05-30-90SpMtg MAY 30, 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 1:00 P.M., Wednesday, May 30, 1990.
Roll call showed:
Present - Commissioner Jay Alperin
Commissioner William Andrews
Commissioner David Randolph
Mayor Thomas E. Lynch
Absent - Commissioner Mary McCarty
Also present were - City Manager David T. Harden and Assistant
City Attorney Susan Ruby
Mayor Lynch called the meeting to order and announced that this
meeting has been called for the purpose of considering: 1) Approval of
Resolution No. 52-90, awarding the contract for the sale of General
Obligation Bonds, Series 1990 (Decade of Excellence).
The City Manager presented Resolution No. 52-90:
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
DELRAY BEACH, FLORIDA, AWARDING THE $11,280,000 CITY
OF DELRAY BEACH, FLORIDA, GENERAL OBLIGATION BONDS,
SERIES 1990 (DECADE OF EXCELLENCE PROGRAM), DETERMIN-
ING CERTAIN DETAILS OF THE BONDS AUTHORIZING THE
EXECUTION AND DELIVERY OF THE BONDS; APPROVING THE
FORM OF AND AUTHORIZING THE EXECUTION OF AN OFFICIAL
STATEMENT RELATING TO THE BONDS; REVOKING THE APPOINT-
MENT OF NCNB NATIONAL BANK OF FLORIDA AS REGISTRAR AND
PAYING AGENT FOR THE BONDS AND APPOINTING CITIZENS AND
SOUTHERN TRUST COMPANY (FLORIDA), NATIONAL ASSOCIATION
AS REGISTRAR AND PAYING AGENT FOR THE BONDS AND
PROVIDING FOR AN EI~F~CTIVE DATE.
(Copy of Resolution No. 52-90 is on file in the official
Resolution Book)
Assistant City Attorney Ruby stated the Bonds have the proposal
of Smith, Barney, Harris, Upham and Company, Inc., the low bidders.
David Huddleston, Finance Director, stated the Commission has
the tabulation of the six bids received and the award is based upon the
overall lowest interest cost to the citizens, which would provide the
lowest overall cost on the twenty year payback methodology. In addi-
tion, the annual debt service for this Bond Issue, on a five percent
increase and the current ad valorem base, would mean approximately $0.47
per thousand dollar assessed valuation, as opposed to the originally
estimated $0.66, for this first phase of the Bond Issue.
Upon question by Mayor Lynch, Mr. Huddleston advised Phase II
will be done in about two years and will be dependent upon the engineer-
ing work and the scheduling for that.
Mr. Andrews moved for the adoption of Resolution No. 52-90,
seconded by Mr. Randolph. Upon roll call the Commission voted as
follows: Dr. Alperin - Yes; Mr. Andrews - Yes; Mr. Randolph - Yes;
Mayor Lynch - Yes. Said motion passed with a 4 to 0 vote.
Mayor Lynch declared the meeting adjourned at 1:08 P.M.
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 30, 1990, which minutes were formally
approved and adopted by the City Commission on 9/1/~_ /~ /~69 ·
,
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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.
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