10-19-93SpMtg OCTOBER 19, 1993
A Special Meeting of the City Commission of the City of
Delray Beach, Florida, was called to order by Mayor Thomas E.
Lynch in the First Floor Conference Room at City Hall at 12:05
PoM., on Tuesday, October 19, 1993.
Roll Call showed:
Present - Commissioner Jay Alperin
Commissioner Ken Ellingsworth
Commissioner David Randolph
Mayor Thomas E0 Lynch
Absent: - Commissioner Barbara Smith
Also present were - City Manager, David T. Harden and
City Attorney, Susan A. Ruby
Mayor Lynch called the meeting to order and announced
that the meeting had been called for the purpose of considering
the following:
Re~olution No. 100-93 authorizing the awarding of the
~le of Gengral Obligation Bonds. Series "A" in the approximate
principal ~mQ~nt of $10.210.000 and General Obligation Refunding
Bonds, Series "B" in ~he approximate principal amount of
S8.900.000. Determining details of said bonds, providing for the
execution and delivery of a Bond Purchase Agreement, and provid-
ing for the authorization to do all things necessary as to the
sale and delivery of the bonds.
The City Attorney pointed out that the General Obliga-
tion Bond, Series "A" aggregate principal amount is $10,210,000
and the Series "B" Refunding Bonds aggregate principal amount as
presented in the Resolution is $8,835.000.
Ms. Stacey Donnelly, Managing Consul~an~ with Public
Financial Management. presented a synopsis of the summary report
as presented to the Commission and explained that the purpose of
the transaction is to finance projects under the second half of
the Decade of Excellence Program and to also refinance a portion
of the 1990 Decade of Excellence. She pointed out the amount has
not exceeded the amount the City has budgeted for debt services;
therefore, the general obligation debt will not go up from this
year forward. Ms. Donnelly reported that the transaction has
provided the City with a net value savings of $338,000 (or 4.5%)
and is a direct tax saving for the residents of Delray Beach.
Mr. Ellingsworth moved approval of Resolution No.
100-93, seconded by Mr. Randolph. Upon roll call the Commission
voted as follows: Dr. Alperin - Yes; Mr. Ellingsworth - Yes;
Mr. Randolph - Yes; Mayor Lynch - Yes. Said motion passed with a
4 to 0 vote.
Mr. Joe Safford, Finance Director, complimented Public
Financial Management for their outstanding negotiations and
reported that the firm had saved the City approximately $80,000
during the last hours of the transaction.
There being no further business, Mayor Lynch declared
the meeting adjourned at 12:15 P.M.
Acting City Clerk
ATTEST:
The undersigned is the Acting City Clerk of the
City of Delray Beach, Florida, and the information provided
herein is the minutes of October 19, 1993, Special Meeting of
said City Commission, which minutes were formally approved and
adopted by the City Commission on
Acting City Clerk
NOTE TO READER:
If the minutes that you have received are not completed as indi-
cated above, then this means that these are not the official
minutes of the City Commission. They will become the official
minutes only after they have been reviewed and approved which may
involve some amendments, additions of deletions to the minutes as
set forth above.
2 10/19/93