HomeMy WebLinkAboutCity of Tamarac Resolution R-84-121S
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Introduced by %/��7% .r Temp. Reso. 3101
CITY OF TAMARAC
RESOLUTION NO. R-84-
A RESOLUTION AUTHORIZING THE ISSUANCE OF
GENERAL OBLIGATION BONDS OF THE CITY OF
TAMARAC IN AN AGGREGATE PRINCIPAL AMOUNT NOT
TO EXCEED $8,000,000 FOR THE PURPOSE OF
PROVIDING FUNDS, TOGETHER WITH OTHER
AVAILABLE FUNDS, TO PAY THE COST OF
PLANNING, CONSTRUCTING, FINANCING AND
EQUIPPING A NEW CITY HALL AND POLICE
STATION; PROVIDING THAT SUCH GENERAL
OBLIGATION BONDS SHALL BE PAYABLE FROM AD
VALOREM TAXES AND ANY OTHER LEGALLY
AVAILABLE FUNDS OF THE CITY; AUTHORIZING AND
DIRECTING VALIDATION; AUTHORIZING RELATED
ACTION; PROVIDING SEVERABILITY; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Tamarac (the "City") under the
authority granted by the Constitution and laws of the State of
Florida, including its Home Rule Charter ("Charter"), its Code,
and Chapter 166, Florida Statutes, is authorized to issue
general obligation bonds to provide funds to pay for the cost
of capital improvements;
WHEREAS, the City has determined and does hereby
determine that the planning, constructing, furnishing and
equipping of a City Hall and Police Station (the "Project") are
capital improvements which are necessary to provide the
citizens of Tamarac with more efficient municipal and police
services;
WHEREAS, the City Council authorized the City Clerk in
Resolution No. -0 enacted on January 25, 1984 to
place the issue on the ballot for a vote on the issue by the
electorate of the City of Tamarac as required by the Charter;
WHEREAS, a majority of the qualified electors of the
City voting on the question at a special election held on March
13, 1984 approved the issuance of not exceeding $8,000,000
general obligation bonds for the purpose of providing funds,
together with any other available funds, to pay the cost of
planning, financing, constructing and equipping a new City Hall
and Police station on a site already owned by the City;
WHEREAS, the City Council adopted Resolution No. R-84
on March 20, 1984 certifying the, results of election and
directing the City's staff to proceed with the bond issue.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF TAMARAC, FLORIDA:
ARTICLE I
DEFINITIONS
Section 1.01. Meaning of Words and Terms. In
addition to words and terms elsewhere defined in this
i
I
� Resolution, the following words and terms a:s used in this
Resolution shall have the following meanings, unless some other
1 meaning is plainly intended:
2 The term "Amortization Requirements" shall mean, for
any Bond Year with respect to Term Bonds, the respective
3 amounts which are required to be deposited to the credit of the
Redemption Account in each Bond Year for redeeming and paying
4 at maturity such Term Bonds determined by the Board in a
resolution adopted prior to the issuance of such Term Bonds.
5
The Amortization Requirements for the Term Bonds shall
6 begin in the Bond Year determined by the Board for such Series
and shall end not later than the Bond Year immediately
7 preceding the Bond Year in which such Term Bonds are stated to
mature. If during any Bond Year the total principal amount of
Term Bonds retired by purchase or redemption or called for
redemption under the provisions of Article III of this
9 Resolution shall be in excess of the Amortization Requirements
for the Term Bonds for such Bond Year, then at the close of
10 such Bond Year the amount of the Amortization Requirements for
the Term Bonds shall be reduced for any subsequent Bond Year or
,1 in amounts aggregating the amount of such excess, as shall be
determined by the Finance Director.
12 The term "Bond Counsel" shall mean counsel recognized
13 on the subject of, and qualified to render approving legal
opinions on the issuance of, municipal bonds.
14 The word "Bondholder" or "holder" shall mean any
is registered owner of any Bond.
The term "Bond Registrar" shall mean either the
I6 Finance Director or any bank or trust company, either within or
without the State of Florida, designated as such by resolution
17 of the Council prior to the issuance of the Bonds, which shall
perform such functions required of the Bond Registrar by
18 Article II of this Resolution.
Y
19 The word "Bonds" shall mean the Bonds issued under the
provisions of Article II of this Resolution.
20
The term "Bond Year" means the 12-month period
21 designated in a subsequent resolution of the Board.
22 The word "Charter" shall mean the Home Rule Charter
for the City of Tamarac.
23
The word "City" shall mean the City of Tamarac,
24 Florida, a political subdivision of the State of Florida.
;y The term "City Attorney" shall mean the chief legal
counsel to the City under the Charter.
26
The term "Code" shall mean the Internal Revenue Code
27 of 1954, as amended, including the rules and regulations
promulgated thereunder.
zs
The term "Clerk" shall mean the Clerk of the City
29 Council or any Deputy Clerk of the City Council or his or her
designee or the officer or officers succeeding to his or her
z 30 principal functions.
zl The term "Construction Fund" shall mean the special
fund required to be established and maintained by the City
32 pursuant to Article IV of this Resolution.
33 The word "Council" shall mean the City Council of the
City of Tamarac, Florida or the Council or body in, which the
34 general legislative powers of the Town shall, from time to
time, be vested.
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1 The word "Cost" as applied to the Project shall
include the cost of planning, constructing, developing,
2 including the cost of all labor, materials, machinery and
equipment, the cost of engineering, architectural, financial,
3 advisory, planning, design and legal services, bond insurance
premiums, fees of rating agencies and all expenses necessary or
4 incident to determining the feasibility or practicability of
such construction, and such other expenses or costs as may be
5 necessary or incident to the financing herein authorized in
connection with the Project. Any obligation or expense
6 heretofore or hereafter incurred by the Council and any amounts
heretofore or hereafter advanced by or to the Council in
7 connection with any of the foregoing items of cost may be
regarded as a part of such cost and reimbursed out of the
s proceeds of Bonds issued under the provisions of this
Resolution.
9 The term "Daily Newspaper" shall mean an English
language newspaper of general circulation regularly published
10 in the City on at least five (5) business days in each calendar
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week.
The term "General Revenues" shall mean ad valorem tax
12 revenues levied and imposed in the City and all other funds
legally available which are eligible to be credited to the
13 General Fund of the City.
14 The term "Finance Director" or "Director" shall mean
the Director of the City Finance Department or the officer or
15 officers succeeding to his principal functions.
16 The term "General Fund" shall mean the General Fund of
the City designated as such by state law and in the annual
17 budget and the annual audit of the City, required by law, from
which the general operations of the City are funded.
is
The term "Government Obligations" shall mean direct
ig obligations of, or obligations the principal of and the
interest on which are guaranteed by, the United States of
20 America.
21 The word "Mayor" shall mean the Mayor of the City of
Tamarac.
22 The word "Outstanding" shall mean, when used with
Z3 respect to the Bonds, all Bonds theretofore delivered except:
24 (a) Bonds paid or redeemed or delivered to or
acquired by the City or Paying Agent for cancellation;
25 (b) Bonds deemed to have been paid in accordance
26 with Article III hereof; and
27 (c) Bonds in exchange for or in lieu of which
other Bonds have been issued, authenticated and
28 delivered under this Resolution.
29 The term "Paying Agent" or "Paying Agents" shall mean
the Bond Registrar, the bank or banks or trust company or trust
3O companies, either within or without the State of Florida, at
which the principal of the Bonds shall be payable.
11 The term "Principal and Interest Requirements" shall
32 mean the principal and interest. due in each Bond Year as
determined in a subsequent resolution of the Board.
33 The term "Principal Office" of the Bond Registrar or
34 any Paying Agent shall mean the office at which, at the time in
question, its corporate trust business is principally conducted.
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1 The term "Project" shall mean the design, plans,
construction, and installation of a new City Hall and Police
Station including all equipment, furniture, and other related
items thereto.
3 The term "Serial Bonds" shall mean the Bonds which
4 shall be stated to mature in annual installments so designated
in a resolution of the Council adopted prior to the issuance of
5 such Bonds.
6 The term "Series" shall mean each and every series of
bonds issued pursuant to a subsequent resolution or resolutions
7 of the Board.
The term "Term Bonds" shall mean Bonds so designated
8 in a resolution of the Council adopted prior to the issuance of
such Bonds.
9
Section 1.02. Construction of Words. Words of the
10 masculine gender shall be deemed and construed to include
correlative words of the feminine and neuter genders. The
I words "Bond," "owner" and "holder" shall include the plural as
well as the singular number unless the context shall otherwise
12 indicate.
13 Section 1.03. Findings. It is hereby ascertained,
determined and declared that:
14
(a) The recitals contained in the clauses
15 preceding Article I hereof are incorporated herein by
16 reference as part of this Resolution.
(b) The City has determined and hereby
17 determines that it is in the best interest of the City
to obtain funds by the issuance of the Bonds, in a
18 manner provided in this Resolution in order to finance
the Cost of the Project.
19
(c) The City hereby pledges its full faith,
20 credit and taxing power for the prompt payment of both
principal of, redemption premium, if any, and interest
21 on the Bonds as such payments become due.
22
ARTICLE II
Z3 FORM, EXECUTION, DELIVERY AND REGISTRATION OF BONDS
24
Section 2.01. Issuance of Bonds. For the purpose of
providing funds to pay all or part of the Cost of the Project,
`5 bonds of the City may be issued under and secured by this
26 Resolution subject to the conditions hereinafter provided in
Section 2.06 of this Article. The principal of, redemption
27 premium, if any, and the interest on all such Bonds shall be
payable from the General Fund or any other legally available
funds of the City. The City shall levy and collect annually an
28 ad valorem tax upon all taxable property in the City,e
above all other taxes authorized to be levied bytheCity,i
29 sufficient to pay such principal, redemption premium, if any,
30 and interest as the same become due and payable.
Section 2.02. Termst Medium and Place of Payment.
31 The Bonds issued under the provisions of this Resolution shall
be in the denomination of Five Thousand Dollars ($5,000) or
32 integral multiples thereof, shall bear interest from their date
until their payment in full at a rate or rates not exceeding
33 the maximum rate then permitted by law, such interest to the
respective maturities of the Bonds being payable semi-anmually
34 on such dates as shall be determined by resolution of the
Board, shall be dated, shall be stated to mature annually, and
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1 shall be subject to redemption prior to their respective
maturities, all as hereinafter provided or authorized, or as
2 shall be determined by subsequent resolution of the Board.
3 The principal of, redemption premium, if any, and the
interest on the Bonds shall be payable in any coin or currency
4 of the United States of America which, at the respective dates
of payment thereof, is legal tender for the payment of public
5 and private debts. Payment of the interest on the Bonds to the
maturity thereof shall be made to the person appearing on the
6 bond registration books of the City hereinafter provided for as
the registered owner thereof fifteen days before the next
7 interest payment date, such interest to be paid by check or
draft drawn on a Paying Agent mailed to such registered owner
B at his address as it appears on such registration books, or
such other methods, place or places as may be designated by
9 such subsequent resolution of the Council. The principal of
the Bonds shall be payable at the Principal Offices of the
10 Paying Agents designated for the Bonds.
Section 2.03. Execution and Form of Bonds. All the
11 Bonds shall be executed on behalf of the City by the manual or
facsimile signature of the Mayor or Vice Mayor of the City and
12 by the manual or facsimile signature of the Clerk or any Deputy
Clerk of the Council, and a facsimile of its seal shall be
13 imprinted thereon.
14 If any of the officers who shall have signed any of
the Bonds or whose facsimile signature shall be upon the Bonds
15 shall cease to be such officer of the City before the Bonds so
signed and sealed shall have been actually authenticated by the
16 Bond Registrar or delivered by the City, such Bonds
nevertheless may be authenticated, issued and delivered with
17 the same force and effect as though the person or persons who
signed such Bonds or whose facsimile signature shall be upon
19 the Bonds had not ceased to be such officer or officers of the
City; and also any such Bond may be signed on behalf of the
19 City by those persons who, at the actual date of the execution
of such Bond, shall be the proper officers of the City,
20 although at the nominal date of such Bond any such person shall
not have been such officer of the City.
21
The Bonds shall be issued in fully registered form
22 only. The Bonds, issued under the provisions of Section 2.06
of this Article, and the statement of validation, the
23 certificate of authentication and the certificate of transfer
to be endorsed on the Bonds shall be, respectively,
24 substantially in the following forms, with such appropriate
variations, omissions and insertions as are required or
permitted by this Resolution or by subsequent resolution
`5 adopted by the Council pursuant to Section 2.06 hereof;
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1 Registered Registered
2 (Form of 1984 Bonds)
No.
3
United States of America, State of Florida
4
CITY OF TAMARAC, FLORIDA
5
GENERAL OBLIGATION BOND
6
(CITY HALL AND POLICE STATION PROJECT)
7
SERIES 1984
8
9 Interest Rate Maturity Date CUSIP Original Date
10 Registered Owner
`1 Principal Amount Dollars
12
13 The CITY OF TAMARAC, FLORIDA (the "City"), a political
subdivision of the State of Florida for value received, hereby
14 promises to pay to the registered owner hereof, on the maturity
date set forth above (or earlier as hereinafter referred to)
15 the principal sum set forth above and to pay interest thereon
from the date hereof at the rate set forth above until payment
of such principal sum, such interest to the maturity hereof
16 being payable semi-annually on the first day of
and in each year, provided, however, that if at the
17 maturity date of this Bond, moneys are being held by the Paying
Agent for payment hereof, this Bond shall cease to bear
18 interest. The principal of, redemption premium (if any) and
interest on this Bond shall be paid in any coin or currency of
19 the United States of America which, at the time of payment, is
legal tender for the payment of public and private debts. This
20 Bond shall bear interest from the interest payment date next
preceding the date of registration hereof unless this Bond is
21 registered as of an interest payment date, in which event this
Bond shall bear interest from such interest date, or unless it
22 is registered prior to the first interest payment date, in
which event this Bond shall bear interest from its
23 date, The interest on this Bond is payable by
check or draft drawn on the Paying Agents hereinafter mentioned
24 and the principal hereof and the premium, if any, payable upon
redemption are payable at the principal corporate trust office
45 at either the Paying Agent,
26 or or at the
duly designated office of any duly appointed alternate or
27 successor paying agent.
28 For the prompt payment of both principal hereof and
interest hereon as the same shall fall due, the full faith,
29 credit and taxing power of the City are hereby irrevocably
pledged.
30 This Band is one of a duly authorized series of bonds
31 of the City designated as GENERAL OBLIGATION BONDS (City Hall
and Police Station Project), Series 1984 (the "Bonds"), issued
32 for the purpose of providing funds to pay the cost of planning,
constructing, installing, equipping and developing a new City
33 Hall and Police Station, all of like date and issued or to be
issued under and pursuant to Resolution No. ,
34 duly adopted on , '1984 by the City Council of the
City (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
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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.
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
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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.
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
caused 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 1, 1984.
CITY OF TAMARAC, FLORIDA
By
[SEAL] [Vice] Mayor [Facsimile]
Attest:
[Deputy] Clerk of the
City Council [Facsimile]
[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 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
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Jacobson Block Klein Colan & Simon, 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, r 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.
T)A t- P 8
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.
* * * * * * * * * * * *
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Section 2.04. Bond jRegistrar 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 hereinabove
granted, 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 this
Resolution during the period of 15 days next preceding the
mailing of such notice of redemption.
Each Bond delivered pursuant to any provision of this
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 this 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.
Section 2.05. Ownership of Bonds; Transfer of Title.
The City, the Paying Agents and the Bond Registrar shall deem
and treat the person in whose name any Bond shall be registered
on the books maintained pursuant to Section 2.04 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
Agents 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.
Section 2.06. Issuance of the Bonds; Board
Resolution; Application of Bond Proceeds. There shall be
issued under and secured by this Resolution at one time or in
one or more Series, subject to the conditions hereinafter
provided in this Section, General Obligation Bonds (City Hall
and Police Station Project), the initial Series of which will
be Series 1984A of the City in an aggregate principal amount
not to exceed Eight Million Dollars ($8,000,000) for the
purpose of providing funds to pay the Cost of the Project. The
Board hereby authorizes and directs that such funds be used for
the acquiring, developing, planning, designing, purchasing,
constructing, improving, financing and equipping of the Project.
The Bonds shall be dated as of such date, shall be
numbered and lettered as to each such Series and shall be
stated to mature in the year or years not more than forty (40)
years from the date of the Bonds and in the amounts established
by the Council by resolution prior to the issuance of the
Bonds. The Bonds shall bear interest, shall -have such
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redemption provisions and Amortization Requirements, if any,
and shall have such Paying Agents all as shall be determined by
the Council in a resolution or resolutions adopted prior to the
issuance of the Bonds.
Each of the Bonds shall be executed substantially in
the form and manner hereinabove set forth, shall have printed
thereon a statement of validation in the form hereinabove set
forth, and shall be deposited with the Finance Director for
delivery, but prior to or simultaneously with the delivery of
said Bonds or any Series thereof by the Finance Director, there
shall be filed with the Clerk the following:
(a) a copy, certified by the Clerk, of the
resolution of the Council, awarding said Bonds,
specifying the interest rate or rates of each such
Bond, directing the delivery of said Bonds to or upon
the order of the purchasers therein named upon payment
of the purchase price therein set forth; designating
the Bond Registrar and the Paying Agents, fixing the
Series designation and date, fixing the year and
amounts in which said Bonds will mature, fixing the
Amortization Requirements of any Term Bonds and fixing
the times and prices at which said Bonds are to be
subject to redemption;
(b) a certificate, signed by the Finance
Director, setting forth the amount of General Revenues
received by the City in each of the preceding two
Fiscal years for which audited financial statements
are available;
(c) a certificate, signed by the Finance
Director, setting forth the Principal and Interest
Requirements for each Bond Year thereafter on account
of the Bonds then requested to be delivered.
(d) an opinion of the City Attorney to the
effect that the issuance of said Bonds has been duly
authorized and that all legal conditions precedent to
the delivery of said Bonds have been fulfilled.
(e) an opinion of Bond Counsel to the effect
that the issuance of said Bonds has been duly
authorized, that all legal conditions precedent to the
delivery of such Bonds have been fulfilled and that
the Bonds are valid and binding obligations of the
City in accordance with their terms.
When the documents mentioned in clauses (a) to (e),
inclusive, of this Section shall have been filed with the Clerk
and when said Bonds or the Series thereof shall have been
executed as required by this Resolution, the Finance Director
shall deliver said Bonds or the Series thereof then to be
issued, at one time, to or upon the order of the purchasers
named in the resolution mentioned in clause (a) of this
Section, but only upon payment to the Finance Director of the
purchase price of said Bonds. The Finance Director shall be
entitled to rely upon such resolution as to the names of the
purchasers, the interest rate of each of said Bonds and the
amount of such purchase price.
Simultaneously with the delivery of the Bonds, the
Finance Director shall apply the proceeds of the Bonds to the
credit of the Construction Fund to pay the Cost of the Project.
Section 2.07. Mutilated, Lost, Stolen or Destroyed
Bonds. In case any Bond secured hereby shall become mutilated
or be destroyed, stolen or lost, the City may cause to be
executed and delivered a new' Bond of like date, number and
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tenor in exchange and substitution for and upon the cancel-
lation of such mutilated Bond or in lieu of and in substitution
of such Bond destroyed, stolen or lost, upon the owner paying
the reasonable expenses and charges of the City in connection
therewith and, in the case of a Bond destroyed, stolen or lost,
his filing with the Bond Registrar evidence satisfactory to it
that such Bond was destroyed, stolen or lost, and of his
ownership thereof, and furnishing the City and the Bond
Registrar with indemnity satisfactory to the City and the Bond
Registrar.
Section 2.08. Temporary _Bonds. All Bonds issued and
to be issued under this Resolution may be initially issued in
temporary form exchangeable for definitive bonds when ready for
delivery. The temporary bonds shall be of such denomination as
may be determined by the city, and may contain such references
to any of the provisions of this Resolution as may be
appropriate. Every temporary bond shall be executed by the
City upon the same conditions and in substantially the same
manner as the definitive bonds. If the City issues temporary
bonds it will execute and furnish definitive bonds without
delay and thereupon the temporary bonds shall be surrendered
for cancellation in exchange therefor at an office designated
by the City and the City shall deliver in exchange for such
temporary bonds an equal aggregate principal amount of
definitive bonds of authorized denominations. Until so
exchanged, the temporary bonds shall be entitled to the same
benefits under this Resolution as definitive bonds issued and
delivered hereunder.
Section 2.09. Cancellation and Destruction of Bonds.
All Bonds paid, redeemed or purchased, either at or before
maturity, shall be cancelled upon the payment, purchase or
redemption of such Bonds. All such bonds so cancelled shall be
destroyed by the Paying Agent, which shall execute a
certificate of destruction in triplicate describing the Bonds
so destroyed and one executed certificate shall be filed with
each of the City and the Bond Registrar, and one executed
certificate shall be retained by the Paying Agent, which shall
deliver a duplicate thereof to any other Paying Agent then
acting.
ARTICLE III
REDEMPTION OF BONDS
Section 3.01. The Bonds Redeemable. The Bonds shall
be subject to mandatory redemption, and to redemption at the
option of the City, prior to their respective maturities at the
redemption prices and in the manner and on a date or dates to
be specified in the resolution referred to in Section 2.06.
Section 3.02 Notice of Redemption. 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
referred to in section 2.06.
Section 3.03. Effect of Redemption Call. On the date
so designated for redemption, noticehavingbeen 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 holders of the Bonds to be redeemed,
all as provided in this 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 tinder this Resolution, and the
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( holders of such Bonds shall have no rights in respect thereof
except to receive payment of the redemption price thereof.
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Bonds which have been duly called for redemption under
2 the provisions of this Article III and for the payment of the
redemption price of which and accrued interest to the date
3 fixed for redemption moneys shall be held by the Paying Agents
in trust for the holders of the Bonds to be redeemed, all as
4 provided in this Resolution, shall not be deemed to be
outstanding under the provisions of this Resolution.
S
Section 3.04. Selection of Bonds to be Redeemed. If
6 less than all of the Bonds of lake maturity of any Series shall
be called for redemption, the particular Bonds or portions of
7 Bonds to be redeemed shall be selected by lot by the Bond
Registrar or in such other manner as the Bond Registrar in its
B discretion may deem proper.
9
ARTICLE IV
10 CONSTRUCTION FUND
1 A special fund is hereby created and designated the
"City of Tamarac General Obligation Bonds Construction Fund"
12 (herein sometimes called the "Construction Fund"), to the
credit of which such deposits shall be made as are required by
13 the provisions of Section 2.06 of this Resolution.
14 The moneys in the Construction Fund shall be held by
the Finance Director and applied to the payment of the Cost of
IS the Project in such manner as shall be consistent with the
City's policies respecting the disbursement of moneys in
connection with the Project. Any moneys remaining in the
16 Construction Fund when construction is completed shall be
17 deposited in the General Fund of the City.
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18 ARTICLE V
19 INVESTMENT OF FUNDS:
DEPOSITARIES AND SECURITY
20
Section 5.01. Investment of Funds. Moneys held for
21 the credit of any fund or account established hereunder shall,
as the credit of any fund or account established hereunder
22 shall, as nearly as may be practicable, be invested and
reinvested by the City, in (a) the Local Government Surplus
23 Fund Trust Fund established by Section 218.405, Florida
Statutes (1981), as amended; (b) Government Obligations; (c)
24 interest -bearing time deposits or savings accounts in banks
organized under the laws of the United States and doing
25 business and situated in the State of Florida, in savings and
loan associations which are under state supervision, provided
26 that any such deposits are secured by collateral as may be
prescribed by law; (d) obligations of the Federal Farm Credit
27 Banks, Federal Home Loan Mortgage Corporation, or Federal Home
Loan Bank or its district banks, including Federal Home Loan
28 Mortgage Corporation participation cetificates, or obligations
guaranteed by the Government National Mortgage Association; (e)
29 obligations of the Federal National Mortgage Association; (f)
'• commercial paper of prime quality of the highest letter and
30 numerical rating as provided for by at least one nationally
recognized rating service; (g) time drafts and bills of
31 exchange, commonly known as bankers acceptances, which are
drawn on and accepted by commercial banks and which are
32 eligible for purchase by the Federal Reserve Bank; or (h)
investments in repurchase agreements of any securities
33 authorized by this Section 5.01; provided, however, that any
such investment described in this paragraph shall at the time
34 be a legal investment under Florida law for the investment of
City funds.
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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.
Section 5.02. De ositaries and Security. All moneys,
received by the City under the provisions of this Resolution
shall be deposited with a bank depositary or depositaries,
shall be held in trust, shall be applied only in accordancce
with the provisions of this Resolution and shall not be subject
to lien or attachment by a creditor of the City.
All moneys deposited with any bank depositary
hereunder 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) not less
than the amount of such deposit, or (b), if the furnishing of
security as provided in (a) of this Section 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
perference in the case of, the deposit of trust funds.
ARTICLE VI
MISCELLANEOUS PROVISIONS
Section 6.01. Execution of Instruments by Bondholders
and Proof of ownership of Bonds. Any request, directect on,
consent or other instrument in writing required by this
Resolution to be signed or executed by Bondholders may be in
any number of concurrent instruments of similar tenor and may
be signed,or executed by such Bondholders in person or by agent
appointed by an instrument in writing. Proof of the execution
of any such instrument and of the ownership of Bonds shall be
sufficient for any purpose of this Resolution and shall be
conclusive in favor of the persons relying thereon with regard
to any action taken by them under such instrument, if made in
the following manner:
(a) The fact and date of the execution by any
person of any such instrument may be proved by the
verification of any officer in any jurisdiction who,
by the laws thereof, has power to take affidavits
within such jurisdiction, to the effect that such
instrument was subscribed and sworn to before him, or
by an affidavit of a witness to such execution.
(b) The ownership of the Bonds shall be proved
by the registration books kept under the provisions of
Section 2.04 of this Resolution.
Any request or consent of the Bondholder of any Bond
shall bind every future Bondholder of the same Bond in respect
of anything done by the City in pursuance of such request or
consent.
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Section 6.02. Effect of Covenants. - All covenants,
stipulations, obligations and agreements of the City contained
in this 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.
Except as otherwise provided in this Resolution, all
rights, powers and privileges conferred and duties and
liabilities imposed upon the City or upon the Council by the
provisions of this Resolution shall be exercised or performed
by the Council, or by such other officers, board, body or
commission as may be required by law to exercise such powers or
to perform such duties.
No covenant, stipulation, obligation or agreement
herein contained shall be deemed to be a covenant, stipulation,
obligation or agreement of any member, agent or employee of the
Council in his individual capacity, and neither the members of
the Council nor any official executing the Bonds shall be
liable personally on he Bonds or be subject to any personal
liability or accountability by reason of the issuance thereof.
Section 6.03. Manner of Giving Notice. Any notice,
demand, direction, request or other instrument authorized or
required by this Resolution to be given to or filed with the
City or the Council shall be deemed to have been sufficiently
given or filed for all purposes of this Resolution if and when
sent by registered mail return receipt requested:
to the City and Council, and if addressed to the
Finance Director: City of Tamarac, 5811 Northwest 88th
Ave., Tamarac, Florida 33321.
Section 6.04. Successorship of Paying Agents. Any
bank or trust company with or into which the Paying Agents, or
either of them, may be merged or consolidated, or to which the
assets and business of the Paying Agents, or either of them,
may be sold, shall be deemed the successor of such Paying
Agents for the purposes of this Resolution. If the position of
the Paying Agents, or either of them, shall become vacant for
any reason, the Council shall, within thirty (30) days
thereafter, appoint a bank or trust company located in the
State of Florida, if the vacancy is in the position of a
Florida Paying Agent or located in the Borough of Manhattan,
City and State of New York if the vacancy is in the position of
a New York Paying Agent.
Section 6.05. Successorship of City Officers. In the
event that the office of the Clerk, Finance Director or City
Attorney shall be abolished or any two or more of such offices
shall be merged or consolidated, or in the event of a vacancy
in any such office by reason of death, resignation, removal
from office or otherwise, or in the event any such officer
shall become incapable of performing the duties of his office
by reason of sickness, absence from the City of otherwise, all
powers conferred and all obligations and duties imposed upon
such officer shall be performed by the officer succeeding to
the principal functions thereof or by the officer upon whom
such powers, obligations and duties shall be imposed by law.
Section 6.06. Substitute Publication. If, because of
the temporary or permanent suspension of publication of any
Newspaper or financial journal or for any other reason, the
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City shall be unable to publish in a Newspaper or financial
journal any notice required to be published by a provision of
this Resolution, the City shall give such notice in such other
manner as in its judgment shall most effectively approximate
such publication, and the giving of such notice in such manner
shall for all purposes of this Resolution be deemed to be in
compliance with the requirement for the publication thereof.
Section 6.07. Effect of Partial Invalidity. In case
any one or more of the provisions of this Resolution or of any
Bonds issued hereunder shall for any reason be held to be
illegal or invalid, such illegality or invalidity' shall not
affect any other provisions of this Resolution or of the Bonds,
but this Resolution and the Bonds shall be construed and
enforced as if such illegal or invalid provision had not been
contained therein. The Bonds are issued and this Resolution is
adopted with the intent that the laws of the State of Florida
shall govern their construction.
Section 6.08. Validation of Bonds. The City Attorney
is hereby authorized and directed to take proper proceedings
for the validation of the Bonds authorized by Section 2.06 of
this Resolution.
Section 6.09. Resolution Effective.
shall take effect upon its adoption.
PASSED ADOPTED AND APPROVED this
I HEREBY CERTIFY that I have
approved the form,and corrections
of this Resolution
CITY ATTORNEY,
r'
day of
This Resolution
....... ... .4 I,
;` RECORD OF COUNCIL VOTE
2970B041784/gh/4 -^/.
MAYOR: KRAVITZ
DISTRICT q
VJM S71N
DISTRICT 3
P/M IULZ�
DISTRICT 2:
C-1:M MUNITZ
DISTRICT 1:
C/M DUNNE
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