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HomeMy WebLinkAboutR-1974-044 1 i i } RESOLUTION NO. 44 i I A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE AT PRIVATE SALE TO STEFAN H. ZACHAR AND DOROTHY LAPPE ZACHAR, HUSBAND AND WIFE, ON JANUARY 11, + 1974 , OF A REVENUE CERTIFICATE OF INDEBTEDNESS i AND FURTHER AUTHORIZING THE ISSUANCE AND SALE AT PRIVATE SALE TO J. W. MOFFITT, JR. , ON JANUARY j 11, 1974 , OF AN IDENTICAL REVENUE CERTIFICATE OF INDEBTEDNESS; AND PROVIDING THAT EACH OF THE SAID REVENUE CERTIFICATES SHALL BE IN THE PRINCIPAL SUM OF $100 ,000 . 00 AND THAT EACH SHALL BEAR IN- TEREST AT THE RATE OF SIX AND ONE-HALF PER CENT (6 1/2%) PER ANNUM; PROVIDING THAT EACH OF SAID CERTIFICATES SHALL BE PAYABLE IN TEN EQUAL IN- STALLMENTS OF $10 ,000 .00 EACH, WITH THE FIRST OF SAID PAYMENTS TO BE DUE JANUARY 11, 1975 , AND WITH EACH OF THE REMAINING INSTALLMENTS DUE ON EACH CERTIFICATE TO BE DUE EVERY YEAR THERE- AFTER; AND PROVIDING THAT INTEREST PAYMENTS DUE ON THE UNPAID BALANCE EVIDENCED BY EACH OF SAID CERTIFICATES SHALL BE PAYABLE AT THE SAME TIME AS PRINCIPAL PAYMENTS ARE DUE; AND PROVIDING THAT EACH OF SAID CERTIFICATES SHALL ALLOW CITY i OF DANIA TO PREPAY ALL OR ANY PART OF THE PRIN- CIPAL WITHOUT PENALTY; AND PROVIDING THAT THE �Y I ENTIRE PROCEEDS FROM THE SALE OF THE SAID CERTI- FICATES SHALL BE USED TO PURCHASE SE 1/4 OF THE SW 1/4 OF THE NW 1/4 OF SECTION 2 , TOWNSHIP 51 � .. SOUTH, RANGE 42 EAST, BROWARD COUNTY, FLORIDA; AND PROVIDING THAT THE SAID LANDS SHALL BE USED FOR PARK AND RECREATIONAL PURPOSES; AND PROVID- ING THAT THE REPAYMENT OF SAID CERTIFICATES SHALL BE SECURED BY A LIEN UPON ANY REVENUES EARNED OR RECEIVED FROM THE MUNICIPAL OPERATION OF SAID PARK AND RECREATIONAL FACILITY; AND PROVIDING THAT THE REPAYMENT OF SAID CERTIFICATES SHALL BE FURTHER SECURED BY A PLEDGE OF THE REVENUES DERIVED BY CITY OF DANIA FROM FLORIDA POWER & LIGHT COMPANY UNDER ORDINANCE NO. 308 ADOPTED BY THE CITY COM- MISSION OF CITY OF DANIA, FLORIDA, ON SEPTEMBER , 21, 1953 ; AND PROVIDING THE FORM IN WHICH SAID CERTIFICATE SHALL BE ISSUED AND FURTHER AUTHORIZ- ING THE PROPER OFFICIALS OF CITY OF DANIA, FLORIDA, TO MAKE, EXECUTE AND DELIVER SAID CERTIFICATES TO THE PERSONS WHO ARE NAMED AS PAYEES , AS AFORESAID; AND PROVIDING FOR A PROCEDURE CONCERNING THE PLEDGE OF THE AFORESAID REVENUES SO THAT CITY OF DANIA MAY USE SAID REVENUES FOR ITS GENERAL PURPOSES AS LONG AS SAID CERTIFICATES ARE NOT IN DEFAULT; AND FURTHER PROVIDING A PROCEDURE TO FOLLOW CONCERNING THE PLEDGE OF SAID REVENUES IN THE EVENT SAID CER- TIFICATES BECOME IN DEFAULT; AND PROVIDING THAT ALL APPLICABLE PROVISIONS OF THE CHARTER OF CITY OF ' DANIA, FLORIDA, CONCERNING THE SALE AND ISSUANCE OF REVENUE CERTIFICATES SHALL BE DEEMED TO BE APPLIED TO THE SALE OF THE CERTIFICATES CONTEMPLATED BY THIS RESOLUTION; AND PROVIDING THAT ALL RESOLUTIONS OR PARTS OF RESOLUTIONS IN CONFLICT HEREWITH BE RE- PEALED TO THE EXTENT OF SUCH CONFLICT; AND PROVIDING THAT THIS RESOLUTION SHALL BECOME EFFECTIVE AS OF ITS PASSAGE AND ADOPTION WHEREAS, the charter of City of Dania authorizes City of -1- i RE-609 3 M-147 J I 1 f Dania to own, operate and maintain any and all types of parks and recreational facilities and areas; and WHEREAS , City of Dania has the oppportunity to purchase the I following described lands, to wit, I SE 1/4 of the SW 1/4 of the NW 1/4 of Section 2, Township 51 South, Range 42 East, Broward County, Florida, for a total purchase price of $250 , 000 . 00 from Stefan H. Zachar and i Dorothy Lappe Zachar, husband and wife, who own an undivided one-half j interest in same, and from J. W. Moffitt, Jr. , who owns the remaining undivided one-half interest; and WHEREAS , the City Commission authorized the proper officers of the city to enter into an agreement to purchase the said lands on 1 behalf of the city, with the said agreement being authorized on Novem- ber 19 , 1973; and WHEREAS , in connection with the purchase, City of Dania has funds of only $50,000 .00 available at this time so that revenue certi- ficates of indebtedness must be issued in order to derive the remain- ing $200,000. 00 which shall be required to complete the purchase; and I i WHEREAS, the City Commission is authorized to issue and sell revenue certificates of indebtedness at public or private sale for the i purchase of facilities such as parks and recreational areas ; and WHEREAS , Stefan H. Zachar and Dorothy Lappe Zachar, husband and wife, have indicated a willingness to purchase one of the revenue certificates which is authorized by this resolution; and WHEREAS, J. W. Moffitt, Jr. , has indicated a willingness to i purchase the remaining revenue certificate which is authorized by this { I resolution; and 1 WHEREAS , the City Commission of City of Dania, Florida, deems it for the best interests of the citizens of City of Dania and for I the public at large to purchase said lands and to pay for a part of I the purchase price from a private sale of two revenue certificates of indebtedness, each in the principal sum of $100 ,000 .00 , so as to derive the total sum of $200 ,000 . 00 to apply against, or be considered i i -2- 1 w a part of, the total purchase price of $250 ,000 . 00; and sWHEREAS , at such time as the said lands are fully improved i by the city for park and recreational purposes , the said lands will produce revenues through the operation of vending machines , franchises , rental agreements and similar types of arrangements which are custo- marily found in existence at any municipal park or recreational fa- cility; and WHEREAS , the charter of City of Dania was amended by Chapter 61-2053, 1961 Special Acts of Florida, so that Section 11, Article 3 , Part VII, of the charter provides as follows : "Section 11. Authority to pledge any and all types of excise taxes as security for revenue bonds or cer-_ tificates, either as additional security or inde- pendently. i In all cases under this article where the city is authorized to issue and sell revenue bonds or certificates to provide money to finance, acquire, construct, improve and operate any utility, enter- prise, work, undertaking or project, and to provide that the revenue derived from same shall be pledged or used for the purpose of paying such revenue bonds , or certificates and interest thereon, the city shall also have power to pledge as additional security for such revenue bonds or certificates and interest thereon, any and all types of excise taxes, including but not limited to utilities services taxes , cigarette taxes, and franchise taxes , or any occupational license taxes , or any other funds which the city may have available to pledge to the payment of the principal or of interest on such revenue bonds or certificates and for reserves therefor, except moneys derived from ad valorem taxes. Further, any and all such types of excise taxes may be pledged as security for the repayment of revenue bonds or certificates authorized under this article, and any interest due thereon, not- withstanding the fact that proceeds from the sale of such revenue bonds or certificates are used to finance the acquisition of an activity which does not have its future revenues pledged for the repayment of such revenue bonds or certificates" ; and jWHEREAS, the said Section 11 allows any franchises taxes to be pledged as additional security for the payment of revenue certi- ficates issued by City of Dania; and WHEREAS , pursuant to such authority, City of Dania desires to i secure the repayment of said certificates by a lien upon any revenues received from the city' s operation of said lands for park and recre- -3- i 1 "t. i i ational purposes and by a pledge of the revenues derived by City of i Dania from revenues derived from Florida Power & Light Company under ordinance no. 308 adopted by the City Commission of City of Dania on fr September 21, 1953; and f i WHEREAS, the City Commission desires to proceed with the clos- ing of the aforesaid transaction under the general terms and condi- tions stated herein, NOW, THEREFORE , BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF DANIA, FLORIDA: i Section 1. That the City Commission does hereby authorize the issuance and sale at private sale of two revenue certificates of in- debtedness of City of Dania. Each certificate shall be in the principal amount of $100,000 .00 , with each certificate to bear interest at the i rate of six and one-half per cent (6 1/28) per annum, with each cer- tificate to provide that the principal sum shall be payable in ten i equal installments of $10 ,000. 00 each, with the first of said payments to be due January 11, 1975, and with each of the remaining installments to be due every year thereafter, and with the said certificate to pro- vide that the interest payment shall be due at the same time as prin- cipal payments . Conformed copies of each of the two revenue certifi- cates of indebtedness are attached hereto and made a part hereof by reference. Section 2 . One of said certificates shall be issued to Stefan H. Zachar and Dorothy Lappe Zachar, husband and wife. The other cer- tificate shall be issued to J. W. Moffitt, Jr. Section 3. Each of said certificates shall be a special obliga- tion of City of Dania, Florida, secured on a pro-rata basis by a lien i upon any revenues which may be derived by City of Dania, Florida, from ? the operation of a p public park and recreational facility at the lands which are hereinafter described. In addition, each of said certifi- cates shall be further secured on a pro-rata basis by a pledge of the revenues derived by City of Dania from Florida Power & Light Company under ordinance number 308 adopted by the City Commission of the City -4- i , { of Dania, Florida, on September 21, 1953 . Section 4 . That the aforesaid revenue certificates of indebted- ness shall be made, executed and delivered by City of Dania at the time of the aforesaid sale on January 11, 1974. The said certificates shall be signed by the City Manager, the Mayor-Commissioner and attested by the City Clerk-Auditor. Section 5. That all provisions contained in the city charter of City of Dania, Florida, concerning issuance and sale of revenue certificates of indebtedness shall be applicable to the sale of the revenue certificates which are the subject of this resolution. The indebtedness evidenced by the certificates shall at all times be se- cured by a pledge of the revenues heretofore described. However, as long as the payments on said certificates are not in default, City I of Dania reserves the right to use said revenues for its general pur- poses. Upon default in making payment under said certificates , the holder shall then have the right to demand that any future revenues .. . pledged under the terms of this resolution shall be segregated in a separate account and shall be used only for the purpose of paying any past due installments due under the terms of said certificates and such revenues shall continue to be segregated and used only for the - purpose of paying such past due installments until whatever date the payments due under said certificates may be brought to a current stand- ing. Section 6 . That the proceeds to be derived from the sale of said revenue certificates shall be used to purchase the following described lands, to wit, 1 SE 1/4 of the SW 1/4 of the NW 1/4 of Section 2, Township 51 South, Range 42 East, Broward County, Florida, t in accordance with earlier authorizations approved by the City Com- mission of City of Dania at its formal meetings . That is , the said lands shall be purchased by City of Dania for a total purchase price of $250,000.00 . The city shall pay $50 ,000 . 00 from its funds to the sellers in the transaction and such funds shall be credited against 1 -5- i j I , d 4 the purchase price of $250,000 .00, leaving a balance then due of $200,000.00. Said balance of $200,000. 00 shall be paid from the pro- ceeds derived from the sale of the two revenue certificates of in- I debtedness which are the subject of this resolution. It shall not be necessary for the city to require that the purchasers of said certificates (namely, Stefan H. Zachar and Dorothy Lappe Zachar, hus- band and wife, as to one of the certificates, and J. W. Moffitt, Jr. , as to the remaining certificate) actually pay the cash sum in the i total amount of $200 ,000 . 00 to City of Dania, because such parties I are the sellers in the real estate transaction, if a proper credit for said total sum of $200 ,000 .00 is allowed against the total purchase price of $250,000 .00 in connection with the closing of the said real estate 1 transaction. The city attorney of City of Dania is directed to , 's act on behalf of the city in closing the said real estate transaction with the sellers and shall cause the sellers to approve a formal real I " estate closing statement which shall show a credit for the principal amounts of said revenue certificates of indebtedness , in the total sum '^ of $200,000 .00 , against the total purchase price of $250,000 .00 . Section 7. All resolutions or parts of resolutions in conflict herewith be and the same are hereby repealed to the extent of such con- flict. y Section 8. This resolution shall become effective as of its i passage and adoption. - i PASSED and ADOPTED this 7th day of January, 1974. i Mayor-Commissio er Attest: City Clerk-Auditor j l CERTIFICATE t l 3 � I , WANDA MULLIKIN, do hereby certify as follows: (1) That I am City Clerk-Auditor of the City of Dania, t Florida, a Florida municipal corporation, and that I have custody t of all ordinances and resolutions adopted by the City Commission of the City of Dania. (2) That the foregoing is a true and exact copy of a 1� resolution formally and finally adopted by the City Commission of ! i City of Dania at its meeting on January 7, 1974. (3) That the resolution has not been amended or repealed since the date of its adoption and is still in full force and effect. 3 DATED this llth day of January, 1974. I i / n / W DA MU IA-LD , City Clerk Auditor �I � I i (seal) i ; i i i �1 4 f t J i yy b t