06-08-99SpMtg JUNE 8, 1999
A Special Meeting of the City Commission of the City
of Delray Beach, Florida, was called to order by Mayor Jay
Alperin in the First Floor Conference Room at City Hall at 6:00
p.m. on Tuesday, June 8, 1999.
1. Roll call showed:
Present - Commissioner Patricia Archer
Commissioner David Randolph
Commissioner David Schmidt
Commissioner Michael Wright
Mayor Jay Alperin
Absent - None
Also present were City Manager David T. Harden and
City Attorney Susan A. Ruby.
Mayor Alperin called the meeting to order and an-
nounced that it had been called for the purpose of considering
the following items:
(1) RESOLUTION NO. 29-99 (CRA REDEVELOPMENT REVENUE
BONDS): Consider approval of a resolution 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 Hundred Thousand Dollars ($4,700,000
(PUBLIC HEARING ITEM)
The City Attorney explained that this item appears on
the agenda as it was continued at the June 1st regular meeting
to the date certain of June 8, 1999. However, additional issues
have arisen which necessitate the CRA's request for an addition-
al postponement of the public hearing 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. The reason for the
change is they have added a refunding element to the redevelop-
ment revenue bonds which requires renoticing to the affected
special taxing districts.
Mr. Schmidt moved to continue the public hearing for
Resolution No. 29-99 to the date certain of June 22, 1999, at a
special meeting to be held at 5:00 p.m. in the City Manager's
conference room. The motion was seconded by Mr. Randolph. Upon
roll call the Commission voted as follows: Mr. Schmidt - Yes;
Mrs. Archer - Yes; Mr. Wright Yes; Mr. Randolph - Yes; Mayor
Alperin - Yes. Said motion passed with a 5 to 0 vote.
(2) RESOLUTION NO. 33-99 (NOTE AGREEMENT WITH SUNTRUST):
Consider approval of a resolution authorizing the City to exe-
cute a Note Agreement with SunTrust Bank in the amount of
$3,500,000 for the purpose of financing the implementation of
the small water meter replacement program.
Joe Safford, Finance Director, stated this resolution
authorizes the City to execute a Note Agreement with SunTrust in
the maximum amount of $3,500,000 at a rate of 4.256% for the
financing and equipping of the automated meter reading/touchread
system. There were five banks that responded to the request for
bid, with SunTrust being the low bid. The staff recommendation
is to go with Option #1 which is a fixed rate without any form
of reset ability, without any penalty for prepayment, and with
no "gross up" provisions. The low bid from SunTrust is $824,779
based upon a ten year payoff of the note.
Mr. Randolph moved to approve Resolution No. 33-99 and
Option #1 with SunTrust Bank. The motion was seconded by Mrs.
Archer. Upon roll call the Commission voted as follows: Mrs.
Archer - Yes; Mr. Wright - Yes; Mr. Randolph - Yes; Mayor Alpe-
tin - Yes; Mr. Schmidt - Yes. Said motion passed with a 5 to 0
vote.
There being no further business, Mayor Alperin de-
clared the special meeting adjourned at 6:05 p.m., at which time
the City Commission convened the regularly scheduled work ses-
sion.
~ City Clerk
ATTEST:
The undersigned is the City Clerk of the City of Delray Beach,
Florida, and the information provided herein is the minutes of
the Special Meeting of the City Commission held on June 8, 1999,
which minutes w~e formally approved and adopted by the City
Commission on
City Clerk
NOTE TO READER: If the minutes you have received are not com-
pleted as indicated above, this means they are not the official
minutes of the City Commission. They will become official only
after review and approval by the City Commission which may
involve amendments, additions or deletions to the minutes as set
forth above.