HomeMy WebLinkAboutCity of Tamarac Resolution R-92-115S
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Tamp. Reso. # 6322
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-92- 1\1'5
RESOLUTION AUTHORIZING CITY OFFICIALS TO
APPROVE THE DETAILS OF ITS WATER AND SEWER
UTILITY REVENUE REFUNDING BONDS, SERIES 1992
INCLUDING THE PRINCIPAL AMOUNT, MATURITIES,
INTEREST RATES, REDEMPTION PROVISIONS AND
AMORTIZATION SCHEDULES, IF ANY; DESIGNATING A
BOND REGISTRAR AND PAYING AGENT; AWARDING THE
BONDS; APPROVING AND AUTHORIZING THE
EXECUTION AND DELIVERY OF A BOND PURCHASE
AGREEMENT; APPROVING CERTAIN TAX COVENANTS;
APPROVING AND RATIFYING THE DISTRIBUTION OF A
PRELIMINARY OFFICIAL STATEMENT; AUTHORIZING
THE EXECUTION, DELIVERY AND DISTRIBUTION OF A
FINAL OFFICIAL STATEMENT; AUTHORIZING THE
EXECUTION AND DELIVERY BY CITY OFFICIALS OF
ALL RELATED DOCUMENTS; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City Council of the City (the "Council"),
pursuant to Resolution No. R-85-436 duly adopted on December 10,
1985, as amended and supplemented (the "Bond Resolution"), has
previously issued the City's Water and Sewer Utility Bonds,
Series 1986 (the "Refunded Bonds"), in the aggregate principal
amount of $12,700,000 of which $11,655,000 is currently
outstanding; and
WHEREAS, the Council adopted Resolution No. R-92-74 on April
22, 1992, authorizing the issuance of the City's Water and Sewer
Utility Revenue Refunding Bonds, Series 1992 (the "1992 Bonds")
pursuant to Section 207 of the Bond Resolution, to refund all of
the Refunded Bonds; and
WHEREAS, Section 207 of the Bond Resolution permits the
issuance of another series of bonds after the Council makes
certain findings and fixes certain details in order to issue such
additional bonds; and
WHEREAS, the Council hereby desires to make such findings
and fix such details of the 1992 Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF TAMARAC, FLORIDA:
SECTION 1. The Issuance, execution and delivery of the
City's Water and Sewer Utility Revenue Refunding Bonds, Series
1992, in the aggregate principal amount of not to exceed
$13,200,000 is hereby authorized and approved.
SECTION 2. The Series 1992 Bonds shall be issued in
registered form only, in denominations of $5,000 or any integral
multiple thereof, to be dated dated as of July 1, 1992, numbered
consecutively from 1 upward, bear interest from their date until
their payment, payable semi-annually on the first day of October
and April of each year, commencing October 1, 1992, shall bear
the original or facsimile signatures of the Mayor and the Clerk
of the City, shall be authenticated by the Paying Agent or Bond
Registrar and shall be issued in substantially the form set forth
in the Bond Resolution.
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SECTION 3. The net interest rates on the Series 1992 Bonds
shall be approved by the City Manager or his designee but in no
event shall the net interest rates exceed the net interest rates
on the Refunded Bonds.
SECTION 4. A portion of the Series 1992 Bonds may be issued
as Serial 1992 Bonds in aggregate principal amounts, and
maturities not to exceed forty (40) years, as approved by the
City Manager or his designee.
SECTION 5. A portion of the Series 1992 Bonds may be issued
as Term Series 1992 Bonds in aggregate principal amounts,
maturities not to exceed forty (40) years, as approved by the
City Manager or his designee.
SECTION 6. The City Manager or his designee is also
authorized to determine which of the Series 1992 Bonds, if any,
shall be subject to optional redemption prior to their respective
maturities and to set the redemption period and redemption
prices.
SECTION 7. Citizens and Southern National Bank of Florida,
Fort Lauderdale, Florida, is hereby designated as Paying Agent
and Bond Registrar for the Series 1992 Bonds and shall perform
such duties as are more fully described in the Bond Resolution,
the Series 1992 Bonds, and any supplemental agreement between the
City, the Paying Agent or Bond Registrar.
SECTION S. Based on the structure of the financing, it is
in the best interest of the City to sell the Series 1992 Bonds to
Raymond ,Tames & Associates, Inc. and First Equity Corporation of
Florida (collectively, the "Purchasers") through a negotiated
sale .
SECTION 9. The City has received a proposed Bond Purchase
Agreement (the "Bond Purchase Agreement") for the purchase of the
Series 1992 Bonds by the Purchasers. It is hereby found and
determined that the proposed Bond Purchase Agreement is in the
best interest of the City and that it be executed on behalf of
the City in substantially the form presented at this meeting by
the City Manager subject to the receipt of a good faith deposit
to be determined by the City Manager or the Finance Director
prior to its execution. The execution and delivery by the City
Manager of such Bond Purchase Agreement for and on behalf of the
City is conclusive evidence of the approval of such officer of
any such changes, insertions, omissions or filling -in of blanks
in order to make it final and binding on the parties.
SECTION 10. The Council hereby sells the Series 1992 Bonds
to the Purchasers in accordance with the provisions of the Bond
Purchase Agreement fof a purchase price which shall be approved
by the City Manager or his designee, and authorizes the City
Manager or his designee to accept a disclosure statement from the
Purchasers complying with the provisions of Section 218.385,
Florida Statutes, as amended.
SECTION 11. The Series 1992 Bonds, upon their execution,
authentication and registration, shall be delivered to the
Purchasers upon payment of the purchase price, provided that the
Series 1992 Bonds in definitive form shall not be printed and
delivered to the Purchasers until the City Manager or his
designee has determined the interest rates on the Series 1992
Bonds in accordance with Section 3 of this Resolution.
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SECTION 12. The Preliminary Official Statement prepared in
anticipation of the sale of the Series 1992 Bonds is hereby
approved in the form presented at this meeting and by reference
made a part hereof with such changes, omissions and insertions as
may be made to it by the City Manager or his designee as he may
deem necessary in order to cause the Preliminary Official
Statement to be deemed "near" final for purposes of Rule
15(c)(2)-12 of the Securities and Exchange Commission immediately
prior to the sale of the Series 1992 Bonds. The distribution of
the Preliminary Official Statement is hereby ratified and
approved and the execution, by the Mayor or Vice Mayor, delivery
and distribution of a final Official Statement which reflects the
pricing of the Series 1992 Bonds and any other changes which may
be approved by the City Manager, is hereby authorized.
SECTION 13. The City hereby covenants and agrees, for the
benefit of the owners from time to time of the Bonds, to comply
with the requirements applicable to it contained in Section 103
and Part IV of Subchapter B of Chapter 1 of the internal Revenue
Code of 1986, as amended (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:
(1) to pay to the United States of America from the
funds and sources of revenues pledged to the
payment of the Bonds, and from any other legally
available funds, at the times required pursuant to
Section 148(f) of the Code, the excess of the
amount earned on all non -purpose 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");
(2) 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;
(3) 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
(4) to refrain from taking any action that would cause
the Bonds, or any of them, to become arbitrage
bonds under Section 103(b) and Section 148 of the
Code.
The City understands
impose continuing obligation
requirements of Section 103
Chapter 1 of the Code so
applicable.
that the foregoing covenants
s on the City to comply with the
and Part IV of Subchapter B of
long as such requirements are
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SECTION 14. The Mayor, Vice Mayor, Clerk and any
Deputy Clerk, and the City Manager and any Assistant City
Manager and the City Attorney and any Assistant City
Attorney are hereby authorized and directed to execute any
instruments, certificates and documents as may be deemed
necessary and appropriate and do all acts and things
required therein by the terms, covenants, provisions and
agreements of this Resolution, the Series 1992 Bonds, the
Bond Ordinance, and the Bond Purchase Agreement.
SECTION 15. This Resolution shall take effect
immediately upon its adoption.
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PASSED and ADOPTED this � day of ,
1992.
(SEAL)
ATTEST:
Carol A. Evans
City Clerk
I HEREBY CERTIFY that I have
approved this Resolution as
to orm:
Aj
_X tchell S.'Kraft
City Attorney
CP:147CP0530G
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RECORD OF COUNCIL VOTE
MAYOR Es
DID tCR7J 1 1 :-&lij 16
DIS'I`'r"SIC i 3: ��:�•" 'CI IF�EIBER
DISTRICT 4: CAM ABRAMOWITZ