Res 118-92 Resolution No. ~8-92
A Resolution of the City Commission of the City of Delray
Beach, Florida, finding it to be in the best
interests of the City to sell its not to exceed
$5,350,000 Utilities Tax Revenue Notes, Subordinate
Series 1992, on & negotiated basis to SunBank/South
Florida, N.A., and providing for an Effective Date.
WHEREAS, the City Commission of the City of Delray Beach,
Florida (the "City Commission"), did on October 13, 1992, adopt
Resolution No. 116-92 (the "Note Resolution") authorizing the
issuance of its not to exceed $5,350,000 Utilities Tax Revenue
Notes, Subordinate Series 1992 (the "Notes"), for the purpose of
providing short-term financing for the acquisition, construction
and equipping of the Projects (as such term is defined in the Note
Resolution); and
WHEREAS, any term not otherwise defined herein shall have
the meaning ascribed to such term in the Note Resolution; and
WHEREAS, the City of Delray Beach, Florida (the "City"),
has previously solicited bids for the sale of the Notes; and
WHEREAS, the City has previously determined to finance
the Projects by entering into the Line of Credit Agreement with
SunBank/South Florida, N.A.; and
WHEREAS, Drawings under the Line of Credit Agreement will
be evidenced by the issuance of a Note issued pursuant to the terms
and provisions of the Note Resolution; and
WHEREAS, the City Commission finds that in light of
present market conditions and the complex nature of the financing
contemplated under the Note Resolution, it would be in the best
interest of the City to sell the Note to SunBank/South Florida,
N.A., on a negotiated basis; and
NOW, THEREFORE, be it resolved by the City Commission of
the City of Delray Beach, Florida, as follows:
SECTION 1. The recitals set forth above are adopted by
the City Commission.
SECTION 2. This Resolution shall be effective immediate-
ly upon its adoption.
Resolution No. 118-92
C: \DA TA \ D Fr.L R.A YUk{A'I'I'-3 2Xi~_.'.qO .92
Passed and adopted in regular session on this 20th day of
October, 1992.
Attest: ~~
· / C~i~y ~i~rk '
The foregoing resolution is hereby approved by me as to
form, language and execution this 20th day of October, 1992.
Resolution No. 118-92
C: \DATA \D ELP,~, Y~W4A'I~'-32~,E,qO .92 2
MUDGE ROSE GutHRie ALEXANDER ~ FERDON
laO MAIDEN LANE SUIte 900~ NORTHBRIDGE CENTRE z~2i KBTREET, N.W.
NEW YORK, NEW YORK 10038 WASHINGTON, D.C. 20037
2i2-510-7000 5 I 5 NORTH FLAGLER DRIVE 202-429-9355
SUITE 2020
630 FIFTH AVENUE WEST PALM BEACH , FLORI DA 3340 I
SUITE ~650 333 SOUTH GRAND AVENUE
NEW YORK, N. Y. IOI i I LOS ANGELES, CALIF. 9007 I
212-332-1600 407-650-8 I O0 213-613-1 II
MORRIS CORPORATE CENTER tWO I2, RUE DE LA PAIX
ONE UPPER POND ROAD BLDG. D FACSIMILE: 407-833-1722 75002, PARIS, FRANCE
(I) 42. 6~. 57. 71
PARSI PPANY, NEW JERSEY 07054 TELEX: WU 5 14847
;~0 J -335-0004
TORANOMON 37 MORI BUILDING
S-I TORANOMON 3-CHOME, MINAtO-KU
tOKYO i05, JAPAN
October 19, 1992
Ms. Alison Macgregor Harty
city Clerk
City of Delray Beach
100 N.W. 1st Avenue
Delray Beach, Florida 33444
$5,350,000
City of Delray Beach, Florida
Utilities Tax Revenue Notes
Subordinate Series 1992
Dear Alison:
Enclosed herewith is a proposed copy of Resolution No. 118-92,
setting forth the findings necessary for the negotiated sale of the
above-referenced Notes to SunBank.
Although the City solicited bids on a competitive basis from
local banks to provide the line of credit, I do not believe the
City published the notice of sale as required by
Section 218.385(1), Florida Statutes. Notwithstanding the lack of
publication, the City is permitted under that same section to sell
the Notes on a negotiated basis as long as the Commission by
resolution determines that such a negotiated sale is in the best
interests of the City. The enclosed resolution makes such
determination.
If you should have any questions, please do not hesitate to
call.
Very truly yours,
Stephen D. Sanford
SDS/emi
cc. David T. Harden
Joseph Safford
Jeffrey Kurtz, Esq.