HomeMy WebLinkAboutCity of Tamarac Resolution R-85-437Introduced by: Temp. Reso. #3943
CITY OF rAuAIAC
RESOLUTION_ NO. -'MS-" 37
RESOLUTION PROVIDING FOR THE ISSUANCE OF
WATER AND SEWER UTILITY REVENUE AND
REFUNDING BONDS, SERIES 1985, OF THE CITY OF
TAMARAC, FLORIDA, PURSUANT TO RESOLUTION
NO. R-85-21, AS AMENDED AND RESTATED;
PROVIDING FOR THE INTEREST PAYMENT DATES,
AGGREGATE PRINCIPAL AMOUNT, MATURITIES AND
INTEREST RATES r'Uk Thh bERIAL b(inDS, lk' ANY,,
PROVIDING FOR THE AGGREGATE PRINCIPAL
AMOUNT, INTEREST PAYMENT DATES, MATURITIES,
INTEREST RATES AND AMORTIZATION REQUIREMENTS
FOR THE TERM BONDS, IF ANY; PROVIDING FOR
THE PRINCIPAL AND INTEREST REQUIREMENTS FOR
THE BONDS; PROVIDING FOR A PAYING AGENT AND
BOND REGISTRAR FOR THE BONDS; APPROVING A14D
AUTHORIZING THE EXECUTION AND DELIVERY BY
THE CITY OF A BOND PURCHASE CONTRACT FOR THE
BONDS; APPROVING AND AUTHORIZING THE
EXECUTION AND DELIVERY BY THE CITY OF AN
ESCROW AGREEMENT BETWEEN THE CITY AND AN
ESCROW AGENT; PROVIDING FOR AN ESCROW AGENT;
AWARDING THE BONDS PURSUANT TO A NEGOTIATED
SALE; APPROVING THE DISTRIBUTION OF A
PRELIMINARY OFFICIAL STATEMENT RELATING TO
THE BONDS; AUTHORIZING THE EXECUTION,
DELIVERY AND DISTRIBUTION OF A FINAL
OFFICIAL STATEMENT; AUTHORIZING THE
EXECUTION AND DELIVERY OF CLOSING DOCUMENTS;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Council of the City of Tamarac (the
"Council") has previously issued $12,935,000 Water and Sewer
Utility Revenue Bonds, Series 1980, pursuant to Resolution No.
79-251 adopted by the Council on October 13, 1979, as amended
and supplemented from time to time, of which $12,525,000 of the
principal amount is currently outstanding and unpaid (the
"Series 1980 Bonds");
WHEREAS, the Council has further determined and does
hereby determine that it is in the best interest of the City of
Tamarac, Florida (the "City") 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 capital improvements and
will remove certain restrictive covenants contained in the
Series 1980 Bonds resolution which will result in.a lower rate
increase;
WHEREAS, the City under authority granted by the
Constitution of the State of Florida, Chapter 166, Florida
Statutes, its Home Rule Charter, and other applicable
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provisions of law, is authorized to issue water and sewer
utility revenue and refunding bonds to refund previously issued
bonds and to pledge certain revenues of the utility not derived
from ad valorem taxes for the payment of such bonds as futher
described and limited herein;
WHEREAS, the Council has provided for the issuance at
one time or in series from time to time of not exceeding
$15,000,000 of bonds of the City which shall be designated as
Water and Sewer Utility Revenue and Refunding Bonds, Series
1985A (the "Series 1985 Bonds"), pursuant to Resolution
No. R-85-21, duly enacted on January 23, 1985, and amended and
restated in Resolution No. R F5� `7�31&ly enacted on December 10,
1985, (the "Resolution") for the above -stated purpose including
to pay the issuance costs and interest on said bonds from the
Net Revenues of the Water and Sewer Utility. (Unless otherwise
defined herein, all capitalized terms shall be defined herein
as in the Resolution); and
WHEREAS, the Resolution requires that there shall be
filed with the Trustee prior to or simultaneously with the
delivery of the Series 1985 Bonds a certified copy of the
resolution of the Board designating the Trustee, the Paying
Agents and Bond Registrar, and fixing the Series designation
and date, fixing the years and amounts in which the Series 1985
Bonds will mature, fixing the Amortization Requirements of any
Term Bonds, fixing the times and prices at which the Series
1985 Bonds are to be subject to redemption, awarding the Series
1985 Bonds, specifying the interest rate and interest payment
dates of each such Series 1985 Bond (or a maximum interest rate
and procedure by which a floating interest rate or variable
rate period shall be determined) and directing that the Series
1985 Bonds be delivered to or upon the order of the purchasers
thereof upon payment of the purchase price and to make other
necessary determinations as hereinafter set forth; and
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WHEREAS, as contemplated by the Resolution, the
Council desires to approve the form and substance of a Bond
Purchase Contract (as hereinafter defined) with respect to the
Series 1985 Bonds and authorize its execution and delivery; and
WHEREAS, the Board desires to ratify the distribution
of the preliminary Official Statement for the Series 1985A
Bonds and to authorize the execution and distribution of the
final Official Statement for the Series 1985 Bonds,
NOW, THEREFORE, BE IT RESOLVED BY THE CIY COUNCIL OF
TAMARAC, FLORIDA:
Section 1. Tile issuance, execution and delivery of
the Water and Sewer Utility Revenue and Refunding Bonds, Series
1985 in t h e aggregate Twelve million six hundred
principal amount of thousand dollars
( $12,600,000.00 ) are hereby authorized and approved.
Section 2. The Series 1985 Bonds shall be issued in
registered form only, in denominations of $5,000 or any
integral multiple thereof, dated as of December 1, 1985,
numbered consecutively from 1 upward, bear interest from their
date until their payment, payable semiannually on the first day
of each June and December of each year, commencing June 1,
1986, shall bear the original or facsimile signatures of the
Mayor and the Clerk of the City, and shall be issued in
substantially the form set forth in Exhibit A attached hereto.
Section 3. The Series 1985 Bonds shall bear interest
from their date until maturity at the rates, mature on the
dates and in the amounts, and be sold at the prices set forth
in Schedule I, attached.
Section 4. (a) A portion of the Series 1985 Bonds
shall be issued as Term Bonds in aggregate principal amounts,
maturities, not to exceed forty years, and Amortization
Requirements as set forth in Schedule I attached.
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(b) The Term Bonds shall be subject to mandatory
redemption by the County on December 1 of each year in the
principal amounts set forth in Schedule I attached, in part and
by lot without redemption premium, at one hundred percent
(100%) of the principal amount thereof plus accrued interest to
the date of redemption.
Section 5. The Series 1985 Bonds shall be subject to
redemption prior to their respective maturities, at the option
of the City, at the redemption prices, plus interest accrued
thereon to the date of redemption, as set forth in Schedule II
attached.
Section 6. Barnett Banks Trust Company, N.A.,
Jacksonville, Florida ("Barnett Banks") is hereby designated as
Paying Agent and Bond Registrar for the Series 1985 Bonds and
shall perform such duties as are more fully described in the
Resolution, the Series 1985 Bonds and any supplemental
agreement between the City and Barnett Banks.
Section 7. The Board has received a proposed purchase
contract for the Series 1985 Bonds (the "Bond Purchase
Contract") dated December 10, 1985, with respect to the
purchase of the Series 1985A Bonds by Smith Barney, Harris
Upham & Co. Inc. and William R. Hough & Company, Inc.
(collectively, the "Underwriters"). After having carefully
considered the matter, the Council hereby finds and determines
that the Bond Purchase Contract is in the best interest of the
City. The Council hereby authorizes and approves the Bond
Purchase Contract and directs that it shall be executed by and
on behalf of the City by the Mayor of the City, with the
official seal of the City impressed or imprinted thereon and
attested by the Clerk or any Deputy Clerk of the City in
substantially the form presented to the Council at the meeting
of the Board at which this resolution is adopted and as
attached hereto as Exhibit B, subject to such changes,
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insertions and omissions and such filling -in of blanks therein
as may be approved by the officers of the City executing the
same pursuant to this Section. The execution and delivery of
such Bond Purchase Contract for and on behalf of the Council by
such officers is conclusive evidence of the approval of such
officers of any such changes, insertions, omissions or
filling -in of blanks.
Section 8. The Board hereby awards the Series 1985
Bonds to the Underwriters in accordance with the provisions of
the Bond Purchase Contract for the purchase price set forth in
the Bond Purchase Agreement, and confirms its receipt of a
disclosure statement from the Underwriters complying with the
provisions of Section 218.385, Florida Statutes, as amended.
Section 9. The Series 1985 Bonds, upon their
execution, authentication, and registration, shall be delivered
to the Underwriters upon payment of the purchase price thereof,
all as more fully provided in and subject to the terms and
conditions of the Bond Purchase Contract.
Section 10.
The Council hereby approves and
authorizes the distribution of the Preliminary Official
Statement substantially in the form attached hereto as
Exhibit C, approves and authorizes the distribution of the
final Official Statement by the Underwriters in connection with
the offering and sale of the Series 1985 Bonds and directs the
Mayor of the City to execute such final Official Statement for
and on behalf of the City with such changes, insertions,
omissions and such filling -in of blanks therein as may be
approved and made in such Official Statement by the officer of
the City executing the same pursuant to this Section and the
City ,Attorney.
Section 11. The Council hereby fixes and determines
that the Principal and Interest Requirements for the Series
1985 Bonds shall be the amounts set forth in Schedule II
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attached hereto and made a part of this Resolution as fully and
completely as if herein set out in full.
Section 12. The Council hereby authorizes and
approves the Escrow Deposit Agreement between the City and
Rutland Bank, as Escrow Agent, and the execution and delivery
of the Escrow Deposit Agreement in substantially the form
presented to the Council at the meeting of the Council at which
this Resolution is adopted and as attached hereto as
Exhibit D. The Escrow Deposit Agreement hereinabove authorized
shall be manually executed for and on behalf of the City by the
Mayor, Vice Mayor, Finance Director or any Assistant Finance
Director of the City, with the official seal of the City
impressed thereon and attested by the City Clerk or any Deputy
City Clerk of the City in substantially the form attached
hereto as Exhibit D. subject to such changes, insertions and
omissions and such filling -in of blanks therein as may be
approved and made in such form of Escrow Deposit Agreement by
the officers of the City executing the same pursuant to this
Section.
Section 13. The City hereby fixes and determines that
$12,375,000.00� shall be the amount to be deposited in trust
with Rutland Bank, as Escrow Agent, for credit to the Escrow
'Trust Fund established by the Ordinance pending application in
accordance with the Ordinance and the Escrow Deposit Agreement.
Section 14. The Council hereby reaffirms that the
issuance of the Series 1985 Bonds is authorized for the purpose
of providing funds, together with other available moneys, to
refund all of the Refunded Bonds and to pay all the costs of
issuance of the Series 1985 Bonds.
Section 15. The Mayor, Clerk and any Deputy Clerk,
the City Manager and other officers, employees and agents of
the City are hereby authorized and directed to execute such
instruments, certificates and documents as may be necessary and
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appropriate and to do all acts and things required therein by
the terms, covenants, provisions and agreements of this
resolution, the Series 1985 Bonds, the Resolution and the Bond
Purchase Contract.
Section 16.
This Resolution shall take effect
immediately upon its adoption.
PASSED, ADOPTED
of �Vez,4A�-A— , 1985.
Attest:
" 40M - - 111'-4 s M104-4;
d
ution
AND APPROVED this day
Mayor
RECOF?o OF COUNCIL VOTE
ERAWTZ
"T4.,
STEAN
CIA1 GOT-T
DIST 2:
C/M MUNITZ
LIST 1:
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