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HomeMy WebLinkAboutCity of Tamarac Resolution R-84-0322 2 3 6 9 9 ao �1 .32 23 a4 a3 16 1� 20 = 22 23 24 23 26 27 �8 9 32 33 34 35 36 Introduced by 12/ Temp. Reso. #3011 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-84- 2 02 A RESOLUTION AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO ENTER INTO AN AGREEMENT WITH DEAN WITTER REYNOLDS, INC., FOR FINANCIAL ADVISORY SERVICE IN CONNECTION WITH THE MARCH, 1984, BOND ISSUE; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE COUNCIL OF THE CITY OF TAMARAC, FLORIDA: SECTION 1: That the appropriate City officials are hereby directed and authorized to enter into an agreement with Dean Witter Reynolds, Inc., for Financial Advisory services in connection with the March, 1984, Bond Issue, a copy of said agreement attached hereto as Exhibit "A". SECTION 2: This Resolution shall become effective upon adoption. PASSED, ADOPTED AND APPROVED this day of --t-" 7 , 1984. ATTEST: ASSISTANT CITY CLERK I HEREBY CERTIFY that I have approved the f rm and correctness of is Res tion. MAYOR RECORD OF COUNCIL VOTE MAYOR FALCK: DIST. 1: C/M KRfiVITZ: DIST. 2: V/I11 ASSARO: DIST. 3: C/M STELZER: DIST. 4: C/M KRANTZ: DEAN WITTER REYNOLDS INC. Public Finance, 325 John Knox Road, Building G, Tallahassee, FL 32303 Telephone (904) 386-1184 A G R E E M E N T The Honorable Mayor and Commissioners City of Tamarac 5811 N.W. 88th Avenue Tamarac, Florida 33321 ATTN: Mr. Stephen Wood, Finance Director Ladies and Gentlemen: The Undersigned, Dean Witter Reynolds Inc., represented by Stanley E. Ross and J. Craig Dunlap, (hereinafter sometimes called the Financial Advisor) being ad- vised of the intention of the City of Tamarac, Florida (hereinafter sometimes called the City) to proceed with the financing of approximately $7,500,000 General Obligation Bonds and approximately$15,000,000 Water and Sewer Revenue Bonds, hereby respectfully submits the following contract for your review and approval: 1. The Financial Advisor will consult with the City, its Administration and Staff, the City's Attorney, Bond Counsel, its Consulting Engineers and others, and will assist the City in coordinating the activities of all parties concerned so that a successful financing program may be developed and carried through to completion. 2. The Financial Advisor will assist the City's Attorney and its Bond Counsel in the drafting of any financing leqislation necessary, and will encourage the passage of such legislation through contacts with executives, administrators, and legisla- tors as appropriate and required. 3. The Financial Advisor will search diligently for, or help create, as many sources of cooperation and assistance to the City in its financing programs as are possible and appropriate. Sources of such cooperation and assistance may include other pub- lic bodies and agencies, statewide agencies, governmental agencies, public or pri- vate corporations and individuals. 4. The Financial Advisor will assist the City's Administration, Staff and Consul- tants in obtaining information for the acquisition of any local, state or govern- mental grants or aids now available, or which may be made available, to aid the City in its financing programs and in the strengthening of the general health, welfare and economic well-being of the residents of the City. 5. The Financial Advisor agrees to proceed immediately with investigations, studies and planning for the purpose of determining a sound and feasible financing plan. Such investigations and studies will be made in close consultation with the City, the City's Bond Counsel, the City's Attorney, the City's Consulting Architects and Engineers, and the City's Administration and Staff. All plans will be interrelated with outstanding financing programs and those contemplated or proposed in the future. Honorable Mayor and Commissioners Page Two of Agreement 6. Upon completion of the aforesaid investigations, studies and planning, the Financial Advisor agrees to submit a plan for each of the proposed financings. Each plan itself would contain the fundamental ingredients from which bond reso- lutions would be designed and would summarize the contents of the Official State- ments. The plans shall include analysis and advice with respect to the following: a. The details of the proposed issues including the principal amount, maturities, interest rates, redemption features and covenants, terms and conditions assur- ing marketability of such bonds, and b. The timing of offering such bonds for sale and the actions necessary and the documents and information required to be provided in order to create a favor- able market for the proposed bonds. 7. After the submission of the plans for the proposed financing programs by the Financial Advisor and after consideration thereof and approval by the City, the Finan- cial Advisor shall then perform all additional duties customarily required by finan- cial advisors for and on behalf of public agencies in connection with the validation and sale of the bonds to be issued by the City, including the giving of any required testimony. 8. The Financial Advisor agrees to assist in the preparation and distribution to pro- spective purchasers of the Official Statements which will form the basis of the bond offerings and which will contain among other things: a. Official notice of sale. b. A form of proposal for the bidders. c. Comprehensive information with respect to: 1. The features and details of the proposed issue. 2. Description of the proposed facilities or program. 3. Summary of the cost data relating to the issue. 4. Essential economic data of the City. 5. A description of the facilities, services, and living conditions within the City. 6. General capital requirements of the City for future years. 7. Basic financial statements and data with respect to the City's general operations. 8. Administrative organization of the City. 9. Other pertinent data as is customary now or will in the future be required or customarily found in similar Official Statements. 9. The Financial Advisor agrees to confer with the Municipal Rating Services and to bring to the attention of these services information regarding the issues and the com- munity generally so that they may properly consider the rating of the City's bonds and provide the clients with up-to-date and accurate information relating to the City and its offerings. Honorable Mayor and Commissioners Page Three of Agreement 10. The Financial Advisor agrees to encourage the formation of bidding groups among investment bankers to bid on the bonds at public sale and agrees to assist the City in providing such investment bankers with complete information regarding the proposed offerings in order that the most competitive atmosphere may be developed. The Finan- cial Advisor may bid on the bonds at public sale either as a lead manager or syndicate member in accordance with Municipal Securities Rulemaking Board Regulations. 11. The fee per issue for services rendered to be paid to the Financial Advisor by the City upon sale and delivery of the securities shall be: a. $3.00 per $1,000 par value of each bond issued and sold up to and including $10,000,000, plus $2.00 per $1,000 par value of each bond issued and sold in excess of $10,000,000 up to and including $15,000,000, plus $1.00 per $1,000 par value of any bonds issued and sold in excess of $15,000,000. In the event that these two issues are sold within the same year, the fee for the second issue will be reduced by twenty per cent (20%). The term "year", as used in this section, shall mean the twelve (12) months period commencing with the sale of the first bond issue. b. $1.50 per $1,000 par value of each note issued and sold up to and including $10,000,000, plus $1.00 per $1,000 par value of each note issued and sold in excess of $10,000,000 up to and including $15,000,000, plus $0.50 per $1,000 par value of notes issued and sold in excess of $15,000,000. However, in no event shall the fee for any single issue be less than $3,000. The City shall reimburse the Financial Advisor out-of-pocket expenses including travel and lodging not to exceed $1,500 for each issue. 12. The fees for Bond Counsel and the City's Attorney, the expense of printing and distribution of any preliminary Official Statements, Official Statements, or prospec- tuses, the cost of advertising and distribution of the notices of sale, and the ex- penses of printing, signing, and delivering the bonds shall be borne by the City. Engineers' and architects' fees, court costs, travel, and other expenses incurred by the City relating to the proposed programs or the financing thereof shall be borne by the City. 13. Upon acceptance by the City of the proposal in the manner hereinafter provided, the same shall be and become a contract between the City and Financial Advisor in ac- cordance with the provisions hereof. 14. During such time as this contract shall be in effect, either party may be released from this agreement at any time upon 30 days notice with the City paying only for those services rendered for out of pocket expenses as defined herein up to the $1,500 maximum for each issue. 15. Fees for services rendered pursuant to Sections lla. and llb. of this agreement are to become payable after sale of each bond issue and within thirty (30) days after receipt of invoice for services for that sale. Honorable Mayor and Commissioners Page Four of Agreement ACCEPTED BY: CITY COMMISSION OF TAMARAC, FLORIDA r {, BY: Walter T.VFalc TITLE: Mayor By Laiira ZV Stuurmans Title:City Manager �' 21 '5� /? /' z 1 RESPECTFULLY SUBMITTED, DEAN WITTER REYNOLDS INC. Stanley E. Ross BY:�J( J. aig nlap WITN S: BY: SEAL ATTEST: BY: Carol A. Evans TITLE: Asst, City Clerk APPROVED AS TO FOR4 BY: on M. Hennin TITLE: City Attorney