HomeMy WebLinkAboutCity of Tamarac Resolution R-92-118Temp. Reso. # 6323
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-92-110
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF TAMARAC, FLORIDA, PROVIDING FOR THE
REDEMPTION OF CERTAIN OUTSTANDING GENERAL
OBLIGATION BONDS OF THE CITY; DESIGNATING AN
ESCROW AGENT FOR THE REFUNDING OF SUCH BONDS;
AUTHORIZING THE EXECUTION AND DELIVERY OF AN
ESCROW
DEPOSIT
AGREEMENT
TO
PROVIDE
FOR
PAYMENT
1F!FPRr-TTVF
OF SUCH
-
BONDS;
AND
PROVIDING
AN
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
TAMARAC, FLORIDAs
SECTION 1. It is hereby found, ascertained and determined
that:
A. The City Council (the "Council") of the City of
Tamarac, Florida (the "City"), by Resolution No.R-92--119, duly
adopted on 'June 19, 1992, as amended, (the "Bond Resolution")
authorized the issuance of not exceeding $8,200 ,000 City of
Tamarac, Florida General Obligation Refunding Bonds (the
"Bonds"), in order to finance the cost of (i) refunding the
outstanding General Obligation Bonds (City Hall Project), Series
1986, maturing on October 1 in the years 1992 and 1993, and
October 1, 2006 (the "1986 General Obligation Bonds"), and (ii)
refunding the outstanding General Obligation Bonds (Police
Station Project), Series 1987, maturing on November 1, 1997 and
November 1, 2007. The 1986 General Obligation Bonds and the 1987
General Obligation Bonds are hereinafter sometimes collectively
referred to as the "Refunded Bonds".
B. It is in the best interests of the City to call the
Refunded Bonds on their respective first available call dates.
C. It is necessary and desirable to designate the Escrow
Agent for the Refunded Bonds, and to authorize and approve the
form of Escrow Deposit Agreement.
SECTION 2. Subject only to the issuance of the Bonds, the
Refunded Bonds described in the Notices of Redemption which shall
be in substantially the forms attached hereto as Exhibits "A" and
"B" are hereby irrevocably called for redemption prior to their
maturity on the dates, in the amounts, and subject to the
redemption premiums, together with accrued interest on the
principal portion thereof to such dates, as set forth in such
Notices. No further ,interest will accrue on the Refunded Bonds
after the date of redemption.
SECTION 3. The Notice of Refunding for the Refunded Bonds
shall be in substantially the form attached hereto as Exhibit
"C". The Escrow Agent, as named herein, is hereby irrevocably
instructed and directed to give notice of the refunding of the
Refunded Bonds, on behalf and in the name of the City, within
thirty (30) days after the issuance of the Bonds by (a)
publishing in a financial journal published in the Borough of
Manhattan, City and State of New York, and (b) filing in the name
of the City with the Paying Agents for the Refunded Bonds, the
Notice of Refunding.
SECTION 4. The City approves the Escrow Deposit Agreement
(the "Escrow Deposit Agreement") between the City and the Escrow
Agent named below substantially in the form attached hereto as
Exhibit "D", with such additions and completions as may be
approved by the City Manager, and authorizes the City Manager to
execute and the Clerk to attest and seal a final Escrow Deposit
Agreement between the City and the Escrow Agent. The execution,
attestation, sealing and delivery of the Escrow Deposit Agreement
by such City Manager and Clerk shall be conclusive evidence o
the approval of the City of said Escrow Deposit Agreement.
Citizens and Southern National Bank of Florida, Fort
Lauderdale, Florida (the "Escrow Agent"), is hereby designate
Escrow Agent for the Bonds in accordance with the terms of the
Escrow Deposit Agreement. The Escrow Agent shall fulfill duties
with respect to the Refunded Bonds until a qualified successor
shall have been designated by the City and shall have accepted
such duties, such designation to be subject to written notice to
the Escrow Agent, or until the Bonds have been paid in full.
The Escrow Agent is hereby irrevocably instructed and
directed to give notice of the call of the Refunded Bonds for
redemption, at the times and in the manner set forth on the
Redemption Notice.
SECTION 5. The appropriate paying agents for the Refunded)
Bonds are hereby authorized and directed to pay, upon the
surrender thereof, all Refunded Bonds as duly called for
redemption and thereto to deliver to the City all Refunded Bonds.
so paid for disposition.
SECTION 6. This Resolution shall take effect immediately
upon its adoption.
PASSED and ADOPTED this day of , 1992. � y
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L ATTEST:
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Cifrol.A. Evans
City Clerk
I HEREBY CERTIFY that I have
approved this Resolution as
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Mi ael S. Kraft
City Attorney
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I n . Schumann, Vice Mayor
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MAYOR _ _.PQNPIr— ...�
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EXHIBIT "A"
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NOTICE OF REDEMPTION
CITY OF TAMARAC, FLORIDA
GENERAL OBLIGATION BONDS
(POLICE STATION PROJECT)
SERIES 1987
Dated: July 1, 1987
NOTICE IS HEREBY GIVEN, for and on behalf of the City of
Tamarac, Florida, that its outstanding General Obligation Bonds,
Series 1987, dated May 1, 1987, numbered , which
mature on November 1 in the year 2007, assigned CUSIP numbers
(the "Series 1987 Bonds") have been called for
redemption on November 1, 1997, at the redemption price of par,
together with the interest accrued thereon to the date fixed for
redemption, plus a premium of two per centum (2%) of the par
value thereof, and will be redeemed on November 1, 1997.
Payment of the redemption price, plus accrued interest on
the principal amount thereof, of such Refunded Bonds, will be
made on November 1, 1997, the redemption date, at the office of
Midlantic National Bank and Trust Co., Ft. Lauderdale, Florida,
the paying agents for the Series 1987 Bonds, upon surrender
thereof. Interest on the Series 1987 Bonds will cease to accrue
from and after such redemption date.
Under the provisions of the Interest and Dividend Tax
Compliance Act of 1983, all holders submitting their bonds for
redemption must submit a W-9 (Certificate of Taxpayer
Identification Number) in order to avoid 20% backup withholding
required under the above act.
DATED this day of , 1997.
By:
for and on behalf of the
City of Tamarac, Florida
[The foregoing notice is to be published at least once at least
thirty ( 30 ) days but not more than sixty ( 60 ) days prior to the
redemption date in a daily newspaper of general circulation in
Broward City, Florida and in a financial paper published in New
York, New York, and by mailing a copy of the redemption notice by
first class mail (postage prepaid) not more than sixty (60) days
and not less than thirty (30) days prior to the date fixed for
redemption to the Owners of any registered owners of such Bonds
at the addresses shown on the registration books of the registrar
for such Bonds.)
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EXHIBIT "B"
1Ve, 5,2- // 11
NOTICE OF REDEMPTION
CITY OF TAMARAC, FLORIDA
GENERAL OBLIGATION BONDS
(CITY HALL PROJECT)
SERIES 1986
Dated: July 1, 1986
NOTICE IS HEREBY GIVEN, for and on behalf of the City of
Tamarac, Florida, that its outstanding General Obligation Bonds
(City Hall Project), Series 1986, dated July 1, 1986, numbered
, which mature on October 1, 2006, assigned CUSIP
numbers (the "Series 1986 Bonds") and which remain
outstanding as of October 1, 1996, have been called for
redemption on October 1, 1996, at the redemption price of par,
together with the interest accrued thereon to the date fixed for
redemption, plus a premium of two per centum (2%) of the par
value thereof, and will be redeemed on October 1, 1996.
Payment of the redemption price, plus accrued interest on
the principal amount thereof, of such Refunded Bonds, will be
made on October 1, 1996, the redemption date, at the office of
Barnett Bank Trust Company, N.A., Jacksonville, Florida, the
paying agent for the Series 1986 Bonds, upon surrender thereof.
Interest on the Series 1986 Bonds will cease to accrue from and
after such redemption date.
Under the provisions of the
Compliance Act of 1983, all holder
redemption must submit a W-9
Identification Number) in order to
required under the above act.
DATED this day of
By:
Interest and Dividend Tax
s submitting their bonds for
(Certificate of Taxpayer
avoid 20% backup withholding
, 1996.
for and on behalf of the
City of Tamarac, Florida
[The foregoing notice is to be published at least once at least
thirty ( 3 0 ) days but not more than sixty ( 6 0 ) days prior to the
redemption date in a daily newspaper of general circulation in
Broward City, Florida and in a financial paper published in New
York, New York, and by mailing a copy of the redemption notice by
first class mail (postage prepaid) not more than sixty (60) days
and not less than thirty (30) days prior to the date fixed for
redemption to the Owners of any registered owners of such Bonds
at the addresses shown on the registration books of the registrar
for such Bonds.]
CP:147CP0526G
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EXHIBIT "C"
NOTICE OF REFUNDING
CITY OF TAMARAC, FLORIDA
GENERAL OBLIGATION BONDS
(CITY HALL PROJECT)
SERIES 1986
Dated: July 1, 1986
. CITY OF TAMARAC, FLORIDA
GENERAL OBLIGATION BONDS
(POLICE STATION PROJECT)
SERIES 1987
Dated: May 1, 1987
NOTICE IS HEREBY GIVEN by the City of Tamarac, Florida, that
its outstanding
General Obligation Bonds (City Hall Project), Series
1986, dated July 1, 1986 which mature on October 1,
1992, October 1, 1993 and October 1, 2006;
General Obligation Bonds (Police Station Project),
Series 1987, dated May 1, 1987 which mature on November
1, 1997 and November 1, 2007;
(collectively, the "Refunded Bonds") have been refunded by
depositing in escrow with ,
Florida, as Escrow Agent, proceeds of the City's General
Obligation Refunding Bonds, Series 1992, dated 1,
1992 which, together with certain other moneys of the City, have
been invested in obligations consisting of securities which are
direct obligations of the United States of America. Such deposit
constitutes a "provision for payment" under the Resolutions
authorizing the issuance of the Refunded Bonds so that the lien
and pledge securing the Refunded Bonds is no longer in effect.
The General Obligation Bonds (City Hall and Police Station
Project), Series 1986, maturing on October 1, 2006, and remaining
outstanding as of October 1, 1996, will be redeemed on October 1,
1996.
The General Obligation Bonds (Police Station Project),
Series 1987, maturing on November 1, 2007 will be redeemed on
November 1, 1997.
DATED this day of
CP:147CP528G
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1992.
CITY OF TAMARAC, FLORIDA
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EXHIBIT "D"
THIS ESCROW DEPOSIT AGREEMENT is dated , 1992, by
and between the CITY OF TAMARAC, FLORIDA (the "City") and
Florida, as Escrow
Agent (the "Escrow Agent");
W I T N E S S E T H:
WHEREAS, the City has previously authorized and issued
obligations of the City as hereinafter set forth and defined as
the "Refunded Obligations", as to which the Aggregate Debt
Service (as hereinafter defined) is set forth on Schedule A; and
WHEREAS, the City has determined to provide for payment of
the Aggregate Debt Service of the Refunded Obligations by
depositing with the Escrow Agent Federal Securities (as
hereinafter defined) the principal of and interest on which will
be at least equal to such sum; and
WHEREAS, in order to obtain the funds needed for such
purpose, the City has authorized and is, concurrently with the
delivery of this Agreement, issuing its [Water and Sewer Utility
Revenue] [General Obligation] Refunding Bonds, Series 1992 (the
"Series 1992 Bonds") more fully described herein; and
WHEREAS, the City has determined that the amount to be on
deposit, from time to time, in the Escrow Account, as defined
herein, will be sufficient to pay the Aggregate Debt Service;
NOW, THEREFORE, in consideration of the mutual covenants and
agreements herein contained, the City and the Escrow Agent agree
as follows:
SECTION 1. DEFINITIONS. As used herein, the following
terms mean:
1.1 "Aggregate Debt Service" means, as of any date, the sum
of all present and future Annual Debt Service payments then
remaining unpaid with respect to the Refunded Obligations, as set
forth on Schedule A, attached hereto.
1.2 "Agreement" means this Escrow Deposit Agreement.
1.3 "Annual Debt Service" means, in any year, the principal
of, interest on and redemption premium, if any, for the Refunded
Obligations coming due or being redeemed in such year as shown on
Schedule A attached hereto.
1.4 "Escrow Account" means the account established and held
by the Escrow Agent pursuant to this Agreement in which a portion
of the proceeds from the sale of the Series 1992 Bonds will be
held for payment of the Refunded Obligations and the Expenses.
1.5 "Escrow Agent" means the Citizens and Southern National
Bank of Florida, Ft. Lauderdale, Florida.
1.6 "Escrow Deposit Requirement" means, as of any date of
calculation, the principal amount of Federal Securities in the
Escrow Account which, together with the interest due on the
Federal Securities and any uninvested cash in the Escrow Account,
will be sufficient to pay, as the installments thereof become
due, the Aggregate Debt Service and to pay when due all Expenses
. then unpaid.
1.7 "Expenses" means the expenses, if any, set forth on
Schedule B attached hereto and made a part hereof.
1.8 "Federal Securities" means direct obligations of the
United States of America and obligations the principal of and
interest on which are fully guaranteed by the United States of
America, none of which permit redemption prior to maturity at the
option of the obligor.
1.9 "Paying Agent" shall mean [Barnett Bank Trust Company,
Jacksonville, Florida] [Midlantic National Bank and Trust
Company, Fort Lauderdale, Florida].
1.10 "Refunded Obligations" means the obligations of the
City set forth on Schedule A attached hereto.
SECTION 2. ESTABLISHMENT OF ESCROW FUND; DEPOSIT OF FUNDS.
There is hereby created and established the "[General Obligation
Bonds, Series 1986 and 1987 Escrow Account]" [Water and Sewer
Utility Revenue Bonds, Series 1986 Escrow Account] (the "Escrow
Account") which shall beheld by the Escrow Agent pursuant to this
Agreement. The City hereby deposits $ with the
Escrow Agent in immediately available funds, to be held in
irrevocable escrow by the Escrow Agent and applied solely as
provided in this Agreement. The City represents that all of such
funds are derived by the City from moneys transferred from
accounts held by the City with respect to the Refunded
obligations and a portion of the proceeds of the Series 1992
Bonds.
The City represents that, based upon the opinion of [ ],
independent certified public accountants, such funds, when
applied pursuant to Section 3 below, will at least equal the
Escrow Deposit Requirement as of the date hereof.
SECTION 3. USE AND INVESTMENT OF FUNDS. The Escrow Agent
acknowledges receipt of the sums described in Section 2 and
agrees:
3.1 to immediately invest [$ ] of such funds by
the purchase of the Federal Securities set forth on Schedule C
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attached hereto such .investment to be made pursuant to the
purchase confirmations attached to Schedule C.
3.2 to hold the proceeds of all investments in the Escrow
Account in such Account from the date of receipt thereof to the
dates on which such proceeds are scheduled to be paid out of the
Escrow Account and applied only, for the purposes of paying the
Refunded Obligations as set forth on Schedule A attached; and
3.3 to hold the funds and securities in irrevocable escrow
during the term of this Agreement.
SECTION 4. PAYMENT OF REFUNDED OBLIGATIONS AND EXPENSES.
4.1 Refunded Obligations. On or prior to each interest
payment date for the Refunded Obligations, the Escrow Agent shall
pay to the applicable Paying Agents for the Refunded Obligations,
from the cash on hand in the Escrow Account, a sum sufficient to
pay that portion of the Annual Debt Service coming due on such
date, as shown on Schedule A.
4.2 Expenses. On the date shown on Schedule B, the Escrow
Agent shall pay the Expenses coming due on such date to the
appropriate payee or payees designated on Schedule S.
4.3 Surplus. On the date of redemption for the Refunded
Bonds set forth on Schedule "A", after making all payments from
the Escrow Account described in Subsections 4.1 and 4.2, the
Escrow Agent shall pay to the City remaining cash, if any, in the
Escrow Account. The City shall apply payments made to it
hereunder to the payment of the principal of and interest on the
Series 1992 Bonds, but the Escrow Agent shall have no duty or
responsibility to ensure that the City does so.
4.4 Priority of Payments. The holders of the Refunded
Obligations shall have an express first lien on the funds and
Federal Securities in the Escrow Account until such funds and
Federal Securities are used and applied as provided in this
Agreement. If the cash on hand in the Escrow Account is ever
insufficient to make the payments required under Subsection 4.1,
all of the payments required under Subsection 4.1 shall be made
when due before any payments shall be made under Subsections 4.2
and 4.3.
4.5 Payments Due on Sat If
any payment date, at the place of payment of the Refunded
Obligations, shall be a Saturday, Sunday, legal holiday or a day
on which banking institutions are authorized by law to close,
then the Escrow Agent may make the payment required by Section
4(a) to the Paying Agent on the first business day following such
Saturday, Sunday, legal holiday or day on which banking
institutions are authorized by law to close.
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SECTION 5. REINVESTMENT.
5.1 Except as provided in Subsection 3.2 and in this
Section, the Escrow Agent shall have no power or duty to invest
any funds held under this Agreement or to sell, transfer or
otherwise dispose of or make substitutions of the Federal
Securities held hereunder.
5.2 At the written request of the City and upon compliance
with the conditions hereinafter stated, the Escrow Agent shall
sell, transfer or otherwise dispose of or request the redemption
of any of the Federal Securities held hereunder and shall either
apply the proceeds thereof to the full discharge and satisfaction
of the Refunded Obligations or substitute other Federal
Securities for such Federal Securities. The City will not
request the Escrow Agent to exercise any of the powers described
in the preceding sentence in any manner which would cause any
Series 1992 Bonds to be "arbitrage bonds" within the meaning of
Section 148 of the Internal Revenue Code of 1986, as amended, and
the Regulations thereunder. Any such transactions may be
effected only if (i) an independent certified public accountant
shall certify to the City and the Escrow Agent that the cash and
principal amounts of Federal Securities remaining on hand after
the transactions are completed, together with the interest due
thereon, will be not less than the Escrow Deposit Requirement,
and ( ii ) the City and the Escrow Agent shall receive an opinion
from nationally recognized bond counsel or tax counsel to the
effect that the transactions will not cause such Series 1992
Bonds or the Refunded Obligations to be "arbitrage bonds" within
the meaning of Section 148 of the Internal Revenue Code of 1986,
as amended, and the regulations thereunder in effect on the date
of the transactions and applicable to obligations issued on such
date.
SECTION 6. REDEMPTION OF REFUNDED OBLIGATIONS. The City
will exercise its option to redeem the Refunded'Obligations prior
to the maturity thereof in accordance with the redemption of the
Refunded Obligations shown on Schedule A. The Escrow Agent is
hereby appointed agent of the City to give notices of such
redemption of the Refunded Obligations at such times and in such
manner as is provided in the Resolution adopted on June 19, 1992
and attached hereto as Exhibit "A". Such notices shall be in
substantially the form set forth as an exhibit to said
Resolution.
SECTION 7. RESPONSIBILITIES OF ESCROW AGENT. The Escrow
Agent and its respective successors, assigns, agents and servants
shall not be held to any personal liability whatsoever, in tort,
contract, or otherwise, in connection with the execution and
delivery of this Agreement, the establishment of the Escrow
Account, the retention of the Federal Securities or the proceeds
thereof or any payment, transfer or other application of money or
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securities by the Escrow Agent in accordance with the provisions
of this Agreement or by reason of any non -negligent act,
non -negligent omission or non -negligent error of the Escrow Agent
made in good faith in the conduct of its duties. The Escrow
Agent shall, however, be liable to the City for its negligent or
willful acts, omissions or errors which violate or fail to comply
with the terms of this Agreement. The duties and obligations of
the Escrow Agent shall be determined solely by the provisions of
this Agreement. Whenever the Escrow Agent shall deem it
necessary or desirable that a matter be proved or established
prior to taking, suffering or omitting any action under this
Agreement, such matter may be deemed to be conclusively
established by a certificate signed by the Finance Director of
the City.
SECTION S. RESIGNATION OF ESCROW AGENT. The Escrow Agent
may resign and thereby become discharged from the duties and
obligations hereby created, by notice in writing given to the
City and published by the City once in a daily newspaper of
general circulation or a financial journal circulated in the
Borough of Manhattan, City and State of New York, not less than
sixty (60) days before such resignation shall take effect. Such
resignation shall take effect immediately upon the appointment
of a new Escrow Agent hereunder, if such new Escrow Agent shall
be appointed before the time limited by such notice and shall
then accept the duties and obligations thereof. If the Refunded
Obligations are outstanding in fully registered form, and the
Escrow Agent is able to obtain from the Bond Registrar for the
Refunded Obligations, a complete list of the holders thereof and
their addresses, the Escrow Agent shall mail the notice of
resignation, within the time required, to the holders of the
Refunded Obligations in lieu of publication of such notice.
SECTION 9. REMOVAL OF ESCROW AGENT.
9.1 The Escrow Agent may be removed at any time by an
instrument or concurrent instruments in writing, executed by the
holders of not less than fifty --one per centum (51%) in aggregate
principal amount of the Refunded Obligations then outstanding,
such instruments to be filed with the City and published once by
the City in a daily newspaper of general circulation or a
financial journal and/or of general circulation in the Borough of
Manhattan, City and State of New York, not less than sixty ( 60 )
days before such removal is to take effect as stated in such
instrument or instruments. A photocopy of any instrument filed
with the City under the provisions of this paragraph shall be
delivered by the City to the Escrow Agent. If the Refunded
Obligations are outstanding in fully registered form, notice of
removal of the Escrow Agent within the time required may be
mailed, to the holders of the Refunded Obligations at their
addresses in lieu of publication of such notice.
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9.2 The Escrow Agent may also be removed at any time for
any breach of trust or for acting or proceeding in violation of,
or for failing to act or proceed in accordance with, any
provisions of this Agreement with respect to the duties and
obligations of the Escrow Agent by any court of competent
jurisdiction upon the application of the City or the holders of
not less than five per centum (5%) in aggregate principal amount
of the Refunded Obligations then outstanding.
. SECTION 10. SUCCESSOR ESCROW AGENT.
10.1 If at any time hereafter the Escrow Agent shall resign,
be removed, be dissolved or otherwise become incapable of acting,
or shall be taken over by any governmental official, agency,
department or board, the position of Escrow Agent shall thereupon
become vacant. If the position of Escrow Agent shall become
vacant for any of the foregoing reasons or for any other reason,
the City shall appoint an Escrow Agent to fill such vacancy. The
City shall publish notice of any such appointment once in each
week for two (2) successive weeks in a daily newspa er of general
circulation or a financial journal published andTC of general
circulation in the Borough of Manhattan, City and State of New
York. If the Refunded Obligations are outstanding in fully
registered form, and the Escrow Agent is able to obtain from the
Bond Registrar for the Refunded Obligations, a complete list of
the holders thereof and their addresses, the Escrow Agent shall
mail the notice of resignation, within the time required, to the
holders of the Refunded Obligations in lieu of publication of
such notice.
10.2 At any time within one year after such vacancy shall
have occurred, the holders of a majority in principal amount of
the Refunded Obligations then outstanding, by an instrument or
concurrent instruments in writing, executed by all such holders
and filed with the Board, may appoint a successor Escrow Agent,
which shall supersede any Escrow Agent heretofore appointed by
the City. Photocopies of each such instrument shall be delivered
promptly by the City, to the predecessor Escrow Agent and to the
Escrow Agent so appointed by the holders.
10.3 If no appointment of a successor Escrow Agent shall be
made pursuant to the foregoing provisions of this section, the
holder of any Refunded Obligations then outstanding, or any
retiring Escrow Agent may apply to any court of competent
jurisdiction to appoint a successor Escrow Agent. Such court may
thereupon, after such notice, if any, as such court may deem
proper and prescribe, appoint a successor Escrow Agent.
SECTION 11. TERM. This Agreement shall commence upon its
execution and delivery and shall terminate when the Refunded
Obligations have been paid and discharged in accordance with the
proceedings authorizing the Refunded Obligations.
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SECTION 12. SEVERABILITY. Tf any one or more of the
covenants or agreements provided in this Agreement on the part of
the City or the Escrow Agent to be performed should be determined
by a court of competent jurisdiction to be contrary to law, such
covenant or agreements herein contained shall be null and void
and shall be severed from the remaining covenants and agreements
and shall in no way affect the validity of the remaining
provisions of this Agreement.
SECTION 13. AMENDMENTS. This Agreement is made for the
benefit of the City and the holders from time to time of the
Refunded Obligations and it shall not be repealed, revoked,
altered or amended without the written consent of all such
holders, the Escrow Agent and the City; provided, however, that
the City and the Escrow Agent may, without the consent of, or
notice to, such holders, enter into such agreements supplemental
to this Agreement as shall not adversely affect the rights of
such holders and as shall not be inconsistent with the terms and
provisions of this Agreement, for any one or more of the
following purposes:
13.1 to cure any ambiguity' or formal defect or omission in
this Agreement;
13.2 to grant to, or confer upon, the Escrow Agent for the
benefit of the holders of the Refunded Obligations, any
additional rights, remedies, powers or authority that may
lawfully be granted to, or conferred upon, such holders or the
Escrow Agent; and
13.3 to subject additional funds, securities or properties
to this Agreement.
The Escrow Agent shall be entitled to rely exclusively upon
an unqualified opinion of nationally recognized attorneys on the
subject of municipal bonds with respect to compliance with this
Section, including the extent, if any, to which any change,
modification, addition or elimination affects the rights of the
holders of the Refunded Obligations, or that any instrument
executed hereunder complies with the conditions and provisions of
this Section.
SECTION 14. COUNTERPARTS. This Agreement may be executed
in several counterparts, all or any of which shall be regarded
for all purposes as duplicate originals and shall constitute and
be one and the same instrument.
SECTION 15. GOVERNING LAW. This Agreement shall be
construed under the laws of the State of Florida.
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IN WITNESS WHEREOF, the parties hereto have caused this
Escrow Deposit Agreement to be executed by their duly authorized
officers and their corporate seals to be hereunto affixed and
attested as of the date first above written.
[SEAL]
ATTEST:
[Clerk] [Assistant Clerk]
ATTEST:
CP:147CP0497G
CITY OF TAMARAC, FLORIDA
Bv:
Iis: [Mayor] [Vice Mayor]
[NAME OF ESCROW AGENT]
Hy:_
Its:
tie - / /4r "
SCHEDULE A
TO
ESCROW DEPOSIT AGREEMENT
The Refunded Obligations are the outstanding:
[General Obligation Bonds] (City Hall and Police Station
Project), Series 1986, dated July 1, 1986 which mature on October
1, 1993, October 1, 1996 and October 1, 2006.
General Obligation Bonds, (Police Station Project), Series
1987, dated May 1, 1987, which mature on November 1, 1997 and
November 1, 2007.]
[Water and Sewer Utility Revenue Bonds, Series 1986, dated
June 1, 1986 which mature on October 1, 1992 through October 1,
1996, inclusive, and October 1, 2011.1
Debt Service for the Refunded Obligations, taking into
account their early redemption, is set forth below:
f
11
SCHEDULE B
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•
((le 9 02--- / / J, I
SCHEDULE C
The Federal Securities consist of:
1_1
<<g - 2M2 -i If",
EXHIBIT "A"
0 CP:147CP0527G
-19
0
SCHEDULE C - CONTINUED
The cash flow from the Federal Securities is as follows: