HomeMy WebLinkAboutCity of Tamarac Resolution R-79-253Introduced by: Motion of V/M Massaro
Temp. # 1441
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1 CITY OF TAMARAC, FLORIDA
2 RESOLUTION NO.79-253
3 A RESOLUTION AUTHORIZING THE SALE AND DELIVERY OF
BOND ANTICIPATION NOTES IN THE AGGREGATE PRINCIPAL
4 AMOUNT OF $11,000,000.00 AT AN INTEREST RATE OF
SEVEN AND ONE-HALF (7,%) PERCENT TO THE MARMON
5 GROUP.
6 WHEREAS, the Tamarac City Council on July 31, 1979 entered into an
7 agreement of Purchase and Sale for the assets of Tamarac Utilities, Inc., and
8 WHEREAS, said agreement provided that the City might close o6 the
9 transaction by delivering $11,000,000.00 in Bond Anticipation Notes payable at
10 an interest rate of seven and one-half (7,%) percent per year to Tamarac Utilities,
11 Inc., or that Tamarac Utilities, Inc. may cause the Notes to be sold to another
12 entity designated by it, and
13 WHEREAS, the City has diligently endeavored to sell Bond Anticipation
14 Notes to parties other than Tamarac Utilities, Inc., and
15 WHEREAS, the calamitous state of the bond and note market nationwide
36 has driven interest rates beyond the seven and one-half (72%) percent offered by
17 Tamarac Utilities, Inc., and
18 WHEREAS, Tamarac Utilities, Inc. has designated the Notes to be sold
19 to the Marmon Group, and
20 WHEREAS, the City Council deems it to be in the best interest of the
21 people of the City of Tamarac to sell the Bond Anticipation Notes to The Marmon
22 Group.
23 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
24 TAMARAC, FLORIDA:
25 SECTION 1: That pursuant to the terms of the Agreement of Purchase
26 and Sale between Tamarac Utilities, Inc. and the City of Tamarac, dated July 31,
27 1979, the City hereby elects to sell Bond Anticipation Notes to The Marmon Group in
28 an aggregate principal amount of $11,000,000.00 at an interest rate of seven and
29 one-half (7 ,%) percent.
30 SECTION 2: That this Resolution shall be effective immediately upon
31 its passage.
32 ASSED, APPROVED AND ADOPTED this /9W- — da �ilo33 ATTESMAYOR
34s RECOR671M VP=V=
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CI Y CLERK MAYORS -
I HEREBY CERTIFY THAT I have approved the DISTRICT 1: �-
form and correctness of this RESOLUTION DISTRICT 2:
f(iti';ta•._.%� t.1 DISTRICT 3:
DISTRICT 4: - IR V