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HomeMy WebLinkAboutCity of Tamarac Resolution R-87-168Introduced by: ' Temp. Reso. #4625 CITY OF TAM4ARAC, FLORIDA 1 RESOLUTION NO. R-87- 1� 2 3 RESOLUTION PROVIDING FOR THE ISSUANCE OF GENERAL, OBLIGATION BONDS (POLICE STATION 4 PROJECT), SERIES 1987, OF THE CITY OF TAMARAC, FLORIDA, PURSUANT TO RESOLUTION NO. 7 R-84-121, AS AMENDED AND RESTATED; PROVIDING FOR THE INTEREST PAYMENT DATES, AGGREGATE PRINCIPAL AMOUNT, MATURITIES AND INTEREST RATES FOR THE SERIAL BONDS, IF ANY, AND FOR THE TERM BONDS, IF ANY; PROVIDING FOR THE PRINCIPAL AND INTEREST REQUIREMENTS AND REDEMPTION PROVISIONS INCLUDING ANY AMORTIZATION REQUIREMENTS FOR THE BONDS; 9 APPOINTING A PAYING AGENT AND BOND REGISTRAR FOR THE BONDS; APPROVING AND AUTHORIZING THE 20 EXECUTION AND DELIVERY BY THE CITY OF A BOND PURCHASE AGREEMENT FOR THE BONDS; AWARDING 32 THE BONDS PURSUANT TO A NEGOTIATED SALE; RATIFYING THE DISTRIBUTION OF A PRELIMINARY 22 OFFICIAL STATEMENT; COVENANTING TO COMPLY WITH THE PROVISIONS OF THE INTERNAL REVENUE 23 CODE OF 1986, AS AMENDED; CREATING A CERTAIN SUBACCOUNT WITHIN THE DEBT SERVICE ACCOUNT; 24 AUTHORIZING THE EXECUTION, DELIVERY AND DISTRIBUTION OF A FINAL OFFICIAL STATEMENT; AUTHORIZING THE EXECUTION AND DELIVERY OF CLOSING DOCUMENTS BY CERTAIN CITY OFFICIALS 26 AND EMPLOYEES; AND PROVIDING AN EFFECTIVE 27 DATE. WHEREAS, the City Council (the "Council") of the City of Tamarac, Florida (the "City") intends to issue its General 20 Obligation Bonds (Police Station Project), Series 1987, 21 ("Series 1987 Bonds") pursuant to Resolution No. R-84-121, duly 22 adopted on April 25, 1984 as amended and restated by a 23 Resolution duly adopted on July 23, 1986, (collectively the 24 "Bond Resolution"), to pay, together with other available funds 25 of the City, the Cost of the Project, as defined in the Bond 26 Resolution, as'such cost relates to a new Police Station and to 27 pay the costs related to the issuance of the Series 1987 Bonds; 28 and 29 WHEREAS, the Council desires to fix the details of the ' 0 1 Series 1987 Bonds including the maturities, interest rates and redemption provisions; and 32 33 WHEREAS, as contemplated by the Bond Resolution, the 34 Council desires to approve the form and substance of a Bond 35 Purchase Agreement (as hereinafter defined) with respect to the 36 Series 1987 Bonds and authorize its execution and delivery; and Teig-o. Peso. #4625 WHEREAS, the Council desires to award the Series 1987 Bonds to a purchaser through a negotiated sale; and WHEREAS, the Council desires to ratify the distribution of the Preliminary Official Statement and authorize the execution and distribution of the final Official Statement for the Series 1987 Bonds. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF TAMARAC, FLORIDA: Section 1. The capitalized terms in this Resolution and in the schedules attached hereto shall have the same meaning as such terms in the Bond Resolution, and such schedules are incorporated herein and are an integral part of this Resolution. Section 2. The issuance, execution and delivery of the City's General Obligation Bonds (Police Station Project), Series 1987 (the "Series 1987 Bonds") in the aggregate principal amount of $2,480,000 are hereby authorized and approved. Section 3. The Series 1987 Bonds shall be issued in registered form only, in denominations of $5,000 or any integral multiple thereof, dated as of May 1, 1987, numbered consecutively from 1 upward, bear interest from their date until their payment, payable semiannually on the first day of each November and May of each year, commencing November 1, 1987 (representing six months interest), shall bear the original or facsimile signatures of the Mayor and the Clerk of the City, and shall be issued in substantially the form set forth in Exhibit A attached hereto. Section 4. The Series 1987 Bonds shall bear interest from their date until maturity at the rates, mature on the dates and in the amounts, and be sold at the prices set forth in Schedule I attached hereto. -2- Temp. Reso. AA625 Section 5. (a) A portion of the Series 1987 Bonds shall be istued as Term Bonds in aggregate principal amounts, in maturities not to exceed forty years, and with Amortization Requirements, all as set forth in Schedule II attached hereto. (b) The Term Bonds shall be subject to mandatory redemption by the City on November 1 of each year in the principal amounts at the prices and without premium as set forth in Schedule II attached hereto. Section 6. The Series 1987 Bonds shall be subject to redemption prior to their respective maturities, at the option of the City, at the redemption prices, plus interest accrued thereon to the date of redemption, as set forth in Schedule III attached hereto. Included in Schedule III shall be the method in which the Series 1987 Bonds shall be selected for redemption. Section 7. Midlantic National Bank and Trust Co., Ft. Lauderdale, Florida ("Midlantic") is hereby designated as Paying Agent and Bond Registrar for the Series 1987 Bonds and shall perform such duties as are more fully described in the Bond Resolution, the Series 1987 Bonds and any supplemental agreement between the City and Midlantic. Section 8. The Council has received a proposed purchase contract for the Series 1987 Bonds (the "Bond Purchase Agreement") dated May 22, 1987, with respect to the purchase. of the Series 1987 Bonds by L.F. Rothschild, Unterberg, Towbin, Inc. (the "Underwriter"). After having carefully considered the matter, the Council hereby finds and determines that the Bond Purchase Agreement is in the best interest of the City. The Council hereby authorizes and approves the Bond Purchase Agreement and directs that it shall be executed by and on behalf of the City by the Mayor or Vice Mayor of the City, with the official seal of the City impressed or imprinted thereon and attested by the Clerk or any Deputy Clerk of the City in substantially the form presented to the Council at the meeting of the Council at which this Resolution � emp- Reso. ';`4625 is adopted and as attached hereto as Exhibit B, subject to such changes, insertions and omissions and such filling -in of blanks therein as may be approved by the officers of the City executing the same pursuant to this Section. The execution and delivery of such Bond Purchase Agreement for and on behalf of the City bysuch officers is conclusive evidence of the approval of such officers of any such changes, insertions, omissions or filling -in of blanks. Section 9. After having carefully considered the matter, the Council hereby finds and determines that a negotiated sale of the Bonds to the Underwriter is in the best interest of the City. The Council hereby awards the Series 1987 Bonds to the Underwriter in accordance with the provisions of the Bond Purchase Agreement for the purchase price set forth in the Bond Purchase Agreement, and confirms its receipt of a disclosure statement from the Underwriter complying with the provisions of Section 218.385, Florida Statutes, as amended. Section 10. The Series 1987 Bonds, upon their execution, authentication, and registration, shall be delivered to the Underwriter upon payment of the purchase price in accordance with the Bond Purchase Agreement. Section 11.• The Council approves and authorizes the distribution of the Preliminary Official Statement and the final Official Statement in the form attached hereto as Exhibit C by the Underwriter in connection with the offering and sale of the Series 1987 Bonds and directs the Mayor or the Vice Mayor of the City to execute such final Official Statement for and on behalf of the City with such changes, insertions, omissions and such filling -in of blanks therein as may be approved and made in such Official Statement by the officer of the City executing the same pursuant to this Section and the City Attorney. The execution and delivery of such Bond Purchase Agreement for and on behalf of the City by such -4- Temp. Reso, #4625 officers is conclusive evidence of the approval of such officers of any such changes, insertions, omissions or filling -in of blanks. Section 12. The Council hereby fixes and determines that the Principal and Interest Requirements for the Series 1987 Bonds shall be the amounts set forth in Schedule Iv attached hereto. The Bond Year for the Series 1987 Bonds shall be May 1 to October 31. Section 13. The Council hereby reaffirms that the issuance of the Series 1987 Bonds is authorized for the purpose of providing funds, together with other available funds, to pay the Cost of the Project, as defined in the Bond Resolution, as such cost relates to a new Police Station and to pay the costs related to the issuance of the Series 1987 Bonds. Section 14. The City hereby covenants to comply with the requirements of the Internal Revenue Code of 1986, as amended from time to time, (the "Code") in order to maintain the tax exempt status on the Series 1987 Bonds and hereby reaffirms that the proceeds of the Series 1987 Bonds, the earnings thereon and any other moneys in any fund or account maintained with respect to the Series 1987 Bonds (whether such monies were derived from the proceeds of the sale of the Series 1987 Bonds or from other sources) will not be used in a manner which would cause the Series 1987 Bonds to be "arbitrage bonds" within the meaning of Section 148 of the Code. Section 15. The City hereby determines that the Cost Of Project as determined in the Report, as supplemented from time to time, by Construction Management Services, Inc. which is attached hereto as Exhibit D, will exceed the amount of Proceeds available from the issuance of the Series 1987 Bonds. Section i 16. Within the City of Tamarac General Obligation Bonds Series 1986 Debt Service Account, a special account is hereby created and designated "City of Tamarac -5- Temp. Reso. #4625 Series 1987 Debt Service Subaccount" for the purpose of paying debt service on the Series 1987 Bonds. Deposits and withdrawals to said Subaccount shall be in accordance with Sections 5.03 and 5.04 of the Bond Resolution. Investments of moneys held in such subaccount shall be in accordance with certain investment instructions delivered to the City by Bond Counsel at the time the Series 1987 Bonds are delivered to the Underwriter. Section 17. The Mayor, Vice Mayor, Clerk and any Deputy Clerk, the. City Manager and other officers, employees and agents of the City are hereby authorized and directed to execute such instruments, certificates and documents as may be necessary and appropriate and to do all acts and things required therein by the terms, covenants, provisions and agreements of this Resolution, the Series 1987 Bonds, the Bond Resolution and the Bond Purchase Agreement. Section 18. This Resolution shall take effect immediately upon its adoption. PASSED, ADOPTED of 1987. Attest: CAROL E. BARBUTO CITY CLERK I HEREBY CERTIFY that I have approved the form and correct- ness of this RESOLUTION. MAYOR: HART 1 ......... _..,... DIST. 1: C/M ROHR A. B NT A E DIST. 2: C/M STEt,ZER Y ATTO Y DIST. 3: C/M HOFFMAN DIST. a: W' 4TEIN + ;" AND APPROVED this day BERPIARD HART MAYOR - Registered No. "EXHIBIT A" (Form of 1987 Bonds) United States of America, State of Florida CITY OF TAMARAC, FLORIDA Registered GENERAL OBLIGATION BOND (POLICE STATION PROJECT) SERIES 1987 Interest Rate Maturity Date Original Date CUSIP Registered Owner Principal Amount Dollars The CITY OF TAMARAC, FLORIDA (the "City"), a municipal corporation organized and existing under the laws of the State of Florida, for value received, hereby promises to pay the registered owner named above, or registered assigns as hereinafter provided, on the maturity date set forth above (or earlier as hereinafter referred to) upon presentation and surrender of this Bond at the principal corporate trust office of Midlantic National Bank and Trust Co., Ft. Lauder- dale, Florida as paying agent (said Midlantic and/or any bank or trust company to become successor paying agent being herein called ."Paying Agent"), the principal sum set forth above and to pay from the General Fund of the City, interest thereon at the interest rate per annum set forth above until payment of such principal sum. Interest on the principal sum until the maturity of this Bond shall be payable semiannually on the first day of and of each however, that if at the maturity date of this Bond,; nd,;moneysdare being held by the Paying Agent for payment hereof, this Bond shall cease to bear interest. The principal of, redemption premium (if any) and interest on this Bond shall be paid in any coin or currency of the United States of America which, at the time of payment, is legal tender for the payment of public and private debts. This Bond shall bear interest from the interest payment date next preceding the date of registration hereof unless this Bond is registered as of an interest payment date, in which event this Bond shall bear interest from such interest date, or unless it is registered prior to the first interest payment date, in which event this Bond shall bear interest from its date. Interest on this Bond shall be paid by check of the Bond Registrar mailed to the registered owner at his address as it appears on the registration books maintained by Midlantic National Bank and Trust Co. of Ft. Lauderdale, Florida, as Bond Registrar, at close of business on the fifteenth (15th) day (whether or not a business day) of the month next preceding any interest payment date (the "Record Date"). The City and the Bond Registrar are not required to issue and transfer this Bond during the period beginning on the Record Date and ending on the interest payment date. The City has irrevocably pledged its full faith and credit including its power of taxation for the prompt payment of the principal of and interest on this Bond when such payment shall become due. - ---- .-- ---- - -- - - -- -— 7--- -- 1 2 3 4 i 8 9 10 11 ]2 13 24 1S 16 17 20 21 22 23 24 25 26 27 26 29 7 jw1 32 33 34 35 36 It is hereby certified and recited that all acts, conditions and things required by the Constitution and laws of the State of Florida and the Resolution to happen, to exist, be performed precedent to and in the issuance of this Bond, exist, have happened and have been performed in due time, form and manner so required, that the total indebtedness of the City of Tamarac, including this bond, does not exceed any constitutional or statutory limitation thereon; and that provision has been made for the levy and collection of a direct annual tax upon all taxable real and tangible personal property within said City sufficient to pay the principal of, redemption premium, if any, and interest on this Bond as the same shall become due and payable. This Bond is not valid unless the Bond Registrar's Certificate of Authentication endorsed hereon is duly executed. IN WITNESS WHEREOF, City of Tamarac, Florida has gaused this Bond to be executed in its name and on its behalf by the facsimile signature of its Mayor or Vice Mayor and the facsimile of its seal to be printed hereon and attested by the facsimile signature of its Clerk or any Deputy Clerk and has caused this Bond to be dated May 1, 1987. CITY OF TAMARAC, FLORIDA By [SEAL] [Vice] Mayor [Facsimile] Attest: [Deputy] Clerk of the City Council [Facsimile] (ON REVERSE SIDE) This Bond is one of a duly authorized series of bonds of the City designated as GENERAL OBLIGATION BONDS (Police Station Project), Series 1987 (the "Bonds"), issued for the purpose of providing funds which, together with other available funds of the City, will be sufficient to pay the cost of _planning, constructing, installing, equipping and developing a new Police Station, and the cost of issuance of the Bonds, all of like date and issued or to be issued under and pursuant to Resolution No. R-84-121, duly adopted on April 25, 1984 by the City Council of the City as amended and restated by Resolution No. 86-262, duly adopted on July 23, 1986 by the City Council of the City (collectively the "Resolution"), reference to which and to a certain resolution adopted pursuant thereto is hereby made for the provisions, among others, with respect to the custody and application of the proceeds of the Bonds, the rights, duties and obligations of the City under the Resolution and the rights of the owners of the Bonds, and, by the acceptance of this bond, the owner hereof assents to all the provisions of the Resolution and such subsequent resolution. This Bond is issued and the Resolution was adopted under the authority of the Constitution and laws of the State of Florida, including the City of Tamarac Home Rule Charter, as amended (the "Charter"). The issuance of the Bonds was duly approved by a majority of the qualified voters of the City of Tamarac voting thereon at an election duly called and held for that purpose. -8- 1 2 3 4 i 9 10 ]1 12 13 14 15 16 17 20 21 22 23 24 25 26 27 2$ 29 0 1 32 33 34 35 36 REDEMPTION PROVISIONS [To be established by resolution duly adopted by the Council] If less than all of the Bonds of like maturity of any series shall be called for redemption, the particular Bonds or portions of Bonds to be redeemed shall be selected by lot by the Bond Registrar or in such other manner as the Bond Registrar in its discretion may deem proper. Any such redemption shall be made upon not less than thirty (30) days' or more than sixty (60) days' prior written notice to the registered owners of the Bonds to be redeemed, in the manner and under the terms and conditions provided in the Resolution. On the date so designated for redemption, notice having been given in the manner and under the conditions hereinabove provided and moneys for payment of the redemption price being held by the Paying Agents in trust for the owners of the Bonds to be redeemed, all as provided in the Resolution, the Bonds so called for redemption shall become and be due and payable at the redemption price provided for redemption of such Bonds on such date, interest on the Bonds so called for redemption shall cease to accrue, such Bonds shall cease to be entitled to any lien, benefit or security under the Resolution, and the owners of such Bonds shall have no rights in respect thereof except to receive payment of the redemption price thereof. Bonds which have been duly called for redemption under the provisions of the Resolution and for the payment of the redemption price of which and accrued interest to the date fixed for redemption moneys shall be held by the Paying Agents in trust for the owners of the Bonds to be redeemed, all as provided in the Resolution, shall not be deemed to be outstanding under the provisions of the Resolution. This Bond shall be registered as to both principal and interest and shall not be registered to "bearer." The person in whose name any Bond shall be registered _shall be deemed and regarded as the absolute owner thereof for all purposes and payment of or on account of the principal or any such Bond shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. This Bond is transferable by the registered owner hereof in person or by his attorney duly authorized in writing at such bank or trust company as shall be designated by the City Council as Bond Registrar, but only in the manner, subject to the limitations and upon payment of the charges provided in the Resolution, and upon surrender and cancellation of this bond. Upon such transfer, a new registered bond or bonds of the same series and the same maturity and interest rate and of authorized denomination or denominations for the same aggregate principal amount will be issued to the transferee in exchange therefor. 1 2 3 4 7 i 6 9 10 31 12 13 14 15 16 17 Ll 20 21 22 23 24 25 26 27 28 25 I 3. 1 3. 3 [FORM OF STATEMENT OF VALIDATION] STATEMENT OF VALIDATION This Bond is one of a series of Bonds which were validated by judgment of the Circuit Court in and for Broward County, rendered on July 20, 1984. No appeal has been taken therefrom and the time for taking such appeal has expired. [Vice] Mayor [Facsimile] (FORM OF BOND REGISTRAR'S CERTIFICATE OF AUTHENTICATION) BOND REGISTRAR'S CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds of the series designated herein, described in the within -mentioned Resolution. Printed hereon is the complete text of the legal opinion of Fine Jacobson Schwartz Nash Block & England, P.A., Miami, Florida, bond counsel, delivered on and dated the date of the original delivery of the Bonds, an executed original of which is on file with the undersigned. Date of Registration: By as Bond Registrar Authorized Officer (Form of Certificate of Transfer) CERTIFICATE OF TRANSFER FOR VALUE RECEIVED, , the undersigned, hereby sells, assigns and transfers unto (Tax Identification or Social Security No. ) the within bond and all rights thereunder, and hereby irrevocably constitutes and _ appoints attorney to transfer the within bond on -the books kept for registration thereof, with full power of substitution in the premises. Dated: 1833E 050487/2/mp 68687.0004 NOTICE: The signature to this assignment must corres- pond with the name as it appears upon the face of the within bond in every parti- cular, without alteration or enlargement or any change whatever. a I* 1( Ir EXHIBIT �5v- BOND PURCHASE AGREEMENT May 22, 1987 City of Tamarac Tamarac, Florida Attention: City Manager Re: $2,480,000 City of Tamarac, Florida General Obligation Bonds (Police Station Project), Series 1987 (the "Bonds") Ladies and Gentlemen: The Underwriter hereby proposes to purchase all of the Bonds from the City and to make a public offering of the Bonds subject to the acceptance of this proposal by the City on or before 5:00 o'clock p.m., local time then prevailing in the City on May 22, 1987 and subject to the following provisions: Section 1. Definitions. The following terms shall have the following meanings in this Agreement unless another meaning is plainly intended: (a) "Accountants" mean Touche Ross & Co., independent certified public accountants. (b) "Agreement" means this Bond Purchase Agreement between the Underwriter and the City. City of Tamarac May 22, 1987 Page 2 (c) "Bonds" means the City's $2,480,000 General Obligation Bonds (Police Station Project), Series 1987. The Bonds shall be issued under and secured as provided in the Resolution and shall have the maturities and interest rates and be subject to redemption as set forth in Exhibit A attached hereto. (d) "Bond Counsel" means Fine Jacobson Schwartz Nash Block & England, Miami, Florida. (e) "City" means the City of Tamarac, Florida, a municipal corporation and a public body corporate and politic organized and existing under the laws of the State of Florida. (f) "City Attorney" means A. Bryant Applegate, Esq. (g) "Closing" means the transactions at which the Bonds are delivered by the City to the Underwriter and paid for by the Underwriter pursuant to this Agreement. (h) "Closing Date" means June 9, 1987 or such later date as is mutually agreeable to the Underwriter and the City. ( i ) "Closing Documents" means the documents described in Section 8 hereof and required to be delivered to the Underwriter at the Closing. (j) "Code" means the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder. (k) "Comfort Letter" means the letter from the Accountants to the City and the Underwriter, in form and content satisfactory to the Underwriter and the City, dated the Closing Date, covering the period from September 30, 1986 to a date not earlier than five (5) days prior to the date of such letter, to the effect that (i) they are independent public accountants with respect to the City, as defined in Rule 101 of the Code of Professional Ethics of the American Institute of Certified Public Accountants, (ii) based on a reading of minutes of meetings of the City Council of the City and inquiries of and discussions with certain officials of the City responsible for accounting and financial matters, nothing has come to their attention which has caused them to believe that (a) as of the date not earlier than five days prior thereto, there was any increase in the long-term debt of any of the funds or accounts groups of the City, any changes in the designation of fund balances of the City or any decreases in combined net assets as compared with the September 30, 1986 combined financial statements included in the Preliminary Official Statement and Official Statement; or (b) the report accompanying the audited financial statements for the year ending September 30, 1986 should be withdrawn, and (iii) the Underwriter is thereby authorized to reproduce the audited combined financial statements for the year ending September 30, 1986 for use in the Preliminary Official Statement and Official Statement and the report issued by such accountants relating to such financial statements. I, City of Tamarac May 22, 1987 Page 3 (1) "Official Statement" means the Official Statement of the City, relating to the Bonds, dated on or prior to the Closing Date and "Preliminary Official Statement" means the Preliminary Official Statement of the City, related to the Bonds, dated May 18, 1987. (m) "Resolution" or "Bond Resolution" means Resolution No. R-84-121, adopted by the City Council of the City on April 25, 1984, as amended and restated by City Resolution No. R-86--262, adopted by the City Council of the City on July 23, 1986, as same may be supplemented and amended. (n) "Underwriter" means L.F. Rothschild & Co. Incorporated, acting for and on behalf of itself and such other securities dealers, if any, as may from time to time be designated by the Underwriter. (o) "Underwriter's Counsel" means Ruden, Barnett, McClosky, Smith, Schuster & Russell, P.A., Fort Lauderdale, Florida. Section 2. Purchase Price. Upon the terms and conditions and upon the basis of the representations herein set forth, the Underwriter shall purchase and the City shall sell all, but not less than all, of the Bonds at an aggregate purchase price of $2,465,-W .58 plus accrued interest thereon from May 1, 1987, to the Closing Date:. Section 3. Public Offerinq. The Underwriter shall make a bona fide public offering of the Bonds at not in excess of the initial offering price or prices (or yields) set forth in the Official Statement. The Underwriter reserves the right to change such initial public offering prices as the Underwriter deems necessary in connection with the marketing of the Bonds. Section 4. Representations and Covenants of City. The City represents to the Underwriter that: (a) the City is a duly incorporated and existing municipal corporation of the State of Florida; (b) on the Closing Date the statements and information contained in the Official Statement will be true and complete in all material respects, and the Official Statement will not omit any statement or information which is necessary to make the statements and information therein, in light of the circumstances under which they are made, not misleading; (c) the Official Statement will not omit any information with respect to the City or its business, properties and affairs which might in a material respect adversely or unfavorably affect the transactions contemplated by the Official Statement; (d) when delivered to and paid for by the Underwriter at the Closing in accordance with the provisions of this Agreement, the Bonds will have been duly authorized, executed, issued and delivered and will constitute valid and City of Tamarac May 22, 1987 Page 4 binding obligations of the City of the character referred to in the Official Statement, in conformity with, and entitled to the benefit and security of, the Resolution, and the Resolution and this Agreement when executed and delivered will constitute valid and binding obligations of the City enforceable in accordance with their terms; (e) the City is empowered and is duly authorized to enter into this Agreement, to adopt the Resolution, to deliver the Bonds, and to carry out and consummate all other transactions contemplated by the aforesaid instruments; (f) the adoption and performance of the Resolution and the authorization, execution and delivery of this Agreement, the Bonds and compliance with the provisions thereof, under the circumstances contemplated herein and therein, will not in any material respect conflict with or constitute on the part of the City a breach of or default under any agreement or other instrument to which the City is a party, or any existing law, administrative regulation, rule, decree or order, court order or consent decree to which the City is subject or result in the creation or imposition of any prohibited lien, charge or encumbrance of any nature whatsoever upon any of the General Revenues (as defined in the Resolution), property or assets of the City under the terms of the Constitution of the State of Florida or any law, instrument or agreement; (g) the City has not been notified of any listing or proposed listing by the Internal Revenue Service to the effect that it is a bond issuer whose arbitrage certifications may not be relied upon; (h) subsequent to the date of the last audited financial statements of the City, dated as of September 30, 1986, there have been no material adverse changes in the assets, liabilities or condition of the City, financial or otherwise, and neither the business, the properties, nor the affairs of the City, have been adversely affected in any substantial way as the result of any fire, explosion, accident, strike, riot, flood, windstorm, earthquake, embargo, war or act of God or of the public enemy; (i) the City agrees to reasonably cooperate with the Underwriter and its counsel in any reasonable endeavor to qualify the Bonds for offering and sale under the securities or "Blue Sky" laws of such jurisdictions of the United States as the Underwriter may request; provided, however, nothing herein shall be construed as requiring the City to consent to service of process, general or special, in any state where it is not now subject to such service; Q ) as of the date hereof there is no action, suit, proceeding, inquiry or, to the best knowledge of the City, investigation, at law or in equity, or before or by any court, public board or body pending, against or, to the best knowledge of the City, threatened or affecting the City (or to the best knowledge of the City any basis therefor) or any of the officers of the City, in their respective capacities as such, wherein an unfavorable decision, ruling or finding would, in any way, materially adversely affect the transactions contemplated by this Agreement or by the Official Statement, or the validity or enforceability of the Bonds, the Resolution, this Agreement, or any other agreement or instrument to which the City is a party, used or contemplated for use in consummation of the transactions contemplated hereby; (k) between the date of this Purchase Agreement and the Closing, except as described in or contemplated by the Official Statement, the City will not, without the prior written consent of the Underwriter, issue any bonds, notes or other City of Tamarac May 22, 1987 Page 5 obligations for borrowed money and will not incur any material liabilities, . direct or contingent, other than in the ordinary course of business; (1) the City has not, since its creation, been declared to be in default in the payment of principal of, premium, if any, or interest on, or otherwise declared to be in default with respect to, any bonds, notes or other obligations which it has issued, assumed or guaranteed as of payment of principal, premium, if any, or interest; (m) neither the City nor anyone authorized to act on its behalf, directly or indirectly, has offered the Bonds for sale to, or solicited any offer to buy the Bonds from, anyone other than the Underwriter; and (n) the City will not knowingly take or omit to take any action, which action or omission would adversely affect the exemption from federal income taxation of the interest on the Bonds under the Code. Section 5. Official Statement• Public Offerin On or prior to the Closing Date, the City shall deliver to the Underwriter five (5) executed copies of the Official Statement. The City agrees that the Official Statement and copies of the Resolution and comparative financial statements of the City may be used by the Underwriter in the public offering of the Bonds; and that they will cooperate with the Underwriter if the Underwriter decides to qualify the Bonds under the securities acts of any state; provided, however, the City shall not be required to register as a dealer or broker in any such state or to qualify to do business in connection with any such qualification of the Bonds for sale in any state. Section 6. Comfort Letter. The City will cause the Comfort Letter to be delivered to the Underwriter on the Closing Date. Section 7. Closing, Delivery and Payment. The Bonds shall be printed or lithographed on steel engraved borders as fully registered Bonds in the denomination of $5,000 each or integral multiples thereof as requested by the Underwriter prior to the Closing, and if requested by the Underwriter, shall be registered in such names as shall be designated by the Underwriter to the Bond Registrar at least two (2) business days prior to the Closing, and shall be made available for checking and packaging by representatives of the Underwriter at the offices of The Signature Company, 130 Cedar Street, New York, New York, or such other place as the Underwriter and the City shall agree to, not less than twenty-four (24) hours prior to the Closing. The Closing shall be held beginning at 9:30 o'clock a.m., on the Closing Date, at the offices of Fine Jacobson Schwartz Nash Block & England, 750 S.E. 3rd Avenue, Fort Lauderdale, Florida, or at such later time and other place as is mutually agreeable to the Underwriter and the City. At the Closing, the Underwriter shall accept the delivery of the Bonds from the City and shall C, City of Tamarac May 22, 1987 Page 6 make payment therefor as provided herein, by check or wire, in federal funds or other immediately available funds upon (i) tender of the definitive Bonds to the Underwriter by the City and (ii) the delivery by the City to the • Underwriter of all of the Closing Documents. Section 8. Closing Documents and Conditions. The Underwriter has entered into this Purchase Agreement in reliance upon the representations of the City contained herein and to be contained in the documents and instruments to be delivered at Closing and upon the performance of the City of its obligations hereunder, both as of the date hereof and as of the Closing Date. Accordingly, the Underwriter's obligations under this Purchase Agreement to purchase, to accept delivery of, and to pafor Bonds shall be subject to the performance by the City of its obligation totbe Performed hereunder and under such documents and instrument at or prior to Closing. The Closing Documents shall consist of the following, each properly executed, certified or otherwise verified, dated as of the Closing Date, and in such form, as may be satisfactory to Bond Counsel the Underwriter and Underwriter's Counsel: ' (a) The Official Statement, executed on behalf of the City by the Vice - Mayor and the reports included therein executed by the Accountants; (b) A certified copy of the Resolution, as amended and supplemented to the Closing Date; (c) The City's closing certificate executed by the Mayor or Vice -Mayor confirming (i) the representations and warranties made by the City herein are true and accurate as of the Closing Date as if made on the Closing Date; (ii) that there is no litigation pending or, to its knowledge, threatened to restrain or enjoin the sale, execution, delivery, authorization or issuance of the Bonds or any provision, program or transaction made or authorized for their payment, or the validity of the Bonds, the Resolution, this Agreement, or the validation proceedings for the Bonds, or in any way contesting the corporate existence or the powers of the City or the title to any of its officers; (iii) that there is no litigation pending or, to the best of its knowledge, threatened against or affecting the City or involving any of the business, properties or affairs of the City which involves the possibility of any judgment or liability which may result in any material adverse change in the properties, business or assets or in the condition, financial or otherwise, of the City; (iv) the application of the proceeds of the sale of the Bonds as described in the Resolution and the Official Statement; (v) the adoption and present effectiveness of all ordinances and resolutions considered necessary, in the opinion of Bond Counsel, in connection with the transactions contemplated hereby, together with certified copies of said ordinances and resolutions; (vi) that the City is not in default under this Agreement; (vii) that (1) the City has complied or is presently in compliance with all agreements and has satisfied all conditions on its part to be 0 City of Tamarac May 22, 1987 Page 7 observed or satisfied hereunder and under the Resolution at or prior to the . Closing, and (2) since the respective dates as of which information is given in the Official Statement and except as set forth therein, there has not been any material adverse change in the condition, financial or otherwise, of the City; (d) The approving opinion of Bond Counsel, dated the Closing Date, substantially in the form attached hereto as Exhibit B; (e) A supplemental opinion of Bond Counsel, dated the Closing Date, addressed to the Underwriter to the effect that: (i) the Underwriter may rely on the opinion of Bond Counsel described in paragraph (c) above as if such opinion were addressed to it; (ii) the City is duly created and validly existing as a municipal corporation of the State of Florida; (iii) the decree of the Circuit Court for the County of Broward validating the Bonds is in full force and effect, and no appeals were filed with respect thereto, and the time for any such appeal has expired; (iv) the Bonds have been duly authorized, sold, executed, issued and delivered by the City and constitute legal, valid and binding obligations of the City, enforceable in accordance with their terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, moratorium or other laws affecting creditors' rights generally; all conditions precedent to the issuance of the Bonds have been fulfilled and the Resolution and this Agreement constitute legal, valid and binding obligations of the City, enforceable in accordance with their terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, moratorium or other laws affecting creditors' rights generally; (v) the information contained in the Official Statement under the headings "INTRODUCTION," "THE BONDS," "REDEMPTION PROVISIONS," "SECURITY FOR THE BONDS," "LEGALITY," "TAX EXEMPTION" and "VALIDATION" are accurate statements or summaries of the matters set forth therein and fairly present the information purported to be shown; (vi) the information contained in the Official Statement under the heading 11 Appendix C - Summary of Certain Provisions of the Resolution" is a fair andaccurate summary of the Resolution; (vii) the Bonds are exempt from registration pursuant to the Securities Act of 1933, as amended; (viii) in the Resolution, the City has pledged its full faith, credit and taxing power for the prompt payment of the principal, premium, if any, and interest on the Bonds; (ix) the City has full right, power and authority under the Constitution and the laws of the State of Florida (a) to issue bonds, such as the Bonds, for the purpose set forth in the Official Statement and (b) to secure the Bonds in the manner contemplated by the Resolution; (x) the City has and had, as the case may be, full legal right, power and authority (a) to adopt the Resolution and to execute and deliver the Agreement, (b) to issue, sell and deliver the Bonds to the Underwriter as provided in this Agreement, and (c) to carry out and consummate all other transactions contemplated by the aforesaid agreements and instruments, and the City has complied with all provisions of applicable law in all matters relating to such transactions; (xi) the City has duly authorized, ratified or adopted (a) the Resolution and the execution, delivery and performance of this Agreement and the Bonds, (b) C7 City of Tamarac May 22, 1987 Page 8 the distribution of the Preliminary Official Statement and the Official Statement, and (c) the taking of any and all such action as may be required on the part of the City to carry out, give effect to and consummate the transactions contemplated by the aforesaid agreements and instruments; all approvals, consents and orders of and filings y s with an (x��l authority or agency which are governmental presently required and which would constitute a condition precedent to the issuance of the Bonds or the execution and delivery of or the performance by the City of its obligations under this Agreement, the Bonds, or the Resolution have been obtained or made and any consents, approvals and orders so received, or filings so made are in full force and effect, provided, however, that no representation is made concerning compliance with the Federal securities laws or the securities or Blue Sky laws of the various states; and (xiii) the adoption and performance by the City of the Resolution and the authorization, execution, delivery and performance of this Agreement, the Bonds, and any other agreement or instrument to which the City is a party, used or contemplated by this Agreement or by the Official Statement, and compliance with the provisions of each such instrument, does not constitute a violation or breach of, or a default under, the Constitution of the State of Florida or any existing law, administrative regulation or rule, State or Federal. (f) An opinion of the City Attorney, dated the Closing Date, addressed to the Underwriter, to the effect that: (i) the City is a public body corporate and politic, duly organized and validly existing under the laws of the State of Florida and has all the necessary power and authority to issue the Bonds, secure the Bonds in the manner contemplated in the Resolution and enter into this Agreement; (ii) all approvals, consents and orders of and filings with any governmental authority or agency which are presently required and which would constitute a condition precedent to the issuance of the Bonds or the execution and delivery of or the performance by the City of its obligations under this Agreement, the Bonds, or the Resolution have been obtained or made and any consents, approvals and orders so received, or filings so made are in full force and effect, provided, however, that no representation is made concerning compliance with the Federal securities laws or the securities or Blue Sky laws of the various states; ( i i i ) the City has and had, as the case may be, full legal right, power and authority (a) to adopt the Resolution and to execute and deliver this Agreement, (b) to issue, sell and deliver the Bonds to the Underwriter as provided in this Agreement, and (c) to carry out and consummate all other transactions contemplated by the aforesaid agreements and instruments, and the City has complied with all provisions of applicable law in all matters relating to such transactions; (iv) the Resolution, this Agreement and the Bonds have been duly authorized, sold, executed and delivered by the City and constitute legal, valid and binding obligations of the City enforceable in accordance with their respective terms, except as the enforceability thereof may be limited by applicable bankruptcy, reorganization, insolvency and other similar law affecting the enforcement of creditors' rights generally, and no opinion need be expressed as to the availability of any discretionary equitable remedy, and the City has duly 0 City of Tamarac May 22, 1987 Page 9 authorized the taking of any action as may be required on the part of the City to carry out, give affect to and consummate the transactions contemplated by the aforesaid agreements and instruments; (v) the City has approved the Preliminary Official Statement and the distribution and delivery thereof and the Official Statement and the execution, delivery and distribution thereof to the purchasers of the Bonds; (vi) the authorization, execution, delivery and performance of the Bonds and this Agreement, the adoption of the Resolution and the sale and issuance of the Bonds pursuant thereto, and compliance with the provisions thereof, under the circumstances contemplated thereby, do not and will not in any material respect conflict with or constitute on the part of the City a breach of or default under any existing law, regulation, rule, court order or consent decree to which the City is subject, or, to the best of his knowledge, a material provision of any agreement, indenture, mortgage, lease, note or other agreement or instrument to which the City or its properties or any of the officers of the City as such is subject or which will result in the creation or imposition of any prohibited lien, charge or encumbrance of any nature whatsoever upon any of the revenues, property or assets of the City under the terms of the Constitution of the State of Florida, any law, or, to the best of his knowledge, any instrument or agreement; (vii) nothing has come to his attention which would lead him to believe that the Official Statement (with the exception of financial and statistical information included therein as to which no view need be expressed) contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; (viii) no litigation or proceeding is pending or, to the best of his knowledge, threatened against or affecting the City to restrain or enjoin the issuance, sale, execution or delivery of the Bonds or in any way contesting or affecting any authority for the authorization, sale, execution, delivery or issuance of the Bonds, or of any program, provision or transactions made or authorized for their payment, or the validity of the Bonds, this Agreement, the Resolution or the validation proceedings for the Bonds, or in any way contesting the corporate existence or the powers of the City or the title of any of its officers to their respective offices; (ix) no litigation or proceeding is pending or, to the best of his knowledge, threatened against or affecting the City or involving any of the business, property or affairs of the City, which involves the possibility of any judgment or liability which may result in any material adverse change in the properties, business, assets or in the condition, financial or otherwise, of the City; (x) the City has obtained the consents, approvals, authorizations or other orders of, and made all filing with, all municipal, state or regulatory authorities required for the consummation of the transaction contemplated hereby and all such consents, approvals, authorizations, orders and filings are in full force and effect, provided, however, no representation is made concerning compliance with Federal securities laws or Blue Sky laws of the various states; (xi) the issuance and sale of the Bonds to the Underwriter will not be subject to any transfer, documentary stamp or other excise taxes of the State of Florida or any political subdivision thereof; and (xii) the City of Tamarac May 22, 1987 Page 10 Bonds have been duly and properly validated in accordance with the laws of the State of Florida. ! (9) A copy of all historical financial statements included in the Preliminary Official Statement and the Official Statement, together with the report issued in connection therewith, manually signed by the Accountants, and the Accountants' consent to the use of their report in the Preliminary Official Statement and Official Statement and to the references to their firm therein; (h) Appropriate arbitrage certifications executed on behalf of the City by the Mayor or Vice -Mayor in form and substance satisfactory to the Underwriter and Bond Counsel dated the Closing Date; ( i ) Letters to the Underwriter from Standard & Poor's Corporation and Moody's Investors Service confirming the ratings on the Bonds as set forth in the Official Statement; Q) The Comfort Letter from the Accountants; (k) A certified copy of the Final Judgment of the Circuit Court for the County of Broward validating the Bonds and a Certificate of No Appeal executed by the Clerk of the Circuit Court of the Seventeenth Judicial Circuit in and for Broward County, Florida, with respect to the validation of the Bonds; (1) An opinion of Underwriter's Counsel, dated the Closing Date, to the effect that the Bonds are not subject to the registration requirements of the Securities Act of 1933, as amended, and the Resolution is exempt from qualification under the Trust Indenture Act of 1939, as amended. Such opinion shall also state that, based upon their participation in the preparation of the Official Statement as counsel to the Underwriter and without having undertaken to determine independently the accuracy or completeness of the contents of the Official Statement, such counsel has no reason to believe that the Official Statement (except for the financial and statistical data included therein, as to which no view need be expressed) as of its date contained or as of the Closing Date contains any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading; and (m) Such additional legal opinions, certificates, instruments and other documents and such multiple copies of the above listed documents as the Underwriter, Underwriter's Counsel or Bond Counsel may reasonably request to evidence compliance by the City with legal requirements, the truth and accuracy, as of the Closing Date, of the respective representations contained herein and in the Official Statement, and the due performance or satisfaction by the City of all agreements to be performed by the City and all conditions to be satisfied by the City at or prior to the Closing. City of Tamarac May 22, 1987 Page 11 At the time of the Closing, (i) the Resolution shall be in full is force and effect and shall not have been amended, modified or supplemented, except as may have been agreed to by the Underwriter, and the City shall have executed and there shall be in full force and effect such additional agreements, and there shall have been taken in connection therewith and in connection with the issuance of the Bonds all such action, as shall, in the opinion of Bond Counsel or Underwriter's Counsel, be necessary in connection with the transactions contemplated hereby, (ii) the Bonds shall have been duly authorized, sold, executed and delivered, (iii) the Official Statement shall not have been amended, modified or supplemented, except as may have been agreed to in writing by the Underwriter and (iv) the City shall perform or have performed all of its obligations under or specified in this Agreement and the Resolution to be performed at or prior to the Closing. Section 9. Termination by Underwriter. This Agreement may be terminated in writing prior to the Closing by the Underwriter if any of the following shall occur: ( i ) this Agreement shall not have been accepted by the City within the time herein provided; (ii) the signed Official Statement and the Comfort Letter shall not have been provided within the time required by this Agreement; (iii) the Bonds and all of the Closing Documents shall not have been delivered to the Underwriter as of 3:00 p.m. on the Closing Date; (iv) legislation shall have been enacted by the Congress, or introduced in the Congress, or recommended to the Congress for passage by the President of the United States or the United States Department of the Treasury or the Internal Revenue Service or any member of the United States Congress or any Committee of either House of Congress, or favorably reported for passage to either House of Congress by any Committee or such House to which such legislation has been referred for consideration, or a decision shall have been rendered by a court established under Article III of the Constitution of the United States, or the United States Tax Court, or an order, ruling, regulation or communication (including a press release) shall have been issued by the Treasury Department of the United States, the Internal Revenue Service or the Securities and Exchange Commission, or any action shall be taken or statement made by or on behalf of the President of the United States or the United States Department of the Treasury or the Internal Revenue Service or any member of the United States Congress, which indicates or implies that interest on the Bonds may not be excludable from gross income for federal income tax purposes or that legislation will be introduced in the United States Congress, in each case referred to above, with the purpose or effect, directly or indirectly, of (a) imposing federal income taxation upon interest to be received by any holders of the Bonds or (b) requiring the offer or sale of the Bonds to be registered under the Securities Act of 1933, as amended, or the Resolution to be qualified as an indenture under the Trust Indenture Act of 1939; (v) there shall exist any event or circumstance which, in the opinion of the Underwriter, either makes untrue or incorrect in a material respect any statement or information contained in the Official Statement, or any event or circumstance is not reflected in the Official C7 City of Tamarac May 22, 1987 Page 12 Statement but should be reflected therein in order to make the statements and information contained therein not misleading in any material respect; (vi) there shall have occurred any outbreak of hostilities or other national or international calamity or crisis, the effect of such outbreak, calamity or crisis on the financial markets of the United States of America being such as, in the opinion of the Underwriter, would make it impracticable for the Underwriter to sell the Bonds; (vii) there shall be in force a general suspension of trading on the New York Stock Exchange or any other major United States stock exchange, or minimum or maximum prices for trading shall have been fixed and be in force; (viii) in the judgment of the Underwriter the market price of the Bonds, or the market price generally of obligations of the general character of the Bonds, might be adversely affected because: (a) additional material restrictions not in force as of the date hereof shall have been imposed upon trading in securities generally by any governmental authority or by any national securities exchange, or (b) the New York Stock Exchange or other national securities exchange, or any governmental authority, shall impose, as to the Bonds or similar obligations, any material restrictions not now in force, or increase materially those now in force, with respect to the extension of credit by, or the charge to the net capital requirements of, the Underwriters, (ix) a general banking moratorium shall have been declared by either Federal, New York or Florida authorities having Jurisdiction, and shall be in force; (x) a bill shall have been filed in the Legislature of the State of Florida impairing the security for the Bonds or (xi) the City shall be unable to satisfy all the conditions to the obligations of the Underwriter, or if the obligations of the Underwriter shall be terminated for any reason permitted by this Agreement, and neither the Underwriter or the City shall be under any further obligation hereunder, except as provided in Section 12 hereof. Section 10. Termination hu I- . This Agreement may be terminated in writing by the City in the event that the Underwriter shall fail to accept delivery of the Bonds on the Closing Date upon tender thereof to the Underwriter by the City and delivery to the Underwriter of all of the Closing Documents, unless the City shall be unable to satisfy all the conditions to the obligations of the Underwriter or if the obligations of the Underwriter shall be terminated for any reason permitted by this Agreement, and neither the Underwriter nor the City shall be under any further obligation hereunder, except as provided in Section 12 hereof. Section 11. Changes Affec,ting the Official Statement After the Closin . After the Closing, and so long as the Underwriter or any participating dealer shall be offering Bonds which constitute the whole or a part of their unsold participations, but in no event later than ninety (90) days after the Closing, the City shall not adopt any amendment of or supplement to the Official Statement except with the written consent of the Underwriter, which consent shall not be unreasonably withheld; and during such period of time, if E City of Tamarac May 22, 1987 Page 13 any event relating to or affecting the City shall occur the result of which shall make it necessary, in the reasonable opinion of the Underwriter or Underwriter's Counsel, to amend or supplement the Official Statement in order to make it not misleading in the light of the circumstances existing at that time, the City shall forthwith prepare and furnish to the Underwriter, at the City's expense, a reasonable number of copies of an amendment of or supplement to the Official Statement in form and substance satisfactory to the Underwriter, so that it then will not contain an untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances existing at that time, not misleading. Section 12. Expenses. The Underwriter shall pay its own out-of-pocket expenses, the fees and expenses of Underwriter's Counsel, the cost of printing and duplication for the Preliminary Official Statement and the Official Statement and any amendments or supplements thereto and the fees and expenses in connection with the preparation of any Blue Sky Survey and any Legal Investment Survey and the registration of the Bonds for "Blue Sky" purposes in such jurisdictions as the Underwriter deems appropriate. The City shall pay all of the other costs and expenses in connection with the financing contemplated by this Agreement, including, but not limited to: (i) the fees and expenses of Bond Counsel, the City Attorney and the expenses of the City, if any; (ii) fees and expenses incurred for filing fees; (iii) fees and expenses of any other experts or consultants, including fees and expenses incurred for the preparation of the Comfort Letter; (iv) the cost of preparation and printing of the Bonds and (v) bond rating agency fees. Section 13. Notices. Any notice or other communication to Agreement may be given by delivering the forth above; and any such notice or other Underwriter may be given by delivering the forth above; and any such notice or other Underwriter may be given by delivering the at One Penn Plaza, 46th Floor, New York, Berenyi. be given to the City under this same in writing to the address set communication to be given to the same in writing to the address set communication to be given to the same in writing to the Underwriter New York 10119, Attention: John Section 14. Parties and Interests Cit 's Undertakin s- Survival of Representations. This Agreement is made solely for the benefit of Underwriter, including the successors and assigns of the other person, partnership association or corporation shall 11 the City and the Underwriter, and no acquire or have the City of Tamarac May 22, 1987 Page 14 rights hereunder or by virtue hereof except as provided in Section 11 hereof. All representations and agreements by the City in this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the Underwriter, and shall survive the delivery of and payment for the Bonds. L. F. ROTHSCHILD & CO. INCORPORATED By: Accepted by the City of Tamarac, Florida on May 22, 1987. By: Vice -Mayor (SEAL) ATTEST: Cler 0 City of Tamarac May 22, 1987 Page 15 ��V " �,,Ibgit EXHIBIT A The Bonds shall mature on and bear interest at the rates per annum set forth below. $ 760,000 8.0% Term Bonds due November 1, 1997, Price 100% $1,720,000 9.0% Term Bonds due November 1, 2007, Price 100% Optional Redem tion The Bonds maturing on or after November 1, 1998 are subject to redemption prior to their stated maturity date, at the option of the City, on November 1, 1997 or any date thereafter if redeemed in whole, or on any interest payment date thereafter if redeemed in part, in inverse order of maturity, such redemption to be by lot within a maturity if less than all, at redemption prices (expressed as percentages of the principal amount of Bonds being redeemed) plus accrued interest to the redemption date: Redemption Date Redemption (Both Dates Inclusive) Price November 1, 1997 to October 31, 1998 102% November 1, 1998 to October 31, 1999 101% November 1, 1999 and thereafter 100% Mandator Redem tion The Bonds maturing on November 1, 1997 (the 111997 Term Bonds") are subject to mandatory redemption prior to maturity, by lot in such manner as the City may deem appropriate, at a redemption price of par plus accrued interest to the redemption date, on November 1, 1988 and on each November 1 thereafter, in the following principal amounts from Amortization Installments in the years specified: Principal Year Amount 1988 $ 55,000 1989 55,000 1990 60,000 1991 65,000 1992 70,000 1993 75,000 1994 85,000 1995 90,000 1996 100,000 1997* 105,000 * Final maturity City of Tamarac May 22, 1987 Page 16 The Bonds maturing on November 1, 2007 (the "200, to mandatory redemption prior to maturity, by lot in may deem appropriate, at a redemption price of par the redemption date, on November 1, 1998 and on each in the following principal amounts from Amortization specified: Principal Year Amount 1998 $115,000 1999 125,000 2000 135,000 2001 145,000 2002 160,000 2003 175,000 2004 190,000 2005 205,000 2006 225,000 2007* 245,000 * Final maturity Term Bonds such manner plus accrued November 1 Installments are subject as the City interest to thereafter, In the years • • EXHIBIT B FORM OF LEGAL OPINION FINE JACOBSON SCHWARTZ NASH BLOCK & ENGLAND, P.A. City Council of the City of Tamarac Tamarac, Florida L. F. Rothschild, Unterberg, Towbin, Inc. One Penn Plaza 46th Floor New York, New York 10119 Ladies and Gentlemen: We nave examined the Constitution and laws of the State of Florida, including Chapter 166, Florida Statutes, the Home mule Charter of the City of Tamarac, Florida (the "City"), and certified copies of the proceedings of the City Council of the City (the "City Council"), including Resolution No. R-84-121 adopted on April 25, 1984, as amended and restated by Resolution No. R-86--262 adopted on July 23, 1986 (the "Resolution"), a resolution adopted in furtherance of the Resolution and other proofs sunmitted including the election proceedings, the validation proceedings and related proceedings of the City Council relative to the issuance and sale of the following described bonds (the "Series 1987 Bonds"): $2,480,000 City of Tamarac, Florida General Obligation Bonds (Police Station Project) Series 1987 Dated May 1, 1987 The Series 1987 Bonds bear interest payable on November 1, 1987 and semi-annually thereafter on May 1 and November 1 of each year at the interest rates, and mature on the dates and in the principal amounts, set forth in the following schedule: • 9 .0 Principal Maturity Principal Date November 1) Principal Amount Maturity Interest Date Principal Interest __Late (November 1) Amount Rate om_ 1989 19 $ 50,000 50,000 1999 *100,000 1990 55,000 2000 110,000 1991 601000 2U01 * 2002 120,000 1992 1993 * 2003 130 000 � 140,000 1994 65,000 70,000 2004 * 1500000 1995 75,000 2005 * 165,000 1996 80,000 2006 * 2007 180,000 1997 1998 90,000 * 2008 195,000 210,000 951000 * 2009 230,000 * Represents amortization requirements of $1,400,000 Term Bonds due on November 1, 2009. The Series 1987 Bonds are fully registered as to both principal and interest as shown on the registration books of the Bond Registrar and are issuable in the denomination of $5,000 each or any integral multiple thereof. The principal of, premium, if any, and the interest on the Series 1987 Bonds are payable in any coin or currency of the United States of America which on the respective dates of payment thereof is legal tender for the payment of public and private debts. Principal of and premium, if any, on the Series 1987 Bonds are payable at the principal corporate trust office of the paying agent under the Resolution. Interest on the Series 1987 Bonds is payable by check or draft mailed to the registered owners thereof. The Series 1987 Bonds are subject to optional and mandatory redemption prior to their maturity in a the Resolution. ccordance with The City has covenanted to comply with all necessary restrictions of the Internal Revenue Code of 1986 (the "Code") as amended from time to time, to preserve the Federal tax exemption of interest on the Series 1987 Bonds. Noncompliance by the City with such restrictions may cause the interest on such Series 1987 Bonds to be subject to federal income taxes retroactive to the date of their issue. • -2- 0 From such examination, we are of the opinion that: 1. The Series 1987 Bonds constitute valid and legally binding general obligations of the City enforceable in accordance with their terms and provisions. 2. The City has irrevocably pledged its full faith, credit ana taxing power for the payment of the principal of, the redemption premium, if any, and the interest on the Series 1987 Bonds, thereby subjecting all of the taxable real and tangible personal property within the City (excluding homestead exemptions as required by Florida law) to the levy of an ad valorem tax, without limitation as to rate or amount, for the payment of the principal of, premium, if any, and interest on the Series 1987 Bonds. 3. Under existing laws, regulations, rulings and judicial decisions, the Series 1987 Bonds and the interest thereon are not subject to income taxation under Florida law, except as to taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations or financial institutions, as defined in said Chapter 220, Florida Statutes, and assuming continuing compliance by the City with its covenant to preserve the tax exempt status of the Series 1987 Bonds, the interest on the Series 1987 Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations. Interest on the Series 1987 Bonds, however, must be included in the adjusted net book income of certain corporations for taxable years 1987, 1988 and 1989 and any such corporation is required to include in the calculation of alternative minimum taxable income 50% of the excess of such corporation's adjusted net book income over its alternative minimum taxable income (determined without regard to this adjustment and prior to reduction for certain net operating losses). For taxable years beginning after 1989, the use of "book income" is to be replaced with the concept of "adjusted current earnings." For such taxable years, the alternative minimum taxable income of certain corporations must be increased by 75% of the excess of such corporation's adjusted current earnings (which includes tax exempt interest) over its alternative minimum taxable income (determined without regard to this adjustment and prior to reduction for certain net operating losses). • 1690E 051187/5/sr 4. Although the Bands is excludable interest on the Series 1987 income tax from gross income f interest on the Serios es 1987e accrual °r federal the Bonds m or receipt of federal income tax aY otherwise affect The extent of t liability of the rase other recipient. upon the recipient's tax consequences will de items of income o Particular tax status or other regarding any such deduction. We express no Series 1987 Bonds, consequences. Purchasers ofthion ecorporations Particularly purchasers that are corporations including S corporations Property or operating branches iand n the United St$t�sgn Properto casualty insurance r other financial companies, banks, recipients of Social Securityinstitutions or certain benefits are advised to consutor Railroad to the tax c heir tax advisors Retirement Series consequences of Purchasing or holding 19$7 Bonds. . 9 the Respectfully submitted, FINE JACOBSON SCHWARTZ NASH BLOCK & ENGLAND, P.A. By -4- E r+ y r+ L L u u N ` N N .� C ~ a C L e C N W m C O c O a •w A V L w a � s N 000 CC c . L N� L u fA 4 ex a4a MJ Ue Z C C s 3 4, V Ae to a a r- N � c.C's A ++ a+ r C L A O O N C a N Q aY o L w. r C v. u w 4- oa C N c ++ s� -C U V s r3C 0 �r C •� ,e w V xr »11- O L C A r CL—— Exhibil C. U:$I p • f�J'J(oV E M Y FF IAL 5 N7 E 18, 1 87 �uthe opinion Of Bond Counsel, under existing laws, regulations, rulings and judicial decisions, the Bonds and the interest thereon are not subject to income taxation under Florida law, except as to taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations or financial institutions, as defined in said Chapter 220, Florida Statutes, and the interest on the Bonds is excluded from gross income for federal income tax except to the extent described under "Tax Exemption" herein and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations (although the interest on the Bonds may affect the calculation of alternative minimum taxable income for certain corporations, as more fully described under "Tax Exemption" herein). $2.480,000 Y CITY OF TAMARAC, FLORIDA General Obligation Bonds (Police Station Project), Series 1987 Dated: May 1, 1987 Due: November 1, as shown below The $2,480,000x City of Tamarac, Florida General Obligation Bonds (Police Station Project), Series 1987 (the "Bonds") are being issued to provide fund! which, together with other available funds of the City, will be sufficient to: (i) finance the cost of constructing a new police station within the relatedcost s and more fully expensesa.ssociatedwiththeissuanceofthe Bonds, described herein and Resolution defined; and (ii) pay The Bands are being issued pursuant to the authnrit; of the Constitution and Laws of the State of Florida, including Article VII, Section 17., Florida Constitution, Chapter 166, Florida Statutes, as amended, and all other applicable pr•nvisions of law and pursuant to and subject to the terms and conditions of Resolution F:o. R-84-121, adopted by the City Council of the City ("City Council") on April 25, 1984, as amended and restated by Resolution No. R-86-262, adopted by the City Council on July 23, 1906, as same may be supplemented and amended (the foregoing being referred to herein collectively as the "Resolution"). The Bonds were duly approved by a majority of the votes cast in an election held on March 13, 1984. The Bonds were validated by a judgment rendered by the Circuit Court in and for Broward County dated July 20, 1984, and the time for taking an appeal has expired without any such appeal being taken. The Bonds will be general obligations of the City. The principal of, redemption premium, if any, and the interest on all the Bonds shall be payable from the General Fund or any other legally available funds of the City. In each year while any of the Bonds are outstanding, the City shall levy and collect annually an ad valorem tax upon all taxable property in the City, over and above all other taxes authorized to be levied by the City, sufficient to pay such principal, redemption premium, if any, and interest as the same become due and payable. The City pledges its full faith, credit and taxing power for the prompt payment of both principal of, redemption premium, if any, and interest on the Bonds as such payments become due. The Bonds shall be issued only in registered form in the denomination of $5,000 each or any integral multiple thereof. Interest on the Bonds is payable semiannually on May 1 and November 1, commencing November 1, 1987, by checks or drafts mailed to the registered owners thereof, drawn on Midlantic National Bank and Trust Co./Florida, Fort Lauderdale, Florida (the "Paying Agent"). The principal of the Bonds and the premium, if any, payable upon redemption, are payable at the principal corporate trust office of the Paying Agent. The Bonds shall be subject to redemption as set forth herein. The Bonds shall bear interest at the rates and shall mature in the amounts and on the dates set forth below. f MATURITIES. AMDUN INTEREST RATES AND PRICES OR YIELDS Prin ipal Inc !st Pric or Prin ipal Inte est Pri a or 1 50. 00 19 5 75, 0 1 9 50, 00 19 6 80,0 0 1 55. 00 19 7 90,0 0 1 1 60 00 19 95,0 0 1 2 60 000 19 9 100,D 110.0 19 3 b5 000 '7(p0�04v $•��e 20 j 120,0 0 1 70 DD 14411 $1 Tern Bonds due November 1. 1eW, Price KOU iy000 q.o9.�er«,�ndbdQ� Iva,x�l� ��ano� '"-'�c.a.. loose (Plus accrued interest from F�{o.}I' �q47 The Bonds are offered when, as and if issued and received by 'the Underwriters, subject to the receipt of the unqualified approval of legality by Fine Jacobson Schwartz Nash Block & England, Miami, Florida, Bond Counsel. Certain other legal matters will be passed upon for the City by A. Bryant Applegate, the City Attorney. Certain legal matters will be passed upon by Ruden, Barnett, McClosky, Smith, Schuster & Russell, P.A., Fort Lauderdale, Florida, Counsel to the Underwriters. It is expe� jted that the Bonds in definitive form will be available for delivery in New York, on or about June 1987. r ROTHSCHTi n Dated: 1987 �►cai�e�a� (� � • to ch ge. t CITY OF TAMARAC, FLORIDA A& MAYOR Bernard Hart CITY COUNCIL Bernard Hart, Mayor Sydney M. Stein, Vice -Mayor Jack Stelzer Henry M. Rohr Bruce Hoffman CITY MANAGER John P. Kelly FINANCE DIRECTOR CITY CLERK CITY ATTORNEY Kenneth J. Burroughs Carol E. 8arbuto A. Bryant Applegate BOND COUNSEL Fine Jacobson Schwartz Nash Block & England Miami, Florida (1) 0 No dealer, broker, salesman or other person has been authorized to give any information or make any representation, other than in this Official Statement, and if given or made, such other information or representations must not be relied upon. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information contained in this Official Statement has been obtained from public documents, records and other sources considered to be reliable and, while not guaranteed as to completeness or accuracy, is believed to be correct. Any statements in this Official Statement involving estimates, assumptions and matters of opinion, whether or not so expressly stated, are intended as such and not as representations of fact, and the City expressly makes no representation that such estimates, assumptions and opinions will be realized or fulfilled. Any information, estimates, assumptions and matters of opinion contained in this Official Statement are subject to change without notice, and neither the delivery of this Official Statement, nor any sale made hereunder, shall under any circumstances, create any implication that there has been no change in the affairs of the City since the date thereof. IN CONNECTION WITH THE OFFERING OF THE BONDS, THE UNDERWRITERS MAY OVER -ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF SUCH BONDS AT A LEVEL ABOVE THOSE WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. • TABLE OF CONTENTS Page Introduction ........,. Purpose.................................................................. 1 Estimated Costs of the Project ....� ..� .� ......... " ."'-'-" .......................................... 1 The Bonds .......... 2 Redemption Provisions ...... ........................................ 2 Security for the Bonds .... ......._..._.................................. 3 Estimated Sources and Uses of Funds 4 Annual Debt Service Requirements ��.. " " " " " " ......................................... 5 The City ... 5 Ad Valorem Taxation...................................................... 6 Assessed Value of Taxable Property- ............ " " " " " " " 9 Principal Taxpayers ����� " " " " " " 10 Property Tax Rates....................................................... 11 Property Tax Levies and Collections ............. " " ' " " " " " 12 Direct and Overlapping Debt ..... ................ ..................... 13 Financial Ratios ............. ......................................... 14 Statement of Legal Debt Margin ............................... . " ......... 16 Budgeting, Accounting and Auditing .................... " " . ........... 16 Investment Management .......... ��� ����� " - " " " " " 17 _������� Operating Budget for Fiscal Year Ended September 30, 1986 " -- 17 _ Operating Budget for Fiscal Year Ended .." ••••.--- September 30, 1987 18 Pension Fund ....,. ................ 18 Insurance................................................................ 18 Underwriting............................................................. 19 Legality .................... ......................................... 19 Tax Exemption............................................................ 19 Litigation 19 Validation............................................................... 20 Accounting............................................................... 21 Ratings.................................................................. 21 Other Matters ....... ......................................... 21 Authorization Concerning ...� .� .... Official Statement 21 ...... 22 Appendices A. General Information with Respect to the City ......... B. Audited Financial Statements of the City ......................... 23 C. Summary of Certain Provisions of the Resolution ......... -- 24 D. Form of Bond Counsel Opinion .............................. " 2526 101 • FORM OF LEGAL OPINION FINE JACOBSON SCHWARTZ NASH BLOCK & ENGLAND, P.A. City Council of the City of Tamarac Tamarac, Florida L. F. Rothschild, Unterberg, Towbin, Inc. One Penn Plaza 46th Floor New York, New York 10119 Ladies and Gentlemen: We have examined the Constitution and laws of the State of Florida, including Chapter 166, Florida Statutes, the Home Mule Charter of the City of Tamarac, Florida (the "City"), and certified copies of the proceedings of the City Council of the City (the "City Council"), including Resolution No. R-84-121 adopted on April 25, 1984, as amended and restated by Resolution No. R-86-262 adopted on July 23, 1986 (the "Resolution"), a resolution adopted in furtherance of the Resolution and other proofs submitted including the election proceedings, the validation proceedings and related proceedings of the City Council relative to the issuance and sale of the following described bonds (the "Series 1987 Bonds"): $2,480,000 City of Tamarac, Florida General Obligation Bonds (Police Station Project) Series 1987 Dated May 11 1987 The Series 1987 Bonds bear interest payable on November 1, 1987 and semi-annually thereafter on May 1 and November 1 of each year at the interest rates, and mature on the dates and in the principal amounts, set forth in the following schedule: • I* - Principal Principal Maturity Maturity Date Principal Interest Date Principal Interest November 1) Amount Rate November 1) Amount Rate 1988 50,000 1999 $100,00D 1989 50,000 2000 110,000 1990 55,000 2001 120,000 1991 60,000 * 2002 130,000 1992 60,000 * 2003 140,000 1993 65,00U * 2004 150,000 1994 70,000 * 2005 165,000 1995 75,000 * 2006 180,000 1996 800000 * 2007 195,000 1997 90,000 * 2008 210,000 1998 95,000 * 2009 230,000 * Represents amortization requirements of $1,400,000 Term Bonds due on November 1, 2009• The Series 1987 Bonds are fully registered as to both principal and interest as shown on the registration books of the Bond Registrar and are issuable in the denomination of $5,000 each or any integral multiple thereof. The principal of, premium, if any, and the interest on the Series 1987 Bonds are payable in any coin or currency of the United States of America which on the respective dates of payment thereof is legal tender for the payment of public and private debts. principal of and premium, if any, on the Series 1987 Bonds are payable at the principal corporate trust office of the paying agent under the Resolution. Interest on the Series 1987 Bonds is payable by check or draft mailed to the registered owners thereof. The Series 1987 Bonds are subject to optional and mandatory redemption prior to their maturity in accordance with the Resolution. The City has covenanted to comply with all necessary restrictions of the Internal Revenue Code of 1986 (the "Code") as amended from time to time, to preserve the Federal tax exemption of interest on the Series 1987 Bonds. Noncompliance by the City with such restrictions may cause the interest on such Series 1987 Bonds to be subject to federal income taxes retroactive to the date of their issue. 0- f From such examination, we are of the opinion that: IThe Series 1987 Bonds constitute valid and legally binding general obligations of the City enforceable in accordance with their terms and provisions. 2. The City has irrevocably pledged its full faith, credit and taxing power for the payment of the principal of, the redemption premium, if any, and the interest on the Series 1987 Bonds, thereby subjecting all of the taxaole real and tangible personal property within the City (excluding homestead exemptions as required by Florida law) to the levy of an ad valorem tax, without limitation as to rate or amount, for the payment of the principal of, premium, if any, and interest on the Series 1987 Bonds. 3. Under existing laws, regulations, rulings and judicial decisions, the Series 1987 Bonds and the interest thereon are not subject to income taxation under Florida law, except as to taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations or financial institutions, as defined in said Chapter 220, Florida Statutes, and assuming continuing compliance by the City with its covenant to preserve the tax exempt status of the Series 1987 Bonds, the interest on the Series 1987 Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations. Interest on the Series 1987 Bonds, however, must be included in the adjusted net book income of certain corporations for taxable years 1987, 1988 and 1989 and any such corporation is required to include in the calculation of alternative minimum taxable income 50% of the excess of such corporation's adjusted net book income over its alternative minimum taxable income (determined without regard to this adjustment and prior to reduction for certain net operating losses). For taxable years beginning after 1989, the use of "book income" is to be replaced with the concept of "adjusted current earnings." For such taxable years, the alternative minimum taxable income of certain corporations must be increased by 75% of the excess of such corporation's adjusted current earnings (which includes tax exempt interest) over its alternative minimum taxable income (determined without regard to this adjustment and prior to reduction for certain net operating losses). -3- 4. Although the interest on the Series 1987 Bonds is excludable from gross income for federal income tax purposes, the accrual or receipt of interest on the Series 1987 Bonds may otherwise affect the federal income tax liability of the recipient. The extent of these other tax consequences will depend upon the recipient's particular tax status or other items of income or deduction. We express no opinion regarding any such consequences. Purchasers of the Series 1987 Bonds, particularly purchasers that are corporations (including S corporations and foreign corporations operating branches in the United States), property or casualty insurance companies, banks, thrifts or other financial institutions or certain recipients of Social Security or Railroad Retirement benefits are advised to consult their tax advisors as to the tax consequences of purchasing or holding the Series 1987 Bonds. Respectfully submitted, FINE JACOBSON SCHWARTZ NASH BLOCK & ENGLAND, P.A. By 1590E 051187/5/sr V -4- $ 2 , 480 , OOA CITY OF TAMARAC, FLORIDA General Obligation Bonds (Police Station Project), Series 1987 INTRODUCTION The purpose of this Official Statement, including the cover page and appendices, is to provide information concerning the sale by the City of Tamarac, Florida (the "City") of $2,480,000t City of Tamarac, Florida General Obligation Bonds ("Police Station Project"), Series 1987 (the "Bonds"). The Bonds are being issued pursuant to the authority of the Constitution and Laws of the State of Florida, including Article VII, Section 12, Florida Constitution, Chapter 166, Florida Statutes, as amended, and all other applicable provisions of law and pursuant to and subject to the terms and conditions of Resolution No. R-84-121, adopted by the City Council of the City ("City Council") on April 25, 1984, as amended and restated by Resolution No. R-86-262, adopted by the City Council on July 23, 1986, as same may be supplemented and amended (the foregoing being herein referred to collectively as the "Resolution"). The Bonds were duly approved by a majority of the qualified electors of the City voting at an election held on March 13, 1984. The Bonds were validated by a judgment rendered by the Circuit Court in and for Broward County dated July 20, 1984, and the time for taking an appeal has expired without any such appeal being taken. The City has appointed Midlantic National Bank and Trust Co./Florida, Fort Lauderdale, Florida as Bond Registrar (the "Bond Registrar") and Paying Agent (the "Paying Agent") under the Resolution. For a complete description of the terms and conditions of the Bonds, reference is made to the proceedings authorizing the issuance of the Bonds. The description of the Bonds and of the documents authorizing and securing the same contained herein does not purport to be comprehensive or definitive. All references herein to such documents are qualified in their entirety by reference to such documents. PURPOSE The Bonds are being issued to provide funds which, together with other available funds of the City, will be sufficient to: (i) finance the cost of design, plans, construction and installation of a new police station within the City, including the cost of all equipment, furniture and other items related thereto as more fully described in the Resolution (the "Project"); and (ii) pay related costs and expenses associated with the issuance of the Bonds. THE PROJECT The City has estimated the cost of the Project based, in part, cost analysis prepared by a construction management firm. Afterop a recent t of the cost of issuance, Underwriter's discount and the deposit to the endebt service fund of accrued interest, the remaining proceeds of the Bonds shall be deposited in the Construction Fund and shall be held by the Finance Director of the City and applied to the payment of the cost of the Project in such manner as shall be consistent with the City's policies respecting the disbursement of money in connection with the Project. Any money remaining in the Construction Fund when construction is completed shall be deposited in the General Fund of the City. THE BONDS The Bonds shall be issued in the aggregate principal amounts, will bear interest at the rates, and mature in the amounts and on the dates, set forth on the cover page of this Official Statement. The Bonds will be dated May 1, 1987 and, until maturity or prior redemption thereof, will bear interest therefrom payable on May 1 and November 1 of each year, commencing November 1, 1987. The Bonds will be issuable in fully registered form in the denomination of $5,000 or any integral multiple thereof and will be fully registered on the books of the Bond Registrar. Interest on the Bonds shall be paid by check or draft of the Paying Agent mailed to the registered owner at the owner's address as it appears on the registration books maintained by the Bond Registrar. The principal on the Bonds shall be payable upon the presentation and surrender thereof as the same becomes due at the principal corporate trust office of the Paying Agent. The Bonds may be exchanged for a like aggregate principal amount of Bonds of other authorized denominations of the same series, interest rate and K 0 maturity. The Bonds may be transferred only upon an assignment duly executed by the registered owner or the owner's attorney or legal representative in such form as shall be satisfactory to the Bond Registrar, such transfer to be made on such books by the Band Registrar. No charge shall be made to any Bondholder requesting such registration, transfer or exchange granted in the Bond Resolution, but any Bondholder requesting such registration, transfer or exchange shall pay taxes or other governmental charges required to be paid with respect thereto. The City and the Bond Registrar are not required to issue and transfer any Bond during the period beginning on the fifteenth (15th) day of the month next preceding any interest payment date. The Bond Registrar shall not be required to transfer or exchange any Bond after notice calling for such Bond or portion thereof for redemption has been given as provided in the Resolution or during the period of fifteen (15) days next preceding such notice of redemption. REDEMPTION PROVISIONS Optional Redemption The Bonds maturing on or after November 1, 1911� are subject to redemption prior to their stated maturity dates, at the option of the City, on or any date thereafter if redeemed in whole, or on any interest p'ayment date thereafter if redeemed in part, in inverse order of maturity, such redemption to be by lot within a maturity if less than all, at the following redemption prices (expressed as percentages of the principal amount of Bonds being redeemed) plus accrued interest to the redemption date: Redemption Date Redemption (Both Dates Inclusive) Price ...� ►.. -I. lqq to irk r • . �....19gq and thereafter Mandatory Redemption — (qq -1 144'1 The Bonds maturing on November 1, i-OE4 ( the "term Bonds") are subject to mandatory redemption prior to maturity, by lot in such manner as the City may deem appropriate, at a redemption price of par plus accrued interest to the redemption date, on and on each d1a)pm6J thereafter, in the following principal amounts f om Amortization Installments in the years specified: 3 Principal Year Amount M1 $ 55'000 1u- . iqgLnfa�LoCZ I -Us- lqqq 1555- Lg2LI L�91 *Final Maturity Notice of Redemption At least thirty (30) days, but not more than sixty (60) days, before the redemption date, whether in whole or in part, notice of redemption shall be mailed by the City Clerk, by first class mail, postage prepaid, to all registered owners of the Bonds at their addresses as they appear on the registration books of the City maintained by the Bond Registrar, but failure to mail any such notice shall not affect the validity of the proceedings for such redemption. SECURITY FOR THE BONDS :7 The principal of, redemption premium, if any, and the interest on the Bonds shall be payable from the General Fund or any other legally available funds of the City. In each year while any of the Bonds are outstanding, the City shall levy and collect annually an ad valorem tax upon taxable property in the City, over and above all other taxes authorized to be levied by the City, sufficient to pay principal, redemption premium, if any, and interest as the same become due and payable. The City pledges its full faith, credit and taxing power for the prompt payment of both principal of, redemption premium, if any, and interest on the Bonds as such payments become due. ►nZ oh 1.loverv►ber 1 ja00--� C-*t P-uaO01 �lr�n SbAL �) ate d-o ►r�c,�n ors/ c0u►,-rd o/n -Trto. -ta mz#JiCt�() ID 1& 5JGh Y�Gr+nr;.! pis "�� Cl"�"�I f'f>c�.l ✓1V1 0.. rod/laid C�-�` 0-• 0/-1 t Q— Q0.r 1 J S o0-^D— 0 4 P►A c►pal `/�_ _ 'flff frlojrPi� e-c-�.\ IJd�ren.l�r 1 Mo.r+. L� --[+ 1 O'l `� 1 IS-) Oob apov— ao5'� 00 a —t+e rollo,, kn-�,IACT.1 1otq� Ias-,0oa a0o(0 �$,o4W CLrAwAt r 4(b r, Q-0 0 0 10,71000 aoo—ice• Q%4 sr Do 0 °-o ° l l �51 a o a YeXI s�esl�etQ : aoa i I bo►oo o nr►oeo �i hc+�I M�Jri�I' C ESTIMATED SOURCES AND USES OF FUNDS It is expected that proceeds of the Bonds will be applied as follows: Sources of Funds Principal Amount of Bonds Accrued Interest TOTAL SOURCES Uses of Funds Deposit to Construction Fund Deposit to Debt Service Fund* Costs of Issuance Underwriter's Discount TOTAL USES *Accrued Interest $2,480,000.00 *1 Is • • 0 r• -+ .. $ a �a '75 7• '77 ANNUAL DEBT SERVICE REQUIREMENTS Set forth below are the annual debt service requirements for the Bonds on a fiscal year basis. The City's fiscal year runs from October 1 to September 30. Fiscal Year Total Ending Principal Interest Debt September 30 Payment Payment Service �q$g $ -- $'Is��ov $ 2IS`00 1 q 41 6SIC100 31Y o o d u$, fo 0 voeo ;�0q J oaa )-01 oa0 (9 et 60.)0011 .� 0� 4 VDD VL 4 y.) V 0 a lQgl IRck (P510D0 I G qi, 400 o-W14)100 196t3 .1 0, 000 1 q+, Ooo x(0µ J 000 1 g q 4 1 S1000 TV, Zoo 'a-b 3, zoo t q,q V Is S, 000 i T I, 'rob -2-�o b I Pb t444 1 00,000 �1 b�1f 200 2� V, �v h tq,qq I b5o D 5 (Sti, ODv Zuy' ba iq t 9 i 1 S� , ► y fig' � � -a" Le �' `�� ZLee o 1 �.�� OD a 13 i Z� ' / tee ° z 145j ° b° RO° I (*01000 100, goo Z(v0� 8fli0 �oo�l 1 �S, aco IS', 7A.S 2-w 7�S Do �9� 300 �1� 3b0 aao"1Si °° o S� 3 LY THE CITY General Created in 1963,by the Legislature of the State of Florida, the City occupies approximately 11.6 square miles in the northwestern portion of Broward County, the second most populated county in the State. With its population of approximately 40,000 people, the City ranks 13th in population among the 28 municipalities within Broward County. The City has been developed primarily for residential purposes with the majority of the population consisting of retirees. The City is located on the semi -tropical coastal ridge between the Everglades and the Atlantic Ocean. The terrain is generally flat, with developed land elevations varying from approximately 4 to 22 feet above mean sea level. The sub -tropical climate provides comfortable living year round. The City is warmed by the trade winds of the Gulf Stream, thus making the winters sunny and pleasant with temperature readings averaging 66 degrees, and also cooled by the same trade winds in later months so that the summers are cool and comfortable with an average temperature reading of about 83 degrees. The average temperature for the year is approximately 74 degrees. Government The City is governed largely by the provisions of its Charter as adopted by the electors of the City on March 9, 1976, as amended from time to time. Under the Charter, the five -member City Council is the policy -making body of the City government. The City is divided into four districts, and each Council member is required to reside in a different one of these districts. The Mayor, who runs "at large," may live in any district. Electors vote for each Council seat and not just for the representative of the district in which they live. City Council members serve for two years. The Mayor and the two Council members from Districts 2 and 4 run for election in even -numbered years, and two Council members from Districts 1 and 3 run in odd -numbered years. The City has a City Manager form of government. The City Manager is appointed by the City Council as the Chief Administrative Officer of the City government. The City Manager directs the functions of the City government through 11 departments. Legal services of the City government are provided by the City Attorney, who is appointed by the City Council. Fiscal Year The City operates on a fiscal year which commences on October 1 and ends on September 30. CITY OF TAMARAC CITY OFFICIALS Mayor and other Council Members Bernard Hart Mayor Sydney M. Stein Vice -Mayor Jack Stelzer Councilman Henry M. Rohr Councilman Bruce Hoffman Councilman City Manager and Department Heads John P. Kelly City Manager A. Bryant Applegate City Attorney Carol F. Barbuto City Clerk Kenneth J. Burroughs Finance Director Michael Couzzo, Jr. Public Works Director Larry Perretti Personnel Director Joseph McIntosh Police Chief Raymond Briant Fire Chief William Greenwood Utilities Director Robert Jahn Building Official Utility System The City owns and maintains a Water and Sewer System ("the System"), which supplies retail and commercial water and sewer service to the western portion of the City. The System's retail service area includes approximately 99% of the current population of the City. The water treatment plant has a present 12 million gallons per day capacity. The sewerage treatment capacity is presently 4.9 million gallons per day. The City Council on January 22, 1986, voted to pursue rejoining the Broward County 201 Regional Wastewater Treatment System ("Broward County Utilities"). The City is currently in the process of connecting to the 201 Regional Wastewater Treatment Center. The City has existing capacity of 2.41 mgd with Broward County Utilities as stated in an Agreement dated March 13, 1985. Rejoining the Broward County Wastewater Treatment System is expected to provide economic benefits to the City in the form of lower net cost. In addition, the City has leased capacity from other municipal large users for an additional capacity of 4.5 mgd. • A listing of the City's total treatment and transmission capacity and agreement dates is as follows: A enc Broward County Utilities Pompano Beach Deerfield Beach Broward County Utilities Treatment Ca acit (m d> A reement Date 2.41 March 13, 1985 2.00 May 14, 1986 1.00 May 14, 1986 1.50 April 9, 1986 6.91 The City's utilities are presently treating approximately 4.2 mgd and conveying 1.0 mgd to Broward County Utilities for treatment and disposal. Broward County Utilities proposed to construct and complete a new treatment plant expansion of approximately 20 mgd by December, 1990, at which time all the new treatment and transmission capacity will be reallocated among the larger users, depending on existing and projected needs. Operation of the System is supported solely by revenues from customers served. No funds will be derived from general taxation or any other City tax or revenue source apart from anticipated system revenues. Sewer rates are calculated annually to meet anticipated cash needs, net of other sewer related revenues, for the ensuing fiscal year. The table below shows the City's water and sewer utility revenue bond coverage. CITY OF TAMARAC WATER AND SEWER UTILITY REVENUE BOND COVERAGE LAST SEVEN FISCAL YEARS et Fiscal Gross Operating Availablenue for Year Revenue(1) Expenses(2) Debt Service Debt Service Coverage 1986 1985 $6,908,283 5.626,486 $4,131,367 3,991,257 $2,776,916 $1,372,884 2.02 1984 1983 5,609,226 3,594,640 1,635,229 2,014,586 1,275,768 1,276,000 1.28 1.58 1982 5,298,542 4,907,357 3,553,122 3,055,857 1,745,420 1,851,500 1,274,000 1.37 1981 1980 4,716,779 3,738,729 2,104,553 2,612,226 1,276,000 1,242,000 1.45 2.10 1,845,943 1,893,686 756,000 2.50 (1) Includes Water and Sewer Revenue, Meter Installation, Interest Income and Grant Income. (2) Does not include Depreciation, Amortization or Interest Expense. �J • • C AD VALOREM TAXATION Under the laws of the State of Florida, the assessment of all properties 40 and the collection of all county, municipal and school board property taxes are consolidated in the office of the County Property Appraiser and County Tax Collector. Municipalities are not permitted to levy property taxes at a rate of more than 10 mills for all municipal purposes; however, there is no limitation as to the rate or amount of ad valorem taxes levied for the purpose of paying debt service on general obligation bonds. The laws of the State regulating tax assessment are designed to assure a consistent property valuation method statewide. Property Assessment Procedure Under Florida law, all taxable real property and tangible personal property must be assessed at fair market value, with some exceptions. Real and personal property valuations are determined each year as of January 1 by the Property Appraiser's office. The assessment roll is prepared between January 1 and July 1, with each taxpayer given notice of any increase in assessment. The property owner has the right to file an appeal with the Property Appraisal Adjustment Board, which considers petitions relating to assessments and exemptions. The Property Appraisal Adjustment Board certifies the assessment roll upon completion of the hearing of all appeals. Millage rates are then computed by the various taxing authorities and certified to the Property Appraiser, who applies the millage rates to the assessment roll. This procedure creates the tax roll, which is then turned over to the Tax Collector on or about the first Monday in October. The Florida Constitution entitles the taxable permanent residents of the State to a $25,000 homestead exemption. The table below shows assessed valuations. 0 CITY OF TAMARAC ASSESSED VALUE OF TAXABLE PROPERTY Fiscal Tax Roll Real Personal Adjusted Taxable Year Year P roperty Pry Exempt Value 1978 1977 $400,476,540 $47,315,738 $20,897,287 $468,689,565 1979 1980 1978 1979 406,095,065 419,149,660 47,315,738 43,366,948 20,806,006 23,456,090 474,216,809 485,972,698 1981 1982 1980 1981 451,656,511 44,850,931 27,837,436 524,344,878 1983 1982 675,855,144 783,782,924 50,689,450 61,819,480 2,588,622 (1) 729,133,216 1984 1983 773,507,476 61,170,673 (1) 845,602,404 834,678,149 1985 1984 820,073,350 69,507,244 (1) 889,580,594 1986 1985 845,751,383 73,118,090 (1) 918,869,473 1987 1986 878,722,002 72,173,405 (1) 950,895,407 State law requires full valuation. Assessed values as of January of each year. Figures submitted by County Tax Assessor. (1) No longer available. Levy of Ad Valorem Taxes All real and tangible personal property taxes are due and payable on November 1 of each year, or as soon thereafter as the tax roll is certified and delivered to the Tax Collector. A notice is mailed to each property owner on the tax roll for taxes levied by the county, school board and other taxing authorities. Taxes may be paid upon receipt of such notice, with discounts at the rate of 4% if paid in the month of November; 3% if paid in the month of December; 2% if paid in the month of January; and 1% if paid in the month of February. Taxes paid during the month of March are without discount. All unpaid real and tangible personal property taxes become delinquent on April 1 of the year following the year in which the taxes are levied or immediately after 60 days have expired from the mailing of the original tax notice, which- ever is later. Delinquent real property taxes bear interest at the rate of 18% per year from the date of delinquency until a certificate is sold at auction, from which time the interest rate shall be as bid by the buyer of the certificate. Delinquent tangible personal property taxes also bear interest at a rate of 18% per year from the date of delinquency until paid or barred under Chapter 95, Florida Statutes. On or before April 15th of each year, delinquent personal property taxes must be advertised within forty-five (45) days after delinquency, after which the personal property is subject to levy, seizure and sale. 10 is • • State law provides that tax liens are superior to all other liens, except prior United States Internal Revenue Service liens. With respect to all real property for which taxes remain outstanding as of June 1, the tax collector will sell tax certificates, after advertising once each week for four (4) consecutive weeks. Tax certificates not sold at auction become the property of the county. The City has not accounted for delinquent taxes in its accounting records. Any records for delinquent taxes are recognized when and if received. The table below shows the ten principal taxpayers in the City as of September 30, 1986. CITY OF TAMARAC PRINCIPAL TAXPAYERS As of September 30, 1986 TYPE OF ASSESSED TAXES % OF TOTAL NUMBER OF NAME BUSINESS VALUE LEVIED TAXES LEVIED EMPLOYEES Tamarac Hospital Corp Inc. Healthcare $16,450,183 $ 44,909 1.78% 700 Florida Power & Light Utility 13,113,919 35,801 1.42 1,841 Lennar Corp. Development 12,147,985 33,164 1.32 N/A Richard J. Harris Individual 11,868,498 32,401 1.29 1 Southern Bell Utility 11,434,799 31,217 1.24 20 Woodmont Corp. Development 10,723,810 29,276 1.17 12 Bonaire Associates Development 8,555,678 23,357 .93 10 Urbank & F.G. Management Development 5,692,674 15,541 .62 6 Hopkins Easton Development 5,392,308 14,721 .59 N/A Woodlands Golf Association Recreation 5,235,897 14,294 .57 N/A TOTAL Note: (1) Source - Broward County, Florida. 0 11 $274,681 10.93% The table below shows property tax rates of all overlapping governments. CITY OF TAMARAC PROPERTY TAX RATES ALL OVERLAPPING GOVERNMENTS South Fiscal Broward Florida North Broward Year Ended Tax Roll Operating MillaQee* Operating Mi11a�e County Schools Mgmtr Hospital trict Total District Dis_ MiL e 1976 1977 1975 1976 3.5352 3.5596 4.0317 3.9802 8.6710 0.3750 1.0650 17.6779 1978 1977 4.6177 4.4010 8.8370 8.7370 0.3650 0.3970 1.3560 1.3560 18.0978 19.5087 1979 1980 1978 1979 6.0155 5.6903 4.5495 4.7999 8.7370 7.4500 0.3970 1.3462 20.6879 1981 1980 6.4803 6.2687 8.0540 0.4220 0.4020 1.7346 1.7601 20.0968 22.9651 1982 1983 1981 1982 4.7808 3.7600 5.8988 5.1024 7.8530 6.6526 0.3580 1.5567 20.4473 1984 1983 2.2500 5.0514 7.4126 0.3840 0.3990 1.8995 1.8911 17.1145 17.0041 1985 1986 1984 1985 2.4800 2.7300 4.9000 5.1340 7.6621 0.4270 1.8312 17.3003 1987 1986 3.2500 5.5030 7.5910 7.9133 0.4390 0.5130 1.9490 1.9976 17.8430 19.1769 *State law requires all counties to assess at 100% valuation and limits mi'llage for operating purposes to ten mills. 12 The table below shows property tax levies and collections. 40 CITY OF TAMARAC PROPERTY TAX LEVIES AND COLLECTIONS (3) Percent Delin- Percent Current Current quent Total Ratio of Fiscal Total(1) Taxes Taxes Taxes Collected Collected Year Tax Levy Collected Collected Collected This Year To Levy 1977 $1,418,656 $1,418,656 100.0% $ 4,861 $1,423,517 100.3% 1978 1,985,581 1,850,380 93.2% 50,949 1,901,329 95.8% 1979 2,620,034 2,620,034 100.0% 31,326 2,651,360 101.2% 1980 2,548,747 2,501,095 98.1% 30,981 2,532,076 99.3% 1981 3,295,975 3,051,366 92.6% -- (2) 3,051,366 92.6% 1982 3,240,250 3,229,128 99.6% 45,424 3,274,552 101.01% " 1983 2,483,955 1,773,293 2,483.955 1,740,491 100.0% 98.2% 85,512 52,405 2,566,467 1,792,866 103.3% 101.1% 1984 1985 2,065,365 2,025,882 98.1% 72,715 2,098,597 101.6% 1986 2,313,564 2,302,107 99.5% 83,823 2,385,930 103.1% (1) Total levy net of discount. (2) The Broward County Property Appraiser was in a dispute with the State of Florida concerning a directive that all counties reassess properties to fair market values. Such dispute has been settled and appropriate adjustments have been made. (3) City Finance Department. LJ 13 CITY OF TAMARAC DIRECT AND OVERLAPPING DEBT As of September 30, 1986 DIRECT DEBT General Obligation Bonds Series 1986 series 1975 Self -Supporting Indebtedness Water and Sewer Utility Revenue Bonds. $ 25,150,000 Less: Reserve Fund 2,459.363 Total Direct Debt OVERLAPPING DEBT (1) - Broward County School District $ 18,265,000 Applicable to City 2,87E Broward County Public Improvement Bonds 237.150,000 Applicable to City 2.8% Broward County Special Obligation Capital Improvement Refunding Bonds Series 1986 54,960,000 Applicable to City 2.8% Gas Tex Revenue Bonds, Series A 16,830,000 Applicable to City 2.8% Local Option Gas Tax Revenue Bonds Series A 24,520,000 Applicable to City 2.8% Total Overlapping Debt Total Direct and Overlapping Debt $ 5,520,000 240,000 22,690,637 $ 511.420 6,640,200 1.538,880 471,240 686,560 $28.450,637 i 8�, 48.300 $38,298,937 (1) All debt listed as Overlapping Debt is secured by a tax source. 14 0 E • • CITY OF TAMARAC SUMMARY OF DIRECT AND OVERLAPPING DEBT As of September 30, 1986 DIRECT DEBT General Obligation Bonds Series 1986 $ 51520,000 Series 1975 240,000 Self -Supporting Indebtedness 22,690.LL7 TOTAL DIRECT DEBT $28,450,637 TOTAL OVERLAPPING DEBT $ 9 848 TOTAL DIRECT AND OVERLAPPING DEBT $38,296.937 FINANCIAL PARAMETERS Population Tamarac (1986 estimated) Total Assessed Valuation - Tamarac Total Taxable Valuation - Tamarac Total Assessed Valuation - Broward County Total Taxable Valuation - Broward County s 39,870 1,322,068,592 975,901,446 44,097,602,769 34,074,200,092 Source: Broward County Property Appraiser's Office; as of July 19B6 15 FINANCIAL RATIOS As of September 30, 1986 Percent Percent of Total of Taxable Assessed Assessed Per Valuation Valuation Capita Tames Tamarac Tam DIRECT DEBT General Obligation Debt Self -Supporting Debt 0.436% 0.590% $ 144 TOTAL DIRECT DEBT 1.716 2.325 2.152 2 915 569 569 TOTAL OVERLAPPING DEBT TOTAL DIRECT AND OVERLAPPING 0.745 1.009 714 247 DEBT 2.897 3.924 961 VALUATION Total Assessed Valuation Total Taxable Assessed 33,159 Valuation 24,477 STATEMENT OF LEGAL DEBT MARGIN As of September 30, 1986 Assessed Valuation 1985 Roll $924,517,545 Bonded Debt Limit Amount of Debt Applicable to Debt Limit: MIA " Total Bonded Debt $31,108,516 Less: Revenue Bonds 25 1�50 000 General Long Term Debt 51958,516 Legal Debt Margin N/A ' *The City of Tamarac's Charter imposes no bonded debt limit. ffl 0 LL a44 (AL) pup : l 1 3unoo 4410 a44 (111) 4; to a44 Xq pa;eaaa as;41UWO:) Raos l Ape ;uaw;sanul 844 (11) :a04pW 80 (1)-k3l4ou LL1M ao;aaala aaupu13 R410 a4; spunj 9410 6ul4sanul o; aolad `aa4a240 k;la 34; 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UNDERWRITING The Underwriter has agreed, subject to certain conditions, to purchase the Bonds from the City at an aggregate discount of ISx from the initial public offering prices set forth on the cover page of this Official Statement plus accrued interest to the date of delivery of the Bonds. The Underwriter is obligated to purchase all the Bonds if any are purchased. The Bonds may be offered and sold by the Underwriter to certain dealers, dea-ler banks and banks acting in the capacity of agents at prices lower than the initial offering . prices, and the public offering prices may be changed from time to time. LEGALITY C7 Certain legal matters incident to the authorization and issuance of the Bonds are subject to the approval of Fine Jacobson Schwartz Nash Block & England, Miami, Florida, Bond Counsel, whose approving opinion will be furnished to the Underwriter of the Bonds at the time of their delivery and will be printed on the Bonds. Certain legal matters will be passed on for the City by A. Bryant Applegate, City Attorney. Certain legal matters will be passed on for the Underwriter by its counsel, Ruden, Barnett, McClosky, Smith, Schuster & Russell, P.A., Fort Lauderdale, Florida. TAX EXEMPTION In the opinion of Bond Counsel, under existing laws, regulations, rulings and judicial decisions, the Bonds and the interest thereon are not subject to income taxation under Florida law, except as to taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations or financial institutions, as defined in said Chapter 220, Florida Statutes, and the interest on the Bonds is excluded from gross income for federal income tax and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations. Interest on the Bonds, however, must be included in the adjusted net book income of certain corporations for taxable years 1987, 1988 and 1989 and such corporations are required to include in the calculation of alternative minimum taxable income 50% of the excess of such corporation's adjusted net book income over its alternative minimum taxable income (determined without regard to this adjustment and prior to reduction for certain net operating losses). For taxable years beginning after 1989, the use of "book income" is to be replaced with the concept of "adjusted current earnings". For such taxable years, the alternative minimum taxable income of certain corporations must be 19 increased by 75% of the excess of such corporation's adjusted current earnings (which includes the tax exempt interest) over its alternative minimum taxable income (determined without regard to this adjustment and prior to reduction for certain net operating losses). The City has covenanted to comply with all necessary restrictions of the Code to preserve the tax exemption of interest on the Bonds. Noncompliance by the City with such restrictions may cause the interest on such Bonds to be subject to federal income taxes retroactive to the date of their issue. The aforementioned opinion of Bond Counsel assumes compliance by the City with such covenant. Although Bond Counsel has rendered an opinion that interest on the Bonds is excluded from gross income for federal income tax purposes, the accrual or receipt of interest on the Bonds may otherwise affect the federal income tax liability of the recipient. The extent of these other tax consequences will depend upon the recipient's particular tax status or other items of income or deduction. Bond counsel expresses no opinion regarding any such consequences. Purchasers of the Bonds, particularly purchasers that are corporations (including S corporations and foreign corporations operating branches in the United States), property or casualty insurance companies, banks, thrifts or other financial institutions, or certain recipients of Social Security or Railroad Retirement benefits are advised to consult their tax advisors as to the tax consequences of purchasing or holding the Bonds. LITIGATION There is not now pending any litigation restraining or enjoining the issuance or delivery of the Bonds or questioning or affecting the validity of the Bonds or the proceedings and authority under which they are to be issued. Neither the creation, organization or existence, nor the title of the present members, of the City Council or other officers of the City to their respective offices, is being contested. A complaint filed on March 4,-1986 by the Trustee in Bankruptcy for Comark, a California Limited Partnership, alleges that on or about June 8, 1982, four Ginnie Mae Certificates with a total face value of approximately $1,760,000 were transferred to the City. The securities' maturity dates range from the years 2004 to 2010. The claim alleges that the transfers were preferential and fraudulent under the United States Bankruptcy Code. The attorney for the Trustee in Bankruptcy has represented that a demand to the City to settle for the sum of 12% of the value of the securities at the date of transfer will be forthcoming. The collective market value of the securities at the date of the transfer approximates $650,000. In the opinion of the City Attorney, this litigation will not have a material affect on the City. The City is a party to various other lawsuits. The City is covered by insurance for these suits and in the opinion of the City Attorney, none of these claims or suits have a material impact on the City. • L' C] 20 The City had $7,000,000 of its $17,000,000 investment portfolio invested with E.S.M. Government Securities Inc., ("E.S.M.") when E.S.M. ceased paying its creditors in March 1985 and the Securities and Exchange Commission placed E.S.M. in receivership. The City intervened in that action and filed additional suits against Alexander Grant & Co., Bradford Trust Company and Bradford Securities Processing Services, Inc. ("Bradford"). Pursuant to a settlement agreement effective on July 7, 1986, the City received approximately $3,300,000 in satisfaction of its claims against Alexander Grant & Co. E.S.M. was also placed in involuntary bankruptcy by several creditors. The City had filed a claim in that bankruptcy. The City has been afforded customer status in a stockbroker liquidation. The City received $1,558,104.71 in an interim distribution pursuant to a Bankruptcy Court Order of April 8, 1986. On April 27, 1987 the Bankruptcy Court approved another interim distribution under which the City would receive approximately $560,000 in settlement of all its claims against Bradford. The distribution is not yet final and is subject to appeal and reversal. VALIDATION The Bonds were validated by a judgment rendered by the Circuit Court in and for Broward County dated July 20, 1984, and the time for taking an appeal has expired without any such appeal being taken. ACCOUNTING The historic financial statements of the City included in Appendix A to this Official Statement have been examined by Touche Ross and Co., Miami, Florida, Certified Public Accountants, to the extent and for the period indicated in their report which appears in Appendix A. Such financial statements have been included therein in reliance upon the authority of such firm as experts in accounting and auditing. RATINGS Moody's Investors Service has assigned the Bonds a bond rating of $9A�l Standard and Poor's Corporation has assigned the Bonds its municipal bond rating of BBBf. Such ratings reflect the views of the respective rating agencies, and an explanation of the significance of such ratings may be obtained only from the rating agency furnishing the same. There is no assurance that such ratings will be continued for any given period of time or that either will not be revised downward or withdrawn entirely by the respective rating agency if, in its judgment, circumstances so warrant. Any such downward revisions or withdrawal of either rating may have an adverse effect on the market price of the Bonds. OTHER MATTERS The information in the foregoing pages is presented for the guidance of prospective purchasers of the Bonds described herein. The information has been compiled from official and other sources and, while not guaranteed by the 21 City, is believed to be correct. So far as any statements in this Official Statement and the appendices attached hereto involve matters of opinion or estimates, whether or not so expressly stated, they are set forth as such and not as representations of fact, and no representation is made that any of the estimates will be realized. AUTHORIZATION CONCERNING OFFICIAL STATEMENT This Official Statement has been authorized and adopted by the City of Tamarac, Florida. Concurrently with the delivery of the Bonds, the undersigned will furnish his certificate to the effect that, to the best of his knowledge, as of the date of delivery of the Bonds, the Official Statement does not contain any untrue statement of a material fact or omit to state a material fact which should be included herein for the purpose for which this Official Statement is to be used, or which is necessary in order to make the statements contained herein, in the light of the circumstances in which they were made, not misleading. CITY OF TAMARAC, FLORIDA 9 By: /s/ Sydney M. Stein, Vice -Mayor W • GENERAL INFORMATION CITY OF TAMARAC POPULATION COMPARISIONS a City of Tamarac Broward County State of Florida United States Year Pop. as of Sept. 30 Annual % Pop. as Change of April Annual % Change Pop. as of April 1 Annual % Chaff ofpJansl Annual % (00 _Change 1975 1976 14,217(1) 24,067(1) .15% 69.30% 876,700 894,600 4.28% 8,618,500 1.96% 214,931 .94% 1977 1978 24,469(1) 1.60% 921,900 2.04% 3.05% 8,744,300 8,920,000 1.46% 2.01% 217,095 219,179 l.ol% 1979 25,858(1) 26,400(2) 5.70% 2.10% 953,300 988,100 3.41% 9,156,700 2.65% 221,477 .96% 1.05% 1980 29,376(2) 11.30% 1,018,257 3.65% 3.05% 9,448,500 9,746,400(3) 3.19% 3.15% 223,800 226,444 1.08% 1.15% 1981 1982 30,104(2) 31,158(2) 2.50% 3.50% 1,047,313 1,067,044 2.85% 1.88% 10,106,000 3.69% 228,976 1.12% 1983 31,223(2) 0.21% 1,080,363 1.25% 10,375,300 10,591,701 2.66% 2.09% 231.256 233,506 1.00% 1984 1985 32,251(3) 33,343(4) 3.29% 3.39% 1,100,777(3) 1,124,136 1.89% 10,930.389 3.20% 236,748 0.97% 1.39 1986 39,870(5) 19.58%(5) N/A 2.12% N/A 11,278,547 N/A 3.19% 240,368 1.53 N/A N/A N/A Sources: (1) University of Florida, Bureau of Economic and Business Research. (2) Broward County, Florida (3) United States Bureau of Census (4) As of April 1, 1986. (5) City Planning Department CITY OF TAMARAC BUILDING PERMITS Duplex Additions Calendar Single Family and Multi- family Nan-Resi- and Alterations Total Year Units Valuation Units Valuation dential Valuation Permit Valuation Permit Valuation 1975 1976 62 119 $3,110,000 5,508,655 36 74 $ 600,000 2,797,568 $4,026,850 $1,926,800 $ 9,663,650 1977 1978 187 8,633,884 477 6,511,207 2585,000 1:737,549 1,784,212 4,689,692 12,675,435 12,572,232 1979 255 216 11,875,720 9.893,579 360 476 9,648,630 12,791,664 6,665,820 4,872,548 4,439,759 32,629,929 1980 1981 142 120 6,385,241 6,161,240 308 217 11,490,810 5,035,000 6,025,260 10,002.309 33,583,051 32,913,360 1982 56 3,585,593 145 3,862,477 5,684,210 4,315,187 2,868,309 6,087,129 7,672,741 20,417,033 1983 1984 136 64 8,640,345 4,878,232 519 60 15,478,289 '13,280,728 16,559,760 4,651,119 19,810,853 45,329,513 1985 100 7,169,185 1,470 32,205,644 2,197,600 2,132,126 1,518,904 1,809,421 21,875,464 43,316,376 1986 184 9,985,248 1,374 20,874,500 24,084,678 1,502,578 56,447,004 Source: City Building Department 0 A-1 i r-I LJ • APPENDIX B AUDITED FINANCIAL STATEMENTS OF THE CITY 24 GENERAL INFORMATION BROWARD COUNTY AND OTHER AREAS PER CAPITA PERSONAL INCOME (1) 1975-1983 United Broward County___State of Florida States Year Ending Current Percent Percent Current Percent Current December 31 Dollars(2) of FL of U.S. Dollars(2) of U.S. Dollars (2) 1975 $ 6,379 115.4% 109.2% $ 5,530 94.7% $ 5,842 1976 6,904 116.7% 108.4% 5,918 92.9% 6,367 1977(3) 7,754 118.9% 111.0% 6.520 93.4% 6.984 1978(3) 8,668 118.3% 111.5% 7,330 94.3% 7,776 1979(3) 9,696 118.2% 112.0% 8,202 94.7% 8.657 1980(3) 10,979 119.3% 115.5% 9,202 96.8% 9,503 1981(3) 12,440 120.1% 117.6% 10,362 97.9% 10,582 1982 13,091 120.0% 117.9% 10,907 93.3% 11,100 1983 n/a n/a n/a 11,592 99.3% 11,675 Sources: U.S. Department of Commerce, Bureau of Economic Analysis, Unpublished data. Florida Statistical Abstract 1984, page 137. (1) Per capita amounts are based on a Place -of -Residence in the United States and the State and Counties of Florida. (2) Current dollars are actual dollars relating to the year in which they were spent, with no adjustment for inflation. (3) Data for 1977 through 1981 are revised. BROWARD COUNTY AND FLORIDA EFFECTIVE BUYING INCOME 1983 Median Household Effective Buying Income ("EBI") Total Median Percentage of -Households by EBI EBI Household _ $10,000- t20,000- $35,000- $50,000- (000) EBI $19,999 $34,999 $449 9.9.9 and Over Broward County $ 13,188,329 $23,815 25.2% 30.6% 16.8% 11.6% Florida 106,985,550 20,794 27.4% 29.4% 13.9% 8.7% Source: Sales and Marketing Management, 1984 Survey of Buying Power. Copyright 1984 - further reproduction prohibited. rmm BROWARD COUNTY AND FLORIDA MEDIAN HOUSEHOLD EFFECTIVE BUYING INCOME 1977-1983 Chanqlo 1977 1978 1979 1980 1981 1982 1983 1977-83 Broward Florida County $139798 12,106 $15#053 $16.977 13,173 14,915 $17,825 $19,904 $21,566 $23,815 72.6% 15,359 21,301 23,262 20,794 71.8% Source: Sales and Marketing Management, 1984 Survey of Buying Power. Copyright 1984 - further reproduction prohibited. BROWARD COUNTY GROWTH FACTORS AND ECONOMIC INDICES Savings & Loan Association Savings Bank Deposits Total Auto Year Accounts (000) (000) Telephones(l) Registration(l) 1975 $ 3,438,943 $2,219.114 $ 728,607 $ 674,251 1976 4,245,215 2,125,663 772,536 781,058 1977 1978 5,346,834 7,375,161 2,675,156 2,964,179 822,745 1,182,836 (3) 1979 7,375,161 3,168,114 883,769 916,741 890,745 876,474 1980 8,087,200 3,562,453 994,697 886,986 1981 8,430,797 3,529,554 1,039,165 920,085 1982 8,866,087 3,762,434 381,057 905,388 1983 10,323,236 5,262,970 405,674 957,810 1984 11,545,772 5,270,413 n/a 1,024,761 1985 12,350,823(5) 6,410,736(6) 700,000(4) 1,089,819 Sources: Savings Accounts - Federal Home Loan Bank Board; Florida Savings and Loan League; Bank Deposits - Florida Bankers Association, Orlando, Florida; Telephones - Southern Bell, Statistical Forecast; Auto Registrations - Motor Vehicle Registration, Broward County. (1) 1975 - 1981 Telephones leased. In 1982, Southern Bell broke away from AT&T. Figures for 1982 and 1983 represent number of telephone lines into residences, businesses, and include coin operation stations. (2) Florida Department of Highway Safety & Motor Vehicles. Includes State-owned passenger cars. Fiscal years July l - June 30. (3) Change in State Law requiring registration during birth month. (4) As of September 17, 1983, total residential, business, coin stations in calling area. (5) As of September 30, 1985. (6) As of December 31, 1985. A-3 • .7 BROWARD COUNTY, FLORIDA AND UNITED STATES LABOR FORCE AND UNEMPLOYMENT ESTIMATES Year Ended December 31 Broward County Civilian Labor Force(1) 1975 342,312 1976 346,169 1977 378,074 1978 391,531 1979 405,774 1980 427,784 1981 435,000 1982 499,364 1983 512,859 1984* 542,751 1975-1984 Unemployment Rates Broward County Florida United States 12.8% 9.7% 7.8% 10.2% 9.0% 7.7% 7.4% 7.0% 7.0% 5.8% 6.4% 5.9% 4.5% 6.0% 5.8% 3.7% 6.0% 7.7% 5.3% 6.8% 9.8% 8.2% 8.2% 9.7% 7.2% 8.6% 9.6% 4.8% 6.1% 7.0% (1) All numbers represent annual averages. * As of December, 1984 - preliminary data. Source: Florida Department of Commerce, Division of Employment Security. BROWARD COUNTY MAJOR MANUFACTURING EMPLOYERS Number of Broward Emcees Motorola (Paging Radio Equipment) 3,800 Gould Systems Engineering Laboratories, Inc. (Computers, Digital) 1,750 Modular Computer Systems Inc. (Electronic Computing Equipment) 1,240 Bendix Air Transport -Avionics Division (The Bendix Corp.) 1,268 Harris Computer Systems Division (Harris Corp. - Computers) 975 Tamarac Hospital Corp., Inc. (Health Care) 789 Sensormatic Electronics Corp. (Electronic Surveillance Equipment) 650 Glaxop Holding, Ltd., (Glaxo, Inc. - Ethical Pharmaceuticals) 572 Westinghouse (Relay Instruments) 535 Burroughs Corp. (Power Supplies) 525 Sources: 1984-85 Directory of Florida Industries, Florida Chamber of Commerce. Broward County telephone survey. 0 A-4 BROWARD COUNTY EMPLOYMENT BY INDUSTRY (FULL AND PART TIME) (1) 1980 1981 1982 1983 1984(2)� Agriculture 3,639 3,993 3,787 n/a n/a Contract Construction 32,233 31,699 25,526 26,200 32,675 Manufacturing and Mining 41,229 42,799 41,219 43,100 44,128 Transportation, Communications and Utilities Wholesale, Retail and Trade 16,695 101,431 17,897 107,457 18,359 107,040 18,300 112,400 21,365 116,893 Financial, Insurance & Real Estate 29,430 31,678 32,481 34,000 33,084 Services and Miscellaneous 78,544 81,353 84,678 95,400 102,484 Federal, State & Local Government 43,650 45,564 43,452 50,600 49,684 Total Including All Others 347,549 362,660 360,020 380,000 404,687 (1) Annual Averages. (2) Second Quarter Data Averages. Source: U.S. Department of Commerce, Bureau of Economic Analysis. 11 A-5 • TRANSPORTATION The City has a road system totaling approximately 122 miles including approximately 22 miles of divided roads. It has its own interchange of the Florida Sunshine Parkway. U.S. Highway 441 also crosses the City. Furthermore, the City is located within 1 mile of Interstate 95, which runs along the entire eastern seaboard of the United States. Interstate 75, which extends to the western coast of Florida and continues north through Georgia, Tennessee, Kentucky and Michigan, is being developed south from the City of Tampa to the City of Miami. The proposed crossover from west to east will be south of Tamarac. The major east -west roads in the City are currently at least four lanes or are in the process of being widened to that width by the County. Adjacent to the eastern boundary of the City is the Fort Lauderdale Executive Airport, which provides modern facilities for executive aircraft. This airport has in excess of 200,000 takeoffs and landings per year and currently operates 24 hours a day. The City is approximately 10 miles from Fort Lauderdale -Hollywood International Airport. Port Everglades, located in Ft. Lauderdale, is the largest port on Florida's lower east coast. It is equipped to handle major ocean-going vessels, with outer channels 500 feet wide and a water depth of 45 feet. The turning basin depth in the port has been increased to 42 feet. Foreign Trade Zone Number 25, which encompasses a portion of Port Everglades, permits duty-free status to foreign goods arriving for assembly or storage and later trans -shipment to foreign markets. In the County fiscal year ended September 30, 1984, over 58 thousand tons of cargo were processed through the Foreign Trade Zone. A-6 EDUCATION The 670 registered students in the City attend elementary, middle and high schools of the Broward County School District. The Broward County School District is comprised of 97 elementary schools, one of which is located in Tamarac and attended by students residing within the City's limits. Older students who are residents of the City attend the middle/junior high schools located adjacent to the City limits. There are a total of 27 middle/junior high, 22 secondary, 3 vocational, 3 adult, and 11 other, non -classified schools in the Broward County School District. Broward County Community College and Prospect Hall are the two two-year colleges in the County, and the following are the four four-year colleges and universities n Broward County: Florida Atlantic University and Florida International University, which are public, and Nova University and Fort Lauderdale College, which are private. Florida Atlantic University and Florida International University are two of the nine universities in the Florida State University System. Nova University, with an overall enrollment of over 8,000 students, is the second largest independent university in Florida. SCHOOL ENROLLMENT BROWARD COUNTY SCHOOL DISTRICT Pre -Kindergarten through 12th grade membership 1976 136,549 1977 137,350 1978 136,892 1979 135.313 1980 132,655 1981 127,637 1982 125,641 1983 125.374 1984 126,852 Source: Division of Public Schools, MIS, Florida Department of Education. C7 A-7 r� December 19, 1986 Honorable Mayor and Members of Council City of Tamarac. Florida We have examined the general purpose financial statements of the City of Tamarac, Florida as of and for the year ended September 30, 1986, as listed in the table of contents. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the general purpose financial statements referred to above present fairly the financial position of the City of Tamarac, Florida, at September 30, 1986, and the results of its operations__ apd changes in the financial position of its proprietary fund types for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Our examination was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining, individual fund, and individual account group financial statements and schedules listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the City of Tamarac, Florida. 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P1 4A Q9 r r N 7 M C L �a e L A M a � � � � Yl �► � eq y P7 �O H1 .• � to � K O � O � N N M � N H W 7 b � 4 9 M1 t7 H 6i� Ims p N r 'M M M N •• A C • �� 4 g 11-61 0 7[ C N O Nw Yv i 4 I N N IT IV uc7b aw L I" C97 OOO— J r pe9 i g C M tJ + •.C. r rto J 41 ro y y SS7 w Y 1. Q Y a at L Y 7 Y Cyl C a W N a.1 O Q p q A D. Y L a 0 ++ L Y Y N J rV 74r Om 46 x.�"G" 4 A0_ �fS�',o� I § 22§Q$■ / - - . � ■ � � - _ _ _ 22 7 - � a & - _ � 'co �IN . � 2�§It - ���- � ■ ■ . 1.0 _ - wo �§ k■ I �� § - ■ ■ - �� �kIL �� ��� �■� §� � � � � - �S22!�■ _ a__ r. ■- 2 i 2 `ll§2.3 �% ■ � -■• 4 9UZI* �■2 wT5-.a, � ea §§ s 4 Q_6w43 A& o ■ }k ■ 0 1 * - 0 | 0 .; ►I I r: 91. The City of Tamarac, in the County of Broward, was incorporated in 1963 by the Legislature of the State of Florida. The City operates under a city-oanager fore of government, with the legislative func- tion being vested in a five -member council. The City provides the following services as authorized by its Charter: public safety (police and fire), highways and streets, sanitation, health and social services, culture -recreation, public improvements, planning and zoning and general administrative services. A summary of the significant accounting policies, as applicable to units, which has been consistently applied in the governmental preparation of the financial statements of the various funds and account groups follows: 1. For financial reporting purposes in conformance with NCGA State- ment 3. Defining the Govgrnmerital Rgporting Enjity, the City includes all funds, account groups, agencies, boards, commis- sions and authorities that are controlled by or dependent on the City. Control by or dependency on the City was determined on the basis of budget adoption, taxing authority, outstanding debt secured by revenue or general obligations of the City, and obligation of the City to finance any deficits that may occur or receipt of significant subsidies from the City. Based on the foregoing criteria, there are no other organiza- tions which should be included in the City's financial , statements. 2. Basis of R@Cgrting The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self -balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. is �it� I :w::: •; I. r ► A. (Continued) 3. Bas1s of Aermi.tina Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. ' All governmental funds and expendable trust funds are accounted for using the modified -accrual basis of accounting. Their reve- nues are recognized when they become measurable and available as net current assets. Intergovernmental revenues and interest income are recognized when earned. Ad valorem taxes, utility and franchise taxes, licenses and permits, fines and fo.rfpi- tures, and charges for services are recognized as revenue when collected. Occupational license revenues collected in advance of periods to which they relate are recorded as deferred revenues. Expenditures are generally recognized under the modified -accrual basis of accounting when the related fund liability is incurred. The City's policy is to accrue interest on general debt in the Debt Service Fund since resources have been accumulated in the Debt Service Fund for payments due within one year, and expendi- tures and related fund liabilities have been recorded. All proprietary funds and pension trust funds are accounted for . using the accrual basis of accounting. Their revenues are recognized when earned and their expenses are recognized when, incurred. 4. Boggs and 9udyetary AccountIJ39 An operating budget 1s adopted each fiscal year for governmental and non -expendable trust funds on a modified accrual basis. Budgets are required for management control purposes in the proprietary funds, however, the City is not required to legally report proprietary fund budgets. Therefore, they are excluded from this report. 0 16 r i ► � � r � i � A• SUMMARY QF SIGNIFIQNT ACCOUNTINrL EULICIES: (Continued) The City follows these procedures in establishing the budgetary data reflected in the financial statements. (1) Prior to July 31. the City Manager submits to the City Council a proposed operating budget for the fiscal year commencing on October 1. The operating budget includes proposed expenditures and means of financing. (2) Public hearings are conducted to obtain taxpayer comments. (3) Prior to October 1. the budget is legally enacted through passage of an ordinance. (4) The City Manager is authorized to transfer budgeted amounts within departments of any funds. Any revisions that -alter the total expenditures of any department must be approved by the City Council. The reported budgetary data represents the final approved budget after amendments adopted by the City Council. Budgets have been adopted for all governmental and fiduciary fund types except the following: Special Revenue Funds Police Crime Fund Special Law Enforcement Fund Capital Projects Funds General Capital Construction Fund Debt Service Funds $5,520,000 General Obligation Bond Fund As required by the governmental accounting and financial reporting standards. a reconciliation is required when one or more of the governmental fund types is not budgeted. The recon- ciliation is as follows: 17 A. SUMMARX OF SIGNIFICANT ACCOUNTING POLICIES: (Continued) Special Debt Revenue S@rvic@ Excess of revenues over (under) expenditures as stated Adjustment for unbudgeted funds Excess of revenues over (under) expenditures (GAAP basis) Other financing sources (uses): Operating transfers in Operating transfers out Bond proceeds Proceeds from litigation Total other financing sources (uses) Excess of revenues and other sources over (under) expenditures and other uses (GAAP basis) Fund balances at beginning of year (GAAP basis) Fund balances at end of year (GAAP basis) ($387.55O) ($88.966) ( __11 .782) JjAal ( 399.432) ( 72,385) Capital Projects $462,068 45.476 507,544 370.308 ( 944.376) 5,400,031 a49.599 379-39A - 4,805,254 ( 29,124) ( 72,385) 5.312,798 0I *I S. InYentoriol Inventories are stated at the lower of cost or market. Cost is determined principally by the first -in, first -out method. Inven- tories shown consist of expendable supplies held for consumption. 18 1 .rFXUBM A R4111. A• SUMMY OE SIGNIFICANI ACCOUNTING POLICIES: (Continued) 6. Tnyestml.nt'l Investments are stated at cost. Income from investments held by the individual funds is recorded in the respective fund as it is earned. All other investments owned by the City are accounted for in pooled cash and temporary investment accounts. Income earned from this pooling of investments 1s allocated to the respective funds based upon average monthly balances. Invest- ments are stated at cost except pension fund trust investments, which are recorded at lower of cost or market. 7. All fixed assets are stated at historical cost or. if acquired by donation. at the estimated fair value on the date donatfd. except that accumulated depreciation of fixed assets of proprie- tary funds are presented as a reduction of the related asset account. 1) General Wed AssLU Fixed assets used in governmental fund -type operations (general fixed assets) are accounted for in the General Fixed Asset Account Group rather than in governmental funds. Public domain ("infrastructure") general fixed assets, consisting of certain improvements other than buildings, including roads, bridges, curbs and gutters. • streets and sidewalks, drainage systems and lighting systems, are not capitalized along with other general fixed assets. No depreciation has been provided on general fixed assets. LJ Depreciation of all exhaustible fixed assets used by proprietary funds is charged as an expense against their operations. Accumulated depreciation is reported on proprietary fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight -tine method. 19 FA '*6fA[STAV.VF.1X15K (Continued) 8. Encumbrance accounting, under which purchase orders and other commitments for expenditures of monies are recorded in order to reserve that portion of the applicable appropriation, is employed as an extension of formal budgetary integration during the year in the General Fund. Encumbrances outstanding at year-end are not reported as reservations of fund balances since outstanding purchase orders are cancelled at year-end and all appropriations lapse at that time. 9. Certain fees received from developers are contributions for future acquisition or expansion of capacity -related improvements and are credited to contributions when received. 10. Bond discount and bond -.issuance costs are being amortized on the straight-line method over the life of the bond issue. 11. Total columns on the Combined Statements are captioned "Memoran- dum Only" to indicate that they are presented only to facilitate analysis. Data in these columns does not present financial position, results of operations or changes in financial position . in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund, eliminations have not been made in the aggregation, of this data. m I - rMHUTZ . Certain reclassifications were made to the 1985 financial state- ments to conform to the 1986 presentation. r1 LJ 20 • • Property taxes are levied on November 1 and are payable from November 1 to March 31 of the following year with discounts of one to four percent 1f paid prior to March 1 of the following calendar year. All unpaid taxes on real and personal property become delin- quent on April 1 and bear interest of 18 percent from April 1 until a tax sale certificate is sold at auction. Assessed values are established by the Broward County Appraiser of Property at fair market values. The assessed value of property at September 30, 1985, upon which the 19OS-86 levy was based, was approximately $918,869,000. The County bills and collects all property taxes for the City. The City is permitted by Article 7, Section 8 of the Florida Consti- tution to levy taxes up to $10 per $1,000 of assessed valuation for general governmental services (other than the payment of principal and interest on general obligation long-term debt). In addition, unlimited amounts may be levied for the payment of principal and interest on general obligation long-term debt subject to a limitation on the amount of debt outstanding. The tax rate to finance general governmental services (other than the payment of principal and interest on general obligation long-term debt) for the year ended September 30, 1986 was $2.73 per $1,000 of assessed valuation. The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. Restricted assets and corresponding liabilities consist of the following at September 30, 1986: Assets: Equity in pooled cash and investments $ 687,229 Funds held by trustee 615,612 619 L1 abi 1 i ti es: Performance bonds $ 383,712 Impact assessment fees S9,38S Permit, inspection and site plan fees 1,37S Streetlight and traffic signal fees 208,864 Other _ _649 JU S1S1 13� 41 Special revenue funds are established to account for the proceeds of specific revenue sources other than special assessments, expendable trusts or major capital projects that are legally restricted to expenditures for specific purposes. The fund was established in order Of law enforcement officials in the State of Florida. to pay certain training costs accordance with directives of The fund was established to collect federal revenue sharing funds. SR@ciAl LAW Enfore@ment Fund The fund was established to account for revenues generated by Police department confiscations. The fund was established to provide funds for the costs of inspectors' education, which is required for State recertification. Police Crime Eund The fund was established by a one-time grant received from the, State Department of Revenue. The money is to be used for non- recurring expenditures related to local government crime con- trol, correction or detention programs. CJ • C] 22 . YEAR ENDED SEPTEMBER 30. 1986 E. DEBI SERVICE FUNDS: Debt service funds are established to account for the payment of interest and principal on long-term debt other than special assess- ments and enterprise revenue bonds. S630-000 General Objiaatlpq Bond Fund The fund was established to account for the payment of interest and principal on the $630,000 general obligation bonds. S5.520.000 General Obligation Bond Fund . The fund was established to account for the payment of interest and principal on the $5.520.000 general obligation bonds. C� 0IM4611MATU Capital projects funds are established to account for the financial resources for the acquisition of capital facilities other than those financed by special assessment and proprietary or trust funds. Capital Reserve Fund The fund was established to account for the cost of major capital acquisitions. Capital Construction Drainage Fund The fund was established to account for certain revenues collected from Leadership Housing Systems, Inc. to be used for the completion of various drainage projects. Drainage Improvement Fund The fund was established to account for the $130 per acre cost for upgrading drainage and the $1,750 per acre cost for drainage retention to be collected in the water management district. The fund was established to account for certain revenues collected from Montwood, Inc. to be used for the construction of sidewalks. 23 F. G. ►t t ► ►i t � � t (Continued) City Hal -I -Renoya-tion-.un-struelion fund The fund was established to account for General Fund transfers to be used for city hall renovations. Straft ansUrfRdna Phase TT The fund was established to account for General Fund transfers to be used for street resurfacing. Ut@11-1-t-@—Rer.r@a-t-i-oln-Buildina Nod • The fund was established to account for the cost of building a new central office for the Parks and Recreation Department. The fund was established to account for the cost of the new city hall. Approximately $5,408,000 in investments are restricted for construction of the city hall. Tamara-c Wildlife Pre rye Fund The fund was established to account for the costs associated with the development of a park to be used for the preservation Of wildlife. PRQP&LMBX FUNDS: Enterprise Funds -- Enterprise funds are used to account for opera- tions (a) that are financed and operated in a manner similar to ` private business enterprises where the intent of the governing body is that the costs (expenses. including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of reve- nues earned. expenses incurred and/or net income is appropriate for capital maintenance, public policy, management control, account- ability or other purposes. The City operates two utility systems. The Utility East System services those customers located east of State Road Seven. The Utility West System services those customers located west of State Road Seven. 24 • C� • G. PROER MARY FUNDS: (Continued) Property. plant and equipment consists of the following at September 30, 1986: Utility plants Buildings Automobiles and equipment Furniture and fixtures Utility acquisition costs Less accumulated depreciation and amortization Land Estimated Usefullife 33 years $18,128.021 27 years 511,241 5 years 787,543 5 years 20,981 30 years 218.446 19,666,232 ( ) 16,290,262 - -995 . 917.285.538 Restricted assets consists of the following at September 30, 1986: Restricted by Water and Sewer Revenue Bond Indenture: Sinking Fund Cash and investments with fiscal agent $ 75,353 Reserve Fund Cash and investments with fiscal agent 2,591,313 Renewal and Replacement Fund Equity in pooled cash ( ) Total restricted by Bond Indenture 2,547.473 Other restricted assets: Customer deposits Equity in pooled cash 835.899 Reserved for customer refunds Equity in pooled cash 426,110 Reserved for construction Investments 10,521,899 Equity in pooled cash ( 933-775) Total restricted assets 513.397.606 25 MOM x F1.736M Y G.PROPRIET&a FuNpS: (Continued) Liabilities corresponding to restricted assets consist of the following at September 30, 1986: Customer deposits $ 835,899 Accrued principal and interest payable Customer refunds payable 1`���'--' RefUndjd Debt During the 1985-86 fiscal year, the City refunded the 1980 revenue bonds for the utility system. The proceeds of the 1985 issue were placed in trust and used to purchase securities of the U.S. Govern- ment at various interest rates and maturities sufficient to meet at} debt service requirements of the 1980 bond Issue. The liability of the refunded debt and the related securities and escrow amounts are not included in the financial statements as the City defeased its obligation of the refunded bond debt upon completion of the refunding transactions. The Water and Sewer Utility Refunding Bonds, Series 198S are due in varying annual installments through 2010. Bond interest rates vary from 6.75% to 9.2S% with interest payable semi-annually. The bonds contain a call provision whereby redemption may be made on bonds maturing on or after October 1, 1993 or on or after October 1994 at the option of the City, in inverse order of maturity upon payment of premiums ranging from M to 3%. The Water and Sewer Utility Revenue Bonds, Series 1986 are due in varying annual installments through 2011. Bond interest rates vary from 4.75% to 8.2S% with interest payable semi-annually. The bonds contain a call provision whereby redemption may be made on bonds maturing on or after October 1, 1996 or on or after October 1, 1997 at the option of the City, in inverse order of maturity upon payments of premiums ranging from 1% to 2%. Both issues are collateralized by a pledge of the net revenues of the West Utility System, together with other monies required to be held under the bond resolution. • 26 G. PROPRIETA 1Nos: (Continued) The covenants of the bond ordinance require certain amounts to be maintained as follows: 1. Reyenue ,Eund - All revenues derived from the deposited into this account. As of September 30, System are 1986, there was $424,362 on deposit. 2• Ioterlst EUnd - Each month the System is to transfer from the Revenue Fund one -sixth (1/6) of the amount of interest due on the next interest payment and one -twelfth (1/12) of the next principal payment. As of September 30. 1986. there was $75,353 . on deposit. 3• -• The System is to maintain monies in the Reserve Fund in an amount equivalent to the maximum amount of debt service for an annual period. As of September 30, 1986, there was $2,591,313 on deposit which exceeds the reserve requirement by approximately $131,950. 4• - Each month, the System is to transfer from the Revenue Fund such amount, if any, as may have been recommended by the consulting engineers. 5• JILLIgu of Tax Eund - The System is to transfer from the Revenue Fund one -twelfth (1/12) of 4% of the revenues of the System derived solely from water and sewer billings during the preceding fiscal year. As of September 30, 1986, all monies have been transferred to the General Fund. • The Year annual requirements to amortize these bonds are as follows: ending 5go-tember 10, _pri nci pill Interest 1987 $ 150.000 $ 1.917.398 .Igtal $ 2,067,398 1988 375,000 2,070,578 2,445,578 1989 395,000 2,049.108 2,444,108 '1990 425.000 2.024.321 2,449.321 1991 450.000 1.996,378 2,446,378 1992-1996 2.765,000 9,449,965 12,214.965 1997-2001 4.055,000 8,134,598 12,189,598 2002-2006 6,145,000 5,982,306 12.127,306 2007-2012 _10.540,= 13.239,473 25,300,000 36,324,125 61,624,125 Less current maturity 150.000 27 r• G. PROERIEJARY FUNDS: (Continued) The City maintains two enterprise funds. The Water and Sewer Fund was established to account for the provision of water and sewer ser- vices to the residents of the City. Segment information for the year ended September 30, 1986 is as follows: Water and Sewer System - _ Operating revenues S Depreciation and amortization Operating Income (loss) Operating transfers out Net income (loss) Property, plant and equipment Additions Deletions Net transfers Total assets Net working capital Bonds and other long- term liabilities - Payable from operating revenues Total fund equity Current capital - Contributlons 5,938,364 597,245 1,209,752 11.479 1.407,225 20.393,330 3,661,869 19,036) 7,784 37,992,462 5,439,014 25,150,000 10,673,133 1,524,357 Water and Sewer System - East $158.702 15.565 ( 30,516) 213,668 ( 79,785) 268.178 50,655 418,579 267,510 377.836 IQIR I - 9 $ 6.097,066 612,810 1,179;236 225:147 1,327,440 20,661,508 3,712,524 19,036) 7.784 38,411,041 5,706,524 25,150,000 11.050,969 1,524,357 L' i 28 $�� • :r'.:os.' Internal service funds are used to account for the financing of goods or services provided by one department or agency to other departments or agencies for the City on a cost reimbursement basis. The City maintains the following internal service funds during the year: The fund accounts for the cost of providing data processing ser- vices to various departments within the City. Such costs are billed to the departments based on the estimated time involved. The data processing equipment is recorded in this fund and is depreciated in accordance with generally accepted accounting principles. Central Purchased The fund accounts for the overhead cost involved in operating a centralized purchasing department. Purchased inventory is recorded in this fund and is charged to the user departments using the first -in. first -out (FIFO) method of accounting. The fund accounts for the cost of servicing City vehicles. Such costs are billed to the department based on the amount of work 10 required to service the vehicles maintained by each department. Self -Insurance Fund - Mghlcl@s The fund was established to bear the uninsured collision costs of vehicle accidents. Self—Insuranes Fund — Health The fund was established to account for the medical costs of employees. First Aid Claims The fund was established to account for uninsured workmen's compensation claims. 29 H. Trust and agency funds are established to account for assets held by a governmental unit as trustee or agent for individuals, private organizations and other governmental units. The fund was established to Florida pension contributions employees in accordance with Note L.) collect City, employee and state of and disburse them to the municipal Ordinance 77-13 as amended. (See The providing of recreational facilities through lease assess- ments was initially curtailed by the City in 1971; however-, the City did subsequently resume the collection and remittance of lease assessments on certain recreation areas in accordance with a 1967 agreement between the City and Tamarac Enterprises. Inc. until November 1977 when the City once again curtailed the agreement. Liability of the City under this agreement was limited solely to the proceeds and income collected from lease assessments for these facilities. The fund was established to collect park and recreation impact fees to be used for the acquisition and development of park and recreational facilities and sites. • 0 L� 30 • • The general fixed asset account group is established to account for the fixed assets used in operations of governmental funds. The City had the following changes in general fixed assets for the year ended September 30. 1986: Buildings Land and imarovements [gUi pmeRt- Total Balances at October 1, 1985 $1,918,730 $1.762.359 $2.247.479 $5,928,568 Additions 5,649 78,823 84,471 Deletions ( 11.381) ( Not transfers ( 17-518) _.13,381) (_ 17-617) Balances at September 30, 1986,, The City had the following sources for its investment in general fixed assets: General Fund $1.572,013 General Obligation Bond 630,000 Federal Revenue Sharing 1,598,568 Capital Reserve Fund 433,469 City Hall Renovation Fund 86.753 Gifts 11155,895 Police Crime Fund 34,228 Capital Construction Drainage Fund 7,264 Drainage improvement Fund 288,316 Caporella Park Fund 47,313 Parks and Recreation Fund 113.190 Police Education Fund 1,352 Satellite Recreation Building Fund 258 Special Law Enforcement Training Fund 31 The general long-term debt group of accounts 1s established to account for the amount of general unmatured long-term indebtedness of the City. The City had the following changes in general long-term debt outstanding for the year ended September 30, 1986: General General obligation obligation No. 2 Fire bonds bonds Station Compensated 1986 Ariagical absences Tataj_ Balances at October 1, 1985 S - $305,000 $166,581 $414,627 $ 886,208 Additions 5.520.000 33,177 5,S53,177 Principal payments _ 65.000 6.170 _ ---71•.129 Balances at September 30, 1986 S9 A20.000 S24� Sty 544� 16 8 The annual requirements to amortize all debt outstanding as of September 30, 1986 are as follows: General General No. 2 Fire Station obligation obligation principal and bonds bonds interest from 1986 _ 9� 75 _franebiS@ fges Total_ 1987 $ — $ 65,000 $ 25,615 $ 90,615 1988 130,000, 65,000 25,615 220.615 1989 135,000 65,000 25,615 22S,615 1990 145,000 45,000 25,615 215,615 1991 155,000 25,615 180,615 1992 165.000 25,615 190.615 1993 175.000 25,615 200,615 1994 190,000 19,211 209,211 1995-2006 U 32 a • XW.14MA,: •. ` _ • J. GENERAL LQNr=TERM DEBT ACCOUUT =P: (Continued) The City Council authorized the issuance of $630.000 of general obligation bonds for the ppurchase of real estate. buildings and improvements to provide faciiities for a city hall. These bonds bear interest at 6%. payable semi -.annually and are collateralized by a first lien on revenues derived from the proceeds of the ad valorem tax. The bonds mature in numerical order on July 1 of each year, $65,000 in each of the years 1981 to 1989. inclusive, and $46,000 in 1990. The principal and interest payments are paid by a Bond Sinking Fund, funded by the General Fund. The City issued $5,520,000 in general obligation bonds in 1986 for the purpose of building a new city hall. The City pledged its full faith and credit as well as an ad valorem tax levy to pay the .-debt service of this issue. Bond interest rates vary from 5.5% to 8.125%. The Bonds mature 1n numerical order, on October 1. of each year from 1987 to 2006. The bonds contain a call provision whereby redemption may be made on bonds maturing on or after October 1, 1996 or on or after October 1, 1998. at the option of the City. in inverse order of maturity upon payment of premiums ranging from 2% to 1%. The City Council authorized the financing for the construction and furnishing of its Fire Station No. 2. The original amount of the loan was for $250,000 at 5.85Z interest; principal and interest are paid 1n equal monthly installments of $2.135 through June 1994. The loan is collateralized by a first lien on revenues derived from Southern Bell Telephone Company franchise fees. The principal and interest payments are being paid by the General Fund. 33 • • ►• • ►.► aid Governmental accounting and reporting standards require employers to accrue a liability, with a corresponding charge to current operations, for employees' rights to receive compensation for future absences when certain conditions are meet. Since governmental fund -type balance sheets reflect current liabilities, only the current portion of the liability is reported in the fund. The current portion is the amount left unpaid at the end of the reporting period that would be liquidated with expendable available financial resources. The remainder of the liability has been reported to the general long-term debt account group. The City has a single -employer contributory defined -benefit retire- ment plan covering all full-time employees. As of October 1. 1985 (the most recent actuarial report), unfunded past service costs were approximately $157,718. The City has elected to amortize the past service costs over 40 years. The City's 1986 contribution to service normal costs and past service costs was $341,605. The present value of accumulated plan benefits was $2,018,604, of which $1.504,825 was vested, assuming a $% interest rate. The assumed interest rate was increased to 8% (from 7% in prior years) as the City has experienced favorable Investment results. At September 30. 1985. the plan's net assets available for benefits were $3.837,013. 35 I* • • • Equity in pooled cash and investments $1.268.922 $ 136.212 Equity in pooled receivables 345,000 Accrued interest receivable 16,930 6,076 Other receivables 38,720 82,240 Due from construction fund 153.339 153,339 Due from GOB 1986 sinking fund 107,747 Restricted assets _1,302.848 923—S73 Total Assets S2_e "16- o • LIABILITIES , AND FUND EMIIY Liabi 1 i ti es: Accounts payable $ 287.707 $396.833 Accrued payroll and taxes 302,177 220,-054 Deferred revenues 143,578 120,329 Liabilities relating to restricted assets L302,849 993.573 Total Liabilities 30 1,730.789 Fund Equity: Fund balances: Undesignated B52.196 (_ 14,349) Total Fund Balances 952.196 (____,14"349) Total Liabilities and Fund Equity S2_A 6 S1.7IQ 37 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN -FUND BA NCE-.-BUDGET ,AND�TAL; GENERAL FUND _ Interest income Fines and forefeitures Other income Total General Fund Revenues Expenditures: General Government Legislative City Manager City Attorney Finance City Clerk Personnel Department General and administrative Advisory boards and services Contingency Total General Government Public Safety Police Department 40 Fire Department Total Public Safety Building and Engineering Building and Zoning Department Engineering Department Total Building and Engineering (Continued) Over (Under) Actual Budget _ actual , , Budget Psi pr Year $ 50,000 $ 117.179 $ 67,179 $ 162,678 148.000 163.537 15.537 142,067 187,990 236.396 _ 48_406 275.575 9.599-Sfig 9.933.5.% 336-981 ,-t-438.307 92,010 84,410 7,600 105,494 127.545 107.201 20,344 142,7$7 186,713 194,281 ( 7,568) 245.740 310,410 337,683 ( 47.273) 398,944 328.055 308,011 20.044 316.309 424,550 411.429 13,121 147,531 539,100 617.442 ( 78,342) 935,772 68.750 65,817 14,365 2.191,699 2.146.E 3,322,190 3.189,214 1-S44.350 1 J23.313 4. 8,f f, 540 4-712 _527 801,762 771.107 253.975 ,ZQS,,S20 2,933 51.474 114,565 132,976 3.275,526 21.037 1-4,35.871 30,655 583,345 49-455 w 176,718 Wil Ul I* 10 � - - N f"o ■ � 2 $ a I 2A § 2 _ _ IF 2 2 § § § I I ® to �� � � . ■ � �_ -� e ■_ _J sq. — . §§ § ~ � | � _ �3 ! a § � § Gi t } $ ■ $ 01 962 k 2 � a @ � ■ Q9 ■ . f � $ # � ■ � ■ � � k 6 § 10 ; mOA � a - k " f%■} f \J i 1" AC7 ` & k %A - W k k 7 � � 0 STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND _ JALAN,CEE - BUMET AND ACTUAL - POLICE EDUCATION YEAR ENUED SEPTEMBER 30. 1986 (With Comparative Actual Amounts for Year Ended September 30, 1985) Revenues: Fines and forfeitures Interest income 0 Total revenues Expenditures: Operational services Police department training Excess of revenues over (under) expenditures Fund balance at beginning of year Fund balance at end of year Ll Variance Final Favorable BudgL Actual (Unfavorabl!) Actual $15.000 $12.054 ($2,946) $16,159 ,1 �go ..-----SZZ (--Au) ., Z90 16,000 12,631 ( 3.369) 16,949 16,000 12,288 3.712 19,224 - 343 343 ( 2,345) -_ 9 JA2 9.442 Z 43 I• L • C7 =-OF-TAMARAC, FLORIDA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND (With Comparative Actual Amounts for Year Ended September 30, 1985) 1986 1985 Variance Final Favorable Budget ActUAl tUftfavoT8ble) Actual_ Revenues: Building education fees $3,700 $6,877 $3,177 $5,552 Interest income _125 592 __ 457 282 Total revenues 3,825 7,459 3,634 5,834 Expenditures: Operational services Building department training 3 925 a JU6 499 1.5i1 Excess revenue over (under) expenditures - 4,133 4,133 4,323 Fund balance at beginning of year 6,518 6,518 2-195 Fund balance at end of year3 S6-518 45 CITY OF TAMARAC. FLORIDA (with Comparative Totals for September 30, 1985) $5,520.000 $630.000 General General ASSETS Obligation Bond Obligation ,.Bond —1986„— 1985 Equity in pooled cash and investments $ — $ 7,923 S 7,923 $87,395 Restricted assets 124,328 124,328 . Accrued interest receivable 41 41 111 Prepaid expenses .]91-2E 107.747 Total assets �Z3Z�Z� �.1..364 i1�9�933 liabilities: Accrued interest payable $107,747 $ 3,600 $111.347 $10.426 Accrued principal payable 16,250 16,250 Due to General Fund 107,747 107,747 Fund balance — Reserved for debt service 16.581 ( 1,88A) _ 4J25 77,060 Total liabilities and fund balance S 7J64� 47 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUI&ET AND AMAL - S630,000 GENERAL OBLIG6TIQN BOND FUND YEAR ENDED SEPTEMBER 30. 1986 (With Comparative Actual Amounts for Year Ended September 30, 1985) Revenues Interest income • Total revenues Expenditures: Debt service: Interest expense Principal retirement Total expenditures Deficiency of revenues (under) expenditures Other financing sources - Operating transfers in Excess of revenues and other sources over . (under) expenditures Appropriation of prior year's fund balance Fund balance at beginning of year Fund balance at and of year LJ 1996 _1985 Variance Final Favorable Budcg ACtual_ (Upfavorabll -Acual i5-000 9 Q...1.j42) S 9,782 5,000 3,758 ( 1.242) 81782 17,325 17,100 225 26,100 65-90 .624 (.10- 624) 65.0A _ALL ..9-124 (.,.10-324) �1�100 ( 77.325) ( 88.966) ( 11.641) ( 82,318) ( 77,325) ( 88,966) ( 11,641) ( 24,318) 77.325 ( 77.325) I-V I* 10 11 _ 2 — � o � ■ �m �_ § / � ■/K Cl `g § J ' . ® 6\ . ' 2■ �2 ow _ ■ I — �� K §§ § 2 � - �� �■ � _ _s I. ); S 2\ � —■ ■ l I _ �) � ■■ ~ ■ . . _a as ■ a■ _ �■ � ow�~ 2 � — � k ` � � ■ . . 2 � $ � _ � e ■ I 2 Q § $ t l I to Sol to � §| _ g ' m . � n -:-- i Isa� «2 § —S- �2k )�2 )2 Ln U CITY OE TAMARAC, FLOBIQA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - 8U ET AND ACTUAL - SATELLITE RECREATION BUILDING ,FUND (With Comparative Actual Amounts for Year Ended September 30, 1985) 1986 Variance Final Favorable Revenues - Actual_ (Unfavorable) Interest income ! L= s 2.744 (S 2.256) Total revenues 5,000 2,744 ( 2.256) • Expenditures: Professional services Construction in progress ..,ja4+000 118 846 15J54 Total expenditures 134,000 118.84G 15,154 Excess of revenues over (under) expenditures ( 129,000) ( 116,102) 12.898 Other financing sources (uses): Operating transfers in 89,142 ( 89,142) Proceeds from litigation 26,600 26,600 Loss on investment Total other financing sources (uses) _89.142 UL= ( 62.542) Excess of revenues and other sources over (under) expenditures and other uses ( 39,838) ( 89.502) ( 49,644) Appropriation of prior year's fund balance 39.858 ( 39.858) Fund balance at beginning of year 106,261 106.261 Fund balance at end of year S1.06-261 L.U*= () • Actual S-_15.613 15,613 5,379 77.193 -82-,572 ( 66,959) ( 122,959) 53 10 L� I• CIIX_OF TAMARAC, FLORIDA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN ONCE -_ BUDGET AND AMAL — CAPITAL QMSTRUCTION DRAINAGE FUND (With Comparative Actual Amounts for Year Ended September 30, 1985) Variance 1985 Final Favorable Revenues - Buffet Actual- (Unfavorable) Actual Interest income 15,10 s 4,969 (S 432) S 7,437 Total revenues 5,400 4,968 ( 432) 7,437 Expenditures - — Excess of revenues over (under) expenditures 5,400 4,968 ( 432) 7,437 Other financing sources (uses): • Operating transfers out ( 7,622) ( 7,189) 433 ( 7,805) Proceeds from litigation 11,400 11,400 Loss on investment ( _24-000) Total other financing sources (uses) ( 7,622) 4_211 11.933 (_ 31-805) Excess of revenues and other sources over (under) expenditures and other uses ( 2,222) 9,179 11,401 ( 24,368) Appropriation of prior year's fund balance 2,222 ( 2,222) Fund balance at beginning of year 76,424 76.424 100,792 Fund balance at and of year JZLM ULM Lljg LLLAa 55 CITY OF T&M&UC— FLORIDA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND (With Comparative Actual Amounts for Year Ended September 30, 1985) Variance Final Favorable Budget. ActuAl. (Unfavorable) Revenues - Interest income s 3.60II s 2_s14 (1) Total revenues 3.600 2.519 ( 1.081) Expenditures — — Excess of revenues over (under) expenditures 3.600 2.519 ( 1.081) Other financing sources (uses): Operating transfers out ( 37,482) ( 36,400) 1.082 Proceeds from litigation 7,600 7,600 Loss on investment Total other financing sources (uses) Excess of revenues and other sources over (under) expenditures and other uses Appropriation of prior year's fund balance Fund balance at beginning of year Fund balance at end of year Iw, ( 37 -482) (, 29,900) 9 - 692 ( 33,882) ( 26.281) 33,882 7,601 ( 33.882) (ULM) ctual S 4,688 4,688 4,688 ( 4,920) (_16-0Q0) (20-M) ( 16,232) 63J93 57 r� 16 CITY OF TAMARAC.-ELORIDA STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND FlIND (With Comparative Actual Mounts for Year Ended September 30, 1985) 1996 ___198 5 Variance Final Favorable Revenues: et budgActual (Unfavorabitl Actual Interest income $ 3,000 $ 27.782 $ 24,782 $ 12.924 Traffic ray improvement 270-112112 ,3ZO-112. Total revenues 3.000 397,894 394.894 12,924 Expenditures — Street resurfacing __59.295 Total expenditures -59,295 Excess of revenues over ' (under) expenditures 3,000 397.894 394.894 ( 46,371) Other financing sources (uses): Loss on investment ( 52.000) Operating transfers in 95,000 Operating transfers out ( 113,500) ( 113,500) Proceeds from litigation 24.700 24,700 Total other financing sources (uses) ( 113.500) (—JILM) 24.7QQ 43,000 Excess of revenues and other sources over (under) expenditures and other uses ( 110.500) 309.094 419.594 ( 3.371) Appropriation of prior year's fund balance 110.500 ( 110.500) Fund balance at beginning of year 152.435 192.435 155•B06 Fund balance at end of year s1 LULM 515 59 E • 61 0 • � P1 � w 1► 1a M N N OI w IA 11 rrf N fa Aq N fl'! ! =f i� a w Nf In I �e /•1 w w OI 1f11/'1 P�'1 N 1A M w Y1 w IA N w /rf s • w 1� �Nyw. pp w �61 yw� yO� N N r 0 g O 0 co A L w NC ::: w L A NCH 17S O rt ! v► u, w e �+ ev r► 1� 7 N N 1 M M r N r/ OC C u +a 1 r Myy r 6 � w � Y ■ N G N (Y� NyY1�1� x N L L C Y a �1 M w N ��ii w Y 8N ui » ++ 2 .0Y 41 � A YI+LN A 10 6� Y •/ 6Z Y J1 rl •• ►+ C 7 6 N N i0 'A 49 a 7 9 Y t G L a •.. N u ss a Is EA A N 1{'1 (+f a A!► 1ff1 � � N 11'1 �1Y9 Fr d� � p f p �O � p� r1�1 Uf N • � W rr► N 40 0 ru f r1 P% A {� �OnwN A Iy1 �N �aS �N T O p'1 N NO �n m O S mm �flS1A���6 O �a yyb �1� ^ y��� NS SO QN�f r NN N N A�17 1O !y vO�� V4'v1 rr �y uY w w f n. R ^ W yY Dt O� = O A .sir • S N'1 111 L O N A N m N I► !NV ! N N 4 CI S1 I ! O� N N N'1 .- .... r r r fv L Ov O Ei 8 LL'1 �/1~�pp f A S O _ W 1O CA GC N W r�•1 6! !7 A WN 6m �7'1 m 111 N1 1► R A ^ 1OA N f O N7 N C A �■p L uu 4 A y V C N Y y Wwa *a z N N °' w y V1 O N A a+ *' v L b 24 Y Y N 1r Y y=y gy�py/ i » NN �`. _t Yq� M V C Yw+p NW ~ L CC G O ~ K r W O - L r �1 ..� N W ..+ N r� w Y I N+ � Ci CW •' r ! a 6 v V O `e N `N�M M L b « yJ « Y L r1 7 + L M � y N5. Y 11NN Y § Yr� �Yw�yQ1 Y�CYI�C oC g y C.i C a A+� h W Y ¢ N a NW .� W O�«N_C VY Wr�� pia �a LL « YyM ■ ■ O� O G G:J 7 7 iM y W61 � C y w v L yg 6W V 166 L L. L C� •7 s x s Fn L KI �§k���■ � � � � a _ 2�§2Ig @ ■ � §im§2� § 61 ' �21— � ��' A■ � — �1I— � a� k W7 6 k s � m _ ' .,I 0 to — �§ § . ah i� � � 40 w.�• a k^2 � t ��;�■-� —■ � ■ �k■a$ � ; §� IA� �i s t40cm � 2 �3���■ §v �4jIft ` bW�22��C6 �k { � � � � � � Q r 1f1 Y'1 � f �f•r'1 N V,7 . Q IC G �i wi N � m M — � � H'1 1�•f � � m � a+ • _N w U1 A Q� r•• P!f �'"! OI M M! P1 f�/ P1 rtrtN aft r Y r A N A — wq Npp Ap'�1 pa p'11p► hn IO i r M_ 14 y yAp 61 C Iff I^!! M'1 OI /V N rr W r ow r Y N S S 1• 7 1 1 1 toWW fr'1 w P1 °I Pf NI 0` vYi goa ..& 10 w N tl1 L w C r im r N N r• N !+f M 1/ PI r. • L ua1 GS4' N N W � — r 4m .... ..r M r v r ^ n NN© �N�pp r1r1��7 !+1 Irl I�f1 f0 r A qp N -. G d C r r — Af M1 N ga LA.O u N e�'1 ^ 1+'1 V d M M r N I IV M VI W — W Ld 4 1"1 } "YW L O a GPI w U. W — N SO r 1 � y ..i 0 y�J r — — }7trp L � }% M N1 Y A J 6■6r rl w r1 �, i Y YYy N 8 i� w N d Y ;_ •+ CL M 41 p^3 ,� e1 r f \W dc .r ..I wr L M C � LL �C N M � —_ 41J V ^ OL ~ r �41 �wr—a— `vim J 4r y J • • 6 N P'f Nb RBI e qr O a NLM m O A � � 1•'1 Vt � N LA N ram► fn b mm� 1A 1�1 N A 1A m N p � N 111 W ii, P�1 Y7� OQ � frf N IA N 10 m A � � A f"I too i N N N N N n � A / pQ Z .1�w �O � O w+. �O C 1�► � N A � N / N N 0 Ri �O N M C O � YY •� : r Y N w 9 � N a V � YYO p4 yy y 7Y CMC 8�� dul �� i x VSI O 4c c `� O 7AC 4A N 9 L. O■ Y Y w M V Y M YLp N _ccL �y E 'we�" C � y ` VWf 5.. C reyy Y � 1�4J1 y t k N N I pj N N N N N A r NNj ^� CIj - a p � N 7 7 �O •� 6� Y ^ N 7 7 A A 7 y 3� 61 {yyr V1 4 SyyI Y 6� r yL CL 01 V C O yy r4,,�1 J C u C Ij C DC -5-2 wl 1-010%0 ■s � § §qr k � o � ■ $§ ■ = $ ■ e e � m _ _ . ; § � § � ■ � ■ ■ � .� - - � _ _ ■ - - - Oro_ ow40 %D k �- �� -■ � � CY ® - © _ ■ /§, � _ \ �� • . § - §�\%§ § S �a. 0-_ - § � � - § a . s $ - � - e Ah §49 ■ $ - f x.�77� ,go w 6 62 � $ ® ;2$3 - - - . _ 2-& J=« J- 6 & w s- 2§ - -u I ��-- i §�k �5b§ 2■a� \ Y Cjn OF JAMBAC, FLORIDA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND s. BALANCE -,BUI&ET AND YFAR ACTUAL - SPECIAL SEPTEMBER ASSESSMENT 1286 LEASE FUND (with Comparative Actual [LADED Amounts for 30+ Year Ended September 30, 1985) 1986 Variance LU - Final Favorable Revenues - _911d9et Actual (Unfavorable) Artu,A Interest income ;.,,5-1100 9 3.496 (t 2_304) S 5,431 Total revenues 5.800 3,496 ( 2.304) 5,431 Expenditures - - - Excess of revenues over (under) expenditures 5.800 3,496 ( 2,304) 5j431 Other financing sources (uses): Operating transfers out ( 5,800) ( 3.496) 2,304 ( 5,700) Proceeds from litigation 91500 91500 Loss on investment ( 20.000) U� Total other financing sources (uses) Excess of revenues and other sources over (under) expenditures and other uses (--5.8.00) 6.004 ..11-804 Fund balance at beginning of year 43.199 Fund balance at and of year LILM 4•�l•I� , 91500 91500 ( 20,269) —43 -199 63,46$ umm L�L= 73 C� Building and Functign and Activity Total Lsnd ` lMMANnts EQUOMent Legislative and judicial: Legislative $ 5,148 $ — $ — $ 5,148 City attorney 43.017 43.017 48,165 — — 48,165 Operational services: Community development 115.017 11,810 103,207 Police department 685,305 17,292 668,013 Fire protection 1,348,560 156,079 501,061 691,420 Public works 673,5S2 126,326 547,226 City engineer 21,996 21,996 Parks and recreation 42 3.691 .136,,= 87_j08 _ w118.573 3.187,111 292.979 743,697 2,150,435 Administrative services: General and administrative 2,685.766 1.625,751 1,024,311 35,705 Personnel and insurance 2,927 2,927 City manager 4,768 4,768 City clerk 47,616 47.616 Finance department 7.688 7.k 7 75 SUMMARY OF CERTAIN PROVISIONS OF THE RESOLUTION In addition to the summaries of certain provisions of the Resolution set forth elsewhere within this Official Statement, the following is a general summary of certain provisions of the Resolution. Such summaries do not purport to be complete and accordingly are qualified by reference to the full text of the Resolution, copies of which may be obtained from the City upon request. Definitions When used in the Resolution, the following terms shall have the following meanings, unless the text clearly otherwise requires: "Bondholder" or "Holder" shall mean any registered owner of any Bond. "Bond Registrar" shall mean either the Finance Director or any bank or trust company, either within or without the State of Florida, designated as such by resolution of the Council prior to the issuance of the Bonds, which shall perform such functions required of the Bond Registrar by Article II of the Resolution. "Construction Fund" shall mean the special fund required to be established and maintained by the City pursuant to Article IV of the Resolution. "Council" shall mean the City Council of the City of Tamarac, Florida, or the Council or body in which the general legislative powers of the Town shall, from time to time, be vested. "Cost" when used in connection with the Project, shall include the cost of planning, constructing, developing, including the cost of all labor, materials, machinery and equipment, the cost of engineering, architectural, financial, advisory, planning, design and legal services, bond insurance premiums, fees of rating agencies and all expenses necessary or incident to . determining the feasibility or practicability of such construction, and such other expenses or costs as may be necessary or incident to the financing authorized by the resolution in connection with the Project. Any obligation or expense heretofore or hereafter incurred by the Council in connection with any of the foregoing items of cost may be regarded as a part of such cost and reimbursed out of the proceeds of the Bonds issued under the provisions of the Resolution. 1J The term "Finance Director" or "Director" shall mean the Director of the City Finance Department or the officer or officers succeeding to his principal functions. "General Fund" shall mean the General Fund of the City designated as such by state law and in the annual budget and the annual audit of the City, required by law, from which the general operations of the City are funded. W • I.J 10 "General Revenues" shall mean ad valorem tax revenues levied and imposed in the City and all other funds legally available which are eligible to be credited to the General Fund of the City. "Government Obligations" shall mean direct obligations of, or obligations the principal of and the interest on which are guaranteed by, the United States of America. Bond Re istrar and Registration Exchange. The City shall cause its books for the registration and for the transfer of Bonds to be kept by the Bond Registrar. Any Bond may be transferred only upon an assignment duly executed by the registered owner or his attorney or legal representative in such form as shall be satisfactory to the Bond Registrar, such transfer to be made on such books by the Bond Registrar. The principal of any Bond shall be payable only to or upon the order of the registered owner or his legal representative. Bonds shall not be registered to bearer. Bonds may be exchanged for a like aggregate principal amount of Bonds of other authorized denominations of the same series, interest rate and maturity. The City shall execute and deliver, and the Bond Registrar shall authenticate, such Bonds which the registered owner making the exchange is entitled to receive. No charge shall be made to any Bondholder for the privilege of registration, transfer or exchange, but any Bondholder requesting any such registration, transfer or exchange shall pay any tax or other governmental• charge required to be paid with respect thereto. The Bond Registrar shall not be required to transfer or exchange any Bond after the mailing of notice calling such Bond or portion thereof for redemption has been given, as provided in the Resolution, during the period of fifteen (15) days next preceding the mailing of such notice of redemption. Each Bond delivered pursuant to any provision of the Resolution in exchange or substitution for, or upon the transfer of the whole or any part of one or more other Bonds, shall carry all of the rights to interest accrued and unpaid to accrue that were carried by the whole or such part, as the case may be, of such one or more other Bonds, and notwithstanding anything contained in the Resolution, such Bonds shall be so dated or bear such notation, that neither gain nor loss in interest shall result from any such exchange, substitution or transfer. Ownership of Bonds• Transfer of Title. The City, the Paying Agent and the Bond Registrar shall deem and treat the person in whose name any Bond shall be registered as the absolute owner of such Bond, whether such Bond shall be overdue or not, for the purpose of receiving payment thereof and for all other purposes whatsoever, and neither the City, the Paying Agent nor the Bond Registrar shall be affected by any notice to the contrary. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. G2 of Exchange, commonly known as "bankers acceptances," which are drawn on and accepted by commercial banks and which are eligible for purchase by the Federal Reserve Bank; or (h) investments in repurchase agreements of any securities authorized above; provided, however, that any such investment described in this paragraph shall at the time be a legal investment under Florida law for the investment of City funds. Moneys held for the credit of the Construction Fund shall be invested in obligations which shall mature or which shall be subject to redemption by the holder thereof at the -option of such holder not later than the date when the moneys held for the credit of said Fund shall be required for the purposes intended. De ositories and Security. All moneys received by the City under the provisions of the Resolution shall be deposited with a bank depository or depositories, shall be held in trust, shall be applied only in accordance with the provisions of the Resolution and shall not be subject to lien or . attachment by a creditor of the City. I• it All moneys deposited with any bank depositary in excess of the amount guaranteed by the Federal Deposit Insurance Corporation or other federal agency shall be continuously secured for the benefit of the City and the holders of the Bonds either (a) by lodging with a bank or trust company approved by the City as custodian, or, if then permitted by law, by setting' aside under control of the trust department of the bank holding such deposit as collateral security, Government Obligations, or, with the approval of the Finance Director, other marketable securities eligible as security for the deposit of trust funds under applicable regulations of the Comptroller of the Currency of the United States or applicable State of Florida law or regulations, having a market value (exclusive of accrued interest) of not less than the amount of such deposit, or (b) if the furnishing of security as provided in (a) is not permitted by applicable law, in such other manner as may then be required or permitted by applicable State of Florida or federal laws or regulations regarding the security for, or granting a preference in the case of, the deposit of trust funds. Effect of Covenants. All covenants, stipulations, obligations and agreements of the City contained in the Resolution shall be deemed to be covenants, stipulations, obligations and agreements of the City and of the Council and of each department and agency of the City to the full extent authorized or permitted by law; and all such covenants, stipulations, obligations and agreements shall bind or inure to the benefit of the successor or successors thereof from time to time and any officer, board, body or commission to whom or to which any power or duty affecting such covenants, stipulations, obligations and agreements shall be transferred by or in accordance with law. C-4 0 CONSTRUCTION MANAGEMENT SERVICES, INC. Sample Road - Suite 203 • Pb no Beach 2�9179 305 7851057 440 K Samp mpa , Florida 33064 305.78 COST ANALYSIS • TAMARAC POLICE BUILDING JANUARY 19, 1987 Prepaxed For: CITY OF TAMARAC CONSTRUCTION MANAGEM Wr SERVICES, INC. Quantity Surveym-Camistructim Managen s4 k l6ri' DIVISION TAMARAC POLICE BUILDIlNG7 $-AMOUNT SUMMARY: 1 GOAL CONDITIONS $ 168,070 2 SITEWW 300,000 3 CONCRETE 194,235 4 BLOCKW(W 47,505 5 METALS 133,792 6 WOOD AND PLASTIC 45,920 7 THERMAL AND MDISTLIRE PROI=ION 86, 595 8 DOORS AND WINDOWS 263,147 9 FINISH 381,015 10 SPECIALTIES 39,395 11 APPLIA?KM 1,000 12 N.A. 13 N.A. 14 N.A. 15 MIDCWICAL 235,000 16 ELECTRICAL 2501000 SL B71OTAL $2,145, 674 5% General Contractor's O. P. 107,284 Contingencies 50,000 TOTAL DICTION COST $2,302,958 A Electronic Cmmunication and Security Systems 200,000 B Furnishings 50,000 TOTAL PROJECT COST $2:552, 958 Alternate -- Add Fuel Station with Metal Canopy 40,000 A B C D E F G S I J R L M N 0 P 0 R S T U V W TAMARAC.' POLICE BUILDING DIVISION 1 GENERAL C OMITIONS : Superintendent Project Manager General Foreman Temporary Site Office Temporary Toilet Teaporary Water Temporary Electricity Temporary Access Road -Barricades Tettiporary Telephone Insurance (Liability) Bond Testing Survey Jab Sign r Glean -Up During Construction Final Clean -Up First Aid Ice Water (Prow.) Temporary Storage Safety Requirements Punch -cut Line -Out Building Crane Rental Was r RATE i $ 41,600 47,800 16,000 4,500 1,600 1,500 1,450 300 1,650 2,500 16,500 4,500 6,800 300 4,700 1,500 150 220 1,200 1,700 1,700 1,400 8.500 0 1 1.0 $168,070 A t] I TAMVW POLICE HUIr = DIVISION 2 SITSKICtK Clearing, earthwork, underground utilities, drainage, paving, landscaping and irrigation TO RMARY: 2.1 I UNIT rj 1 $300,000 $300,000 ITEM TAMARAC POLICE BUILDIM DIVISION 3 CONCR IE QLANTITY UNIT RATE $ AMOUNT A Isolated pad and strip footings 12 C.Y. 46.00 $ 552 B S.O.G. and monolithic footings 619 C.Y. 48.00 29,712 C Columns (pea rock pump mix) 64 C.Y. 55.00 3,520 D Beams 81 C.Y. 51.00 4,131 E Elevated slabs 225 C.Y. 48.00 10,800 F Roof curbs/parapets (P.R.P.M.) 56 C.Y. 50.00 2,800 G Filled cells (P.R.P.M.) 50 C.Y. 58.00 2,900 H FORMWORK: Isolated pad and strip footings 349 S.F. 2.60 907 I S.O.G./monolithic footings 1221 S.F. 2.60 3,175 J Tie oolumis 3732 S.F. 2.50 9,330 K 48" diameter oolurns 16 L.F. 25.00 400 L 36" diameter oolubs 14 L.F. 19.00 266 M 8" beam bottom 240 L.F. 3.50 840 N 12" beam bottoms 172 L.F. 4.50 774 0 Beam sides 5384 S.F. 3.00 16,152 P Flat slabs 1121 S.F. 3.50 3,924 Q 8" wall bottom 13 L.F. 4.00 52 R Roof curbs/parapets sides 5385 S.F. 3.00 16,155 S 8" wide radius wall opening 26 L.F. 4.00 104 TO CDLLWrION: $106, 494 3.0 , 1 0 A B C D E F G H J K L M N 0 P a TAMARAC POLICE BUILDING DIVISION 3 MI S: Machine excavate/backfill foot ings Fine grade footing bottoms Eland excavate monolithic footi Fine grade S.O.G. 6" mil polyethelene Finish and cure S.O.G. Set column anchor bolts Finish and cure elevated slams REINF'ORCIM Isolated pad and strip footing Monolithic footings 6x6 - W4/W4 W.W.M. Columns Elevated slabs x Roof curbs and parapet walls Filled cells STRW URAL CONQZM ELUIPN T Crane time PURP time IMLUATIM BETE HOOF EEX:K Composite concrete/insulation hoard system (minimum 3" thick- ness) TO COLLECTION: QLWnITY 28 323 3023 30161 • 33200 30161 104 26129 0.4 4.4 33200 5.0 6.5 1.5 2.0 2.5 F*x,I+1!M UNIT C.Y. S.F. C.F. S.F. S.F. S.F. EA. S.F. TNS. TNS. S.F. TNS. TNS. ems. TNS. TNS. S.F. RATS 5.00 .20 .55 .15 .06 .22 3.50 .22 700.00 700.00 .23 700.00 700.00 700.00 700.00 800.00 $ AMOUNT $ 140 65 1,663 4,524 1,992 6,635 364 5,748 280 3,080 7,636 3,500 4,550 1,050 1,400 2,000 $8,000 1,500 33X614 $87,741 3.1 TAMARAC POLICE HULLDIIG 3.2 $-AMOCTNT 3.0 $106,494 3.1 87,741 $194,235 �J 0 A B C D 0 ■ _+ •M1 r- 8" wide regular 8" wide half high 8" truss type durowall #2 re -bar built in to joints (shearwalls) TO SUMMARY: rA 4.1 21000 1300 15000 0.25 PCs. PCs. L.F. TNS . 10 RATE $ AMOUNT 2.00 $42,000 1.85 2,405 0.18 2,700 1600.00 • 400 $47,505 ITEM A B C D E F G TAMARAC POLICE BUILDIM DIVISION 5 Columns, beans, channels, tubing etc. HAMPRO SYSTER: Includes joists, girders, form- work, 6x6 - W2.9/W2.9 W.W.M. and formwork removal MISCELTANEOUS META S : Lavatory vountertcp supports 12" wide steel benches with bracket supports Woven wire mesh partitioning with H.M. framework S.S. door sill angle Q the edge) 4'x 7' wrought iron gates 'ro SUMMARY: s QUANTITY I UNIT 28 TNS. 25008 S.F. 14 EA. 56 L.F. 132 S.F. 150 L.F. 1 FR. RATE $-AMOUNT J2000.0 $ 56,000 2.74 69,522 100.0 1,400 50.00 2,800 10.0 1,320 5.0 750 2000.00 2,000 $133,792 CJ ITEM TAMARAC POLICE BUILDI% QqUMTy UNIT RATE $-AMOUNT DIVISION 6 WOOD AND PLisSTIC ROOF FRAMAM AND EZI=IbG A 2"X 8" P.T. truss bearing plate 302 L.F. 2.00 $ 604 B Roof trusses 3702 S.F. 1.75 6,479 C 1/2" gable end sheathing 300 S.F. 1.25 375 D 2"x 8" P.T. @ skylight gable 40 L.F. 1.50 60 E 2"x 6" P.T. beveled parapet cap 1050 L.F. 2.00 2,100 F Double 2"x 6" P.T. cant strip 1604 L.F. 3.00 4,812 blocking G Double 2"x 10" P.T. expansion joint blacking 90 L.F. 4.50 405 MISCELLANBOUS STACKING BAC3CIM S 2"x 4" P.T. window bucks 600 L.F. 1.25 750 I 2"x 4" P.T. beveled at lockers 150 L.F. 1.50 225 J 2"x 4" staggered behind lockers 150 L.F. 1.50 225 K Casework blocking ITIIK -- -- 500 L Toilet blocking ITEM — -- 250 CUSTOM CASK' s M P.L. lavatory countertops 66 L.F. 45.00 2,970 N P.L. base cabinets 156 L.F. 125.00 190,500 0 P.L. wall cabinets 17 L.F. 100.00 1,700 P P.L. shelf with rod 15 L.F. 10.00 150 Q 18" P.L. shelving 169 L.F. 10.00 1,690 R 42" high base cabinet with nail slots above 15 L.F. 150.00 2,250 S 12" wood shelving 115 L.F. 540 575 T P.L. pass -through window sills 20 L.F. 15.00 300 TO SUMMARY: r $45, 920 6JO A B C D E F G TWARAC POLICE BUILDING DIVISION 7 THERMALS AND MDISTURE PROTECTION MEKWJ NE WATERPROOFING: Tb planter walls ROOFIM, FLASHIM AND RELATED B.U.R. - four ply coal tar pitch Prefinished aluminum parapet coping Preformed elastaueric exp. joint Metal standing seam roofing (galvalu e ) ROOF AO WPJ.ES : 30"x 36" Roof hatch CAULKIM AND SEALANTS: Miscellaneous caulking and joint sealing M Ci 1�/TDV. L guymTx 510 225 1050 90 4500 1 ITEM UNIT S.F. EA. RATE 2.00 250.00 9.00 10.00 4.00 475.00 0 1 $ rMOUNrr $ 1,020 56,250 9,450 900 18,000 475 500 $86,595 ITEM A TAMARAC POLICE BUILDING DIVISION 8 DOORS AND WINDOWS HOLU)K METAL DOORS AND FRAMES: gUAWITy UNIT RATE $_ AMOUNT 310" x 710" x 12 gauge door with 24"x 24" cpening 3' EA. 300.00 $ 900 B 310" x 710" x 16 gauge door 11 EA. 200.00 2,200 C 310" x 710" x 16 gauge door with 6" x 36" opening 1 EA. 225.00 225 D Double 310" x 710" x full louver door 2 PR. 700.00 1,400 E 310" x 710" frames 98 EA. 100.00 9,800 F 610" x 710" frames 3 FA. 145.00 435 G 310"x 710" x 12 gauge frames 3 EA. 150.00 450 G1 Interior window frames 13 EA. 300.00 3,900 WOOD DOORS: H 310" x 710" S.C. flush 67 EA. 200.00 13,400 I Ditto - 1--1/2 hr. rated 3 EA. 250.00 750 J 310" x 710" S.C. with 24" x 42" opening . 11 EA. 200.00 21200 K 310" x 710" S.C. Dutch door 2 EA. 300.00 600 L Double 310" x 710" S.C. flush 2 PR. 400.00 800 SPECIAL DOORS: M 216" x 710" sliding oeU doors (manual operation) 8 EA. 1500.0 12,000 N 210" x 310" metal access doors 4 EA. 250.00 1,000 0 Revolving dark roan door 1 EA. 1700.00 1,700 P 2510" x 910" metal roll -up grilles ( sally port) 2 FA. 5500.00 11 C000 M ODLLEMON: $62,760 8.0 1-1 A B C D E F G H I J K L M T mam c PoLia s UZM WINDC NS AND CLASS Storefront system Double 310" x 710" doors Single 310" x 710" doors Fixed aluminum windows One -,%ay glass Bullet resistant glass Interior window glazing Wire glazing to doors Teapered glazing to doors 1/4" float glass mirrors FMSH HARDWARE: Basic hardware Card access system (readers, wiring, control equipment, etc.) INSULATED SKYLIGHT SYSTEM: L-3/4" rnicK Lransiucent riter- glass sandwich panel system with all associated accessories (Kal- wall Corp.) TD ODLLECTION 8.: 2712 1 6 974 36 11 576 12 79 200 1950 1 MI S.F. PR. EA. S.F. S.F. S.F. S.F. S.F. S.F. S.F. S.F. r RATE I $-MaNT 16.00 1000.0( 500.00 13.00 10.00 50.00 5.50 8.50 7.00 8.00 20.00 f $ 43,392 1,000 3,000 12,662 360 550 3,168 102 553 1,600 35,000 60,000 39,000 $200,387 w r q s� « :_ of Ry nrvr.qrcW A Ii$� Z� L_.vi-DR -j 18*- mr.r.Fr TTCW - em CZTT MARV e Ar' 8.2 IJ PAGE R9 8.0 $ 62,760 8.1 200,387 $263,147 1 LJ • A B C D E F G H I J K L M l•J P 0 TAMAW POLICE BUILDING DIVISION 9 FINISHES DRYWAMf METAL FRAMING & RELATED 3-5/8" @ 16" x 13' high wall 6" @ 16" x 13' high wall 1-5/8" @ 16" x 13' high wall 5/8" drywall to walls 5/8" type "x" drywall to walls 5/8" M.R. drywall to walls 5/8" M.R. type "x" to walls 4" batt insulation 6" batt insulation 3-5/8" @ 16" x 6' high wall 1" zee furring plus 1" rigid insulation 7/8" metal hat furring @ 16" i 3-5/8" @ 24" x 4' high framed down header 6" @ 24" x 8' high (average) gable end wall 5/8" type "x" drywall plus 7/8" metal hat furring @ 24" attached directly to roof joists 5/8" type "x" drywall plus 7/8" metal hat furring - suspended 0cex i)MKOOhoWk%,A 9. Qukt"ITY I 1556 348 52 48041 9054 6200 936 14660 4621 31 7475 5000 374 30 24845 163 [NIT 1 L.F. L.F. L.F. S.F. S.F. S.F. S.F. S.F. S.F. L.F. S.F. S.F. L.F. L.F. S.F. S.F. PA RATE I 13.00 15.00 8.50 .80 .85 .85 .90 .35 .50 6.00 1.30 .70 5.00 9.00 1.70 2.00 0 $—AMOUNT $ 20,228 5,220 442 38,433 7,696 5,270 842 5,131 2,311 186 9,718 3,500 1,870 270 42,237 326 $143,680 �WI A B it E F G H I J R L M N I TMMARIC POLICE BUILDIM I DIVISION 9 LATH AND PLASTER: Stucco plus metal lath plus 5/8" exterior gypsum sheathing Stucco plus metal lath plus 1-1/2" channels @ 24" attached directly to underside of struc- ture Stucco plus 3/4" channels @ 16" plus 1-1/2" channels @ 24" sus- pended Stucco on block/concrete TILE AND MARBLE : 8" x 8" thin set floors 4' high x 8" cove base 6" x 6" thin set quarry floors 2" x 2" thin set mosaic floors 6" high x 6" cove base 6" x 6" thin set walls Marble thresholds ACCUMCAL CRTLlMS 24" x 48" x 5/8" tegular edge 24" x 48" x 1-1/2" 24" x 48" x 5/8" ceramaguard TO ODLLECTION : 9.: IR! i'M 157 145 152 2189 5804 1334 450 528 238 4032 30 17053 896 1630 I UNIT S.Y. S.Y. S.Y. S.Y. S.F. L.F. S.F. S.F. L.F. S.F. L.F. S.F. S.F. S.F. f 16.00 16.00 24.00 13.00 5.50 5.50 5.00 4.75 3.75 4.25 4.00 1.95 2.75 1.95 I -*mT 0 1 $ 2,512 2,320 3,648 28,457 31,922 7,337 2,250 2,508 893 17,136 120 33,253 2,464 3.179 *I A 8 C D E F G S I J K �J VvW POLICE BUILDU JISION 9 NISHES Srr FlaO�tl " x 12" V.C.T. vinyl cave base )ZESS FIAMM *- I- X 24" X 12" high ffETI *- irect glue dawn application ASNrING AND FINISEiING o drywall b black/concrete 10 stucco Lb structural steel tubing ro doors/frames STALL = ` Vinyl wall covering Woad wall covering TO =ION : gS,WjTy I EMIT I 1111TE I 9.2 2484 3720 896 1200 57300 9240 23800 ITEK 115 2916 1098 S.F. L.F. S.F. S.Y. S.F. S.F. S.F. FA. S.F. S.F. 1.30 1.25 10.00 22.00 .40 .55 .45 45.00 2.15 4.50 0 $ AMUJIIT $ 3,229 4,650 8,960 26,400 22,920 5,082 10,710 1,000 5,175 6,269 4,941 $99,336 PAGE $-MOLM DIVISION 9 FINISHES ODLI, PaION: 9.0 $143,680 9.1 137,999 9.2 99,336 TO SCM�iARy • • $381,015 9.3 A B C D E F H I J K L M N 0 TAMARAC POLICE BUILDING DIVISION 10 SPECIALTIES PLASTIC IAMIN TE TOILET PARTITIOM UNIT RATE $-AMOUNT Compartments - floor minted, overhead braced 13 EA. 225.00 $ 2,925 Urinal screens - wall mounted 3 EA. 150.00 450 Shower oaapartments - men's 5 EA. 300.00 11500 Ditto - women's (include bench) 2 EA. 375.00 750 SIGNAOE: Allowance for interior signage, building identification, plaque, site signage, etc. ITEM --- -- 5,000 FIRE EXTINGUISHERS AND CABINETS: 4A-60BC extinguisher (10#) in recessed steel cabinet 13 Eli. 225.00 2,925 TOILET ACCESSORIES: Recessed P.T. dispenser/disposal - small 4 EA. 180.00 720 Ditto - large 4 FA. 280.00 1,120 T.P. holder i5 EA. 40.00 600 Feminine napkin dispenser 3 FA. 310.00 930 Feminine napkin disposal - single 3 EA. 100.00 300 Feminine napkin disposal - double 2 EA. 140.00 280 Soap dispenser 20 EA. 75.00 1,500 1-1/20 x 420 grab bar 8 FA. 65.00 520 Mop and brown holder 2 EFL. 75.Q0 150 7O COLLECTION: $19,670 10.0 OF ITEM A B C D E F TAMARAC POLICE BUILDM DIVISION 10 SPBCIALTIES ARCHITECTURAL LOWERS: 1/2 circular aluminum louver (516" radius) @ gable end IOMW AND BENCHES: 12" wide x 72" high single tier steel lockers 12" wide benches including ped- estal supports Pistol locker MCVAffiE PARTITION: 910" high demountable partition- ing CHALKBOARDS AND Alla mnc e M COLLECTION: : x .1 1 108 61 1 35 ITEM EA. EA. L.F. EA. L.F. If � RATE I I -MWNT. 0 1700 . oC 125.00 25.00 250.00 50.00 0 1 $ 1,700 13,500 1,525 250 1, 750 1,000 $19,725 • TAMARAC POLICE BUIMDU DIVISION 10 SPECIALTIES mrr Fr" rrrW - � CON-iiZ Z1t��7 0 10.2 PAGE 10.0 $19,670 10.1 19,725 $39,395 0 A TAMAW POLICE BUIMING DIVISION 11 APPLIANCES: Full size refrigerator @ lunch roan r UNIT RATE $-AMOWr 1 Eh. 1000.00 $ 1,000 $1,000 • .0 A S I TA AMW POLICE WIIaIIV. DIVISION 15 Canplete building plumbing in- cluding generator fuel tank, fuel piping and leak monitoring systel H.V.A.C.: Complete ventilating system TO SUMMARY: x I 15.0 09CV04M I I $ AMMM 1 $ 35,000 20 O $235,000 A I ThMARAC POLICE BUIWIN3 DIVISION 16 EC.FL' MICAL ELECTRICAL AND REAM: L u[pleze ubciu lnu ncs--Lyrsa:y 19c" erator, fire alarm system and eWty S.S. raceway system TO SUMMARY: Qzy UNIT RATE $-AMOUNT io $250,000 $250,000 • i