HomeMy WebLinkAboutCity of Tamarac Resolution R-85-0201
1
Introduced by CIA Temp. Reso. 3474
1 CITY OF TAMARAC, FLORIDA
2 RESOLUTION NO. R-85- ,--7 o
3 A RESOLUTION AUTHORIZING THE SALE BY COMPETITIVE
BID OF THE CITY'S GENERAL OBLIGATION BONDS IN THE
4 AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $8,000,000
(CITY HALL AND POLICE STATION PROJECT) AS MAY BE
5 NEEDED; APPROVING A NOTICE AND SALE DATE; AUTHORIZING
PUBLICATION OF SALE NOTICE; APPROVING THE FORM AND
6 DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT;
7 AND PROVIDING AN EFFECTIVE DATE.
8 WHEREAS, the City Council pursuant to the prior approval of the
g electorate of the City adopted Resolution No. R-84-121 on April 25,
10 1984, authorizing the issuance of its General Obligation Bonds in an
11 amount not to exceed $8,000,000 as may be needed for the purpose of
12 paying the cost of planning, constructing, financing and -aquipping
13 a new city hall and police station for the City of Tamarac (the
14 "Bonds"); and
15 WHEREAS, the City may sell the Bonds by competitive bid in
16 accordance with the provisions of Section 218.385, Florida Statutes,
17 which require that official notice of such sale be published one or
18 more times at least ten days prior to the date of the sale in one or
19 more newspapers or financial journals published within or without the
20 State of Florida; and
21 WHEREAS, the Home Rule Charter of the City of Tamarac requires
22 that notice of a sale by competitive bid be published twice with the
23 first notice published at least ten days prior to the date of sale in
24 one or more newspapers of general circulation within the City; and
25 WHEREAS, it is necessary for the City Council to prescribe the
26 method of providing notice of said sale, providing a date for the sale
27 of the Bonds, approving an official sale notice, and authorizing all
26 other action necessary in regard to the competitive sale of the Bonds.
29 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
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TAMARAC, FLORIDA:
Section 1: That it is in the best interest of the City and its
citizens to sell its General Obligation Bonds in an amount not to
exceed $8,000,000 (City Hall and Police Station Project) by competiti
bid pursuant to Section 218.385, Florida Statutes.
1 Section 2: That the official notice of sale of the Bonds be
2 published twice, once on or before February 13, 1985, and again on or
3 before February 20, 1985, in the Fort Lauderdale News and Sun Sentinel,
4 a newspaper of general circulation in the City of Tamarac, Florida, in
5 the form attached as Exhibit 'R' and on those same dates, in a financial
6 journal within the Borough of Manhattan, New York, New York, in the
7 form attached as Exhibit "B".
8 Section 3: That sealed bids shall be received no later than
9 1:00 A.M. on Wednesday, February 27, 1935, that said bids be opened
10 at that time, and that the bonds be awarded to the successful bidder.
11 Section 4: That the City Council authorize the distribution
12 of the Preliminary Official Statement in substantially the forma
13 attached as Exhibit "C" in connection with the sale of the Bonds.
14 Section 5: That this Resolution become effective iiimediately
15 Pan its passage:
16
PASS,ID, ADOPTED, AND APPROVED this, �j I ay 0:7 r
17
1985.
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19
20 MAYOR
71 TTEST:
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Su1STANT CITY CLERK
I HEREBY CERTIFY that T have
pproved the for and correctness
f this Resolu n.
CITY ATTORNEY
RECORD OF COUNCIL VOTE
MAYOR: KRAVITZ
DISTRICT4: V/M STEIN
DISTRICT3: CAM STELZER
DISTRICT2: C/M MUNITZ
DISTRICTI: C/M BERNSTEIN
-Id:�
OU
EXHIBIT "A & B"
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NDtiae is hajEb givm d1c 4e City QLrcjl Of the Qry of WW1 w, l� (4C "` Lt ) wM nmdve w {bids, In car
of the lrdes� Krwee I raWx, in the sty auca Ombexs, 5B11 L W. 88th Aarm, mac, Florida 33321-W10, wdl
110 O'clock A.M., Larsl tine an
NMdt i3, 1985
for the prdim of all, ht ant Less than &U, of its $B4O00,OOD CUT of Mwaoc, Florida, areml M115adm ftEds, (may %U
- d ihlioe St , Bra 1%4 (the "Brass"). le Bards are to be dated t ft t 1, 19M and %]I mcum an Q 1 of a Kh
)OW, is the ymm and a mLam as folI :
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The Bonds shall be isaual in rigatetW f= only, in the deremirliodons of S5,M) rich or any ttegrdl .tip] tl,ererf .
on the Bands is p rjable semi-an.elly aKh April 1, aid Orxnba 1, =Mr cizz Q Ir 1, 1965, by died[ or d1a t sailai
taa the rqostead a m s tim . din at (the -Poft VW). TV of &e aids
and the prim, if any, peyaUe tapm redamptien, sae pie qpOn FWWLIUM and s.tcatW thereof at the t dndpal aarpaWe
tnat Office of tite RWIrg fat. 2a Bads daU to abje= to raim;x1on as set froth, below.
4fte Bands m3tlm3rg in the yeas 1986 to 1995, iricl give, mall wt be &*dam to tedemptian pdar to thtdr ] dates of
a=city. 2e Ba& notaig in dte yearn 19% to M, both krUdve, dell be NLbject to redempdM prier to their a i
dates of aeoarity, at tie option Of the CLty, from any finds 1ep11y aaailable far wdh Prpmte an and after Cats 1, 1995 (i)
as a Qmle at any tine, or (:Li) is part, from tdoae to time many iiterest pum date, is irrratee order Of-1hwl and by
lot rtddn aKb UCrity at the pdna4 al aastt dw and a=ed intatest to the date of redmFdW4 Flan the fQUO dT
prwdLm, in pmrtW of tie pdm amxrt of the Bards to be te1eeaoa1, if reamed In tte fiollowft paiads:
iedod
(both dates irl adve) —tion R ad m
October 1, 1995 — 3D, 1997 9 (bane per)
Ortobrr 1, 1997 — 9ept3D, =) Z (ND paroact)
Q#nber 1, mm - 3), X03 u (ore pit
lladL7 Or�aber 1, 3x)3 and dgaeafoer >�
lie Recce we bdrg issued prrs't t D iawlludan 16. A 64-121, adop W by Or sty QxZCU Of tte Qty (tie �n�l'� an
April 25, L 4, as a*piamated, and the GxStWXJM and Lacs Of the Share of Florida, 4=3-irg its Rw Rile drartw, Its
Code, and Gvpter 166, Florida Mat tes. Ice Bids were duly approved by a majority of the votes oast in an elation leld an
Mmrh 13, 19R4.
177he fonds are being isskned for the mniripal prpose of finarirg the ocst of the desip, per, OWSMEMM and
t„�.tattar3rn of a row CLty H1.1, and R i,ae Maian, irrt,riUg all eapdpnt, faaaznitare and other mated items dhmereto (tine
'fcvject").
Sufffty
'hoe City pledges its fuU faith, credit and todrg poaaar for the prompt pwfla't of bath principal of, redenptirxa Ism,
if any, and interest as the Fords as such payments become due.
The papal. of, re3mpdon preuhm4 if any, and the interest an all such Bxds sha11 be payable h= the Greral Rnd or
any other 1*111y available furls of the City. Ike CLty droll levy ad aallent a iaally an ad valorem tar upon all taxable
property in the City, oA%7 and above all adv r taxies adrriaed to be levled by the CLty, sufficient to pay such pdzndpal,
presdrm, if any, and interest as the sane due and Priable.
,he Bonds have been validarsd by ju#nat of the Circuit Court of the tenth .illa�radt of Florida, in and for
Brrawe rd Cbarty, Flodda, raxJer d an Amgast 6, 1%4, and the time for taldrg an appeanl has expired. Mere are rn VPwls
pent -
...,
Rgliwld
In the apdrdana of FYrne .laaabraa<i Stwartz N3S' MO& & ' from all federal irrnrne t w , and the Bxds and tle income
odscixg ataates, s jeampt
are ea�pt fxrm tax�ian urnder file laws of tine Sate of F1[r1da, a� as Oo �P tames �� in said CttapGer a0,
F7crida 9tatx>tes, an irtitertst, iramne ar para�Lts c><n debt obligat rm awned by aorpa�s, as
Florida Stataaes.
The Batads are offered for sale an the basis d st the interest ti7 rW is rant &tenet to lbder-al incase tnMaltinn, on the
date of delivery of the Bards to the aaooessfW hmiddes. If, prior to delivery of the Bxds, any event duLM o= 4ddn alters
that tar q=Ipt stabs, the sarmmed bidder may have the privilege of va klirg the prdvee amtxact by givirg Jmmai ate
written notice too the Finance Urectar, wfnreLFM the Sxd faith d-e* of the pardteser will be tebmied and all respective
obligations of the parties will be teamdnatei.
immtn t uses and Awni of Rub
1. line Bmk wM be awvded to the bidder why bid proUm the la-est net it t mat to tine City. the net inteteat
st of the Rids dmil be determined by a=PX:Lrg the total want of interest pe�nble a► tine Bxds form ititria a 1965, to
m
their respective dates of »�'ity and � dvrefrcm the ann u t of any p ud m offered, or adding t�eto theamxrt of
any disaoarat hid, and adding diatvto the amount of any mxdcipeal bend ta¢anre presL m.
Pb bid will be amepted QAch provides for any discount greater than 2l of the per value of the Ends, exludirg the
predam for immrddpal bond inns zwc e, if sperified -
2. Interest fates mist be mAtdples of 1/8, 1/10 ar 1/20 of 1Z. Tie WhEst interest rate nwed may rat ecaaad the lawest
interest rate naamd by mare than three pa<aext (M) ad interest nxdtes met be weed in aaca'dirg cooler. All Eards of the sane
mtirity must lest the same single interest note from the elate thereof to neCrity. A odd spedfyiag a blank or sry pereexnt
of Urmv st for any ma dty will oat be -id�d.
BM-PMW R= and Cttd Brdth logic
LAU bidsmst be simitted upon the "(Efirlal B(d lbrm feed by the My, mist be tnoarditicr al, and mst be delivered
My in a sealed slope athemed to the ikdersigr�ed and mai�hd "PraCrsal fur $8,000,CIUD �' of Tamarac, Florida,
aAigatdm arms, (CLty Ehll and ]blues Ratim), SnIffi 19W'. Only one bid from each bidder with. be aorsidered.
Each bid mst be aamm wdm by a good faith deposit in the fom of a oertified or beck caetder's dte* for $160,000 dtmn
upon a bank or test o=prW incorporated in the Udted States of Anarica, payable unorditiaially to the Order of the City of
M roc, Florida, an i Ach m ihhbm st wM be allowed. The am u t of the d s:k of the SMICesdi3l bdci3a mUl be apglial m the
p d m= pdm but in die evert the m omsshil bidder fails or refusas m tam up ad pay far the Bads in a000ciaioe wd thh his
bid, the amorit of said Sxd %dth dieck may d m be retained by the Cixy as and for full and =Mete liquidated dmWm. If
the City *811 fadl to i.s sLe or deliver the Bards, the auut of the @x d faith deposit of the a rcessfiil bidder wtLll be
ret►rna 1.
DdMy of the Bads
The Bonds wM be delivered to the a=essful bdin the Bxuughh of Mwhattm, City and Rate of N!w ib&, an or abxt
April __, L9Q5, or at a x h other time and place as is mituoy agreed upm► by the CLty and the sinful b i . Rill paym t
of the balmoe of the purd-we prim, irrluRT &=ml Interest, cost be made to the City at delivery by the m=essful bides
in Faimml Pesem or other +m.Lt-pay awaL able funds wdxbad mst m the My.
The Bmds will be amrtaapirded at delivery wfthh nay clnsixg dXUDatS, kclubx'g an uVAUfUd tea' as m their
legality by Fine Jaaabson Slim= Nish ffiok s Btgland, Turd, Media, Bard Quisel. QrWn legal wM be peed an
by Jaa M. itr drg, City Attorney, CLty of MmWw, Harida.
C[SIP Identification n�rs will be prittad an the Bards, but wiill mt arstibiE a part cf the aantmsr* eviderred by the
Barks. Aay error or au slim with meet thereto ,411 not OxVde.e Cm for refusal by the aua msfirl br(dder to accept
delivery of the axib in aoraardi rm wtitth the terns of the bdd.
Mzdudprtl. Az d ina zame
If the Hoods qslify for the isasnoe of any pAie9 of nadelpal bard ittsmam or any aamd=-xtt dw efcr, ur❑arditiOrmlly
and irrevocauy gum mm ei% pit of pdncipEkl of ard irterest m the Bmds, any pzdrese of ardi ply or c omit t d aU
be at the m e apt m of the bidder. guuld a bidder specify that the CLty shall "thin mmidpal. band fimmm, the pnmdm
wM be paid by the arty from the prmeeds of the BxdB. N3tim of dtaL-drg arch ira wane mM be published an Mnifimcts.
Ex h bidder cost spedfy on the "OE rLiO Bld mW wthedin m daipal bard irDxwm is rued and tare >wfim to be paid
dmefor. If the Bards are amcded an an Insured basis, reference to such policy shall appear m tie Bmis.
k6xwld n bad of ar mssEul �drie<
aubsectdar 218.38(1)(b)(2), Florida Es, reiVins dhat the M894 udwwmttff of the sm1m;6A bidder file with the
City, mid-dn 9D days after the delivery of the earns, a Ott setting fartih my fee, bus or VmDA-ry per, in =Tml iah
with the Ruds, by any uderw:Uw to arty pexsah not regularly employed by the admWiter. 2w i shall be filed with
the CLty even if m me h fee, bongs or grabAty has been paid by any �.
e City reserves the r4 t m detena m win is the sumceesful bdddes far the Bxris, the reject arty Orr all of there bids for
mds, ad m waive arty irfounality in any bdd for the Birds. NAtdrg herein stated, ha,�+er, shall 1:bdt the rj* t of tie
ww&j m p imicize the details of his bid after 11 O'clock A.M., 10ml time, lihrdh 13, 1985, or m offer the aids abject m
awwd by the arty.
As sack as possible after the We of ttte Bxtds, the City, if so tecisted, UM fu to h the mrrxsul bidder "Uhh a
reamable thhof orgies of the final tffi,dal wtthrwt diwW• A umber of a #es of the final
OMCW
win
9tatepart d all maar► m more d m 5M much cop Lw. Akuticxal aopiss TAdll be delivered upon request and at the Oger se of the
Copies of the preliadnny Cfficial Statema3t art Official BW R mm rela irg to the brds may be obtained frm the urder-
p d at 5&1 N.W. 83th Aware, mac, Florida 33321-5010, (telephone: (3'6) 772-9XD), or from Des► WLtter R--yinlds Ix.
325 Jotn 1b:IK ibad, RAIding G, Tgl&msae, Florida 3003 (telephm: (904) 38(-1184).
1
1
IVA
Un / A (�
V � v O
cam, lD lm
f,a )DAD
atyofmomm. mEhis
QuMal (Njoadim DMIS
(ah► Hill nod ROM sty
Bid 1984
FITIMM nLrectz)r M3rd 13, 19B5
5B11 N.W. 89th Awaim
7mmmc, Florida WI-5010
Dw Six:
Fbr E4 t Mi lim Dtillaxs ($B4O)O,Oab) p*CiPsl =unt, Qre al a0godon krds, (City Hall aryl 1al.ioe Stadal), Sn es
1964, of the CLty cf Uwxac, F1 ida, dated Fardr 1, 1985, described in the a xhsd Official Notim of Sale, 4ddz is Hereby
made a part of tuts proposal., and for all b t Mt lees bran all of odd Bx-ds, with irterwt ratites per anm ai said Hxrds
maG.rirg October 1 in the years and smarts as follaas :
Due
perripal liar Lm
Rate
Ile
FHndpd Am`xrt
Ratle
1986
$140,0OD
z
1996
$1010M
%
1997
OD,WD
z
1997
4OD,O0D
x
198E
170,000
%
199B
440,00D
x
1989
19D,aD
x
1999
4®,Om
x
199D
MD,00D
x
2m
53O,aoo
x
1991
237,O0D
z
zol
20,00D
x
1992
250,03D
%
mm
640,O0D
x
1993
270,O0D
x
2003
710,O0D
%
1994
3O0,aO0
z
Z04
2005
78D,O0D
850,OOD
z
z
1995
33D,OOD
z
me offer to pay the am of Dal>ars
($ with aamied inLesert, if any, to the date of delivery.
fit the tame of dlivery of the Haxis, tare City shall R=Lgh to us, free cf d=W, fire uqnjjfW opird n of Fire Jao*sm
&hertz rest, Made & Rglard, Mad, Florida, Brd Quisel, WprMW ft sty of said Harris, tqpdw with tyre uaml
cl,adr g pis, as specified in fire Official Nike of Sale.
in amxdanm with the official r xIm of Sale, we Brim handth a certified or boric oastder's duck in the smart of Qie
Hundred Sbay Mmuserd Dalms ($160,O0D) dram upm an Inxrp°xated bank cr uxut acmpsrry, Pridge unOmditia'811Y to the arier
of the Clty of 2mm=, RaIda, to be applied in aoazdanoe with the Offidal rbtioe of We.
aiis proposal is is not [d-a* are] msde for bards cm yhg mmxlcipal bard kyxar re with ttre insurance
prad m to be paid for by the Clty of mac, Flrarida, fmn the B3rd Fooseis.
M-j s proposal is u* ad jest to any omftdcm not egressly stated herein or in fire a m ed rbtim of Sale. ire namas of
the urduvritns cr mates of fte aomuot ftry are associated for the prpaee of tidy proposal are listed an a separate &het
attadved hoe bo.
Fegvctfuuy slbwvtw,
the a interest cost, amp txd frm tkrr-h 1, 1985, to the wwrLty dates of said $8,OM,0O0 of EX& at the Eate or �
mia3fied In the ahme rrooa ml. i8 . . . . • • . . . . r • • . . . . . r . . . • . . . . . . • . . . . $
W, premLum or dLs=Ttt offend is. .y,... . . .. • • . . . . . • • . . . . • . . • • • • . . . •
irazance pnmdm tQ a pEd by ft City is (Cmm out if mt �) • • • • • . . • • • . . . $
net irtEPrem trot is. • • . • . . . . . • • • • • • • • • • • r • • • . . . . • . $
a mrW rgt interest cost rate of these Bards is .......................... x
Tare above comixitatin is aabodrted for pspoees of infamaticn ally cad is not a part of dzis p Maml. ft aiditia, or
altaatim is to be ae3e to tWs Official Hid F m, and it mast not be deWad firm the mimW Official N3dm of Sale.)
1
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I do hEeby wkmla* the xetimn of the Sand faith check in the smart of $160,000 mrlcaseci nth th s bid.
By:
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R
u
]NEW ISSUE
50. "�.v
EXHIBIT "C"
FIm DRAFT 2/8/85 Fri
PRELINDURY OFFICIAL STATEMENT, DAM , 1985
Ltings : !body's:
Standard i loor's:
(see 'Ratings" herein)
In the opinion of Bond Counsel, the interest on the Bonds is, under existing
statutes, regulations and judicial decisions, exempt from all federal income
taxes and the Bonds and the income 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 obliga-
tions owned by corporations, as defined in said Chapter 220, Florida Statutes.
anted: March 1, 1985
$8.000.000
CITY OF TAK"AC, FLORIDA
GENERAL OBLIC&TION BONDS
(City Ball and Police Station)
Series 1954
Due: October 1, as shorn below
The Bonds are being issued for the purpose of financing the construction of a
new City Hall and Police Station, as described herein.
The Bonds are being issued pursuant to Resolution No. R-84-121, adopted by the
City Council of the City (the "Council") on April 25, 1984, as supplemented,
and the Constitution and laws of the State of Florida, including its Home Rule
Charter, its Code, and Chapter 166, Florida Statutes. The Bonds were duly
approved by a majority of the votes cast in an election held on March 13,
1984.
The City pledges its full faith, credit and taxing
o mpower for the interest onmpt
the
payment of both principal of, redemption premium, any,
Bonds as such payments become due.
The principal of, redemption premium, if any, and the interest on all such
Bonds shall be payable from the General Fund or any other legally available
funds of the City. The City shall levy and collect annually an ad valorem tax
upon all taxable property in the City, over and above llxes author-
ized to be levied by the City, sufficient to pay principal,
on
premium, if any, and interest as the same become due and payable.
The Bonds shall be issued in registered form in the denomination of $5,000
each or any integral multiple thereof. Interest on the Bonds is payable semi-
annually on April 1 and October 1 commencing October 1, 1985, by check or
draft sailed to the registered owners thereof, drawn on
(the `Paying Agent"). The principal of the Bonds and the premium, if any,
payable upon redemption, are payable at the principal corporate trust office
of the Paying Agent. The Bonds shall be subject to redemption as set forth
herein. The Bonds shall bear interest at the rates and shall mature in the
amounts and on the dates as set forth below.
Price
_
Price
Principal
Interest or
Principal Interest
or
Due
Amount
Rate Yield
Due
Amount Rate
Yield
1986
1987
$140,000
150,000
1996
1997
$360,000
400,000
1988
170,000
1998
440,000
1989
190,000
1999
480,000
1990
200,000
2000
530,000
1991
230,000
2001
580,000
1992
250,000
2002
640,000
1993
270,000
2003
710,000
1994
300,000
2004
780,000
1995
330,000
2005
850,000
SEALED BIDS FOB THE
BONDS WILL
DE RECEIVED
UNTIL
11:00 A.M. (local
time) ON MARCH 13, 1985.
The Bonds will be
offered when, as and
if issued,
subject to approval of
Fine
,Jacobson Schwartz
Nash Block & England,
Miami,
Florida, Bond Counsel.
The
Bonds
are expected to be available for delivery in definitive form in
New
York,
New York, on
or about
, 1985.
II
CITY OF TAMARAC, FLORIDA
se 40Z- (
MAYOR
Phillip B. Kravitz
CITY COUNCIL
Jack Stelzer Raymond J. Munitz Allan Burnstein
CITY MANAGER
Elly F. Johnson
FINANCE DIRECTOR CITY CLERK
Stephen A. Wood Marilyn P. Bertholf
FINANCIAL ADVISOR
Dean Witter Reynolds Inc.
Miami, Florida
Sydney M. Stein
CITY ATTORNEY
Jon M. Henning
BOND COUNSEL
Fine Jacobson Schwartz Nash Block & England
Miami, Florida
-3'
1
Bb chalet, boric r, salesm n or oft r person has been attaadaed to give any infionmitLon or m make any repreq3tations, other
than those contained in this OEfical Stawner t, and if given or aerie, sic► other iafonzd i,m or I i i on must mt be
teUed upon. lids oEficid 9Gstsmait does not axodtute an offer to sell or the solirdtation Of an offer to buy, nor dull
Brae be any sale of the hxxis by ary person in mY jurisdicticn in 4dch it is unlawful for axdi pea m to make arh offer,
N21citation or sale. The infamadrn set forth hm n hes been obtained from sources Qtch are beli,eWed to be reliable but is
not guarantied as to aawracy or ompletness. I e inEaumetim and expre9sions of opinim herein are subject to dime wlthat
codas end neither the delivery of this Official Statement nor arty sale made herardet shall, under ay dtnm3tscxe6, create
any impliradm that there boas been m dlwW in the ad fairs of the CLty of 2rr ww evince the date hereof or file earliest date
as of Q ch said Infam3ion is given.
Re�. . • • . • • • • . • • • • • • • . • • • • . • • . • • • • • • • • • • • . r • • . • • • • . r • • • . . • • . • 1
Radmption
�. r • • • . . • • . . . . . . • . . . • • . . . • . . . • . • • . . . . . . . . . • • . . . • • • . . 1
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.............................................. 10
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1
OFFICIAL STATEMENT
$8,000,000
CITY OF TAMARAC, FLORIDA
GEMAL OBLIGATION BONDS
(City Hall and Police Station)
Series 1984
INTRODUCTION
The purpose of this Official Statement, including the cover page and
appendices, is to provide information concerning the sale by the City of
Tamarac, Florida (the "City"), of $8,000,000 principal amount of General
Obligation Bonds, (City Hall and Police Station), Series 1984 (the "Bonds").
The Bonds are being issued pursuant to Resolution No. R-84-121, adopted by
the City Council of the City (the "Council") on April 25, 1984, as supplement-
ed, and the Constitution and laws of the State of Florida, including its Home
Rule Charter, its Cade, and Chapter 166, Florida Statutes. The Bonds were
duly approved by a majority of the votes cast in an election held on March 13,
1984.
THE BONDS
The Bonds shall be issued in registered form in the denomination of $5,000
each or any integral multiple thereof. Interest on the Bonds is payable semi-
annually on April 1 and October 1 commencing October 1, 1985, by check or
draft mailed to the registered owners thereof, drawn on
(the "Paying Agent"). The principal of the Bonds and the premium,
if any, payable upon redemption, are payable at the principal corporate trust
office of the Paying Agent. The Bonds shall be subject to redemption as set
forth below. The Bonds shall bear interest at the rates and shall mature in
the amounts and on the dates as set forth on the cover page of this Official
Statement.
REDEKPTION PROVISIONS
The Bonds maturing in the years 1986 to 1995, inclusive, shall not be
subject to redemption prior to their stated dates of maturity. The Bonds
maturing in the years 1996 to 2005, both inclusive, shall be subject to
redemption prior to their stated dates of maturity, at the option of the City,
from any funds legally available for such purpose on and after October 1, 1995
(i) as a whole at any time, or (ii) in part, from time to time on any interest
payment date, in inverse order of maturities and by lot within each maturity
at the principal amount thereof and accrued interest to the date of redemp-
tion, plus the following premiums, expressed in percentages of the principal
amount of the Bonds to be redeemed, if redeemed in the following periods:
Period
(both dates inclusive)
Redemption Premium
October
1,
1995
- September 30, 1997
3% (three percent)
October
1,
1997
- September 30, 2000
2% (two percent)
October
1,
2000
- September 30, 2003
1% (one percent)
October
1,
2003
and thereafter
none
Redemption shall be made upon not less than thirty (30) days, or more than
sixty (60) days, prior written notice to the registered owners of the Bonds to
1
be redeemed. On the date designated for redemption, notice having been given
in the above manner and moneys for payment of the redemption price being held
by the Paying Agent in trust for the holders of the Bonds to be redeemed, the
Bonds called for redemption shall become and be due and payable at the redemp-
tion price provided for redemption of such Bonds on such date, interest on the
Bonds called for redemption shall cease to accrue, such Bonds shall cease to
be entitled to any lien, benefit or security under the Resolution, and the
holders of such Bonds shall have no rights in respect thereof except to
receive payment of the redemption price thereof.
Bonds which have been duly called for redemption and for the payment of
the redemption price of which and accrued interest to the date fixed for
redemption moneys shall be held by the Paying Agent in trust for the holders
of the Bonds to be redeemed, all as provided in the Resolution, shall not be
deemed to be outstanding under the provisions of the Resolution.
PURPOSE
The Bonds are being issued for the municipal purpose of financing the cost
of the design, plans, construction and installation of a new City Hall and
Police Station, including all equipment, furniture and other related items
thereto (the "Project).
NEW POLICE FACILITY (1 Story)
24,735 Square Foot Building $1,973,000
Architect and Engineer Fees 176,000
Carpet, Furnishings & Equipment 255,000
POLICE STATION TOTAL $2,404,000
NEW CITY HALL (2 Story)
46,310 Square Foot Building $3,339,000
Architect and Engineer Fees 234,000
Carpet, Furnishings b Equipment 600,000
CITY HALL TOTAL 4,173,000
SITEWORK
13 acres $ 889,000
Architect and Engineer Fees 62,000
SITEWORK TOTAL 951,000
CONSTRUCTION TOTAL $7,527,000
PROJECT CONTINGENCIES — 60�- 2,_000
PROJECT TOTAL $8,130,000
K
APPLICATION OF BOND PROCEEDS
The proceeds received upon the sale of the Bonds shall
Construction Fund and shall be held by the Finance Director
payment of the Cost of the Project in such manner as shall
the City's policies respecting the disbursement of moneys
the Project. Any moneys remaining in the Construction Fund
is completed shall be deposited in the General Fund of the
SOURCES AND USES OF FUNDS
SOURCES
Principal Amount of Bonds $8,000,000
Less: Underwriter's Discount 160,000
Accrued Interest
Interest Earned During Construction
' Total Sources
USES
Accrued Interest deposit to Sinking Fund
Deposit to Construction Fund
costs of Issuance
Insurance Premium
Total Uses
be deposited in the
and applied to the
be consistent with
in connection with
when construction
City.
$7,840,000
470,000
$8,310,000
8,130,000
60,000
120,000
$8,310,000
SECURITY FOR BONDS
The City pledges its full faith, credit and taxing power for the prompt
payment of both principal of, redemption premium, if any, and interest on the
Bonds as such payments become due.
The principal of, redemption premium, if any, and the interest on all such
Bonds shall be payable from the General Fund or any other legally available
funds of the City. The City shall levy and collect annually an ad valorem tax
upon all taxable property in the City, over and above all other taxes author-
ized to be levied by the City, sufficient to pay such principal, redemption
premium, if any, and interest as the same become due and payable.
AD VALOREM TAXATION
Under State law, the assessment of all properties and the collection of
all county, municipal and school board property taxes are consolidated in the
office of the County Property Appraiser and County Tax Collector. Municipali-
ties are not permitted to levy property taxes at a rate of more than 10 mills
for all municipal purposes; however, there is no limitation as to the rate or
amount of ad valorem taxes levied for the purpose of paying debt service on
general obligation bonds. The laws of the State regulating tax assessment are
designed to assure a consistent property valuation method statewide.
Property Assessment Procedure
Under Florida law, all taxable real property and tangible personal proper-
ty must be assessed at fair market value, with some exceptions. Real and per-
3
sonal property valuations are determined each year as of January 1
by the Pro-
perty Appraiser's office. The assessment roll is prepared between January 1
and July 1, with each taxpayer given notice of any increase in assessment.
The property owner has the right to file an appeal with the
Property Ap-
praiser Adjustment Board, which considers petitions relating to
assessments
and exemptions. The Property Appraisal Adjustment Board certifies
the assess-
ment roll upon completion of the hearing of all appeals. Millage rates are
then computed by the various taxing authorities and certified to
the Property
Appraiser, who applies the millage rates to the assessment roll.
This proce-
dure creates the tax roll, which is then turned over to the Tax
Collector on
or about the first Monday in October.
The Florida Constitution entitles the taxable permanent residents of the
State to a $25,000 homestead exemption.
The Constitution does not limit or restrict the ability of
the City to
levy ad valorem taxes without limitation as to rate of amount for the purpose
of paying debt service on its general obligation bonds.
CITY OF TAMARAC, FLORIDA,
ASSESSED VALUE OF TAXABLE PROPERTY
Adjusted
Fiscal Tax Roll Real Personal
Taxable
Value
Year Year Property_Propert _ Exempt
1976 1975 $362,609,589 $ 31,267,101 $ 13,460,670
$407,337,360
1977 1976 388,502,239 37,945,987 16,439,610
442,887,836
_
1978 1977 400,476,540 47,315,738 20,897,287
468,689,565
1979 1978 406,095,065 47,315,738 20,806,006
474,216,809
1980 1979 419,149,660 43,366,948 23,456,090
27,837,436
485,972698
524,344,878
1981 1980 451,656,511 44,850,931
675,855,144 50,689,450 2,588,622
729,133,216
1982 1981
1983 1982 783,782,924 61,819,480 -
845,602,404
1984 1983 773,507,476 61,170,673 _
-
834,678,149
889,580,594
1985 1984 820,073,350 69,507,244
State law requires full valuation.
Assessed values as of January 1 of each year.
Figures submitted by County Tax Assessor.
Levy of Ad Valorem Taxes
All real and tangible personal property taxes are due and payable on Nov-
ember 1 of each year, or as soon thereafter as the tax roll is certified and
delivered to the Tax Collector. A notice is mailed to each property owner on
the tax roll for taxes levied by the county, school board and other taxing
authorities. Taxes may be paid upon receipt of such notice, with discounts at
the rate of 4% if paid in the month of November; 3% if paid in the month of
December; 2% if paid in the month of January; and l% if paid in the month of
February. Taxes paid during the mnofta�aeshbecomeidelinquentdiscount.
Aprilllun-
paid real and tangible personal property
the year following the year in which the taxes are levied.
The delinquent real property taxes bear interest at the rate of 18% per
year from April 1 until a certificate is sold at auction, from which time the
4
Ci
r
CITY OF TAMARAC, YWRIDA
DIRECT AND OVERLAPPING DEBT
As of September 30, 1984
DIRECT DEBT
General Obligation Bonds
General Obligation Bonds, Series
1984-A (1)
Self -Supporting Indebtedness:
Water and Sewer Utility Revenue
Bonds
Less: Reserve Fund
Total Direct Debt
OVERLA.PPIRG DEBT(2)
Broward County School District
Applicable to City 2.8%
Broward County Public Improvement
Bonds
Applicable to City 2.8%
Special Obligation Capital Improve-
ment Refunding Bonds, Series B
Applicable to City 2.8%
Gas Tax Revenue Bonds, Series A
Applicable to City 2.8%
Total Overlapping Debt
Total Direct and Overlapping Debt
$ 370,000
8,000,000
$ 12,670,000
( 1,308,207) 11,361,793
$ 35,015,000
239,415,000
$ 980,420
6,703,620
44,440,000
1,244,320
19,135,000
535,780
$19,731,793
$ 9,464,140
$29,195,933
(1) This issue.
(2) All debt listed as Overlapping Debt is secured by a tax source.
rl
11
n
CITY OF TAMARAC
SUMMARY OF DIRECT AND OVERLAPPING DEBT
As of September 30, 1984
DIRECT DEBT
General Obligation Bonds $ 8,370,000
Self -Supporting Indebtedness _11,361 793
TOTAL DIRECT DEBT
TOTAL OVERLAPPING DEBT
TOTAL DIRECT AND OVERLAPPING DEBT
FINANCIAL PARAMETERS
$19,731,793
9,464,140
$29,195,933
Population (1984 estimated) 32,251
Total Assessed Valuation - Tamarac $ 1,224,265,994
Total Taxable Valuation - Tamarac $ 889,580,594•
Total Assessed Valuation - Broward County $41,257,634,787
Total Taxable Valuation - Broward County $31,661,901,744
Source: Broward County Property Appraiser's Office; Preliminary, as of July,
1984.
DIRECT DEBT
General Obligation Debt
Self -Supporting Debt
TOTAL DIRECT DEBT
TOTAL OVERLAPPING DEBT
TOTAL DIRECT AND OVERLAPPING
DEBT
VALUATION
Total Assessed Valuation
Total Taxable Assessed
Valuation
FINANCIAL RATIOS
Percent of Total Percent of Taxable "Per
Assessed Valuation Assessed Valuation Capita
Tamarac Tamarac Tamarac
.684%
.9412
$ 260
.928
1.277
352
1.608
2.218
612
.773
1.064
293
2.385
3.282
905
-
-
37,961
-
27,583
8
BUDGETING, ACCOUNTING AND AUDITING
The manager shall on or before July 1 of each year submit to the Council a
budget for the ensuing fiscal year, together with a message, which shall out-
line proposed financial policies; describe important features of the budget;
explain any major changes from the current year in financial policies, expend-
itures and revenues; summarize the City's current and overall financial and
debt position and include such other material as he deems desirable, and as
the Council or Charter may require.
The general fund budget shall be presented on an accrual basis for expend-
itures and on a modified accrual basis for revenues, and shall provide a com-
plete financial plan of all funds and activities for the ensuing fiscal year,
and shall contain such details and be in such form as may be required by law
and by the Council. Also, it shall show comparative figures of expenditures
and revenues for the current and past fiscal year detailed to show the in-
crease and decrease in dollars. The total of estimated expenditures shall not
exceed the total of estimated revenue and appropriated fund balance.
The City may maintain an unappropriated surplus of no more than ten (10)
percent of its total proposed expenditures of the general fund budget.
No more than five (5) percent of expenditures of the general fund budget
may be included in the budget for contingencies that may not have been in-
cluded or which may have been underestimated in the proposed expenditures.
This figure does not include unappropriated surplus.
The City shall adopt formal budgets for all other funds when it deems such
budgeting to be consistent with generally accepted accounting principles or
when required by law.
OPERATING BUDGET FOR FISCAL YEAR ENDED SEPTF.NBER 30, 1984
Total operating revenues for the general fund for fiscal year ended Sept-
ember 30, 1983 were $7,643,954; expenditures were $7,832,426. These figures
compare to the budgeted amounts for revenues and expenditures for the same
period of $6,865,747 and $8,405,434, respectively. The budgeted fund balance
at year end was $1,296,346 as compared to the actual amount of $2,647,561. Of
the $2,647,561, only $ were unappropriated; this is in keeping with
the City's charter which only allows the City to maintain an unappropriated
fund balance of no more than 10% of its total budgeted expenditures.
OPERATING BUDGET FOR FISCAL YEAR ENDED SEPTEnKR 30, 1985
Total budgeted operating revenues for fiscal year ending September 30,
1984 are $ ; budgeted expenditures for the same period are $ ;
and an appropriations of $ of the beginning balance of $ ,
will be applied to balance the budget. The unappropriated beginning balance
of $ will be the year end balance and is in keeping with the City's
policy of the unappropriated fund balance not exceeding 10% of proposed
expenditures.
PENSION FUND
The City has a single
employer contributory
defined benefit retirement
plan covering all full-time
employees. As of June
1, 1982 (the most recent
actuarial report), unfunded
past service costs
were approximately $56,000.
The City has elected to amortize the past service
costs over forty years. The
9
ft
City's annual contributions to service normal costs and past service costs
were $300,269. The present value of accumulated plan benefits was $849,621,
of which $486,881 was vested, assuming a 7% interest rate. At September 30,
the plan's net assets available for benefits were $2,092,465.
FurURE BONA SALES
Pursuant to the City's Home Rule Charter, a special election was held on
March 13, 1984, at which a majority of the qualified electors voted in favor
of the issuance of not exceeding $15,000,000 Water and Sewer Utility Revenue
Bonds. The City Council has authorized proceeding with such issue and the
refunding of the City's outstanding Water and Sewer Utility Revenue Bonds in
mid -year 1985. The City has no plans to incur additional bonded indebtedness
at this time.
TAX EMPTION
In the opinion of Fine Jacobson Schwartz Nash Block & England, Miami,
Florida, Bond Counsel, the interest on the Bonds is, under existing statutes
and judicial decisions, exempt from all present Federal income taxes and the
Bonds and the income thereon are exempt from taxation under Florida law, ex-
cept 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 in said Chapter 220, Florida Statutes.
LITIGMON
There is no litigation pending that seeks to restrain or enjoin the
issuance or delivery of the Bonds or the proceedings or authority under which
they are to be issued. There is no litigation pending which, in any manner,
questions the right of the City to pledge the Revenues to repayment of the
Bonds.
There is no material litigation pending, or to the knowledge of the City
threatened, involving the City except the following:
As noted on the cover page of this Official Statement, Moody's Investors
Service, Inc., and Standard & Poor's Corporation have given the Bonds ratings
of and , respectively. The City furnished to such rating agencies
certain material and information regarding the results of its operations and
the Bonds. Such ratings reflect the respective views of such organizations
and an explanation of the significance of such ratings may be obtained only
from the rating agency furnishing same. There is no assurance that such
ratings will remain in effect for any given period of time or that they will
not be revised downwards or withdrawn entirely by either or both such rating
agencies, if, in the judgment of either or both, circumstances so warrant.
Any such downward revision or withdrawal by such agencies, or either of them,
may have an adverse effect on the market prices of the Bonds.
10
1
VALIDATION
The Bonds have been validated by judgment of the Circuit Court of the
Seventeenth Judicial Circuit of Florida, in and for Broward County, Florida,
rendered on , 1984, and the time for taking an appeal has
expired. There are no appeals pending.
FP_ZF_W"_1
The Bonds will be accompanied at delivery with customary closing docu-
ments, including an unqualified opinion as to their legality by Fine Jacobson
Schwartz Nash Block & England, Miami, Florida, Bond Counsel. Certain legal
matters will be passed on by Jon M. Henning, City Attorney, City of Tamarac,
Florida.
PUBLIC SAT
The Bonds shall be sold at public sale on March 13, 1985.
U®EBVgITIHG
(the "Underwriters") have agreed to purchase
all, but not less than all, of the Bonds at a price representing an aggregate
discount of $ from the face amount of the Bonds as set forth on
the cover page. The interest rates on the various principal maturities as bid
by and awarded to the Underwriters and the initial offering prices are also
Indicated on the cover page The initial offering prices may be changed from
time to time by the Underwriters. The Underwriters expect to make a market on
the Bonds.
O'BBB MATTERS
The information in the foregoing pages is presented for the guidance of
prospective purchasers of the Bonds described herein. The information has
been compiled from official and other sources and, while not guaranteed by the
City, is believed to be correct. So far as any statements made in this
Official Statement and the appendices attached hereto involve matters of
opinion or estimates, whether or not so expressly stated, they are set forth
as such and not as representations of fact, and no representation is made that
any of the estimates will be realized.
11
1
AUTHORIZATION CONCERNING OFFICIAL STATEN ENT
The delivery of this Official Statement has been duly authorized by the
City Commission of the City of Tamarac, Florida. At the time of the delivery
of the Bonds, the Mayor and the City Manager will furnish a certificate to the
effect that nothing has come to their attention which would lead them to
believe that the Official Statement, as of its date and as of the date of
delivery of the Bonds, contains any untrue statement of a material fact or
omits to state a material fact which should be included therein for the pur-
pose for which the Official Statement is intended to be used, or which is
necessary to make the statements contained herein, in the light of the circum-
stances under which they were made, not misleading.
CITY OF TAMARAC, FLORIDA
12
Mayor
City Manager
APPENDIX A
SRKKARY OF CERTAIN PROVISIONS OF THE RESOLUTION
AND THE ORIGINAL INS2RUMT
In addition to the summaries of certain provisions of the Resolution set
forth elsewhere within this Official Statement, the following is a general
summary of certain provisions of the Resolution. Such summaries do not pur-
port to be complete and accordingly are qualified by reference to the full
text of the Resolution, copies of which may be obtained from the City or its
Financial Advisor upon request.
Definitions When used in the Resolution, the following terms shall have
the following meanings, unless the text clearly otherwise requires:
"Bondholder" or "Holder" shall mean any registered owner of any Bond.
"Bond Registrar" shall mean either the Finance Director or any bank or
trust company, either within or without the State of Florida, designated as
such by resolution of the Council prior to the issuance of the Bonds, which
shall perform such functions required of the Bond Registrar by Article II of
the Resolution.
"Construction Fund" shall mean the special fund required to be established
and maintained by the City pursuant to Article IV of the Resolution.
"Council" shall mean the City Council of the City of Tamarac, Florida, or
the Council or body in which the general legislative powers of the Town shall,
from time to time, be vested.
"Cost", when used in connection with the Project, shall include the cost
of planning, constructing, development, including the cost of all labor,
materials, machinery and equipment, the cost of engineering, architectural,
financial, advisory, planning, design and legal services, bond insurance
premiums, fees of rating agencies and all expenses necessary or incident to
determining the feasibility or practicability of such construction, and such
other expenses or costs as may be necessary or incident to the financing
herein authorized in connection with the Project. Any obligation or expense
heretofore or hereafter incurred by the Council and any amounts heretofore or
hereafter advanced by or to the Council in connection with any of the fore-
going items of cost may be regarded as a part of such cost and reimbursed out
of the proceeds of the Bonds issued under the provisions of the Resolution.
"General Fund" shall mean the General Fund of the City designated as such
by the state law and in the annual budget and the annual audit of the City,
required by law, from which the general operations of the City are funded.
"General Revenues" shall mean ad valorem tax revenues levied and imposed
in the City and all other funds legally available which are eligible to be
credited to the General Fund of the City.
"Government Obligations" shall mean direct obligations of, or obligations
the principal of and the interest on which are guaranteed by, the United
States of America.
"Paying Agent" or "Paying Agents" shall mean the Bond Registrar, the bank
or banks or trust company or trust companies, either within of without the
State of Florida, at which the principal of the Bonds shall be payable.
A-1
"Project" shall mean the design, plans, construction and installation,of a
new City Hall and Police Station, including all equipment, furniture and other
related items thereto.
Bond Registrar and Registration Exchange The City shall cause its books
for the registration and for the transfer of Bonds to be kept by the Bond
Registrar. Any Bond may be transferred only upon an assignment duly executed
by the registered owner or his attorney or legal representative in such form
as shall be satisfactory to the Bond Registrar. Any Bond may be transferred
only upon an assignment duly executed by the registered owner or his attorney
or legal representative in such form as shall be satisfactory to the Bond
Registrar. The principal of any Bond shall be payable only to or upon the
order of the registered owner or bearer. Bonds may be exchanged for a like
aggregate principal amount of Bonds of other authorized denominations of the
same series, interest rate and maturity. The City shall execute and deliver,
and the Bond Registrar shall authenticate, such Bonds which the registered
owner making the exchange is entitled to receive.
No charge shall be made to any Bondholder for the privilege of registra-
tion, transfer or exchange, but any Bondholder requesting any such registra-
tion, transfer or exchange shall pay any tax or other governmental charge
required to be paid with respect thereto. The Bond Registrar shall be re-
quired to transfer or exchange any Bond after the mailing of notice calling
such Bond or portion thereof for redemption has been given as provided in this
Resolution during the period of fifteen (15) days next preceding the nailing
of such notice of redemption.
Each Bond delivered pursuant to any provision of the Resolution in ex-
change or substitution for, or upon the transfer of the whole or any part of
one or more other Bonds, shall carry all of the rights to interest accrued and
unpaid to accrue that were carried by the whole or such part, as the case may
be, of such one or more other Bonds, and notwithstanding anything contained in
the Resolution, such Bonds shall be so dated or bear such notation, that
neither gain or loss in interest shall result from any such exchange, substi-
tution or transfer.
Ownership of Bonds• Transfer of Title The City, the Paying Agent and the
Bond Registrar shall deem and treat the person in whose name any Bond shall be
registered as the absolute owner of such Bond, whether such Bond shall be
overdue or not, for the purpose of receiving payment thereof and for all
other purposes whatsoever, and neither the City, the Paying Agent nor the Bond
Registrar shall be affected by any notice to the contrary. All such payments
shall be valid and effectual to satisfy and discharge the liability upon such
Bond to the extent of the sum or sums so paid.
Mutilated LostS Stolen or Destroyed Bonds in case any Bond secured
hereby shall become mutilated or be destroyed, stolen or lost, the City may
cause to be executed and delivered a new Bond of like date, number and tenor
in exchange and substitution for and upon the cancellation of such mutilated
Bond or in lieu of and in substitution of such Bond destroyed, stolen or lost,
upon the owner paying the reasonable expenses and charges of the City in
connection therewith and, in the case of a Bond destroyed, stolen or lost, his
filing with the Bond Registrar evidence satisfactory to it that such Bond was
destroyed, stolen or lost, and of his ownership thereof, and furnishing the
City and the Bond Registrar with indemnity satisfactory to the City and the
Bond Registrar.
A-2
Cancellation and Destruction of Bonds All Bonds paid, redeemed or pur-
chased, either at or before maturity, shall be cancelled upon the payment,
purchase or redemption of such Bonds. All such bonds so cancelled shall be
destroyed by the Paying Agent, which shall execute a certificate of destruc-
tion in triplicate describing the Bonds so destroyed and one executed certi-
ficate shall be filed with each of the City and the Bond Registrar, and one
executed certificate shall be retained by the Paying Agent, which shall de-
liver a duplicate thereof to any other Paying Agent then acting.
Construction Fund A special fund is created by the Resolution and desig-
nated the "City of Tamarac General Obligation Bonds Construction Fund" (the
"Construction Fund"), to the credit of which such funds as are received in
payment for the Bonds shall be deposited.
The moneys in the Construction Fund shall be held by the Finance Director
and applied to the payment of the Cost of the Project in such manner as shall
be consistent with the City's policies respecting the disbursement of moneys
in connection with the Project. Any moneys remaining in the Construction Fund
when construction is completed shall be deposited in the General Fund of the
City.
Investment of Funds Moneys held for the credit of any fund or account
established by the Resolution, shall, as nearly as may be practicable, be in-
vested and reinvested by the City, in (a) the Local Government Surplus Fund
Trust Fund established by Section 218.405, Florida Statutes (1981), as
amended; (b) Government Obligations; (c) interest -bearing time deposits or
savings accounts in banks organized under the laws of the United States and
doing business and situated in the State of Florida, in savings and loan asso-
ciations which are under state supervision, provided that any such deposits
are secured by collateral as may be prescribed by law; (d) obligations of the
Federal Farm Credit Banks, Federal Home Loan Mortgage Corporation, or Federal
Home Loan Bank or its district banks, including Federal Home Loan Mortgage
Corporation participation certificates, or obligations guaranteed by the
Government National Mortgage Association; (e) obligations of the Federal
National Mortgage Association; (f) commercial paper of prime quality of the
highest letter and numerical rating as provided for by at least one nationally
recognized rating service; (g) time drafts and bills of exchange, commonly
known as bankers acceptances, which are drawn on and accepted by commercial
banks and which are eligible for purchase by the Federal Reserve Bank; or (h)
investments in repurchase agreements of any securities authorized above;
provided, however, that any such investment described in this paragraph shall
at the time be a legal investment under Florida law for the investment of City
funds.
Moneys held for the credit of the Construction Fund, shall be invested in
obligations which shall mature or which shall be subject to redemption by the
holder thereof at the option of such holder not later than the date when the
moneys held for the credit of said Fund shall be required for the purposes
intended.
Depositaries and SecuritZ All moneys received by the City under the
provisions of the Resolution shall be deposited with a bank depositary or
depositaries shall be held in trust, shall be applied only in accordance with
the provisions of the Resolution and shall not be subject to lien or attach-
ment by a creditor of the City.
All moneys deposited with any bank depositary in excess of the amount
guaranteed by the Federal Deposit Insurance Corporation of other federal
A-3
agency shall be continuously secured for the benefit of- the .City and the
holders of the Bonds either (a) by lodging with a bank or trust company
approved by the City as custodian, or, if then permitted by law, by setting
aside under control of the trust department of the bank holding such deposit
as collateral security, Government obligations, or, with the approval of the
Finance Director, other marketable securities eligible as security for the
deposit of trust funds under applicable regulations of the Comptroller of the
Currency of the United States or applicable State of Florida law or regula-
tions, having a market value (exclusive of accrued interest) not less than the
amount of such deposit, or (b) if the furnishing of security as provided in
(a) is not permitted by applicable law, in such other manner as may then be
required or permitted by applicable State of Florida or federal laws or reg-
ulations regarding the security for, or granting a preference in the case of,
the deposit of trust funds.
Effect of Covenants All covenants, stipulations, obligations and agree-
ments of the City contained in the Resolution shall be deemed to be covenants,
stipulations, obligations and agreements of the City and of the Council and of
each department and agency of the City to the full extent authorized or per-
mitted by law, and all such covenants, stipulations, obligations and agree-
ments shall bind or inure to the benefit of the successor or successors there-
of from time to time and any officer, board, body or commission to whom or to
which any power or duty affecting such covenants, stipulations, obligations
and agreements shall be transferred by or in accordance with laws.
Effect of Partial Invalidity In case any one or more of the provisions of
the Resolution or of any Bonds issued thereunder shall for any reason be held
to be illegal or invalid, such illegality or invalidity shall not affect any
other provisions of the Resolution or of the Bonds, but the Resolution and the
Bonds shall be construed and enforced as if such illegal or invalid provision
had not been contained therein. The Bonds are issued and the Resolution is
adopted with the intent that the laws of the State of Florida shall govern
their construction.
Execution of Instruments by Bondholders and Proof of Ownership of Bonds
Any request, direction, consent or other instrument in writing required by
the Resolution to be signed or executed by Bondholders may be in any number of
concurrent instruments of similar tenor and may be signed or executed by such
Bondholders in person or by agent appointed by an instrument in writing.
Proof of the execution of any such instrument and of the ownership of Bonds
shall be sufficient for any purpose of the Resolution and shall be conclusive
in favor of the persons relying thereon with regard to any action taken by
them under such instrument, if made in the following manner:
(a) The f act and date of the execution by any person of any
such instrument may be proved by the verification of any officer in
any jurisdiction who, by the laws thereof, has power to take affidav-
its within such jurisdiction, to the effect that such instrument was
subscribed and sworn to before his, or by an affidavit of a witness
to such execution.
(b) The ownership of the Bonds shall be proved by the registra-
tion books kept under the provisions of the Resolution.
Any request or consent of the Bondholder. of any Bond shall bind every
future Bondholder of the same Bond in respect of anything done by the City in
pursuance of such request or consent.
A-4
I
APPENDIX B
GENERAL IMEMATION - CITr OF TAMARAC
The following is a brief description of the City of Tamarac (the "City"),
including certain information concerning its economy, governmental organiza-
tion, indebtedness, current major revenue sources, expenditures and general
fund. Except where otherwise noted, the information has been provided by the
City.
Created in 1963 by the Legislature of the State of Florida, the City
occupies approximately 11.6 square miles in the northwestern portion of
Broward County (the "County"), the second most highly populated county within
the State. With its population of approximately 32,000 people, the City ranks
13th of 29 municipalities within the County.
GDVJLNMF1rfAL STRUCTURE
The City is governed largely by the provisions of its Charter as adopted
by the electors of the City on March 9, 1976. Under the Charter, the five
member City Council is the policy -making body of the City government.
The City is divided into four districts, and each Council member is re-
quired to reside in a different one of these districts. The Mayor who runs
"at large" may live in any district. Electors vote for each Council seat and
not just for the representative of the district in which they live. City
Council members serve for two years. The Mayor and two Council members run
for election in even numbered years and two Council members run in odd
numbered years.
The City has a City Manager form of government. The City Manager is
appointed by the City Council as the Chief Administrative Officer of the City
government. The City Manager directs the functions of the City government
through 11 departments.
Legal services of the City government are provided by the City Attorney,
who is appointed by the City Council.
The City Manager prepares and submits the annual budget and capital
improvement program to the City Council and executes the budget and capital
improvement program in accordance with appropriations and ordinances adopted
by the City Council. The City Manager generally begins the budgetary process
in March by preparing a letter of transmittal with specific instructions on
general budgetary policy for departments. Each department then prepares and
submits its proposed budget and in April internal meetings are held to review
the aggregate budget. After approval by the City Manager, the tentative
budget is submitted to the City Council which holds workshops in which the
public is invited to participate. Following these workshops, public hearings
are held where again public comment is solicited and considered. The City
Council then adopts the budget prior to the end of September. The Council
then determines the millage rate necessary to fund the budget. The general
fund receives all of the general revenues of the City not specifically levied
or collected on behalf of its various special funds.
B-1
POPULATIOw ESTIMATES
of Mmamc AtvrErd QxrLy_(1) Matt- of Mari& (1) Utted des (3)
l4ulatrim *nml 2 RpAatim knial % ibpt l m A.i al 2 as of J9n 1 Anaal %
Year as 3D as of April 1 Q as of Apdl 1 Qg (000)
1974 14,195(1) - 840,700 - 8,453,10D - 212,932 -
1975 14,217(1) .15% 876,70D 4.29% 8,618,500 1.96% 214,931 .94%
1976 24,067(1) 69.3D 894,60D 2.04 8,744,33D 1.46 217,095 1.01
1977 24,469(1) 1.60 921,90D 3.05 8,92D,OCD 2.01 219,179 .96
1978 25,858(1) 5.70 953,37D 3.41 9,156,700 2.65 221,477 1.05
in 26,40D(2) 2.10 9BB,1CD 3.65 9,448,50D 3.19 223,88D 1.08
1.980 29,376(2) 11.30 1,018,257(3) 3.05 9,746,40D(3) 3.15 226,444 1.15
1991 3D,104(2) 2.50 1,047,313 2.85 10,106,(DD 3.69 225,976 1.12
1982 31,158(2) 3.50 1,067.%(M 1.85 10,375,300 2.66 231,256 1.00
1993 31,223(2) .21 1,090,353 1.25 10,591,701 2.09 233,506 .97
1984 32,251(3) 3.29 1,10D,777(3) 1.M 10,930,399 3.2D _ 235,74B(4) 1.39
Banes: (1) Lhiversi-ty of F3adda, Snm cf F=xn c." Hsiress Rye wch.
(2) &uwd Qtrxy, f3arlda.
(3) United 9tadt BXTW of (fines.
(4) As of OtxQber 1, 19B4.
ECONQ!!Y
The City has been developed primarily for residential purposes. The
majority of the population consists of retirees. The major employer in the
City is Visual Graphics, Inc., which manufactures various types of equipment
for office and business uses. This firm employs approximately 550 people and
has offices located in many cities in the United States and abroad. There are
over 16 commercial banking and savings and loan offices located Within the
City. The land use plan adopted by Broward County and by the City provides
for 5.09% of the total area of the City for industrial zoning.
CITY OF TAMAxAAC. FLORIDA
EU11DING PERMITS
pplex and
Aid. and Alter.
Wal
Wallar
SLr&
Family
Miltifanay
Fit
Femdi
Yam'
a;
mluetim
Units
wmtim
wusdm
311rMm
mil)
1974
331
$ 7,685,OA '
199
$ 4640,000
$ 8,490,238
$ 2,172,W
$20,%7,892
1975
62
1110,000
35
630,000
4,025,850
1,926,8DD
9,663,650
1976
119
5,508,655
74
2,797,568
2,585,000
1,784,212
12,675,435
1977
97
8,633,8B4
477
6,511,2D7
1,737,549
4,689,692
21,572,232
1978
255
11,875,720
360
9,648,63D
6,665,M
4,439,759
32,629,929
1979
216
9,893,579
476
12,791,664
4,872,548
6,025,260
33,583,051
M
142
6,385,241
30B
11,490,810
5,035,000
10,002,309
32,913,360
1981
12D
6,161,240
217
3,862,477
4,315,187
6,007,129
2D,417,033
1982
56
3,585,593
145
%684,210
2,868,309
7,672,741
19,810,853
1993
L%
8,640,345
519
15,478,289
16,5A,760
4,651,119
45,329,513
1954
64
4,878,232
60
13,283,72B
2,197,600
1,518,904
21,875,464
3xroe: Qty Bdld Tg
B-2
1
1
BROWARD COUNTY AND OTHER AREAS
PER CAPITA PERSONAL I1ICiWO)
1975-1983
United
Broward County _ State of Florida States
Year Ending Current Percent Percent Current Percent Current
December 31, Dollars(2) of F1 of U.S. Dollars(2) of U.S. Dollars(2)
1975
$ 6,379
115.4%
109.2%
$ 5,530
94.7%
$ 5,842
1976
6,904
116.7
108.4
5,918
92.9
6,367
1977(3)
7,754
118.9
111.0
6,520
93.4
6,984
1978(3)
8,668
118.3
111.5
7,330
94.3
7,776
1979(3)
9,696
118.2
112.0
8,202
94.7
8,657
1980(3)
10,979
119.3
115.5
9,202
96.8
9,503
1981(3)
12,440
120.1
117.6
10,362
97.9
10,582
1982
13,091
120.0
117.9
10,907
98.3
11,100
1983
n/a
n/a
n/a
11,592
99.3
11,675
Sources: U. S. Department of Commerce, Bureau of Economic Analysis,
Unpublished data. Florida Statistical Abstract 1984, page 137.
(1) Per capita amounts are based on a Place -of -Residence in the United
States and the State and Counties of Florida.
(2) Current dollars are actual dollars relating to the year in which they
were spent, with no adjustment for inflation.
(3) Data for 1977 through 1981 are revised.
1983 Median Household Effective Buying lncowe ("EBI-)
Total
Median
Percents a of
Households by
EBI
EBI
Household
$10,000-
$20,000-
$35,000
$50,000-
(000)
EBI
$19,999
$34,999
$49,_999
and Over
Broward
County $ 13,188,329
23,815
25.2%
30.6%
16.8%
11.6%
Florida 106,985,550
20,794
.27.4
29.4
13.9
8.70
Source: Sales and Marketing Management, 1984 Survey of Buying Power.
Copyright 1984 - further reproduction prohibited.
B-3
F]
1
1
BROWARD COUNTY AND FLORID&
MEDIAN HOUSEHOLD EFFECTIVE BUYING INCOME
1977-1983
Change
1977 1978 1979 1980 1981 1982 1983 1977-83
Broward
County $13,798 $15,053 $16,977 $17,825 $19,904 $21,566 $23,815 72.6%
Florida 12,106 13,173 14,915 15,359 21,301 19,007 20,794 71.8
Source: Sales and Marketing Management, 1984 Survey of Buying Power.
Copyright 1984 - further reproduction prohibited.
BROWARD COUNTY
GROWTH FACTORS AND ECONOMIC INDICES
Savings & Loan
Association
Savings
Bank Deposits
Total
Auto
Year
Accounts (000)
(000)
Telephones(1)
Registration(2)
1974
N/A
$ 2,164,314
698,541
604,218
1975
$ 3,438,943
2,219,114
728,607
674,251
1976
4,245,215
2,125,663
772,536
781,058
1977
5,346,834
2,675,156
822,745
1,182,836(3)
1978
7,375,161
2,964,179
883,769
890,745
1979
7,375,161
3,168,114
916,741
876,474
1980
8,087,200
3,562,453
994,697
886,986
1981
8,430,797
3,529,554
1,039,165
920,085
1982
8,866,087
3,762,434
381,057
905,388
1983
10,323,236
5,262,970
405,674
957,810
1984
11,545,772
5,270,413
n/a
1,024,761
Sources: Savings Accounts - Federal Home Loan Bank Board; Florida Savings
and Loan League; Bank Deposits - Florida Bankers Association,
Orlando, Florida; Telephones - Southern Bell, Statistical Fore-
cast; Auto Registrations - Motor Vehicle Registration, Broward
County.
(1) 1974 - 1981 Telephones leased. In 1982, Southern Bell broke away from
AT&T. Figures for 1982 and 1983 represent number of telephone lines
into residences, businesses, and include coin operation stations.
(2) Florida Department of Highway Safety & Motor Vehicles. Includes State
owned passenger cars. Fiscal years July 1 - June 30.
(3) Change in State Law requiring registration during birth month.
B-4
I
1
1
M COLLECTIONS AND REVENUE SHARI!!G
Documentary
Sales Tax Col-
Gasoline Tax
Stamp Tax Col-
State Revenue
Year
lected (000) (1)
Collected (1)
lected (000) (1)
Sharing (2)
1974
$ 123,895
$ 32,709,299
$ 11,733
$ 290,631
1975
121,604
32,289,831
8,362
326,015
1976
134,017
31,668,053
8,227
429,797
1977
159,239
34,082,942
10,308
594,950
1978
195,990
37,481,487
14,483
654,372
1979
229,619
40,001,003
18,061
697,848
1980
258,568
39,911,320
23,450
751,777
1981
285,905
38,326,472
25,782
808,840
1982
325,324
39,177,912
19,606
873,047
1983
370,685
40,910,942
21,027
865,572
1984
443,715
46,198,912
31,741
868,403
Source: Florida Department of Revenue.
(1) Broward County.
(2) City of Tamarac.
Name
Tamarac Hospital Corp. Inc.
F 6 R Builders, Inc.
Tom Glick
City National Bank of Miami
Woodland Golf Assoc. Inc.
Tamarac Town Square
Barnett Construction, Ltd.
Tosha Investments Inc.
Noranda - Devco Joint
Venture
Don Carter Hanes of
Florida, Ltd.
CITY OF TA ARAC, FLORIDA
TEN LARGEST TAXPAYERS
1984
Type of Business Taxes Levied
Percent of To-
tal Taxes Levied
Healthcare
$31,632
1.72
Developers
17,353
.94
Individual
14,270
.76
Banking
11,386
.62
Country Club
9,802
.53
Shopping Center
7,978
.43
Shopping Center
7,179
.39
Shopping Center
6,614
.36
Shopping Center
5,864
.32
Bowling Lanes
4,820
.26
Source: City of Fort Lauderdale, Florida.
The resident labor force in the County increased 63.1 percent between 1975
and 1984. Annualized unemployment rates for the County, the State and the
nation can be seen in the table below.
B-5
1
BROWABD COUNTY, FIARIDA, UNITED STATES
LABOR FORCE AND UWEKPIATHM ESTIMATES
1975M-1984
Broward County
Year Ended
Civilian
Unemployment
Rates
December 31,
Labor Force(1)
Broward County
Florida
United States
1975
342,312
12.8
9.7
7.8
1976
346,169
10.2
9.0
7.7
1977
378,074
7.4
7.0
7.0
1978
391,531
5.8
6.4
5.9
1979
405,774
4.5
6.0
5.8
1980
427,784
3.7
6.0
7.7
1981
435,000
5.3
6.8
9.8
1982
499,364
8.2
8.2
9.7
1983
512,859
7.2
8.6
9.6
1984*
542,751
4.8
6.1
7.0
(1) All numbers represent annual averages.
* As of December - preliminary data.
Source: Florida Department of Commerce, Division of Employment Security.
EROVARD COUNTY
MAJOR MANUFACTURING EMPLOYERS
January 1, 1984
Number of
Broward
Employees
Motorola (Paging Radio Equipment)
Gould Systems Engineering Laboratories, Inc. (Computers, Digital)
Modular Computer Systems Inc. (Electronic Computing Equipment)
Bendia Air Transport -Avionics Division (The Bendix Corp.)
Harris Computer Systems Division (Harris Corp. - Computers)
Sensormatic Electronics Corp. (Electronic Surveillance Equipment)
Glaxo Holdings, Ltd. (Glaxo, Inc. - Ethical Pharmaceuticals)
Visual Graphics Corp. (Photostat Cameras and supplies)
Westinghouse (Relay Instruments)
Burroughs Corp. (Power Supplies)
Source: 1983-84 Directory of Florida Industries, Florida Chamber of
Commerce.
B-6
2,500
1,350
1,240
850
850
650
572
554
535
525
Agriculture
Contract Construction
Manufacturing and Mining
Transportation, Communica-
tions and Utilities
Wholesale, Retail and Trade
Financial, Insurance & Real
Estate
Services and Miscellaneous
Federal, State and Local
Government
Total Including All Others
(1) Annual Averages.
BROWARD COUNTY, FLORIDA
X"LOYMENT BY INDUSTRY
(FULL AND PART TIME)(1)
1980 1981 1982 1983 1984(2)
3,639 3,993 3,787 n/a n/a
32,233 31,699 25,526 26,200 32,675
41,229 42,799 41,219 43,100 44,128
16,695 17,897 18,359 18,300 21,365
101,431 107,457 107,040 112,400 116,893
29,430 31,678 32,481 34,000 33,084
78,544 81,353 84,678 95,400 102,484
43,650 45,564 43,452 50,600 49,684
347,549 362,660 360,020 380,000 404,687
(2) Second Quarter Data Averages.
Source: U. S. Department of Commerce, Bureau of Economic Analysis.
TRALWSPORTATION
The City has a road system totalling approximately 122 miles including
approximately 22 miles of divided roads. It has its own interchange of the
Florida Sunshine State Parkway. U.S. Highway 441 also crosses the City.
Furthermore, the City is located within 1 mile of Interstate 95, which runs
along the entire eastern seaboard of the United States. Interstate 75, which
extends to the western coast of Florida and continues north through Georgia,
Tennessee, Kentucky and Michigan, is being developed south from the City of
Tampa to the City of Miami. The proposed crossover from west to east will be
south of Tamarac. The major east -west roads in the City are currently at
least four lanes or are in the process of being widened to that width by the
County.
Adjacent to the eastern boundary of the City is the Fort Lauderdale
Executive Airport, which provides modern facilities for executive aircraft.
This airport has in excess of 200,000 takeoffs and landings per year and
currently operates 24 hours a day. The City is approximately 10 miles from
Fort Lauderdale -Hollywood International Airport.
Port Everglades, located in Ft. Lauderdale, is the largest port on
Florida's lower east coast. It is equipped to handle major ocean-going
vessels, with outer channels 500 feet wide and a water depth of 45 feet. The
turning basin depth in the port has been increased to 42 feet. A cold storage
warehouse is now nearing completion. Office space is available and a bulk
terminal for fertilizer is in the planning stage.
Foreign Trade Zone Number 25, which encompasses a portion of Port Ever-
glades, permits duty-free status to foreign goods arriving for assembly or
storage and later trans -shipment to foreign markets. In the County fiscal
year ended September 30, 1984, over 58 thousand tons of cargo were processed
through the Foreign Trade Zone.
B-7
1
n
Ll
EDUCATION
The City has an Elementary, Middle and High School.
There are four four-year colleges and universities in the County: Florida
Atlantic University and Florida International University, which are public,
and Nova University and Fort Lauderdale College, which are private. Florida
Atlantic University and Florida International University are two of the nine
universities in the Florida State University System. Nova University, with an
overall enrollment of over 8,000 students, is the second largest independent
university in Florida.
Broward County Community College and Prospect Hall are the two two-year
colleges in the County.
SCHOOL ENROLUEM
BHOWAYD COUNTY SCHOOL DISTQICr
Fall of Year Students
1976
136,549
1977
137,350
1978
136,892
1979
135,313
1980
132,655
1981
127,637
1982
125,641
1983
125,374
1984
126,852
Pre -Kindergarten through 12th grade membership.
Source: Division of Public School, MIS, Florida Department of Education.
B-8
J
APPENDIX D
, 1985
(Form of Bond Counsel Opinion)
City Council of the City of
Tamarac
Tamarac, Florida
Ladies and Gentlemen:
We have examined the Constitution and laws of the State of Florida, in-
cluding Chapter 166, Florida Statutes, the Rome Rule Charter of the City of
Tamarac and certified copies of the proceedings of the City Council of
Tamarac, Florida (the "City"), including Resolution No. R-84-121 enacted on
April 25, 1984 (the "Resolution"), a resolution adopted in furtherance thereof
and other proofs submitted including the election proceedings, the validation
proceedings and related proceedings of the City Council relative to the
issuance and sale of the following described bonds (the "Series 1984 Bonds"):
$8,000,000
City of Tamarac, llorida
General obligation Bonds,
(City Ball and Police Station) Series 1984
Dated , 1985
The Series 1984 Bonds bear interest payable on October 1, 1985, and semi-
annually thereafter on April 1 and October 1 of each year at the interest
rates, and mature on the dates and in the principal amounts, set forth in the
following schedule:
Principal
Maturity
Principal Maturit
Date
Principal Interest
Date
Principal
(October 1)
Amount Rate
(October 1)
Amount
1986
$140,000
1996
$360,000
1987
150,000
1997
400,000
1988
170,000
1998
440,000
1989
190,000
1999
480,000
1990
200,000
2000
530,000
1991
230,000
2001
580,000
1992
250,000
2002
640,000
1993
270,000
2003
710,000
1994
300,000
2004
780,000
1995
330,000
2005
850,000
Interest
Rate
The Series 1984 Bonds are fully registered as to both principal and in-
terest as shown on the registration books of the Bond Registrar and are issu-
able in the denomination of $5,000 each or any integral multiple thereof.
D-1
City Council of City of Tamarac
Tamarac, Florida
, 1985
Page 2
The principal of, premium, if any, and the interest on the Series 1984
Bonds are payable in any coin or currency of the United States of America
which on the respective dates of payment thereof is legal tender for the
payment of public and private debts. Principal of and premiums, if any, on
the Series 1984 Bonds are payable at the principal corporate trust office of
the paying agent under the Resolution. Interest on the Series 1984 Bonds is
payable by check or draft mailed to the registered owners thereof.
The Series 1984 Bonds at the time outstanding which mature in the years
1986 to 1995, inclusive, shall not be subject to redemption prior to their
stated dates of maturity. The Series 1984 Bonds maturing in the years 1996 to
2005, inclusive, may be redeemed prior to their respective maturities at the
option of the County on and after October 1, 1995, as a whole at any time or
in part on any interest payment date, in the inverse order of their stated
maturities and by lot within a stated maturity, at the principal amount
thereof and accrued interest to the date of redemption plus the following
premiums expressed in percentages of the principal amount of the Series 1984
Bonds to be redeemed, if redeemed in the following periods.
Period
(both dates inclusive) Redemption Premium
October
1,
1995
to September 30, 1997
3%
October
October
1,
1,
1997
2000
to September 30, 2000
to September 30, 2003
2%
1%
October
1,
2003
and thereafter
none
Any such redemption, either as a whole or in part, may be made upon not
less than thirty (30) days or more than sixty (60) days• prior notice as pro-
vided in the Resolution. The Series 1984 Bonds have been issued under and
pursuant to the constitution and laws of the State of Florida and in accor-
dance with certain resolutions passed and adopted by the City Council of the
City of Tamarac on January 25, 1984, March 20, 1984, April 25, 1984, and
1985. The Series 1984 Bonds were approved by the voters of the
City of Tamarac in an election held on March 13, 1984 and validated pursuant
to an Amended Validation Judgment dated August 6, 1984.
In our opinion the above -described proceedings show lawful authority for
the issuance and sale of the Series 1984 Bonds.
We have examined executed Series 1984 Bond numbered 1.
From such examination, we are of the opinion that:
1. The Series 1984 Bonds have been duly authorized and issued under the
provisions of the Resolution for the purpose of paying all or part of the Cost
of the
Project (as
defined in the
Resolution).
2.
The Series
1984 Bonds are
valid and binding general obligations of the
City payable
from
the levy of an
ad valorem tax within the City and are se-
cured
by a pledge
of the City`s
full faith, credit and taxing power for the
prompt
payment of
the principal,
premium, if any, and interest as the same
become
due.
D-2
1
City Council of City of Tamarac
Tamarac, Florida
, 1985
Page 3
3. The interest on the Series 1984 Bonds is, under existing statutes and
judicial decisions, exempt from all present Federal income taxes and the
Series 1984 Bonds and the income thereon are exempt from taxation under
Florida law, 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 in said Chapter 220, Florida Statutes.
Respectfully submitted,
FINE JACOBSON SCHWARTZ NASH BLOCK 6
ENGLAND
By
1-3