The URL can be used to link to this page

Home My WebLink AboutCity of Tamarac Resolution R-77-1877-4 7 �. 4550 5 CITY OF TAMARAC, FLORIDA RESOLUTION A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF TANIARAC, FINDING AND DECLARING ITS INTENT TO TERMINATE, RESCIND, CANCEL, VOID AND HOLD FOR NAUGHT, A CERTAIN AGREEMENT ENTERED INTO BY AND BETWEEN THE CITY OF TAMARAC AND TAMARAC ENTERPRISES INC., A FLORIDA CORPORATION, DATED JANUARY 3, 1967, WHEREIN THE CITY OF TA1%IARAC AGREED TO COLLECT FROM THE LOTOWNERS, RESIDING IN SECTIONS 1 AND 2 OF TAMARAC LAKES, AND PAY OVER TO TAMARAC ENTERPRISES THOSE MONIES COL- LECTED AS SET FORTH IN CERTAIN DEED RESTRICTIONS TO RETIRE AN INDENTURE OF MORTGAGE AND UTILITIES AND RECREATION BONDS SERIES "A", IN THE AMOUNT OF $1,750,000.00 AND TO REAFFIRM RESOLUTION 71-12, REPEALING RESOLUTION NUMBERS 64-1; 64-2; 64-3; 65-5; 65-6; 65-7; 66-2; 66-7; 66-8; 70=41 ANI) 72-43, TOGETHER WITH ANY OTHER ORDINANCE OR RESOLUTION ADOPTED BY THE CITY COUNCIL TO IMPLEMENT THE AFORESAID AGREEMENT. TO PROVIDE NOTICE TO THE OWNER AND/OR HOLDER OF ANY OF THE ABOVE MENTIONED BONDS, THE TRUSTEE, FIRST NATIONAL BANK OF MIAAII, TAINIARAC ENTERPRISES INC., THE ASSIGNOR, OF THE CITY OF TA�LaRAC'S INTENTION TO RESCIND, CANCEL AND VOID THOSE CERTAIN ASSIGNMENT OF LEASES FOR RECREATIONAL FACILITIES TOGETHER WITH RESCISSION, CANCELLATION AND TERMMINATION OF THE ACCEPTANCE BY THE CITY OF THOSE DEED RESTRICTIONS PERTAINING TO SECTIONS 1 AND 2 OF TAMARAC LAKES, TOGETHER WITH NOTICE OF THE RESCISSION, TERMINATION, CANCELLATION OF THE AGREE- MENT REFERRED TO ABOVE DATED JANUARY 3, 1967, AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Tamarac, did on January 3, 1967, pursuant to Resolution 66-2, enter into an agreement with Tamarac Enterprises Inc., to collect from lotowners in Sections 1 and 2 of Tamarac Lakes and remit to Tamarac Enter- prises Inc., monies in accordance with a fee schedule as provided therein, to satisfy a certain Indenture of Mortgage secured by a c`aYr Utility and Recreation Bond Series "A" in the amount of $1,750,000.00 7`w3 Go together with interest thereon until said Bonds were retired, and rn WHEREAS, the City Council of the City of Tamarac to Gam± implement the aforesaid agreement, adopted Resolutions numbered 64-1; 64-2; 64-3; 65-5; 65-6; 65-7; 66-2; 66-7; 66-8; 70-41 and 72-4'3, which relate to the acceptance as assignee of certain leases of recreational facilities and deed restrictions imposed upon 1) 0 s fSS 1 divisions located within the City of Tamarac, and WHEREAS, the City Council of the City of Tamarac has previously, by Resolution 72-43, expressed its intent to fulfill the terms and conditions of said agreement by and between the City of Tamarac and Tamarac Enterprises inc., by collecting from the owners of lots in the following subdivisions located in the City of Tamarac: Tamarac Lakes and Tamarac Lakes 2nd Section; Tamarac Lakes North and Tamarac Lakes North 2nd Section; Tamarac Lakes South; certain designated sums for recreational facilities rentals, and WHEREAS, the City of Tamarac, over the past ten (10) years, has made said collections and paid over to the Bond Indenture Trustee, City National Bank of Miami, Miami, Florida, all funds collected, and WHEREAS, the City of Tamarac, due to matters beyond its control, has been unable to fully and completely collect rental payments from the lot owners to pay over sufficient funds to meet the terms and conditions of and the resulting expenditures from the City Treasury for accounting administrator, clerical and supplies, unforeseen at the time of entering into said agreement, and WHEREAS, in spite of the cities diligent effort to fully and completely comply with the terms and conditions of said agreement, a default presently exists in the Bond Indenture of approximately $7S,000.00, and WHEREAS, the City of Tamarac, after a period of ten (10) years, and obligated for an additional 39 year period to make said collections, it appears to be a near certainty of its inability to effect sufficient collections to retire the Bond ;VO r'l 7, 0' MAN in<aen-ure in accordance ;pith tie terms and conditions t":ere_n conta nQd, anu tirHEP7EAS, unless the City is able to Fully and co;apletely r7eet the Bond Indenture payments and redeem the Bonds by the year 2006 no benefits will accrue to the City and the titles to the properties being held in trust by the Trustee, �. will revert back to Tamarac Enterprises, Inc. and the City of. Tamarac will have lost 49 years of time and expense in an effort to acquire certain monetary benefits which are at best a remote possibility. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF TA:NSARAC, FLORIDA: SECTION 1: That the City Council of the City of Tamarac does hereby renounce, terminate, rescind, cancel, void and hold for naught a certain agreement, entered into on January 3, 1967, by and between the City of Tamarac and Tamarac Enterprises Inc., to collect from each lot owner the following fees,monthly,and remit said fees to Tamarac Enterprises, at .Boulevard National Bank of Miami: Per Month 1. Tamarac Lakes and Tamarac Lakes $26.00 Second Section 2. Tamarac Lakes North and Tamarac 26.00 Lakes North Second Section 3. Tamarac Lakes South 29.00 4. Tamarac Lakes and Tamarac Lakes Second. Section 10.00 S. Tamarac Lakes North and Tamarac 10.00 Lakes North Second Section MO r-Fr'; 6. Tamarac Lakes South 13.00 SECTION 2: That the City Council of the City of 00 w J Tamarac does hereby renounce, terminate, rescind, cancel, void y and hold for naught the assignments of those certain leases, [Ti by and between. Kenneth Behring, joined by his wife, Patricia A. _3_ w assi�ncd to the City of Tamarac, as assignee, beinc, leases Dr the recreation facilities of those subdivisions set forth Section 1 of this Resolution. SECTION 3: The City Council of the City of Tamarac does hereby renounce, rescind, terminate, cancel, void and hold for naught the assignment by and between the City of Tamarac, assignee, and Tamarac Lakes Inc. as assignor, of certain reservations and servitudes contained in paragraph 5 of those certain use and building restrictions, imposed upon those lots located in the subdivisions set forth in Section 1 of this Resolution. SECTION 4: The City Council of the City of Tamarac does hereby reaffirm, Resolution No. 71-12, passed, adopted and approved on February 2, 1971, by -the City Council of the City of Tamarac. SECTION 5: The City Council of the City of Tamarac does hereby repeal specifically Resolutions numbered 64-1; 64-2; 64-3; 65-5; 65-6; 65-7; 66-2; 66-7; 66-8; 70-41 and 72-43, together with any resolution adopted by Council not specifically mentioned herein, but which may be in conflict with the intention of the City of Tamarac to void, set aside and hold for naught any obligations, responsibilities, or liabilities the City of Tamarac might have in reference to the performance of maintenance on and for individual lots and private recreational areas and as to the collection and remittance of leasehold monies, all of these obligations and duties being those created by private deed restrictions and the obligations thereunder having been previously �1 assigned to the City of Tamarac. 00 --7 SECTION 6: The City Manager is hereby instructed, M after passage of this Resolution and its proper execution, to record a certified copy of same and further to provide certified copies to all interested parties, including but not limited to: -4- w .>-Cs 11:s o,: n Ci U -1 0 C ()-15 o e C ; ty a n c' h o I r T, T1 t 'IC rprises, Inc., all lkrlown 1) 0 n al�,,a r, IL holders , the Ti,ustce City t y N, a t o ri a i Bank of M a iii i a ri i and Kenneth E. and Patricia A- Behr-Lrig, S E CT 1 0 N 7 . This Resolution shall becomc e f i7ec immediatel}- upon its final passage. PASSED, ADOPTED AND APPROVED THIS 91-4 DAY OF ATTEST: CITY CLER��/ I HEREBY CERTIFY that I have approved the form and correct- ness of this RESOLUTION OV CITY ATTORNEY" j i hoiro,y cc _j -7 G ill I G This WA_ day of 449_4�2L/±? 19 '7 CIA .1 . M;�__ E ORWAL MMMM OF "MA00 CWMn. L )L 1_u y ;00 WUNTY ADMIMsMTO (DO - fii -5- w I