Res 29-99RESOLUTION NO. 29-99
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
DELRAY BEACH, FLORIDA, AUTHORIZING THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF DELRAY BEACH TO
ISSUE REDEVELOPMENT REVENUE BONDS IN THE PRINCIPAL
AMOUNT NOT TO EXCEED FOUR MILLION SEVEN
THOUSAND DOLLARS ($4,700,000.00) UPON
HEREINAFTER DESCRIBED; AND PROVIDING FOR
EFFECTIVE DATE.
WHEREAS, by Ordinance No. 46-85 adopted b City of Delray
Beach, the City Commission of the City of Delray Florida, created
the Delray Beach Community Redevelopment Agency;
WHEREAS, the City Commission of City of Delray Beach,
Florida, has been requested by Motion of Board of Commissioners of
the Delray Beach Community Redevelo Agency to authorize the
issuance of Redevelopment Revenue and Bonds, in one or more
series, pursuant to Section 163.385, ~ Statutes, in the principal
amount not to exceed Four Millic Seven Hundred Thousand Dollars
($4,700,000.00), said Bonds to be at public or private sale upon
terms and conditions determined )riate and acceptable to the Delray
Beach Community Redevelopment and
WHEREAS, the
Florida, deems it appr¢
and approve the issuance
by the Community Redevel(
principal amount not
Dollars ($4,700,000.0
financing those rede
Community Redevel.
City ~sion of the City of Delray Beach,
and in the public's interest to authorize
Redevelopment Revenue and Improvements Bonds
Agency of the City of Delray Beach in the
exceed Four Million Seven Hundred Thousand
in one or more series, for the purpose of
projects provided for in the duly adopted
Plan as the same exists from time to time.
NOW,
CITY OF DELRAY
BE IT RESOLVED BY THE CITY CO~ISSION OF THE
FLORIDA, AS FOLLOWS:
1. That all of the above recitals are true and
correct.
Section 2. That pursuant to Section 163.385, Florida
Statutes, the Delray Beach Community Redevelopment Agency is hereby
authorized to issue and sell at public or private sale Redevelopment
Revenue and Improvement Bonds, in one or more series, in the principal
amount not to exceed Four Million Seven Hundred Thousand Dollars
($4,700,000.00), for the purpose of financing those redevelopment
projects provided for in the duly adopted Community Redevelopment Plan
as the same exists from time to time, said Bonds to be sold upon the
terms and conditions determined appropriate and acceptable to the Delray
Beach Community Redevelopment Agency.
Section 3. That the Delray Beach Community Redevelopment
Agency is hereby authorized to execute in its corporate capacity, in its
discretion, such documentation as it deems necessary and appropriate to
complete the issuance and sale of said Redevelopment Revenue and
Improvements Bonds to be issued for the purposes described above.
Section 4. That
immediately upon passage.
this resolution shall take effective
PASSED AND ADOPTED in regular session on this the 1st day of
June, 1999.
ATTEST:
MAYOR
City Clerk
2
Res. 29-99
P~ZSOLUTION NO. 29-99
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
DELRAY BEACH, FLORIDA, AUTHORIZING THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF DELRAY BEACH TO
ISSUE T~D( INCREMENT REDEVELOPMENT REVENUE REFUNDING
AND IMPROVEMENT BONDS, IN ONE OR MORE SERIES, IN AN
AGGREGATE PRINCIPAL ~xMOUNT NOT TO EXCEED ELEVEN
MILLION EIGHT HUNDRED AND TWENTY THOUSAND DOLLARS
($11,820,000.00) UPON TERMS HEREINAFTER DESCRIBED;
AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, by Ordinance No. 46-85 adopted by the City of
Delray Beach, the City Commission of the City of Delray Beach,
Florida, created the Delray Beach Community Redevelopment Agency; and
WHEREAS, the City Commission of the City of Delray Beach,
Florida, has been requested by Resolution No. 99-2 of the Board of
Commissioners of the Delray Beach Community Redevelopment Agency,
passed and adopted on June 10, 1999,~ to authorize the issuance of Tax
Increment Redevelopment Revenue Refunding and Improvement Bonds, in
one or more series, in the principal amount of not to exceed Eleven
Million Eight Hundred and Twenty Thousand ($11,820,000.00), said
Bonds to be sold at private sale to NationsBank, N.A. pursuant to the
terms determined to be appropriate and acceptable to the Delray Beach
Community Redevelopment Agency; and
WHEREAS, the City Commission of the City of Delray Beach,
Florida, deems it appropriate and in the public's interest to
authorize and approve the issuance of Tax Increment Redevelopment
Revenue Refunding and Improvement Bonds by the Community
Redevelopment Agency of the City of Delray Beach in the principal
amount not to exceed Eleven Million Eight Hundred and Twenty Thousand
($11,820,000.00), in one or more series, for the purpose of financing
certain redevelopment projects provided for in the duly adopted
Community Redevelopment Plan as the same exists from time to time,
and to redeem all of its 1997 obligations with a portion of the
proceeds of such Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF DELRAY BEACH, FLORIDA, AS FOLLOWS:
Section 1. That all of the above recitals are true and
correct.
Section 2. That pursuant to Section
Statutes, the Delray Beach Community Redevelopment Agency is hereby
authorized to issue and sell at private sale Tax Increment
Redevelopment Revenue Refunding and Improvement Bonds, in one or more
series, in the principal amount of not to exceed Eleven Million Eight
Hundred and Twenty Thousand Dollars ($11,820,000.00), for the purpose
of financing those redevelopment projects provided for in the duly
adopted Community Redevelopment Plan as the same exists from time to
time, and to redeem all of its 1997 obligations with a portion of the
proceeds of such Bonds; said Bonds to be sold at private sale to
NationsBank, N.A. pursuant to the terms determined to be appropriate
and acceptable to the Delray Beach Community Redevelopment Agency.
Section 3. That the Delray Beach Community Redevelopment
Agency is hereby authorized to execute in its corporate capacity, in
its discretion, such documentation as it deems necessary and
appropriate to complete the issuance and sale of said Tax Increment
Redevelopment Revenue Refunding and Improvement Bonds to be issued
for the purposes described above.
Section 4. That this resolution shall take effect
immediately upon passage.
PASSED AND ADOPTED in special session on this the 22nu day
of June, 1999.
/M
City Clerk
MEMORANDUM
TO:
FROM:
SUBJECT:
MAYOR AND CITY COMMISSIONERS
CITY MANAGER~
AGENDA ITEM #~p./.- SPECIAL MEETING OF JUNE 8, 1999
RESOLUTION NO. 29-99 (CRA REDEVELOPMENT REVENUE BONDS)
DATE: JUNE 4, 1999
At the regular meeting on June 1, 1999, the City Commission voted
to continue consideration of Resolution No. 29-99 concerning the
CRA Redevelopment Revenue Bonds to the date certain of June 8th at
6:00 p.m. in the First Floor Conference Room. This item requires
a public hearing and, hence, it must appear on the agenda.
However, additional issues have come up which will necessitate a
further postponement of this item. Also it will be necessary to
readvertise and renotify the affected special taxing districts.
The new schedule is proposed as follows: On June 8tn, the
Commission will again be asked to continue this item, this time
to the date certain of June 22, 1999, at a special meeting to be
held in the City Manager's conference room at 5:00 p.m. In the
interim, the required notification and advertising can be
achieved (15 days notice to the taxing districts is required).
The CRA also plans to make a presentation to the City Commission
at the June 15th regular meeting to clarify any issues before
final consideration by the City Commission on June 22nd.
For your information, attached is a letter from Christine
Carrion, CRA Controller, which provides additional information.
I recommend the City Commission postpone consideration of
Resolution No. 29-99 to the date certain of June 22, 1999, for
consideration at a special meeting to be held at 5:00 p.m. in the
City Manager's conference room, and accept the schedule outlined
above.
Ref: agmemol 8. CRA. Bonds
Community
Redevelopment
Agency
Delray Beach
June 4, i 999
Aliaon Harry
City Clerk
City of Delray Beach
100 N.W. First Avenue
Delray Beach, F1 33444
De~r Ms. Harry:
Please send notice to taxing districts by June 7, 1999 regarding our $4,700,000 bond issue and the
rate modification on $7,120,000 of our existing debt. The specifics are listed below.
Series 1999A (Bank Qualified. Tax-Exempt)
$3,700,000
Series 1999B (Taxable)
$1,000,000
Series 1997A (Bank Qualified, Tax-Enempt)
$6,015,000
Series 1997B (Taxable)
$1,105,000
A~ discu&sed with Barbara fi'om your office, pleaae request a continuance at the June 8~
City Conmfission meeting. We wFtl do our presentation on June 15~ and requegt approvaJ fi~om
the Commission on June 22, 1999.
'I'hatlk you once again for your a~qsislance. Please call me at the nnmher l~low if you need
additional information.
Conwollcr
CC:
Chris Brown, CRA Exeeutive Director
Robert Federsptel, Esq., Attorney for CRA
Steven Sanford, Esq., Attorney for CRA
David Harden, City Manager
Susan Ruby, City Attorney
24 N. Swinton Avenue, Delray Beach, FL 33444
(561) 276-8640/Fax (561) 276-8558