HomeMy WebLinkAboutCity of Tamarac Resolution R-85-060Introduced by: _ Temp. #3517
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-85- 6 o
A RESOLUTION REGARDING THE DATES OF ADVER-
TISEMENT ON SALE OF THE CITY'S GENERAL OBLI-
GATION BONDS FOR THE CITY HALL AND POLICE
STATION PROJECT, AMENDING RESOLUTION R-85-20,
AND _PROVT,,ING AN EFFECTIVE _D , E.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
TAMARAC, FLORIDA:
That Sections 2, 3, and 4 of Resolution R-
85--20 are hereby amended to provide as follows:
"Section 2: That the official notice of sale of the
Bonds be published twice, once on or before February ZI
<334, 1985, and again on or before Rg1&1L_6. <f-ebr-u-a7ry-
-2-0-, 1985, in the Fort Lauderdale News and Sun Sentinel,
a newspaper of general circulation in the City of
Tamarac, Florida,
and on those same dates, in a financial journal within
the Borough of Manhattan, New York, New York, in the
form attached as Rgyised Exhibit !� <-OV->.
Section 3: That sealed bids shall be received no later
than 11:00 A.M. on Wednesday Marc1_13
1985, that said bids be opened at that time, and that
the Bonds be awarded to the successful bidder.
Section 4: That the City Council authorize the distri-
bution of the Preliminary Official Statement in
substantially the form attached as Revised Exhibit
<=.> in connection with the sale of the Bonds."
SECTION-2: That in all other respects Resolution
R-85-20 is reaffirmed and ratified.
,SF TIQN _,1: That this Resolution become effective
immedately upon its passage.
PASSED, ADOPTED, AND APPROVED this 2-fday of
1985.
V CE MAYOR +
ATTEST: -:
ASSISTANT CITY CLERK
I HEREBY CERTIFY that I have
approved .the form and correct-
ness Af this 36solution.
ATTO
1142021585/t
RECORD OF COUNCIL VOTE
MAYOR: KRAVITZ
DISTRICT4:
V/M STEIN_
y.
DISTRICTS:
C/M STELZER
DISTRICT2:
%'VI MUNITZ_a�
DISTRICTI:
C/M BERNSTEIN�
UU
y, 6 o "'
I%k i4 50.
REVISED EXHIBIT "A"
mms mar 2y8t/85 BGi
CUMIAL NXIIE Cy ME
%'MVw
city ofMEN=. mcrida
(lMMMl mlimtimi Bids
(My Bill, sod ROM 9�iaq)
9wi 19B4
Temp. Reso. #3517
NDtice is hareby given diet the CLty Qxrdl of the City of Man-ac, Florida (die "sty") % tll receive aw]eid bids, in care
of the =km4-isd Krum ffitector, in the City Wril Ombus, 5B11 A W. 89tih Xam, Mrmw, Florida MO-5010, Irdl
U0 o•rladc A.M., laical time on
Idstdh 13, 1965
for the ptdhase of all, but wit ]ens than all, of its $8,000,000 City of Mmmac, nxida, Oreral poi funds, (City mall
atad Follm aadW, 9edes 1.984 (the '7trds"). The Bards are m be dated Ma-ch 1, 1985 and wM mcure an 0 taker 1 of each
year, in the years ad amuls as follcas:
Die
Pdncl* hart
II�
R*ripal heart
1986
$140,00D
1996
$360,OOD
1997
150,00D
1997
40D,OX)
1988
170,00D
1998
440,011
19B9
19D,03D
1999
48D,OOD
199D
20D,000
2fW
5M,00D
1991
MAD
2wi
9®,000
1992
25p,00D
2M2
640,00D
1993
270,OOD
20D3
710,0 D
1994
300,000
2004
780,ODD
1995
33►,00D
2M5
85D,OOD
The Bands shall be issued in rgi"W fmm only, in the dims of $5,00D each or any irrgT& ma]tip] do .
hterest on the Bands is payable sami-enslly each April 1, and 0-xh1 1, ammancirg QTx* r 1, 1985, by disco or draft mtdl,ad
tan the rqgswred owners dEx ,drawn on (the "Paying art"). The XUr pal of the Birds
and the pcwdim, if sty, payable upon redazpcicn, are pr)able upm preaaYstim and surrender der at the prindploorForaoe
trust office of the iaylrg Agar. The Bonds mall be subject to mmkg3tion as eat forth b9m.
The Bands erg in the years 1986 m 1995, includve, well riot be subject to won prior m their stated des of
wafttdty. 2w Bonds meturizg in the years 1996 to 30D5, both kxlu ive, diall be subject to >Gedmp im prior m their staff
dorm of amity, at the option of the sty, frcm any fx& legally amdlakale for such putp3se ou end after OAS 1, 1995 (i)
as a tfnle at shy time, or (ii) in part, from time to, tine on any irterest psymah[ date, in kwmw order of mah ff-I des and by
lot within eadi meurity at the principal anxrt dwell and accrued bttesfst to the date of won, plus the fdLlaAig
pre ins, eqiressed in pearce tages of the principal amort of the Bards to be re1e$m1, if redeemed in the fallnArg periais:
1, 1995 - 8eptedaer 30, 1997 A (thee paoert)
Qtboba 1, 1997- 9eptemb 3D, 20M 2z (ttrn parst)
Qttober 1, 20M - WAuber 30, X03 1% (ore pemat
Otbotwa 11 MM and thereaftertttore
7xhe Boards are being issued persuwtt to Re lution th. A 64-121, sdoprrd by thre CLty (?moil of the Qty (tbe "Ouril-) an
April 25, M, as &Vp1snwted, ad file Oystidtiain and leas of the a" of Florida, inclutiftg its Haw Rile Oiazur, its
able, axd ampter 166, Florida RM,#ras. Toe knis were duly approx by a majority of the votes oast in as election field on
March 13, 1%4.
the Bm& are beirg iMaed for tine njAC pal prpose of financing the oust of the designer, plans, oxztn1:t= and
of a new aty 1hn sand ROm Modal, incladizg all mgpmaat, f nit►m and other related items dweto (de
'Pmject7 )•
amefty
The City pledps its full faith, credit " tadrg power for the praatpt psynatt of both prindpaal of, takuptia 1nmLm,
if any, cad interest ca the Bntxis Be Mud, paytra M becxame doer+.
the prindpal of, relm ptim prren Lai, if any, and the irteree t on all axh Bids d-all be payable from the Gaetal Phil or
arry arrow J�y a available fixds of the CLty. fie CLty dmll levy " anlleM aut>ally an ad valorem tax upon all ramble
property is the CLty, aver and above all od wr tam aathmiaed to be levied by the CLty, suffi,ciert to pay Bich Pd nci*,
cede I t I t pareadam, if aany, and interest as the same beonme dne and payable.
wiARHM
fie Ea ds have teas validated by jua#n3* of the am%Lt tit of the semuerth .1imcial amait of Florida, in and for
&awm3l amity, F'lorrida, remk-ed m kgast 6, 1.984, and the thm for t dit an appeal has eqitgl. fine ate m appeals
naafi.
IKammidw
In the opinion of Pim 3mobam ScbmU N3Eh Black b Ward, Mtaai, Florida, Bd Oxnael, the interest an the Birds is,
fexLstirg statxEs, rgp2 Lions and Judicial daz suns, a mmpt from all federal iraocae t aum, and the Bprds and the income
are �t from ts>mum under the Jos of the State of Fladda, eanept as to estate tmm cad t�s imposai by �
Florida R= an interest, stasamte or profits an debt ablipticxs amari by corporati s, as defined in said CN4ter 220,
star.
a,e Bads are offered far sale an the beds that the irterest tt>eareon is not objea to Fedezal ir=w taxation, on ft
cafe of delivery of the Bands to the B=emffd bid3er. if, prior m delivery of the Ebrtds, any evert dxxild OcO 4d& alters
that tax eaaatpt atatas, the amesaful biddxt may hme the prlviltge of vd irg the prdwee cortzad by giving e
written notice to the Finwm Ureatar, whamupm the good faith d ink of the paxitaset' *All be retained and all rive
obligoians of the parties will be teradr ated.
]trroet>mat Maas mod ,mod of EmdIs
1. The Bm3s will be saeacded to the blddex dim bdd M d►raes the la.est net inbetest mst to the aty. Tie net interest
oast of the Bids dull be daataza ned by ompt ng the total amrt of interest patyehle an the Hods Enter Mama 1, 1995, to
dmir respective dates of maarity and a ktrmtirg d erefrthe arorrt of any paez Lm offered, or adding dtaaen the aaaurt of
any dianxrt bid, and adding thereto the amaxtt of any m dcipal bxd insmmm Premium.
ND bid will be amerted wrdch Fmides for any diswst greater Haan 3 of the per value of the Bm3s, arludirg the
prwiLm for mxddpel brad in%MSnoe, if t;pedfind.
2. imtrsaest zataes must be cult iples of IM, 1/10 err VM of 1X. line incest rye mooed may not eWSEd the laaurSt
interest tr>tte rwiad by more d vn hares pew (3) a d interest rates mast be n mad in amm irg aa,`dw. All Brds of the wane
m9 rity mast beer the sore siz& interest tie from the date divereof to maGrlty. A bdd spadfylrg a blak or an perm
rate of interest for any maturity will tot be omsidered.
Emsmal BM m d (boo E dth CM&
All bids mst be aif-I upm the "Cific al Bld ibam firnishad by the City, mist be urrxditio a+l, and must be delivered
City in a Sealed Owelope mer ased to the th3mjdgW ad muW 'ftWsal for AODD,OOD City of Tmorm, Florida,
O]igian gas, (City Hall and Rom ;Latino, fties MV. 031y ere bdd from each ldrl3Pr will be cmidderad.
Each bid must be arm vwded by a pod faith deposit in the form of a certified or beck ma's dmdc for $160,00D drawn
upm a bank cr trust axpwV inDXPz ted in the [hued States of herica, payable umrdltiaMlly to the oenla of the City of
2omrac, Florida, on 4d& m Inbweat will be allawEd. the amut of the dnsdc of the amessfi9 bdd3er will, be applied to the
p xdwe prise but in the east the mzmessful bidder fails or zed to taw up and pay for the Semis in xae with his
bid, the amour[ of said Sand bd th duck may d m be retained by the City as and for full and a®plete bad dares. If
the City 61na11 fail to iaae or deliver the Bards, the amum of the Sand filth deposit of the ataessful bidder wtill be
retiared.
Ddbw7 of tie »
Re Beads will be delivered tD the mmoedul bidder in the BxuLgh of ME I StM1, City and %re of Mw lade, on or about
Apr l 1�5, err arh at3Er time and plane as is muaelly upm by the City ad the anoesstt�l bdd�. Riu paym�t
of the b "me of the prdwe price, in:IL� axnei Interest, m-st be made to the City at delivery by the a Ecessful tdd3er
In ibdaral Feemw or other h*+p tote y available funds wi drxt oast to the sty.
jqplity -
Braids mill be ammDa ed at delivery wdth any cog d=mats, frr]>dirg an umpaltf3ed ggnk ► as taD deir
1plity by Pine .bed m Sow= Iish Blade s Hglad, Had, Florida, Bxd Quxel. Gatadn ]gp1 matters mill be passed an
by ,m K leg, sty may, CUY of UmCW, Flcrida.
aas� nab=
C1351P identifica -a, amass mill be prirted an the Bxds, bit will go wt n+'m*{_. we a part rf the eAdgxled by the
My crux or admin whin resrem thereto will sat aaedtie savers for refusal by the amm sal bidder m anoept
delivery of the Bandcs in amcxaaaoe math the terns of the bid.
spas Bzd In —
If the Bonds %mlify for the ismsme of any policy of n a ddpal brad mama or ary Oleft rt d 11 far, utrxln3iti0aal1y
and irrevaoably g►ournaeirg paymmt of prhxipal of and interest m the Bads, any► pxdmse of m xh policy or amd,meY I da11
be at the axle apt m of the bdd3a. guild a bddrier WB=ify that the sty dell prdmse ardrlpal bad irmrarm, the lam
will be paid by the City from the Is of the Bawds. &doe of abtaird g such Insurance will be phUdied on Mmifm=.
Bach bidder must Specify an the "Of icW Bid Ram" whether uatd d band l maZn m is re* mted and the preadLm to be pod
the=eF . If the flans are aamiad cc an k aed basis, reference to suds policy Shall appaer m the Bads.
VATWdAm 9mbnax badlmd Of B1ddtS
9ubsectim 218.39(1)(b)(2). F1w1da gatutes, r 4dres that the =nqft izdasadtm of the Sucamsfiil bidder file with the
City, UL do 4D days after the delivery of the goads, a stag[ eettirg forth any fee, lamas a gftdty paid, in mme=ian
wraith the kc&, by any treinmdW m aqy Fsram rot [Manly eta qjW by the mlw�. 71is pert shall be filed math
tie Clry wm if w arh fee, baoas cr grandty ins been paid by any udenaitaer.
The City removes the rat to dr#nzLm win is the sucoemful bddder for the Basis, to eject any or all of the bids fir
Bards, and to w he any infamality in any bid far the Bids. HOft herein stand, barn er, dull ]limit the tilt'[ of the
to the dexadls of hds bid efts 11 o'clock A.M., loml time, Bach 13, 1985, or to after the Bards sdajaa m
by the C ty.
As sons as passible after the sale of the Bros, the City, if so requested, will furnish the an mffll ladder with a
rewmable comber of mgies of the fuel Sstmwt wddr t dw3ae. A reasmahle rx of CapdeB of the final Offild81
satemert *all umi to npre tim 5W auk ages. Mftt3msl copLes mEU be delivered Lq= srd at the opffm of the
e rmwfi 11 bdddet0
(bpies of the prelimrway dal 9=suant a d O fidal H(d lb= xelatlrg too the Inds my be dXai red fx= the uiiE!r-
toad at Sall N.W. ®th fie, mac, Flartda 33371-5010, (teleli x�e: (305) 722--W), or f m Tien W LLt %*molds Ix.
.Toth V= Poe, WLI&T G, 2al*vmm, F1mI& = (tom: M) 386-1184).
/_,._. :.
1
CFFJ M& BID Fm
sa6axwm
(1ty of mac, Hmida
ame al doer BmdB
(aty Ibn ad ROM 3atiar�
Sacies Sm
Pirate DLrektar ?tom h 13, 1985
MR N.W. 89th Ae+enre
mmwar-, mcirida 33321-WlO
Ibw Str:
Fbr E4 t K11 on it3 ($B4OX),M)) p*riFal art, amn-al. Mbgatim Rr&, (City Hall " ROm 8tatim), Sales
1984, of the C[t y of 7m, Florida, dated March 1, 19B5, described in the stta and OCfldal NxIm of Sale, 4dch is hereby
made a part of tbU proposal., mcd for all but not less dm all of add Rxds, wdth interest per ann m avid Bx&
B I In the years and azo as fo1]ra�s:
Die Principal Aaxrt Pate an PtinrE!E!l Aaxnt hate
1986 $140,000 x M $360,C0D z
W 190,ODa z 1997 40D,03D z
BBB 170,CW z 1998 440,OOD z
1989 190,OOD x 1999 48D,OOD %
199D 2 D,ODD % xoaD 53D,000 x
1991 23D,000 x 27D1 58D,000 x
1992 250,OOD x 3ia2 640,000 x
1993 270,OOD x 2m 710,OW z
1194 31D,OOD X 2004 78D,OM x
1995 33D,OOD X ?ADS 85D,OOD x
OEBW to psy tare em of n21m
t$ , with a=ueid interest, if any, to the date of delivery.
At the the of delivery of the Boris, file C1.ty cheap fir dsh m us, free of dwW, the wed oplydm of Fire ,laxb m
Sl ar= Nash Block & Rglard, Kad, Salida, aria muwl, mp xmirg the 14Lity cif raid Breads, ocae11 with the usual
clasirg p pm, as spadified in tte Official NXice of We.
in a=da= with the (ffidal NStice of We, we aiclese hrewith a ce ti mid or bank eastdear's deck in the amxxt of ore
Hzdred Sbcty 2rLg d Dollars ($160,ODD) dray► upon► an inoorporatei bark or tit amPary. payable ditioMlly m the arder
of the City of Dora =, F7xrlda, to be applied to amardaaae with the (ffidsl Nxic a of Sale.
MAS proposal is is not [dredc errel ride for bonds =ryirg w ddpal bond insixaroe with the Irwrmm
P-MiM to be pdd for by the sty of Saedda, frees the Bxd 1t=eads.
Mris proposal is not subject m ady mrditiers rant agressly stared herein ar in the arrraad NtIce of Sale. 2E names of
the u krwdtem or ffiabexs of the w"xt who am ammiated far tie prpuee of this paposal are ].i>sped m a sfiaet
attacrad hereto.
Pawactfdly ofidmed,
1
Me ate irrrest owt, aamp#Ad from Pkrch 1, M, to the m Writy deters of mid $B4OM,OOD of Bmis at the nee err nSt
gvd.fied in the above ptaposal, is .................................. $
I�P SmdLID or disim L affemd Is. • • • r r . • • r • • • • • • • • • • • . • • • • • . • • • w . • • $
ino�r. rw M3d= bD be paid by 1t MY Is (C1L19FJ a& if mt applicable) . . .. . .... . . . . $
rat krArestccotis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
aaerage wt rota st cost nee of dime Barris is .......................... %
re 2' &3a agxrjd i is a bdtted far prFo�s of idfarn,dm ally and is cat a pert of dds pcqmml*
aiditian cr
altaattm is t�D be merle W this OEUMAI ittd �, and it =at rant be detad7ed from the careered � Md� of 911e.)
I dD hmubry adaneded* the return of the prod faith dm* in the a=rt of $160,000 swInmed mdth this Md.
By:
1
P-j
4
, �4,5,0. &�-, (im
1
REVISED EXHIBIT "B"
FIFTH DRAY! 2/8/85 Fri
PRELIMINARY OFFICIAL STATEMENT, DATED
NEW ISSUE
Temp. Reso. #3517
, 1985
Ratings: !body's:
Standard i Poor's:
(see "Ratings" herein)
In the opinion of Bond Counsel, the interest on the Bonds is, under existing
statutes, regulations and judicial decisions, exempt from all federal income
taxes and the Bonds and the income thereon are exempt from taxation under the
laws of the State of Florida, except as to estate taxes and taxes imposed by
Chapter 220, Florida Statutes, on interest, income or profits on debt obliga-
tions owned by corporations, as defined in said Chapter 220, Florida Statutes.
$8,000,000
CITY OF TA!lARAC, FLORIM
GENERAL OBLIGATION BONDS
(City Sall and Police Station)
Series 1984
Dated: March 1, 1985 Due: October 1, as shown below
Thp xnnAla aro being issued for the purpose of financing the construction of a
new City Hall and Police Station, as described herein.
The Bonds are being issued pursuant to Resolution No. R-84-121, adopted by the
City Council of the City (the "Council") on April 25, 1984, as supplemented,
and the Constitution and laws of the State of Florida, including its Some Rule
Charter, its Code, and Chapter 166, Florida Statutes. The Bonds were duly
approved by a majority of the votes cast in an election held on March 13,
1984.
The City pledges its full faith, credit and taxing power for the prompt
payment of both principal of, redemption premium, if any, and interest on the
Bonds as such payments become due.
The principal of, redemption premium, if any, and the interest on all such
Bonds shall be payable from the General Fund or any other legally available
funds of the City. The City shall levy and collect annually an ad valorem tax
upon all taxable property in the City, over and above all other taxes author-
ized to be levied by the City, sufficient to pay such principal, redemption
premium, if any, and interest as the same become due and payable.
The' Bonds shall be issued in registered form in the denomination of $5,000
each or any integral multiple thereof. Interest on the Bonds is payable semi-
annually on April 1 and October 1 commencing October 1, 1985, by check or
draft mailed to the registered owners thereof, drawn on
(the "Paying Agent"). The principal of the Bonds and the premium, if any,
payable upon redemption, are payable at the principal corporate trust office
of the Paying Agent. The Bonds shall be subject to redemption as set forth
herein. The Bonds shall bear interest at the rates and shall mature in the
amounts and on the dates as set forth below.
1
1
1
Due
Principal
Amount
1986
$140,000
1987
150,000
1988
170,000
1989
190,000
1990
200,000
1991
230,000
1992
250,000
1993
270,000
1994
300,000
1995
330,000
Price
Interest or
Rate Yield
Principal Interest
Due
Amount Rate
1996
$360,000
1997
400,000
1998
440,000
1999
480,000
2000
530,000
2001
580,000
2002
640,000
2003
710,000
2004
780,000
2005
850,000
SEALED BIDS FOR SEE BONDS WILL BE RECEIVED
UNTIL 11:00 A.M. (local time) ON MARCH 13, 1985.
Price
or
Yield
The Bonds will be offered when, as and if issued, subject to approval of Fine
Jacobson Schwartz Nash Block 6 England, Miami, Florida, Bond Counsel. The
Bonds are expected to be available for delivery in definitive form in New
York, New York, on or about , 1985.
CITY OF TAMARAC, FLORIDA
.0
MAYOR
Phillip B. Kravitz
CITY COUNCIL
Jack Stelzer Raymond J. Munitz Allan Burnstein
CITY MANAGER
Elly F. Johnson
FINANCE DIRECTOR CITY CLERIC
Stephen A. Wood Marilyn P. Bertholf
FINANCIAL ADVISOR
Dean Witter Reynolds Inc.
Miami, Florida
BOND COUNSEL
Sydney M. Stein
CITY ATTORNEY
Jon M. Benning
Fine Jacobson Schwartz Nash Block 6 England
Miami, Florida
1
�lb daell,er, brdw, sWas= or other person has bean at}nd ed to give arty inEmm3dw or to mike ary relaumtatIms, ather
than those oarltained in tads Ofiical Statnent, ad if given or made, a x:h odw idaommion or r r maroon mist not be
relied upaa. %t[,s Offidma Stataurt does not aansdblGe an off to sell or the ealidtetirn of an af%r to buy, nor shall
there be any male of the Bads by mW pos'm in wV juriafLin 4drh it is unlwafd far ax:h pto meiae sudh offer,
ealidtadai or male. the infacwtim set forth bmdn has been obtained from murk s rich are belie-ed to be reliable but is
mt gammteed as to aanracy or . 7he infamEtLan aid eqrm3das of opinion hme n are abject to d ecge without
nod and r I , I the delivery of this Mfirdal Stet n3r any sale made haandez shall, urdet any dromtm�, create
any tWilcsdan that there has been nn dww in the affairs of the CCty of Moffm z nae the date hereof or the earliest date
as of gtch said inn is given.
1, ;• � �� Ili 11.
• . • • r • • • • . • • • • . . • • • r • • • • • • • • • • • • • • • • • • • • • . • • • • • • • • • • . . r 1
Tle Bxds. • • . . • • • • • • • • • • • • • • • • . • • • • • • • • • • • • • • • • • • • • • • . • • • • r • • • • • . r 1
kdkqxim ProvisiQls. . • • • • • • • • • . . . • . • • • • • • • • • • • • • r • • • • • • . • • • • . . . • . . . . • 1
Purpose. • • • • . . • • • . . . . . . • . • • . • • • . • . . • • . . . . • • • . . • • • • . . • • • . • • . • . • . • . 2
Appliamdm of Bond R000m& ............. r .............. 0 .................. 3
axwom n
and MOB of 1�. . . . . . . . . . • • . . . . . . . . • . . . . . . . . . . . . . . . . . . . • • . . . • • • • 3
SawdtyfarBards.................................................... 3
Ad valarem . rr •• • • • • • • . • • • • • • • • • • • • • • r • • . . • • • • r • • • • • • • • • • r r • • . . 3
propetty proomyy ft. . • • • • . r • . • • . • • • r • • • r . • • . . • • • • . . • • . • . • • . . . . • . . . 3
lAssessed whe of uahle Afnpmy............................................ 4
IM7 of Ad watea M� . . . . . . . . • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
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granary of Urect and QmwIaWxg Debt .......................................... 8
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LI
i
OFFICIAL STATEMENT
$8,000,000
CITY OF TAMARAC, FLORIDA
GENERAL OBLIGATION BONDS
(City Nall and Police Station)
Series 1984
INTRODDCT•i0N
The purpose of this Official Statement, including the cover page and
appendices, is to provide information concerning the sale by the City of
Tamarac, Florida (the "City"), of $8,000,000 principal amount of General
Obligation Bonds, (City Hall and Police Station), Series 1984 (the "Bonds").
The Bonds are being issued pursuant to Resolution No. R-84-121, adopted by
the City Council of the City (the "Council") on April 25, 1984, as supplement-
ed, and the Constitution and laws of the State of Florida, including its Home
Rule Charter, its Code, and Chapter 166, Florida Statutes. The Bonds were
duly approved by a majority of the votes cast in an election held on March 13,
1984.
THE BONDS
The Bonds shall be issued in registered form in the denomination of $5,000
each or any integral multiple thereof. Interest on the Bonds is payable semi-
annually on April 1 and October 1 commencing October 1, 1985, by check or
draft mailed to the registered owners thereof, drawn on
(the "Paying Agent"). The principal of the Bonds and the premium,
if any, payable upon redemption, are payable at the principal corporate trust
office of the Paying Agent. The Bonds shall be subject to redemption as set
forth below. The Bonds shall bear interest at the rates and shall mature in
the amounts and on the dates as set forth on the cover page of this Official
Statement.
The Bonds maturing in the years 1986 to 1995, inclusive, shall not be
subject to redemption prior to their stated dates of maturity. The Bonds
maturing in the years 1996 to 2005, both inclusive, shall be subject to
redemption prior to their stated dates of maturity, at the option of the City,
from any funds legally available for such purpose on and after October 1, 1995
(i) as a whole at any time, or (ii) in part, from time to time on any interest
payment date, In Inverse order of maturities and by lot within each maturity
at the principal amount thereof and accrued interest to the date of redemp-
tion, plus the following premiums, expressed in percentages of the principal
amount of the Bonds to be redeemed, if redeemed in the following periods:
Period
(both dates inclusive)
Redemption Premium
October 1,
1995
- September 30, 1997
3% (three percent)
October 1,
1997
- September 30, 2000
2% (two percent)
October 1,
2000
- September 30, 2003
1% (one percent)
October 1,
2003
and thereafter,
none
Redemption shall be made upon not less than thirty (30) days, or more than
sixty (60) days, prior written notice to the registered owners of the Bonds to
1
1
1
be redeemed. On the date designated for redemption, notice having been given
in the above manner and moneys for payment of the redemption price being held
by the Paying Agent in trust for the holders of the Bonds to be redeemed, the
Bonds called for redemption shall become and be due and payable at the redemp-
tion price provided for redemption of such Bonds on such date, interest on the
Bonds called for redemption shall cease to accrue, such Bonds shall cease to
be entitled to any lien, benefit or security under the Resolution, and the
holders of such Bonds shall have no rights in respect thereof except to
receive payment of the redemption price thereof.
Bonds which have been duly called for redemption and for the payment of
the redemption price of which and accrued interest to the date fixed for
redemption moneys shall be held by the Paying Agent in trust for the holders
of the Bonds to be redeemed, all as provided in the Resolution, shall not be
d t b o tstandi under the provisions of the Resolution.
deems o e u ng
The Bonds are being issued for the municipal purpose of financing the cost
of the design, plans, construction and installation of a new City Ball and
Police Station, including all equipment, furniture and other related items
thereto (the "Project).
NEW POLICE FACILITY (1 Story)
24,735 Square Foot Building $1,973,000
Architect and Engineer Fees 176,000
Carpet, Furnishings i Equipment 255,000
POLICE STATION TOTAL $2,404,000
NEW CITY HAIL (2 Story)
46,310 Square Foot Building $3,339,000
Architect and Engineer Fees 234,000
Carpet, Furnishings i Equipment 600,000
CITY HALT TOTAL, 4,173,000
SITEWORK
13 acres $ 889,000
Architect and Engineer Fees 62,000
SITEWORK TOTAL 951,000
CONSTRUCTION TOTAL $7,527,000
PROJECT CONTINGENCIES _ 602,000
PROJECT TOTAL
2
$8,130,000
APPLICSTION OF BOND PROCEEDS
The proceeds received upon the sale of the Bonds shall be deposited in the
Construction Fund and shall be held by the Finance Director and applied to the
payment of the Cost of the Project in such manner as shall be consistent with
the City's policies respecting the disbursement of moneys in connection with
the Project. Any moneys remaining in the Construction Fund when construction
is completed shall be deposited in the General Fund of the City.
SOURCES AND USES OF FU S
SOURCES
Principal Amount of Bonds $8,000,000
Less: Underwriter's Discount 160,000 $7,840,000
Accrued Interest
Interest Earned During Construction 470,000
' Total Sources $8,310,000
USES
Accrued Interest deposit to Sinking Fund
Deposit to Construction Fund 8,130,000
Costs of Issuance 60,000
Insurance Premium 120,000
Total Uses $8,310,000
SECURITY FOR BONDS
The City pledges its full faith, credit and taxing power for the prompt
payment of both principal of, redemption premium, if any, and interest on the
Bonds as such payments become due.
The principal of, redemption premium, if any, and the interest on all such
Bonds shall be payable from the General Fund or any other legally available
funds of the City. The City shall levy and collect annually an ad valorem tax
upon all taxable property in the City, over and above all other taxes author-
ized to be levied by the City, sufficient to pay such principal, redemption
premium, if any, and interest as the same become due and payable.
AD VALOREM TAXATION
Under State law, the assessment of all properties and the collection of
all county, municipal and school board property taxes are consolidated in the
office of the County Property Appraiser and County Tax Collector. Municipali-
ties are not permitted to levy property taxes at a rate of more than 10 mills
for all municipal purposes; however, there is no limitation as to the rate or
amount of ad valorem taxes levied for the purpose of paying debt service on
general obligation bonds. The laws of the State regulating tax assessment are
designed to assure a consistent property valuation method statewide.
Property Assessment Procedure
Under Florida law, all taxable real property and tangible personal proper-
ty must be assessed at fair market value, with some exceptions. Real and per-
3
sonal property valuations are determined each year as of January 1 by the Pro-
perty Appraiser's office. The assessment roll is prepared between January 1
and July 1, with each taxpayer given notice of any increase in assessment.
The property owner has the right to file an appeal with the Property Ap-
praiser Adjustment Board, which considers petitions relating to assessments
and exemptions. The Property Appraisal Adjustment Board certifies the assess -
went roll upon completion of the hearing of all appeals. Millage rates are
then computed by the various taxing authorities and certified to the Property
Appraiser, who applies the millage rates to the assessment roll. This proce-
dure creates the tax roll, which is then turned over to the Tax Collector on
or about the first Monday in October.
The Florida Constitution entitles the taxable permanent residents of the
State to a $25,000 homestead exemption.
The Constitution does not limit or restrict the ability of the City to
levy ad valorem taxes without limitation as to rate of amount for the purpose
of paying debt service on its general obligation bonds.
CITY OF TAMARAC, FLORM
ASSESSED VALUE OF TAXABLE PROPERTr
Adjusted
Fiscal
Tax Roll
Real
Personal
Tamable
Year
Year
Property
Property
Exempt
Value
1976
1975
$362,609,589
$ 31,267,101
$ 13,460,670
$407,337,360
1977
1976
388,502,239
37,945,987
16,439,610
442,887,836
1978
1977
400,476,540
47,315,738
20,897,287
468,689,565
1979
1978
406,095,065
47,315,738
20,806,006
474,216,809
1980
1979
419,149,660
43,366,948
23,456,090
485,972,698
1981
1980
451,656,511
44,850,931
27,837,436
524,344,878
1982
1981
675,855,144
50,689,450
2,588,622
729,133,216
1983
1982
783,782,924
61,819,480
-
845,602,404
1984
1983
773,507,476
61,170,673
-
834,678,149
1985
1984
820,073,350
69,507,244
-
889,580,594
State law requires full valuation.
Assessed values as of January 1 of each year.
Figures submitted by County Tax Assessor.
Levy of Ad Valorem Tames
All real and tangible personal property taxes are due and payable on Nov-
ember 1 of each year, or as soon thereafter as the tax roll is certified and
delivered to the Tax Collector. A notice is mailed to each property owner on
the tax roll for taxes levied by the county, school board and other taxing
authorities. Taxes may be paid upon receipt of such notice, with discounts at
the rate of 42 if paid in the month of November; 32 if paid in the month of
December; 22 if paid in the month of January; and 12 if paid in the month of
February. Taxes paid during the month of March are without discount. All un-
paid real and tangible personal property taxes become delinquent on April 1 of
the year following the year in which the taxes are levied.
The delinquent real property taxes bear interest at the rate of 18% per
year from April 1 until a certificate is sold at auction, from which time the
4
interest rate shall be as bid by the buyer of the certificate. Delinquent
tangible personal property taxes also bear interest at a rate of 18% per year
from April 1 until paid. Delinquent personal property taxes must be adver-
tised within forty-five days after delinquency, and after May 1 the property
Is subject to levy, seizure and sale.
State law provides that tax liens are superior to all other liens, except
prior United States Internal Revenue Service liens. The Tax Collector adver-
tises once each Week for four (4) consecutive weeks and sells tax certificates
on or before June 1 for unpaid tax bills. Tax certificates not sold at
auction become the property of the county.
CITY OF TAMARAC, FLORIDA
PROPERTY TAX RATES
ALL OVERIAPPING COMMENTS
North
Fiscal
City
County
Broward
So. Florida
Broward
Year
Tax Operating
Operating
County
Water Plan.
Total
Hospital
Ended
Roll Mi" llage*
Millage_
Schools
District
Miles
District
1976
1975 3.5352
4.0317
8.6710
0.3750
16.6129
1.0650
1977
1976 3.5596
3.9802
8.8370
0.3650
16.7418
1.3560
1978
1977 4.6177
4,4010
8.7370
0.3970
18.1527
1.3560
1979
1978 6.0155
4.5495
8.7370
0.3970
19.6990
1.3462
1980
1979 5.6903
4.7999
7.4500
0.4220
18.3622
1.7346
1981
1980 6.4803
6.2687
8.0540
0.4020
21.2050
1.7601
1982
1981 4.7808
5.8988
7.8530
0.3580
18.8906
1.5567
1983
1982 3.0760
5.1024
6.6526
0.3840
15.2150
1.8995
1984
1983 2.2500
5.0514
7.4126
0.3990
17.3003
1.8911
1985
1984 2.4800
4.9000
7.6621
0.4270
15.4691
1.8312
* State law requires all
Counties to
assess
at 1002 valuation, and limit mill -
age for operating purposes to ten mills.
CITY
OF TAMAItAC
PROPERTY TAX LEVIES AM COLLECTIONS
(brat
Feromtqp
of OXTBIL blimmt
7 "1 iledo of
AMnalgbed
Pal-10
Flsral
2yal (1) 20M
MMM
Mom Cbllemed
ChIlected
b in*xvt
Delinquent
yff
2K I� Qa]leated
MacW 2►i,s V�sr $�
MDM
1976
1,307,733 1,307,733
MO
13,164
1,3P0,897 101.0
6,714
0.5
1977
1,418,6% 1,418,656
1010
4,861
1,423,517 D70.3
1,853
0.1
1978
1,%6,581 1,850,39D
93.2
50,949
1,9J1,329 95.8
86,K6
4.3
1979
2,630,034 2,6M,034
1C0.0
31,326
2,651,360 101.2
54,779
2.1
1990
2,548,747 2,501,095
98.1
MAI
2,532,076 99.3
71,45D
2.8
1981(2)
3,295,975 3,051,356
92.6
-
3,051,356 92.6
316,099
9.6
1982
3,169,034 3,Oi8,685
97.1
80,649
3,159,334 99.7
=759
10.3
1983
2,483,955 2,483,955
1f0.0
82,512
2,566,467 103.3
243,247
9.8
1984
M 1a proaees
(1) 2tal leuy ret of dismrt.
(2) ga„wd Omty RW ty *Md`sar 7K rOU in "SP VLth M" of Florida. S sit ralcam
.
5
ESTEM&TED DEBT SERVICE ltEWIEEEENIS
Year
Principal_
Interest*
Total
1985
-
$ 466,667
$ 466,667
1986 $
140,000
800,000
940,000
1987
150,000
786,000
936,000
1988
170,000
771,000
941,000
1989
190,000
754,000
944,000
1990
200,000
735,000
935,000
1991
230,000
715,000
945,000
1992
250,000
692,000
942,000
1993
270,000
667,000
937,000
1994
300,000
640,000
940,000
1995
330,000
610,000
940,000
1996
360,000
577,000
937,000
1997
400,000
541,000
941,000
1998
440,000
501,000
941,000
1999
480,000
457,000
937,000
2000
530,000
409,000
939,000
2001
580,000
356,000
936,000
2002
640,000
298,000
938,000
2003
710,000
234,000
944,000
2004
780,000
163,000
943,000
2005
850,000
$5,000
935,000
$
8,000.000
$11,257,667
$19,257,667
* Interest
assumed at
101 for feasibility purposes.
6
1
CITY OF T,AMARAC, FLORIDA
DIRECT AND OVERI.APPIAG DEBT
As of September 30, 1984
DIRECT DEBT
General Obligation Bonds
General Obligation Bonds, Series
1984-A (1)
Self -Supporting Indebtedness:
Water and Sewer Utility Revenue
Bonds
Less: Reserve Fund -
Total Direct Debt
OVERLAPPING DEBT(2)
Broward County School District
Applicable to City 2.8%
Broward County Public Improvement
Bonds
Applicable to City 2.8%
Special Obligation Capital Improve-
ment Refunding Bonds, Series B
Applicable to City 2.8%
Gas Tax Revenue Bonds, Series A
Applicable to City 2.8%
Total Overlapping Debt
Total Direct and Overlapping Debt
$ 370,000
8,000,000
$ 12,670,000
( 1,308,207) 11_,361,793
$ 35,015,000
239,415,000
$ 980,420
6,703,620
44,440,000
1,244,320
19,135,000
535,780
$19,731,793
$ 9,464,140
$29,195,933
(1) This issue.
(2) All debt listed as Overlapping Debt is secured by a tax source.
N
L
CITY OF TAlSAR,AC
SUNKARY OF DIRECT AND OVERIA"I11G DEBT
As of September 30, 1984
DIRECT DEBT
General Obligation Bonds $ 8,370,000
Self --Supporting Indebtedness 11,361,793
TOTAL DIRECT DEBT $19,731,793
TOTAL OOEBIdPPING DEBT 9,464,140
TOTAL DIRECT AND OVERLAPPING DEBT $29,195,933
FINANCIAL PARAMETERS
Population (1984 estimated) 32,251
Total Assessed Valuation-- Tamarac $ 1,224,265,994
Total Taxable Valuation - Tamarac $ 889,580,594
Total Assessed Valuation - Broward County $41,257,634,787
Total Taxable Valuation - Broward County $31,661,901,744
Source: Broward County Property Appraiser's Office; Preliminary, as of July,
1984.
DIRECT DEBT
jrM& CM RATIOS
Percent of Total Percent of Taxable -Per
Assessed Valuation Assessed Valuation Capita
Tamarac Tamarac Tamarac
General obligation Debt
.684%
.941%
$ 260
352
Self -Supporting Debt
•928
1.277
TOTAL DIRECT DEBT
1.608
2.218
612
TOTAL OVEu A.pPIW DEBT
.773
1.064
293
TOTAL DIRECT AND OVERLAPPING
DEBT
2.385
3.282
905
VALUATION
-
37,961
Total Assessed Valuation
-
Total Taxable Assessed
-
-
Z7,583
Valuation
8
BUDGETING, ACCOUNTING AND AUDITING
The manager shall on or before July 1 of each year submit to the Council a
'budget for the ensuing fiscal year, together with a message, which shall out-
line proposed financial policies; describe important features of the budget;
explain any major changes from the current year in financial policies, expend-
itures and revenues; summarize the City's current and overall financial and
debt position and include such other material as he deems desirable, and as
the Council or Charter may require.
The general fund budget shall be presented on an accrual basis for expend-
itures and on a modified accrual basis for revenues, and shall provide a com-
plete financial plan of all funds and activities for the ensuing fiscal year,
and shall contain such details and be in such form as may be required by law
and by the Council. Also, it shall show comparative figures of expenditures
and revenues for the current and past fiscal year detailed to show the in-
crease and decrease in dollars. The total of estimated expenditures shall not
exceed the total of estimated revenue and appropriated fund balance.
The City may maintain an unappropriated surplus of no more than ten (10)
percent of its total proposed expenditures of the general fund budget.
No more than five (5) percent of expenditures of the general fund budget
may be included in the budget for contingencies that may not have been in-
cluds-d nr which may have been underestimated in the proposed expenditures.
This figure does not include unappropriated surplus.
The City shall adopt formal budgets for all other funds when it deems such
budgeting to be consistent with generally accepted accounting principles or
when rc;uired by law.
OPERATING BUDGET FOR FISCAL YEAR SIDED SEPTEKBER 30, 1984
Total operating revenues for the general fund for fiscal year ended Sept-
ember 30, 1983 were $7,643,954,; expenditures were $7,832,426. These figures
compare to the budgeted amounts for revenues and expenditures for the same
period of $6,865,747 and $8,405,434, respectively. The budgeted fund balance
at year end was $1,296,346 as compared to the actual amount of $2,647,561. Of
the $2,647,561, only $ were unappropriated; this is in keeping with
the City's charter which only allows the City to maintain an unappropriated
fund balance of no more than 10% of its total budgeted expenditures.
OPERABG BUDGET FOR FISCAL YEAR ENDED SE1'TEMBER 30, 1985
Total budgeted operating revenues for fiscal year ending September 30,
1984 are $ ; budgeted expenditures for the same period are $ ;
and an appropriations of $ of the beginning balance of $ ,
will be applied to balance the budget. The unappropriated beginning balance
of $ will be the year end balance and is in keeping with the City's
policy of the unappropriated fund balance not exceeding 10% of proposed
expenditures.
PRUSION FUND
The City has a single employer contributory defined benefit retirement
plan covering all full-time employees. As of June 1, 1982 (the most recent
actuarial report), unfunded past service costs were approximately $56,000.
The City has elected to amortize the past service costs over forty years. The
9
City's annual contributions to service normal costs and past service costs
were $300,269. The present value of accumulated plan benefits was $849,621,
of which $486,881 was vested, assuming a 7% interest rate. At September 30,
the plan's net assets available for benefits were $2,092,465.
Pursuant to the City's Home Rule Charter, a special election was held on
March 13, 1984, at which a majority of the qualified electors voted in favor
of the issuance of not exceeding $15,000,000 Water and Sewer Utility Revenue
Bonds. The City Council has authorized proceeding with such issue and the
refunding of the City's outstanding Water and Sewer Utility Revenue Bonds in
mid -year 1985. The City has no plans to incur additional bonded indebtedness
at this time.
In the opinion of Fine Jacobson Schwartz Nash Block R England, Miami,
Florida, Bond Counsel, the interest on the Bonds is, under existing statutes
and judicial decisions, exempt from all present Federal income taxes and the
Bonds and the income thereon are exempt from taxation under Florida law, ex-
cept as to estate taxes and taxes imposed by Chapter 220, Florida Statutes, on
interest, income or profits on debt obligations owned by corporations, as
defined in said Chapter 220, Florida Statutes.
LITIGMON
There is no litigation pending that seeks to restrain or enjoin the
issuance or delivery of the Bonds or the proceedings or authority under which
they are to be issued. There is no litigation pending which, in any manner,
questions the right of the City to pledge the Revenues to repayment of the
Bonds.
There is no material litigation pending, or to the knowledge of the City
threatened, involving the City except the following:
As noted on the cover page of this Official Statement, Moody's Investors
Service, Inc., and Standard 6 Poor's Corporation have given the Bonds ratings
of and , respectively. The City furnished to such rating agencies
certain material and information regarding the results of its operations and
the Bonds. Such ratings reflect the respective views of such organizations
and an explanation of the significance of such ratings may be obtained only
from the rating agency furnishing same. There is no assurance that such
ratings will remain in effect for any given period of time or that they will
not be revised downwards or withdrawn entirely by either or both such rating
agencies, if, in the judgment of either or both, circumstances so warrant.
Any such downward revision or withdrawal by such agencies, or either of them,
may have an adverse effect on the market prices of the Bonds.
10
I
1
VALIDATION
The Bonds have been validated by judgment of the Circuit Court of the
Seventeenth Judicial Circuit of Florida, in and for Broward County, Florida,
rendered on , 1984, and the time for taking an appeal has
expired. There are no appeals pending.
The Bonds will be accompanied at delivery with customary closing docu-
ments, including an unqualified opinion as to their legality by Fine Jacobson
Schwartz Nash Block b England, Miami, Florida, Bond Counsel. Certain legal
matters will be passed on by Jon M. Henning, City Attorney, City of Tamarac,
Florida.
PUBLIC SAX.E
The Bonds shall be sold at public sale on March 13, 1985.
U®ERVJ ITIW
(the "Underwriters") have agreed to purchase
all, but not less than all, of the Bonds at a price representing an aggregate
discount of $ from the face amount of the Bonds as set forth on
the cover page. The interest rates on the various principal maturities as bid
by and awarded to the Underwriters and the initial offering prices are also
indicated on the cover page The initial offering prices may be changed from
time to time by the Underwriters. The Underwriters expect to make a market on
the Bonds.
The information in the foregoing pages is presented for the guidance of
prospective purchasers of the Bonds described herein. The information has
been compiled from official and other sources and, while not guaranteed by the
City, is believed to be correct. So far as any statements made in this
Official Statement and the appendices attached hereto involve matters of
opinion or estimates, whether or not so expressly stated, they are set forth
as such and not as representations of fact, and no representation is made that
any of the estimates will be realized.
11
1
AVTBORIZATION CONCERNING OFFICIAL STAT]MUT
The delivery of this Official Statement has been duly authorized by the
City Commission of the City of Tamarac, Florida. At the time of the delivery
of the Bonds, the Mayor and the City Manager will furnish a certificate to the
effect that nothing has come to their attention which would lead them to
believe that the Official Statement, as of its date and as of the date of
delivery of the Bonds, contains any untrue statement of a material fact or
omits to state a material fact which should be included therein for the pur-
pose for which the Official Statement is intended to be used, or which is
necessary to make the statements contained herein, in the light of the circum-
stances under which they were made, not misleading.
CITY OF TAMARAC, FLORIDA
12
Mayor
City Manager
APPENDIX A
SUMART OF CERTAIN PROVISIONS OF THE RESOLUTION
ARID THE ORIGINAL INSTRUCT
In addition to the summaries of certain provisions of the Resolution set
forth elsewhere within this Official Statement, the following is a general
summary of certain provisions of the Resolution. Such summaries do not pur-
port to be complete and accordingly are qualified by reference to the full
text of the Resolution, copies of which may be obtained from the City or its
Financial Advisor upon request.
Definitions When used in the Resolution, the following terms shall have
the following meanings, unless the text clearly otherwise requires:
"Bondholder" or "Holder" shall mean any registered owner of any Bond.
"Bond Registrar" shall mean either the Finance Director or any bank or
trust company, either within or without the State of Florida, designated as
such by resolution of the Council prior to the issuance of the Bonds, which
shall perform such functions required of the Bond Registrar by Article II of
the Resolution.
"Construction Fund" shall mean the special fund required to be established
and maintained by the City pursuant to Article IV of the Resolution.
Council" shall mean the City Council of the City of Tamarac, Florida, or
the Council or body in which the general legislative powers of the Town shall,
from time to time, be vested.
"Cost", when used in connection with the Project, shall include the cost
Of planning, constructing, development, including the cost of all labor,
materials, machinery and equipment, the cost of engineering, architectural,
financial, advisory, planning, design and legal services, bond insurance
premiums, fees of rating agencies and all expenses necessary or incident to
determining the feasibility or practicability of such construction, and such
other expenses or costs as may be necessary or incident to the financing
herein authorized in connection with the Project. Any obligation or expense
heretofore or hereafter incurred by the Council and any amounts heretofore or
hereafter advanced by or to the Council in connection with any of the fore-
going items of cost may be regarded as a part of such cost and reimbursed out
of the proceeds of the Bonds issued under the provisions of the Resolution.
"General Fund" shall mean the General Fund of the City designated as such
by the state law and in the annual budget and the annual audit of the City,
required by law, from which the general operations of the City are funded.
"General Revenues" shall mean ad valorem tax revenues levied and imposed
In the City and all other funds legally available which are eligible to be
credited to the General Fund of the City.
"Government Obligations" shall mean direct obligations of, or obligations
the principal of and the interest on which are guaranteed by, the United
States of America.
"Paying Agent' or "Paying Agents" shall mean the Bond Registrar, the bank
or banks or trust company or trust companies, either within of without the
State of Florida, at which the principal of the Bonds shall be payable.
A-1
"Project" shall mean the design, plans, construction and installation of a
new City Hall and Police Station, including all equipment, furniture and other
related items thereto.
Bond Registrar and Registration Exchange The City shall cause its books
for the registration and for the transfer of Bonds to be kept by the Bond
Registrar. Any Bond may be transferred only upon an assignment duly executed
by the registered owner or his attorney or legal representative in such form
as shall be satisfactory to the Bond Registrar. Any Bond may be transferred
only upon an assignment duly executed by the registered owner or his attorney
or legal representative in such form as shall be satisfactory to the Bond
Registrar. The principal of any Bond shall be payable only to or upon the
order of the registered owner or bearer. Bonds may be exchanged for a like
aggregate principal amount of Bonds of other authorized denominations of the
same series, interest rate and maturity. The City shall execute and deliver,
and the Bond Registrar shall authenticate, such Bonds which the registered
owner making the exchange is entitled to receive.
No charge shall be made to any Bondholder for the privilege of registra-
tion, transfer or exchange, but any Bondholder requesting any such registra-
tion, transfer or exchange shall pay any tax or other governmental charge
required to be paid with respect thereto. The Bond Registrar shall be re-
quired to transfer or exchange any Bond after the wailing of notice calling
such Bond or portion thereof for redemption has been given as provided in this
Resolution during the period of fifteen (15) days next preceding the mailing
of such notice of redemption.
Each Bond delivered pursuant to any provision of the Resolution in ex-
change or substitution for, or upon the transfer of the whole or any part of
one or more other Bonds, shall carry all of the rights to interest accrued and
�..
unpaid to accrue that were carried by the whole or such part, as the case may
be, of such one or more other Bonds, and notwithstanding anything contained in
the Resolution, such Bonds shall be so dated or bear such notation, that
neither gain or loss in interest shall result from any such exchange, substi-
tution or transfer.
_ownership of Bands• Transfer of Title_ The City, the Paying Agent and the
Bond Registrar shall deem and treat the person in whose name any Bond shall be
registered as the absolute owner of such Bond, whether such Bond shall be
overdue or not, for the purpose of receiving payment thereof and for all
other purposes whatsoever, and neither the City, the Paying Agent nor the Bond
Registrar shall be affected by any notice to the contrary. All such payments
shall be valid and effectual to satisfy and discharge the liability upon such
Bond to the extent of the sum or sums so paid.
Mutilated Lost Stolen or Destro ed Bonds In case any Bond secured
hereby shall become mutilated or be destroyed, stolen or lost, the City may
cause to be executed and delivered a new Bond of like date, number and tenor
in exchange and substitution for and upon the cancellation of such mutilated
Bond or in lieu of and in substitution of such Bond destroyed, stolen or lost,
upon the owner paying the reasonable expenses and charges of the City in
connection therewith and, in the case of a Bond destroyed, stolen or lost, his
filing with the Bond Registrar evidence satisfactory to it that such Band was
destroyed, stolen or lost, and of his ownership thereof, and furnishing the
City and the Bond Registrar with indemnity satisfactory to the City and the
Bond Registrar.
A-2
Cancellation and Destruction of Bonds All Bonds paid, redeemed or pur-
chased, either at or before maturity, shall be cancelled upon the payment,
purchase or redemption of such Bonds. All such bonds so cancelled shall be
destroyed by the Paying Agent, which shall execute a certificate of destruc-
tion in triplicate describing the Bonds so destroyed and one executed certi-
ficate shall be filed with each of the City and the Bond Registrar, and one
executed certificate shall be retained by the Paying Agent, which shall de-
liver a duplicate thereof to any other Paying Agent then acting.
Construction Fund A special fund is created by the Resolution and desig-
nated the 'City of Tamarac General Obligation Bonds Construction Fund" (the
"Construction Fund"), to the credit of which such funds as are received in
payment for the Bonds shall be deposited.
The moneys in the Construction Fund shall be held by the Finance Director
and applied to the payment of the Cost of the Project in such manner as shall
be consistent with the City's policies respecting the disbursement of moneys
In connection with the Project. Any moneys remaining in the Construction Fund
when construction is completed shall be deposited in the General Fund of the
City.
Investment of Funds Moneys held for the credit of any fund or account
established by the Resolution, shall, as nearly as may be practicable, be in-
vested and reinvested by the City, in (a) the Local Government Surplus Fund
Trust Fund established by Section 218.405, Florida Statutes (1981), as
amended; (b) Government Obligations; (c) interest -bearing time deposits or
savings accounts in banks organized under the laws of the United States and
doing business and situated in the State of Florida, in savings and loan asso-
ciations which are under state supervision, provided that any such deposits
are secured by collateral as may be prescribed by law; (d) obligations of the
Feder". farm Credit Banks, Federal Home Loan Mortgage Corporation, or Federal
Home Loan Bank or its district banks, including Federal Home Loan Mortgage
Corporation participation certificates, or obligations guaranteed by the
Government National Mortgage Association; (e) obligations of the Federal
National Mortgage Association; (f) commercial paper of prime quality of the
highest letter and numerical rating as provided for by at least one nationally
recognized rating service; (g) time drafts and bills of exchange, commonly
known as bankers acceptances, which are drawn on and accepted by commercial
banks and which are eligible for purchase by the Federal Reserve Bank; or (h)
investments in repurchase agreements of any securities authorized above;
provided, however, that any such investment described in this paragraph shall
at the time be a legal investment under Florida law for the investment of City
funds.
Moneys held for the credit of the Construction Fund, shall be invested in
obligations which shall mature or which shall be subject to redemption by the
holder thereof at the option of such holder not later than the date when the
moneys held for the credit of said Fund shall be required for the purposes
intended.
Depositaries and Security All
moneys received by the
City under the
provisions of the
Resolution shall
be deposited with a bank depositary or
depositaries shall
be held in trust,
shall be applied only in
accordance with
the provisions of
the Resolution and
shall not be subject to
lien or attach -
sent by a creditor
of the City.
All moneys deposited with any bank depositary in excess
of the amount
guaranteed by the
Federal Deposit
Insurance Corporation of
other federal
A-3
agency shall be continuously secured for the benefit of_ the- City and the
holders of the Bonds either (a) by lodging with a bank or trust company
approved by the City as custodian, or, if then permitted by law, by setting
aside under control of the trust department of the bank holding such deposit
as collateral security, Government Obligations, or, with the approval of the
Finance Director, other marketable securities eligible as security for the
deposit of trust funds under applicable regulations of the Comptroller of the
Currency of the United States or applicable State of Florida law or regula-
tions, having a market value (exclusive of accrued interest) not less than the
amount of such deposit, or (b) if the furnishing of security as provided in
(a) is not permitted by applicable law, in such other manner as may then be
required or permitted by applicable State of Florida or federal laws or reg-
ulations regarding the security for, or granting a preference in the case of,
the deposit of trust funds.
Effect of Covenants All covenants, stipulations, obligations and agree-
ments of the City contained in the Resolution shall be deemed to be covenants,
stipulations, obligations and agreements of the City and of the Council and of
each department and agency of the City to the full extent authorized or per-
mitted by law, and all such covenants, stipulations, obligations and agree-
ments shall bind or inure to the benefit of the successor or successors there-
of from time to time and any officer, board, body or commission to whom or to
which any power or duty affecting such covenants, stipulations, obligations
and agreements shall be transferred by or in accordance with laws.
Effect of Partial InvaliditZ In case any one or more of the provisions of
the Resolution or of any Bonds issued thereunder shall for any reason be held
to be illegal or invalid, such illegality or invalidity shall not affect any
other provisions of the Resolution or of the Bonds, but the Resolution and the
Bonds shall be construed and enforced as if such illegal or invalid provision
had not been contained therein. The Bonds are issued and the Resolution is
adopted with the intent that the laws of the State of Florida shall govern
their construction.
Execution of Instruments b Bondholders and Proof of Ownership of Bonds
Any request, direction, consent or other instrument in writing required by
the Resolution to be signed or executed by Bondholders may be in any number of
concurrent instruments of similar tenor and may be signed or executed by such
Bondholders in person or by agent appointed by an instrument in writing.
Proof of the execution of any such instrument and of the ownership of Bonds
shall be sufficient for any purpose of the Resolution and shall be conclusive
in favor of the persons relying thereon with regard to any action taken by
them under such instrument, if made in the following manner:
(a) The f act and date of the execution by any person of any
such instrument may be proved by the verification of any officer in
any jurisdiction who, by the laws thereof, has power to take affidav-
its within such jurisdiction, to the effect that such instrument was
subscribed and sworn to before him, or by an affidavit of a witness
to such execution.
(b) The ownership of the Bonds shall be proved by the registra-
tion books kept under the provisions of the Resolution.
Any request or consent of the Bondholder. of any Bond shall bind every
future Bondholder of the same Bond in respect of anything done by the City in
pursuance of such request or consent.
A-4
IJ
APPENDIX B
GF1MAL DWORMATION - CITY OF TAMARAC
The following is a brief description of the City of Tamarac (the "City"),
including certain information concerning its economy, governmental organiza-
tion, indebtedness, current major revenue sources, expenditures and general
fund. Except where otherwise noted, the information has been provided by the
City.
GENERAL
Created in 1963 by the Legislature of the State of Florida, the City
occupies approximately 11.6 square miles in the northwestern portion of
Broward County (the "County"), the second most highly populated county within
the State. With its population of approximately 32,000 people, the City ranks
13th of 29 municipalities within the County.
GOVERRIEffrAL STRDCTPURE
The City is governed largely by the provisions of its Charter as adopted
by the electors of the City on March 9, 1976. Under the Charter, the five
member City Council is the policy -making body of the City government.
The City is divided into four districts, and each Council member is re-
quired to reside in a different one of these districts. The Mayor who runs
"at large- may live in any district. Electors vote for each Council seat and
not just for the representative of the district in which they live. City
Council members serve for two years. The Mayor and two Council members run
for election in even numbered years and two Council members run in odd
numbered years.
The City has a City Manager form of government. The City Manager is
appointed by the City Council as the Chief Administrative Officer of the City
government. The City Manager directs the functions of the City government
through 11 departments.
Legal services of the City government are provided by the City Attorney,
who is appointed by the City Council.
The City Manager prepares and submits the annual budget and capital
improvement program to the City Council and executes the budget and capital
improvement program in accordance with appropriations and ordinances adopted
by the City Council, The City Manager generally begins the budgetary process
in March by preparing a letter of transmittal with specific instructions on
general budgetary policy for departments. Each department then prepares and
submits its proposed budget and in April internal meetings are held to review
the aggregate budget. After approval by the City Manager, the tentative
budget is submitted to the City Council which holds workshops in which the
public is invited to participate. Following these workshops, public hearings
are held where again public comment is solicited and considered. The City
Council then adopts the budget prior to the end of September. The Council
then determines the millage rate necessary to fund the budget. The general
fund receives all of the general revenues of the City not specifically levied
or collected on behalf of its various special funds.
B-1
POPULATION
ESTIMATES
City' of mac --
Stiwd au
ty (1)
%ate of Florida (1)
Udted Sates (3)
RpAAUM Anal 2
Rp ladm
Anal %
Rypuladan
Ague] 2
as of Jm 1
Anal %
1w
as of STt. 3D LksM
as of Aril 1
Gorge
as of April 1
2 _
(000)
QWW
1974
14,195(1) -
840,700
-
8,453,10D
-
212,932
-
1975
14,217(1) .0Z
876,70D
4.2SL
8,618,5M
1.96Z
214,931
.94%
1976
24,067(1) 69.3D
894,6(D
2A4
8,744,300
1.46
217,095
1.01
1977
24,469(1) 1.60
921,900
3.05
8,920,ODD
101
219,179
.%
1978
25,858(1) 5.70
953,370
3.41
9,1%,700
2.65
221,477
1.05
1979
26,400(2) 2.10
996,10D
3.65
9,44%500
3.19
223,880
1.06
1980
29,376(2) 11.3D
1,018,257(3)
3.05
9,746,40D(3)
3.15
Z�6,444
1.15
1981
3D,104(2) 2.50
1,047,313
2.85
10,106,ODD
3.69
228,976
1.12
1982
31,158(2) 3.50
1,057,044
1.88
10,375,30D
2.66
231,256
1.00
190
31,223(2) .21
1,08fl,%3
1.25
10,591,701
2.09
233,506
.97
L%4
32,251(3) 3.29
1,1W,777(3)
1.89
10,93D,389
3.2p
236,74B(4)
1.39
Sices:
(1) Uxiversiry of Flarida,
Bmw of Eoxa do and Bme.nass Research.
(2) kDa and 0xnty, Moride.
(3) Uaited 5tazes Brea of Cms.
(4) As of Q 1, 19BL
The City has been developed primarily for residential purposes. The
majority of the population consists of retirees. The major employer in the
City is Visual Graphics, Inc., which manufactures various types of equipment
for office and business uses. This firm employs approximately 550 people and
has offices located in many cities in the United States and abroad. There are
over 16 commercial banking and savings and loan offices located within the
City. The land use plan adopted by $coward County and by the City provides
for 5.09% of the total area of the City for industrial zoning.
CITY OF TAMABAC, FLOBIU
BUI1D1JG PERMITS
nPlex and
Aid. and Alta.
2cd
O a anda
LiT2
nit
li�ltif za
Mrpeddalual
ietmit
FeCuLt
VEW
UILts
duets
- man
rattan
vaustim
VOMMi03(1)
1974
391
$ 7,685,000 '
159
$ 4640,0D0
$ 8,490,206
$ 2,172;684
$2D,997,892
1975
62
3,110,am
35
600,00D
4,M,850
1,925,8M
9,663,650
1976
119
5,508,655
74
2,797,%B
2,585,OOD
1,784,212
12,675,435
1977
187
8,633,884
477
6,511,207
1,737,549
4,6®,692
21,572,232
1978
255
11,875,72D
360
9,648,63D
6,665,820
4,439,759
32,679,929
1979
Z6
9,893,579
476
12,791,664
4,872,W
6,02%260
A-953,051
198D
142
6,385,241
309
11,490,810
5,035,(OD
10,002,309
37,913,360
1%1
im
6,161,240
217
3,862,477
4,315,187
6,®,129
2D,417,033
1.%2
56
3,585,593
145
5,684,210
2,%%8,309
7,674741
19,810,853
1%3
l96
8,640,345
519
15,478,299
16,559,760
4,651,119
45,329,513
1%4
64
4,878,232
60
13,2MD,726
4 197,600
1,518,9D4
21,875,464
"• .t•: r_ � Tit. �- ,_._,.,�,
a-2
1
Ll
1
BROWARD COUNTY AND OTHER AREAS
PER CAPITA PERSONAL INCOME(1)
1975-1983
United
Broward County
State of Florida
States
Year Ending
Current
Percent
Percent
Current
Percent
Current
December 31,
Dollars(2)
of Fl
of U.S.
Dollars(2)
of U.S.
Dollars(2)
1975
$ 6,379
115.4%
109.2%
$ 5,530
94.7%
$ 5,842
1976
6,904
116.7
108.4
5,918
92.9
6,367
1977(3)
7,754
118.9
111.0
6,520
93.4
6,984
1978(3)
8,668
118.3
111.5
7,330
94.3
7,776
1979(3)
9,696
118.2
112.0
8,202
94.7
8,657
1980(3)
10,979
119.3
115.5
9,202
96.8
9,503
1981(3)
12,440
120.1
117.6
10,362
97.9
10,582
1982
13,091
120.0
117.9
10,907
98.3
11,100
1983
n/a
n/a
n/a
11,592
99.3
11,675
Sources: U. S. Department of Commerce, Bureau of Economic Analysis,
Unpublished data. Florida Statistical Abstract 1984, page 137.
(1) Per capita amounts are based on a Place -of --Residence in the United
States and the State and Counties of Florida.
(2) Current dollars are actual dollars relating to the year in which they
were spent, with no adjustment for inflation.
(3) Data for 1977 through 1981 are revised.
BYORARD COUNTY AND FLORIDA
EFFECTWE BUYING I1KX=
1983 Median Household Effective Buying IncoMe V KBI')
Total
Median
Percentage of
Households by
EBI
EBI
Household
$10,000-
$20,000-
$35,000
$50,000-
(000)
EBI
$19,999
$34r999
$49,999
and Over
Broward
County $ 13,188,329
23,815
25.2%
30.6%
16.8%
11.6%
Florida 106,985,550
20,794
.27.4
29.4
13.9
8.70
Source: Sales and Marketing Management, 1984 Survey of Buying Power.
Copyright 1984 - further reproduction prohibited.
B-3
BROWARD COUNW AND FLORIDA
HKDIAR HOUSEHOLD SFFSCTIVE BUYING INCOME
1977-1983
Change
1977 1978 1979 1980 1981 1982 1983 1977--83
Broward
County $13,798 $15,053 $16,977 $17,825 $19,904 $21,566 $23,815 72.6%
Florida 12,106 13,173 14,915 15,359 21,301 19,007 20,794 71.8
Source: Sales and Marketing Management, 1984 Survey of Buying Power.
Copyright 1984 - further reproduction prohibited.
BROWARD COUM
GROWTH FACTORS AND RCONCHIC INDICES
Savings & Loan
Association
Savings Bank
Deposits
Total
Auto
Year
Accounts (000)
(000)
Telephones(1)
Registration(2)
1974
N/A $
2,164,314
698,541
604,218
1975
$ 3,438,943
2,219,114
728,607
674,251
1976
4,245,215
2,125,663
772,536
781,058
1977
5,346,834
2,675,156
822,745
1,182,836(3)
1978
7,375,161
2,964,179
883,769
890,745
1979
7,375,161
3,168,114
916.741
876,474
1980
8,087,200
3,562,453
994,697
886,986
1981
8,430,797
3,529,554
1,039,165
920,085
1982
8,866,087
3,762,434
381,057
905,388
1983
10,323,236
5,262,970
405,674
957,810
1984
11,545,772
5,270,413
n/a
1,024,761
Sources: Savings Accounts -
Federal Home
Loan Bank Board; Florida Savings
and Loan League;
Bank Deposits
- Florida Bankers Association,
Orlando, Florida;
Telephones -
Southern Bell,
Statistical Fore-
cast; Auto Registrations
- Motor Vehicle Registration, Broward
County.
(1) 1974 - 1981 Telephones leased. In 1982, Southern Bell broke away from
AT&T. Figures for 1982 and 1983 represent number of telephone lines
Into residences, businesses, and include coin operation stations.
(2) Florida Department of Highway Safety & Motor Vehicles. Includes State
owned passenger cars. Fiscal years July 1 - June 30.
(3) Change in State Law requiring registration during birth month.
.B-4
1
L'
TAX COLD TIOHS AND REVENUE SHARING
Documentary
Sales Tax Col-
Gasoline Tax
Stamp Tax Col-
State Revenue
Year
lected (000) (1)
Collected (1)
lected (000) (1)
Sharing (2)
1974
$ 123,895
$ 32,709,299
$ 11,733
$ 290,631
1975
121,604
32,289,831
8,362
326,015
1976
134,017
31,668,053
8,227
429,797
1977
159,239
34,082,942
10,308
594,950
1978
195,990
37,481,487
14,483
654,372
1979
229,619
40,001,003
18,061
697,848
1980
258,568
39,911,320
23,450
751,777
1981
285,905
38,326,472
25,782
808,840
1982
325,324
39,177,912
19,606
873,047
1983
370,685
40,910,942
21,027
865,572
1984
443,715
46,198,912
31,741
868,403
Source: Florida Department of Revenue.
(1) Broward County.
(2) City of Tamarac.
Name
Tamarac Hospital Corp. Inc.
F b R Builders, Inc.
Tom Glick
City National Bank of Miami
Woodland Golf Assoc. Inc.
Tamarac Town Square
Barnett Construction, Ltd.
Tosha Investments Inc.
Noranda - Devco Joint
Venture
Don Carter Lanes of
Florida, Ltd.
CITY OF TAMARAC, FLORID&
M LARGEST TAXPAYERS
1984
Type of Business Taxes Levied
Percent of To-
tal Taxes Levied
Healthcare
$31,632
1.72
Developers
17,353
.94
Individual
14,270
.76
Banking
11,386
.62
Country Club
9,802
.53
Shopping Center
7,978
.43
Shopping Center
7,179
.39
Shopping Center
6,614
.36
Shopping Center
5,864
.32
Bowling Lanes
4,820
.26
Source: City of Fort Lauderdale, Florida.
The resident labor force in the County increased 63.1 percent between 1975
and 1984. Annualized unemployment rates for the County, the State and the
nation can be seen in the table below.
B-5
1
�J
BROWARD COUNTY, FIARIDA, UNITED STATES
LABOR FORCE AND UNEKPLOYKENT ESTIMATES
1975-1984
Broward County
Year Ended
Civilian
Unemployment
Rates
December 31,
Labor Force(1)
Broward Count
Florida
United States
1975
342,312
12.8
9.7
7.8
1976
346,169
10.2
9.0
7.7
1977
378,074
7.4
7.0
7.0
1978
391,531
5.8
6.4
5.9
1979
405,774
4.5
6.0
5.8
1980
427,784
3.7
6.0
7.7
1981
435,000
5.3
6.8
9.8
1982
499,364
8.2
8.2
9.7
1983
512,859
7.2
8.6
9.6
1984*
542,751
4.8
6.1
7.0
(1) All numbers represent annual averages.
* As of December - preliminary data.
Source: Florida Department of Commerce, Division of Employment Security.
BROWARD COUNTY
MAJOR MANUFACTURIBG MLOYERS
January 1, 1984
Number of
Broward
Employees
Motorola (Paging Radio Equipment)
Gould Systems Engineering Laboratories, Inc. (Computers, Digital)
Modular Computer Systems Inc. (Electronic Computing Equipment)
Bendix Air Transport -Avionics Division (The Bendix Corp.)
Harris Computer Systems Division (Harris Corp. - Computers)
Sensormatic Electronics Corp. (Electronic Surveillance Equipment)
Glaxo Holdings, Ltd. (Glaxo, Inc. - Ethical Pharmaceuticals)
Visual Graphics Corp. (Photostat Cameras and supplies)
Westinghouse (Relay Instruments)
Burroughs Corp. (Power Supplies)
Source: 1983--84 Directory of Florida Industries, Florida Chamber of
Commerce.
B-6
2,500
1,350
1,240
850
850
650
572
554
535
525
BROWARD COUNTY, FLORIDA
IMP1AINXIff BY INDUSTRY
(FULL AND PART TIME)(1)
1980 1981 1982 1983 1984(2)
Agriculture 3,639 3,993 3,787 n/a n/a
Contract Construction 32,233 31,699 25,526 26,200 32,675
Manufacturing and Mining 41,229 42,799 41,219 43,100 44,128
Transportation, Communica-
tions and Utilities 16,695 17,897 18,359 18,300 21,365
Wholesale, Retail and Trade 101,431 107,457 107,040 112,400 116,893
Financial, Insurance 6 Real
Estate 29,430 31,678 32,481 34,000 33,084
Services and Miscellaneous 78,544 81,353 84,678 95,400 102,484
Federal, State and Local
Government 43,650 45,564 43,452 50,600 49,684
Total Including All Others 347,549 362,660 360,020 380,000 404,687
(1) Annual Averages.
(2) Second Quarter Data Averages.
Source: U. S. Department of Commerce, Bureau of Economic Analysis.
TRANSPORTATION
The City has a road system totalling approximately 122 miles including
approximately 22 miles of divided roads. It has its own interchange of the
Florida Sunshine State Parkway. U.S. Highway 441 also crosses the City.
Furthermore, the City is located within 1 mile of Interstate 95, which runs
along the entire eastern seaboard of the United States. Interstate 75, which
extends to the western coast of Florida and continues north through Georgia,
Tennessee, Kentucky and Michigan, is being developed south from the City of
Tampa to the City of Miami. The proposed crossover from west to east will be
south of Tamarac. The *ajor east --west roads in the City are currently at
least four lanes or are in the process of being widened to that width by the
County.
Adjacent to the eastern boundary of the City is the Fort Lauderdale
Executive Airport, which provides modern facilities for executive aircraft.
This airport has in excess of 200,000 takeoffs and landings per year and
currently operates 24 hours a day. The City is approximately 10 miles from
Fort Lauderdale -Hollywood International Airport.
Port Everglades, located in Ft. Lauderdale, is the largest port on
Florida's lower east coast. It is equipped to handle major ocean-going
vessels, with outer channels 500 feet wide and a water depth of 45 feet. The
turning basin depth in the port has been increased to 42 feet. A cold storage
warehouse is now nearing completion. Office space is available and a bulk
terminal for fertilizer is in the planning stage.
Foreign Trade Zone Number 25, which encompasses a portion of Port Ever-
glades, permits duty-free status to foreign goods arriving for assembly or
storage and later trans -shipment to foreign markets. In the County fiscal
year ended September 30, 1984, over 58 thousand tons of cargo were processed
through the Foreign Trade Zone.
B-7
1
SDDCKTION
The City has an Elementary, Middle and High School.
There are four four-year colleges and universities in the County: Florida
Atlantic University and Florida International University, which are public,
and Nova University and Fort Lauderdale College, which are private. Florida
Atlantic University and Florida International University are two of the nine
universities in the Florida State University System. Nova University, with an
overall enrollment of over 8,000 students, is the second largest independent
university in Florida.
Broward County Community College and Prospect Ball are the two two-year
colleges in the County.
SCHOOL RMLIMMi
ERORM COUN" SCHOOL DISTRICT
Fall of Year Students
1976
136,549
1977
137,350
1978
136,892
1979
135,313
19$0
132,655
1981
127,637
1982
125,641
1983
125,374
1984
126,852
Pre -Kindergarten through 12th grade membership.
Source: Division of Public School, MIS, Florida Department of Education.
B-8
�_.. APPENDIX D
1985
(Form of Bond Counsel Opinion)
City Council of the City of
Tamarac
Tamarac, Florida
Ladies and Gentlemen:
We have examined the Constitution and laws of the State of Florida, in-
cluding Chapter 166, Florida Statutes, the Home Rule Charter of the City of
Tamarac and certified copies of the proceedings of the City Council of
Tamarac, Florida (the "City'), including Resolution No. R-84-121 enacted on
April 25, 1984 (the "Resolution"), a resolution adopted in furtherance thereof
and other proofs submitted including the election proceedings, the validation
proceedings and related proceedings of the City Council relative to the
Issuance and sale of the following described bonds (the "Series 1984 Bonds"):
$8,000,000
CLty of Tamarac, Florida
General Obligation Bonds,
(City Hall and Police Station) Series 1984
Dated , 1985
1985, semi-
The Series
1984 Bonds bear interest
payable on
October 1, and
annually thereafter
on April 1 and October
1 of each year at the interest
rates, and mature on the dates and in the principal
amounts, set forth in the
following schedule:
Principal
Maturity
Principal Maturity
Date
Principal Interest
Date
Principal Interest
(October 1)
Amount Rate
(October
1) Amount Rate
1986
$140,000
1996
$360,000
1987
150,000
1997
400,000
1988
170,000
1998
440,000
1989
190,000
1999
480,000
1990
200,000
2000
530,000
1991
230,000
2001
580,000
1992
250,000
2002
640,000
1993
270,000
2003
710,000
1994
300,000
2004
780,000
1995
330,000
2005
850,000
The Series 1984 Bonds are fully registered as to both principal and in-
terest as shown on the registration books of the Bond Registrar and are issu-
able in the denomination of $5,000 each or any integral multiple thereof.
D-1
City Council of City of Tamarac
Tamarac,,Florida
, 1985
'Page 2
The principal of, premium, if
any, and the interest
on the Series 1984
Bonds are payable in any coin or
currency of the
United States of America
which on the respective dates of
payment thereof
is legal tender for the
payment of public and private debts. Principal of
and premiums, if any, on
the Series 1984 Bonds are payable
at the principal
corporate trust office of
the paying agent under the Resolution.
Interest on
the Series 1984 Bonds is
payable by check or draft sailed to
the registered owners thereof.
The Series 1984 Bonds at the time outstanding which mature in the years
1986 to 1995, inclusive, shall not be subject to redemption prior to their
stated dates of maturity. The Series 1984 Bonds maturing in the years 1996 to
2005, inclusive, may be redeemed prior to their respective maturities at the
option of the County on and after October 1, 1995, as a whole at any time or
in part on any interest payment date, in the inverse order of their stated
maturities and by lot within a stated maturity, at the principal amount
thereof and accrued interest to the date of redemption plus the following
premiums expressed in percentages of the principal amount of the Series 1984
Bonds to be redeemed, if redeemed in the following periods.
Period
(both dates inclusive)
Redemption Premium
October 1, 1995 to September 30, 1997
3%
October 1, 1997 to September 30, 2000
2%
October 1, 2000 to September 30, 2003
October 1, 2003 and thereafter
1%
none
Any such redemption, either as a whole or
in part, may be made upon
not
less than thirty (30) days or more than sixty
(60) days' prior notice as
pro-
vided in the Resolution. The Series 1984 Bonds
have been issued under
and
pursuant to the constitution and laws of the
State of Florida and in accor-
dance with certain resolutions passed and adopted by the City Council of
the
City of Tamarac on January 25, 1984, March
20, 1984, April 25, 1984,
and
1985. The Series 1984 Bonds were approved by the voters of
the
City of Tamarac in an election held on March
13, 1984 and validated pursuant
to an Amended Validation Judgment dated August
6, 1984.
In our opinion the above -described proceedings show lawful authority for
the issuance and sale of the Series 1984 Bonds.
We have examined executed Series 1984 Bond numbered 1.
From such examination, we are of the opinion that:
1. The Series 1984 Bonds have been duly authorized and issued under the
provisions of the Resolution for the purpose of paying all or part of the Cost
of the Project (as defined in the Resolution).
2. The Series 1984 Bonds are valid and binding general obligations of the
City payable from the levy of an ad valorem tax within the City and are se-
cured by a pledge of the City's full faith, credit and taxing power for the
prompt payment of the principal, premium, if any, and interest as the same
become due.
D-2
1
City Council of City of Tamarac
Tamarac, Florida
, 1985
Page 3
3. The interest on the Series 1984 Bonds is, under existing statutes and
judicial decisions, exempt from all present Federal income taxes and the
Series 1984 Bonds and the income thereon are exempt from taxation under
Florida law, except as to estate taxes and taxes imposed by Chapter 220,
Florida Statutes, on interest, income or profits on debt obligations owned by
corporations, as defined in said Chapter 220, Florida Statutes.
Respectfully submitted,
FINE JACOBSON SCHWARTZ NASH BLOCK b
ENGL'AND
By
o-3