HomeMy WebLinkAboutCity of Tamarac Resolution R-97-2831
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Temp. Reso. # 8064
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November 24, 1997
Revision #1 11/20/97
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-97 -a`S3
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF TAMARAC, FLORIDA STATING
ITS PRELIMINARY INTENT TO ISSUE
REVENUE BONDS UP TO $15 MILLION FOR
FINANCING STREET PROJECTS; STATING A
NEED FOR SUCH FINANCING; DIRECTING THE
CITY MANAGER TO COMMENCE WITH
PRELIMINARY ACTIVITIES OF THE FINANCING
PLAN; PROVIDING FOR CONFLICTS;
PROVIDING FOR SEVERABILITY; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Tamarac, Florida has
authorized an evaluation of City streets with a formal plan for repairs and
improvements expected to be completed by February, 1998; and
WHEREAS, the City Commission has considered various financing
alternatives for the funding of street repair and improvement projects; and
WHEREAS, activities of the financing plan should run parallel to the
project planning process for a more efficient implementation of necessary street
repairs and improvements; and
WHEREAS, it is anticipated that the full cost of the street repair and
improvement projects (Streets Program) will be in the range of $15 million; and
Temp. Reso. # 80E4
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November 24, 1997
Revision #1 11/20/97
WHEREAS, based on current market conditions, a public offering of
revenue bonds has been determined by the City and its financial advisor, Public
Financial Management, Inc., as a cost effective means of financing; and
WHEREAS, the City is considering a revenue bond issue which would not
require a referendum assuming that the principal use of the proceeds of the bond
issue would be to repair existing streets (as opposed to new capital
improvements) and each new street improvement project is expected to be less
than 2.5 percent of General and Enterprise Fund budgets; and
WHEREAS, depending on the time frame for completing the projects, it
may be appropriate to finance the Streets Program up to $15 million by separate
issues such as two $7.5 million issues or $10 million and $5 million issues; and
WHEREAS, the City's bond counsel, Akerman, Senterfitt and Edison,
P.A., recommends validation of such bonds, a process that typically takes up to
three months and would commence after the City Commission has approved a
final financing proposal; and
WHEREAS, the City Manager and Director of Finance recommend
proceeding with preliminary requirements of the financing plan including to
develop a request for proposal for underwriter services and to develop the
proposed size and structure of the revenue bond issuance (or alternative
financing) based on the formal study (Street Projects Plan); and
WHEREAS, this resolution does not obligate the City of Tamarac to issue
revenue bonds for financing the Streets Program; and
Temp. Reso. # 8064
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November 24, 1997
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WHEREAS, the City Commission of the City of Tamarac, Florida deems it
to be in the best interest of the citizens and residents of the City of Tamarac to
state its preliminary intent to issue revenue bonds up to $15 million for financing
necessary street projects.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF TAMARAC, FLORIDA:
SECTION 1: The foregoing "WHEREAS" clauses are hereby ratified and
confirmed as being true and correct and are hereby made a specific part of this
Resolution.
SECTION 2: The City Commission of the City of Tamarac, Florida, states
its preliminary intention to issue revenue bonds up to $15 million for financing
necessary street repairs and improvements within the City's boundaries.
SECTION 3: The City Commission hereby determines that the financing
is necessary to fund the costs of the Streets Program.
SECTION 4: The City Commission directs the City Manager to
commence preliminary activities of the financing plan including the development
of a request for proposal for underwriter services and development of the
proposed size and structure of the revenue bond issue (or alternative financing
depending on market conditions) based on the Street Projects Plan.
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Temp. Reso. # 8064
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November 24, 1997
Revision #1 11/20/97
SECTION 5: All resolutions or parts of resolutions in conflict herewith are
hereby repealed to the extent of such conflict.
SECTION 6: If any clause, section, other part or application of this
Resolution is held by any court of competent jurisdiction to be unconstitutional or
invalid, in part or application, it shall not affect the validity of the remaining
portions or applications of this Resolution.
SECTION 7: This Resolution shall become effective immediately upon its
passage and adoption.
PASSED, ADOPTED AND APPROVED this R G
ATTEST:
CAROL A. EVANS, CMC, CITY CLERK
I HER BY CERTIFY that I have
Appi d this RESOLUTION a to form.
MIT ELL S. KRAFT, CITY NE`
day of /v&44A- ,1997.
i
J SCHREIBER, MAYOR
RECORD OF COMMIS:
MAYOR
SCHREIBER
DIST t:
COMM. McKAYE
DIST 2:
V/M MISHKIN
DIST 3:
COMM. SULTANOF
DIST 4:
OW ROBERTS
VOTE