05-15-90SpMtg MAY 15, 1990
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
Commission Chambers at City Hall at 6:03 P.M., Tuesday May 15, 1990.
Roll call showed:
Present - Commissioner Jay Alperin
Commissioner William Andrews
Commissioner Mary McCarty
Commissioner David Randolph
Mayor Thomas E. Lynch
Absent - None
Also present were - Interim City Manager Robert Barcinski and
City Attorney Jeffrey S. Kurtz
Mayor Lynch called the meeting to order and announced that this
meeting has been called for the purpose of the following:
1. Resolution No. 49-90. Resolution No. 49-90, determining
~ertain details of the $11,280,000 General Obligation Bonds, Series 1990
(Decade of Excellence Program); appointing a paying agent and registrar,
is before the Commission for consideration.
The Interim City Manager presented Resolution No. 49-90:
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DELRAY
BEACH, FLORIDA, DETERMINING CERTAIN DETAILS OF THE
$11,280,000 GENERAL OBLIGATION BONDS, SERIES 1990 (DECADE
OF EXCELLENCE PROGRAM); APPOINTING A PAYING AGENT AND
REGISTRAR; AND PROVIDING FOR AN EFFECTIVE DATE.
(Copy of Resolution No. 49-90 is on file in the official
Resolution Book)
A. Designation of NCNB as Paying Agent and Registrar for the
1990 General Obligation Bond (Decade of Excellence) Issue and
authorize payment in the amount of $600 per year with funding
from Bond proceeds for these services.
B. Designation of Packard Press to serve as printer of the
Preliminary Official Statement and Official Statement for the
1990 General Obligation Bond (Decade of Excellence) Issue and
authorize payment in the amount of $4,220 with funding from
Bond proceeds for this service.
Mayor Lynch questioned if the statement on the first page of
the resolution that states the Series 1990 Bonds shall be dated May 1st,
1990 and shall bear interest from May 1st, is accurate. David
Huddleston, Finance Director, advised that May 1st is the date of the
Bonds. The City will receive accrued interest to the date of the sale
to compensate for the interest that will be paid.
Mayor Lynch asked for the major difference between the NCNB bid
and the other bids. Mr. Huddleston stated the reason for selecting NCNB
was that they do not require two days advance deposit, which would cost
the City interest earnings and they do not require opening the fee for
renegotiations every two years.
Mr. Randolph asked if there is a possibility that NCNB might,
at some later date, ask for additional fees to offset the low amount of
$600. Mr. Huddleston stated the fees are fairly close in range, but the
City is under no obligation to renegotiate.
Dr. Alperin moved for the adoption of Resolution No. 49-90,
seconded by Ms. McCarty. Upon roll call the Commission voted as fol-
lows: Ms. McCarty - Yes; Dr. Alperin - Yes; Mr. Andrews - Yes; Mr.
Randolph - Yes; Mayor Lynch - Yes. Said motion passed with a 5 to 0
vote.
2. Authorization to Submit Rental Rehabilitation Grant application
in the Amount of $125,000 for Fiscal Year 90-91. A request for author-
ization to submit a Rental Rehabilitation Grant application to the U.S.
Department of Housing and Urban Development in the amount of $125,000
for the Fiscal Year 1990-91, is before the Commission for consideration.
The Interim City Manager stated this is a program the City has
had for the past two years that has been very successful.
Upon question by Dr. Alperin, the Interim City Manager stated
this is a matching program by the landlord of the rental unit up to
$5,000 per unit, if those rules have not changed. Mayor Lynch advised
that the amount is now $8,500. He further stated that he and the
Interim City Manager met with the representative from HUD, who was very
complimentary of the Delray staff and a job well done.
Dr. Alperin moved to approve authorization of the Rental
Rehabilitation Grant application, seconded by Mr. Randolph. Upon roll
call the Commission voted as follows: Dr. Alperin - Yes; Mr. Andrews -
Yes; Mr. Randolph - Yes; Mayor Lynch - Yes; Ms. McCarty - Yes. Said
motion passed with a 5 to 0 vote.
Mayor Lynch declared the meeting adjourned at 6:10 P.M.
Cfty Cle~ ~ /
ATTEST:
The undersigned is the City Clerk of the City of Delray Beach
and that the information provided herein is the minutes of the meeting
of said City Commission of May 15, 1990, which minutes were formally
approved and adopted by the City Commission on ~D~L /2, /~7~
City Clerk /
NOTE TO READER: If the minutes that you have received are not completed
as indicated above, then this means that these are not the official
minutes of City Commission. They will become the official minutes only
after they have been reviewed and approved which may involve some
amendments, additions, or deletions to the minutes as set forth above.
-2- 5/15/90