HomeMy WebLinkAboutCity of Tamarac Resolution R-94-117"Temp.Reso. #6742"
City of Tamarac, Florida
Resolution No. R-94- / / %
A RESOLUTION AMENDING RESOLUTION NO. R-90-278, ADOPTED BY
THE COUNCIL OF THE CITY OF TAMARAC ON DECEMBER 19, 1990
TO DELETE THE REQUIREMENT THAT THE BONDS AUTHORIZED
THEREIN SHALL BE MARKETED AND SOLD ONLY TO ACCREDITED
INVESTORS AS DEFINED IN SECTION 517.011, FLORIDA STATUTES IN
DENOMINATIONS OF NOT LESS THAN $100,000 AND TO DELETE THE
REQUIREMENT OF A FEASIBILITY STUDY TO BE DELIVERED TO THE
CITY; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Tamarac (the "City") on December 19, 1990 adopted
Resolution No. R-90-278 authorizing the issuance of not exceeding $12,000,000 City of
Tamarac Revenue Bonds (Imperial Manor Corp. ACLF Project) Series 1990 (the "Bonds")
for the purpose of loaning the proceeds of the Bonds to Imperial Manor Corp. (the
"Company") to finance a "project" within the meaning of Part 11 of Chapter 159, Florida
Statutes consisting of an adult congregate living facility (the "1990 Project") within the City;
and
WHEREAS, the Bonds have not been issued and the Project has not been constructed
but Woodmont Gardens ("Woodmont") the developer of the land (the "Site") upon which
the Project was proposed to be constructed and the Jewish Gerontological Caring Center
of South Florida, Inc. (the "Corporation") a not -for -profit corporation propose to purchase
the Site and construct an adult congregate living facility thereon (the "1994 Project") which
will constitute a successor to but substantially a project the same as the 1990 Project; and
WHEREAS, representatives of Woodmont and the Corporation have represented that
investors bankers with whom they have consulted have advised that the Bonds required to
finance the 1994 Project should be sold at a public offering rather than a private placement
or limited public offering for the following reasons:
1. Stein Gerontological Institute ("SGI"), a division of the Miami Jewish Home
and Hospital for the Aged at Douglas Gardens ("MJHHA" ), the owners and managers of
the largest non-profit geriatric care facility in the United States, have indicated a strong
demand among their residents for facilities such as the 1994 Project.
2. SGI and MJHHA are committed to expanding their operations into Broward
County and have selected the Site for the 1994 Project.
3. SGI will manage the 1994 Project and SGI and MJHHA will plan and oversee
the 1994 Project from design through completion of construction.
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"Temp. Reso. #6742"
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4. A public offering will result in a lower interest cost on the Bonds than a
private placement or limited public offering thus enhancing the cash flows and the financial
feasibility of the 1994 Project; and
WHEREAS, the City as a conduit issuer of the Bonds does not deem it necessary that
it receive a feasibility study for the 1994 Project.
WHEREAS, the Council has determined that based upon the findings contained
herein Resolution No. R-90-278 should be amended to delete the requirement of a
feasibility study to be delivered to the City and to delete the requirement that the Bonds to
finance the 1994 Project shall be marketed and sold only to accredited investors in
denominations of not less than $100,000;
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
TAMARAC:
Section 1. AMENDMENTS. Resolution No. R-90-278, passed and adopted and
approved by the Council of the City of Tamarac on December 19, 1990 is hereby amended
by deleting from Section 3 thereof and Section 9 thereof, respectively, the last sentence and
the last subsection (d) which read, respectively:
(a) "The Bonds shall be marketed and sold only to "accredited
investors" as defined in Section 517.011, Florida Statutes, in denominations of
not less than $100,000."
(b) "(d) the, delivery of a feasibility study relating to the Project
wherein the assumptions and conclusions are found to be satisfactory to the
City and the City's financial consultant (to be appointed for such purpose)."
Section 2. CONDUIT ISSUER. The City hereby declares that as a conduit issuer
it will take no action to perform initial or continuing due diligence with respect to the Bonds
on behalf of any purchasers or holders of the Bonds or for any other purpose whatsoever.
Section 3. EFFECTIVE DATE. This Resolution shall take effect immediately
upon its adoption, a
PASSED AND ADOPTED AND APPROVED this day of , 1994.
Orman Abramowitz
Mayor
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"Temp. Reso. #6742"
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Attest:
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Carol A. Evans
City Clerk
I hereby certify that I have approved
this..Resolution as to form
Mitchell S. Kraft,
City Attorney
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RECORD OF COUNCIL VOTE
MAYOR
ABRAMOWiTZ
DIST. 1:
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DIST. 2:
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