not described in the preceding sentence, Issue Price means the aggregate of
OR 1274K I A-3
the initial offering price to the public of each maturity set forth in the Certificate of
the Underwriter or Placement Agent attached to the Tax Compliance Certificate,
which is not more than the fair market value thereof as of the Sale Date, and at which
initial offering price not less than 10% of the principal amount of each maturity was
sold to the public.
(2) Private Placement. In the case of obligations sold by private
placement, the aggregate of the prices, including any Pre -Issuance Accrued Interest
and original issue premium, paid to the Issuer by the first purchaser(s) (other than
bond houses, brokers or other intermediaries).
"Minor Portion" means an amount equal to the lesser of $100,000 or five percent (5%) of the
Sale Proceeds of the issue.
"Net Proceeds" means the Sale Proceeds of an issue less the portion thereof, if any, deposited
in a reasonably required reserve or replacement fund for such issue.
"Net Sale Proceeds" means the Sale Proceeds of an issue less the portion thereof, if any,
deposited in a reasonably required reserve or replacement fund for such issue and invested as a part
of a Minor Portion for such issue.
"Nonpurpose Investments" means any Investment Property that is acquired with Gross
Proceeds as an investment and not in carrying out any governmental purpose of the issue.
"Nonpurpose Investments" does not include any investment that is not regarded as "investment
property" or a "nonpurpose investment" for the particular purposes of Section 148 (such as certain
investments in U.S. Treasury obligations in the State and Local Government Series and certain
temporary investments), but does include any other investment that is a "nonpurpose investment"
within the applicable meaning of Section 148.
"Pre -Issuance Accrued Interest" means interest on an obligation that accrued for a period not
greater than one year before its Issuance Date and that will be paid within one year after such
Issuance Date.
"Preliminary Expenditures" means any Capital Expenditures that are preliminary
expenditures, within the meaning of Regulations § 1.150-2(f)(2) or former Regulations
§1.103-18(i)(2), as applicable, i,�architectural, engineering, surveying, soil testing, reimbursement
bond issuance, and similar costs that are incurred prior to commencement of acquisition,
construction, or rehabilitation of a project other than land acquisition, site preparation, and similar
costs incident to commencement of construction. The amount of Preliminary Expenditures may not
exceed 20 percent of the aggregate issue price of the issue that financed or is reasonably expected
to finance the project for which the preliminary expenditures are or were incurred.
OR127464;1 A-4
"Private Activity Bond" means (a) obligations of an issue more than five percent (5%) of the
Proceeds of which are or are to be used for a Private Business Use and more than five percent (5%)
of the Debt Service on which is or is to be paid from or secured by payments with respect to
property, or secured by property, used for a Private Business Use, or (b) obligations of an issue five
percent (5%) or more of the Proceeds of which are or are to be used to make or finance loans to any
Private Person.
"Private Business Use" means use (directly or indirectly) in a trade or business carried on by
any Private Person other than use as a member of, and on the same basis as, the general public. Any
activity carried on by a Private Person (other than a natural person) shall be treated as a trade or
business. In the case of a Qualified 501(c)(3) Bond, Private Business Use excludes use by a
501(c)(3) Organization that is not an unrelated trade or business activity by such 501(c)(3)
Organization within the meaning of Section 513(a).
"Private Person" means any natural person or any artificial person, including a corporation,
partnership, trust or other entity, that is not a Governmental Unit and that is not acting solely and
directly as an officer or employee of or on behalf of the Issuer or another Governmental Unit.
"Private Person" includes the United States and any agency or instrumentality of the United States.
"Proceeds" means any Sale Proceeds, Investment Proceeds, and Transferred Proceeds of an
issue. "Proceeds" do not include Replacement Proceeds.
"Qualified Administrative Costs" means reasonable direct administrative costs (other than
carrying costs), such as separately stated brokerage or selling commissions, but not legal and
accounting fees, record keeping, custody, and similar costs. General overhead costs and similar
indirect costs of the Issuer such as employee salaries and office expenses and costs associated with
computing the Rebate Amount are not Qualified Administrative Costs.
"Qualified 501(c)(3) Bonds" means an issue of bonds that satisfies the requirements of
Section 145(a).
"Qualified Guarantee" means any guarantee of an obligation that constitutes a "qualified
guarantee" within the meaning of Regulations § 1.148-4(f).
"Qualified Hedge" means a "qualified hedge" as defined in Regulations § 1.148-4(h)(2).
"Rebate Amount" means the excess of the future value, as of any date, of all receipts on
Nonpurpose Investments acquired with Gross Proceeds of an issue over the future value, as of that
date, of all payments on Nonpurpose Investments acquired with Gross Proceeds of such issue,
computed in accordance with Section 148(f) and Regulations § 1.148-3.
"Regulations" or "Reg." means applicable Treasury Regulations.
OR 127464;1 A-5
"Reimbursement Allocation" means an allocation of the Proceeds of an issue for the
Reimbursement of Prior Capital Expenditures that meets each of the following requirements: (a) is
evidenced on the books or records of the Issuer maintained with respect to the issue, (b) the
allocation entry identifies either actual prior Capital Expenditures, or the fund or account from which
the prior Capital Expenditures were paid, and (c) evidences the Issuer's use of Proceeds of such issue
to reimburse a Capital Expenditure for a governmental purpose that was originally paid from a
source other than the Proceeds of such issue.
"Reimbursement of Prior Capital Expenditures" means a Reimbursement Allocation of
Proceeds of an issue to a Capital Expenditure paid prior to the Issuance Date of such issue, if:
(1) The Capital Expenditure was paid after March 1, 1992;
(2) Within 60 days after payment of the original expenditures (except
Preliminary Expenditures), the Issuer adopted an official intent for the
original expenditure that satisfies Regulations § 1.150-2(e); and
(3) The Reimbursement Allocation occurred or will occur within 18 months after
the later of the date the original expenditure was paid or the date the project
financed by such expenditure was placed in service or abandoned, but in no
event more than three years after the original expenditure was paid.
"Related Party" means, in reference to a Governmental Unit or 501(c)(3) Organization, any
member of the same Controlled Group, and, in reference to any person that is not a Governmental
Unit or 501(c)(3) Organization, a related person as defined in Section 144(a)(3).
"Replacement Proceeds" means, with respect to an issue, amounts (including any investment
income, but excluding any Proceeds of that issue) replaced by Proceeds of that issue under
Section 148(a)(2). Replacement Proceeds include amounts, other than Proceeds, held in a sinking
fund, pledged fund or reserve or replacement fund for the issue.
"Sale Date" means with respect to an issue (or a portion of an issue) the first date upon which
there is a binding contract in writing with the Issuer for the sale and purchase of the issue (or of
respective obligations of the issue if sold by the Issuer on different dates) on specific terms that are
not later modified or adjusted in any material respect. In the case of a variable yield obligation, the
Sale Date is the Issuance Date thereof.
"Sale Proceeds" means that portion of the Issue Price actually or constructively received by
the Issuer upon the sale or other disposition of an issue, including any underwriter's compensation
withheld from the Issue Price, but excluding Pre -Issuance Accrued Interest.
"Same Plan of Financing" is determined based on such factors as the purposes for the
obligations and the structure of the financing. For example, generally (A) obligations to finance a
OR127464:1 A-6
"Yield Period" means, in the case of the first Yield Period, the period that commences on the
Issuance Date and ends at the close of business on the first Computation Date and, in the case of
each succeeding Yield Period, the period that begins immediately after the end of the immediately
preceding Yield Period and ends at the close of business on the next succeeding Computation Date.
The terms advance refunding, "current refunding", "bond", "obligation", "reasonable
retainage", "reasonably required reserve or replacement fund", "reserve or replacement fund", "loan",
"sinking fund", "multipurpose issue", "purpose investment", "variable yield obligation", "yield
reduction payment", "other replacement proceeds", and other terms relating to Code provisions used
but not defined in this Certificate shall have the meanings given to them for purposes of Sections 103
and 141 to 150 unless the context indicates another meaning.
(End of Attachment A)
OR 127464:1 A-8
single facility or related facilities are part of the same plan of financing; (B) short-term obligations
to finance working capital expenditures and long-term obligations to finance capital Project are not
part of the same plan of financing; and (C) certificates of participation in a lease and general
obligation obligations secured by tax revenues are not part of the same plan of financing.
"Spendable Proceeds" means the Net Sale Proceeds of an issue.
"Tax -Exempt Obligation" means any obligation or issue of obligations (including bonds,
notes and lease obligations treated for federal income tax purposes as evidences of indebtedness) the
interest on which is excluded from gross income for federal income tax purposes within the meaning
of Section 150, and includes any obligation or any investment treated as a "tax-exempt bond" for the
applicable purpose of Section 148.
"Tax -Exempt Organization" means a Governmental Unit or a 501(c)(3) Organization.
"Temporary Period" means the period of time, as set forth in the Tax Compliance Certificate,
applicable to particular categories of Proceeds of an issue during which such category of Proceeds
may be invested in Higher Yielding Investments without the issue being treated as arbitrage bonds
under Section 148.
"Transferred Proceeds" means that portion of the Proceeds of an issue (including any
Transferred Proceeds of that issue) that remain unexpended at the time that any portion of the
principal of that issue is discharged with the Proceeds of a refunding issue and that thereupon
becomes Proceeds of the refunding issue as provided in Regulations § 1.148-9(b). Transferred
Proceeds do not include any Replacement Proceeds.
"Variable Yield Issue" means any issue that is not a Fixed Yield Issue.
"Working Capital Expenditures" means any costs of a type that do not constitute Capital
Expenditures, including current operating expenses.
"Yield" has the meaning assigned to it for purposes of Section 148, and means that discount
rate (stated as an annual percentage) that, when used in computing the present worth of all applicable
unconditionally payable payments of Debt Service and all payments for a Qualified Guarantee, if
any, paid and to be paid with respect to an obligation (paid and to be paid during and. attributable to
the Yield Period in the case of a Variable Yield Issue), produces an amount equal to (a) the Issue
Price in the case of a Fixed Yield Issue or the present value of all the Issue Prices during the Yield
Period in the case of a Variable Yield Issue, or (b) the purchase price for yield purposes in the case
of Investment Property, all subject to the applicable methods of computation provided for under
Section 148, including variations from the foregoing. The Yield on Investment Property in which
Proceeds or Replacement Proceeds of an issue are invested is computed on a basis consistent with
the computation of Yield on that issue, including the same compounding interval (of not more than
one year selected by the Issue).
OR 127464;1 A-7
City of Tamarac
7525 N.W. 88th Avenue, Tamarac, Florida 33321-2401
Telephone: (954) 724-1240 • Facsimile (954) 724-2454
Mitchell S. Kraft
City Attorney
December 10, 1998
City Commission
City of Tamarac, Florida
Tamarac, Florida
SunTrust Bank, South Florida, National Association
Ft. Lauderdale, Florida
Akerman, Senterfitt & Edison, P.A.
Orlando, Florida
Re: $3,250,000 City of Tamarac, Florida
General Obligation Bonds, Series 1998
(Community Center Project)
Dear Ladies & Gentlemen:
I have acted as counsel to the City of Tamarac, Florida (the "City"), in connection with the
authorization, sale and delivery of the above -referenced Bonds (the "Bonds"), dated December 10,
1998, authorized by Resolution No. 98-348 adopted by the City Commission on December 9, 1998
(collectively, the "Resolution"), and secured as to payment as provided therein. Except as otherwise
noted, capitalized terms used herein shall have the meaning ascribed to them in the Resolution.
In my opinion:
1. The City is a municipal corporation, duly organized and existing under and pursuant
to the Constitution and laws of the State of Florida and is authorized (a) to issue the Bonds, (b) to
secure the Bonds in the manner contemplated by the Resolution and (c) to adopt the Resolution.
OR123242;1
Equal Opportunity Employer
December 10, 1998
Page 2
2. The adoption of the Resolution, the execution and delivery by the City of the Bonds,
and compliance with the provisions thereof will not conflict with or constitute a breach of or default
under any existing law, ordinance, administrative regulation, court decree, resolution or agreement
to which the City is subject.
3. The Resolution and the Bonds have been duly authorized, executed and delivered by
the City and constitute valid and binding agreements of the City enforceable in accordance with their
terms (subject as to enforceability of any remedies to any applicable bankruptcy or insolvency laws
or other laws affecting creditors' rights generally, from time to time in effect).
4. No litigation or other proceedings are pending or threatened in any court or other
tribunal of competent jurisdiction, state or federal, in any way (a) restraining or enjoining the
issuance, sale or delivery of any of the Bonds; or (b) questioning or affecting the validity of the
Bonds, the Resolution, or security provided for the Bonds under the Resolution; or (c) questioning
or affecting the validity of any of the proceedings for the authorization, sale, execution, registration,
issuance or delivery of the Bonds; or (d) questioning or affecting the organization or existence of the
City or the title to office of the officers thereof, or the power or authority of the City to issue the
Bonds; (e) which could materially adversely affect the operation of the City or the financial
condition of the City; or (f) contesting or affecting the exclusion from gross income of the interest
on the Bonds for federal income tax purposes.
5. All approvals, authorizations, permits, consents and orders of any governmental
authority, legislative body, board, commission or agency having jurisdiction in the matter, which
would constitute a condition precedent to the performance by the City of its obligations in
connection with the issuance of the Bonds are in full force and effect.
7Tinr y,
CHELL KRAFT
City Attorney for the City of Tamarac
oR1232a2;1
AKEKMAN, SENTEKFITT 8 EIDSON, P. A.
ATTORNEYS AT LAw
CITRUS CENTER
255 SOUTH ORANGE AVENUE
POST OFFICE BOX 231
ORLANDO, FLORIDA 32802.0231
(AO7) e43�7660
TELECOPY (407) BA3.6610
December 10, 1998
City Commissioners of
The City of Tamarac, Florida
Tamarac, Florida
SunTrust Bank, South Florida, National Association
Ft. Lauderdale, Florida
$3,250,000
CITY OF TAMARAC, FLORIDA
GENERAL OBLIGATION BONDS
(COMMUNITY CENTER PROJECT)
SERIES 1998
Ladies and Gentlemen:
We have acted as Bond Counsel in connection with the issuance by the City Commission of
the City of Tamarac, Florida (the "Issuer"), of the above -referenced bonds (the "Bonds"), pursuant
to Resolution No. 98-348 adopted by the City Commission of the Issuer on December 9, 1998 (the
"Bond Resolution"). Any capitalized undefined terms used herein shall have the meaning set forth
in the Bond Resolution.
As to questions of fact material to our opinion, we have relied upon representations of the
Issuer contained in the Bond Resolution and in the certified proceedings and other certifications of
public officials furnished to us, without undertaking to verify the same by independent investigation.
We have not undertaken an independent audit, examination, investigation or inspection of such
matters and have relied solely on the facts, estimates and circumstances described in such
proceedings and certifications. We have assumed the genuineness of signatures on all documents
OR 123195;1
ORLANDO FORT LAUDERDALE MIAMI TALLAHASSEE TAMPA WEST PALM BEACH
and instruments, the authenticity of documents submitted as originals and conformity to originals
of documents submitted as copies.
In rendering this opinion, we have examined and relied upon certificates of even date
herewith of representatives of the Issuer and the opinion of Mitch Kraft, City Attorney, as to the due
creation and valid existence of the Issuer, the due adoption of the Bond Resolution, the due
authorization, execution and delivery of the Bonds and the compliance by the Issuer with all
conditions in the City Charter and resolutions of the Issuer precedent to the issuance of the Bonds.
The opinions set forth below are expressly limited to, and we opine only with respect to, the
laws of the State of Florida and the federal income tax laws of the United State of America.
Based on our examination, we are of the opinion, as of the date of delivery of and payment
for the Bonds, as follows:
l . The Issuer is validly existing as a municipal corporation of the State of Florida with
the power to adopt the Bond Resolution, perform the agreements on its part contained therein and
issue the Bonds.
2. The Bond Resolution has been duly adopted by the Issuer and constitutes a valid and
binding obligation of the Issuer enforceable upon the Issuer in accordance with its terms.
3. The Bonds have been duly authorized, executed and delivered by the Issuer and are
legal, valid and binding obligations of the Issuer enforceable against the Issuer in accordance with
their terms, and for which the full faith, credit and ad valorem taxing power of the Issuer is lawfully
pledged. The Bonds are payable from ad valorem taxes levied on all taxable property in the City,
without limit as to rate or amount.
4. Interest on the Bonds is excluded from gross income for federal income tax purposes
and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on
individuals and corporations; it should be noted, however, that, for the purpose of computing the
alternative minimum tax imposed on certain corporations (as defined for federal income tax
purposes), such interest is taken into account in determining adjusted current earnings. The opinion
set forth in the preceding sentence is subject to the condition that the Issuer comply with all
requirements of the Internal Revenue Code of 1986, as amended (the "Code"), that must be satisfied
subsequent to the issuance of the Bonds in order that interest thereon be, or continue to be, excluded
from gross income for federal income tax purposes. The Issuer has covenanted to comply with all
such requirements. Failure to comply with certain of such requirements may cause interest on the
Bonds to be included in gross income for federal income tax purposes retroactive to the date of
- issuance of the Bonds. We express no opinion regarding other federal tax consequences arising with
respect to the Bonds.
OR123195;1 2
5. The Bonds and the interest thereon are exempt from taxation under the laws of the
State of Florida, except as to estate taxes and taxes imposed by Chapter 220, Florida Statutes, on
interest, income or profits on debt obligations owned by corporations, as defined therein.
6. The Bonds are "qualified tax-exempt obligations" within the meaning of Section 265
of the Code.
7. The Bonds are exempt from the excise tax on documents imposed by Chapter 201,
Florida Statutes, as provided by Sections 201.24, Florida Statutes.
It is to be understood that the rights of the owners of the Bonds and the enforceability thereof
may be subject to the exercise of judicial discretion in accordance with general principles of equity,
to the valid exercise of the sovereign police powers of the State of Florida and of the constitutional
powers of the United States of America and to bankruptcy, insolvency, reorganization, moratorium
and other similar laws affecting creditors' rights heretofore or hereafter enacted.
Our opinions expressed herein are predicated upon present law, facts and circumstances, and
we assume no affirmative obligation to update the opinions expressed herein if such laws, facts or
circumstances change after the date hereof.
OR12319511
Very truly yours,
AKERMAN, SENTERFITT & EIDSON, P.A.
u
AKERMAN, SENTERFITT & EIDSON, RA.
ATTORNEYS AT LAW
CITRUS CENTER
255 SOUTH ORANGE AVENUE
POST OFFICE BOx 23i
ORLANDO, FYORIDA 32602 0221
(AO7) 643-7840
TELECOPV (407) 843-6610
December 10, 1998
:c9
Internal Revenue Service Center
Philadelphia, PA 19255
Re: Form 8038-G -- City of Tamarac, Florida
General Obligation Bonds, Series 1998 (Community Center Project)
Dear Ladies and Gentlemen:
On behalf of the City of Tamarac, Florida, I have enclosed herewith for filing Form 8038-G
with respect to the above -referenced matter.
Please mark the duplicate copy of this letter to indicate your receipt of the enclosed
Form 8038-G and return the receipted copy to the undersigned in the enclosed self-addressed
stamped envelope.
Very truly yours,
T. Dean Dickson
TDD/kg
Enclosure
OR138787;1
ORLANDO FORT LAUDERDALE MIAMI TALLAHASSEE TAMPA I WEST PALM BEACH
8038`s Information Return for Tix-Exempt Governmefttal Obligations
No. 1 s4s-0nc
FIMM•
under tnwsel P*vw%n Gew aw*m 14e1e)
OMS
(Rev. May 19" P. See wpwl" I mo•
o.ou..u.+ 40 tir n.+.r (Now: Use Dram 011035 GC N dN issue Prte is under s 1 W.000.)
.
If Amended Retsrrn, cneck here ■
Autlw
2 ha wes errapbtrsr leerrNMI' Don number
t
tssuer+s nerfre
City of Tamarac, Florida 59 :1039552
Nwnbw street (a► P.O. box It ma is not slivered b strwt address) Roanvsuite 4
rxrrrdw
3
NMI
7525 N.W. 88th Avenue
G19 - 3
G19 98
5
City. b7wk or 1� ofkm, state. and ZIP code a
A
Date of issue
Tamarac, Florida 33321-2401
a
8
CUSIP number
7
NartM Of iSM
General Obligation Bond, Series 1998
N/A
of Issue check sEelicable bo and enter the issue rice
9 S
9
❑ Education (attach schedule-eee wancWM) . . . . . . . . . . . . . . . . .
10
10
❑ Health d ho5Pital (attach schedule -sea ir�strutdio*. . . . . . . . . . .
an
11
11
❑ TransporUffion . . . . . . . . . . . . . . . . . . . . . . . . .
12
12
❑ Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . •
13
13
❑ Errvirorrnent Gnduding sewage bonds) . . . . . . . . . . . . . . . . . . •
14
14
❑ Housing . . . . . . . . . . . . . . . . . . . . . . . . . .
15
1s
❑ Utilities . . . . . . . . .
3,25010
1e
0 Other.DescribeDibe (sM �1 D. C
❑
17
If obligations are tax or other revenue anticipation bond& check boot ■
■ ❑
is
If obl' aA in the form of a lease or installment sale. check box
•
Deecri on of 0 one
IM MOM dire trarwpii i.raiprio. 5hbd at
paMrs ad MOMien Waoffad
rrd Nwt
19
Find mahotty. 10/1/ 2017 4.269% 3 250 00
11.7 ears
4. 269 % 4. 269 %
20
EnGre issue , 3 250 000
Uses of Proceeds of Bond Issue tncltrdtt tmderw iters, discoun
21 .0
21
Proceeds used for accrued intenst . . . . . . . . . . . . . . . . . . . . .
2
22
Issue price of entire issue (enter amount from tine 20. column (0) . . . . 34 . . . .
23
Proceeds used for bond coals (including und. mtws' u
24
24 0.0
Proceeds used for credit w tarmffwtt . . . . . . . . . . . 0.0
25
Proceeds alocsded to reSsonably squired reserve or fund 0.0
26
Proceeds used to oswitly refund Prior issues . . . . . . . . 0 o
27
Proceerlir used to advance refund prior issues . . . . . . . . .
28 34,500
28
ToW (add lines 23 through 27) . . . . . . . . . . . .
of the issue subhaot line 29 from line 22 and enter amount hem).
29 3,215,500
29
•
1]aepi on of Refunded art only for refunds bonds.
30
Enter the rw=riry w694tad average matufttY of the bands m be anTantty refunded IN -ears
31
Enter the ramanng weighted aw W mWx rdY of "bards to be advance refunded . . . 10.
ears
32
Enter the last date an which the rsfixtded bonds wd be Coiled . . . . . . . . . . . ■
33
Enter the date(a) the refunded bonds were sawed ►
34 Enter the amount of the state volume cap allocated to the issue under section 141(b)(5) . . . 0.0
35 Eater the wait of the Gads de14nare 4 by the issuer ur&raSc . 2ti5(bx3jjH)(i)(lin (SrttY issuer wmq,3dw) 35 3,250,000
36a Enter the amount of gm pracae 1 irrwped ar to be invested in a 9trrarileed ivrs�Mwl carrI•act {see itetrucborad Sae 0.0
b Enter ttr final mabrritY datie of the guaranteed WNOW=t cw&*d . ■
37 Feared titanGrigs: a Proceeds of this issue that are to be used iq nmlre loess to other govermnrttal Urft 37a
b 0 ehis issue is a loan made from the Proceeds of a wdw tax-exaetpt issue, check box No ❑ and enter the name of the
issue r ■ and the date of the is" ■
38 M the issuer has elected to Pay a Penalty in lieu of arbiaape rebate. check box . . . ■ ❑
39 If the how has kMndW a check boot . . . . . . . . . . . . ■
i ow oor epo ad ae oNwh and mx=r p mwq @&mum end rlslrmrer. end 0 the bW of nay WwwWdp
era (+Carr. Voy plwr
Plea"
Sign
Hers
NOW* arar~ 1W 8--arM
cede
FOr PaipelwOrtt Radtsctian Aat ***. See Pam 1 Of the frsSlrtscllNM
W rumdMo paw wr+►
�, Joe Schreiber, Mayor
Type or w" MM errs we
CAL ML 6311 Far+ S O "W. s•Pm
No. R-1
Interest
Rate:
UNITED STATES OF AMERICA
STATE OF FLOPUDA
CITY OF TAR[ARAC, FLORIDA
GENERAL OBLIGATION BOND,
SERIES 1998 (COMMUNITY CENTER PROJECT)
Maturity Date:
4.269% October 1, 2017
REGISTERED OWNER: SUNTRUST BANK, SOUTH
Original Dated
Date:
December 1
PRINCIPAL AMOUNT: THREE MILLION TWO HUNDRED
The City of Tamarac, Florida (hereinafter
promises to pay to the Registered Owner
representatives, to the extent and from the
$3,250,000
IU93
1119Q1
DOLLARS
for value received, hereby
registered assigns or legal
)r, as described herein, the
Principal Amount identified above in instal ents paya leXrmually on the first day of October
commencing on October 1, 2000, as set rth Sched e A hereto, and to pay, to the extent and
from the sources herein described, i re on ipal sum from the date hereof, or from the
most recent interest payment date . t est has been paid, at the Interest Rate per annum
identified above, computed on d ar the actual number of days elapsed and subject to
adjustment as provided he unt pay t of the Principal Amount, or until provision for the
payment thereof has b du vided or, such interest being payable semiannually on the first
day of April and the rst da of er of each year, commencing on April 1, 1999 as set forth in
Schedule A attached . ipal and interest will be paid on each such payment date to the
Registered owner hereo t his dress as it appears on the registration books of the City maintained
by the Bond Registrar for Bonds, at the close of business on the fifteenth (15th) day (whether or
not a business day) of the month next preceding the payment date (the "Record Date"), irrespective
of any transfer or exchange of such Bond subsequent to each Record Date and prior to such payment
date, unless the City shall be in default in payment of amounts due on such payment date. In the
event of any such default, such defaulted amounts shall be payable to the person in whose name such
Bond is registered at the close of business on a special record date for the payment of such defaulted
interest as established by notice by deposit in the U.S. mails, postage prepaid, by the Bond Registrar
to the Registered Owners of Bonds not less than fifteen (15) days preceding such special record date.
Such notice shall be mailed to the persons in whose names the Bonds are registered at the close of
business on the fifth (5th) day (whether or not a business day) preceding the date of mailing.
This Bond is one of an authorized issue of bonds in the aggregate principal amount of
$3,250,000 (the 'Bonds") of like date, tenor and effect, except as to number, maturity and interest
rate, issued to pay the cost of the acquisition and construction of a community center within the City,
pursuant to the authority of and in full compliance with the Constitution and laws of the State of
Florida, including particularly Article VII, Section 12 of the Constitution, Chapter 166, Florida
Statutes, to the extent not inconsistent with and not repealed by the provisions of Section 166.021,
Florida Statutes, the Charter of the City of Tamarac, and Resolution No. 98-348 duly adopted by the
City on December 9, 1998 (the "Bond Resolution"), and other applicable provisions of law. This
Bond is subject to all the terms and conditions of the Bond Resolution, and capitalized terms not
otherwise defined herein shall have the same meanings ascribed to them in the Bond Resolution.
The full faith, credit and taxing power of the City are pledged to the punctual pay ent of the
principal of and interest on the Bonds, as the same shall become due and payable. Ref a is made
to the Bond Resolution for the provisions, among others, relating to the terms, lien and se ty for
the Bonds, the custody and application of the proceeds of the Bonds, the right f the
holders of the Bonds, and the extent of and limitations on the City's ngh ties d obligations,
to all of which provisions the registered owner hereof assents by accep nceteregf.
This Bond is subject to prepayment at the option of the Iss is wftc&orWpart on any date
at a price equal to the principal amount being prepaid plus accrued st th on. In the event of
partial prepayment, each payment shall be applied first to ere d then to such principal
installments as the City shall designate.
In connection with any prepayment w ' e s B i wned by SunTrust Bank, South
Florida, National Association, or its successo the "B '), e City shall give the Bank not more
than ten (10), and not less than five (5) b ' es s' no . e of any proposed prepayment specifying
the prepayment date, the principal am t this be so prepaid, the installments of principal
against which the prepayment shal d d the person or persons authorized to notify the
Bank of acceptance of theJer e referred to in the next succeeding sentence. The
Bank shall provide oral nop on cified bythe City on the second business day prior to
the proposed prepayme a amount, if any, of the prepayment premium which shall be paid
in connection with su prayment by the City pursuant to the next succeeding paragraph
hereof. At the time o
ce, such person shall state whether the City elects to make such
proposed payment, aerson so elects, such election of prepayment given by the City shall
be irrevocable and thprincipal amount of this Bond so specified in such notice, together
with such accrued interest and any such additional sum payable pursuant to the premium provisions
set forth below shall become due and payable on the specified prepayment date. The Bank may, but
shall not be obligated to, provide written confirmation of receipt of such election to the City, but any
failure of the Bank to provide such confirmation shall not affect the obligation of the City to make
such prepayment on the agreed terms.
While the Bond is owned by SunTrust Bank, South Florida, National Association, or its
successors (the "Bank'), in the event that the Issuer shall make any optional prepayment, then the
Issuer will pay to the Bank, if a positive number, a prepayment premium equal to the amount
determined by the Bank to be the amount equal to (X) the present value as of the prepayment date
of the payments of principal and interest that would have been received with respect to the portion
of this Bond being prepaid using a discount rate as of the prepayment date minus (Y) the present
Pa
value as of the prepayment date of the payments of principal and interest that would have been
received with respect to the portion of this Bond being prepaid using a discount rate as of the
Original Dated Date, with such discount rate in each case being the fixed rate based on quotations
obtained by the Bank in its discretion from one or more dealers or other counterparties in the interest
rate swap market for an interest rate swap (i) with payment dates coincident (or approximately so)
with the Interest Payment Dates hereunder after the date of such occurrence, (ii) with a notional
amount equal to the principal amount of this Bond scheduled to be outstanding after such date
(taking into account the amortization hereof), and (iii) pursuant to which such deal r or other
counterparty is the fixed rate payor and the Bank is the floating rate payor at the 3 London
Interbank Offered Rate.
The Issuer understands that the Bank may enter into an interest Zap agxement in order
to preserve the yield anticipated to be earned by the Bank in connect' wi thi B , although
it shall not have any obligation to do so and the obligation of the ' t diints required
under the preceding paragraph shall not be affected thereby. arti that the amount
payable under the preceding paragraph are a reasonable pre-e,
re-e tima ss not a penalty. Such
amounts are payable for the loss of bargain and payme am is shall not in any way
reduce, affect or impair any other obligation of the 6Ainde 's ond.
The Interest Rate shall be adjusted, as Kt forth
If the interest earned on this i clude in the gross income of the Bank when
determining Federal and State tax lia ' ity w reason, then this Bond will bear interest from
the earliest effective date as of w ' h st a le on this Bond is includable in the gross income
of the Bank at a fixed rate of ' er a equal to the Interest Rate then in effect times 1.54
(the "Taxable Rate"). Th er all a pay any additions to tax, penalties, and any interest
thereon incurred by t13&4Qnk result of the loss of the tax-exempt status of this Bond, and any
arrears in interest res a ermination of taxability. Any penalties in the form of interest
or otherwise shall be y e rrower on the next succeeding interest payment date.
The Interest Rate shall be adjusted automatically as of the effective date of any change in the
Maximum Corporate Tax Rate, presently 35%, or in the Preference Reduction Rate, presently 20%
(hereinafter defined) based upon the following calculations.
Upon the occurrence of any of the foregoing events, the Interest Rate shall be adjusted to the
product obtained by multiplying the Interest Rate by a fraction, the numerator of which is equal to
the sum of (i) the product of the "Fully Taxable Equivalent" times one minus the Maximum
Corporate Tax Rate in effect as of the day of adjustment, plus (ii) the TEFRA Adjustment
(hereinafter defined) in effect as of the date of adjustment, and the denominator of which is equal
to the sum of (i) the product of the "Fully Taxable Equivalent" times 0.65 plus (ii) the TEFRA
Adjustment (hereinafter defined) in effect as of the date of funding of the loan.
e
For the purpose hereof: (1) "TEFRA Adjustment" means an adjustment equal to the product
of the following: Cost of Funds multiplied by the applicable Maximum Corporate Tax Rate
multiplied by the applicable Preference Reduction Rate; (2) "Cost of Funds" means one hundred
(100) multiplied by a fraction, the numerator of which is equal to the total interest expense of
SunTrust Banks, Inc., for the immediately preceding tax year and the denominator of which is equal
to the average total assets of SunTrust Banks, Inc. for such year, but at no time will be determined
to exceed the cost of Fed Funds; (3) "Preference Reduction Rate" means the percentage reduction
to be applied to the amount allowable as a deduction under Chapter 1 of the Code with res ect to any
financial institution preference item (as such term is defined in Section 291(e) of ode); and
(4) "Fully Taxable Equivalent" means the Interest Rate times 1.516 expressed as a numbe d not
as a percentage (for example, if the "Interest Rate" is 5%, the Fully Taxable E and
five -eighths (7%). �.
Notice of call for redemption is to be given by faxing or eli g dress delivery
service a copy of the redemption notice at least five (5) but not e ) business days
prior to the date fixed for redemption to the registered own r of and be redeemed at the
address shown on the registration books maintained by the on gistrar, or any successor
Bond Registrar appointed by the City pursuant to the d R o u on. All such Bonds called for
redemption and for the retirement of which funds a ro ' will cease to bear interest on
such redemption date.
This Bond may be transferred i o ut not' part, upon the registration books of the
City upon delivery thereof to the
instrument or instruments of tran
Registrar, duly executed by
representative, containing e
the social security nuln or
of a transfer of a Bond. the Hon
provisions of the Bon c
deliver in the name of th new ,
to offs Bond Registrar accompanied by a written
'th guaranty of signature satisfactory to the Bond
to o er of this Bond or by his attorney -in -fact or legal
truct s as to the details of transfer of this Bond, along with
employer identification number of such transferee. In all cases
Ostrar shall at the earliest practical time in accordance with the
iter the transfer of ownership in the registration books and shall
-ree or transferees a new fully registered Bond or Bonds of the
same maturity and of auth zed denomination or denominations, for the same aggregate principal
amount and payable from the same source of funds. Bonds may be exchanged at the office of the
Bond Registrar for a like aggregate principal amount of Bonds, of authorized denominations of the
same series and maturity. The City and the Bond Registrar may charge the owner of such Bond for
the registration of every transfer or exchange of a Bond an amount sufficient to reimburse them for
any tax, fee or any other governmental charge required (other than by the City) to be paid with
respect to the registration of such transfer or exchange, and may require that such amounts be paid
before any such new Bond shall be delivered.
If the date for payment of the principal of, redemption premium, if any, or interest on this
Bond shall be a Saturday, Sunday, legal holiday in the State of Florida or, if the Paying Agent is then
an entity other than the City, a day on which banking institutions in the city where the corporate trust
office of the Paying Agent is located are authorized by law or executive order to close, then the date
4
for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday in
the State of Florida or a day on which such banking institutions are authorized to close, and payment
on such day shall have the same force and effect as if made on the nominal date of payment,
provided that interest shall continue to accrue on all unpaid principal until paid.
All principal of and interest on this Bond may be declared immediately due and payable by
the Registered Owner hereof upon the occurrence of an Event of Default under the Bond Resolution
or this Bond, as described in Section 14 of the Bond Resolution.
It is hereby certified and recited that this Bond is authorized by and is issued in co ormity
with the requirements of the Constitution and statutes of the State of Florida; 'lions
and things required to exist, to happen, and to be performed precedent to cc of this Bond
exist, have happened and have been performed in regular and due fo d tgreasr ed by the
laws and Constitution of the State of Florida applicable hereto, that i onds of this
issue does not violate any constitutional or statutory limitation o visi at a provision has
been made for the levy and collection of an annual tax, without li as ate or amount, upon
all taxable property within the corporate limits of the Ci ing ptions as provided by
applicable law), in addition to all other taxes sufficie to pa ri ipal of and interest on the
Bonds as the same shall become due and payable, c sh assessed, levied and collected
at the same time and in the same manner as othe v ore aze assessed, levied and collected
within the corporate limits of the City; and tha the fiill fai )dedit and taxing power of the City are
pledged to the punctual payment of�the�p'n of an interest on the Bonds, as the same shall
become due and payable.
-. This Bond shall not nndR
o co obligatory for any purpose or be entitled to any
security or benefit under th alu til the Certificate of Authentication endorsed hereon
shall have been manuaj&sig the Bbnd Registrar.
THE CITY :IT RIGHT TO A TRIAL BY JURY IN ANY ACTION OR
PROCEEDING BASE U N, OR RELATED TO, THIS BOND. THIS WAIVER IS
KNOWINGLY, INTEN ALLY AND VOLUNTARILY MADE BY THE CITY AND THE
CITY ACKNOWLEDGES THAT NEITHER THE BONDHOLDER NOR ANY PERSON ACTING
ON BEHALF OF THE BONDHOLDER HAS OR HAVE MADE ANY REPRESENTATIONS OF
FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR
NULLIFY ITS EFFECT. THE CITY FURTHER ACKNOWLEDGES THAT IT HAS BEEN
REPRESENTED (OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE
ISSUANCE OF THIS BOND AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT
LEGAL COUNSEL, SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE
OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. THE CITY AGREES THAT
THE OBLIGATION EVIDENCED BY THIS BOND IS AN EXEMPTED TRANSACTION
UNDER THE TRUTH -IN -LENDING ACT, 15 U.S.C. SECTION 1061 ET SEQ. THE CITY
FURTHER ACKNOWLEDGES THAT IT HAS READ AND UNDERSTANDS THE MEANING
OF THIS WAIVER PROVISION.
5
This Bond is, and has all the qualities and incidents of, an investment security under the
Uniform Commercial Code -Investment Securities Law of the State of Florida.
IN 'WITNESS WHEREOF, the City of Tamarac, Florida, has issued this Bond and has
caused the same to be signed by its Mayor and attested by its Assistant City Clerk, either manually
or with their facsimile signatures, and its seal to be affixed hereto or a facsimile of its seal to be
reproduced hereon.
(SEAL)
ATTESTED:
By:
Assistant City Jerk
CITY OF TAMARAC, FLORIDA
go
C1
W,
CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds designated in and executed under the provisions of the within
mentioned Bond Resolution.
City of Tamarac, Florida,
as Bond Registrar
By: WA LA- ► r
Dir o of Finan
Date of Authentication: October 10, 1998
VA
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned (the "Transferor") hereby sells, assigns and
transfers unto
(the "Transferee")
PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF TRANSFEREE
the within Bond and all rights thereunder, and hereby irrevocably
as attorney to register the j
on the books kept for registration and registration of transfer thereof,'
in the premises.
Date:
Signature Guaranteed:
NOTICE: Signature (s) must be @
by a member firm of the New Y
Exchange or a member firm of
recognized national securities
commercial bank or a trust pan
titu and appoints
:r of thbwithin Bond
iwe'k oYsubstitution
d ��NO4ICE:
No transferwill be registered and
kond will be issued in the name of the
Transferee, unless the signature(s) to this
a assignment correspond(s) with the name as it
appears upon the face of the within Bond in
every particular, without alteration or
enlargement or any change whatever and the
Social Security or Federal Employer
Identification Number of the Transferee is
supplied.
8
-W.
Scbedule A
to
City of Tamarac, Florida
General Obligation Bond, Series 1998
(Community Center Project)
Date principal Compaq Yield Price
Proceeds ImtUM Debt
Service
CapitaUK4 Net Net
Merest Debt Service amr
12/10/98
42.77E.94 42.778.93 1 77E. 0•
04/01/99
I Orol/99
4269 4269 100.000 0.00 6937125 69371 5 0. 0.00
04/01/00 6937125 693 37125
10/01ro0 123.63039 4169 4269 100.000 123.63039 6937125 193.00
193,001.64 262372.E9
arolrol 6&73 V4%4JJ.732 66.73236
10/01/01 128.90E-16 4269 4269 100.000 128,90E-16 66.7 6 0.00 195.640.52 262372.38
04/01/02 . 12 .990 0.00 63.980.92
10/01/02 134AI1.25 4269 4269 100.000 134AItz 63. 1 .0 0,00 19I392.07 262372.19
04/01ro3 1.11 61. .81 0.00 61.111.81
10/01/03 140.14927 4269 4269 100.000 140,1 27 61,111.31 261.0E 0.00 201261.0E 26237189
04/01/04 SE.1 58.12032 0.00 58.12032
10/01/04 146.132.24 4269 4269 100.000 146. 5E.I 32 20425236 0.00 204252.56 262372.8E
04/01ro5 1.13 55,001.13 0.00 35.001.13
10/01/05 152370,62 4269 4269 2370 55.0OI.13 207371.75 0.00 207371,75 262372.1E
04/OI/06 51,742.78 51.748.7E 0.00 51.74E-78
10/01/06 152.97532 4269 4 138.E 2 51.748.7E 210,624.10 0.00 210.624.10 262.372.8E
04/01/07 48,357.59 4E.35739 0.00 4E,357.59
10/01/07 16$.657.70 42 00.000 165.657.70 4E357.59 214.01529 0.00 214.01529 262372.E8
04/01/08 44.821.63 44.921A3 0.00 44.921.63
IOro1ro8 I72.729.62 269 269 D00 17Z.729.62 44.921.63 217.55123 0.00 217.55125 262372.EE
41,134.72 41.134.72 0.00 41.134.72
04101ro9
10/01/09 190,103.45 4269 4 69 100,000 120.103,45 41.134.72 22173E-17 0.00 221.238.17 262372.89
04/01/10 37.290AI 37-MA1 0.00 37290.4E
IN01/10 197,792.06 4269 4269 100.000 197.792.06 37290.41 225.082.47 0.00 225.082,47 262372.8E
04/01/11 33.M.99 33191.99 0.00 33.291."
10/01/11 195,909.90 4269 4269 100.000 195.909.90 33281.99 229.090.19 0.00 229.090,89 262.372.1E
04/01/12 29.102A5 29.102AS 0.00 29,102.45
10/01/12 204.16E-00 4269 4269 100.000 204.168.00 29,102.45 233270.45 0.00 233.270.45 262372.90
04ro1/13 24.744.4E 24.744.4E 0.00 24.7"AS
10/01/13 211883.93 4269 4.269 100,000 212.EE3.93 24.744,48 237.622.41 0.00 237.623.41 262372.89
04/01/14 20-MA7 20200A7 0.00 20200.47
10/01/14 nl,971.94 4269 4269 100.000 221,971,94 20200.47 242.172.41 0.00 242,172,41 262372.8E
04/01/15 15.462.4E 15.462.4E 0.00 13,462A8
INOI/15 231.447.93 4269 4269 100.000 231.447.93 15.462.4E 246.910.41 0.00 246.910.41 262372.19
04/01/16 10.522.22 10.52222 0.00 10.52222
10/01/16 24132E-45 4269 4269 100.000 241328,45 10.52222 251,850.67 0.00 251.950.67 262377.119
04/01/17 5371.06 5371.06 0.00 5371,06
10/01117 251.630.77 4269 4269 100.000 2SIA30.77 5371.06 257,OOI.E3 0.00 237,001.93 262.372.89
3250.000 3250.000.00 13E4.E62.13 4.834.862.13 112.150.19 4.722.711.94 4,72L711.94