Res 37-93 RESOLUTION NO. 37-93
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
DELRAY BEACH, FLORIDA, AUTHORIZING THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF DELRAY BEACH TO
ISSUE REDEVELOPMENT REVENUE BONDS IN THE PRINCIPAL
AMOUNT NOT TO EXCEEDFIVE MILLION ONE HUNDRED THOUSAND
DOLLARS ($5,100,000.00) UPON TERMS HEREINAFTER
DESCRIBED; PROVIDING FOR AN EFFECTIVE DATE; AND FOR
OTHER PURPOSES.
WHEREAS, by Ordinance No. 46-85 adopted by the City of Delray
Beach, the City Council of the City of Delray Beach, Florida, created
the Delray Beach Community Redevelopment Agency; and
WHEREAS, the City Commission of the City of Delray Beach,
Florida, has been requested by Resolution No. 7-93 adopted by the Delray
Beach Community Redevelopment Agency to authorize the issuance of
Redevelopment Revenue Bonds pursuant to Section 163.385, Florida
Statutes, in the principal amount not to exceed Five Million One Hundred
Thousand Dollars ($5,100,000.00), said Bonds to be sold at public or
private sale upon terms and conditions determined appropriate and
acceptable to the Delray Beach Community Redevelopment Agency; and
WHEREAS, the City Commission of the City of Delray Beach,
Florida, deems it appropriate and in the public's interest to authorize
and approve the issuance of Redevelopment Revenue Bonds by the Community
Redevelopment Agency of the City of Delray Beach in the principal amount
not to exceed Five Million One Hundred Thousand Dollars ($5,100,000.00)
for the purpose of funding those Redevelopment Projects provided for in
the duly adopted Community Redevelopment Plan as the same exists from
time to time.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DELRAY BEACH, FLORIDA, AS FOLLOWS:
Section 1. All of the above recitals are true and correct.
Section 2. That pursuant to Section 163.385, Florida
Statutes, the Delray Beach Community Redevelopment Agency is hereby
authorized to issue and sell at public or private sale Redevelopment
Revenue Bonds in the principal amount not to exceed Five Million One
Hundred Thousand Dollars ($5,100,000.00), said Bonds to be sold upon the
terms and conditions determined appropriate and acceptable to the Delray
Beach Community Redevelopment Agency.
Section 3. The Delray Beach Community Redevelopment Agency is
hereby authorized to execute in its corporate capacity, in its
discretion, such documentation as it deems necessary and appropriate to
complete the issuance and sale of said Redevelopment Revenue Bonds.
Section 4. The City of Delray Beach hereby agrees that it
shall utilize the proceeds received by it as repayment of that certain
existing outstanding line of credit between the Community Redevelopment
Agency of the City of Delray Beach and the City of Delray Beach for any
public purpose other than the refunding of the City's outstanding tax
exempt indebtedness.
Section 5. This Resolution shall take effect immediately upon
passage.
PASSED AND ADOPTED in regular session on this the 13th day of
April, 1993.
ATTEST:
' City C~erk '
MEMORANDUM
TO: MAYOR AND CITY COMMISSIONERS
FROM: CITY MANAGERo~
SUBJECT: AGENDA ITEM # ~ - MEETING OF APRIL 13. 1993
RESOLUTION NO. 37-93
DATE: April 9, 1993
This is a resolution authorizing the Community Redevelopment Agency to
issue redevelopment revenue bonds in the principal amount not to
exceed $5,100,000 for the purpose of funding those redevelopment
projects duly adopted in the Community Redevelopment Plan.
Recommend approval of Resolution No. 37-93.
CITY OF DELRI:I¥ BEIIgH
Writer's Direct Line
(407) 243-7091
April 6, 1993
Robert Federspiel, Esq.
501 East Atlantic Avenue
Delray Beach, FL 33444
Subject: Resolution Authorizing the Sale of Redevelopment
Revenue Bonds
Dear Bob:
Pursuant to our telephone conversation, I am forwarding to the
City Clerk, t~e resolutions you faxed to our office for our
review dated~0n March 31, 1993. The CRA passed Resolution
7-93. The o~her attached resolution is submitted to be put on
the City Commission agenda. As you indicated, the House Bill
you referred to is not effective until July 1st.
Pursuant to your direction, the resolution to be adopted by the
City will be placed on the City Commission agenda without the
specialized notices called for in House Bill 1969. By copy of
this letter to Alison MacGregor Harty, our office requests that
the resolution be placed on the City Commission agenda for
approval. Please do not hesitate to contact me if you want to
discuss this matter further.
Sincerely,
OFFICE~Q~ THE CITY ATTORNEY
~h§~n ~. Ruby, Esq. ~
Assistant City Attorney
SAR:ci
f~er. sar
cc David Harden, City Manager
Alison MacGregor Harty, City Clerk
Community
Redevelopment
Agency
Delray Beach
CERTIFICATION
I, Christopher J. Brown, Secretary of the Board of, Commissioners of the Community
Redevelopment Agency of Delray Beach, Florida, do hereby certify that the attached is a true and
correct copy of Resolution 7-93 which was passed and adopted on by the CRA Board of
Commissioners on Thursday, April 1, 1993.
In Witness Whereof, I have hereunto set my hand and the Official Seal of the Community
Redevelopment Agency of Delray Beach, Florida, on this the 26th day of March, 1993.
Christopher J. Brown
Executive Director CRA
Secretary CRA Board of Commissioners
RECEIVED
CITY CLEI~K
207 E. Atlantic Avenue, Delray Beach, FL 33,!.~.'!. (407) 276-8640 / Fax (407) 276-8598,
I~BOLUTIO~ NO. 7-93
A RESOLUTION OF THE BOARD OF CONNISSIONERS OF TI~ DELI~Y
BRACH COMMUNITX REDEVELOPMENT AGENCY REQUESTING THE CITY
COMMISSION OF THE CITY OF DELRAY BEACH TO AUTHORIZE THE
SALE OF REDEVELOPMENT REVENUE BONDS BY THE COMMUNITY
REDEVELOPMENT AGENCY PURSUANT TO SECTION 163. 385, FLORIDA
STATUTES, IN A PRINCIPAL AMOUNT NOT TO EXCEED FIVE
MILLION ONE HUNDRED THOUSAND DOLLARS ($5,100,000.00);
REQUESTING THE CITY' OF DELRAY BRACH TO UTILIZE THE
PROCEEDS FROM THE REPAYMENT OF THE EXISTING LINE OF
CREDIT BETWEEN THE CITY OF DELRAY BRACH AND THE COMMUNITY
REDEVELOPMENT AGENCY FOR PUBLIC PURPOSES OTHER THAN THE
REFUNDING OF THE CITY OF DELRAY BRACH'S OUTSTANDING
INDEBTEDNESS; PROVIDING FOR EFFECTIVE DATE; AND FOR OTHER
PURPOSES.
WHEREAS, the City of Delray Beach has duly adopted a Community
Redevelopment Plan for the area within its Jurisdiction; and
WHEREAS, Pursuant to the Community Redevelopment Plan the
Community Redevelopment Agency has developed a redevelopment
schedule for the projects which require funding from sources beyond
the currently available funds received by the Community
Redevelopment Agency; and
WHEREAS, in order to provide for the funding of projects as
provided for in the Community Redevelopment Plan as the same may
exist from time to time, the Community Redevelopment Agency has
determined that it is in the public's interest to issue
Redevelopment Revenue Bonds in the principal amount not to exceed
Five Million One Hundred Thousand Dollars ($5,100,000.00), pledging
its tax incremental revenues for the repayment thereof; and
WHEREAS, the Community Redevelopment Agency has engaged the
service of Stifel Nicolaus as its financial advisor and said
financial advisor has conducted negotiations with various sources
of funding; and
WHEREAS, the above referred to issuance is intended to be
partially on the basis of bank qualified tax exempt debt and that
in order to complete the portions of projects provided for in the
above referred to Community Redevelopment Plan which do not qualify
as public purpose projects for income tax purposes under the
Internal Revenue Code, the Community Redevelopment Agency will be
required to subsequently issue a portion of said Redevelopment
Revenue Bonds on a ~axable basis by a separate offering and sale,
such bonds to be on parity with the subject tax exempt
Redevelopment Revenue Bonds; and
WHEREAS, pursuant to Section 163.385, Florida Statutes, the
City of DelrayBeach as governing body may authorize by resolution
or ordinance the Community Redevelopment Agency in its corporate
capacity, and its discretibn, to issue Redevelopment Revenue Bonds
from time to time to finance the undertaking of any community
redevelopment pursuant to its Plan pledging the anticipated
assessed valuation of the completed community redevelopment and
such other revenues as are legally available.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners
of the Delray Beach Community Redevelopment Agency that=
~ection One. Ail of the above recitals are true and
correct.
Section Two. The City Commission of the City of Delray
Beach is hereby requested to authorize the issuance of
Redevelopment Revenue Bonds by the Community Redevelopment Agency
in the principal amount not to exceed Five Million One Hundred
Thousand Dollars ($5,100,000.00), said Bonds to be sold at public
or private sale pursuant to the terms determined to be appropriate
and acceptable to the Delray Beach Community Redevelopment Agency.
Section Three. The City Commission of the City of Delray
Beach is hereby requested to utilize any proceeds received by it as
repayment of that certain existing outstanding line of credit
between the Co-~unity Redevelopment Agency of the City of Delray
Beach and the City of Delray Beach for any public purpose other
than the refunding of the City's outstanding tax exempt
indebtedness.
Sect%on Four. This Resolution shall take effect
~mmediately upon passage.
PASSED AND ADOPTED this / day of ~p f~ ,~ / , 1993.
COMMUNITY REDEVELOPMENT ~CY