HomeMy WebLinkAboutCity of Tamarac Resolution R-85-439INTRODUCED BY: Councilman Gottesman
CITY OF TAMARAC, FLODTDA
Temp. Reso. #3945
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RESOLUTION NO. 85-439
RESOLUTION AMENDING RESOLUTION NO. R-85-21
AS AMENDED AND RESTATED, RELATING TO THE
CITY OF TAMARAC WATER AND SEWER UTILITY
REVENUE AND REFUNDING BONDS TO CONFORM TO
CERTAIN PROVISIONS REQUIRED BY AMBAC
INDEMNITY CORPORATION; TO MODIFY CERTAIN
DEFINITIONS AND PROVISIONS; AND TO PROVIDE
AN EFFECTIVE DATE.
WHEREAS, the City Council of the City of Tamarac (the
"Council") adopted Resolution No. 85-21 on January 23, 1985,
which Resolution was entitled:
"RESOLUTION AUTHORIZING ISSUANCE OF NOT
EXCEEDING $30,000,000 WATER AND SEWER
UTILITY REVENUE AND REFUNDING BONDS OF THE
CITY OF TAMARAC, FLORIDA, FOR THE PURPOSE OF
REFUNDING CERTAIN WATER AND SEWER UTILITY
REVENUE BONDS., SERIES 1980, AND TO FINANCE
THE COST OF ADDITIONAL IMPROVEMENTS TO THE
CITY'S WATER AND SEWER UTILITY, PROVIDING
THAT SUCH BONDS SHALL NOT CONSTITUTE AN
INDEBTEDNESS OF THE CITY WITHIN MEANING OF
ANY CONSTITUTIONAL OR STATUTORY PROVISION OR
LIMITATICN OR A PLEDGE OF ITS FULL FAITH AND
CREDIT BUT SHALL RE PAYABLE AS TO PRINCIPAL,
PREMIUM, IF ANY, AND INTEREST SOLELY FROM
NET REVENUES OF THE CITY'S WATER AND SEWER
UTILITY; PROVIDING FOR THE CREATION OF
CERTAIN FUNDS AND ACCOUNTS; PROVIDING FOR
FORM OF SUCH BONDS; SETTING FORTH RIGHTS AND
REMEDIES OF OWNERS OF SUCH BONDS; PROVIDING
SEVERABILITY; AND AUTHORIZING VALIDATION;"
WHEREAS, the Council amended and restated Resolution
No. 85-21 by adopting a Resolution on December 10, 1985
entitled:
"RESOLUTION AMENDING AND RESTATING
RESOLUTION 110. R-85-21 AUTHORIZING THE
ISSUANCE OF NOT EXCEEDING $15,000,000 WATER
AND SEWER UTILITY 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 PRINCIPAL, PREMIUM,
IF ANY, AND INTEREST SOLELY FROM NET
REVENUES OF THE CITY'S WATER AND SEWER
UTILITY; PROVIDING FOR THE CREATION OF
CERTAIN FUNDS AND ACCOUNTS; PROVIDING FOR
FORM OF SUCH BONDS; SETTING FORTH RIGHTS AND
REMEDIES OF OWNERS OF SUCH BONDS; PROVIDING
SEVERABILITY; AND AUTHORIZING VALIDATION;"
and
WHEREAS, the City wishes to amend Resolution
No. 85-21, as amended and restated to conform with the request
of AMBAC Indemnity Corporation, the insurer of the Series 1985
Bonds; and to modify certain definitions and provisions in
order to clarify the intent of the Council;
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
TAMARAC, FLORIDA;
Section 1: Resolution No. ler.-.Y.�6is hereby amended
as follows:
1. On page 2, line 1, the word "ORDAINED" is deleted
and in its place the word "RESOLVED" is inserted.
2. In Section 101, on page 2, the following
definition is inserted after the definition "Amortization
Requirements":
The term "Available Impact Fees" shall mean
Contributions in Aid of Construction not
appropriated by the City for a specific use
and collected during each Fiscal Year.
3. In Section 101, on page 3, line 23, in the
definition of "cost", the words "and Project or" are deleted.
4. In Section 101, on page 4, subparagraph (ii), the
phrase "which are (x) not callable prior to maturity or (y)" on
line 13 is deleted. Further in the same paragraph, "(c)" is
changed to "(b)".
5. In Section 101, on page 4, subparagraph (ii), on
line 16, the phrase "highest rating category or which" is
amended to say "highest rating category and which".
6. In Section 101, on page 4, the last phrase in
subparagraph (ii), beginning with "and any certificates or
other evidences. . ." is deleted. Subparagraphs (iii) and (iv)
are also deleted.
7. In Section 101, on page 6, the following
definition is inserted after the definition of "In Lieu of Tax
Fund
The Term "Insurer" shall mean AMBAC
Indemnity Corporation.
8. In Section 101, on page 6, subsection (b) of the
definition of "Investment Obligations" is amended to read as
follows:
(b) bonds, debentures or notes issued
by the following federal agency:
Export -Import Bank of Washington;
9. In Section 101, on page 6, line 17, the phrase
"provided that such repurchase agreements may only be utilized
for overnight cash receipts and that the collateral must be
transferred to a third party and the City have a perfected
security interest therein" is inserted between the phrase
"described in (d) above" and the semi -colon.
10. In Section 101, on page 7, the definition of the
term "Pledged Impact Fees" is deleted.
11. In Section 101, on page 7, the definition of the
term "Project" is deleted.
12. In Section 101, on page 8, the term "Unpledged
Impact Fees" is amended to read as follows:
The term "Unavailable Impact Fees" shall
mean Contributions in Aid of Construction
which are appropriated for a specific use by
the City.
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13. In Section 207, on page 18, subsections (b)(3)
and (d) are deleted. Present Sections "(e)" and "(f)" are
relettered to be Sections "(c)" and O(d)w.
14. In Section 207, on page 19, language is delete
1 in the carryover paragraph on the top of the page from "but th
City Manager" starting on the third line to the end of th
2 paragraph. The following language is inserted in its stead;
follows:
"Notwithstanding the foregoing, prior to the
Issuance of any Additional Bonds for any
purposes allowed under the Resolution or any
Supplemental Resolution including the
issuance of Additional Bonds for
improvements, there must be filed with the
City Clerk a certificate signed by the
Finance Director and approved by the
Consulting Engineers stating that the Net
Revenues referred to in (b)(i) as adjusted
by (b) (1) and (b) (2) when divided by the
maximum amount of the Principal and Interest
Requirements for any Fiscal Year thereafter,
including the Additional Bonds then
requested to be delivered shall be not less
than one hundred and ten per centum (110%)."
15. Article IV, on page 21, is amended to read as
"Section 401. Construction Fund. A
special fund is hereby created and
designated the "Tamarac Water and Sewer
Utility Construction Fund" (herein
sometimes called the "Construction Funds"),
for any additional Bonds issued for
Improvements, to the credit of which such
deposits shall be made as are required by
the provisions of Sections of this Resolution.
Section 402. _Payments From Construction
Fund. Payment of the Cost of any
Improvements shall be made from the
Construction Fund as herein provided. All
such payments shall be subject to the
provisions and restrictions set forth in
this Article and the City covenants that it
will not cause or permit to be paid from
the Construction Fund any sums except in
accordance with such provisions and
restrictions. Moneys in the Construction
Fund shall be disbursed subject to such
controls and procedures as the City may
from time to time institute in connection
with the disbursement of City funds for
paying the cost of capital projects.
Section 403. Cost Of. Project or
Additional Improvements. For the purposes
of this Article, any Improvements to be
constructed or acquired shall include,
without intending thereby to limit or to
restrict or to extend any proper definition
of such Cost under the provisions of this
Resolution, the following:
(a) obligations incurred for
labor and materials and to
contractors, buildings and materialmen
in connection with the construction of
enlargements, improvements and
extensions, for machinery and
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equipment, and for the restoration or
relocation of property damaged or
destroyed in connection with such
construction.
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(b) interest accruing upon any
Bonds prior to the commencement of and
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during construction or for any
additional period and any amounts
required to fund in whole or part the
Reserve Requirement for any Bonds as
may be authorized by law and if so
provided subject to any limitation, in
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the resolution providing for, or
authorizing, the issuance of such
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Bonds.
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(c) the cost of acquiring by
purchase, if such purchase shall be
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deemed expedient, and the amount of
any award or final judgment in or any
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settlement or compromise of any
proceeding to acquire by condemnation,
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such property, lands, rights, rights
of way, franchises, easements and
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other interests in lands constituting
a part of, or as may be deemed
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necessary or convenient for the
acquisition or construction of, any
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Additional Improvements, options and
partial payments thereon, the cost of
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filling, draining or improving any
lands so acquired, and the amount of
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any damages incident to or consequent
upon the acquisition or construction
of any Additional Improvements;
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( d ) the fees and expenses of the
Paying Agents for their services under
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this Article and Article II of this
Resolution, including legal expenses
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and fees, fees and expenses of
consultants, financing charges, cost
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of preparing and issuing the Bonds,
the cost and charges of any letter of
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credit providers, taxes or other
municipal or governmental charges
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lawfully levied or assessed during
construction upon the Water and Sewer
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Utility or any property acquired
therefor, and premiums on insurance
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(if any) in connection with any
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Additional Improvements during
construction;
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( e ) fees and expenses of
engineers for making studies, surveys
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and estimates of Costs and of Revenues
and for preparing plans and
supervising construction, as well as
for the performance of all other
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duties of engineers set forth herein
in relation to the construction of any
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Additional Improvements or the
issuance of Bonds therefor;
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(f) expenses of administration
32 properly chargeable to any Additional
Improvements, and all other items of
33 expense not elsewhere in this Section
specified, incident to the acquisition
or construction and equipment of any
I Additional Improvements and the
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placing of the same in operation and
to the acquisition of real estate,
franchises and rights of way therefor,
including abstracts of title and title
insurance;
(g) any amounts hereafter
advanced by any agency of the State or
Federal Government for any of the
foregoing purposes and any obligation
or expense heretofore or hereafter
incurred by the City for any of the
foregoing purposes, including the cost
of materials, supplies or equipment
furnished by the City in connection
with the construction of any
Additional Improvements and paid for
by the City out of funds other than
moneys in the Contruction Fund and
further including any bond
anticipation notes issued by the City
in the future to pay all or any part
of the cost of any Additional
Improvements together with interest
thereon; and
Section 404. Disposition of
Construction Fund Balance. When the
construction o any Additiona1 Improvements
shall have been completed, which fact shall
be evidenced to the Finance Director by a
certificate stating the date of such
completion, signed by the Consulting
Engineers the balance in the Construction
Fund not reserved by the City for the
payment of any remaining part of the cost
Of such Additional Improvements shall be
transferred by the Finance Director to the
credit of the Redemption Account.
16. In Section 502, page 22, on line 11, the phrase
"Pledged Impact Fees' is amended to read "Available Impact
Fees'.
17. In Section 502, on page 22, inserted at the end
of the first paragraph of Section 502 is the sentence:
In the event that Available Impact Fees are
not sufficient when combined with Net
Revenues to equal the sum of one hundred
twenty percentum (120%) as previously set
forth, Net Revenues received in each Fiscal
Year when Available Impact Fees are
insufficient shall be adequate to pay at
least one hundred twenty percentum (120%) of
the Principal Interest Requirements for the
current Fiscal Year.
18. In Section 502, on page 22, on line 22, in
between the phrase "request of the" and "holders of not less
than twenty-five percentum (25%)" the words "Insurer and" are
inserted.
19. In Section 505,
phrase " Tamarac Pledged Impact
'Pledged Impact Fee Fund')'
Available Impact Fees Fund'
Impact Fee Fund')".
on page 23, on line 16, the
Fees Fund' (herein called the
is amended to read "Tamarac
(herein called the 'Available
20. In Section 505, on page 23, on line 23, the
phrase "on or before the last day" is deleted.
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21. In Section 512, on page 27, subparagraph "(c)" is
amended to be subparagraph "(d)" and subparagraph "(d)" is
amended to be subparagraph "(c)".
22. In Section 513, on page 28, the references in the
1 first paragraph to "Pledged Impact Fees" and the "Pledged
Impact Fee Fund" are amended to read "Available Impact Fees"
2 and "Available Impact Fee Fund", respectively.
7 23. In Section 513, on page 28, subparagraph (c) is
amended to read as follows: "to pay any cost".
24. In Section 513, on page 28, subparagraph (d) is
5 amended to read as follows:
6 The balance of any Available Impact Fees
remaining in the Available Impact Fee Fund
7 shall remain in such Fund to the extent that
such Available Impact Fees on deposit in
8 such Fund are not appropriated by the City
for a specific purpose. The Available
9 Impact Fees so appropriated shall be
withdrawn from such Fund and shall be deemed
10 Unavailable Impact Fees.
11 25. In Section 602, on page 29, in line 31 and 32,
the term "Pledged" is deleted and the terms "Available" is
12 inserted in its stead.
13 26. In Section 602, on page 29, in line 32, the term
"Finance Director" is deleted and the term "at the direction of
14 the city" is substituted in its stead.
1S 27. In Section 602, on page 30, between lines 9 and
10, the phrase "Band Service Account or the Redemption Account"
is deleted and in its place the term "Revenue Funds" is
substituted.
28. in Section 702, on page 31, the first sentence of
the first paragraph is amended to read as follows:
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The City covenants that it will construct
19 any Improvements, for which moneys are
repayable from the proceeds of Bonds issued
20 under the provisions of this Resolution, in
accordance with the plans theretofore
21 approved by the Consulting Engineers and
that upon the completion of the Project and
22 such Improvements they will operate and
maintain the same as a part of the Water and
23 Sewer Utility.
24 29. In Section 706, on page 33, the first line of the
fifth paragraph, the words "Insurer and the" are inserted
I25 between the words "the" and "Bondholders" in the first sentence.
26 30. In Section 709,_ on page 34, in the second
paragraph, last line, the phrase "mailed to the Insurer and
�27 the" is inserted between the words "shall be" and "available to
any Bondholder".
31. In Section 801, on page 36 is deleted. The
remaining Sections in Article VIII are renumbered accordingly.
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32. In
the
renumbered Section
802, on page 37, the
phrase "Insurer
and
the" is inserted on line 30 between the
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phrase "in every
such
case the" and "Bondholder".
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33. In
the
renumbered Section
804, on page 39, lines
22 and 23, the
phrase "The provisions
of this Section are in
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all respects subject
to the provisions
of Section 801 of this
Article" is deleted.
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34. In Section 901, on page 41, on line 14, and in
Section 902 on page 42, in the first sentence in the first
paragraph, and in Section 902, on page 42, between lines 11 and
12 and in Section 902 on page 42, in line 17, the phrase "the
Insurer and" is inserted between the words "to" and "all
registered owners of Bonds", "to" and "all registered owners of
1 Bonds", "executed by" and "the Bondholders of not less than"
2 and "If" and "the Bondholders of not less than", respectively.
35. In Section 902, on page 41, between lines 30 an
31, the phrase "pursuant to an agreement entered into between
the City and such Insurer" is deleted.
36. At the end of Article X, on page 43, the
S following language is inserted:
6 "In the event that the principal and
redemption price, if applicable, and
7 interest due on the Bonds shall be paid by
the Insurer pursuant to a municipal Bond
9 Insurance Policy between the Insurer and the
City, the assignment and pledge of the Trust
9 Estate and all covenants, agreements and
other obligations of the Issuer to the
10 Bondholders shall continue to exist and
AMAAC Indemnity shall be subrogated to the
11 rights of such Bondholders."
12 Section 2. This Resolution shall take effect
immediately upon it adoption.
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14 PASSED, ADOPTED AND APPROVED this CL325�day of
December, 1985.
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18 ATTEST:
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20 -,zWCITY CLERK RECORD OF COUNCIL VOTE
21 MAYOR: KRAVITZ
I HEREBY CERTIFY that I have ,`
22 approved the forp and correctnes
of this RESOLU ON. SDIST4: SLIM LTEIN .�
23 DIST 3: C/M 3OTTESMAN
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C Y TTOA118Y DIST 2: C/M NIT2
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649D DIST 1: V/M MA
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