HomeMy WebLinkAboutCity of Tamarac Resolution R-81-075Introduced by: I/ TEMP. #1891
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-
A RESOLUTION AMENDING RESOLUTION NO.
79-251, ADOPTED BY THE CITY COUNCIL
OF THE CITY OF TAMARAC, FLORIDA, ON
OCTOBER 13, 1979, AS AMENDED, TO
PROVIDE THAT THE RATE COVENANT CON-
TAINED IN SECTION 502 THEREOF REQUIRE
COVERAGE OF THE CURRENT FISCAL YEAR'S
PRINCIPAL AND INTEREST REQUIREMENTS
BY 110% RATHER THAN 125%.
WHEREAS, Section 1001 of Resolution No. 79-251, as amended (the
"Resolution") provides that the City Council may at any time adopt
resolutions supplemental to the resolution for the purpose of curing
any formal defect or omission or to correct any inconsistent provision
i-n the Resolution; and
WHEREAS, prior to the sale of $12,935,000 City of Tamarac,
Florida Water and Sewer Utility Revenue Bonds, Series 1980, dated
September 1, 1980 (the "Bonds") the City Council had determined to
reduce the rate covenant coverage of debt service on said bonds from
125% to 110%; and
WHEREAS, the preliminary official Statement, dated August 11,
1980 and the final Official Statement, dated August 21, 1980 relating
to the Bonds as well as the bond counsel opinion printed on the Bonds
all stated that such coverage was 110% and represented that the Resol
tion provided coverage of 110% and such representation was also made
to rating agencies, underwriters and prospective Bond purchasers; and
WHEREAS., the City Council has determined that the failure to
amend the Resolution prior to the sale of the Bonds to reduce the
coverage as aforesaid was a formal defect or omission within the
meaning of Section 1001 of the Resolution and in no way were prospec-
tive Bond purchasers given any representations that such coverage
would be-125% but rather were informed that such coverage would be
110%.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF TAMARAC, FLORIDA:
SECTION 1: The first paragraph of Section 502 of the Resolution
is hereby amended to read as follows:
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TEMP. #1891
1 "Section 502. Rate Covenant. The City
further covenants that it will fix, charge and
2 collect rates and charges for the use of the
services and facilities furnished by the Water
3 and Sewer Utility and that from time to time,
and as often as it shall be necessary, it will
4 adjust such rates and charges by increasing or
decreasing the same or any selected categories
5 of rates and charges so that the Revenues will
at all times be sufficient in each Fiscal Year
to provide an amount at least equal to the sum
of (a) one hundred per centum (100%) of the
Current Expenses of the Water and Sewer Utility
for the current Fiscal Year, (b) one hundred
8 ten per centum (110%) of the Principal and In-
terest Requirements for the current Fiscal Year,
9 and ( c ) one hundred per centum (10 0 % ) of the
Reserve Account Deposit Requirement for the
10 current Fiscal Year."
11 SECTION 2: In accordance with Section 1001 of the Resolution,
12 the City Council caused to be published once a week for two consecu-
13 tive weeks in The Daily Bond Buyer, a financial journal published in
14 the Borough of Manhattan, City and State of New York at least 30 days
15 prior to the date of adoption of this resolution a notice of the pro-
16 posed adoption of this resolution in the following form:
17 "City of Tamarac, Florida
Notice of Proposed Adoption of a
Supplemental Resolution
The City Council of the City of Tamarac,
Florida proposes to correct a formal de-
20 fect or omission in Resolution No.79-251,
as amended, authorizing $12,935,000 Water
21 and Sewer Utility Revenue Bonds, Series
1980 by changing the rate covenant debt
22 service coverage percentage from 125% to
110% so as to make such coverage percentage
23 consistent with the coverage percentage
represented in the preliminary Official
24 Statement and final Official Statement
promulgated in connection with the offering
25 and sale of said bonds.
26 Copies of such -proposed supplemental
resolution are on file at the Office of
27 the City Clerk of the City of Tamarac and
may be inspected by all bondholders."
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SECTION 3: The City Clerk did prior to the first publication of
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the notice set forth in Section 2 above cause a similar notice to be
' mailed, postage prepaid, to all registered owners of bonds and all
other bondholders who shall have filed their names and addresses with
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33 the City Clerk for such purpose.
SECTION 4: This resolution becomes effective immediately upon
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35 its passage.
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PASSED, APPROVED and ADOPTED this ,2 ay of ,1981
ATTEST:
AS-SISTANT—CITY CLERK
I HEREBY CERTIFY that I have
approved the form and correctness
of this RESOLUTION. RECORD OF COUNCIL VOTE
MAYOR;
� 6N DISTRICT
CITY ATTORNEY DISTRICT
DISTRICT
DISTRICT
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