HomeMy WebLinkAboutCity of Tamarac Resolution R-92-1194
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Temp. Reso. 46524
CITY -Or TAMARAC, FLORIDA
RESOLUTION NO. R-92- 1_
RESOLUTION AUTHORIZING CITY OFFICIALS TO
APPROVE THE DETAILS OF THE CITY OF TAMARAC,
FLORIDA (THE "CITY") GENERAL OBLIGATION
REFUNDING BONDS, SERIES 1992 INCLUDING THE
PRINCIPAL AMOUNT, MATURITIES, INTEREST RATES,
REDEMPTION PROVISIONS AND AMORTIZATION
SCHEDULES, IF ANY; MAKING CERTAIN FINDINGS
PURSUANT TO SECTIONS 132.33-132.47, FLORIDA
STATUTES; 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; AMENDING RESOLUTION NO. R-92-75 TO
CORRECT CERTAIN AMBIGUITIES AND
INCONSISTENCIES; AUTHORIZING THE EXECUTION
AND DELIVERY BY CITY OFFICIALS OF ALL RELATED
• TIVE DATE.
WHEREAS, the City Council of the City (the "Council")
adopted Resolution No. R-92-75 on April 22, 1992, (the "Bond
Resolution") authorizing the issuance of the City's General
Obligation Refunding Bonds, Series 1992 (the 111992 Bonds"), to
refund all of its outstanding (i) General Obligation Bonds (City
Hall Project), Series 1986 and (ii) General Obligation Bonds
(Police Station Project), Series 1987 (collectively, the
"Refunded Bonds"); and
WHEREAS, the Bond Resolution authorizes the issuance of the
Series 1992 Bonds after the City fixes the details of the Series
1992 Bonds and demonstrates compliance with Sections
132.33-132.47, Florida Statutes, ("Advance Refunding Law"); and
WHEREAS, the Council hereby desires to fix such details of
the 1992 Bonds and to comply with the Advance Refunding Law.
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 General Obligation Refunding Bonds, Series 1992, in an
aggregate principal amount not to exceed $8,200,000 is hereby
authorized and approved and such principal amount does not exceed
the maximum amount permitted by Section 132.35, Florida Statutes.
SECTION 2. The Finance Director is authorized and directed
to prepare a Financing Plan in accordance with Section 132.36(d),
Florida Statutes, and the City Manager is directed not to approve
the final details of the Series 1992 Bonds unless such Financing
Plan is completed and is in compliance with Section 132.35,
Florida Statutes.
SECTION 3. The Series 1992 Bonds are being issued for the
sole purpose of paying the cost of refunding the Refunded Bonds.
SECTION 4. The Series 1992 Bonds "shall be issued in
registered form only, in denominations of $5,000 or any integral
multiple thereof, 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
September and March of each year, commencing September 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 5. 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 6. 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 7. 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 8. 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 9. 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 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 10. Based on the structure of the financing, it is
in the best interest of the City to sell the Series 1992 Bonds to
Raymond James & Associates, Inc. and First Equity Corporation of
Florida (collectively, the "Purchasers") through a negotiated
sale .
SECTION 11. 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 12. The Council hereby sells the Series 1992 Bonds
to the Purchasers in accordance with the provisions of the Bond
Purchase Agreement for 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 13. 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 5 of this Resolution.
SECTION 14. 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 asl
may be made to it by the City Manager or his designee as he may
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deem necessary in order to cause the Preliminary Officia
Statement to be deemed "near" final for purposes of Rul
15(c)(2)-12 of the Securities and Exchange Commission immediate)
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 15. 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 1031
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 that the foregoing covenants impose
continuing obligations on the City to comply with the
requirements of Section 103 and Part IV of Subchapter B of
Chapter 1 of the Code so long as such requirements are
applicable.
SECTION 16. The Bond Resolution is hereby amended as
follows:
(1) Section 206 is hereby amended by supplementing the last
sentence on the bottom of page 14 in the following manner
(underlined words are additions).
Simultaneously, with the delivery of the Bonds, the
Finance Director shall apply the proceeds of the Bonds
after pay-j1q__ the_ costs related to the -- issuance of the
Bonds, as follows:...
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(2) 'Section 503 is hereby amended by deleting the
first paragraph of that Section in its entirety and
substituting in its place, the.following paragraph:
The Finance Director shall withdraw from the General
Fund, on or before the twenty-fifth (25th) day of the
month preceding (i) an Interest Payment Date and (ii) a
serial principal payment date or amortization principal
payment date, as the case may be, an amount sufficient
to make the deposits described in the following clause
(a), with respect to (i) above, and in the following
clauses (b) and (c), with respect to (ii) above.
(3) Section 601, entitled "Investment of Moneys" is herebyl
amended by deleting the second paragraph in its entirety.
(4) Section 802, entitled "Supplemental Resolution with
Bondholders Consent" is hereby amended by deleting the following
phrase set forth in the first paragraph on page 34 "...(c) The
creation of a pledge of the Net Revenues" and relettering
subsection (d) to subsection (c) and so forth.
(5) Section 1008, entitled "Authorizing a Negotiated Sale"
is hereby amended by deleting subparagraph (a) in its entirety
and substituting in its place the following new language:
(i) The marketing of refunding bonds entitles an
educational process of informing securities dealers and
investors about the attributes of such bonds which
requires negotiations with a prospective purchaser in
order to achieve the greatest interest cost savings to
the City and, therefore, it is in the best interest of
the City that a sale of such bonds be negotiated; and
SECTION 17. 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 18. This Resolution shall take effect immediately
upon its adoption.
PASSED and ADOPTED this RJ;Mday of , 1992.
(SEAL)
.L. Vnder, Mayor
ATTEST:
4! Z � 2-4- - 6 �_ e -_
Carol A. Evans
City Clerk
I HEREBY CERTIFY that have
approved this Resolu on as
to form:
it hell S. Kraft
City Attorney
CP:147CP0533G
RECORD OF COUNCIL VOTE
MAYOR pg C
DISTMC"r Y : r
DISTRICT 2:
DISTRICT 0
DISTnICT 4: G/&4 A
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