HomeMy WebLinkAboutCity of Tamarac Resolution R-80-2001
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Introduced by: TEMP. RESO.#1744
Rev. 8/21/80
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R- g'()- 0?a 0
RESOLUTION APPROVING THE OFFICIAL STATEMENT IN
CONNECTION WITH THE ISSUANCE OF $12,935,000
WATER AND SEWER UTILITY REVENUE BONDS, SERIES
1980, DATED SEPTEMBER 1, 1980 AND RATIFYING AND
APPROVING THE CONTRACT OF PURCHASE BETWEEN THE
CITY AND THE UNDERWRITERS OF SUCH BONDS AND
AUTHORIZING THE EXECUTION THEREOF; FIXING THE
INTEREST RATES FOR SUCH BONDS; AUTHORIZING EM-
PLOYEES OF THE CITY TO TAKE ALL ACTION NECESSARY
IN CONNECTION WITH.THE ISSUANCE OF SUCH BONDS;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City has previously distributed a Preliminary
Official Statement, dated August 11, 1980 in connection with the
issuance of $12,935,000 Water and Sewer Utility Revenue Bonds, Series
1980 (the "1980 Bonds"); and
WHEREAS, it is now necessary to approve said Official Statement
and to ratify and approve its distribution; and
WHEREAS, in order to obtain the best interest rates in the
current rapidly changing bond market, extensive planning of the struc-
ture of the 1980 Bonds, the timing of the sale and extensive pre -
marketing of the 1980 Bonds was necessary by the Underwriters (herein-
after defined); and
WHEREAS, it would have been impractical for an underwriter to
engage in such planning and pre -marketing had the 1980 Bonds been sold
at competitive sale; and
WHEREAS, the City Council deems it to be in the best interests
of the City that the 1980 Bonds be sold at negotiated sale pursuant
to the attached Contract of Purchase; and
WHEREAS, the Underwriters have filed with this Council the
statement required by Section 218.385(6), Florida Statutes; and
WHEREAS, The First Boston Corporation, as Representative of
the underwriters named in the statement mentioned in the previous
preamble (the "Underwriters") has, on behalf of such Underwriters,
presented a Contract of Purchase containing the price at which the
Underwriters propose to purchase the 1980 Bonds and the Official
Statement contains the interest rates which the Underwriters require
the 1980 Bonds to bear; and
0 9 T
TEMP. RESO.#1744
ri
WHEREAS, it is now necessary to approve such Contract of
Purchase and fix the interest rates which the 1980 Bonds are to bear
and to authorize the Mayor of the City and the City Clerk to execute
such Contract of Purchase on behalf of the City;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF TAMARAC, FLORIDA:
SECTION 1: The negotiated sale of the 1980 Bonds to the Under-
writers is hereby authorized pursuant to Chapter 218.385, Florida
Statutes. The recitations set forth above are found to be true and corx
SECTION 2: The Official Statement in connection with the
issuance of the 1980 Bonds is hereby approved in the form attached
hereto as Appendix A, with such changes, omissions and insertions as
may be necessary to realize the purposes of such Statement, and the
distribution of such Official Statement by City Officials are hereby
ratified, approved and confirmed. The City Manager is hereby author-
ized to approve such changes, omissions and insertions. The Mayor of
the City is hereby authorized to sign such Statement on behalf of the
City.
SECTION 3: The Contract of Purchase between the Underwriters
shown therein, represented by The First Boston Corporation, in the
form attached hereto as Appendix B is hereby approved, and the Mayor
of the City and the City Clerk is hereby authorized to execute the
Contract of Purchase on behalf of the City.
SECTION 4: The 1980 Bonds shall bear interest at the following
rates:
Interest
Interest
Maturity
Amount
Rate
Maturity
Amount
Rate
1982
$130,000
5-1/2 %
1989
$ 195,000
7-. 2 %
1983
135,000
6
1990
210,000
7.70
1984
145,000
6-1/4
1991
230,000
7.85
1985
150,000
6-1/2
1992
245,000
8
1986
160,000
6-3/4
1993
265,000
8.15
1987
170,000
7
1994
285,000
8.30
1988
185,000
7-1/4
1995
310,000
8.40
2010
10,120,000
9-1/4
SECTION 5: The
City Manager
is hereby
directed to
deliver the
1980 Bonds
to or upon
the order of
The First Boston
Corporation
upon
payment of
the purchase
price therefor,
together with accrued interest
from September 1, 1980
to the date
of delivery
of the 1980
Bonds.
2 -
ject.
TEMP. RESO. #1744
SECTION 6: The Mayor, the City Clerk, the City Manager, the
City Attorney and all other employees and officials of the City are
hereby authorized and directed to take all action necessary or desir-
able in connection with the issuance of the 1980 Bonds and the consum-
mation of all transactions in connection therewith.
SECTION 7: The provisions of this resolution shall take effect
immediately upon its adoption.
PASSED, ADOPTED AND APPROVED this�da
ATTEST:
CITY CLERK
I HEREBY CERTIFY that I have
approved the form and correctness
of this RESOLUTION.
IN
ITY ATTORNEY
RECORD Of COUNCIL VOTE
MAYOR:
DISTRICT t:
DISTRICT 2:
DISTRICT 3:
DISTRICT 4:
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