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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. 1.1 E 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. IWZ 1 1 1 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 - 3- 1 1 1 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 QM 11 1 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. - 5 -- 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: 1 1 I 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 -7- S t/'F, A 1 1 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. W10 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 -9- 'L i_, ITOT85WO) ati14109i)►I No. EI 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 -10- 3t 1 E 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 BBC 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. 0rz 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 -13- 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. -14- 0 1 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. -15- 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