HomeMy WebLinkAboutCity of Tamarac Resolution R-1975-066Temporary
This Resolution Introducted
By Councilman Glicksman
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. 75-66
A RESOLUTION PROVIDING FOR THE
ISSUANCE OF GENERAL OBLIGATION
BONDS OF THE CITY OF TAMARAC,
FLORIDA, NOT TO EXCEED IN THE
AGGREGATE $650,000 FOR THE PUR-
POSE OF ACQUIRING AN EXISTING
BUILDING FOR USE AS A CITY HALL
AND CONTAINING OTHER PROVISIONS
RELATING TO SUCH BONDS.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF TAMARAC, FLORIDA:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This
resolution is adopted pursuant to the provisions of the
Charter of the City, Chapter 166, Part II, Florida Statutes,
and other applicable provisions of law.
SECTION 2. FINDINGS. It is hereby found, deter -
minded and declared as follows, that:
A. It is necessary, desirable, and in the best
interest of the City of Tamarac, Florida (hereinafter called
"City"), and its inhabitants that general obligation bonds
in an amount not exceeding $650,000 be issued for the purpose
of acquiring an existing building known as CLUB EXECUTIVE
together with the land on which it is situated, for use as
a City Hall (hereinafter called "project").
B. The issuance of such general obligation bonds
was approved by a majority of votes cast in a bond election
held March 4, 1975, by the qualified electors of the City in
the manner required by the Constitution and Statutes of the
State of Florida.
SECTION 3. RESOLUTION TO CONSTITUTE CONTRACT.
In consideration of the acceptance of the bonds authorized
to be issued hereunder by those who shall hold the same from
time to time, this Resolution shall be deemed to be and
shall constitute a contract between the City and such holders.
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The covenants and agreements herein set forth to be per-
formed by the City shall be for the equal benefit, protec-
tion and security of the legal holders of any and all of
such bonds and the coupons attached thereto, all of which
shall be of equal rank and without preference, priority or
distinction of any of the bonds or coupons over any other
thereof, except as expressly provided therein and herein.
SECTION 4. AUTHORIZATION OF BONDS. Subject and
pursuant to the provisions of this Resolution, bonds of
the City to be known as "General Obligation Bonds", herein
sometimes referred to as "Bonds", are hereby authorized to
be issued in the aggregate principal amount of not exceeding
Six Hundred Fifty Thousand Dollars ($650,000.00) for the
construction and acquisition of said project.
SECTION 5. DESCRIPTION OF BONDS. The Bonds shall
be dated July 1, 1975; shall be numbered consecutively from
one upward in the order of their maturities; shall be in
the denomination of $5,000 each; shall bear interest at not
exceeding the maximum legal rate, such interest to be payable
semi --annually on January 1 and Julyl of each year, and shall
mature serially in numerical order, lowest numbers first,
on the first day of July in each year, $650,000 in the years
1981 to 1990, inclusive.
Such Bonds shall be issued in coupon form; shall
be payable to bearer unless registered as hereinafter pro-
vided; shall be payable with respect to both principal and
interest in lawful money of the United States of America,
at the Bank of Tamarac, Tamarac, Florida and shall bear
interest from their date, payable in accordance with and
upon surrender of the appurtenant interest coupons as they
severally mature.
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SECTION 6. EXECUTION OF BONDS AND COUPONS. The
Bonds shall be executed in the name of the City by the Mayor
and City Manager and countersigned and attested by the City
Clerk, and its corporate seal or a facsimile thereof shall
be affixed thereto or reproduced thereon. The facsimile
signatures of the Mayor, the City Manager or the City Clerk
may be imprinted or reproduced on the Bonds, provided that
at least one signature required to be placed thereon shall
be manually subscribed. In case any officer whose signature
shall appear on any Bonds shall cease to be such officer before
the delivery of such Bonds, such signature or facsimile shall
nevertheless be valid and sufficient for all purposes the same
as if he had remained in office until such delivery. Any
Bond may be signed and sealed on behalf of the City by such
person who at the actual time of the execution of such Bonds
shall hold the proper office with the City, although at the
date of such Bonds such person may not have held such office
or may not have been so authorized.
The coupons attached to the Bonds shall be authen-
ticated with the facsimile signatures of any present or
future Mayor, City Manager and City Clerk of the City, and
the validation certificate on the Bonds shall be executed
with the facsimile signature of the Mayor. The City may adopt
and use for such purposes the facsimile signatures of any
persons who shall have been such Mayor, City Manager and City
Clerk at any time on or after the date of the Bonds notwith-
standing that they may have ceased to be such officers at
the time such Bonds shall be actually delivered.
SECTION 7. NEGOTIABILITY AND REGISTRATION. The
Bonds issued hereunder shall be, and shall have all of the
qualities and incidents of negotiable instruments under the
law merchant and the Laws of the State of Florida, and each
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successive holder, in accepting any such Bonds or the
coupons appertaining thereto, shall be conclusively deemed
to have agreed that such Bonds shall be and have all of the
qualities and incidents of negotiable instruments under
the law merchant and the Laws of the State of Florida.
The Bonds may be registered at the option of the
holder as to principal only at the office of the City
Clerk as Registrar, or such other Registrar as may be here-
after duly appointed, such registration to be noted on the
back of the Bonds in the space provided therefor. After
such registration as to principal only, no transfer of the
Bonds shall be valid unless made at such office by written
assignment of the registered owner, or by his duly authorized
attorney in a form satisfactory to the Registrar, and
similarly noted on the Bonds, but the Bonds may be discharged
from registration by being in like manner transferred to
bearer and thereupon transferability by delivery shall be
restored. At the option of the holder, any obligation may
thereafter again from time to time be registered or trans-
ferred to bearer as before. Such registration as to principal
only shall not affect the negotiability of the coupons which
shall continue to pass by delivery.
SECTION $. BONDS, MUTILATED, DESTROYED, STOLEN
OR LOST. In case any obligation shall become mutilated, or
be destroyed, stolen or lost, the City may in its discretion
issue and deliver a new Bond with all unmatured coupons
attached, if any, of like tenor as the Bond and attached
coupons, if any, so mutilated, destroyed, stolen or lost,
in exchange and substitution for such mutilated Bond, upon
surrender and cancellation of such mutilated Bond and attached
coupons, if any, or in lieu of and substitution for the Bond
and attached coupons, if any, destroyed, stolen or lost, and
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upon the holder furnishing the City proof of his ownership
thereof and satisfactory indemnity and complying with such
other reasonable regulations and conditions as the City may
prescribe and paying such expenses as the City may incur.
All Bonds and coupons so surrendered shall be cancelled by
the City Clerk. If any such Bonds or coupons shall have
matured or be about to mature, instead of issuing a substitute
Bond or coupon, the City may pay the same, upon being indemni-
fied as aforesaid, and if such Bond or coupon be lost, stolen
or destroyed, without surrender thereof.
Any such duplicate Bonds and coupons issued pursuant
to this section shall constitute original, additional contract-
ural obligations on the part of the City whether or not the
lost, stolen or destroyed Bonds or coupons be at any time found
by anyone, and such duplicate Bonds and coupons shall be entitled
to equal and proportionate benefits and rights as to lien on
and source and security for payment from the funds, as herein-
after pledged, to the same extent as all other Bonds and
coupons issued hereunder.
SECTION 9. REDEMPTION PROVISIONS. The Bonds of
this issue are redeemable prior to their respective stated
dates of maturity, at the option of the City, in whole or in
part, in inverse numerical order if less than all, on July
1, 1981 or on any interest payment date thereafter at the price
of par and accrued interest to the date of redemption.
Notice of Bonds to be redeemed shall be given not
less than thirty days prior to the redemption date by regis-
tered or certified mail to banks or trust companies serving
as paying agents and by publication at least once not less
than thirty days prior to such redemption date in a financial
newspaper or journal of general circulation published in the
City of New York, New York.
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SECTION 10. FORM OF BONDS AND COUPONS. The Bonds,
the interest coupons to be attached thereto, and the certificate
of validation shall be in substantially the following form,
with such omissions, insertions and variations as may be
necessary and desirable and authorized or permitted by this
Resolution or in any subsequent resolution adopted prior to
the issuance thereof:
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IZrev
$5,000.00
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF BROWARD
CITY OF TAMARAC
GENERAL OBLIGATION BOND
KNOW ALL MEN BY THESE PRESENTS that the City of
Tamarac, Florida (hereinafter called "City"), for value
received, hereby promises to pay to the bearer, or if this
Bond be registered, to the registered holder as herein pro-
vided on the first day of July, 19 the principal sum of
it1IVAt■1YOImtZe]pfI.V&
and to pay interest thereon from the date hereof at the rate
of
per centum ( %) per
annum until payment of the principal sum, such interest to
the maturity hereof being payable semi-annually on the first
day of January and the first day of July in each year upon the
presentation and surrender of the annexed coupons as they
severally fall due. Both principal of and interest on this Bond
are payable in lawful money of the United Stated of America at the
Bank of Tamarac, Tamarac, Florida.
This Bond is one of an authorized issue of Bond in the
aggregate principal amount of $650,000 of like date, tenor and
effect, except as;.,to number and date of maturity, issued to
finance the cost of the acquisition of a building for use as a
City Hall in the City under the authority of and in full compli-
ance with the Constitution and Statutes of the State of Florida,
including particularly the City Charter and Chapter 166, Part II,
Florida Statutes, and other applicable provisions of law, and a
resolution duly adopted by the City on the day of May, 1975
(hereinafter called "Resolution"), and is subject to all the terms
and conditions of such Resolution.
It is hereby certified and recited that all acts, condi-
tions and things required to happen, exist and to be
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performed, precedent to and in the issuance of this Bond,
have happened, exist, and have been performed in due time,
form and manner as required by the Constitution and Laws
of the State of Florida applicable thereto, that the issue
of Bonds of which this Bond is a part has been approved at
an election held in accordance with the Constitution and
Laws of Florida in the City on the 4th day of March, 1975;
that the total indebtedness of the City, including the issue
of Bonds of which this Bond is one, does not exceed any
constitution, statutory or charter limitation; and that
provision has been duly made for the levy and collection of
a direct annual tax upon all taxable property within the City
sufficient to pay the principal of and interest on this Bond
as the same shall become due, which tax shall be levied and
collected at the same time, and in the same manner as other
ad valorem taxes of the City are assessed, levied and
collected.
The Bonds of this issue are redeemable prior to
their respective stated dates of maturity, at the option of
the City, in whole or in part, in inverse numerical order if
less than all, on July 1, 1981 or on any interest payment
date thereafter at the price of par and accrued interest to
the date of redemption.
Notice of such redemption shall be given in the
manner required by the Resolution.
This Bond, and the coupons appertaining thereto, are
and have all the qualities and incidents of a negotiable
instrument under the law merchant and the Laws of the State
of Florida.
This Bond may be registered as to principal only
in accordance with the provisions endorsed hereon.
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IN WITNESS WHEREOF, the City of Tamarac, Florida, has
issued this Bond and has caused the same to be signed by its
Mayor and City Manager and attested and countersigned by its
City Clerk, either manually or with their facsimile signatures,
and the corporate seal of said City or a facsimile thereof to be
affixed, impressed, imprinted, lithographed or reproduced hereon
and the interest coupons hereto attached to be executed with the
facsimile signatures of such officers all as of the lst day of
July, 1975.
(Seal)
ATTESTED AND COUNTERSIGNED
City Clerk
CITY OF TAMARAC, FLORIDA
Mayor
City Manager
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ITOT85WO) ati14109i)►I
No.
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On the 1st day of , 19 , the City
of Tamarac, Florida, will pay to the bearer at the Bank of
Tamarac, Tamarac, Florida, the amount shown hereon in lawful
money of the United States of America, upon presentation and
surrender of this coupon, being six months' interest then due
on its General Obligation Bond dated July 1, 1975, No.
CITY OF TAMARAC, FLORIDA
(Seal) Mayor
ATTESTED AND COUNTERSIGNED
City Manager
City Clerk
(To be inserted in all coupons.)
"Unless the Bond to which this coupon is attached shall
have been previously duly called for prior redemption and payment
thereof duly made or provided for."
VALIDATION CERTIFICATE
This Bond is one of a series of Bonds which were
validated and confirmed by judgment of the Circuit Court for
Broward County, Florida rendered on the day of ,
UlOYNI
Mayor
PROVISION FOR REGISTRATION
This Bond may be registered as to principal only in
the name of the holder on the books to be kept by the City Clerk
as Registrar, or such other Registrar as may be hereafter duly
appointed, such registration being noted hereon by such
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Registrar in the registration blank below, after which no
transfer shall be valid unless made by written assignement
on said books by the registered holder or attorney duly
authorized and similarly noted in the registration blank below,
but it may be discharged from registration by being transferred
to bearer, after which it shall be transferable by the de-
livery, but it may be again registered as before. Such
registration shall not restrain the negotiability of the
coupons by delivery.
DATE OF IN WHOSE NAME SIGNATURE OF
REGISTRATION REGISTERED REGISTRAR
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SECTION 11. PLEDGE OF FULL FAITH, CREDIT AND
TAXING POWER. For the prompt payment of the principal of and
interest on the Bonds, the full faith, credit and taxing
power of the City
are
irrevocably
pledged.
SECTION
12.
LEVY OF AD
VALOREM TAX. There is
hereby created a Sinking Fund to be held and administered
by the City solely for the purpose of paying the principal
of and interest on the Bonds as they become due. In each
year while any of such Bonds are outstanding there shall be
levied and collected a tax on all taxable property within
the City, sufficient in amount to pay the principal of and
interest on such Bonds as the same shall become due. Such
tax shall be assessed, levied and collected in the same
manner and at the same time as other City taxes are assessed,
levied and collected.
Moneys on deposit in the Sinking Fund and the Acq-
uisition Fund may be invested and reinvested in direct
obligations of the United States of America or in time de-
posits in banks or trust companies represented by certificates
of deposit and continuously secured as required by the Laws
of Florida, maturing prior to the date on which the moneys
therein will be needed.
SECTION 13. APPLICATION OF PROCEEDS OF BONDS.
All moneys received from the sale of the Bonds shall be de-
posited by the City in a special account in a bank or trust
company and applied by the City as follows:
A. All accrued interest shall be deposited in the
Sinking Fund.
B. The City shall next use the moneys in said
special account to pay all legal fees, costs of the issuance
of the Bonds, and all other similar costs incurred in connec-
tion with the acquisition of the improvements and the issuance
of the Bonds to finance the cost thereof.
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C. A special fund is hereby created, established
and designated as the "Acquisition Fund". There shall be
paid into the Acquisition Fund the balance of the moneys
remaining after making all the deposits and payments pro-
vided for in paragraphs A and B above.
Such fund shall be kept separate and apart from all
other accounts of the City, and the moneys on deposit therein
shall be withdrawn, used and applied by the City solely to
the payment of the cost of the project, as herein above
described and set forth. If for any reason such proceeds
or any part thereof are not necessary for or are not applied
to the payment of such cost, then the unapplied proceeds
shall be deposited by the City in the Sinking Fund. All such
proceeds shall be and constitute trust funds for such purposes.
The holders of the Bonds issued hereunder shall
have no responsibility for the use of the proceeds of said
Bonds, and the use of such Bond proceeds by the City shall in
no way affect the rights of such Bondholders. The City shall
be irrevocably obligated to continue to levy and collect the
ad valorem taxes as provided herein and to pay the principal
of and interest on the Bonds notwithstanding any failure of the
City to use and apply such Bond proceeds in the manner pro-
vided herein.
SECTION 14. MODIFICATION OR AMENDMENT. No material
modification or amendment of this Resolution or of any
resolution or ordinance amendatory hereof or supplemental here-
to may be made without the consent in writing of the holders
of two-thirds or more in the principal amount of the Bonds
then outstanding; provided, however, that no modification or
amendment shall permit a change in the maturity of such Bonds
or a reduction in the rate of interest thereon or in the amount
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of the principal obligation thereof or affecting the promise
of the City to pay the principal of and interest on the Bonds
as the same shall become due from the proceeds of the ad
valorem tax or reduce the percentage of the holders of the
Bonds required to consent to any material modification or
amendment hereof without the consent of the holder or holders
of such Bonds.
SECTION 15: SEVERABILITY OF INVALID PROVISIONS.
If any one or more of the covenants, agreements or provisions
herein contained shall be held contrary to any express pro-
vision of law or contrary to the policy of express law, though
not expressly prohibited, or against public policy, or shall
for any reason whatsoever be held invalid, then such covenants,
agreements or provisions shall be null and void and shall be
deemed separable from the remaining covenants, agreements or
provisions hereof or of the Bonds or coupons issued hereunder.
SECTION 16: SALE OF BONDS. The Bonds shall be
issued and sold in such manner and at such price or prices
consistent with the Act, all at one time or in installments
from time to time, as shall be hereafter determined by the
governing body of the City.
SECTION 17: VALIDATION AUTHORIZED. Michael E.
Zealy, the City Attorney, is authorized and directed to pre-
pare and file proceedings to validate the Bonds in the manner
provided by law.
SECTION 18: REPEALING CLAUSE. All Resolutions
or parts thereof of the City in conflict with the provisions
herein contained are, to the extent of such conflict, hereby
superseded and repealed.
SECTION 19: EFFECTIVE DATE. This Resolution shall
take effect in the manner provided by law.
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CERTIFICATE OF RECORDING OFFICER
The undersigned HEREBY CERTIFIES that:
1. He is the duly appointed, qualified, and acting
City Clerk , of the City of Tamarac, Florida
(herein called the
), and keeper of the
records thereof, including the minutes of its proceedings;
2. The annexed copy of extracts from the minutes of
the City Council meeting of the City of Tamarac, Florida
held on the 15th day of May 19 75 , is a true,
correct and compared copy of the whole of the original minutes
of said meeting on file and of record insofar as the same relate
to the resolution referred to in said extracts and to the other
matters referred to therein;
3. Said meeting was duly convened in conformity with
all applicable requirements; a proper quorum was present through-
out said meeting and the resolution hereinafter mentioned was
duly proposed, considered, and adopted in conformity with appli-
cable requirements; and all other requirements and proceedings
incident to the proper adoption of said resolution have been duly
fulfilled, carried out, and otherwise observed;'
and
4. He is duly authorized to executed this Certificate;
5. The copy of the resolution annexed hereto entitled;
A RESOLUTION PROVIDING FOR THE ISSUANCE OF GENERAL
OBLIGATION BONDS OF THE CITY OF TAMARAC, FLORIDA,
NOT TO EXCEED IN THE AGGREGATE $650,000.00 FOR
THE PURPOSE OF ACQUIRING AN EXISTING BUILDING FOR USE
AS A CITY HALL AND CONTAINING OTHER PROVISIONS
RELATING TO SUCH BONDS.
is a true, correct, and compared copy of the original resolution
referred to in said extracts and as finally adopted at said
meeting and, to the extent required by law, as thereafter duly
signed or approved by the proper officer or officers of the
CITY OF TAM4RAC, yT_.0RTn4 which resolution is on file and
of record.
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WITNESS MY HAND AND OFFICIAL SEAL OF THE CITY OF TAMARAC,
FLORIDA.
(Seal)
For: CITY OF TAMARAC, FLORIDA
BY. 1. C user ►
PEGGY M. TWICHELL
CITY CLERK
PASSED, ADOPTED AND APPROVED this 15th day ofMay, 1975.
ATTEST:
City Clerk
I HEREBY CERTIFY that
I have approved the form
and correctness of this
RESOLUTION.
r
RECORD OF COUNCIL VOTE
MAYOR - D. JOHNSON
V M - E. LANGE I I
C / W - H. MASSARO I
C M - 0. TUCKER
C / M • M. GLICKSMAN