10-10-84SpMtg OCTOBER 10, 1984
A Special Meeting of the City Council of the City of Delray
Beach, Florida, was called to order by Mayor Doak S. Campbell in the
Council Chambers at City Hall at 5:10 P.M., Wednesday, October 10,
1984.
Roll call showed:
Present - Council Member Malcolm T. Bird
Council Member Arthur Jackel
Mayor Doak S. Campbell
Absent - Council Member Marie Horenburger
Council Member Jimmy Weatherspoon
~lso present were - City Manager James L. Pennington and City Attorney Herbert W.A. Thiele
Mayor Campbell called the meeting to order and announced that
this meeting has been called for the purpose of (1) considering approval
of a Resolution amending the Resolution authorizing the issuance of
$28,000,000 in water and sewer revenue bonds; (2) considering approval
of a Resolution authorizing all details necessary to the issuance of
the 1984 water and sewer revenue bonds; (3) considering Council ap-
proval for an administrative adjustment of the water and sewer rates
charged by the City to nonresidential users to reflect a nonresidential
rate which is 125% or less of the residential rate; and (4) considera-
tion of any other matters relative to the 1984 water and sewer bond
issue.
1. The City Manager presented Resolution No. 84-84:
A RESOLUTION AMENDING AND SUPPLEMENTING "A RESOLUTION
AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $28,000,000
WATER AND SEWER REVENUE BONDS OF THE CITY OF DELRAY
BEACH, FLORIDA, FOR THE PURPOSE OF REFUNDING CERTAIN
OUTSTANDING OBLIGATIONS; TO FINANCE THE COST OF
CONSTRUCTION OF ADDITIONS, EXTENSIONS AND IMPROVEMENTS
TO THE CITY'S COMBINED PUBLIC UTILITY; AND PROVIDING
FOR THE TERMS OF THE WATER AND SEWER REVENUE BONDS,
AND THE RIGHTS, REMEDIES AND SECURITY OF THE HOLDERS
OF THE WATER AND SEWER REVENUE BONDS, AS AMENDED ON
JUNE 26, 1984".
(Copy of Resolution No. 84-84 is on file in the official
Resolution Book)
The City Attorney read the caption of the resolution.
Mr. Bird moved for the adoption of Resolution No. 84-84, seconded
by Mr. Jackel. Upon roll call Council voted as follows: Mr. Bird -
Yes; Mr. Jackel - Yes; Mayor Campbell - Yes. Said motion passed with a
3 to 0 vote.
2. The City Manager presented Resolution No. 85-84:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DELRAY
BEACH, FLORIDA AUTHORIZING THE NEGOTIATED SALE OF
$24,860,000 WATER AND SEWER REVENUE BONDS, SERIES 1984,
OF THE CITY OF DELRAY BEACH, FLORIDA; APPOINTING A
PAYING AGENT AND A REGISTRAR FOR SAID BONDS; APPOINTING
AN ESCROW AGENT; AUTHORIZING THE EXECUTION AND DELIVERY
OF AN OFFICIAL STATEMENT AND RATIFICATION OF THE DISTRI-
BUTION OF A PRELIMINARY OFFICIAL STATEMENT; AUTHORIZING
THE EXECUTION AND DELIVERY OF A BOND PURCHASE CONTRACT;
PROVIDING FOR THE TRANSFER OF FUNDS; APPROVING THE FORM
OF AND AUTHORIZING THE EXECUTION OF AN ESCROW DEPOSIT
AGREEMENT; AUTHORIZING PROPER OFFICIALS TO DO ALL OTHER
THINGS DEEMED NECESSARY OR ADVISABLE IN CONNECTION WITH
THE ISSUANCE, SALE AND DELIVERY OF SAID BONDS; AND PRO-
VIDING AN EFFECTIVE DATE FOR THIS RESOLUTION.
(Copy of Resolution No. 85-84 is on file in the official Resolu-
tion Book)
The City Attorney read the caption of the resolution.
Mr. Bird moved for the adoption of Resolution No. 85-84, seconded
by Mr. Jackel. Upon roll call Council voted as follows: Mr. Bird -
Yes; Mr. Jackel - Yes; Mayor Campbell - Yes. Said motion passed with a
3 to 0 vote.
3. The City Attorney recommended that Council authorize the Admini-
stration to institute the adjusted rate as reflected in the two ordi-
nances in front of Council. These ordinances would then come up for
First Reading at a Special Meeting to be held next week prior to the
workshop meeting.
Mr. Bird moved to authorize the Administration to institute the
adjusted rate as reflected in the two ordinances and to bring these
documents back to Council at the Special Meeting next week, seconded by
Mr. Jackel. Said motion passed unanimously.
4. For the record, Mr. Bird stated that through some good advice from
Mr. Ross and representatives of Hough & Co., they were able to save the
City about ½ point in interest. He commends those gentlemen for a job
well done.
Mr. Ross stated, for the record, that he feels the underwriting
was very well done by Hough & Co. who suggested that they move the
offering up to Monday morning to take 2½ days prior to the sale where
normally they might take 1½ days. It is a big account and practically
every dealer in the street is here and they are selling well in this
particular area. It has been a mass selling job and this can be at-
tributed to the good name that Delray Beach has as a high grade City,
one of the best in the State and in the Country. Secondly, the fact
that quite recently Moody's, that offered the policy of accepting MBIA
insurance, has given a rating that is AAA. Mayor Campbell thanked Mr.
Ross.
Mayor Campbell declared the meeting adjourned at 5:25 P.M.
ATTEST: ~ City Clerk
MAYOR
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 Council of October 10, 1984, which minutes were formally
approved and adopted by the City Council on ~.~.~ /4~ ·
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
Council. 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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