HomeMy WebLinkAboutCity of Tamarac Resolution R-85-436Introduced by: Councilman Gottesman Temp. Reso #3942
Revised 12/10/85
CITY OF TAMARAC, FLORIDA
RESOLUTION NO.
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RESOLUTION AMENDING AND RESTATING RESOLUTION
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NO. R-85-21 AUTHORIZING THE ISSUANCE OF NOT
EXCEEDING $15,000,000 WATER AND SEWER UTILITY
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REVENUE AND REFUNDING BONDS OF THE CITY OF
TAMARAC, FLORIDA, FOR THE PURPOSE OF REFUNDING
CERTAIN WATER AND SEWER UTILITY REVENUE BONDS,
SERIES 1980; PROVIDING THAT SUCH BONDS SHALL NOT
CONSTITUTE AN INDEBTEDNESS OF THE CITY WITHIN THE
MEANING OF ANY CONSTITUTIONAL OR STATUTORY
PROVISION OR LIMITATION OR A PLEDGE OF ITS FULL
FAITH AND CREDIT BUT SHALL BE PAYABLE AS TO
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PRINCIPAL, PREMIUM, IF ANY, AND INTEREST SOLELY
FROM NET REVENUES OF THE CITY'S WATER AND SEWER
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UTILITY; PROVIDING FOR THE CREATION OF CERTAIN
FUNDS AND ACCOUNTS; PROVIDING FOR FORM OF SUCH
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BONDS; SETTING FORTH RIGHTS AND REMEDIES OF
OWNERS OF SUCH BONDS; PROVIDING SEVERABILITY; AND
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AUTHORIZING VALIDATION;
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WHEREAS, the
City Council of the City
of Tamarac
(the
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"Council") has previously issued $12,935,000
Water and Sewer
Utility Revenue Bonds,
Series 1980, pursuant
to Resolution
No.
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79-251 adopted by the
Council on October 13,
1979, as amended
and supplemented from
time to time, of which
12,375,000 of
the
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principal amount is
currently outstanding
and unpaid
(the
"Series 1980 Bonds"); and
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WHEREAS, the Council has further determined and does
1 hereby determine that it is in the best interest to defease the
lien created under said resolution and to refund the Series
1980 Bonds since the refunding will result in a restructuring
of the debt Service for the utility to anticipate future
1B capital improvements and will remove certairi restrictive
covenants contained in the Series 1980 Bonds resolution which
19 will result in a lower rate increase;
20 WHEREAS, the City under authority granted by the
Constitution of the State of Florida, Chapter 166, Florida
21 Statutes, its Home Rule Charter, and other applicable
provisions of law, the City is authorized to issue water and
22 sewer utility revenue bonds to'refund previously issued bonds
and to pledge certain revenues of the water and sewer utility
23 not derived from ad valorem taxes for the payment of such bonds
as further described and limited herein;
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WHEREAS, the Council for the reasons stated above has
25 determined to provide for the issuance at one time or in series
from time.to time of not exceeding $15,000,000 of bonds of the
26 City which shall be designated as Water and Sewer Utility
Revenue and Refunding Bonds, Series 1985, for the above -stated
27 purpose including to fund a reserve fund, if necessary, and to
pay the issuance costs and to pledge to the payment of the
2 principal of, premium, if any, and interest on said bonds the
Net Revenues (as hereinafter defined) of the Water and Sewer
2. Utility (as hereinafter defined); and
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WHEREAS, the Council has further determined and does
hereby determine that it is in the best interest of the City to
provide for the issuance of additional series of bonds secured
by the Net Revenues on a parity with the Water and Sewer
Utility Revenue Refunding Bonds, Series 1985, which series of
additional parity bonds shall be water and sewer bonds of the
City and which are collectively referred to herein, together
with such initial series, as the •Bonds," and such additional
parity bonds may be issued for such capital improvements and
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for such refundings as are authorized by this Council by
resolution.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMICIL OF
TAMARAC, FLORIDA:
ARTICLE I
DEFINITIONS
Section 101. Meaninq of Words and Terms. In addition
to words and terms elsewhere defined in this Resolution, the
following words and terms as used in this Resolution shall have
the following meanings, unless some other meaning is plainly
intended:
The term "Amortization Requirements" shall mean, for
any Bond Year with respect to Term Bonds, the respective
amounts, which are required to be deposited to the credit of
the Redemption Account in each Fiscal Year for redeeming and
paying at maturity such Term Bonds, determined by the Council
in a resolution adopted prior to the issuance of such Term
Bonds.
The Amortization Requirements for the Term Bonds shall
begin in the Fiscal Year determined by the Council for such
Series and shall end not later than the Fiscal Year immediately
preceding the Fiscal Year in which such Terin Bonds are stated
to mature. If during any Fiscal Year the total principal
amount of Term Bonds retired by purchase or redemption or
called for redemption under the provisions of Section 508 of
this Resolution shall be in excess of the Amortization
Requirements for the Term, Bonds such Amortization Requirements
shall be reduced for any subsequent Fiscal Year or Fiscal Years
in amounts aggregating the amount of such excess which shall oe
determined by the Finance Director.
The term "Bond Counsel" shall mean counsel recognized
on the subject of, and qualified to render approving legal
opinions on the issuance of, municipal bonds.
The term "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 this Resolution.
The word "Bonds" shall mean the Bonds issued under the
provisions of Article II of this Resolution.
The term "Bond Service Account" shall mean the Bond
Service Account, a special account created and designated by
Section 505 of this Resolution.
The term "Capital Appreciation Bonds" shall mean the
Bonds of a series, the interest on which (1) shall be
compounded periodically; (2) shall be payable at maturity or
upon earlier redemption of the principal amount thereof; and
(3) shall be determined by reference to the Compounded Amounts.
The term "Capital Expenditures" shall mean all
expenditures made for extensions, additions, improvements,
renewals and replacements (other than ordinary maintenance and
repairs) acquired, constructed or installed for the purpose of
preserving, extending, increasing or improving the service
rendered by the Water and Sewer Utility or for reducing the
cost of operation, and shall include the cost of purchasing and
installing such equipment and appurtenances as may be necessary
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3.
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to meet the demands upon the Water and Sewer Utility; it shall
also include the acquisition of such lands and rights -of -way
and such engineering, legal and administrative expenses as may
be required in connection with the foregoing.
The word "Charter" shall mean the home Rule Charter
for the City of Tamarac.
The term "City" shall mean the City of Tamarac,
Florida, a municipal corporation organized and existing under
the laws of Florida.
The term "City Attorney" shall mean the City Attorney
of the City or the officer succeeding to his principal
functions.
The term "City Clerk" shall mean the City Clerk of the
City or the officer succeeding to his principal functions.
The term "City Council" shall mean the City Council of
the City of Tamarac or the board or body succeeding to its
principal functions.
The term "City Manager" shall mean the City Manager of
the City or his designee or the officer succeeding to his
principal functions.
The term "Compounded Amounts" with respect to any
Capital Appreciation Bonds of a series, shall mean the amounts
so designated in a subsequent resolution of the Issuer,
representing principal and interest accrued on such Capital
Appreciation Bonds.
The term "Construction Fund" shall mean the Tamarac
Water and Sewer Utility Construction Fund, a special fund
created and designated by Article IV of this Resolution.
The term "Consulting Engineers" shall mean the
engineer or engineering firm or corporation at the time
employed by the City under the provisions of Section 704 of
this Resolution to perform and carry out the duties imposed on
the Consulting Engineers by this Resolution.
The term "Contributions in Aid of Construction" shall
mean changes levied and collected by the City from developers,
builders and new customers as impact fees for riew development.
The term "Cost", as applied to the Water and Sewer
Utility, and Project or any Improvements, shall embrace the
cost of acquisition and construction and all obligations and
expenses and all items or cost which are related thereto.
The term "County" shall mean Broward County, Florida,
a political subdivision of the State of Florida.
The term "Current Interest Paying Bonds" shall mean
the Bonds of a series, the interest on which shall be payable
on a semi-annual basis.
The term "Current Expenses' shall mean the City's
reasonable and necessary current expenses of maintenance,
repair and operation of the Water and Sewer Utility and shall
include, without limiting the generality of the foregoing, all
ordinary and usual expenses of maintenance and repair, which
may include expenses not annually recurring, all City
administrative expenses and any reasonable charges for pension
or retirement funds properly chargeable to the Water and Sewer
Utility, insurance premiums, engineering expenses and relating
to maintenance, repair and operation, fees and expenses of
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Paying Agents, legal expenses, any taxes which may be lawfully
imposed on the Water and Sewer Utility or its income or
operations and reserves for such taxes, and any other expenses
required to be paid by the City under the provisions of this
Resolution or by law all in accordance with the accrual method
of accounting but shall not include any reserves for
extraordinary maintenance or repair, or any allowance for
depreciation, any amortization charges, or any 'deposits or
transfers to the credit of the Sinking Fund, in Lieu of Tax
Fund, the Renewal and Replacement Fund, and the General Reserve
Fund.
The term "Daily Newspaper" shall mean a newspaper
published in the English language on at least five (5) business
days in each calendar week.
The term "Defeasance Obligations" shall mean to the
extent permitted by law:
(i) Direct general obligations of, or
obligations the payment of principal and interest on
which is unconditionally guaranteed by, the United
States of America;
(ii) Any bonds or other obligations of any state
of the United States of America or of any agency,
instrumentality or local governmental unit of any such
state (a) which are (x) not callable prior to maturity
or (y) as to which irrevocable instructions have been
given to the trustee of such bonds or other
obligations by the obligor to give due notice of
redemption and to call such bonds for redemption on
the date or dates specified or are otherwise rated by,
a nationally recognized bond rating agency within its
highest rating category or which are secured as to
principal, redemption premium, if any, and interest by
a fund consisting only of cash or bonds or other
obligations of the character described in clause (i)
hereof ;which fund may be applied only to the payment
of such principal of and interest and redemption
premium, if any, on such bonds or other obligations on
the maturity date or dates thereof or the specified
redemption date or dates pursuant to such irrevocable
instructions, as appropriate, and (c) to the extent
not insured, as to which the principal of and interest
on the bonds and obligations of the character
described in clause (A) hereof which have been
deposited in such fund are sufficient to pay principal
of and interest and redemption premium, if any, on the
bonds or other obligations described in this clause
(ii) on the maturity date or dates thereof or on the
redemption date or dates specified in the irrevocable
instructions refered to in subclause (a) of this
clause (ii), as appropriate, and any certificates or
any other evidences of any ownership interest in
obligations or specified portions thereof (which may
consist of specified portions of the interest thereon)
of the character described in this clause (ii).
(iii) Evidences of indebtedness issued by the Bank
for Cooperatives, Federal Home Loan Banks, Federal
Home Loan Mortgage Corporation (including
participation certificates), Federal Land Banks,
Federal Financing Banks, or any other agency or
instrumentality of the United States of America
created by an act of Congress which is substantially
similar to the foregoing in its legal relationship to
the United States of America; provided that the
obligations of such agency or instrumentality are
unconditionally guaranteed by the United States of
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America or of any corporation wholly owned by the
United States of America; and
(iv) Evidences of ownership of proportionate
interests in future interest and principal payments on
1 specified obligations described in (i) held by a bank
or trust company as custodian, under which the owner
2 of the investment is the real party in interest and
has the right to proceed directly and individually
3 against the obligor on the underlying obligations
described in (i), and which underlying obligations are
4 not available to satisfy any claim of the custodian or
any person claiming through the custodian or to whom
S the custodian may be obligated.
6 The term "Escrow Agent" shall mean the escrow agent
reamed in the Escrow Agreement.
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The term "Escrow Agreement" shall mean the escrow
8 Agreement between the City and the Escrow Agent named therein,
in such form as may be approved by subsequent resolution of the
9 Council and pursuant to which the proceeds of the ',-later and
Utility Revenue and Refunding Bonds, Series 1985 which are
10 deposited with the Escrow agent will be used to pay the water
and Utility Revenue Bonds (Series 1980).
11
The term "Escrow Agreement Requirement" shall ;;ean tre
12 amount determined by subsequent resolution of the Council,
which amount shall be deposited with the Escrow Agent pursuant
12 to the terms of the Escrow Agreement.
14 The term "Finance Director" or "Director" shall -,,ean
the Director of the City Finance Department or the otfficer ar
15 officers succeeding to his principal functions.
16 The term "Fiscal Year" stall can the pQri;�
commencing the first day of October and en-:ing on the last day
17 of Septer,•.cer of the following year as the same
from time to time to conform to t e fiscal ,,ear of t:;e cit•/.
18
The term "Cerieral Fund" shall mean the Ceneral Fund of
19 the City designated as such by state law and in the ann.;al
budget and the annual audit of the City, required L)y law, :ro:7
20 which the general operations of the City are funded.
21 The term "Ceneral Reserve Fund" s^all -mean tc e Ta:^arac
Ceneral Reserve Furid, a special fund created and designated by
27 Section 505 of this Resolution.
23 The term "holder," "owner," Bondholder" or "registered
owner* means the person who shall appear on the registration
Z4 books of the City maintained in the Bond Registrar as the owner
of a particular Bond, or if any Bonds are issued in coupon form
25 pursuant to a subsequent resolution of the Council, the bearer
of any Bond in coupon form or of any Bond registered to
26 "bearer."
27 The term "Improvements" shall mean such improvements,
renewals and replacements of the Water and sewer Utility or any
28 part therof and such extensions and additions thereto as may be
necessary or disirable, in the judgment of the City, to keep
29 the same in proper condition for the safe, efficient and
economic operation thereof and to integrate into the Water and
30 Sewer Utility any unit or part thereof, and shall include such
land, structures and facilities as may be authorized to be
31 acquired or constructed by the City under the provisions of
Florida law and such improvements, renewals and replacements of
32 such land, structures and facilities of the Water and Sewer
Utility and such extensions and additions thereto as may be
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necessary or desirable for continuous and efficient service to
the public, which shall be financed from the proceeds of Bonds
issued under the provisions of this Resolution from moneys
deposited to the credit of the Constructor Fund, the Renewal
and Replacement Fund, the General Reserve Fund or from- any
other source or such extensions and additions thereto as may be
added or received with or without consideration.
The term 'In Lieu of Tax Funds shall mean the Tamarac
In Lieu of Tax Fund, a special fund created and designated by
Section 505 of this Resolution.
The term "Investment Obligations" shall mean any of
the following if and to the extent the same are at the time
legal for investment of municipal funds; (a) direct obligations
of or obligations guaranteed by the United States; (b) bonds,
debentures or notes issued by any of the following federal
agencies: Bank for Cooperatives, Federal Intermediate Credit
Banks, Federal Home Loan Bank System, Federal Farm Cerdit Bank,
Export -Import Bank of Washington, or Federal Land Banks; (c)
Public housing bonds, temporary notes, or preliminary loan
notes fully secured by contracts with the United States; (d)
certificates of deposit or other interest bearing obligations
of any bank, savings and loan association or trust company
authorized to engage in the banking business in the State of
Florida either fully insured by the Federal Deposit Insurance
Corporation or the Federal Savings and Loan Insuarnce
Corporation or fully collaterallized by obligations described
in (a) or (b) above having a fair market value (determined at
least quarertly) equal to the principal amount or such
certificates of deposit or other interest gearing obligations;
(e) repurchase agroements with any bank authorized to engage in
the banking business in the State of Florida or primary
reporting government dealers, in each case having a capital and
surplus or net capital of not less than $100,000,000 and having
senior debt obligations rated at least A by Standard and Poor's
Corporation secured by collateral of the type and amount
described in (d) above; or (f) any other obligations in %,thick
surplus municipal funds may be invested under the laws of
Florida, including, without limitation, the Local Government
Surplus Funds Trust Fund created and established under Captor
218, Part IV, Florida Statutes (1983).
The term "Mayor" shall mean the mayor of the City or
the officer succeeding to his principal functions.
The term "filet Revenue" for any particular period shall
mean the amount of the excess of the revenues for such period
over the current expenses for such period.
The word "Outstanding' shall mean, when used with
respect to the Bonds, all bonds theretofore delivered except:
(a) Bonds paid or redeemed or delivered to or
acquired by the City or Paying Agent for cancellation;
(b) Bonds deemed to have been paid in accordance
with Article hereof; and
(c) Bonds in exchange for or in lieu of which
other Bonds have been executed and delivered under this
Resolution.
The term "Paying Agent" shall mean the Bond Registrar,
or if the Bonds shall be issued as coupon bonds, the bank or
banks or trust company or trust companies, either within or
without the State of Florida, at which the principal of the
Bonds (unless registered) and the interest on the. Bonds not
registered as to both principal and interest shall be payable.
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The term "Pledged Impact Fees" shall raean
Contributions in Aid of Construction when such Contributions in
Aid of Construction are pledged from time to time to the
repayment of the Bonds as permitted by law.
1 The term "Principal and Interest RequiZements," as
applied to the Bonds of any Series, shall mean for any
Z particular Fiscal Year, the respective amounts which are
required by the resolution or subsequent resolution of the
3 council to provide:
4 (a) for paying the interest falling due during
S such Fiscal Year on all such Bonds then Outstanding,
(b) for paying the principal of Bonds then
6 Outstanding and maturing in such Fiscal Year, and
7 (c) The Amortization Requirements, if any, for
all Term Bonds then Outstanding for such Fiscal Year.
8
The term "Principal Office" of the Bond Registrar or
9 any Paying Agent shall mean the office at which, at the time in
10 question, its corporate trust business is principally conducted.
The term "Project" shall mean the improvements to be
11 made to the 'Rater and Sewer Utility from the proceeds of t,,je
Series 1984 Bonds as described in detail in the engineering
12 report of the Consulting Engineers required to be filed
13 pursuant to Section 206 and 207 of this Resolution.
The term "Renewal and Replacement Fund" shall mean the
14 Tamarac Water and Sewer Utility Renewal and Replacement Fund
created and designated by Section 505 of this Resolution.
15
The term "Reserve Account" shall mean the Reserve
16 Account, a special account created and designated by Section
505 of this. Resolution.
17
The term "Reserve Account Requirement" shall :jean the
1s Maximum Principal and Interest Requirements on account of the
Bonds issued under the provisions of Article II of this
19 Resolution in the current or any subsequent Bond Year.
20 The term "Resolution" shall mean this Resolution as
the same may be amended or supplemented from time to t-:-e in
21 accordance with Article X hereof.
27 The term "Revenues" shall mean all moneys, fees,
charges and other income received by the City or accrued to the
21 City in connection with or as a result of its ownership or
operation of the Water and Sewer Utility, and income from
24 investments made under this Resolution, except payments on
special assessments for water and sewer improvements,
21 contributions in aid of construction, and income from the
investment of moneys in the Construction Fund.
26
The term "Serial Bonds• shall mean the Bonds of a
27 Series which shall be stated to mature in annual installments
and "Term Bonds" shall mean the Bonds of a Series so designated
29 in a resolution of the City Council adopted prior to the
issuance of such Bonds.
29
The word "Series" shall mean the Bonds issued under
30 the provisions of Section 207 of this Resolution.
31 The term "Sinking Fund" shall mean the Tamarac Water
and Sewer Utility Revenue Bonds Interest and Sinking Fund, a
32 special fund created and designated by Section 505 of this
Resolution.
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The term "Unpledged Impact Fees• shall mean charges
known as contribution in aid of construction levied and
collected by the City from developers, builders and new
1 customers.
2 The term "Utility Rate Consultant" shall mean :he
person or firm experienced in utility analysis at the time
3 employed by the City under the provisions of Section 704 of
this Resolution.
4
The term "Water and Sewer Utility" shall mean,
5 collectively, the existing water treatment and distribution
system and wastewater collection and disposal system owned and
6 operated by the City of Tamarac west of State Road 7 and known
as Tamarac Utilities West.
7
Section 102. Construction of Words. Words of the
9 masculine gender shall be deemed and construed to include
correlative words of the feminine and neuter genders. Unless
9 the context shall otherwise indicate, the words "Bond",
"coupon", "owner", "holder" and "person" shall include the
10 plural as well as the singular number, the word "person" shall
mean any individual, corporation, partnership, joint venture,
11 association, joint --stock company, trust, unincorporated
organization or government or any agency or political
12 subdivision thereof, and the word "holder" or "bondholder" when
used herein with respect to Bonds issued hereunder shall mean
13 the holder or registered owner, as the case may be, of the
Bonds at the time issued and outstanding hereunder.
14
ARTICLE II
is
FORM, EXECUTION, DELIVERY
16 APID REGISTRATION OF BONDS
17 Section 201. Issuance of Bonds. For the purpose of
providing funds to refund the Water and Sewer Utility Revenue
1S Bonds Series 1980 and for paying all or part of the Cost of the
Project, bonds of the City may be issued under and secured by
19 this Resolution subject to the conditions hereinafter provided
in Section 206 of this Article. The principal of, premium, if
20 any, and the interest on all such Bonds shall be payable solely
from the special fund hereinafter created and designated
21 "Tamarac Sewer and Water Utility Revenue and Refunding Bands
Interest Sinking Fund" (hereinafter sometimes called the
22 "Sinking Fund"), and all of the covenants, agreements and
provisions of this Resolution shall be for the benefit and
23 security of all and singular the present and future holders and
registered owners of the Bonds and interest coupons so issued
24 or to be issued, without preference, priority or distinction as
to lien or otherwise, except as otherwise hereinafter provided,
25 of any one Bond over any other Bond by reason of priority in
.the issue, sale or negotiation thereof, or otherwise.
26
Section 202. Details of Bonds. The Bonds or each
27 Series issued under the provisions of this Resolution shall be
in the denomination of Five Thousand Dollars ($5,000) each and
28 integral multiples thereof, may be numbered consecutively from
1 upwards, shall be dated the interest payment date last
29 preceding the date of the authentication (except that if any
Bond shall be authenticated on any interest payment date, or if
30 any Bond shall be dated as of such interest payment date, or if
any Bond shall be authenticated prior to the first interest
31 payment date for the Bonds of such series, it shall be dated
the date prescribed in a resolution pursuant to which such
32 Bonds are issued), shall bear interest from the original date
Of issue of such Bond until its payment at a rate or rates not
33 exceeding the maximum rate then permitted by law, such interest
to the respective maturities of the Bonds being payable
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semiannually on the first days of April and October in each
year or on any other dates provided in a subsequent resolution,
shall be dated, shall be stated to mature in annual
installments on October 1, and shall be subject to redemptign
prior to their respective maturities, all as hereinafter
provided or in a subsequent resolution prior to the issuance of
the Bonds. The Bonds of each Series issued under the
provisions of this Article shall be designated 'Water and Sewer
Utility Revenue and Refunding Bonds (Series 1985),• in each
case inserting any identifying series letter, and making such
other variations or changes as may be deemed necessary or
appropriate by Bond Counsel.
Both the principal of and the interest on the Bonds
shall be payable in any coin or currency of the United States
of America which, at the respective dates of payment thereof,
is legal tender for the payment of public and private debts.
Bonds shall be registered as to both principal and interest.
Interest on the Bonds shall be paid by check or draft of the
Bond Registrar mailed to the registered owner at his address as
it appears on the registration hooks maintained by the Bond
Registrar at the close of Business on the Record Date with
respect to each interest payment date, irrespective of any
transfer or exchange of the Bonds subsequent to such Record
Date and prior to such interest payment date. The principal on
the Bonds shall be payable upon the presentation and surrender
thereof as the same falls due at the principal corporate trust
office of the Paying Agent.
Section 203. Execution and Form of Bonds. The Bonds
shall he signed by, or bear the facsimile signature of, the
Mayor or Vice Mayor and the City Manager of, the City and shall
be signed by, or bear the facsimile signature of, the Clerk or
any Deputy Clerk of the Council, and a facsimile of the
official seal of the Council shall be imprinted on the Bonds;
provided, however, that, if required by law, each Bond shall be
manually signed by at least one of said officers. In case any
officer whose signature or a facsimile of whose signature shall
appear on any Bonds shall cease to be such officer before the
delivery of such Bonds, such signature or such facsimile shall
nevertheless be valid and sufficient for all purposes the same
as if he had remained in office until such delivery, and also
any Bond may bear the facsimile signature of, or may be signed
by, such persons as at the actual time of the execution of such
Bond shall be the proper officers to execute such Bond although
at the date of such Bond such persons may not have been such
officers. The Borids of each Series issued under the provisions
of Section 206 of this Article, and the statements of
validation and the provisions for registration to be endorsed
on the Bonds, shall be, respectively substantially in the
following form, with such appropriate variations, omissions and
insertions as may be required or permitted by this Resolution
or subsequent resolution of the Council. A subsequent
Resolution of the Council may provide that the Bonds be in some
different form if so determined by the Council; in particular,
if the Council shall determine, based upon advice of Bond
Counsel, that interest on any series of Bonds will not be
subject to federal income taxation if such Bonds are issued in
coupon form, then such subsequent Resolution may prescribe a
suitable form of coupon bond for such purpose. Any such
subsequent Resolution authorizing coupon bonds shall prescribe
the form of such coupon bonds and the coupons appertaining
thereto, the denomination of such coupon bonds, the manner in
which such coupon bonds shall be numbered, their manner and
place of payment and such other provisions and details as are
customarily applicable with respect to bonds issued in coupon
form.
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No.
United States of America
State of Florida
County of Broward
City of Tamarac
E3
Water and Sewer Utility Revenue and Refunding Bond,
Series
INTEREST RATE: MATURITY DATE: ORIGINAL ISSUE CUSIP N0.
DISCOUNT
REGISTERED OWNER:
PRINCIPAL AMOUNT:
DOLLARS
The City of Tamarac (the "City"), a municipal
corporation organized and existing under the laws of the State
of Florida, for value received, hereby promises to pay, solely
from the special fund provided therefor, as hereinafter set
forth, the registered owner named above, on the 1st day of
October, (or earlier as hereinafter referred to), in the
principal sum set forth above and to pay from said special
fund, interest thereon from the date hereof at the interest
rate per annum set forth above until payment of such principal
sum, such interest to the maturity hereof being payable
semiannually an the 1st days of April and October in each year;
provided, however, that if the maturity date of this Bond,
moneys are being held by the Paying Agent for the payment
hereof, this bond shall cease to bear interest. The principal
of, premium, if any, and the interest on this bond 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. This Bond shall bear
interest from the interest payment date next preceding the date
of registration hereof unless this Bond is registered as of an
interest payment date, in which event this Bond shall bear
interest from such date, or unless it is registered prior to
the first interest payment date, in which event this Bond shall
bear interest from its date. Interest on this Bond shall be
paid by check or draft of the Bond Registrar mailed to the
registeed owner at his address as it appears on the
registration books maintained by Barnett Bank Trust Company,
N.A., of Jacksonville, Florida, as Bond Registrar, at the close
of business on the Record Date (as defined herein) with respect
to each interest payment date. The City and the Bond Registrar
are not required to issue and transfer this Bond during the
period beginning on the fifteenth (15th) day (whether or not a
business day) of the month next preceding any interest payment
date (the "Record Date") and ending on the interest payment
date. The principal of this Bond is payable upon the
presentation and surrender hereof as the same becomes due at
the principal corporate trust office of the Paying Agent.
This bond shall not be deemed to constitute an
indebtedness of the City or a pledge of the faith and credit of
the City, but shall be payable exclusively from the special
fund provided therefor from revenues of the water and sewer
Utility of the City known as Tamarac Utilities West (the
"Utility') and other moneys pledged under the Resolution. The
issuance of this bond shall not directly or indirectly or
contingently obligate the City to levy or to pledge any form of
taxation whatever therefor nor shall this bond constitute a
charge, lien, or encumbrance, legal or equitable, upon any
Property of the City, and the holder of this Bond shall have no
recourse to the power of taxation.
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All acts, conditions and things required by the
Constitution and laws of the State of Florida, and the
ordinances and resolutions of the City, to happen, exist and be
performed precedent to and in the issuance of this bond have
1 happened, exist and have been performed as so required.
2 This Bond shall not be valid or become obligatory for
3 any purpose or be entitled to any security or benefit under the
Resolution until the bond Registrar's Certificate hereon shall
4 have been duly executed by the Bond Registrar.
5 IN WITNESS WHEREOF, the City of Tamarac has caused
this bond to be signed by or bear the facsimile signature of
6 its Mayor and City Manager and the City Clerk and a facsimile
Of its official seal to be imprinted hereon, all as of
7 the day of 198
s [SEAL]
9
[facsimile]
10 Mayor
11
[facsimile]
12 City Manager
13 [facsimile]
City Clerk
14
BOND REGISTRAR'S CERTIFICATE
15
16 This Bond is one of the series of Bonds described in
17 the within mentioned Resolution.
is Date of Registration:
19
as Bond
20 Registrar
21
22 By:
Authorized Officer
23
24 STATEMENT OF VALIDATION
25 This bond is one of a series of bonds which were
validated by judgment of the Circuit Court for Broward County,
26 Florida, rendered on , 19
7 [FORM ON REVERSE SIDE OF BOND]
This Bond is one of a duly authorized series of
8 revenue bonds of the City known as "City of Tamarac Water and
Sewer Utility Revenue and Refunding Bonds, Series 1985 (the
29 "Bonds") issued under and pursuant to R-85-21, duly adopted by
the City Council of the City of Tamarac (the •Council•) on
30 January 23, 1985, and amended and restated by Resolution
31 No. , duly adopted by the Council on December 10, 1985,
as ame"ennded and supplemented from time to time, and Resolution
32 No. , duly adopted by the Council on December 10,
1985 (herein collectively called the 'Resolution•). The Bonds
33 shall be of like date, consist of Serial Bonds maturing in
annual installments on in the years ,
3. inclusive, and of Term Bonds- maturing on
and and shall be issued for the purpose of
refunding the City's Water and Sewer Utility Revenue Bonds
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Series 1980, and for paying the costs of issuance of the
Bands. The custody and application of the proceeds of Bonds
issued under the Resolution, the fund charged with and pledged
to the payment of the principal of and the interest on the
Bonds, the nature and extent of the security, the terms and
1 conditions on which the Bonds of each series are or may be
issued, the rights, duties and obligations of the City under
2 the Resolution and the rights of the registered owners of the
Bonds are more fully described in the Resolution. By the
3 acceptance of this Bond, the registered owner hereof assents to
all the provisions of the Resolution.
4
The Resolution provides for the issuance of additional
S bonds on a parity with the Bonds of this Series, from time to
time, under the conditions, limitations and restrictions
6 therein set forth, for the purpose of paying all of a part of
the cost of additions, enlargements, improvements and
7 extensions of or to the Utility and for the purpose of
refunding any Bonds issued by the City under the provisions of
B the Resolution. The Resolution also permits the City to borrow
money from the State of Florida and enter into loan agreements
9 for its repayment for the purpose of paying all or part of the
cost of such additions, enlargements, improvements and
10 extensions and to repay such borrowings from the revenues of
the Utility after providing for the periodic principal,
11 interest and reserve requirements of the Bonds issued under the
Resolution.
12
This Bond is issued and the Resolution was adopted
13 under and pursuant to the Constitution and laws of the State of
Florida, particularly the Home Rule Charter of the City and
14 Chapter 166, Florida Statutes, as amended.
15 The Resolution provides for the fixing and charging by
the city of rates and charges for services provided by the
16 Utility (the ",Revenues") sufficient to provide funds (a) to pay
the cost of maintaining, repairing and operating the Utility,
17 (b) to pay.,tha principal of and the interest on the Bonds, and
(c) to create reserves for such purposes. The Resolution also
18 provides for the deposit of a sufficient amount of such
Revenues, over and above the amounts necessary to pay the cost
19 of maintaining, repairing and operating the Utility, to the
credit of a special fund, which fund is pledged to the extent
20 set forth in the Resolution to the payment of the principal of
71 and interest on all Bonds issued under the Resolution.
The Bonds of this Series at the time outstanding which
22 mature on and after , may be redeemed prior to
their respective maturities, at the option of the City, from
2J any monies that may be made available for such purpose, either
in whole, on any date not earlier than 0 , or in
24 part, on any interest payment date not earlier than
r , at the following redemption prices (expressed as
25 percentages of the principal amount of the Bonds being
redeemed) plus accrued interest to the redemption date as
26 follows:
27 [Here insert the times and prices)
28 The series 1985 Bonds maturing on
and , are subject to mandatory redemption at
29 par, plus accrued ni terest, but without premium, at times and
in amounts sufficient to satisfy the Mandatory Amortization
30 Requirement (as defined in the Resolution).
31 If less than all of the Bonds of any one maturity
shall be called for redemption, the particular Bonds to be
33 redeemed shall be selected by lot as provided in the Resolution.
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If any of the Bonds are called for redemption, notice
thereof identifying the Bonds to be redeemed will be given by
the Bond Registrar by mailing a copy of such notice by
first-class mail, postage prepaid, not less than thirty (30)
days before such redemption date, to the registered owner of
1 any Bonds which are to be redeemed at his last address
appearing on the registration books. On the date designated
2 for redemption, notice having been mailed, all as provided in
the Resolution, the Bonds so called for redemption price
3 provided for redemption of such Bonds on such date, interest on
such Bonds shall cease to be entitled to any lien, benefit or
4 security under the Resolution, and the registered owners of
such Bonds shall have no rights in respect thereof except to
5 receive payment of the redemption price thereof.
6 The registered owner of this Bond shall have no right
to enforce the provisions of the Resolution, or to institute
7 action to enforce the covenants therein, or to take any action
with respect to any event of default under the Resolution, or
8 to institute, appear in or defend any suit or other proceeding
9 with respect thereto, except as provided in the Resolution.
Modifications or alterations of the Resolution or of
10 any resolution supplemental thereto may be made only to the
11 extent and in the circumstances permitted by the Resolution.
In certain events, on the conditions, in the manner
12 and with the effect set forth in the Resolution, the principal
of all the Bonds then outstanding under the Resolution may
13 become or may be declared clue and payable before the stated
14 maturities thereof, together with interest accrued thereon.
This Bond shall be registered as to both principal and
15 interest and shall not be registered as to "bearer."
16 The person in whose name any Bond shall be registered
shall be deemed and regarded as the absolute owner thereof for
17 all purposes and payment of or on account of the principal or
any such Bond shall be made only to or upon the order of the
IS registered owner thereof or his legal representative, but such
registration may be changed as herein provided. All such
19 payments shall be valid and effectual to satisfy and discharge
the liability upon such Bond to the extent of the sum or sums
20 so paid.
21 Any registered owner of any Bond is hereby granted
power to transfer absolute title thereto by assignment thereof
22 to a bona fide purchaser for value (present or antecedent)
without notice of prior defenses or equities or claims of
23 ownership enforceable against his assignor or any person in the
chain of title and before the maturity of such Bond. Every
24 prior owner of any Bond shall be deemed to have waived and
renounced all of his equities or rights therein in favor of
25 every such bona fide purchaser, and every such bona fide
purchaser shall acquire absolute title thereof and to all
26 rights represented thereby.
27 (Form for Transfer)
28 FOR VALUE RECEIVED, , the
undersigned, hereby sells, assigns and transfers unto
29
30 (Tax Identification or Social Security No.
the within Bond, and all rights thereunder, and
31 hereby irrevocably constitutes and appoints attorney
to transfer the within Bond on the books kept for registration
32 thereof, with full power of substitution in the premises.
33 Dated:
3; * * * *
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Section 204. Bond Registrar and Re istration;
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, such transfer to be made on such books by the
Bond Registrar. The principal of any Bond steal be payable only
to or upon the order of the registered owner or his legal
representative. Bonds shall not be registered to bearer.
Bonds may be exchanged for a like aggregate principal amount Qt
Bonds or 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 registration, transfer or exchange hereinabove
granted, but any Bondholder requesting any such registration,
transfer or exchange shall pay any tax or other governmental
charge required to be paid with respect thereto. The City and
the Bond Registrar are not required to issue and transfer any
Bond during the period beginning on the fifteenth (15th) day of
the month next preceding any interest payment date. The Bond
Registrar shall not be required 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 or during the period of 15 days next preceding the
mailing of such notice of redemption.
Each Bond delivered pursuant to any provision of this
Resolution in exchange 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
acid 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 this Resolution, such
Bonds shall be so dated or bear such notation, that neither
gain nor loss in interest shall result from any such exchange,
substitution or transfer.
Section 205. Ownership of Bonds; Transfer of Title.
The city, the Paying Agents and the Bond Registrar may deem and
treat the person in whose name ,any Bond shall be registered on
the books maintained pursuant to Section 204 as the absolute
owner of such Bond, whether such Bond shall be overdue or not,
for the purpose of receiving payment thereof and for the
purpose of receiving payment thereof and for all other purposes
whatsoever, and none of the city, the Paying Agents or 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.
Any registered owner of any Bond is hereby granted
power to transfer absolute title thereto by assignment thereof
to a bona fide purchaser for value (present or antecedent)
without notice of prior defenses or equities or claims of
ownership enforceable against his assignor or any person in the
chain of title and before the maturity of such Bond. Every
Prior owner of any Bond shall be deemed to have waived and
renounced all of his equities or rights therein in favor of
every such bona fide purchaser, and every such bona fide
purchaser shall aquire absolute title thereto and to all rights
represented thereby.
The bearer of any coupon bond or interest coupon
appertaining thereto issued pursuant to a subsequent resolution
1%;up
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4]
of the Council shall be conclusively deemed and treated as the
absolute owner of such coupon bond or interest coupon.
Section 206. Issuance of Series 1985 Bonds the
Project. There shall be initial y issued under and secured by
this Resolution, at one time or in Series from time to time,
Bonds of the City in an aggregate principal amount not
exceeding Fifteen Million Dollars ($15,000,000) for the purpose
of refunding the Water and Sewer Utility Revenue Bonds Series
1980, funding the Reserve Account, if required, and for paying
the cost of issuance.
Said Bonds shall be dated as of such date, shall be
numbered from 1 upwards as to each such Series and shall be
stated to nature in the year or years not more than forty ( 40 )
years from the date of the Bonds and in the amounts estat)lished
by the Council by resolution prior to the issuance of the
Bonds. Said Bonds shall bear interest, shall have such
redemption provisions and Amortization Requirements, if any,
and shall have such Paying Agents all as shall be determined by
the council in a resolution or resolutions adopted prior to the
issuance of the Bonds.
Such resolution or resolutions of the Council may
provide that the interest rate on the Bonds and the duration of
the periods during which such interest accrues may from time to
time be adjusted (provided that the Bond interest rate shall
never exceed the maximum interest rate permitted by law) and
that the Bonds may be purchased upon the demand of the owners
thereof, and such provisions may include, without limitation,
the creation of objective standards for such adjustments, the
appointment of agents to apply such standards to the Bonds, the
criteria for such purchases upon demand and the procurement of
liquidity and credit support facilities with respect to the
Bonds.
Lach of the Bonds shall be executed substantially in
the form and manner hereinabove set forth, shall have printed
thereon a statement of validation in the form hereinabove set
forth, and shall be deposited with the City Manager for
delivery, but prior to or simultaneously with the delivery of
said Bonds or any Series thereof by the City Manager, there
shall be filed with the Clerk the following:
(a) a copy, certified by the Clerk, of this
Resolution.
(b) a copy, certified by the Clerk, of the
resolution of the Council, determining the amount, if
any, to be deposited to and credit of the Bond Service
Account as capitalized interest, designating the Bond
Registrar and the Paying Agents, fixing the Series
designation and date, fixing the years and amounts in
which said Bonds will mature, fixing the Amortization
Requirements of any Term Bonds and fixing the times
and prices at which said Bonds are to be subject to
redemption;
(c) copy, executed and certified by the Clerk,
of any Escrow Agreement and/or Investment Agreement
between the City and an Escrow Agent in regard to the
Series 1980 Bonds;
(d) a copy, certified by the Clerk, of the
resolution of the Council awarding said Bonds,
specifying the interest rate of each such Bond and
directing the delivery of said Bonds to or upon the
order of the purchasers therein named upon payment of
the purchase price therein set forth;
3 A
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(e) A certificate, signed by the Finance
Director, setting forth the amount of Net Revenues
received by the City in each of the preceding two
fiscal years for which audited financial statements
are available;
1
(f) A certificate, signed by the Finance
2 Director, setting forth the Principal and Interest
Requirements for each Fiscal Year thereafter on
3 account of the Bonds then requested to be delivered;
4 (9) an opinion of the City Attorney to the
effect that the issuance of said Bonds has been duly
5 authorized and that all legal conditions precedent to
6 the delivery of said Bonds have been fulfilled;
(h) an opinion of Bond Counsel to the effect
7 that the issuance of said Bonds has been duly
authorized, and that the interest on the Bonds is
8 exempt from taxation pursuant to Section 103(a) of the
Internal Revenue code.
9
When the documents mentioned in clauses (a) to (g),
10 inclusive, of this Section have been filed with the Clerk and
when said Bonds or the Series thereof shall have been executed
11 as required by this Resolution, the Finance Director shall
deliver said Bonds or the Series thereof then to be issued, at
12 one time or upon the order of the purchasers named in the
resolution mentioned in clause (b) of this Section, but only
13 upon payment to the Finance Director of the purchase price of
said Bonds. The Finance Director shall be entitled to relv
14 upon such resolution as to the names of the purchasers the
interest rate of each of said Bonds and the amount of such
15 Purchase price.
16 Simultaneously with the delivery of the Bonds, the
Finance Director shall apply the proceeds of the Bonds as
17 follows:
1$ (1) deposit to the credit of the Bond Service
Account, the accrued interest, if any, and any premium
19 received,
20 (2) deposit to the credit of the Bond Service
Account an amount equal to the interest to 0e
21 capitalized on the bonds, as determined by the
resolution mentioned in clause (a) of this Section,
27
(3) deposit to the credit of the Reserve
23 Account, an amount equal to the Reserve Account
Requirement,
24
(4) deposit with the Escrow Agent an amount
25 equal to the Escrow Agreement Requirement which shall
be applied pursuant to the terms of the Escrow
26 Agreement, and
27 (5) deposit to the credit of the Construction
Fund the balance of such proceeds account for
28 application to the payment of the Cost of the Project.
29 The terms and conditions of the Escrow Agreement and
any other documents or certificates deemed necessary or
30 desirable to refund the Water and Sewer Utility Revenue Bonds,
Series 1980, and the execution thereof shall be as provided by
31 subsequent resolution adopted prior to the issuance of the
Bonds.
32
Section 207. Issuance of Additional ___Parity
33 Bonds. In addition to the Bonds authorized under the
I A
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provisions of Section 206 of this Article, Additional Bonds of
the City may be issued on a parity with Bonds issued under and
secured by this Resolution and then outstanding, subject to the
conditions hereinafter provided in this Section, from time to
1 time for the purpose of paying the cost of acquiring or
constructing Improvements or to refund any one or more series
2 of Bonds,
3 Before any Additional Bonds shall be issued under the
4 provisions of this Section, the City Council shall adopt a
resolution authorizing the issuance of such Additional Bonds,
S fixing the amount and the details thereof, and describing in
brief and general terms the Improvements to be constructed or
6 acquired if any. The Additional Bonds of each Series issued
under the provisions of this Section shall be dated, shall be
7 stated to mature (subject to the right of prior redemption as
hereinafter set forth), on the 1st day of October, in such year
8 or years, shall have such Paying Agents, and any Term Bonds of
such Series shall have such Amortization Requirements and may
9 be made redeemable at such times and prices (subject to the
provisions of Article III of this Resolution), all as may be
10 provided by the resolution authorizing the issuance of such
Additional Bonds.
11 Such resolution or resolutions of the Council may
12 provide that the interest rate on the Bonds and the duration of
the periods during which such interest accrues may from time to
13 time be adjusted (provided that the Bond interest rate shall
never exceed the maximum interest rate permitted by lava) and
14 that the Bonds may be purchased upon the demand of the owners
thereof, and such provisions may include, without limitation,
15 the creation of objective standards for such adjustments, the
appointment of agents to apply such standards to the Bonds, the
16 criteria for such purchases upon demand and the procurement of
liquidity and credit support facilities with respect to the
17 Bonds. Such Additional Bonds shall be executed in the form and
manner here .inabove set forth, with such changes as may be
18 necessary or appropriate to conform to the provisions of the
resolution authorizing the issuance of such Additional Bonds,
19 and shall be delivered at the direction of the City Manager,
but before such Additional Bonds shall be delivered, thare
20 shall be filed with the City Clerk the following:
21 (a) a copy, certified by the City Clerk, of
the resolution mentioned above;
22 (b) a certificate, signed by the Finance
2� Director and approved by the Consulting
Engineers, setting forth
24 (i) the amount of the Net Revenues for
25 any four consecutive quarters in the
preceding six quarters adjusted by
36 adding the following:
(1) in case the rates and charges for
27 the services furnished by the Water and
Sewer Utility shall have been revised
28 and such revised rates and charges
shall have gone into effect prior to
29 the delivery of the Additional Bonds,
the additional amount of Net Revenues
30 which would have been realized during
.31 such four consecutive quarters if such
rates and charges had been in effect
32 during such four consecutive quarters,
and
33 (2) in case an existing water system,
sewer system or water and sewer system
3; ,
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is to be acquired from the proceeds of
the Additional Bonds, the additional
amount of Net Revenues which would have
been realized during such four
consecutive quarters if such existing
water system, sewer system ors water and
sewer system to be acquired had been a
part of the Water and Sewer utility
during such four consecutive quarters,
which computation of the additional
amount of Net Revenues shall be based
upon the method of computing Net
Revenues under this Resolution and
approved by the Accountant, and
(3) in case the City shall impose and
collect Pledged Impact Fees, then the
Net Revenues derived from the utility
during the twelve (12) consecutive
months immediately preceding the
issuance of said Additional Bonds shall
be increased by such Pledged Impact
Fees collected during such (12) month
period,
(ii) the respective amounts of the
Principal and Interest Requirements for
each Fiscal Year thereafter including
the Additional Bonds then requested to
be delivered;
(c) in the case of Additional Bonds for
improvements a certificate signed by the
Consulting Engineers setting forth:
(i) the estimated date on which such
Improvements will be placed in
operation, and
(ii) their estimate of the Net
Revenues for each of the three Fiscal
Years. following the Fiscal Year in
which the Improvements will be placed
in operation as estimated in item (i)
of said certificate;
(d) an opinion of the City Attorney stating
that the signer is of the opinion that the
issuance of such Additional Bonds has been
duly authorized and that all conditions
precedent to the delivery of such Additional
Bonds have been fulfilled:
(e) an opinion of bond counsel of suitable
reputation and experience stating that the
signer is of the opinion that the issuance
Of such Additional Bonds has been duly
authorized and that all legal conditions
precedent to the delivery of such Additional
Bonds have been fulfilled.
when the documents mentioned above in this Section
shall have been filed with the City Clerk and when the
Additional Bonds described in the resolutions mentioned in
clause (a) of this Section shall have been executed as required
by this Resolution, the City Manager shall deliver such
Additional Bonds at one time to or upon the order of the
Purchasers named in the resolution mentioned in said clause
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(a), but only upon payment to the City of the purchase price of
such Additional Bonds. The City Manager shall be entitled to
rely upon such resolution as to all matters stated therein, but
the City Manager shall not direct the Bond Registrar to deliver
such Additional Bonds unless (A) the percentage derived by
dividing the amount of actual Net Revenues shown in item (i) of
the certificate mentioned in said clause (b) as adjusted by
adding the additional, Net Revenues, if any, shown in (1) and
(2) of said item (i) by the maximum amount of the Principal and
Interest Requirements for any Fiscal Year thereafter including
the Additional Bonds then requested to be delivered, as shown
in item (ii) of such certificate, shall be not less than one
hundred and _twenty per centum (120%), and in the case of
Additional Bonds for Improvements (B) the percentage derived by
dividing the amount of estimated future Net Revenues shown in
item (ii) of the certificate mentioned in clause (c) of this
Section by said maximum Principal and Interest Requirements
shall not be less than one hundred and twenty per centum (120%)
and in the case that Net Revenues are adjusted by Pledged
Impact Fees as shown in (3) of said clause (b) than the
percentage in said (B) derived by dividing the amount of the
adjusted Net Revenues by said maximum Principal and Interest
Requirements shall not be less than one hundred and twenty per
centum (120%) provided that the Net Revenues in each Fiscal
Year shall at all times be adequate to pay at least one hundred
and ten per centum (110%) of the Principal and Interest
Requirements for the current Fiscal Year.
The proceeds (excluding accrued interest and any
premium) of such Additional Bonds issued for Improvements shall
be paid to the City for deposit with one or more Depositaries
to the credit of a special account in the Construction Fund
appropriately designated and for application to the payment of
the cost of such Improvements. All of the provisions of
Artivle IV of this Resolution which relate to the Construction
Fund shall apply to such Improvements and such special account
to the extent that such provisions may be applicable. The
amount received as accrued interest and any premium on such
Bonds shall be deposited to the credit of the Bond Service
Account for application to the first interest due on such
Bonds. The City shall also have the option of depositing a
portion of the proceeds of such Additional Bonds in the Bond
Service Account for the purpose of paying interest on such
Additional Bonds for such period and in the Reserve Account for
the purpose of satisfying all of the Reserve Account
Requirement, all as may be provided for by resolution of the
City Council.
The proceeds of such Additional Bonds (excluding
accrued interest and any premium) to refund outstanding bonds
shall be deposited with the Paying Agents to be held in trust
for the sole and exclusive purpose of paying such principal,
redemption premium, and interest. The amount received as
accrued interest and premium on such Bonds shall be deposited
to the credit of the Bond Service Account for application on
the first interest due on such Bonds.
Section 208. Temporary Bonds. Until the definitive
Bonds of any Series are ready for delivery, there may be
executed, and upon request of the Council or the Clerk, the
Finance Director shall deliver, in lieu of definitive Bonds and
subject to the same limitations and conditions, except as to
identifying numbers, temporary printed, engraved, lithographed
or typewritten Bonds in the denomination of Five Thousand
Dollars ($5,000) or any integral multiple thereof,
substantially of the tenor hereinabove set forth, registered as
to both principal and interest, and with appropriate omissions,
insertions and variations as my be required. The City shall
cause the definitive Bonds to be prepared and to be executed,
Owz
endorsed and delivered to the Finance Director, and the Finance
Director, upon presentation of any temporary Bond, shall cancel
the same and authenticate and deliver, in exchange therefor, at
the place designated by the registered owner, without expense
to the registered owner, a definitive Bond or Bonds of the same
Series and in the same aggregate principal amount, maturing on
the same date and bearing interest at the same rate as the
temporary Bond surrendered. Until so exchanged, the temporary
Bonds shall in all respects be entitled to the same benefit of
this Resolution as the definitive Bonds to be issued and
authenticated hereunder, and interest on such temporary Bonds,.
when payable, shall be paid on presentation of such temporary
Bonds and notation of such payment shall be endorsed thereon.
Section 209. Mutilated,_Destroyed or Lost Bonds. In
case any Bond secured hereby shall become mutilated or be
destroyed or lost, the City may cause to be executed, and the
Finance Director may deliver, 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 for such Bond destroyed or lost, upon the
registered owner's paying the reasonable expenses and charges
of the City in connection therewith and, in the case of a Bond
destroyed or lost, the registered owner's filing with the
Finance Director evidence satisfactory to him that such Bond
was destroyed or lost and of his ownership thereof, and
furnishing the Finance Director with indemnity satisfactory to
him.
In case any such mutilated, destroyed or lost Bond has
become or is about to become due and payable, the Finance
Director may, in his discretion, pay such Bonds.
ARTICLE III
REDExprION OF BONDS
Section 301. Redem tion Generally. The Bonds of
each Series issued under the provisions of this Resolution may
be subject to redemption, either in whole or in part and at
such times and prices, as may be provided by resolution adopted
prior to the issuance of such Bonds; provided, however, that
any redemption in part may be made only on an interest payment
date and in the inverse order of maturities.
Any redemption of less than all of the Bonds issued
under the provisions of this Resolution and then Outstanding
shall be by option of the City in accordance with a subsequent
resolution of the City. A redemption of all the Bonds of a
Series from the proceeds of Additional Bonds or from any moneys
otherwise made available for the purpose shall be in whole and
not in part.
If less than all of the Bonds of any one maturity of a
Series shall be called for redemption, the particular Bonds to
be redeemed shall be selected by lot by the Finance Director in
such other manner as the Finance Director in his discretion may
determine.
Section 302. Redemption Notice. At least thirty
(30) days but not more than sixty (60) days before the
redemption, a notice of such redemption, whether in whole or in
part, shall be mailed by the City Clerk, by first-class mail,
postage prepaid, to all registered owners of Bonds to be
redeemed at their addresses as they appear on the registration
books hereinabove provided for, but failure so to mail any such
notice shall not affect the validity of the proceedings for
such redemption. Each such notice shall set forth the date
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fixed for redemption, the redemption price to be paid and, if
less than all of the Bonds of a series then Outstanding shall
be called for redemption, the numbers of such Bonds.
Section 303. Effect of Callin for Redem tion, on
the date so designated for redemption, notice having been
mailed in the manner and under the conditions hereinabove
provided, the Bonds so called for redemption shall become and
be due and payable at the redemption price provided for
redemption of such Bonds on such date, and, moneys for payment
of the redemption price being held in separate accounts by the
City Clerk or by the Paying Agents in trust for the holders of
the Bonds to be redeemed, all as provided in this Resolution,
interest on the Bonds so called for redemption shall cease to
accrue, such Bonds shall cease to be entitled to any lien,
benefit or security under this Resolution, and the holders or
registered owners of such Bonds shall have no rights in respect
thereof except to receive payment of the redemption price
thereof.
Section 304. Cancellation. Bonds so called for
redemption shall be cancelled upon the surrender thereof.
Section 305. Bonds Not Deemed Outstandin . Bonds
which have been duly called for redemption under the provisions
of this Article, or with respect to which either irrevocable
instructions to call for redemption or to pay at their
respective maturities and mandatory redemption dates or any
combination of such redemption and payment have been given by
the City to the Paying Agents or to an appropriate fiduciary
institution acting as escrow agent, in form satisfactory to
such Paying Agents or escrow agent and for the payment of the
redemption price and maturing principal amounts of which and
the interest to accrue thereon to the date fixed for redemption
or the dates of their respective maturities and mandatory
redemption dates sufficient moneys, or Government Obligations
in ;such amounts, bearing interest at such rates and maturing
(without option of prior payment) at such dates that the
proceeds thereof and the interest thereon will provide
sufficient moneys, shall be held in separate accounts by such
escrow agent or by the Paying Agents in trust solely for the
owners of the Bonds to be redeemed and paid, all as provided in
this Resolution, shall not be deemed to be Outstanding under
the provisions of this Resolution and shall cease to be
entitled to any benefit or security under this Resolution other
than to receive payment from such monies.
ARTICLE IV
CONSTRUCTION FUND
A special fund is hereby created and designated the
"Tamarac Water and Sewer Utility Construction Fund" (herein
sometimes called the "Construction Fund"), to the credit of
which such deposits shall be made as are required by the
provisions of Sections of this Resolution.
The moneys in the Construction Fund shall be field
the Finance Director and applied to the payment of the Cost
the Project in such manner as shall be consistent with
city's policies respecting the disbursement of moneys
connection with Capital Projects. Any moneys remaining in
Construction Fund after construction is complete shall
transferred to the Reserve Account if there is a deficiency
the Reserve Account and to the Renewal and Replacement Fund
the remaining balance.
by
of
the
in
the
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ARTICLE V
Revenues and Funds
1 Section 501. Water and Sewer Rates. The city
Z covenants that schedules of rates for water and sewer service
by the Water and Sewer Utility will be adopted by the City
3 Council prior to or simultaneously with the issuance of the
Series 1984 Bonds and that such schedules will not be revised
4 except as hereinafter provided in this Article and except that
there shall be no restriction on increasing rates at any time.
S Section 502. Rate Covenant. The City further
6 covenant that it will fix, charge and collect rates and charges
for the use of the services and facilities furnished by the
7 Water and Sewer Utility and that from time to time, and as
often as it shall be necessary, it will adjust such rates and
8 charges by increasing or decreasing the same or any selected
categories of rates and charges so that (1) the Revenues will
9 at all times be sufficient in each Fiscal Year to provide an
amount at least equal to the sum of (a) one hundred per centum
10 (100%) of the Current Expenses of the Water and Sewer Utility
and (b) one hundred per centurn (100%) of the Reserve Account
11 Deposit Requirement for the current Fiscal Year, and (2) the
iiet Revenues including Pledged Impact Fees, if any, will at all
12 times be sufficient in each Fiscal Year to provide an amount at
least equal to the sum of (a) one hundred and twenty per centum
13 (120%) of the Principal and Interest Requirements for the
current Fiscal Year providing that the Net Revenues received in
14 each Fiscal Year shall at all times be adequate to pay at least
one hundred and ten per centum (110%) of the Principal and
is Interest Requirements for the current Fiscal Year.
16 The City further covenants that if at any time the
Revenues shall not be sufficient to provide such amounts, it
17 will revise the rates and charges for the services and
facilities furnished by the Water and Sewer Utility and, if
18 necessary, it will revise its regulations in relation to the
collection of bills for such services and facilities, so that
19 the rates and charges collected in the current and each
subsequent Fiscal Year will result in Revenues sufficient to
20 provide such amounts.
21 In the event that the City shall fail to adjust the
schedule of rates and charges in accordance with the provisions
22 of this Section, the Paying Agent may and upon the written
request of the holders of not less than twenty-five per centum
23 (25%) in principal amount of all Bonds then outstanding shall
institute and prosecute in a court of competent jurisdiction an
24 appropriate suit, action or proceeding to compel the City to
adjust such schedule in accordance with the requirements of
3 this Section, and the City covenants that it will adopt and
charge rates and charges in compliance with any judgment, order
26 or decree entered in any such suit, action or proceeding.
Section 503. Annual Budget. The City covenants that
27 on or before the first day of+ each Fiscal Year it will adopt a
budget of Current Expenses and Capital Expenditures for such
28 Fiscal Year (herein sometime called the "Annual Budget').
29 Copies of the Annual Budget shall be filed with the City Clerk.
30 If for any reason the City shall not have adopted the
Annual Budget before the first day of any Fiscal Year, the
.31 projected Budget for the next Fiscal Year shall until the
adoption of the Annual Budget, be deemed to be in force and
32 shall be treated as the Annual Budget under the provisions of
this Article.
33 The City may at any time adopt an amended or
supplemental Annual Budget for the remainder of the then
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current Fiscal Year, and the Annual Budget so amended or
supplemented shall be treated as the Annual Budget under the
provisions of this Article. Copies of any such amendment or
supplemental Annual Budget shall be filed with the City Clerk.
1
The City further covenants that the amount expended
2 for Current Expenses in any Fiscal Year will not exceed the
reasonable and necessary amount thereof, and that it will not
expend any amount for maintenance, repair and operation of the
Water and Sewer Utility in excess of the total amount provided
for Current Expenses in the Annual Budget.
S Section 504. Revenue Fund. A special fund is hereby
6 created and designated the "Tamarac Water and Sewer Utility
Revenue Fund" (herein called the "Revenue" Fund"). The City
7 covenants that all Revenues will be collected by the City and
deposited as received with a Depositary or Depositaries to the
8 credit of the Revenue Fund. All moneys in the Revenue Fund
shall be held by the City in trust and applied as provided in
9 this Article.
10 Section 505. Sinking and Other Funds. A special
fund is hereby created and designated "Tamarac Water and Sewer
11 Utility Revenue and Refunding Bonds Interest and Sinking Fund"
(herein sometimes called the "Sinking Fund"). There are hereby
12 created in the Sinking Fund three separate accounts designated
"Bond Service Account", "Redemption Account", and "Reserve
13 Account" respectively. Four additional special funds are
hereby created and designated "Tamarac Water and Sewer Utility
14 Renewal and Replacement Fund" (herein sometimes called the
"Renewal and Replacement Fund"), "Tamarac In Lieu of Tax Fund"
(herein sometimes called the "In Lieu of Tax Fund"), "Tamarac
General Reserve Fund" (herein called the "General Reserve
Fund") "Tamarac Pledged Impact Fees Fund" (herein called the
I "Pledged Impact Fee Fund") and "Tamarac Optional Redemption
I Fund" (herein called "Optional Redemption Fund").
17 1
1s The moneys in each of said Funds and Accounts shall be
held in trust and applied only as hereinafter provided with
19 regard to each such Fund and Account, and, pending such
application, shall be subject to a lien and charge in favor of
the holders of the Bonds issued and outstanding under this
20 Resolution and for the further security of such holders until
-)1 paid out or transferred as herein provided.
22
The Finance Director shall, on or
before the last
day
of the month next succeeding the month
in which Bonds
are
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issued under the provisions of Section 206
of this Resolution
on or before the last day, withdraw an
amount equal to
the
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balance remaining in the Revenue Fund on
the last day of
the
preceding month, less an amount equal to
the amount necessary
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for Current Expenses during the next ensuing two (2) months
as
determined by the Finance Director, and
deposit the sum
so
withdrawn to the credit of the following
Accounts or Funds
in
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the following order:
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(a) to the credit of the Bond Service Account,
an amount equal to one -sixth (1/6th) of the amount of
interest payable on the Bonds of each Series on the
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interest payment date next succeeding (less any amount
received as capitalized or accrued interest from the
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proceeds of any Bonds which is available for such
payment) and an amount equal to one -twelfth (1/12th)
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of the next maturing installment of principal on all
Serial Bonds then outstanding; provided however, that
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in each month intervening between the date of delivery
of Bonds pursuant to Sections 206 or 207 of this
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Resolution (beginning with the month following the
month in which such delivery takes place) and the next
succeeding interest payment date and the next
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succeeding principal payment date, respectively, the
amount specified in this subparagraph shall be that
amount which when multiplied by the number of deposits
to the credit of the Bond Service Account required to
be made during such respective periods as provided
above will equal the amounts required (in addition to
any amounts received as accrued interest or
capitalized interest from the proceeds of such Bonds)
for such next succeeding interest payment and next
maturing installment of principal, respectively;
(b) to the credit of the Redemption Account an
amount equal to one -twelfth (1/12th) of the principal
amount of Term Bonds of each Series then outstanding
required to be retired, in satisfaction of the
Amortization Requirements, if any, for such Bond Year,
plus the premiums, if any, on the principal amount of
Term Bonds which would be payable in such Bond Year if
such principal amount of Term Bonds were to be
redeemed prior to their respective maturities from
moneys held for the credit of the Sinking Fund;
( c ) to the credit of the Reserve Account, such
amount, if any, of any balance remaining after making
the deposit under clauses (a) and (b) above (or the
entire balance if less than the required amount) as
may be required to make the amount then held for the
credit of the Reserve Account equal to the Reserve
Account Requirement;
(d) to the credit of the Renewal and Replacement
Fund, such amount, if any, of any balance remaining
after flaking the deposits under clauses (a), (b) and
(c) above (or the entire balance if less than the
required amount) as may be required to make the amount
deposited in such Fiscal Year to the credit of the
Renewal and Replacement Fund equal to the amount, if
any, recommended by the Consulting Engineers pursuant
to the provisions of Section 704 of this Resolution,
to be deposited to the credit of said Fund during such
Fiscal Year;
(e) to the credit of the In Lieu of Tax Fund
beginning in the month following the month ill which
the Bonds are issued and ending in the month of
September, 1986 an amount equal in each month to that
amount obtained by dividing $125,000 by the number of
months in which such deposits are to be made and
beginning in October 1986 an amount equal in each
month to one -twelfth (1/12th) of four per centum ( 0 )
of the revenues of the Water and Sewer Utility derived
solely from water and sewel billings during the
preceding Fiscal Year; and
(f) to the credit of the General Reserve Fund,
the balance, if any, remaining after making the
deposits under clauses (a),. (b), (c), (d) and (e)
above.
If the amount deposited in any month to the credit of
any of the Accounts or Funds mentioned in (a) to (d),
inclusive, above shall be less than the amount required to be
deposited under the foregong provisions of this Section, the
requirement therefor shall nevertheless be cumulative and the
amount of any deficiency in any month shall be added to the
amount otherwise required to be deposited in each month
thereafter until such time as all such deficiencies have been
made up.
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Section 506. _Payment of Current Exoenses. The
Current Expenses shall be paid from the Revenue Fund as the
same become due and payable. Payments from the Revenue Fund
shall be made in accordance with procedures established by the
City from time to time, the Annual Budget and the covenants in
Section 503 of this Article.
Section 507. AP21ication of Moneys in Bond Service
Account. The Finance Director shall, during the period of five
(5) business days immediately preceding each interest payment
date, withdraw from the Bond Service Account, and (a) remit by
mail or cause the Bond Registrar to remit by mail to each owner
of Bonds registered as to both principal and interest the
amounts required for paying the interest on such Bonds as such
interest becomes due and payable the interest on the Bonds as
such interest becomes due and payable and the principal of all
Serial Bonds as such principal becomes due and payable.
Section 508. A lication of Moneys in Redemption
Account. Moneys held for the credit of the Redemption Account
shall be applied to the retirement of the Term Bonds issued
under the provisions of this Resolution as follows;
(a) Subject to the provisions of paragraph (c)
of this Section, the Finance Director may purchase any
Term Bond secured hereby and then outstanding, whether
or not such Term Bonds shall then be subject to
redemption, on the most advantageous terms obtainable
with reasonable diligence, such price not to exceed
the principal of such Term Bonds plus the amount of
the redemption premium, if any, which might on the
next redemption date be paid to the bolder of such
Term Bonds under the provisions of Article III of this
Resolution if such Term Bonds should be called for
redemption on such date from moneys in tt,e Sinking
Fund. The Finance Director shall pay the interest
accrued on such Term Bonds, to date of settlement
therefor from the Bond Service Account and Che
purchase price from the Redemption Account, but no
such purchase shall be made by the Finance Director
within the period of forty-five (45) days next
preceding any intprst payment date on which such Terri
Bonds are subject to call for redemption under tine
Provisions of this Resolution, except from-:"oneys
other than moneys set aside or deposited for the
redemption of Term Bonds.
(b) Subject to the provisions of Article III of
this Resolution and paragaph (c) of this Section, the
Finance Director may call for redemption on each
interest payment date on which Term Bonds are subject
to redemption such amount of such Term Bonds as, with
the redemption premium, if any, will exhaust the
moneys which will be held for the credit of the
Redemption Account on said interest payment date as
nearly as may be; provided, however, that not less
than Fifty Thousand Dollars ($50,000) principal amount
of Term Bonds shall be called for redemption at any
one time unless a lesser amount shall be required to
satisfy the Amortization Requirement for any Fiscal
Year. Such redemption shall be made pursuant to the
provisions of Article III of this Resolution. The
Finance Director shall during the period of five (5)
business days prior to the Redemption Date withdraw
from the Bond Service Account and the Redemption
Account and set aside in separate accounts or deposit
with the Paying Agents the respective amounts required
for paying the interest on, the principal and
redemption premium of, the Term Bonds so called for
redemption.
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(c) Moneys held by the Finance Director in the
Redemption Account shall be applied by the Finance
Director each Fiscal Year to the retirement of Bonds
of such Series then outstanding to the extent of the
1 Amortization Requirement, if any, for such Fiscal Year
for such Term Bonds, plus the applicable premium, if
2 any, and any deficiency in any preceding Fiscal Years
in the purchase or redemption of such Term Bonds under
3 the provisions of this subdivision and, if the amount
available in such Fiscal Year shall not be sufficient
therefor, then in proportion to the Amortization
5 Requirement, if any, for such Fiscal Year for the Term
Bonds of each such Series then outstanding, plus the
6 applicable premium, if any, and any such deficiency.
Upon the retirement of any Bonds by purchase or
redemption, the Finance Director shall file with the City
B Council a statement briefly describing such Bonds and setting
forth the date of their purchase or redemption of any Bonds
9 shall be paid by the City from the Revenue Fund.
Section 509. A lication of Moneys in Reserve
Account. Moneys held for the credit of the Reserve Account
shall first be used for the purpose of paying the interest on
and the principal of the Bonds whenever and to the extent that
the moneys held for the credit of the Bond Service Account, the
In Lieu of Tax Fund and the General Reserve Fund shall be
insufficient for such purpose and thereafter for the purpose of
making deposits to the credit of the Redemption Account
pursuant to the requirements of clause (b) of Section 505 of
this Resolutin whenever and to extent that withdrawals from the
Revenue Fund and the amount on deposit in the In Lieu of rax
Fund and the General Reserve Fund are insufficient for such
purposes. If at time the moneys held for the credit of the
Reserve Account shall exceed the Reserve Account Requirement,
such excess shall be withdrawn by the Finance Director and
deposited to the credit of the Revenue Fund.
Section 510. AR21ication of '40ne s in Renewal and
Replacement Fund. Except as hereinafter provided, in this
Section, or except in case of an emergency caused oy some
extraordinary occurrence, so characterized in a certificate
signed by the Consulting Engineers and filed with the City
Manager, and an insufficiency of moneys held for the credit of
the Revenue Fund to meet such emergency, moneys held for the
credit of the Renewal and Replacement Fund shall be disbursed
only for the purpose of paying the cost of additions,
extensions and improvements to the Water and Sewer Utility, the
cost of unusual or extraordinary maintenance or repairs the
cost of renewals and replacements and the cost of acquiring,
installing or replacing equipment and engineering, legal and
administrative expenses relating to the foregoing and the cost
of providing a local share of moneys required to entitle the
City to receive Federal or State grants or participate in
Federal or State assistance. programs related to the Water and
Sewer Utility.
Payments from the Renewal and Replacement Fund, except
the withdrawal which the City is authorized to make as
hereinafter provided in this Section, shall be made in
accordance with the provisions of Section 402 of this
Resolution for payments from the Construction Fund to the
extent that such provisions may be applicable.
If at any time the moneys held for the credit of the
Bond Service Account, the In Lieu of Tax Fund, the General
Reserve Fund and the Reserve Account shall be insufficient for
the purpose of paying the interest on and the principal of the
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Bonds as such interest and principal become due and payable,
then the City shall withdraw from any moneys held in the
Renewal and Replacement Fund and to deposit to the credit of
the Bond Service Account an amount sufficient to make up any
such deficiency. If at any time the Net Revenues and the
moneys held for the credit of the In Lieu of Tax Fund, the
General Reserve Fund and the Reserve Account shall be
insufficient for making the deposits to the credit of the
Redemption Account required by clause (b) of Section 505 of
this Article, then the City Manager shall withdraw from any
moneys held for the credit of the Renewal and Replacement Fund
and deposit to the credit of the Redemption Account an amount
sufficient to make up any such deficiencies; provided, however,
that no such transfer shall be made unless the moneys then held
for the credit of the Bond Service Account are at least equal
to the maximum requirement therefor under clause (a) of said
Section 505. Any moneys so withdrawn from the Renewal and
Replacement Fund and deposited to the credit of the Bond
Service Account or the Mandatory Redemption Account shall be
restored from available moneys in the Revenue Fund, subject to
the same conditions as are prescribed for deposits to the
credit of the Renewal and Replacement Fund under the provisions
of Section 505 of this Article.
section 511. Application of Moneys in the In Lieu of
Tax Fund. Moneys held for the credit of the In Lieu of Tax
Fund, together with the investment earnings on such moneys,
shall be retained in said Fund in each Fiscal Year until
September 30 of such Fiscal Year and provided that as of such
date all required deposits shall have been made in such fiscal
Year under clauses (a) , (b) , (c) , (d) and (e) of Section 505 of
this Article, such moneys, together with the investment
earnings on such moneys, shall be transferrred to the City's
general fund for application to any lawful City purpose,
provided, however, that the moneys on deposit in the In Lieu of
Tax Fund shall first be used to make up any deficiencies in the
Bond Service- Account, the Redemption Account, the Reserve
Account, and the Renewal and Replacement Fund.
Section 512. Application of Moneys in the General
Reserve Fund. Moneys held For the credit of the General
Reserve Fund may at the election of the City be applied:
(a) to pay the Cost of Improvements,
(b) to purchase or redeem Bonds,
(c) to pay the principal of. and the interest on any
obligations issued or indebtedness incurred by the City to pay
the Cost of Improvements, which obligations will be junior or
subordinate with respect to lien on and pledge of Revenues to
the Bonds issued under the provisions of Article II of this
Resolution,
(d) to make up deficiencies in any of the Accounts and
Funds created by this Resolution including any deficiencies in
the Revenue Fund required for the payment of Current Expenses,
and
(e) to pay the Cost of any item qualifying as an
authorized expenditure from the Renewal and Replacement Fund.
(f) to meet contractual payments to any person For
Providing treatment and disposal of sewage from. the Water and
Sewer Utility.
(g) to be used for any lawful purpose.
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Provided, however, that in the event of any deficiencies in any
Accounts or Funds created by this Resolution the moneys in the
General Reserve Fund shall be applied as provided in paragraph
(d) above to make up all ouch deficiencies prior to applying
1 any moneys in the Reserve Account, the Renewal and Replacement
2 Fund or the In Lieu of Tax fund for such purpose.
Section 513. Pledged Impact Fee Fund. There shall
be deposited in the Pledged Impact Fee Fund all Pledged Impact
Fees as received by the City and such Pledged Impact Fees shall
be used by the City to the extent permitted by law in the
9 following manner and order of priority:
(a) For the payment into the Interest Acccount, the
Principal Account and the Bond Redemption Account when the
moneys in the Revenue Fund and the Debt Service Reserve Account
7 are insufficient therefor.
8 (b) To restore any withdrawals or to make up any
deficiencies that may exist from time to time in the Debt
9 Service Reserve Account whenever the moneys in the Revenue Fund
10 are insufficient for such purpose.
11 (c) To pay the cost of capital improvements to the
Water and Sewer Utility.
L2 (d) The balance of any Pledged Impact Fees remaining
in the Pledged Impact Fee Fund shall be deposited in the
�3 Interest Account and used to pay interest becoming due on the
Bonds; provided, however, that none of such Pledged Impact Fees
L4 shall ever be used for the purposes provided in this
subparagraph (d) unless all payments required under
1 subparagraphs (a) through (c), including any deficiencies for
prior payments are made in full to date of such use.
Section 514. Application of Mone s in 0 tional
17 Redemption Fund. Moneys held to the credit of the Optional
Redemption Account shall be used to redeem either Serial or
18 Term Bonds, at the option of the City, in accordance with
19 Section 301 of this Resolution.
In the event that the City optionally redeems a
20 portion of the Term Bonds prior to redemption in accordance
with the Amortization Requirements for said Term Bonds, then
21 the amount redeemed shall be proportionally credited toward the
Amortization Requirement in accordance with Secton 505(b) for
22 such Bonds in each subsequent year until such Bonds are
redeemed in full.
23
Section 515. AP21ication of Kone x s in Sinking
24 Fund. Subject to the terms and conditions set forth in this
Resolution, moneys held for the credit of the Sinking Fund
25 shall be held in trust and disbursed by the Finance Director
for (a) the payment of interest on the Bonds issued hereunder
26 as such interest becomes due and payable, or (b) the payment of
the principal of such Bonds at their maturities, or (c) the
2 payment of the purchase or redemption price of such Bonds
before their maturity and such moneys are hereby pledged to and
charged with the payments mentioned in this Section.
29 Section 516. moneys Held in Trust. All moneys which
the Finance Director shall have withdrawn from the Sinking Fund
30 or shall have received from any other source and deposited with
the Paying Agents, for the purpose of paying any of the Bonds
31 hereby secured, either at the maturity thereof or upon call for
redemption, or for the purpose or paying any maturing coupons
32 appertaining to any of the Bonds hereby secured, shall be held
in trust for the respective owners of such Bonds. But any
33 moneys which shall be so set aside or deposited by the City
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Manager and which shall remain unclaimed by the owners of such
Bonds for the period of six (6) years after the date on which
such Bonds shall have become due and payable shall upon request
in writing be paid to the City or to such officer, board or
body, as the case may be, for the payment and then only to the
extent of the amounts so received without any interest thereon,
and the Paying Agents shall have no responsibility with respect
to such moneys.
Section 517. Cancellation of Bonds. All Bonds paid,
redeemed or purchased either at or before maturity, shall be
cancelled upon the payment, redemption or purchase of such
Bonds and shall be delivered to the Paying Agent when such
payment, redemption or purchase is made. All Bonds cancelled
under any of the provisions of this Resolution shall be
cancelled by the Paying Agent, who shall execute a certificate
in duplicate describing the Bonds so cancelled and one executed
certificate shall be filed with the City Clerk and the other
executed certificate shall be retained by the Finance Director.
ARTICLE VI
SECURITY FOR DEPOSITS
AND INVESTMENT OF -MONEYS
Section 601. Security for Deposits. All moneys
received by the City and deposited with the Finance Director
under the provisions of this Resolution shall be deposited with
one or more banks or trust companies designated by the Finance
Director. All moneys so deposited under the provisions of this
Resolution shall be held in trust and applied only in
accordance with the provisions of this Resolution, and shall
not be subject to lien or attachment by any creditor of the
City.
All moneys deposited hereunder in excess of the amount
guaranteed by the Federal Deposit Insurance Corporation or
other federal 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 Finance
Director, as custodian, as collateral security, Investment
Obligations 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 clause (a) above is
not permitted by applicable law, then in such other manner as
may then be required or permitted by applicable state or
federal laws and regulations regarding the security for, or
granting a preference in the case of, the deposit of trust
funds; provided, however, that it shall not be necessary for
the Finance Director or the Paying Agents to give security for
the deposit of any moneys with it for the payment of the
principal of or the redemption premium or the interest on any
Bonds issued hereunder, or for the Finance Director to give
security for any moneys which shall be represented by
obligations purchased under. the provisions of this Article as
in investment of such moneys.
All moneys deposited with such bank or trust company
shall be credited to the particular fund or account to which
such moneys belong.
Section 602. Investment of Moneys. Moneys held for
the credit of the Construction Fund, the Bond Service Account
and the Redemption Account, the Renewal and Replacement Fund,
the In Lien of Tax Fund, General Reserve Fund, and Pledged
Impact Fee Fund, shall, as nearly as may be practicable, be
invested and reinvested by the Finance Director in Investment
Obligations which shall mature, or which shall be subject to
redemption by the holder thereof at the option of such holder,
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not later than the date when the moneys held for the credit of
said Account or Fund will be required for the purposes intended.
Moneys held for the credit of the Reserve Account
shall, as nearly as may be practicable, be continuously
1 invested and reinvested by the Finance Director in Permitted
Investments which shall mature, or which shall be subject to
redemption without penalty by the holder thereof at the option
of such holder, not later than ten (10) years after the date of
3 such investment or other such period not later than 10 years as
may be provided for pursuant to an appropriate agreement
4 between the Issuer and such holder.
5 Obligations so purchased as an investment of moneys in
any such Fund or Account and any time deposits made with
6 respect to such moneys shall be deemed at all times to be a
part of such Fund or Account. The interest accruing on and any
7 profit realized from the investment of moneys field in the
Construction Fund shall be credited to such Fund. The interest
8 accruing on obligations so purchased or on such time deposits
as an investment of moneys in the remaining such funds or
9 accounts, and any profit realized from such investment, shall
be credited to the Bond Service Account or the Redemption
10 Account, at the option of the City, and any loss resulting from
such investment shall be charged to the Bond Service Account;
11 provided, however, that at any time that the amount credited to
the Reserve Account or on deposit therein is less than the
12 Reserve Account Requirement, the earnings on the investment of
moneys credited to the Reserve Account or on deposit therein,
13 shall be retained in the Reserve Account, and provided,
further, that at any time that the amount on deposit in or
14 credited to the Construction Fund shall be less than the amount
of the Cost of the Project determined by the City to be paid
15 therefrom, the earnings on the investment of the moneys in such
Fund shall be retained in said Fund until the amount on deposit
16 in or credited to such Construction Fund shall be equal to the
amount of the Cost of the Project determined by the City to be
17 paid therefrom. The Finance Director shall sell at the best
price obtainable or present for redemption so to do in order to
is provide moneys to meet any payMent or transfer from such Fund
or Accounts. The Finance Director shall riot be liable or
19 responsible for any loss resulting from any such investment.
20 In computing the amount in any Fund or Account created
pursuant to the provisions of this Resolution, excepting the
71 Reserve Account, obligations purchased as an investment of
moneys therein shall be valued at the cost or market price
22 thereof, whichever is lower, exclusive of accrued interest. In
computing the amount of the credit of the Reserve Account,
23 obligations purchased as an investment of moneys therein shall
be valued at par if purchased at par or at amortized value if
24 purchased at other than par. Amortized value, when used with
respect to an obligation purchased at a premium above or a
25 discount below par, means the value as of any given time
obtained by dividing the total premium or discount at which
26 such obligation was purchased by the number of days remaining
to maturity on such obligation at the date of such purchase and
27 by multiplying the amount thus calculated by the number of days
having passed since such purchase; and (1) in the case of an
28 obligation purchased at a premium, by deducting the product
thus obtained from the purchase price, and (2) in the case of
29 an obligation purchased at a discount, by adding the product
thus obtained to the purchase price. valuation on any
30 particular date shall include the amount of interest then
earned or accrued to such date on any moneys or investments in
31 the Reserve Account.
32 Section 603. Funds and Accounts. For the purposes of
this Resolution, each Fun created hereunder shall be a series
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of self -balancing accounts within the book or accounts of the
City and shall conote a segregation of accounts, which will
support special purpose disclosure reports, not to be construed
as a separate set of books of accounts.
Section 604. Covenant as to Arbitrage. The City
hereby covenants that the City Will make no use of the proceeds
received from the sale of the Bonds hereby authorized or moneys
derived from the Designated Revenues, which, if such use had
been reasonably expected on the date of issue of such Bonds
would have caused said Bonds to be "arbitrage bonds" within the
meaning of Section 103(c) of the Internal Revenue Code of 1954,
as amended, and that the City will comply with the requirements
of such Section 103(c) and the applicable regulations
promulgated thereunder so long as the Bonds, or any of them,
are Outstanding.
ARTICLE VII
Particular Covenants.
Section 701. Payment of Princi a1 Interest and
s
Premium. The City covenantthat it will promptly pay the
principal of and the interest on each and every Bond issued
under the provisions of this Resolution at the places, on the
dates and in the manner specified herein and in said Bonds and
in the coupons, if any, appertaining thereto, and any premium
required for the retirement of said Bonds by purchase or
redemption, according to the true intent and meaning thereof.
Such principal, interest and premium will be payable solely
from the Revenues and said Revenues are Hereby pledged to the
payment thereof in the manner and to the extent hereinabove
particularly specified.
Bonds issued under the provisions of this Resolution
shall riot be deemed to constitute a dent of the City or a
pledge of the faith and credit of the City but such Bonds shall
be payable solely from the fund provided therefor fro:
Revenues. ^he issuance of the Bonds shall not directly or
indirectly or contingently obligate the City to levy or to
pledge any form of taxation whatever therefor, nor shall any
such Bonds constitute a charge, lien or encumbrance, legal or
equitable, upon any property of the City.
Section 702. Construction of Improve ' eration
of Water and Sewer Uti = . The City covenants gnat it will
construct the Project and any Improvements for the construction
of this Resolution, or for which moneys repayable from the
proceeds of Bonds issued under the provisions of this
Resolution shall have been advanced to the City, in accordance
with the plans theretofore approved by the Consulting Engineers
and that upon the completion of the Project and such
Improvements it will operate and maintain the same as a part of
the Water and Sewer Utility. The City further covenants that
it will require each person, firm or corporation with whom it
may contract for construction to furnish a performance bond in
the full amount of any contract exceeding Twenty -Five Thousand
Dollars ($25,00,0) in amount, or in lieu thereof, to deposit
with the City Clerk to insure performance of such contract
marketable securities having a market value equal to the amount
Of such contract and eligible as security for the deposit of
trust funds as provided in Section 601 of this Resolution. The
City further covenants and agrees that the proceeds of any such
performance bond or securities will forthwith, upon receipt of
such proceeds, be applied toward the completion of the contract
in connection with which such performance bond or securities
shall have been furnished.
The City further covenants and agrees that each such
contract for construction will also provide that payments
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thereunder shall not be made by the City in excess of
ninety-five per centum (95%) of current estimates except
payment of the final balance due under any such contract.
The City further covenants that it will establish and
enforce reasonable rules and regulations governing the use of
the Water and Sewer Utility and the operations thereof, that
all compensator, salaries, fees and wages paid by in in
connection with the maintenance, repair and operation of the
water and Sewer Utility will be reasonable, that no more
persons will be employed by it than are necessary, that it will
operate the Water and Sewer Utility in an efficient and
economical manner, that it will at all times maintain the Water
and Sewer Utility in good repair and in sound operating
conditions and will make all necessary repairs, renewals and
replacements, and that it will comply with all valid acts,
rules, regulations, orders and directions of any legislative,
executive, administrative or judicial body applicable to the
Water and Sewer Utility.
Section 703. Covenant A ainst Encumbrances. The
City further covenants that, from the Revenues, it will pay all
governmental charges lawfully levied or assessed upon the Water
and Sewer Utility or any part thereof of upon the Revenues when
the same shall become due, that it will duly observe and comply
with all valid requirements of any municipal or governmental
authority relative to the Water and Sewer Utility, that it will
not create or suffer to be created any lien or charge upon the
Water and Sewer Utility or any part thereof, or on the
Revenues, other than as provided herein, ranking equally with
or prior to the Bonds, and that, out of the Revenues, it will
pay or cause to he discharged, or will make adequate provision
to satisfy and discharge all lawful claims and demands for
labor, materials, supplies or other objects which, if unpaid,
might by law become a lien upon the Water and Sewer Utility or
any part thereof or the Revenues; provided, however, that
nothing contained in this Section shall require the City to pay
or cause to be discharged, or snake provision for, any such lien
or charge so long as the validity thereof shall be. contested in
good faith and by appropriate legal proceedings.
Section 704. Employment of Consultin -Engineers.
The City covenants and agrees that so long as any Bonds are
outstanding under this Resolution, it will employ an
independent engineer or engineering firm or corporation ;-,aving
a favorable repute for skill and experience in the construction
and operation of waterworks and sewer systems. Except for any
fees and expenses incurred under the provisions of Section 403
of this Resolution, the cost of employing Consulting Engineers
shall be treated as a part of the cost of operation and
maintenance of the Water and Sewer Utility.
It shall be the duty of the Consulting Engineers to
prepare and file with the City on or before the 15th day of
September in each year a report setting forth their
recommendations as to any necessary or advisable revisions of
rates and charges, their statement as to the quality of the
maintenance of the .Water and Sewer Utility and such other
advice and recommendtions as they may deem desirable and it
shall be the duty of the Consulting Engineers to include in
such report their recommendations as to the amount that should
be deposited monthly during the next Fiscal Year to the credit
of the Renewal and Replacement Fund for the purposes set forth
in Section 511 of this Resolution together with their
recommendations as to the respective amounts to be applied to
capital expenditure items and to extraordinary maintenance
items.
Section 705. Em to ment of Accountant. The City
covenants and a �� -'-'-' ••-- agrees that it will for then-purpose of performing
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and carrying out the duties imposed on the Accountant by this
Resolution employ a certified public accountant or firm of
certified public accountants of suitable experience and
responsibility.
1 Section 706. Insurance. The City covenants that it
will at all times carry insurance, in a responsible insurance
2 company or companies authorized and qualified under the laws of
the State of Florida to assume the risk thereof, covering such
3 properties belonging to the Water and sewer Utility as are
customarily insured, and against loss or damage from such
4 causes as are customarily insured against, by companies engaged
in similar business.
5
All such policies shall be for the benefit of the
6 City, shall be made payable to the City and shall be deposited
with the City Clerk, and the Finance Director shall have the
7 sole right to receive the proceeds of such policies and to
collect and receipt for claims thereunder. The proceeds of any
8 and all such insurance shall be deposited by the Finance
9 Director in the name of the City in a Depository.
The City covenants that, upon any loss or damage to
10 any properties of the Water and Sewer Utility resulting from
any cause, whether or not such loss or damage shall be covered
11 by insurance, it will proceed with the repairing, replacing or
reconstructing (either in accordance with the original or a
12 different design) of the damaged or destroyed property, and
that it will forthwith commence and diligently prosecute the
13 repair, replacement or reconstruction of the damaged or
destroyed property unless it shall determine after consultation
14 with the Consulting Engineers that the repair, replacement or
reconstruction of such property is not essential to the
15 efficient operation of the Water and Sewer Utility.
16 The proceeds of all insurance referred to in this
Section shall be available for and shall to the extent
17 necessary, be applied to the repair, replacement or
reconstruction of the damaged or destroyed property, and shall
18 be paid out in the manner hereinabove provided for payments
from the Construction Fund. If such proceeds are more than
19 sufficient for such purpose, the balance remainng shall be
deposited to the credit of the Renewal and Replacement Fund.
20 If such proceeds shall be insufficient for such purpose, the
deficiency may be supplied out of any moneys in the Renewal and
21 Replacement Fund.
27 All insurance policies shall be open to the inspection
of the Bondholders and their representatives at all reasonable
23 times. The City Attorney is hereby authorized in the name of
the City to demand, collect, sue and receipt for the insurance
24 raoney which may become due and payable under any policies
payable to it. Any appraisement or adjustment of any loss of
25 damage and any settlement or payment of indemnity therefor
which may be agreed upon between the City and any insurer shall
Z6 be evidenced to the City Manager by a certificate signed by the
officer or officers of the City responsible for managing the
27 Water and Sewer Utility.
28 Notwithstanding the foregoing provisions of this
Section, the City may institute and maintain fiscally sound and
29 prudent self-insurance programs with regard to such risks as
shall be consistent with the recommendations of a qualified and
30 regionally recognized insurance consultant.
31 Section 707. Use of Revenues. The City covenants
and agrees that, so long as any of the Bonds secured hereby
32 shall be outstanding, none of the Revenues will be used for any
33 purpose other than as provided in this Resolution, and that no
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contract or contracts will be entered into or any action taken
by which the rights of holder of the Bonds might be impaired or
diminished.
Section 708. Separate Systems. The City covenants
1 and agrees that, so long as any o the Bonds secured hereby
shall be outstanding, it will not incur any obligation or
2 indebtedness nor issue any bonds for the purpose of paying the
cost of acquisition of any water or sewer system or water and
3 sewer system which system shall remain separate from the Water
and Sewer Utility unless such obligation, indebtedness or bonds
4 shall not be superior to the Bonds issued pursuant to this
Resolution as to payment from the revenues of such separate
5 system.
6 Section 709. _Records Accounts and Audits. The City
covenants that it will keep the funds, accounts, moneys and
7 investment of the Water and Sewer Utility separate from all
other funds, accounts, moneys and investments of the City or
8 any of its departments, and that it will keep accurate records
and accounts of all items of costs and of all expenditures
9 relating to the water and Sewer Utility and of the Revenues
collected and the application of such Revenues, and of the
10 number of users of water in each classification. Such records
and accounts shall be open to the inspection of all interested
11 persons.
12 The City further covenants that within four months
after the close of each Fiscal Year it •,/ill cause an audit to
13 be completed of its books and accounts pertaining to the Water
and Sewer Utility in conjunction with its annual audit of all
14 other funds by the Accountant. Reports of each such audit
shall be filed with the City Council, and the City Manager, and
15 copies of such report shall be available to any Bondholder who
shall request such audit.
16
The City further covenants that it will cause any
17 additional reports or audits relating to the Water and Sewer
Utility to be made as required by law or by any applicable
1s rules or regulations of any governmental authority having
jurisdiction in the premises. The cost of such audits shall be
19 treated as a part of the cost of operation.
20 For the purposes of this Resolution each fund created
hereunder shall be a series of accounts within the book of
31 accounts of the Plater and Sewer Utility and shall connote a
segregation of accounts, which will support special purpose
27 disclosure reports, not to be construed as a separate set of
books of accounts.
23
Section 710. Mandatory Connections. The City will,
24 to the full extent permitted by law, require all lands,
buildings and structures within the City's service area,
25 fronting or abutting on the lines of the Water and sewer
Utility, or any part thereof, or which can cause the facilities
26 of the Water and Sewer Utility to connect with and use such
facilities within ninety (90) days after notification that
27 service is available. The City will not grant a franchise for
the operation of any competing water system or sewer system so
28 long as any Bonds are outstanding hereunder.
29 Section 711. Subordinate Obligations
Notwithstanding any other provision of this Resolution, the
30 City may issue obligations or incur indebtedness other than the
Bonds and a State Loan from time to time which are payable in
31 whole or in part from the Revenues, but only if such
obligations are, by their terms, subordinate in right to
32 payment from the Revenue to all Bonds and any such State Loan
theretofore or thereafter issued or incurred under the
33 provisions of this Resolution.
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Section 712. No Free Service. The City will not
render or cause to be rendered any free services of any nature
by the facilities of the Water and ;ewer Utility nor will any
preferential rates be established for users of the same class;
the City including its departments, agencies and
instrumentalities in the service area, shall avail itself of
the facilities of the Water and Sewer Utility, and the same
rates, fees or charges applicable to other customers receiving
like services under similar circumstances shall be charged to
the City and any such department, agency or instrumentality.
Such charges will be paid as they accrue, and the City shall
transfer from its appropriate funds sufficient sums to pay such
charges. The moneys so received shall be deemed to be Revenues
derived from the operation of the Water and Sewer Utility, and
shall be deposited and accounted for in the same manner as
other Revenues derived from such operation of the Water and
Sewer Utility.
Section 713. Failure to Pay for Services. The City
will take whatever action is necessary to collect delinquent
charges in accordance with the procedures in effect at the time
which are established from time to time in the City's rate
resolution.
Section 714. Enforcement of Collections. The City
will diligently enforce an co ect t e rates, ees and other
charges for the services of the water and Sewer Utility; will
take all steps, actions and proceedings For the enforcement and
collections of such rates, fees and charges as shall ucome
delinquent to the full extent permitted or authorized by law;
and will maintain accurate records with respect thereto. All
such rates, fees, charges and revenues herein pledged shall, as
collected, be held in trust to be applied as provided in this
Resolution and not otherwise.
Section 715. No Sale of Mortgage of water and Sewer
Utilty. (a) The City covenants that so long as any Bonds shall
be outstanding under the provisions of this Resolution and
except as in this Resolution otherwise permitted, it will 11ot
sell, lease or otherwise dispose of or encumber the water and
Sewer Utility or any part thereof. The City may, however, from
time to time, sell any machinery, fixtures, apparatus, tools,
instruments, or other movable property acquired by it in
connection with the Water and Sewer Utility, or any materials
used in connection therewith, if the City shall determine that
such articles are no longer needed or are no longer useful in
connection with the construction or operation and maintenance
of the water and Sewer Utility, and the proceeds thereof shall
be applied to the replacement of the properties so sold or
disposed of or shall be deposited to the credit of the
Redemption Account or the Renewal and Replacement Fund, at the
option of the City.
(b) Notwithstanding the provisions of paragraph (a)
Of this Section, the City may from time to time sell, trade or
lease such other property forming part of the Water and Sewer
Utility as is not needed or serves no useful purpose in
connection with the maintenance and operation of the Water and
Sewer Utility as is not needed or serves no useful purpose in
connection with the maintenance and operation of the Water and
Sewer Utility and the proceeds of any such sale of property
which is declared by resolution of the City Council to be
unnecessary for the Water and Sewer Utility shall be deposited
to the credit of the Redemption Account or the Renewal and
Replacement Fund, as may be provided by such resolution. The
property received in exchange pursuant to any trade shall be
deemed to be a part of the Water and Sewer Utility. The
rentals under any such lease shall be deposited to the credit
of the Revenue Fund.
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(c) Notwithstanding the provisions of paragraph (a)
of this Section, the City may from time to time permanently
abandon the use of, sell, trade or lease any property forming a
part of the Water and Sewer Utility but only if
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(1) there shall be filed with the City Clerk
prior to such abandonment, sale or lease a
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certificate, signed by the City Manager and approved
by the Consulting Engineers, stating
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(a) that the City is not then in default in
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the performance of any of the covenants,
conditions, agreements or provisions
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contained in this Resolution, and
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(b) that the Net Revenues for the next
preceding Fiscal Year, after giving effect
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to such abandonment, sale or lease and any
replacement and after adjustment to reflect
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the moneys which would have been received if
the rate schedule in effect on the date of
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such certificate had been in effect
throughout such Fiscal Year, are not less
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than one hundred ten per centum (110%) of
the maximum aggregate Principal and Interest
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Requirements for any Fiscal Year thereafter,
and
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(2) the amount held for the credit of the
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Reserve Account is equal to the Reserve Account
Requirement.
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The proceeds of the sale of any property forming part
Of the Water and Sewer Utility under the provisions of
paragraph (c) of this Section shall either be deposited by the
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City to the credit of the Redemption Account or the Renewal and
Replacement Fund, at the option of the City, or shall be
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applied to the replacement of the property so sold, and any
property acquired as such replacement shall become a part of
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the Water and Sewer Utility subject to the provisions of this
Resolution. she rentals under any such lease shall be
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deposited to the credit of the Revenue Fund.
20
ARTICLE VIII
21
REMEDIES AND DEFAULT
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Section 801. Extension of Interest Pavment. In case
the time for the payment of the interest on any Bond shall be
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extended, whether or not such extension be by or with the
consent of the City, such interest so extended shall not be
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entitled, in case of default hereunder, to the benefit or
security of this Resolution except subject to the prior payment
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in full of the principal of all Bonds then outstanding and of
all interest the time for payment of which shall not have been
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extended.
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Section 802. Events of Default. Each of the
following events is hereby declared an •event of default," that
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is to say: If
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(a) payment of the principal and premium, if
any, of any of the Bonds shall not be made when the
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same shall become due and payable, either at maturity
or by proceedings for redemption or otherwise; or
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(b) payment of any installment of interest on
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any of the Bonds shall not be made when the same shall
become due and payable; or
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(c) payment of any amount required to satisfy an
Amortization Requirement shall not be made if required
herein; or
(d) any proceeding shall be instituted, with the
1 consent or acquiescence of the City, for the purpose
of effecting a composition between the City and its creditors
2 or for the purposes of adjusting the claims of such creditors,
pursuant to any federal or state statute now or hereafter
3 enacted, if the claims of such creditors are under any
a circumstances payable from the Piet Revenues; or
(e) any part of the water and sewer utility
5 necessary for its effective operation shall be
destroyed or damaged and shall not be properly and
6 timely repaired, replaced or reconstructed; or
7 ( f ) final judgment for the payment of money
shall be rendered against the City as a result of the
8 ownership, control or operation of the Water and Sewer
Utility and any such judgment shall not be discharged
9 within sixty (60) days from the entry thereof or an
appeal shall not be taken therefrom or from the order,
10 decree or process upon which or pursuant to which such
judgment shall have been granted or entered, in such
11 manner as to stay the execution of or levy under such
judgment, order, decree or process or the enforcement
12 thereof; or
13 (g) if the City admits in writing its inability
to pay its debts generally as they become due, or
14 files a petition for bankruptcy or makes an assignment
for the benefit of its creditors or consents to the
15 appointment of a receiver or trustee for itself or for
the whole or any part of the Water and Sewer Utility;
16 or
17 (h) if the City is adjudged insolvent by a court
o£' competent jurisdiction, or it be adjudged a
1$ bankrupt on a petition in bankruptcy filed against the
City, or an order, judgment or decree be entered by
19 any court of competent jurisdiction appointing,
without the consent of the City, a receiver or trustee
20 of the City in whole or any part of its property and
any if the aforesaid adjudications, orders, judg-ments
21 or decrees shall not be vacated or set aside or strayed
within ninety (90) days from the date of entry
22 thereof; of
23 (i) the City shall default in the due and
punctual performance of any covenant, condition,
24 agreement or provision contained in the Bonds or in
this Resolution on the part of the City to be
25 performed, and such default shall continue for thirty
(30) days after written notice specifying such default
26 _and requiring same to be remedied shall have been
given to the City by the holder of 25% of the
27 aggregate principal amount of the Bonds then
Outstanding.
28
Section 803. Acceleration of Maturities. Upon the
29 happening and continuance of any event of default specified in
clauses (a) through (i) of Section 802 of this Article, then
30 and in every such case the Bondholder of not less than
twenty-five centum (25%) in aggregate principal amount of the
31 Bonds then Outstanding may, by a notice in writing to the
Clerk, declare the principal of all of the Bonds then
32 Outstanding (if not then due and payable) to be due and payable
33 immediately, and upon such declaration, the same shall become
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and be immediately due and payable, anything contained in the
Bonds or in this Resolution to the contrary notwithstanding;
provided, however, that if at any time after the principal of
i.::e Bonds shall have been so declared to be due and
and before the entryof final payable,
judgment or decree in any suit,
action or proceeding instituted on account of such default, or
before the completion of the enforcement of any other remedy
under this Resolution, moneys shall have accumulated in the
Sinking Fund sufficient to pay the principal of all matured
Bonds and all arrears of interest, if any, upon all Bonds then
Outstanding (except the principal of any Bonds not then d4,e-
except by virtue of such declaration and the interest accrued
on such Bonds since the last interest payment shall have been
paid or a sum sufficient to pay the same shall have been
deposited by the Finance Director with the Paying Agents, and
every other default in the observance or performance of any
covenant, condition, agreement or provision contained in the
Bonds or in this Resolution (other than a default in the
payment of the principal of such Bonds then due only because of
a declaration under this Section) shall have been remedied,
then and in every such case the Bondholders of not less than
twenty-five per centum (25%) in aggregate principal amount of
the Bonds not then due except by virtue of such declaration and
then Outstanding may, by written notice to the Clerk, rescind
and annul such declaration and its consequences, but no such
rescission or annulment shall extend to or affect any
subsequent default or impair any right consequent thereon.
Section 804. Enforcement of Remedies. Upon the
happening and continuance o any event Of e au specified in
Section 802 of this Article, then and in every such case the
Eondholders of not less than twenty-five per centum (25%) in
aggregate principal amount of the Bonds then Outstanding
hereunder may proceed to protect and enforce their rights and
the rights of the Bondholders under this Resolution by such
suits, actions or special proceedings in equity or at law,
either for the specific performance of any covenant or
agreement contained herein or in aid or execution of any power
herein granted or for the enforcement of any proper legal or
equitable rights as such Bondholders shall deem most effectual
to protect and enforce such rights.
Section 805. Pro Rata Application of Funds. Anything
in this Resolution to the contrary notwithstanding, if at any
time the moneys in the Sinking Fund shall not be sufficient to
pay the principal of or the interest on the Bonds as the same
shall become due and payable, such moneys, together with any
moneys then available or thereafter becoming available for such
purpose, whether through the exercise of the remedies provided
for in this Article or otherwise, shall be applied as follows:
(a) Unless the principal of all the Bonds shall
have become due and payable, all such moneys shall be
applied:
First: to the payment to the persons
entitT-FT—It hereto of all installments of interest
then due, in the order of the maturity of the
installments of such interest, and, if the amount
available shall not be sufficient to pay in full
any particular installment, then to the payment
ratably, according to the amounts due on such
installment, to the persons entitled thereto,
without any discrimination or preference except
as to any difference in the respective rates of
interest specified in the Bonds;
Second: to the payment to the persons
entitled thereto of the unpaid principal of any
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of the Bonds which shall have become due (other
than Bonds called for redemption for the payment
of which moneys are held pursuant to the
provisions of this Resolution), in the order of
their due dates, with interest upon such Bonds
from the respective dates upon which they became
due, and, if the amount available shall not be
sufficient to pay in full the principal of Bonds
due on any particular date, together with such
interest, then to the payment first of such
interest, ratably according to the amount of such
interest due on such date, and then to the
payment of such principal, ratably according to
the amount of such principal due on such date, to
the persons entitled thereto without any
discrimination or preference; and
Third: to the payment of the interest on
and the principal of the Bonds, to the purchase
and retirement of Bonds and to the redemption of
Bonds, all in accordance with the provisions of
Article IV of this Resolution.
(b ) If the principal of all the Bonds shall have
become due and payable, all such moneys shall be
applied to the payment of the principal and interest
then due and unpaid upon the Bonds, without preference
or priority of principal over interest or of interest
over principal, or of any installment of interest over
any other installment of interest, or of any Bond over
any other Bonds, ratably, according to the amounts due
respectively for principal and interest, to the
persons entitled thereto without any discrimination or
preference except as to any difference in the
respective rates of interest specified in the Bonds.
(c) If the principal of all the Bonds shall have
been declared clue and payable and if such declaration
shall thereafter have been rescinded and annulled
under the provisions of Section 803 of this Article,
then, subject to the provisions of paragraph (b) of
this Section in the event that the principal of all
the Bonds shall later become due or be declared due
and payable, the moneys remaining in and thereafter
accruing to the Sinking Fund shall be applied in
accordance with the provisions of paragraph (a) of
this Section.
The provisions of this Section are in all respects
subject to the provisions of Section 801 of this Article.
Whenever moneys are to be applied by the Finance
Director pursuant to the provisions of this Section, such
moneys shall be applied by the Finance Director at such times,
and from time to time, as the Finance Director in his sole
discretion shall determine, having due regard to the amount of
such moneys available for application and the likelihood of
additional moneys becoming available for such application in
the future; the deposit of such moneys with the Paying Agents,
or otherwise setting aside such moneys, in trust for the proper
purpose shall constitute proper application by the Finance
Director; and the Finance Director shall incur no liability
whatsoever to the county, to any Bondholder or to any other
person for any delay in applying any such moneys, so long as
the Finance Director acts with reasonable diligence, having due
regard to the circumstances, and ultimately applies the same in
accordance with such provisions of this Resolution as may be
applicable at the time of application by the Finance Director.
Whenever the Finance Director shall exercise such discretion in
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applying such moneys, it shall fix the date (which shall be an
interest payment date unless the Finance Director shall deem
another date more suitable) upon which such application is to
be made and upon such date interest on the amounts of principal
to be paid on such date shall cease to accrue. The Finance
Director shall give such notice as it may deem appropriate of
the fixing of any such date, and shall not be required to make
payment to the Bondholder of any Bond until such Bond shall be
surrendered to the Finance Director for appropriate endorsement
or for cancellation if fully paid.
Section 806. Effect of Discontinuance of
Proceedings. In case any proceeding taken by any Bondholder on
account of any default shall have been discontinued or
abandoned for any reason, then and in every such case the City
and the Bondholder shall be restored to their former positions
and rights hereunder, respectively, and all rights and remedies
of the Bondholder shall continue as though no such proceeding
had been taken.
Section 807. No Remedy Exclusive. 110 remedy herein
conferred upon or reserved to Bondholders of the Bonds is
intended to be exclusive of any other remedy or remedies herein
provided, and each and every such remedy shall be cumulative
and shall be in addition to every other remedy given hereunder
or by law.
Section 808. Restriction on Individual Bondholder
Actions. No one or more Bondholders of t e Bonds issued
hereunder shall have any right in any manner whatever by his or
their action to affect, disturb or prejudice the security of
this Resolution, or to enforce any right hereunder except in
the manner herein provided, and all proceedings at law or in
equity shall be instituted, had and maintained in the manner
herein provided and for the benefit of all Bondholders of such
Outstanding Bonds, and any individual rights of action or other
right given to one or more of such Sondholders by law are
restricted by this Resolution to the rights and remedies herein
provided.
Section 809. Delay Plot a 'Via iver. No delay or
omission of any Bondholder to exercise any right or power
accruing upon any default shall impair any such right or power
or shall be construed to be a waiver of any such default or an
acquiescence therein; and every power and remedy given oy --his
Article to the Bondholders may be exercised from tine to ti;1e
as often as may be deemed expedient.
Section 810. Right to Enforce Payment of 3onds.
Nothing in this Article shall affect or impair the right of any
Bondholder to enforce the payment of the principal of and
interest on his Bond, or the obligation of the City to pay the
principal of and interest on each Bond to the Bondholder there
or at the time and place in said Bond expressed.
Section 811. Right to Cure Defaults. Subject in all
respects to the other Sections of this Artic e, the city shall
have the right to cure any acid all defaults hereunder.
ARTICLE IX
SUPPLEMENTAL RESOLUTIONS
Section 901. Supplemental Resolution Without
Bondholders' Consent. The Council may, from time to time acid
at any time, adopt such resolutions supplemental hereto as
shall not be inconsistent with the terms and provisions hereof
(which supplemental resolutions shall thereafter form a part
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(a) to cure any ambiguity or formal defect or
omission or to correct any inconsistent provisions in
this Resolution or in any supplemental resolution, or
(b) to grant to or confer upon the Bondholders
1 any additional rights, remedies, powers, authority or
security that may lawfully be granted to or conferred
2 upon the Bondholders, or
3 (c) to add to the conditions, limitations and
restrictions on the issuance of Bonds under the
4 provisions of this Resolution other conditions,
limitations and restrictions thereafter to be
S observed, or
6 (d) to add to the covenants and agreements of
the City in this Resolution other covenants and
7 agreements thereafter to be observed by the city or to
surrender any right or power herein reserved to or
g conferred upon the City.
9 (e) to provide for the issuance of Bonds in
coupon form, including such modifications as are
10 necessary or desirable to provide herein the customary
terms and conditions relating to bonds issued in
11 coupon form.
12 At least thirty (30) days prior to the adoption of any
supplemental resolution for any of the purposes of this
13 Section, the Clerk shall cause a notice of the proposed
adoption of such supplemental resolution to be mailed, postage
14 prepaid, to all registered owners of Bonds at their addresses
as they appear on the registration books. Such notice shall
15 briefly set forth the nature of the proposed supplemental
resolution and shall state that copies thereof are on file at
16 the office of the Clerk for inspection by all Bondholders. A
failure on the part of the Clerk to mail the notice required by
17 this Section shall not affect the validity for such
supplemental resolution.
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Section 902. Supplemental Resolution With Bondholders'
19 Consent. Subject to the terms and provisions containd in this
Section, and not otherwise, the Bondholders of not less thari
20 two-thirds (2/3) in aggregate principal amount of tire_ aonas
then Outstanding shall have the right, from time to time,
21 anything contained in this Resolution to '_::e contrary
notwithstanding, to consent to and approve the adoption of such
27 resolution or resolutions supplemental hereto as shall be
deemed necessary or desirable by the City for the purpose of
23 modifying, altering, amending, adding to or rescinding, in any
particular, any of the terms or provisions contained in this
24 Resolution or in any supplemental resolution; provided,
however, that nothing herein contained shall permit, or be
25 construed as permitting, (a) an extension of the maturity of
the principal of or the interest on any Bond issued hereunder,
26 or (b) a reduction in the principal amount of any Bond or the
redemption premium or the rate of interest thereon, or (c) the
27 creation of a pledge of the Net Revenues other than the pledge
created by this Resolution, or (d) a preference or priority of
28 any Bond or Bonds over any other Bond or Bonds, or (e) a
reduction in the aggregate principal amount of the Bonds
29 required for consent to such supplemental resolution. If at
the time of any such amendment any of the Bonds shall be
30 insured as to payment of principal and interest by an insurance
company in the business of insuring such risks pursuant to an
31 agreement entered into between the City and such insurer, no
such amendment shall be made except with the consent of such
32 insurer. Nothing herein contained, however, shall be construed
as making necessary the approval by Bondholders of the adoption
33 of any supplemental resolution as authorized in Section 801 of
this Article.
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If at any time the City shall determine that it is
necessary or desirable to adopt any supplemental resolution for
any of the purposes of this Section, the Clerk shall cause
notice of the proposed adoption of such supplemental resolution
to be mailed by first-class mail, postage prepaid, to all
registered owners of Bonds at their addresses as they appear on
the registration books. Such notice shall not, however, be
subject to any liability to any Bondholders. The City shall
not, however, be subject to any liability to any Bondholder by
reason of its failure to cause the notice required by this
Section to be mailed and any such failure shall not affect the
validity of such supplemental resolution when consented to and
approved as provided in this Section. A subsequent Resolution
of the City Council may provide that the form and manner of
providing notice to bondholders be in some different form if so
determined by the City Council; in particular, if the City
Council shall determine, based upon advice of Bond Counsel,
that interest on any series of Bonds will not be subject to
federal income taxation if such Bonds are issued in coupon
form, then such subsequent Resolution may provide for the
publication of notice in the form and manner as is customarily
applicable with respect to bonds issued in coupon form.
Whenever, at any time within one year after the date
of the first publication of such notice, the Clerk shall have
received an instrument or instruments in writing purporting to
be executed by the Bondholders of not less than two-thirds
(2/3) in aggregate principal amount of the Bonds then
Outstanding, which instrument or instruments shall refer to the
proposed supplemental resolution described in such notice and
shall specifically consent to and approve the adoption thereof
in substantially the form of the copy thereof referred to in
such notice, thereupon, but not otherwise, the Council may
adopt such supplemental resolution in substantially such form,
without liability or responsioility to any Bondholder, whether
or not such Bondholder consented thereto.
If' the Bondholders of not less than two-thirds (2/3)
in aggregate principal amount of the Bonds Outstanding at the
time of the adoption of such supplemental resolution shall have
consented to and approved the adoption thereof as herein
provided, no Bondholder of any Bond shall have any right to
object to the adoption of such supplemental resolution, or to
object to any of the terms and provisions contained therein or
the operation thereof, or in any manner to question she
propriety to the adoption therof, or to enjoin or restrain the
Board from adopting the same or from taking any action pursuant
to the provisions thereof.
Upon the adoption of any supplemental resolution
pursuant to the provisions of this Section, this Resolution
shall by and be deemed to be modified and amended in accordance
therewith, and the respective rights, duties and obligations
under this Resolution of the Court and all Bondholders of Bonds
then Outstanding shall; thereafter be determined, exercised and
enforced in all respects under the provisions of this
Resolution as so modified and amended.
Section 903. Su2plemental Ordinance Part of Ordinance.
Any supplemental resolution adopted in accordance with the
provisions of this Article shall thereafter form a part of this
Resolution, and all of the terms and conditions contained in
any such supplemental resolution as to any provision authorized
to be contained therein and shall be deemed to be part of the
terms and conditions of this Resolution for any and all
purposes. In case of the adoption and approval of any
supplemental resolution, express reference may be made thereto
in the text of any Bonds issued thereafter, if deemed necessary
or desirable by the City.
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ARTICLE X
DEFEASANCE
If, when the Bonds secured hereby shall have become
due and payable in accordance with their terms or shall have
been duly called for redemption or either irrevocable
instructions to call the Bonds for redemption or to pay the
Bond at their respective maturities or redemption dates or any
combination of such payment and redemption shall have been
given by the city to the Paying Agents or an appropriate
fiduciary institution acting as escrow agent, the whole amount
of the principal and the interest and premium, if any, so due
and payable upon all of the Bonds then Outstanding shall be
paid or sufficient moneys to pay at maturity or to redeem all
of the Bonds together with all interest accrued and to accrue
thereon to dates of maturity, or redemption, shall be held by
such escrow agent or the Paying Agents for such purpose under
the provisions of this Resolution, and provision shall also be
made for paying all other sums payable hereunder by the City,
then and in that case the right, title and interest of the
Bondholders of the Borids secured hereby in the revenues, funds
and accounts mentioned in this Resolution shall thereupon
cease, determine and become void on that date without further
action of the Board, and the Finance Director may apply any
surplus in any account in the Sinking Fund and all balances
remaining in any other funds or accounts, other than moneys
held for the redemption or payment of Bonds, to any lawful
purpose of the City as the Board shall determine; otherwise
this Resolution shall be, continue and remain in full force and
effect; provided, however, that in the event Defeasance
Obligations shall be deposited with and held by such escrow
agent or the Paying Agents as hereinabove provided, and in
addition to the requirements set forth in Article III of this
Resolution, the Clerk shall within thirty (30) days after such
Defeasance Obligations shall have been deposited with such
escrow agent or the Paying Agents cause a notice signed by the
Finance Director to be published in the City, and in a Daily
PJewspaper of general circulation or a financial journal
published in the Borough of Manhattan, City and State of tiew
York, setting forth (a) the date designated for the redemption
of the Bonds or a statement to the effect that such Bonds are
to be paid at their respective maturities or mandatory
redemption dates, (b) a description of the Defeasance
Obligations so held by such escrow agent or the Paying Agents,
and (c) that this Resolution has become void in accordance with
the provisions of this Section.
All moneys and obligations held by such escrow agent
or the Paying Agents pursuant to this Section shall be held in
Trust and the Principal and interest of said obligations when
received, and said moneys, applied to the payment, when due, of
the principal and the interest and the premium, if any, of the
Bonds so called for redemption.
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 1101. Execution of Instruments by Bondholders
and Proof of Ownership. or --Bonds. Any request, direction,
consent or other instrument in writing required by this
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 this 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:
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(a) The fact 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 affieavits
within such jurisdiction, to the effect that such
instrument was subscribed and sworn to before him, or
by an affidavit of a witness to such execution.
(b) The ownership of registered Bonds shall be
proved by the registration books kept under the
provisions of Section 204 of this 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.
But nothing contained in this Article shall be
construed as limiting the City Manager to such proof, it being
intended that the City Manager may accept any other evidence of
the matters herein stated which it may deem sufficient.
Notwithstanding any of the foregoing provisions of
this Section, the City Manager shall not be required to
recognize any person as a holder of any Bond or coupon or to
take any action at his request unless such Bond or coupon shall
be deposited with him.
Section 1102. Effect of Covenants. All covenants,
stipulations, obligations an agreements of the City contained
in this Resolution shall be deemed to be covenants,
stipulations, obligations and agreements of the City and of the
Board and of each department and agency of the City to the full
extent authorized or permitted by law, and all such covenants,
stipulations, obligations and agreements shall bind or inure to.
Section 1103. Manner of Givinq Notice. Any notice,
demand, direction, request or other instrument authorized or
required by this Ordinance to be given to or filed with the
County or the Board shall be deemed to have been sufficiently
given or filed for all purposes of his Ordinance if and when
sent by registered mail return receipt requested:
to the City, if addressed to the City Manager of
the City of Tamarac, City Hall, Tamarac, Florida;
Section 1104. Successorshi2 of Paying Agents. Any
bank or trust company with or into which the paying Agents, or
either of them, may be merged or consolidated, or to which the
assets and business of the Paying Agents, or either of them,
may be sold, shall be deemed the successor of such Paying
Agents for the purposes of this Resolution. If the position of
the Paying Agents, or either of them, shall become vacant for
any reason, the Board shall, within thirty (30) days
thereafter, appoint a bank or trust company located in the
State of Florida, if the vacancy is in the position of a
Florida Paying Agent or located in the Borough of Manhattan,
City and State of New York if the vacancy is in the position of
a New York Paying Agent.
Section 1105. No Pledge of Faith and Credit. Nothing
in the Bonds or in this solution sha--11 be construed as
pledging the full faith and credit of the City.
Section 1106. Successorshi12 of Cit Officers. In the
event that the office of the Clerk, Finance Director or City
Attorney shall be abolished or any two or more of such offices
shall be merged or consolidated, or in the event of a vacancy
in any such office by reason of death, resignation, removal
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from office or otherwise, or in the event any such officer
shall become incapable of performing the duties of his office
by reason of sickness, absence from the City or otherwise, all
powers conferred and all obligations and duties imposed upon
such officer shall be performed by the officer succeeding to
the principal functions thereof or by the officer upon whom
such powers, obligations and duties shall be imposed by law.
Section 1107. Substitute publication. If, because of
the temporary or permanent suspension of publication of any
newspaper or financial journal or for any other reason the
City shall be unable to publish in a newspaper or financial
journal any notice required to be published by any provision of
this Resolution, the City shall give such notice in such other
manner as in its judgment shall most effectively approximate
such publication, and the giving of such notice in such manner
shall for all purposes of this Resolution be deemed to be in
compliance with the requirement for the publication thereof.
Section 1108. Effect of partial Invalidity. In case
any one or more of the provisions of this Resolution or of any
Bonds issued hereunder shall for any reason be held to be
illegal or invalid, such illegality or invalidity
affect airy other provisshall not
ions of this Resolution or of the Bonds,
but this Resolution and the Bonds shall be construed and
enforced as if such illegal or invalid provision has not been
contained therein. The Bonds are issued and this Resolution is
adopted with the intent that the laws of the State of Florida
shall govern their construction.
Section 1109. Inconsistent Resolutions. All
resolutions and parts thereof which are incons,istecit with any
Of the provisions of this Resolution are hereby declared to be
inapplicable to the provisions of this Resolution.
Section lllo. Further Acts. The officers and agents
of the City are hereby authorized and directed to do all *hp
acts and things required of them by the Bonds and this
Resolution, for the full, punctual and complete performance of
all of the terms, covenants, provisions and agree.,:cents
contained in the Bonds and this Resolution.
Section 1111. Headin s Not part of Resolution. Any
headings preceding the texts of the several articles and
Sections hereof and any table of contents, r„„arginal notes or
footnotes appended to copies hereof shall be solely for
convenience or reference, and shall not constitute a part of
this Resolution, nor shall they affect its c,,eaning,
construction or effect.
Section 1112. City and Bondholders Alone Have Ri hts
under Resolution. Except as herein otherwise expressly
provided, nothing in this Resolution, expressed or implied, is
intended or shall be construed to confer upon any person, firm
or corporation, other than the City and the holders of the
Bonds issued under and secured by this Resolution, any right,
remedy or claim, legal or equitable, under or by reason of the
Resolution or any provision hereof, this Resolution and all its
provisions being intended to be and being for the sole and
exclusive benefit of the City and the holders from time to time
of the Bond issued hereunder.
Section 1113. Validation of Bonds. The City Attorney
is hereby authorized and directed to take proper proceedings
for the validation of the Bonds authorized by Section 206 of
this Resolution.
Section 1114. Sale of Bonds. The Bonds shall be
issued and sold at public or private sale at one time or in
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installments from time to time and at such price or prices
consistent with the provisions of the Act and the requirments
of this Ordiances as the Issuer shall hereafter determine by
resolution; provided, that the first installment of the Bonds
shall be sold and delivered only if the proceeds will- be
sufficient together with other funds of the Issuer, to effect
the refunding program described in this Resolution.
Section 1115. Publication of Notice of Refunding.
Within thirty (30) days after the delivery of the first
installment of the Bonds, the Issuer shall cause to be
published one time in a newspaper of general circulation in the
City of Tamarac, Florida, and a financial journal of general
circulation in the City and State of New York, a notice of the
advance refunding of the Series 1980 Bonds.
Section 1116. Resolution Effective. This Resolution
shall take effect immediately upon its adoption.
PASSED, ADOPTED AITJ APPRdVLD THIS 10th day of Decenber, 1985.
MAYOR
ATTEST:
r- P"aWt7-
I HEREBY CERTIFY that I have
approved the form and correct-
ness of —the RESOLJT ON.
ri
RECORD OF COUNCIL. VOTE
MAYOR: KRAVITZ e--
DIST4: C/M STEIN ._
DIST 3: C/M GO i TES�IAN
Ct y A!tt rney
DIST 2: C/Nq WILINITZ l
DIST 1: V/M MASSARQ. _ r__
10
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