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1995-17 Interlocal Agreement for Capital Projects Financing-FL Local Govt Finance Authority-Reso1995-22 RESOLUTION NO. 95 - 17 fro lJ) A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF PARXLAND, FLORIDA AUTHORIZING THE CITY OFFICIALS TO EXECUTE AN INTERLOCAL AGREEMENT BETWEEN FLORIDA LOCAL GOVERNMENT FINANCE AUTHORITY AND THE CITY OF PARXLAND, FLORIDA FOR CAPITAL PROJECTS FINANCING WHEREAS, the City Commission of the City of Parkland, Florida finds and deter.mines that it is in the best interest of the citizens to execute an Interlocal Agreement between the City of Parkland, Florida and Florida Local Government Finance Authori ty as described in the Interlocal Agreement attached hereto and made a part hereof; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF PARXLAND, FLORIDA, that: Section 1. The appropriate City Officials are hereby authorized to execute an Interlocal Agreement between the City of Parkland, Florida and Florida Local Government Finance Authority. Section 2. This Resolution shall take effect immediately upon its passage and adoption. PASSED AND ADOPTED THIS DAY OF , 1995. SAL PAGLIARA, MAYOR SUSAN ARMSTRONG, C. M. C., CITY CLERK RESOLUTIONS NO. 95-13, 95-16 AND 95-17 APPEARED ON THE MARCH 1, 1995 AGENDA FOR APPROVAL OF A $6,000,000 BORROWING FROM FLORIDA LOCAL GOVERNMENT FINANCE AUTHORITY, FIRST UNION NATIONAL BANK OF FLORIDA, AND PUBLIC FINANCIAL ADMINISTRATIVE SERVICES, INC. AND THE CITY OF PARKLAND. THE RESOLUTIONS WERE APPROVED AND THE INTERLOCAL AGREEMENT (RESOLUTION NO. 95-17) WAS TAKEN TO BROWARD COUNTY AND RECORDED ON MARCH 3, 1995. SUBSEQUENT TO THE PASSAGE OF THE $6,000,000 BORROWING THE LOAN DEFAULTED. RESOLUTION NO. 95-21 APPEARED BEFORE THE CITY' COMMISSION ON MARCH 15, 1995 AND DECLARED NULL AND VOID THE RESOLUTIONS PASSED ON MARCH 1, 1995 (RESOLUTIONS nO. 95-13, 95-16 AND 95-17). THE COMMISSION APPROVED THE $6,000,000 BORROWING WITH NATIONS BANK BY RESOLUTION NO. 95-22 ON MARCH 15, 1995 AND THE LOAN PAPERS WERE SIGNED ON MARCH 20, 1995 THEiIllTERLOCAL AGREEMENT TERMINATION WAS EXECUTED BY THE FLORIDA LOCAL GOVERNMENT FINANCE AUTHORITY AND SENT TO BROWARD COUNTY TO BE RECORDED. ONE ORIGINAL WAS SENT TO WILLIAM ZVARA, ESQ. 4/13/95 ATTORNEY AND THE OTHER WAS RECORDED. l ANDREW S. MAURODIS LAWOFACE ANDREW S. MAURODIS 321 SOUTHEAST 15TH AVENUE FORT LAUDERDALE. FLORIDA 33301 TELEPHONE (305)467-2000 TELECOPIER (305) 467-2306 DEER FIELD BEACH OF CouNSEL STUART R. MICHELSON POST OFFICE BOX 8583 DEER FIELD BEACH, FlORIDA 33443-8583 TELEPHONE (305) 480-4265 TELECOPIER (305) 480-4490 REPLY TO: March 7, 1993 William L. Zvara, Esquire 1750 Riverplace Tower Jacksonville, Florida 32207 RE: lnterlocal Agreement Between Florida Local Government Finance Authority And The City of Parkland, Florida Dear Bill: Enclosed please find two copies of an Interlocal Agreement to cancel the Interlocal Agreement entered into on March 1, 1995, between Florida Local Government Finance Authority and the City of Parkland. Please execute and return to me so that the matter can be properly closed. Please contact me if you have any questions. Sincerely, / / // ~ Andrew S. Maurodis ASM:jms Enclosures cc: Mr. Harry Mertz INTERLOCAL AGREEMENT THIS INTERLOCAL AGREEMENT made and entered into this day of March, 1995, by and between the FLORIDA LOCAL GOVERNMENT FINANCE AUTHORITY, a public body corporate and politic organized and existing wider the laws of the State of Florida (the "Sponsor"), and CITY OF PARKLAND, FLORIDA, a public body corporate and politic organized and existing under the laws of the State of Florida (the "Governmental Unit") as follows: \VHEREAS, the Sponsor and the Governmental Unit entered into an Interlocal Agreement dated March 1, 1995, to facilitate the issuance of certain bonds; and WHEREAS, as a result of certain events, the bonds were never issued, the loan proceeds from the bonds were never disbursed, and the bond issue never consummated; and WHEREAS, the Governmental Unit and the Sponsor executed an Interlocal Agreement dated March 1, 1995, which Interlocal Agreement was recorded in the Public Records ofBroward County; and WHEREAS, both parties wish to record this document to indicate that said Interlocal Agreement is hereby cancelled and of no force and effect and shall be rendered void, NOW, THEREFORE, BE IT AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS: Section 1. Section 2. The above representations are true and correct and made a part hereof. The Interloca1 Agreement made between the Sponsor and the Governmental Section 3. This Agreement shall take effect when duly executed by the parties. A copy shall be filed with the Clerk of the Broward County Circuit Court. FLORIDA LOCAL GOVERNMENT FINANCE AUTHORITY Sponsor By: Vice Chairman (SEAL) ArrEST: By: Secretary CITY OF PARKLAND, FLORIDA Governmental Unit By: Mayor (SEAL) ATTEST: By: City Clerk INTERLOCAL AGREEMENT THIS INTERLOCAL AGREEMENT made and entered into this 1st day of March. 1995, by and between the FLORIDA LOCAL GOVERNMENT FINANCE AUTHORITY. a public body corporate and politic organized and existing under the laws of the State of Florida (the "Sponsor"). and CITY OF PARKLAND. FLORIDA. a public body corporate and politic organized and existing under the laws of the State of Florida (the "Governmental Unit"). All capitalized terms used herein and not otherwise defined herein shall have the respective meanings assigned to such terms in the Loan Agreement, as hereinafter defined. WITNESSETH: WHEREAS. Part I of Chapter 163 of the Florida Statutes authorizes the creation of the Sponsor within the State of Florida for the purpose of issuing revenue bonds or other obligations under the Constitution and laws of the 'State of Florida to assist in finanCing the cost of the acquisition. construction and improvement of capital projects of partiCipating local governmental units. including the Governmental Unit: and WHEREAS. pursuant to Chapters 163. 125. 159 and 166. Florida Statutes. as amended. and other applicable provisions of law (the "Act") the Sponsor and Governmental Unit are authorized to assist in finanCing the acquisition. construction and improvement of any capital project as described.therein: and WHEREAS. the Governmental Unit desires to acquire. construct and improve public parks and recreation areas (collectively. the "Project") within the territory and jurisdiction of the Governmental Unit which Project constitutes a qualified capital project under the Act: and WHEREAS. the Sponsor has established its Capital Projects Loan Program (the "Program") for financing or refinance qualified capital projects such as the Project upon the issuance of the Sponsor's obligations (the "Obligations") which provide funds for the Governmental Unit to acquire. construct and improve the Project pursuant to this Agreement: and WHEREAS. by pooling the financial resources of the Sponsor. the Governmental Unit and other participating governmental units throughout the State of Florida. the benefits of lower interest rates and economies of scale associated with a large scale financing may be obtained and passed through to the Governmental Unit: and WHEREAS. the Governmental Unit desires to borrow not exceeding $6.000.000 from the Program to finance or refinance the acquisition. construction and improvement of the Project which loan is to be governed by this Agreement and a Loan ~eement between the Sponsor and the Governmental Unit (the "Loan Agreement") on file with First Union National Bank of Florida. or any successor. as Trustee for the Obligations (the "Trustee"); and WHEREAS. Section 163.01. Florida Statutes. as amended. authorizes this Agreement and confers upon the Sponsor the authority to loan such funds from the Program to the Governmental Unit to acquire. construct and improve the Project which is located within the territory and jurisdiction of the Governmental Unit: and WHEREAS. it is the intent of the parties hereto to provide an additional method of financing for projects of the Governmental Unit within the area of operation of the Governmental Unit through the exercise of the Joint powers of the Governmental Unit and the Sponsor in the manner set forth herein: Prepared by and Return to: William l. Zvara William l. Zvara. P.A. 1750 Riverplace Tower Jacksonville. Florida 32207 -1- WLZ-02/24/95-Z028-lnLoc-P EXHIBIT "A" NOW THEREFORE. the parties hereby agree as follows: Section 1. Authorization to the Sponsor, The Governmental Unit hereby authorizes the Sponsor to issue the Obligations for the purpose of providing a loan o-r loans from the Program to the Governmental Unit in an amount not exceeding $6.000..000 to finance or refinance the acquisition. construction and improvement of the Project. . All proceeds of the Obligations of the Sponsor Will be administered by the Sponsor or Its agents until disbursed to the GO\'ernmenta] Unit in accordance \\ith the Loan Agreement. All payments due on the Obligations from the revenues and sources specified therefor shall be paid by the Sponsor or its agents \\ithout further action by the Governmental Unit except as required by the Loan Agreement. The Sponsor shall have all power and authority of the Governmental Unit to do all things necessary or convenient to the implementation of the Program for the Governmental Unit within the area of operation of the Governmental Unit. to the same extent as if the Governmental Unit were issuing its own obligations for such purposes. It is the intent of this Agreement that the Sponsor be vested. 'to the maximum extent permitted by law. with" all powers which the Governmental Unit might exercise with resrect to the financing of the Project. All such actions shall be taken in the name 0 and be the financial obligations of the Sponsor except as provided in the Loan Agreement. Section 2. Term: Amendments. This Agreement will rem,ain in full force and effect from its effective date as herein provided until such time as it is terminated by any party hereto upon ten calendar days written notice to the other party hereto and to the Trustee: provided. however. that not\\-ithstanding the foregOing. it is agreed that this Agreement may not be unilaterally terminated by any party unless and until either (1) the Obligations issued to finance the loan to the Governmental Unit no longer remain outstanding or (ii) the Loan Agreement has been paid in full. The parties to this Agreement may mutually agree in writing to the terms of any tennlnation with the written consent of the Trustee. It is further agreed that in the event of termination the parties to this Agreement will prOVide continuing cooperation to each other in fulfilling the purposes associated with the Program and the Obligations. Nothing herein shall be deemed in any way to limit or restrict the Governmental Unit from issuing its own obligations. providing its own program or participating in any other program for the financing of any capital project wnich the Governmental Unit may choose to finance. This Agreement may be amended only by written instrument signed by the parties hereto with the written consent of the 1h1stee: provided. however. that no such amendment which would adversely affect the rights of the owners of any outstanding Obligations of the Sponsor. as determined by counsel to the Sponsor. shall be effective until such time as all necessary written consents or approvals with respect to such Obligations shall have been obtained. ,Any termination or amendment of this Agreement shall be filed in accordance with law. Section 3. Filing of this Agreement. It is agreed that this Agreement shall be filed by the Sponsor. or its authorized agent or representative. with the clerk of the circuit court of the county in which the Sponsor's seat of government is located and with the clerk of the circuit court of the Governmental Unit or of the county in which the Governmental Unit is located. all in accordance with Section 163.01. Florida Statutes. as amended. Section 4. Obligations of the Sponsor. The Sponsor may evidence any borrowing authorized herein by the issuance of its Obligations; provided. however. that any such Obligations shall state on their face that such Obligations shall not be or constitute a general obligation or indebtedness of the Sponsor. the State of Florida. the Governmental Unit. or any political subdivision thereof. but shall be a limited. special obligation of the Sponsor. payable solely from the revenues. receipts and other sources plecfged therefor under the Loan Agreement or otheIWise available to the Sponsor under a Program. Such Obligations shall further provide that no owner of any such Obligation shall have the right to require or compel the payment of such Obligations WU-02/24/9S.Z028-lnLoc. P -2- except from the sources set forth therein. Nothing in this section shall be deemed to prohibit or limit the pledge of the Governmental Unit securing Its Loan Agreement or any additional pledge of the Governmental Unit from any funds or obligations which may lawfully be pledged for such purpose. Section 5. SeverabWty of IDvalld Provisions. If anyone or more of the covenants. agreements or provisions herein contained shall be held contrary to any express provisions of law or contrary to the policy of express law. though not expressly prohibited. or against public policy. or shall for any reas~ whatsoever be held invalid. then such covenants. agreements or provisions shall De null and void and shall be deemed separable from the remaining covenants. agreements or provisions and shall in no way affect the validity of any of the other provisions hereof. Section 6. Counterparts. This Agreement may be simultaneously executed in . several counterparts. each of which shall be an original and all of which shall constitute but one and the same instrument. Section 7. Effective Date. This Agreement shall take effect when duly executed by the parties hereto and filed in accordance wtth law. WLZ-02/24/95-Z028-1nLoc-P -3- . . IN WITNESS WHEREOF. the parties to this lnterlocal Agreement have caused their names to be aftlxedhereto by the proper officers thereof as of the date first above written. FLORIDA LOCAL GOVERNMENT FINANCE AUTHORITY Sponsor By: Vice Chairman CITY OF PARKLAND. FLORIDA Governmental Unit By: Mayor WLZ~2/24/95-Z028-lnLoc-P ..... EXHIBIT D INTERLOCAL AGREEMENT TIDS INTERLOCAL AGREEMENT made and entered into this 1 st day of March, 1995, by and between the FLORIDA LOCAL GOVERNMENT Jl'INANCE AUTHORITY, a public body corporate and politic organized and existing under the laws of the State of Florida (the "Sponsor"), and CITY OF PARKLAND. P'LORlDA. a public body corporate and politic organized and existing under the laws of the State of Florida (the "Governmental Unit"). All capitalized terms used herein and not otherwise defined herein shall have the respective meanings assigned to such terms in the Loan Agreement, as hereinafter defined. WITNESSETH: WHEREAS, Part I of Chapter 163 of the Florida Statutes authorizes the creation of the Sponsor within the State of Florida for the purpose of issuing revenue bonds or other obligations under the Constitution and laws of the State of Florida to assist in financing the cost of the acquisition, construction and improvement of capital projects of participating local governmental units. including the Governmental Unit; and WHEREAS, pursuant to Chapters 163, 125. 159 and 166, Florida Statutes, as amended, and other applicable provisions of law (the "Actj the Sponsor and Governmental Unit are authorized to assist in financing the acquisition, construction and improvement of any capital project as described therein; and W'BBREAS. the Governmental Unit desires to acquire, construct and improve public parks and recreation areas (collectively, the "Project") within the territoIY and jurisdiction of the Governmental Unit which Project ,constitutes a qualtfted capital project under the Act and WHEREAS, the Sponsor has established its Capital Projects Loan Prognl!D. (the "Program" for financing or refinance qualified capital projects such as tlle Project upon the issuance of the Sponsor's obligations (the "Obligations") which provide funds for the Governmental Unit to acquire, construct and improve the Project pursuant to this Agreement: and WHEREAS. by pooling the financial resources of the Sponsor, the Governmental Unit and other participating governmental units throughout the State of Florida, the benefits of lower interest rates and economies of scale associated wtth a large scale financing may be obtained and passed through to the Gov~rnmental Unit; and W'BBREAS, the Governmental Unit desires to borrow not exceeding $6.000.000 from the Program to finance or refinance the acquisition. construction and improvement of the Project which loan is to be governed by this Agreement and a Loan Agreement between the Sponsor and the Governmental Unit (the ''Loan Agreement" on fife with First Union National Bank of Florida, or any successor, as Trustee for the Obligations (the "Trustee"): and W'BBREAS. Section 163.01. Florida Statutes, as amended. authorizes this Agreement and confers upon the Sponsor the authority to loan such funds from the Program to the Governmental Unit to acquire. construct and improve the Project which is located within the territoIY and jurisdiction of the Governmental Unit: and WHEREAS. it is the intent of the parties hereto to provide an additional method of financing for projects of the Governmental Unit within the area of operation of the Governmental Unit through the exercise of the Joint powers of the Governmental Unit and the Sponsor in the manner set forth herein; WLZ-Q2/22/95-Z02B-lnLoc-P -1- NOW THEREFORE. the parties hereby agree as follows: Section 1. Authorization to the Sponsor. The Governmental Unit hereby authorizes the Sponsor to issue the Obligations for the purpose of providing a loan or loans from the Program to the Governmental Unit in an amount not exceeding $6.000.000 to financeor refinance the acquisition. construction and improvement of the Project. All proceeds of the Obligations of the Sponsor will be administered by the Sponsor or its agents until disbursed to the Governmental Unit in accordance with the Loan Agreement. All payments due on the Obligations from the revenues and sources specified therefor shall be paid by the Sponsor or its agents without further action by the Governmental Unit except as required by the Loan Agreement. The Sponsor shall have all power and authority of the Governmental Unit to do all things necessary or convenient to the implementation of the Program for the Governmental Unit within the area of operation of the Governmental Unit. to the same extent as if the Governmental Unit were issuing its own obligations for such purposes. It is the intent of this Nn'eement that the Sponsor be vested. to the maximum extent pennitted by law. with all powers which the Governmental Unit mijlht exercise with respect to the financing of the Project. All such actions shall be taken in the name of and be the financial obligations of the Sponsor except as provided in the Loan Agreement. Section 2. Term; Amendments. This Agreement will remain in full force " and effect from its effective date as herein provided until such time as it is tennJnated by any party hereto upon ten calendar days written notice to the other party hereto and to the Trustee: provided. however. that notwtthstandingthe foregoing. it is agreed that this Agreement may not be unilaterally terminated by any party unless and until either (1) the Obligations issued to finance the loan to the Governmental Unit no longer remain outstanding or (11) the Loan Agreement has been paid in full. The parties to this Agreement may mutually agree in writing to the terms of any termination with the written consent of the Trustee. It is further agreed that in the event of termination the parties to this Agreement will provide continuing cooperation to each other in fulfilling the purposes associated with the Program and the 'Obligations. Nothing herein shall be deemed' in any way to limit or restrtct the Governmental Unit from issuing its own obligations. providing its own program or participating in any other program for the financing of any capital project which the Governmental Unit may choose to finance. This Agreement maybe amended only by written instrument signed by the parties hereto with the written consent of the Trustee: provided. however. that no such amendment which would adversely affect the rights of the owners of any outstanding Obligations of the Sponsor. as determined by counsel to the Sponsor. shall be effective untif such time as all necessary written consents or approvals with respect to such Obligations shall have been obtained. Any termination or amendment of this Agreement shall be flIed in accordance with law. Section 3. FWna of this A&reement. It is agreed that this Agreement shall be flIed by the Sponsor. or its authol1zed agent or representative. with the clerk of the circuit court of the county in which the Sponsor's seat of government is located and with the clerk of the circuit court of the Governmental Unit or of the county in which the Governmental Unit is located. all in accordance with Section 163.01. Florida Statutes. as amended. Section 4. ObUptioD8 of th, Sponsor. The Sponsor may evidence any borrowing authorized herein by the issuance of its Obligations: provided. however. that any such Obligations shall state on their face that such Obligations shall not be or constitute a general obligation or indebtedness of the Sponsor. the State of Florida. the Governmental Unit. or any political subd1v1sion thereof. but shall be a limited. special obligation of the Sponsor. payable solely.from the revenues. recetptsand other sources pledged therefor under the Loan Agreement or otherwise available to the Sponsor under a Program. Such Obligations. shall further provide that no owner of any such Obligation snall have the right to require or compel the payment of such Obligations WLZ-D2/22/95-Z028-lnLoc-P -2- except from the sources set forth therein. Nothing in this section shall be deemed to prohibit or 11m1t the pledge of the Governmental Unit securing its Loan Agreement or any additional pledge of the Governmental Unit from any funds or obligations which may lawfully be pledged for such purpose. Section 5. SeverabUlty of Invalid Provtslou. If anyone or more- of the covenants. agreements or provisions herein contained shall be held contrary to any express provisions of law or contrary to the policy of express law, though not expressly prohibited. or against public policy. or shall for any reason whatsoever be held invalid. then such covenants. agreements or provisions shall be null and void and shall be deemed separable from the remaining covenants, agreements or provisions and shall in no way affect the validity of any of the other provisions hereof. Section 6. Counterparts. This Agreement may be simultaneously executed in several counterparts. each of which shall be an original and all of which shall constitute but one and the same instrument. Section 7. Effective Date. This Agreement shall take effect when duly executed by the parties hereto and filed in accordance with law. WlZ-02/22/95-Z028-lnLoc-P -3- IN \VITNE88 WBBREOF. the parties to this Interlocal Agreement have caused their names to be affixed hereto by the proper officers thereof as of the date first above written. (SEAL) Attest: By: Secretary (SEAL) Attest: By: City Clerk WLZ-02/22/96-Z028-lnLoc-P FLORIDA LOCAL GOVERNMENT FINANCE AUTHORITY - Sponsor By: Chairman CITY OF PARKlAND, FLORIDA Governmental Unit By: , Chairman -4-