Res 29-13RESOLUTION NO. 29-13
A RESOLUTION OF THE CITY COMMISSION (THE "COMMISSION ") OF
THE CITY OF DELRAY BEACH, FLORIDA, AMENDING RESOLUTION
NO. 47 -08, ADOPTED BY THE COMMISSION ON SEPTEMBER 16, 2008,
AUTHORIZING THE ISSUANCE OF DELRAY BEACH, FLORIDA
REVENUE IMPROVEMENT BONDS, SERIES 2008 (TAXABLE) (THE
"BONDS ") FOR THE SOLE PURPOSE OF EXTENDING THE FINAL
MATURITY OF THE BONDS TO SEPTEMBER 1, 2013; AUTHORIZING
THE PROPER OFFICERS OF THE CITY OF DELRAY BEACH, FLORIDA
TO DO ALL THINGS DEEMED NECESSARY OR ADVISABLE IN
CONNECTION WITH SUCH AMENDMENT; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, on September 16, 2008, the City Commission (the "Commission ") of the
City of Delray Beach, Florida (the "City ") adopted Resolution No. 47 -08 (the "2008
Resolution ") for the purpose of authorizing the issuance of not exceeding $3,000,000 of City of
Delray Beach, Florida Revenue Improvement Bonds, Series 2008 (Taxable) (the `Bonds ") to
finance certain costs related to the City's Old School Square Parking Garage, as described in
such 2008 Resolution; and
WHEREAS, on September 26, 2008, the City issued the Bonds in the aggregate
principal amount of $3,000,000; and
WHEREAS, TD Bank, N.A. (the "Owner "), a national banking association, purchased
all of the Bonds from the City; and
WHEREAS, pursuant to the terms of the 2008 Resolution., the Bonds mature on June 1,
2013 (the "Original Maturity Date "); and
WHEREAS, subject to the written consent of the Owner, the City hereby determines it is
necessary to extend (the "Extension ") the final maturity of the Bonds from the Original Maturity
Date to September 1, 2013 (the "New Maturity Date "); and
WHEREAS, subject to the written consent of the Owner; no other terms of the Bonds or
the 2008 Resolution will be subject to change as a result of the Extension.
NOW, THEREFORE, be it resolved by the Commission as follows:
Section 1: Recitals. The Commission hereby finds the above recitals to be true and
correct except as provided in Section 4 below and incorporates such recitals into this Resolution
as if set forth verbatim.
Res. No. 29 -13
Section 2: Extension; Remaining, Bond Terms.' Subject to Section 4 below, the
Commission hereby amends the 2008 Resolution solely to accomplish the Extension, naively to
extend the final maturity date from the Original Maturity Date to the New Maturity Date.
Subject to Section 4 below, all other terms of the 2008 Resolution and the Bonds shall remain
unchanged as a result of the Extension.
Section 3: Additional Authorization. The members of the Commission, City Staff
and Agents of the City are hereby at to do all other things deemed necessary and proper
to effect the Extension.
Section 4: Effective Date: Notwithstanding the date this Resolution is adopted, this
Resolution shall not take effect until the Owner has provided its written consent to the Extension
and the provisions of Section 2 hereof in substantially the form attached hereto as Exhibit A.
PASSED AND ADOPTED in regular session on this 21" day of May, 2011.
Mayor
ATTEST:
City Clerk
2 Res No. 29 -13
EXHIBIT "A"
CONSENT OF TD BAND, N.A.
The undersigned is authorized to execute this consent on behalf of TD Bank, N.A, (the
"Bank ").
The Bank is the registered owner of 100% of the City of Delray Beach, Florida Revenue
Improvement Bonds, Series 2008 (Taxable) (the `Bonds "),
The Bank and its counsel have reviewed the adopted version of Resolution No, 29 -13
(the "2013 Resolution") adopted by the City Commission of the City of Delray Beach, Florida on
May 2I, 2013.
The Bank, Hereby consents to extending the maturity of the Bonds from 7ume 1, 2013 to
September 1, 2013 and consents to the other terms of the 2013 Resolution including, but not
limited to, the terms of Section 2 thereof.
IN WITNESS WHEREOF, I set my hand this d �� day of May, 2013.
TD BAND, N.A.
�1
B y:. �-
Name: ,A.l I, r'
Title; 1,, Pt,SIAA
WP8 38301952N21016787.012300
Res. No, 29-13
RESOLUTION NO. 29 -13
A RESOLUTION OF THE CITY COMMISSION (THE "COMMISSION ") OF
THE CITY OF DELRAY BEACH, FLORIDA, AMENDING RESOLUTION
NO. 47 -08, ADOPTED BY THE COMMISSION ON SEPTEMBER 16, 2008,
AUTHORIZING THE ISSUANCE OF DELRAY BEACH, FLORIDA
REVENUE IMPROVEMENT BONDS, SERIES 2008 (TAXABLE) (THE
"BONDS ") FOR THE SOLE PURPOSE OF EXTENDING THE FINAL
MATURITY OF THE BONDS TO SEPTEMBER 1, 2013; AUTHORIZING
THE PROPER OFFICERS OF THE CITY OF DELRAY BEACH, FLORIDA
TO DO ALL THINGS DEEMED NECESSARY OR ADVISABLE IN
CONNECTION WITH SUCH AMENDMENT; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, on September 16, 2008, the City Commission (the "Commission ") of the
City of Delray Beach, Florida (the "City ") adopted Resolution No. 47 -08 (the "2008
Resolution ") for the purpose of authorizing the issuance of not exceeding $3,000,000 of City of
Delray Beach, Florida Revenue Improvement Bonds, Series 2008 (Taxable) (the "Bonds ") to
finance certain costs related to the City's Old School Square Parking Garage, as described in
such 2008 Resolution; and
WHEREAS, on September 26, 2008, the City issued the Bonds in the aggregate
principal amount of $3,000,000; and
WHEREAS, TD Bank, N.A. (the "Owner"), a national banking association, purchased
all of the Bonds from the City; and
WHEREAS, pursuant to the terms of the 2008 Resolution, the Bonds mature on June 1,
2013 (the "Original Maturity Date "); and
WHEREAS, subject to the written consent of the Owner, the City hereby determines it is
necessary to extend (the "Extension ") the final maturity of the Bonds from the Original Maturity
Date to September 1, 2013 (the "New Maturity Date "); and
WHEREAS, subject to the written consent of the Owner, no other terms of the Bonds or
the 2008 Resolution will be subject to change as a result of the Extension.
NOW, THEREFORE, be it resolved by the Commission as follows:
Section 1: Recitals. The Commission hereby finds the above recitals to be true and
correct except as provided in Section 4 below and incorporates such recitals into this Resolution
as if set forth verbatim.
Res. No. 29 -13
Section 2: Extension; Remaining Bond Terms. Subject to Section 4 below, the
Commission hereby amends the 2008 Resolution solely to accomplish the Extension; namely to
extend the final maturity date from the Original Maturity Date to the New Maturity Date.
Subject to Section 4 below, all other terms of the 2008 Resolution and the Bonds shall remain
unchanged as a result of the Extension.
Section 3: Additional Authorization. The members of the Commission, City Staff
and Agents of the City are hereby authorized to do all other things deemed necessary and proper
to effect the Extension.
Section 4: Effective Date: Notwithstanding the date this Resolution is adopted, this
Resolution shall not take effect until the Owner has provided its written consent to the Extension
and the provisions of Section 2 hereof in substantially the form attached hereto as Exhibit A.
PASSED AND ADOPTED in regular session on this 21st day of May, 2013.
Mayor
ATTEST:
City Clerk
Res. No. 29 -13
EXHIBIT "A"
CONSENT OF TD BANK, N.A.
The undersigned is authorized to execute this consent on behalf of TD Bank, N.A. (the
"Bank ").
The Bank is the registered owner of 100% of the City of Delray Beach, Florida Revenue
Improvement Bonds, Series 2008 (Taxable) (the `Bonds ").
The Bank and its counsel have reviewed the adopted version of Resolution No. 29 -13
(the "2013 Resolution ") adopted by the City Commission of the City of Delray Beach, Florida on
May 21, 2013.
The Bank hereby consents to extending the maturity of the Bonds from June 1, 2013 to
September 1, 2013 and consents to the other terms of the 2013 Resolution including, but not
limited to, the terns of Section 2 thereof.
IN WITNESS WHEREOF, I set my hand this � `/ day of May, 2013
TD BANK, N.A.
By:
Name: 4, (c C
Title: V , L. Q 16A A
WPe 383019521 x21018787.012300
Acs. No. 24 -13
Coversheet
MEMORANDUM
TO: Mayor and City Commissioners
FROM: David A. Boyd, Finance Director
Rebecca S. O'Connor, Treasurer
THROUGH: Louie Chapman, Jr., City Manager
DATE: May 15, 2013
SUBJECT: AGENDA ITEM 8.G. - REGULAR COMMISSION MEETING OF MAY 21, 2013
RESOLUTION NO. 29-13
ITEM BEFORE COMMISSION
Page 1 of 1
Request approval of Resolution No. 29 -13 which amends Resolution No. 47 -08. Resolution No. 47 -08,
adopted on September 16, 2008, authorized the issuance of up to $3,000,000 Delray Beach Revenue
Improvement Bonds (Taxable) (the "Bonds ") for the Old School Square Retail Project. This amendment
(Resolution No. 29 -13) is for the sole purpose of extending the maturity date from June 1, 2013 to
September 1, 2013.
BACKGROUND
The $3,000,000 Delray Beach Revenue Improvement Bonds, Series 2008 mature June 1, 2013. The
future sale of the Old School Square retail space will be used, in part, to pay off the debt. An extension
is necessary since the sale will occur after June 1, 2013. TD Bank has approved extending the maturity
date from June 1, 2013 to September 1, 2013 and is going through its approval process to extend the
maturity for another three year term. We will come back to Commission to request approval of that
extension as well.
The current taxable rate from TD Bank is .825 %. For comparison purposes, Bank of America's current
short term taxable rate is 1.70 %. [Bank of America was the 2nd low bidder on the $22,250,000 Line of
Credit that closed April 30, 2013; TD Bank was the low bidder.]
RECOMMENDATION
Recommend approval of Resolution No. 29 -13 extending the maturity date of the Delray Beach
Revenue Improvement Bonds, Series 2008 from June 1, 2013 to September 1, 2013.
http:// itwebapp / Agendalntranet /Bluesheet.aspx ?ItemID= 6798 &MeetingID =449 5/22/2013