10-26-94 Special
.
.
DElRAY BEACH
f I ( If I [, \
CITY OF DELRAY BEACH, FLORIDA - CITY COMMISSION ItI.e:d
AII.America City
SPECIAL MEETING - OCTOBER 26, 1994 - 5:00 P.M. 'IlIr'
COMMISSION CHAMBERS
The City will furnish appropriate auxiliary aids and services
where necessary to afford an individual with a disability an equal
opportunity to participate in and enjoy the benefits of a service,
program, or activity conducted by the City. Please contact Doug
Randolph 243-7127 (voice) , or 243-7199 (TDD) , at least 24 hours
prior to the program or activity in order for the City to
reasonably accommodate your request. Adaptive listening devices
available for meetings in the Commission Chamber.
Pursuant to Section 3.07 of the Charter of the City of Delray
Beach, Florida, Mayor Thomas E. Lynch has instructed me to advise
you of a Secial Meeting of the City Commission to be held in the
Commission Chambers on Wednesday, October 26, 1994, at 5:00 p.m.
This meeting has been called for the purpose of considering the
following:
(1 ) RESOLUTION NO. 85-94: Approve Resolution No. 85-94 which
provides for the negotiated sale and determines certain
details of the 1994 Utility Tax Revenue Refunding and
Improvement Bonds; and for other purposes, including
approval of the form and authorization to execute a Bond
Purchase Agreement to effect the negotiated sale of the
bonds. m 077 on -to 4pp/èöi.JE - , .
Cu.æn /!hL!f:i:/(o:1y
I ,e, I J-j ~ 0 Alison MacGreg r Harty
~ ~. 36 City Clerk
.~
trd} tV
******************************************************************
Please be advised that if a person decides to appeal any decision
made by the City Commission with respect to any matter considered
at this meeting, such person will need a record of these proceed-
ings and may need to ensure that a verbatim record of the proceed-
ings is made, which record includes the testimony and evidence
upon which the appeal is based. The City neither provides nor
prepares such record. ::>- PdI (¡nrf£%J;~)
. ,,' --$ ~ glo I coo
ellLL /ô o,eðf¿: .5' /0 fm ù'GO'
ftESEfií - D~. /}(~'i3:,eií) RfP 5-11JII- _ [)í/j /fc¡c¡,eff:j~ ,.
51¥:.. /tnlcØ1
mI:. EI/¡'rJYSuJM'.ÝI1 . - .:r EP:t.f ~ fiC I¡ - ¡O Ffl7
flJ,e. ßtr;0CX-fJ/;
m í-I<¡o.e.. u.¡ /ì t'I-( - 5+E<.JE.. SRn /b,eo -
. ,
- [I{
I
¡:71, f
M E M 0 RAN DUM
TO: David T. Harden
City Manager
FROM: Joseph M. s~
Director of Fin
SUBJECT: Resolution Number 85-94
DATE: October 24, 1994
The above referenced resolution provides for the negotiated sale and
determines certain details of the 1994 Utility Tax Revenue Refunding and
Improvement Bonds; provides for the application of the bond proceeds; approves
the form and authorizes the Bond Purchase agreement with Stifel, Nicolaus &
Company Inc. and Smith Barney Inc. ; approves the form and authorizes the
official statement and confirms the distribution of the preliminary official
statement; awards the bonds to the Underwriters; appoints the paying agent and
registrar; provides for a bond insurance policy; declares the bonds to be
"qualified tax-exempt obligations"; authorizes the proper officials to do all
other things necessary relative to the issuance of the bonds; and provides for
an effective date.
This resolution is necessary in order to execute the issuance of the 1994
Utility Tax Revenue and Refunding Bonds.
JMS/rso
cc: Rebecca S. O'Connor, Treasurez:
.
.
.
RESOLUTION NO. R-85-94
A RESOLUTION OF mE CITY COMMISSION OF THE CITY OF
DELRAY BEACH, FWRIDA, AUTHORIZING mE NEGOTIATED
SALE OF CITY OF DELRAY BEACH, FWRIDA, UTILITIES TAX
REVENUE REFUNDING AND IMPROVEMENT BONDS, SERIES 1994, IN
THE AGGREGATE PRINCIPAL AMOUNT OF $5,810,000;
DETERMINING CERTAIN DETAILS OF SAID BONDS; PROVIDING FOR
THE APPLICATION OF THE BOND PROCEEDS; APPROVING THE
FORM OF, AND AUTHORIZING THE EXECUTION AND DELIVERY OF
A BOND PURCHASE AGREEMENT TO EFFECT THE NEGOTIATED
SALE OF THE BONDS; APPROVING THE FORM OF AND
AUTHORIZING mE EXECUTION OF AN OFFICIAL STATEMENT IN
CONNECTION WITH THE OFFERING AND SALE OF THE BONDS AND
APPROVING, RATIFYING AND CONFIRMING THE DISTRIBUTION
OF A PRELIMINARY OFFICIAL STATEMENT BY THE UNDERWRITERS;
AWARDING THE BONDS TO THE UNDERWRITERS; APPOINTING A
PAYING AGENT; APPOINTING A REGISTRAR; PROVIDING FOR A
BOND INSURANCE POLICY FOR THE BONDS PROVIDED BY THE
MUNICIPAL BOND INVESTORS ASSURANCE CORPORATION, AND
PROVIDING FOR CERTAIN NECESSARY SUPPLEMENTS TO THE
BOND RESOLUTION IN CONNECTION THEREWITH; DECLARING
THE BONDS TO BE "QUALIFIED TAX-EXEMPT OBLIGATIONS"
WITHIN THE MEANING OF SECTION 265(b)(3)(B) OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED; AUTHORIZING
THE PROPER OFFICERS OF THE CITY TO DO ALL OTHER THINGS
DEEMED NECESSARY OR ADVISABLE AS TO THE SALE AND
DELIVERY OF THE BONDS; AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, the City Commission (the "Commission") of the City of Delray
Beach, Florida (the "City") did, on December 3, 1991, adopt Resolution No. 98-91, as
amended and supplemented (herein, the "Original Resolution"), for the purpose, among
other things, of authorizing the issuance from time to time of Utilities Tax Revenue Bonds
to finance and refinance municipal projects; and
WHEREAS, any term not otherwise defined in this Resolution shall have the
meaning ascribed to such term in the Original Resolution;
WP8\SANFOAOS\50133 .3\16787 .010100\10/26/94 Res. No. R-85-94
.
'.
.
WHEREAS, pursuant to the terms and provisions of the Original Resolution,
the City did, on February 5, 1992, issue its first series of obligations under the Original
Resolution designated as Utilities Tax Revenue Refunding and Improvement Bonds, Series
1992, in the aggregate principal amount of $14,800,000 for the purposes authorized
thereunder (herein, the "Original Bonds"); and
WHEREAS, pursuant to the terms and provisions of the Original Resolution,
the City is authorized to issue obligations that are subordinate in all respects to Bonds
issued pursuant to the terms and provisions of the Original Resolution; and
WHEREAS, the City did, pursuant to the Original Resolution, Resolution No.
116-92, adopted by the Commission on October 13, 1992, as supplemented (the "1992
Subordinate Resolution"), and an Agreement Regarding line of Credit, dated as of
October 1, 1992 (the "1992 tine of Credit"), between the City and SunBankjSouth Florida,
N.A. (the "Bank"), issue its Utilities Tax Revenue Notes, Subordinate Series 1992,
outstanding in the principal amount of $1,918,885 (the "1992 Notes") to finance on a short
term basis the acquisition, construction and equipping of the Delray Beach Tennis Stadium
and related tennis courts (herein, the ''Tennis Facilities"); and
WHEREAS, the City did, pursuant to the Original Resolution, Resolution No.
98-93, as amended and restated by Resolution No. 108-93, adopted by the Commission on
October 12, 1993, and December 7, 1993, respectively (such Resolution No. 98-93, as
amended and restated by Resolution No. 108-93, herein called the "1993 Subordinate
Resolution"), and an Agreement Regarding line of Credit, dated as of December 1, 1993
(the "1993 line of Credit"), between the City and the Bank, issue its Utilities Tax Revenue
Notes, Subordinate Series 1993, outstanding in the principal amount of $810,000 (the "1993
"*'B\SANfOADS\50133 .3\ 167.7 .010100\ 10/26/94 2 Res. No. R-85-94
·
4
Notes") to finance on a short term basis certain municipal capital projects including
improvements and modifications to the Tennis Facilities; and
WHEREAS, the 1992 Subordinate Resolution and the 1993 Subordinate
Resolution are herein, collectively, referred to as the "Subordinate Resolutions"; and
WHEREAS, the 1992 Notes and the 1993 Notes are herein, collectively,
referred to as the "Notes"; and
WHEREAS, the 1992 Line of Credit and the 1993 Line of Credit are herein,
collectively, referred to as the "Line of Credits"; and
WHEREAS, pursuant to the Subordinate Resolutions and the Line of Credits,
the Notes are prepayable, in whole or in part, at any time without penalty or premium; and
WHEREAS, Article ill, Section 4.G of the Original Resolution provides that
the City may issue.1lliIi~ additional Bonds if the conditions in such section are complied
with; and
WHEREAS, the Commission did, on March 22, 1994, adopt Resolution No.
R-27-94 (herein the "1994 Resolution") determining it to be in the best economic interest
of the City to issue Jli!ri~ additional Bonds on parity with the Original Bonds to finance
the 1994 Project (as such term is defined in the 1994 Indenture); and
WHEREAS, for the purpose of this Resolution, the Original Resolution and
the 1994 Resolution are sometimes collectively referred to as the "Bond Resolution"; and
WHEREAS, the City is desirous of issuing $5,810,000 in aggregate principal
amount of its Utilities Tax Revenue Refunding and Improvement Bonds, Series 1994,
pursuant to the terms and provisions of the Bond Resolution and this Resolution (herein
called the "1994 Bonds") for the purpose of financing the 1994 Project other than the
3 Res. No. R-85-94
WP8\SMF'0A0S\50133 .3\167.'.010100\10/26/94
.
.
acquisition and construction of permanent seating for the Tennis Facilities and a revised
determination of the Debt Service Reserve Requirement for the 1994 Bonds (such 1994
Project as described above is herein referred to as the "Amended 1994 Project"); and
WHEREAS, the Bond Resolution provides that certain details of the 1994
Bonds and certain other provisions of the Bond Resolution shall be determined by
subsequent proceedings of the City, which shall be deemed to be supplemental to the Bond
Resolution; and
WHEREAS, the City has determined the details of the 1994 Bonds; and
WHEREAS, Stifel, Nicolaus & Company, Incorporated, on behalf of Stifel,
Nicolaus & Company, Incorporated, and Smith Barney, Inc. ( collectively, the
"Underwriters"), has submitted to the City a proposal in the form of a Bond Purchase
Agreement (the "Purchase Contract"), attached hereto as Exhibit A, between the
Underwriters and the City, to purchase the 1994 Bonds, a copy of which is hereby furnished
to each of the City Commissioners; and
WHEREAS, pursuant to Section 218.385, Florida Statutes, an authorized
officer of Stifel, Nicolaus & Company, Incorporated, on behalf of the Underwriters, has
delivered to the City a disclosure statement and truth-in-bonding statement, both of which
are attached to or incorporated in the Purchase Contract; and
WHEREAS, there has been prepared and submitted to the City a Preliminary
Official Statement, dated October 18, 1994, attached hereto as Exhibit B; and
WHEREAS, based on the advice of the City's financial advisor, it is in the best
interest of the City to accept the Bond Purchase Contract and to award the 1994 Bonds to
the Underwriters; and
WPB\SNlFOROS\50133. 3\ 167.7 .010100\ 10/26/M 4 Res. No. R-85-94
,
.
WHEREAS, the City's financial advisor has recommended in a letter, attached
hereto as Exhibit C, that the principal and interest on the 1994 Bonds be insured by a
municipal bond insurance policy (the "Bond Insurance Policy") issued by the Municipal Bond
Investors Assurance Corporation, or any successor thereto (the "Bond Insurer"); and
WHEREAS, the Commission hereby adopts the recommendations of the City's
financial advisor regarding the Bond Insurance Policy; and
WHEREAS, as a condition of obtaining the Bond Insurance Policy and
establishing the Debt Service Reserve Requirement for the 1994 Bonds, it is necessary to
amend and supplement the Bond Resolution.
NOW, THEREFORE, BE IT RESOLVED BY THE CI1Y COMMISSION OF
THE CI1Y OF DELRAY BEACH, FWRIDA, AS FOLWWS:
SECTION 1. DEFINITIONS. That all capitalized terms used in this
Resolution not otherwise defined shall have the meanings ascribed to such terms in the
Bond Resolution, unless the context clearly indicates otherwise.
SECTION 2. PURPOSE AND BOND DESIGNATIONS. That the City
hereby determines at this time (i) to issue $5,810,000 in the aggregate principal amount of
its 1994 Bonds for the purpose of (a) financing the costs of the Amended 1994 Project,
(b) to pay the costs of issuance of the 1994 Bonds, including paying the premium for the
Bond Insurance Policy, and (ii) to designate such 1994 Bonds as its "Utilities Tax Revenue
Refunding and Improvement Bonds, Series 1994."
SECTION 3. DESCRIPTION OF THE 1994 Bonds. The 1994 Bonds shall
be dated October 15, 1994 shall bear interest payable on June 1, 1995, and semiannually
5 Res. No. R-85-94
~'SMFORDS'50133 .3\ 167.7 .0101OO\10/26/M
"
·
thereafter on December 1 and June 1 of each year, and shall mature on June 1 of each of
the years, in the amounts, and at the rates as follows:
Year Amount Interest Rate
2003 $ 340,000 5.45%
2004 365,000 5.55
2005 385,000 5.65
2006 410,000 5.75
2007 430,000 5.85
2008 1,580,000 6.00
2012 1,010,000 6.25
2016 1,290,000 6.35
SECTION 4. REDEMPTION PROVISIONS. The 1994 Bonds maturing on
and prior to June 1, 2004, shall not be redeemable prior to their stated dates of maturity.
The 1994 Bonds maturing on June 1, 2005, and thereafter are redeemable at the option of
the City from any legally available source, in part, in any order of maturity selected by the
City, and by lot within a maturity if less than an entire maturity is to be redeemed, on
June 1, 2004, or at any time thereafter, or as a whole, on June 1, 2004, or at any time
thereafter, at the redemption prices (expressed as percentages of the principal amount to
be redeemed) set forth below, together with accrued interest to the date fixed for
redemption:
Redemption Period Redemption
(Both dates inclusive) Price
June 1, 2004 to May 31, 2005 102%
June 1, 2005 to May 31, 2006 101%
June 1, 2006 and thereafter 100%
6 Res. No. R-85-94
WPB\SANFOROS\SOI33. 3\ 167.7 .010100\ 10/26/94
"
~
That the 1994 Bonds maturing on June 1, 2012, shall also be subject to
mandatory sinking fund redemption prior to maturity by lot, in such manner as the Registrar
(as defined herein) may deem appropriate, on June 1, 2009, and on June 1 of each year
thereafter, at a price of par plus accrued interest to the date of redemption, in the amount
as follows:
Year Amount
2004 $230,000
2010 245,000
2011 260,000
2012* 275,000
*Final Maturity
That the 1994 Bonds maturing on June 1, 2016, shall also be subject to
mandatory sinking fund redemption prior to maturity by lot, in such manner as the Registrar
may deem appropriate, on June 1, 2013, and on June 1 of each year thereafter, at a price
of par plus accrued interest to the date of redemption, in the amount as follows:
Year Amount
2013 $295,000
2014 310,000
2015 330,000
2016* 355,000
*Final Maturity
Notice of redemption of the 1994 Bonds shall be mailed, postage prepaid, by
the Registrar not less than thirty (30) days before the date fixed for redemption to the
registered owners of any 1994 Bonds or portions of 1994 Bonds which are to be redeemed,
at their addresses as they appear fifteen (15) days prior to the date such notice is mailed on
the registration books of the City kept by the Registrar.
\iAI\SMF0AD5\50133.3\161.7 . 010100\10/26/94 7 Res. No. R-85-94
.
"
'.
.
The Registrar also shall mail (by certified mail, return receipt requested) a
copy of such notice for receipt not less than two (2) days before the date notice of
redemption is mailed to the registered owners of the 1994 Bonds to the following: The
Depository Trust Company, 711 Stewart Avenue, Garden City, New York 11530; Midwest
Securities Trust Company, Capital Structures - Call Notification, 440 South LaSalle Street,
Chicago, lllinois 60605; Philadelphia Depository Trust Company, Reorganization Division,
1900 Market Street, Philadelphia, Pennsylvania 19103; Attention: Bond Department;
provided, however, that such mailing shall not be a condition precedent to such redemption
and failure to mail any such notice shall not affect the validity of any proceedings for the
redemption of the 1994 Bonds. The Registrar shall also provide notice, at the same time
notice of redemption is given to the Bondholders, to Kenny Information Systems
Notification Service, 65 Broadway, 16th Floor, New York, New York 10006, and Standard
& Poor's Called Bond Record, 25 Broadway, New York, New York 10004; provided,
however, that such mailing shall not be a condition precedent to such redemption and
failure to mail any such notice shall not affect the validity of any proceedings for the
redemption of the 1994 Bonds.
A second notice of redemption shall be given sixty (60) days after the
redemption date in the manner required above to the registered owners of redeemed 1994
Bonds which have not been presented for payment within thirty (30) days after the
redemption date.
Such notice of redemption shall set forth (i) the date fixed for redemption, (ii)
the redemption price to be paid, (ill) that such 1994 Bonds will be redeemed at the
designated corporate trust office of the Paying Agent (as herein defined), and the name,
WP8\SMfOROS\50133 .3\ 167.7 .0101OO\10/26/M 8 Res. No. R-85-94
..
.
address and telephone number of a contact person, (iv) if less than all of the 1994 Bonds
shall be called for redemption, the distinctive numbers, letters and CUSIP identification
numbers, if any, of such 1994 Bonds to be redeemed, (v) in the case of 1994 Bonds to be
redeemed in part only, the portion ofthe principal amount thereof to be redeemed, and (vi)
any other information the City or the Registrar deems relevant. In case any 1994 Bond is
to be redeemed in part only, the notice of redemption that relates to such 1994 Bond shall
state also that on or after the redemption date, upon surrender of the 1994 Bond, a new
1994 Bond or 1994 Bonds of the same maturity, bearing interest at the same rate and in
aggregate principal amount equal to the unredeemed portion of such 1994 Bond, will be
issued. Failure of the registered owner of any 1994 Bonds which are to be redeemed to
receive any such notice shall not affect the validity of the proceedings for the redemption
of 1994 Bonds for which proper notice has been given. Interest shall cease to accrue on any
of the 1994 Bonds duly called for prior redemption if payment of the redemption price has
been duly made or provided for.
SECTION 5. APPLICATION OF 1994 BOND PROCEEDS. That all net
proceeds received by the City from the sale of the 1994 Bonds shall be disbursed as
provided in Section 2 of Article III of the 1994 Resolution. In addition, the City hereby
authorizes the use of not to exceed $45,000 of its general fund moneys to pay a portion of
the costs of the Amended 1994 Project.
SECTION 6. NEGOTIATED SALE. That the Commission hereby adopts the
recommendations of the City's financial advisor, as described in a letter from the City's
financial advisor, dated the date of this Resolution and attached hereto as Exhibit C. The
9 Res. No. R-85-94
IIIIP8\SANF"œDS\50133.3\ 16187 .010100\ 10/26/94
·
City hereby finds that, due to the nature of the financing and volatile market conditions, it
would be in the best interest of the City that the 1994 Bonds be sold on a negotiated basis.
SECTION 7. PURCHASE CONTRACT. That the Purchase Contract for the
1994 Bonds, dated the date of this Resolution, between the City and the Underwriters, as
submitted to this meeting and attached hereto as Exhibit A, be and the same hereby is
approved and accepted, and the 1994 Bonds are hereby sold to the Underwriters at a
purchase price of $5,694,058.95 (representing the par amount of the 1994 Bonds, less
underwriters' discount of $60,537.90 and less original issue discount of $55,403.15, plus
accrued interest from October 15, 1994 to the date of delivery thereof), on the terms and
conditions set forth in the Purchase Contract, and the Mayor of the City or, in his absence,
the Vice Mayor is hereby authorized and directed to execute, and the Clerk of the City to
attest (if so required by the terms of the Purchase Contract), the Purchase Contract and to
deliver the same to the Underwriters.
SECTION 8. PRELIMINARY AND FINAL OFFICIAL STATEMENT. That
the Official Statement of the City to be dated the date of this Resolution, will be in
substantially the form of the Preliminary Official Statement presented to this meeting and
attached hereto as Exhibit B, with the such insertions and changes as shall be necessary to
reflect the terms of the 1994 Bonds, as set forth in the Purchase Contract and as shall be
approved by the Mayor of the City (upon advice of Bond Counsel and the City Attorney)
with such approval to be conclusively evidenced by their execution and delivery thereof, and
the City hereby approves the use of the final printed Official Statement by the Underwriters
in connection with the offering and sale of the 1994 Bonds, and the City hereby further
approves the use by the Underwriters of any supplement or amendment to the final printed
10 Res. No. R-85-94
WPB\SANfOAOS\50133. 3\ 167.7 .010100\ 10/26/M
.
.
Official Statement which is necessary so that the final printed Official Statement does not
include any untrue statement of a material fact or does not omit to state any material fact
necessary to make the statements therein not misleading. The City hereby ratifies, approves
and consents to the use by the Underwriters of the Preliminary Official Statement in
connection with the public offering of the 1994 Bonds attached hereto as Exhibit B. The
Mayor of the City and the City Manager are hereby authorized and directed to execute the
Official Statement and any amendment or supplement thereto, in the name and on behalf
of the City, and thereupon to cause the Official Statement and any such amendment or
supplement to be delivered to the Underwriters.
SECTION 9. PAYING AGENT AND REGISTRAR.· That NationsBank of
Florida, N.A., is hereby appointed as paying agent (the "Paying Agent") and registrar (the
"Registrar") for the 1994 Bonds. By the acceptance of such appointment, NationsBank of
Florida, N.A, agrees to comply with the terms of the Bond Insurance Policy applicable to
it.
SECTION 10. DISCWSURE STATEMENT. That the City does hereby find
that the Underwriters have submitted the disclosure statement and truth-in-bonding
statement required by Section 218.385, Florida Statutes, copies of which are attached to or
incorporated in the Purchase Contract.
SECTION 11. BOND INSURANCE POLICY. That, based on the
recommendations of the City's financial advisor, set forth in a letter attached hereto as
Exhibit C with respect to the 1994 Bonds, the Commission finds that obtaining the Bond
Insurance Policy from the Bond Insurer is in the best interests of the City, and the
Commission hereby directs that the premium due on the Bond Insurance Policy be paid in
WPB\SANFOADS\SOl33.3\167.7.0101OO\10/26/94 11 Res. No. R-85-94
'. '
.
.
accordance with the terms thereof. The City covenants to comply with the terms and
provisions of the Bond Insurer's revised commitment to provide the Bond Insurance Policy.
SECTION 12. BANK QUALIFIED DESIGNATION. The Commission hereby
designates the 1994 Bonds as "qualified tax-exempt obligations" within the meaning of
Section 265(b )(3)(B) of the Internal Revenue Code of 1986, as amended.
SECTION 13. AMENDMENT TO ORIGINAL RESOLUTION. Notwithstand-
ing any provision in the Original Resolution to the contrary, as a condition of obtaining the
Bond Issuance and for as long as the Bond Insurer is not in default under the Bond
Insurance Policy, the City covenants not to issue Jmri ~ additional Bonds pursuant to
Article Ill, Section 4.G. of the Original Resolution, that bear interest at a 'variable rate
without the express written consent of the Bond Insurer.
SECTION 14. AMENDMENT TO 1994 RESOLUTION. The Commission
hereby determines to treat the Debt Service Reserve Account established under the Original
Resolution for the Original Bonds as also the Debt Service Reserve Account for the 1994
Bonds, notwithstanding anything to the contrary set forth in the 1994 Resolution. The Debt
Service Reserve Requirement for the 1994 Bonds and the Original Bonds is hereby
established to be $1,642,722.22. Since only $1,480,000 is presently on deposit in the Debt
Service Reserve Account . for the Original Bonds, the difference, in the amount of
$162,722.22, shall be funded with a portion of the proceeds of the 1994 Bonds.
SECTION 15. FURTHER AUTHORIZATIONS. That the Mayor, the Vice
Mayor, the City Manager, the Finance Director, the City Clerk, the City Attorney and any
other authorized official of the City, be and each of them is hereby authorized and directed
to execute and deliver any and all documents and instruments, including but not limited to
12 Res. No. R-85-94
,..\SMfOADS\50133. 3\ 167.7 .010100\ 10/26/"
'. '
· ~
any conditions to obtain the Bond Insurance Policy, and to do and cause to be done any and
all acts and things necessary or proper for carrying out the transactions contemplated by this
Resolution.
SECTION 17. EFFECTIVE DATE. That this Resolution shall take effect
immediately upon its passage.
PASSED AND ADOPTED in special session on this the 26th day of October,
1994.
CITY OF DELRAY BEACH, FWRIDA
By:
Mayor
Attest:
City Clerk Date of Adoption: October 26, 1994
\ooftJ\5ANF0A0S\50133.3\16787.0101oo\10/26/94 13 Res. No. R-85-94
" ,
.
. o ,'5-k,. bu.. +Ed A-+ .sÆC,Ç}~
mEEÎln&
CITY OF DELRA Y BEACH, FLORIDA IO/ó26/Cf,/
Utilities Tax Revenue Bonds
Sources and Uses of Funds
Sources of Funds
Par Amount of Bonds 5,810,000.00
Accrued Interest 15,219.69
Originallssuå Discount (55,403.15)
Constribution from City 45,000.00
Total 5,814,816.54
Uses of Funds
Projects:
1992 Utility Tax Note 1,918,885.00
1993 Utility Tax Note 810,000.00
Tennis Center Contingency 100,000.00
Pompey Park 100,000.00
Golf Course Clubhouse & Cont 2,415,000.00 5,343,885.00
Capitalized Interest 101,692.96
Accrued Interest 15,219.69
Debt Service Reserve Fund 162,722.22
Underwriter's Discount 1.055% 61,300,69
Cost of Issuance 90,000.00
Bond Insurance 0.350% 38,000.00
Contingency 1,995.99
Total 5,814,816.54
AssumDtlons:
1} Municipal interest rates as underwritten.
2} Dated Date is 10/15/94.
3) Delivery Date is 11/10/94,
4) Insurance premium is 35 basis points,
Prepared by PFM Page 1 10/25194
.
-
-
CITY OF DELRA Y BEACH, FLORIDA
Utilities Tax Revenue Bonds
Series 1994 Debt Service Schedule
Date Principal Coupon Yield Price Proceeds Interest Debt Service Annual
1 0/1 5/94
11/10/94
06101/95 219,163.50 219,163.50 219,163,50
12/01/95 174,555.00 174,555.00
06/01/96 174,555.00 174,555.00 349,110.00
12/01/96 174,555.00 174,555.00
06/01/97 174,555,00 174,555.00 349,110,00
12/01/97 174,555.00 174,555.00
06/01/98 174,555,00 174,555.00 349,110,00
12/01/98 174,555.00 174,555.00
06/01/99 174,555.00 174,555.00 349,110,00
12/01/99 174,555.00 174,555,00
06/01/00 174,555.00 174,555.00 349,110.00
12/01/00 174,555,00 174,555.00
06/01/01 174,555.00 174,555.00 349,110.00
12/01/01 174,555.00 174,555.00
06/01/02 174,555.00 174,555.00 349,110,00
12/01/02 174,555.00 174,555,00
06/0 1/03 340,000 5.450 5,550 99,322 337,694,80 174,555.00 514,555,00 689,110,00
12/01/03 165,290.00 165,290.00
06/01/04 365,000 5.550 5,650 99,265 362,317,25 165,290,00 530,290.00 695,580,00
12/01/04 155,161.25 155,161.25
06/01/05 385,000 5.650 5.750 99,212 381,966.20 155,161.25 540,161,25 695,322,50
12/01/05 144,285.00 144,285.00
06/01/06 410,000 5.750 5.850 99,164 406,572,40 144,285.00 554,285,00 698,570,00
12/01/06 132,497.50 132,497.50
06/01/07 430,000 5,850 5.950 99.119 426,211.70 132,497,50 562,497.50 694,995,00
12/01/07 119,920,00 119,920.00
06/01/08 1,580,000 6,000 6,100 99,081 1,565,479.80 119,920.00 1,699,920.00 1,819,840,00
12/01/08 72,520.00 72,520.00
06/01/09 230,000 6,250 6.350 98,945 227,573.50 72,520.00 302,520,00 375,040,00
12/01/09 65,332,50 65,332,50
06/01/10 245,000 6.250 6.350 98.945 242,415,25 65,332.50 310,332.50 375,665.00
12/01110 57,676,25 57,676,25
06/01/11 260,000 6,250 6,350 98.945 257,257.00 57,676.25 317,676.25 375,352.50
12/01/11 49,551,25 49,551,25
06/01/12 275,000 6,250 6.350 98.945 272,098.75 49,551.25 324,551.25 374,102,50
12/01/12 40,957,50 40,957,50
06/01/13 295,000 6,350 6.450 98.838 291,572,10 40,957.50 335,957.50 376,915.00
12/01/13 31,591,25 31,591.25
06/01/14 310,000 6,350 6,450 98.838 306,397,80 31,591,25 341,591.25 373,182,50
12/01/14 21,748.75 21,748.75
06/01/15 330,000 6,350 6.450 98.838 326,165,40 21,748,75 351,748.75 373,497,50
12/01/15 11,271.25 11,271.25
06/01/16 355,000 6.350 6,450 98.838 350,874.90 11,271,25 366,271,25 377,542,50
5,810,000 5,754,597 5,147,649 10,957,649 10,957,649
Prepared by PFM Page 2 1O{25/94
~