HomeMy WebLinkAboutCity of Tamarac Resolution R-84-2261
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Introduced by k1 Temp. Reso. #3222
CITY OF TAMARAC
RESOLUTION NO. R-84y2
A RESOLUTION SUPPLEMENTING AND AMENDING RESOLUTION
NO. 79-251 OF THE CITY OF TAMARAC, FLORIDA, WHICH
AUTHORIZED THE ISSUANCE OF NOT EXCEEDING
$15,000,000 WATER AND SEWER UTILITY REVENUE BONDS,
IN VARIOUS TECHNICAL RESPECTS IN RELATION TO REGIS-
TRATION OF BONDS; AUTHORIZING THE ISSUANCE OF NOT
EXCEEDING $15,000,000 WATER AND SEWER UTILITY ME-
NUE BONDS, SERIES 1984, OF THE CITY OF TAMARAC,
FLORIDA; PROVIDING FOR CERTAIN TERMS AND CONDITIONS
FOR THE 1984 BONDS; DESIGNATING THE BOND REGISTRAR,
PAYING AGENT AND DEPOSITARY FOR THE 1984 BONDS;
PROVIDING FOR THE PAYMENT OF THE 1984 BONDS AND THE
INTEREST THEREON FROM NET REVENUES OF THE CITY'S
WATER AND SEWER UTILITY; MAKING CERTAIN COVENANTS
AND AGREEMENTS IN CONNECTION THEREWITH; AUTHORT ZING
VALIDATION; AND PROVIDING AN EFFECTIVE DATE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
TAMARAC, FLORIDA:
Section 1. Authority for This Resolution. This Resolu-
tion is adopted pursuant to the provisions of the Home Rule
Charter of the City of Tamarac, Florida (the "City"), Chapter
166, Part II, Florida Statutes, as amended, Resolution
No. 79-251, adopted by the City Council on October 13, 1979,
as amended and supplemented from time to time (the "Original
Resolution"), Resolution No. 84-25, adopted by the City Coun-
cil on January 25, 1984, and Resolution No. 84-85, adopted by
the City Council on March 20, 1984. The words and terms
having initial capital letters used in this Resolution and
not otherwise defined herein are defined words and terms
under the Original Resolution and shall have the same meaning
herein as in the Original Resolution.
Section 2. Findings. It is hereby ascertained, deter-
mined and declared that:
A. The City has previously issued its $12,935,000
Water and Sewer Utility Revenue Bonds, Series 1980, of
which $12,670,000 principal amount is outstanding and
unpaid as of the date of adoption of this Resolution
(the "1980 Bonds").
B. The City deems it necessary and in its best
interest to amend the Original Resolution to comply with
the registration requirements of the Tax Equity and
Fiscal Responsibility Act of 1982 (hereinafter referred
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to as "TEFRA") and to conform the Original Resolution
with the provisions of the Registered Public Obligations
Act of Florida.
C. The City deems it necessary and in its best
interest to issue an amount not to exceed $15,000,000 of
its Water and Sewer Utility Revenue Bonds, Series 1984
(the "1984 Bonds") to finance the cost of additional
Improvements (which are described herein on the attached
Exhibit A) to the Water and Sewer Utility for the fur-
therance of the health, safety and welfare of the citi-
zens of the City and others who will be customers of the
Water and Sewer Utility. Pursuant to the Home Rule
Charter of the City, a majority of the qualified elec-
tors of the City voting on the question at a special
election held on March 13, 1984 approved the issuance of
not exceeding $15,000,000 revenue bonds for the purpose
of paying the cost of improvements to the City's water
and sewer system.
D. The 1984 Bonds will be on a parity as to
security and source of payment with the 1980 Bonds.
E. The principal of and interest on the 1984
Bonds will be payable solely from and secured by an
irrevocable lien on the Net Revenues.
F. The 1984 Bonds are limited obligations of the
City and do not constitute a debt of the City for which
the faith and credit of the City are pledged. The issu-
ance of the 1984 Bonds shall not directly or indirectly
or contingently obligate the City to levy ad valorem
taxes or to pledge any form of taxation whatever there-
for to pay the principal of and redemption premium, if
any, or interest on the 1984 Bonds or to make any other
payments provided for in this Resolution.
Section 3. Amendment of Original Resolution. The
Original Resolution of the g City, enacted on October 13, 1979,
and entitled:
A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT
EXCEEDING $15,000,000 WATER AND SEWER UTILITY REVE-
NUE BONDS OF THE CITY OF TAMARAC, FLORIDA, FOR THE
PURPOSE OF PROVIDING FUNDS, TOGETHER WITH ANY OTHER
AVAILABLE FUNDS, FOR PAYING THE COST OF ACQUIRING
THE WATER TREATMENT AND DISTRIBUTION SYSTEM AND THE
WASTEWATER COLLECTION AND DISPOSAL SYSTEM OWNED BY
TAMARAC UTILITIES, INC. AND ACQUIRING AND CON-
STRUCTING IMPROVEMENTS TO SUCH SYSTEMS; PROVIDING
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FOR THE ISSUANCE OF ADDITIONAL WATER AND SEWER
UTILITY REVENUE BONDS OR THE INCURRENCE OF INDEBT-
EDNESS TO THE STATE OF FLORIDA TO PAY ALL OR PART
OF THE COST OF ADDITIONAL IMPROVEMENTS TO THE
CITY'S WATER AND SEWER UTILITY; PROVIDING FOR THE
PAYMENT OF SUCH BONDS AND THE INTEREST THEREON FROM
NET REVENUES OF THE CITY'S WATER AND SEWER UTILITY;
AND SETTING FORTH THE RIGHTS AND REMEDIES OF THE
HOLDERS OF SUCH BONDS.
is hereby amended to read as follows:
A. A new Section 100, captioned "Applicability of
Amendments," is hereby inserted before Section 101 of the
Original Resolution to read as follows:
Section 100. A licabilit of Amendments.
With respect to any Bonds issued after the effec-
tive date of the registration provisions of TEFRA,
cross references to Sections 203, 204, 205, 302,
303, 1001, 1002 and 1101 of the Original Resolution
shall not 'be applicable, but such references shall
be deemed to refer to the comparable amended
Sections 203.1, 204.1, 205.1, 302.1, 303.1, 1001.1,
1002.1, 1101.11 respectively. Such amendments
shall apply only to Bonds issued after the effec-
tive date of the registration provisions of TEFRA,
however, such amendments shall not apply to such
Bonds if the City Council shall have received an
opinion from nationally recognized bond counsel
that interest on the Bonds will not be subject to
federal income taxation if such Bonds are not
issued in compliance with the registration
provisions.
B. A new Section 101.1, captioned "Meaning of Words
and Terms," is hereby inserted after Section 101 of the
Original Resolution to read as follows:
Section 101.1. Meaning of Words and Terms.
In addition to words and terms elsewhere defined in
this Resolution, the following words and terms as
used in this Resolution shall have the following
meanings for Bonds issued hereunder, unless some
other meaning is plainly intended:
"Bondholder" or "owner" shall mean the holders
or registered owners of the Bonds as shown on the
registration books of the Bond Registrar.
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"Fiscal Agent" shall mean a bank or trust com-
pany either within or without the State of Florida,
designated as such by the City Council, which shall
perform such functions as Fiscal Agent as are
required by this Resolution.
"Record Date" shall mean, with respect to any
interest payment date on the Bonds, the fifteenth
(15th) day (whether or not a business day) of the
month next preceding such interest payment date.
C. A new Section 202.1, captioned "Details of Bonds
(TEFRA)," is hereby inserted after Section 202 of the
Original Resolution to read as follows:
Section 202.1. Details of Bonds__ (TEFL_. The
Bonds of each Series issued under the provisions of
this Resolution shall be in the denomination of
Five Thousand Dollars ($5,000) each and integral
multiples thereof, may be numbered consecutively
from l upwards, shall be dated the interest payment
date last preceding the date of the authentication
(except that if any Bond shall be authenticated on
any interest payment date, or if any Bond shall be
dated as of such interest payment date, or if any
Bond shall be authenticated prior to the first
interest payment date for the Bonds of such series,
it shall be dated the date prescribed in a resolu-
tion pursuant to which such Bonds are issued),
shall bear interest from the original date of issue
of such Bond until its payment at a rate or rates
not exceeding the maximum rate then permitted by
law, such interest to the respective maturities of
the Bonds being payable semiannually on the first
days of April and October in each year, shall be
dated, shall be stated to mature in annual install-
ments on October 1, and shall be subject to redemp-
tion prior to their respective maturities, all as
hereinafter provided. The Bonds of each Series
issued under the provisions of this Article shall
be designated "Water and Sewer Utility Revenue
Bonds (Series )," in each case inserting any
identifying series letter, and making such other
variations or changes as may be deemed necessary or
appropriate by Bond Counsel.
Both the principal of and the interest on the
Bonds shall be payable in any coin or currency of
the United States of America which, at the respec-
tive dates of payment thereof, is legal tender for
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the payment of public and private debts. Bonds
shall be registered as to both principal and inter-
est. Interest on the Bonds shall be paid by check
or draft of the Bond Registrar mailed to the regis-
tered owner at his address as it appears on the
registration books maintained by the Bond Registrar
at the close of Business on the Record Date with
respect to each interest payment date, irrespective
of any transfer or exchange of the Bonds subsequent
to such Record Date and prior to such interest pay-
ment date. The principal on the Bonds shall be
payable upon the presentation and surrender thereof
as the same falls due at the principal corporate
trust office of the Paying Agent.
D. A new Section 203.1, captioned "Execution and Form
of Bonds (TEFRA)," is hereby inserted after Section 203 of
the Original Resolution to read as follows:
Section 203.1. Execution and Form of Bonds
TEFRA . The Bonds shall be signed by, or bear the
facsimile signature of, the Mayor and shall be
signed by, or bear the facsimile signature of,. the
City Clerk, and a facsimile of the official seal of
the City shall be imprinted on the Bonds; provided,
however, that, if required by law, each Bond shall
be manually signed by at least one of said offi-
cers. In case any officer whose signature or a
facsimile of whose signature shall appear on any
Bonds shall cease to be such officer before the
Bonds so signed and sealed shall have been authen-
ticated by the Bond Registrar or delivered by the
City, such signature or such facsimile shall never-
theless be valid and sufficient for all purposes
the same as if he had remained in office until such
delivery and also any Bond may bear the facsimile
signature of, or may be signed by, such persons as
at the actual time of the execution of such Bond
shall be the proper officers to execute such Bond
although at the date of such Bond such persons may
not have been such officers. The Bonds shall be
issued in fully registered form only. The Bonds
issued under the provisions of Sections 207, 208
and 209 of this Article, the statement of valida-
tion and the provisions for registration and trans-
fer to be endorsed on the Bonds, shall be, respec-
tively, substantially in the following form, with
such appropriate variations, omissions and inser-
tions as may be required or permitted by this
Resolution, or deemed advisable by Bond Counsel to
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effectuate the purposes of this Resolution or
subsequent resolutions of the Council. A subse-
quent Resolution of the Council may provide that
the Bonds be in some different form if so deter-
mined by the Council; in particular, if the Council
shall determine, based upon advice of Bond Counsel,
that interest on any series of Bonds will not be
subject to federal income taxation if such Bonds
are issued in coupon form, then such subsequent
Resolution may prescribe a suitable form of coupon
bond for such purpose. Any such subsequent Resolu-
tion authorizing coupon bonds shall prescribe the
form of such coupon bonds and the coupons apper-
taining thereto, the denomination of such coupon
bonds, the manner in which such coupon bonds shall
be numbered, their manner and place of payment and
such other provisions and details as are custom-
arily applicable with respect to bonds issued in
coupon form.
No. $
United States of America
State of Florida
County of Broward
City of Tamarac
Water and Sewer Utility Revenue Bond,
Series [ l
The City of .Tamarac (the "City"), a municipal corpora-
tion organized and existing under the laws of the State of
Florida, for value received, hereby promises to pay, solely
from the special fund provided therefor as hereinafter set
forth, to , the registered owner
hereof, on the first day of October, (or earlier as
hereinafter referred to), the principal sum of
DOLLARS
and to pay,. solely from said special fund, interest thereon
from the date hereof at the rate of percent
( %) per annum until payment of such principal sum, such
interest to the maturity hereof being payable semiannually on
the first days of April and October in each year; provided,
however, that if at the maturity date of this Bond, moneys
are being held by the Paying Agent for the payment hereof,
this Bond shall cease to bear interest. The principal of,
premium, if any, and the interest on this Bond are payable in
any coin or currency of the United States of America which,
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on the respective dates of payment thereof, is legal tender
for the payment of public and private debts. This Bond shall
bear interest from the interest payment date next
ceding
the date of registration hereof unless this Bond sreregis-
tered as of an interest payment date, in which event this
Bond shall bear interest from such 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 or draft
of the Bond Registrar mailed to the registered owner at his
address as it appears on the registration books maintained by
, as Bond Registrar, at the close of
business on the Record Date (as defined herein) with respect
to each interest payment date. The City and the Bond Regis-
trar are not required to issue and transfer this Bond during
the Period beginning on the fifteenth (15th) day (whether or
not a business day) of the month next preceding any interest
payment date (the "Record Date") and ending on the interest
payment date. The principal of this Bond is payable upon the
presentation and surrender hereof as the same becomes due at
the principal corporate trust office of the Paying Agent.
This Bond shall not be deemed to constitute a debt of
the City or a pledge of the faith and credit of the City, but
shall be payable exclusively from the special fund provided
therefor from revenues of the water and sewer utility of the
City (the "Utility") and other moneys pledged under the
Resolution. The issuance of this Bond shall not directly or
indirectly or contingently obligate the City to levy or to
pledge any form of taxation whatever therefor, and the holder
of this Bond shall have no recourse to the power of taxation.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS BOND SET FORTH ON THE REVERSE SIDE HEREOF AND SUCH
FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME
EFFECT AS IF SET FORTH AT THIS PLACE.
All acts, conditions and things required by the Consti-
tution and laws of the State of Florida, and the ordinances
and resolutions of the City, to ha
farmed PPen. exist and be per -
precedent to and in the issuance of this Bond have
happened, exist and have been performed as so required.
This Bond shall not be valid or become obligatory for
any Purpose or be entitled to any security or benefit under
the Resolution until the Bond Registrar's Certificate hereon
shall have been duly executed by the Bond Registrar.
IN WITNESS WHEREOF, the City of Tamarac has caused this
Bond to be signed by or bear the facsimile signatures of its
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City Manager and the City Clerk and a facsimile of its offi-
cial seal to be imprinted hereon, all as of the day of
/ w
[SEAL]
facsimile
facsimile City Manager
City Clerk
BOND REGISTRAR'S CERTIFICATE
This Bond is one of the series of Bonds described in the
within mentioned Resolution.
Date of Registration:
, as
Bond Registrar
By
Authorized Officer
STATEMENT OF VALIDATION
This Bond is one of a series of Bonds which were vali-
dated by judgment of the Circuit Court for Broward County,
Florida, rendered on , 19 .
[FORM OF REVERSE SIDE OF BOND]
This Bond is one of a duly authorized series of revenue
bonds of the City known as "City of Tamarac Water and Sewer
Utility Revenue Bonds, Series [ ]" (the "Bonds") issued
under and pursuant to Resolution No. 79-251, duly adopted by
the City Council of the City of Tamarac (the "Council") on
, 1982, as amended and supplemented from time to time,
and Resolution No. , duly adopted by the Council on
/ (herein collectively called the "Resolu-
tion"). The Bonds shall be of like date, consist of Serial
Bonds maturing in annual installments on in the
years , inclusive, and of Term Bonds maturing on
and and shall be issued for
the purpose of [insert purpose] and for paying the costs of
issuance of the Bonds. The custody and application of the
proceeds of Bonds issued under the Resolution, the fund
charged with and pledged to the payment of the principal of
and the interest on the Bonds, the nature and extent of the
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security, the terms and conditions on which the Bonds of each
series are or may be issued, the rights, duties and obl•iga-
6 tions of the City under the Resolution and the rights of the
registered owners of the Bonds are more fully described in
7 the Resolution. By the acceptance of this Bond, the regis-
tered owner hereof assents to all the provisions of the
8 Resolution.
9 The Resolution provides for the issuance of additional
bonds on a parity with the Bonds of this Series, from time to
l0 time, under the conditions, limitations and restrictions
therein set forth, for the purpose of paying all or a part of
11 the cost of additions, enlargements, improvements and exten-
sions of or to the Utility and for the purpose of refunding
12 any Bonds issued by the City under the provisions of the
Resolution. The Resolution also permits the City to borrow
13 money from the State of Florida and enter into loan agree-
ments for its repayment for the purpose of paying all or part
14 of the cost of such additions, enlargements, improvements and
extensions and to repay such borrowings from the revenues of
15 the Utility after providing for the periodic principal,
interest and reserve requirements of the Bonds issued under
16 the Resolution.
17 ' This Bond is issued and the Resolution was adopted under
and pursuant to the Constitution and laws of the State of
18 Florida, particularly the Home Rule. Charter of the City and
Chapter 166, Florida Statutes, as amended.
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The Resolution provides :for the fixing and charging by
the City of rates and charges for the services of the System
(the "Revenues") sufficient to provide funds (a) to pay the
.ost of maintaining, repairing and operating the Utility, (b)
to pay. the principal of and the interest on the Bonds, (c) to
:reate reserves for such purposes, and (d) to make' loan
repayments to the State of Florida. The Resolution also
provides for the deposit of a sufficient amount of such
revenues, over and above the amounts necessary to pay the
:ost of maintaining, repairing and operating the Utility, to
:he credit of a special fund, which fund is pledged to the
extent set forth in the Resolution to the payment of the
)rincipal of and interest on all Bonds issued under the
resolution.
The Bonds of this series at the time outstanding which
mature on and after , may be redeemed prior to
their respective maturities, at the option of the City, from
any moneys that may be made available for such purpose,
either in whole, on any date not earlier than
, or in part, on any interest payment date not earlier
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than , , at the following redemption prices
(expressed as percentages of the principal amount of the
Bonds being redeemed) plus accrued interest to the redemption
date as follows:
[Here insert the times and prices]
The Series 1984 Bonds maturing on , and
, are subject to mandatory redemption at par,
Plus accrued interest, but without premium, at times and in
amounts sufficient to satisfy the Mandatory Amortization
Requirement (as defined in the Resolution).
If less than all of the Bonds of any one maturity shall
be called for redemption, the particular Bonds to be redeemed
shall be selected by lot as provided in the Resolution.
If any of the Bonds are called for redemption, notice
thereof identifying the Bonds to be redeemed will be given by
the City Clerk by mailing a copy of such notice by first-
class mail, postage prepaid, not less than thirty (30) days
before such redemption date, to the registered owner of any
Bonds which are to be redeemed at his last address appearing
on the registration books. On the date designated for
redemption, notice having been mailed, 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 such 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 registered owners of such Bonds
shall have no rights in respect thereof except to receive
payment of the redemption price thereof.
The registered owner of this Bond shall have no right to
enforce the provisions of the Resolution, or to institute
action to enforce the covenants therein, or to take any
action with respect to any event of default under the Resolu-
tion, or to institute, appear in or defend any suit or other
proceeding with respect thereto, except as provided in the
Resolution.
Modifications or alterations of the Resolution or of any
resolution supplemental thereto may be made only to the
extent and in the circumstances permitted by the Resolution.
In certain events, on the conditions, in the manner and
with the effect set forth in the Resolution, the principal of
all the Bonds then outstanding under the Resolution may
become or may be declared due and payable before the stated
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maturities thereof, together with the interest accrued
thereon.
This Bond shall be registered as to both principal and
interest and shall not be registered as 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 princi-
pal or any such Bond shall be made only to or upon the order
of the registered owner thereof or his legal representative,
but such registration may be changed as herein provided. 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.
Any registered owner of any Bond is hereby granted power
to transfer absolute title thereto by assignment thereof to a
bona fide purchaser for value (present or antecedent) without
notice of prior defenses or equities or claims of ownership
enforceable against his assignor or any person in the chain
Of title and before the maturity of such Bond. Every prior
owner of any Bond shall be deemed to have waived and
renounced all of his equities or rights therein in favor of
every such bona fide purchaser, and every such bona fide
purchaser shall acquire absolute title thereto and to all
rights represented thereby.
(Form for 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:
E. A new Section 204.1, captioned "Bond Registrar and
Registration; Exchange (TEFRA)," is hereby inserted after
Section 204 of the Original Resolution to read as follows:
Section 204.1. Bond Registrar and Re istra-
tipn• Exchan a TEFRA) The City shall cause its
books for the registration and for the transfer of
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A
F. A new Section 205.1, captioned "Ownership of Bonds
(TEFRA)," is hereby inserted after Section 205 of, the
Original Resolution to read as follows:
Section 205.1. Ownership of Bonds; Transfer
of Title (TEFRAL. The City, the Paying -Agents and
the Bond Registrar may deem and treat the person in
whose name any Bond shall be registered on the
books maintained pursuant to Section 204.1 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 pur-
poses whatsoever, and none of the City, the Paying
Agents or the Bond Registrar shall be affected by
any notice to the contrary. All such payments
shall be valid and effectual to satisfy and dis-
charge the liability upon such Bond to the extent
of the sum or sums so paid.
G. A new Section 302.1, captioned "Redemption Notice
(TEFRA)," is hereby inserted after Section 302 of the
Original Resolution to read as follows:
Section 302.1. Redemption Notice (TEFRA). At
leasdays before the redemption not more
a notice x
thirty (30) days but n e than sixty (60)
P of such
redemption, whether in whole or in part, shall be
mailed by the City Clerk, by first-class mail,
postage prepaid, to all registered owners of Bonds
to be redeemed at their 'addresses as they appear on
the registration books hereinabove provided for,
but failure so to mail any such notice shall not
affect the validity of the proceedings for such
redemption. Each such notice shall set forth the
date fixed for redemption, the redemption price to
be paid and, if less than all of the Bonds of a
Series then Outstanding shall be called for redemp-
tion, the numbers of such Bonds.
H. A new Section 303.1, captioned "Effect of Calling
for Redemption (TEFRA)," is hereby inserted after Section 303
of the Original Resolution to read as follows:
Section 303.1. Effect of Calling for Redemp-
tion (TEFRA). On the date so designated for
redemption, notice having been mailed in the manner
and under the conditions hereinabove provided, 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, and,
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moneys for payment of the redemption price being
held in separate accounts by the City Clerk or by
the Paying Agents in trust for the holders of the
Bonds to be redeemed, all as provided in this
Resolution, 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 this Resolution, and the holders or
registered owners of such Bonds shall have. no
rights in respect thereof except to receive payment
of ,the redemption price thereof.
I. A new Section 1001.1, captioned "Supplemental
Resolution Without Bondholders' Consent (TEFRA)," is hereby
inserted after Section 1001 of the Original Resolution to
read as follows:
Section 1001.1. Supplemental Resolution With-
out Bondholders' Consent TEFRA . The City Coun-
cil, from time to time and at any time may adopt
such resolutions supplemental hereto as shall not
be inconsistent with the terms and provisions
hereof (which supplemental resolution shall there-
after form a part hereof)
(a) to cure any ambiguity or formal
defect or omission or to correct any incon-
sistent provisions in this Resolution or in
any supplemental resolution, or
(b) to grant to or confer upon the
Bondholders any additional rights, remedies,
powers, authority or security that may law-
fully be granted to or conferred upon the
Bondholders, or
(c) to add to the conditions, limita-
tions and restrictions on the issuance of
Bonds under the provisions of this Resolution
other conditions, limitations and restrictions
thereafter to be observed, or
(d) to add to the covenants and agree-
ments of the City in this Resolution other
covenants and agreements thereafter to be
observed by the City or to surrender any right
or power herein reserved to or conferred upon
the City, or
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(e) to authorize the issuance of any
Additional Bonds or Refunding Bonds pursuant
to Sections 208 and 209 of this Resolution or
the incurrence of any indebtedness contem-
plated by Section 513(c), Section 717 and
Section 718 of this Resolution, provided all
conditions precedent to such issuance or
incurrence are met.
At least thirty (30) days prior to the adop-
tion of any supplemental resolution for any of the
purposes of this Section, the City Clerk shall
cause a notice of the proposed adoption of such
supplemental resolution to be mailed by first-class
mail, postage prepaid, to all registered owners of
Bonds at their addresses as they appear on the
registration books. Such notice shall briefly set
forth the nature of the proposed supplemental
resolution and shall state that copies thereof are
on file at the office of the City Clerk for inspec-
tion by all Bondholders. A failure on the part of
the City Clerk to mail the notice required by this
Section shall not affect the validity of such
supplemental resolution. A subsequent Resolution
of the City Council may provide that the form and
manner of providing notice to bondholders be in
some different form if so determined by the City
Council; in particular, if the City Council shall
determine, based upon advice of Bond Counsel, that
interest on any series of Bonds will not be subject
to federal income taxation if such Bonds are issued
in coupon form, then such subsequent Resolution may
provide for the publication of notice in the form
and manner as is customarily applicable with
respect to bonds issued in coupon form.
J. A new Section 1002.1, captioned "Supplemental
Resolution With Bondholders' Consent (TEFRA)," is hereby
inserted after Section 1002 of the Original Resolution to
read as follows:
Section 1002.1. Supplemental Resolution With
Bondholders' Consent TEFR.
Subject to the terms
and provisions contained inthis Section, and not
otherwise, the holders of not less than two-thirds
(2/3) in aggregate principal amount of the Bonds
then Outstanding shall have the right, from time to
time, anything contained in this Resolution to the
contrary notwithstanding, to consent to and approve
the adoption of such resolution or resolutions
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supplemental hereto as shall be deemed necessary or
desirable by the City for the purpose of modifying,
altering, amending, adding to or rescinding, in any
particular, any of the terms or provisions con-
tained in this Resolution or in any supplemental
resolution; provided, however, that nothing herein
contained shall permit, or be construed as per-
mitting, (a) an extension of the maturity of the
principal of or the interest on any Bond issued
hereunder, (b) a reduction in the principal amount
of any Bond or the redemption premium or the rate
of interest thereon, (c) the creation of a lien
upon or a pledge of Revenues other than the lien
and pledge created by this Resolution or on the
funds or accounts established by this Resolution,
(d) a preference or priority of any Bond or Bonds
over any other Bond or Bonds, (e) a reduction in
the aggregate principal amount of the Bonds
required for consent to such supplemental resolu-
tion, or (f) a change in any State Loan which is
adverse to the interests of the Bondholders.
Nothing herein contained, however, shall be con-
strued as making necessary the approval by Bond-
holders or the State of the adoption of any
supplemental resolution as authorized in Section
1001.1 of this Article.
If at any time the City shall determine that
it is necessary or desirable to adopt any supple-
mental resolution for any of the purposes of this
Section, the City Clerk shall cause notice of the
proposed adoption of such supplemental resolution
to be mailed by first-class mail, postage prepaid,
to all registered owners of Bonds at their
addresses as they appear on the registration
books. Such notice shall briefly set forth the
nature of the proposed supplemental resolution and
shall state that copies thereof are on file at the
office of the City Clerk for inspection by all
Bondholders. The City shall not, however, be sub-
ject to any liability to any Bondholder by reason
of its failure to cause the notice required by this
Section to be mailed and any such failure shall not
affect the validity of such supplemental resolution
when consented to and approved as provided in this
Section. A subsequent Resolution of the City Coun-
cil may provide that the form and manner of provid-
ing notice to bondholders be in some different form
if so determined by the City Council; in particu-
lar, if the City Council shall determine, based
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upon advice of Bond Counsel, that interest on any
series of Bonds will not be subject to federal'
income taxation if such Bonds are issued in coupon
form, then such subsequent Resolution may provide
for the publication of notice. in the form and man-
ner as is customarily applicable with respect to
bonds issued in coupon form.
Whenever, at the time within one year after
the date of the first mailing of such notice, the
City shall deliver to the City Clerk an instrument
or instruments in writing purporting to be executed
by the holders of not less than two-thirds (2/3) in
aggregate principal amount of the Bonds then Out-
standing, which instrument or instruments shall
refer to the proposed supplemental resolution
described in such notice and shall specifically
consent to and approve the adoption thereof in
substantially the form of the copy thereof referred
to in such notice, thereupon, but not otherwise,
the City ..Council may adopt such supplemental
resolution in substantially such form, without
liability or responsibility to any holder of any
Bond, whether or not such holder shall have con-
sented thereto.
If the holders of not less than two-thirds
(2/3) in aggregate principal amount of the Bonds
Outstanding at the time of the adoption of such
supplemental resolution shall have consented to and
approved the adoption thereof as herein provided,
no holder of any Bond shall have any right to
object to the adoption of such supplemental resolu-
tion, or to object to any of the terms and provi-
sions contained therein or the operation thereof,
or in any manner to question the propriety of the
adoption thereof, or to enjoin or restrain the City
Council from adopting the same or from taking any
action pursuant to the provisions thereof.
Upon the adoption of any supplemental resolu-
tion pursuant to the provisions of this Section,
this Resolution shall be and be deemed to be modi-
fied and amended in accordance therewith, and the
respective rights, duties and obligations under
this Resolution of the City and all holders of
Bonds then Outstanding shall thereafter be deter-
mined, exercised and enforced in all respects under
the provisions of this Resolution as so modified
and amended.
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R. A new Section 1101.1, captioned "Cessation of
Interest of Bondholders (TEFRA)," is hereby inserted after
Section 1101 of the Original Resolution to read as follows:
Section 1101.1. Cessation of Interest of
Bondholders (TEFRA). If, when the Bonds secured
hereby shall have become due and payable in accord-
ance with their terms or shall have been duly
called for redemption or either irrevocable
instructions to call the Bonds for redemption or to
pay the Bonds at their respective maturities and
mandatory redemption dates or any combination of
such payment and redemption shall have been given
by the City to an appropriate fiduciary institution
acting as escrow agent, the whole amount of the
principal and the interest and premium, if any, so
due and payable upon all of the Bonds shall be paid
or sufficient moneys, or Government Obligations not
callable at the option of the obligor, either the
principal of and the interest on which when due or
the principal of which when due will provide suffi-
cient moneys, shall be held by such escrow agent
for such purpose under the provisions of this
Resolution, and provision shall also be made for
paying all other sums payable hereunder by the
City, then and in that case the right, title and
interest of the holders of the Bonds secured hereby
in the Revenues, funds and accounts mentioned in
this Resolution shall thereupon cease, determine
and become void, and the City Council in such case,
shall repeal and cancel this Resolution and may
apply any surplus in any account in the Sinking
Fund and all balances remaining in any other funds
or accounts other than moneys held for the redemp-
tion or payment of Bonds to any lawful purpose of
the City as the City Council shall determine;
otherwise this Resolution shall be, continue and
remain in full force and effect; provided, however,
that in the event Government Obligations shall be
deposited with and held by such escrow agent as
hereinabove provided, and in addition to the
requirements set forth in Article III of this
Resolution, the City Clerk shall within thirty (30)
days after such Government Obligations shall have
been deposited with such escrow agent cause a
notice signed by the City Clerk to be mailed by
first-class mail, postage prepaid, to all regis-
tered owners of Bonds at their addresses as they
appear on the registration books. Such notice
shall set forth (a) the date designated for the
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redemption of the Bonds, (b) a description of the
Government Obligations so held by such escrow
agent, and (c) that this Resolution has been
repealed and cancelled in accordance with the
provisions of this Section. A subsequent Resolu-
tion of the City Council may provide that the form
and manner of providing notice to bondholders be in
some different form if so determined by the City
Council; in particular, if the City Council shall
determine, based upon advice of Bond Counsel, that
interest on any series of Bonds will not be subject
to federal income taxation if such Bonds are issued
in coupon form, then such subsequent Resolution may
provide for the publication of notice in the form
and manner as is customarily applicable with
respect to bonds issued in coupon form.
All moneys and obligations held by an escrow
agent pursuant to this Section shall be held in
trust and the principal and interest of said obli-
gations when received, and said moneys, applied to
the payment, when due, of the principal and inter-
est and the premium, if any, of the Bonds so called
for redemption or to be paid.
Section 4. Authorization of 1984 Bonds. For the pur-
pose of paying the cost of the additional Improvements, and
subject and pursuant to the provisions of this Resolution and
the Original Resolution, obligations of the City to be known
as "Water and Sewer Utility Revenue Bonds, Series 1984" are
hereby authorized to be issued in the aggregate principal
amount of not exceeding fifteen million dollars ($15,000,000).
Section 5. Description of Bonds• Method of Payment of
Principal and Interest. The 1984 Bonds shall be in the
denomination of $5,000 each or any integral multiples
thereof, shall be dated the interest payment date next
preceding the date of authentication unless the 1984 Bonds
are authenticated as of an interest payment date, in which
event the 1984 Bond shall be dated such date, or unless such
1984 Bond is authenticated prior to the first interest
payment date, in which event the 1984 Bond shall bear
interest from its date, may be numbered consecutively from 1
upward, shall bear interest at not exceeding the maximum rate
authorized by the Act, payable on such dates, and shall
mature, all as shall be provided in a subsequent resolution
of the City Council.
The principal of and premium, if any, on the 1984 Bonds
are payable to the registered owner of each 1984 Bond upon
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!presentation and surrender when due at the principal cor-
porate trust office of the Paying Agent. Interest on•the
1984 Bonds shall be paid by check or draft of the Bond
Registrar mailed to the person in whose name such 1984 Bond
is registered, at his address as it appears on the registra-
tion books maintained by the Registrar, at the close of
business on the Record Date with respect to each interest
payment date, irrespective of any transfer or exchange of
such 1984 Bond subsequent to such Record Date and prior to
such interest payment date.
The Mandatory Amortization Requirements (as defined in
the Original Resolution) for the 1984 Bonds shall be the
amounts as set forth in a subsequent resolution of the City
Council.
The 1984 Bonds shall be subject to redemption prior to
their maturity as set forth in a subsequent resolution of the
City Council
Section 6. Bond Registrar and Paying Agent.
is hereby designated
as Paying Agent and Bond Registrar for the 1984 Bonds and
shall perform the duties as more fully described in the
Original Resolution, the Bonds and any supplemental agreement
between the City and
Section 7. Sale of 1984 Bonds. The 1984 Bonds shall be
issued and sold at one time and at such price or prices
consistent with the provisions of the Act and the require-
ments of this Resolution as the City shall determine by
subsequent resolution.
Section 8. Application of Bond Proceeds. The proceeds,
including accrued interest and premium, if any, received from
the sale of any or all of the 1984 Bonds shall be applied by
the City simultaneously with the delivery of such 1984 Bonds
to the purchaser thereof, as follows:
A. The accrued interest, premium, if any, and
capitalized interest shall be deposited in the Bond
Service Account and shall be used only for the purpose
of paying interest becoming due on the Bonds.
B. To the extent not paid or reimbursed therefor
by the original purchaser of the 1984 Bonds, the City
shall pay all costs and expenses in connection with the
preparation, issuance and sale of the 1984 Bonds.
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C. The City shall deposit a portion of the
S proceeds from the 1984 Bonds in the Reserve Account. for
the purpose of satisfying all or part of the Reserve
6 Account Deposit Requirement.
7 D. The remainder of the proceeds from the 1984
Bonds shall be paid to the City for deposit with the
8 Depositary to the credit of a special account in the
Construction Fund.
9
Section 9. Severability. If any one or more of the
10 covenants, agreements or provisions of this Resolution should
be held contrary to any express provision of law or contrary
11 to the policy of express law, though not expressly pro-
hibited, or against public policy, or shall for any reason
12 whatsoever be held invalid, then such covenants, agreements
or provisions shall be null and void and shall be deemed
13 separate from the remaining. covenants, agreements or provi-
sions of this Resolution or of the 1984 Bonds issued
14 thereunder.
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Section 10. Reej2
eal eal of Inconsistent
nsistent Resolutions. All
resolutions or parts
,
of resolutions in conflict- are hereby
16
repealed. All other sections and provisions of the Original
Resolution not herein
expressly amended shall remain in full
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force and effect.
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Section 11. Effective Date. This Resolution shall
become effective immediately upon its adoption.
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ASSED, ADOPTED AND APPROVED thiscZ5 d'ay of , 1984.
21Attest:
22
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Ptler
Mavor
23k
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I hereby certify that I
have approved approved the form
and
25
correctness of this
RECORD OF COUN�rL VOTE
Resolution:
26
MAYOR: I�RAVIT�. -_
27
DISTRICT 4: WN1 S F_I,lq�
.Mrd
t Atto ney
2 s;
DISTRICT 3: ',: ° 1 S �TEiZER
29
"
DISTRICT 2: C/M MUNITZ
30
DISTRICT 1: C/M DUNNE
31
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C]
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EXHIBIT "A"
1
2
3XVILLIAMS, HATFIELD & STONER, INC.
J,
4 Consulting Engineers • Planners • Land Surveyors i
52 12 WILTON DRIVE, FORT LAUDERDALE, FL 3330S • 3O5/566-8341 BROWARD 305/947-8238 DADE
MIAMI OFFICE: 51305 BLUE LAGOON DRIVE, SUITE 480, MIAMI, FL 33126 305/266-6446
6 E GEX WILLIAMS, JR., P. E.
LI E P. HATFIELD, JR., P. E.
E W. (GENE) STONER, P.L.S.
7 A OTHONY A. NOLAN, P. E.
C R. SANDERS. P. E.
A L. (SKIP) HARVEY, JR., P. E.
8M CHAEL T. HERMESMEYER, P.F.
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4 J
Mr. Jon Henning
City Attorney
City of Tamarac
5811 Northwest 88th Avenue
Tamarac, Florida 33321
Dear Mr. Henning:
June 22, 1984
WASTEWATER TREATMENT PLANT IMPROVEMENTS
AIRPORTS
HIGHWAYS & BRIDGES
WATER & SEWER SYSTEMS
LAND SURVEYS
SUBDIVISION DEVELOPMENT
DRAINAGE & FLOOD CONTROL
PORT & MARINE FACILITIES
MUNICIPAL ENGINEERING
The purpose of the 415,000,000 water and sewer revenue bond issue approved by
the City of Tamarac on the March 13, 1984 ballot is for upgrades and eventual
expansion of the wastewater treatment plant. The immediate need is to upgrade
the 4.9 million gallon per day wastewater treatment plant. The treatment
plant upgrade is necessary due to changing state and county regulations which
have caused the current method of treatment and disposal of effluent to not
meet mandated requirements.
The wastewater treatment plant must be modified to improve the method of
effluent disposal. This modification is necessary to comply with a variance
received from the Broward County Environmental Quality Control Board. The
modifications are also necessary to renew the plant operating permit issued by
the State of Florida Department of Environmental Regulations.
The second immediate need for the City of Tamarac Utilities West wastewater
system is a sewage sludge treatment facility. Currently Tamarac disposes of
the solids from the treatment process at a sod farm. The sod farm is operated
on land leased by the City. The land owner has indicated a desire to cancel
the lease on the sod farm. The City through Eminent Domain proceedings
extended the lease through the summer of 1986. However the City must acquire
land and build .a sludge treatment facility by the time the lease expires.
The final portion of the bond issue is for a wastewater plant and sewage
sludge treatment expansion. This expansion is predicted to be needed in
approximately 1992. The expansion will be to increase the wastewater
treatment plant from 4.9 mgd to 6.2 mgd. The expansion to 6.2 mgd is
anticipated to satisfy the City's wastewater need at build out under current
regulatory conditions.
7/6/84 - City Manager, Laura
Stuurmans indicated that this
letter is Exhibit "A" to the
Resolution./
MTH/ag
Very truly yours,
Michael T. Hermesmeyer, P. E.
Vice President
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