Res 45-88 RESOLUTION NO. 45- 88
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF DELRAY BEACH, FLORIDA, APPROVING TH~
ACQUISITION OF CERTAIN REAL PROPERTY AND TH~
CONSTRUCTION AND INSTALLATION OF CERTAIN
PARKING FACILITIES AND EQUIPMENT BY TH~ DEL~A~
BEACH COMMUNITY REDEVELOPMENT AGENCY ~
AUTHORIZING THE ISSUANCE OF REVENUE BONDS O1%
NOTES BY THE DELRAY BEACH COMMUNITY
REDEVELOPMENT AGENCY FOR THE' FINANCING
THEREOF ~ AUTHORI ZING THE EXECUTION. AND
DELIVERY OF A LINE OF CREDIT AGREEMENT IN
FAVOR OF THE DELRAY BEACH COMMUNITY
REDEVELOPMENT AGENCY~ AND CONSENTING TO THE "-
WAIVER OF CERTAIN PROVISIONS OF AN EXISTING
AGREEMENT WITH THE DELRAY BEACH COMMUNITY
REDEVELOPMENT AGENCY.
WHEREAS, the governing . body of the Cow-unity
Redevelopment Agency of Delray Beach, Florida (the ~tAgency~) is
authorized and empowered under the Community Redevelopment Act of
1969, as amended, being Section 163.330 et seq., Florida Statutes
(the ~Act~), to acquire, construct, reconstruct, improve, own,
operate and~.~ maintain public improvements necessary for the
carrying out= of the community redevelopment objectives of the Act~
and
WHEREAS, the construction, operation and maintenance of
certain public improvements as described in Section 3 hereof is
being undertaken by the Agency in accordance with the community
redevelopment plan heretofore approved by the City Council of the
City of Delray Beach, Florida (the ~Cityts) and the Agsncy~ and
WHEREAS, the Agency is authorized and empowered under
Section 163.385, Florida Statutes, to issue redevelopment revenue
bonds to finance the costs of acquisition, construction and in-
stallation of such public improvements for the purpose of
rehabilitating ' its community redevelopment area and, in
anticipation of the sale of such revenue bonds, the Agency
0901s/s
empowered to issue bond anticipation notes payable from any
revenues of the Agency available therefor and not otherwise
pledged or from the proceds of the bonds in anticipation of which
they were issued~ and
WHEREAS, the Act provides that the power to authorize
the issuance of redevelopment revenue bonds or notes to be issued
by the Agency is vested in the governing body of the City~ and
WHEREAS, it is in the best interests of the peopl~-ef~
the City to construct the improvements referred to in Section 3
hereof, and to finance the same through, the issuance by the Agency
of redevelopment revenue bonds or bond anticipation notes.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF DELRAY BEACH, FLORIDA, AS FOLLOWS:
Section 1. That City Commission has ascertained and
hereby determines that the general improvements described in
Section 3 hereof are necessary for the proper functioning of the
community- redevelopment plan heretofore approved by the City and
adopted by"' 'the Agency, serve a valid public purpose and are
essential for the prevention of the development or spread of urban
blight and encouragement of needed community rehabilitation. The
City Commission does hereby also determine that it is necessary to
raise money to finance the cost of the general improvements
described in Section 3 hereof, which general improvements are
hereby authorized to be made or acquired by the Agency.
Section 2. That for the financing of said purposes and
to meet the part of the costs of the improvements approved in
Section 3 hereof not provided for by application hereunder of
current funds, if any, of the Agency anticipated to be available
therefor, negotiable revenue bonds of the Agency a~e hereby
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authorized to be issued in the aggregate principal amount of not
to exceed $3,800,000 pursuant to Section 163.385, Florida
Statutes. In anticipation of the issuance of said bonds and to
temporarily finance said improvements or purposes, negotiable
notes of the Agency in the principal amount o£ not exceeding
$3,800,000 are hereby authorized to be issued pursuant to and
within the limitations prescribed by Section 163.385, Florid~~'
Statutes. In connection with the sale of such bond anticipation -~'
notes, the following matters are hereby determined and authorized=
(a) The Board of Commissioners of the Agency is hereby
authorized and directed to take all actions necessary to issue the
redevelopment revenue bonds or notes and to conduct a public or
private sale of such revenue bonds or notes of the Agency pursuant
to and within the limitations prescribed by the provisions of the
Act~ and
(b) The. interest rate on such revenue bonds or notes
shall not exceed the maximum rate of interest authorizedby F.S.
Section 215.84.
Section 3. That: (a) The improvements hereby
authorized and the purposes for the financing of which said
obligations are to be issued are the construction and installation
of an approximately 400-space parking structure, the acquisition
of certain real property necessary for the site of the parking
structure and the relocation, construction and extension of
various water and sewer utility lines, together with any necessary
or appurtanent improvements (collectively, the ~eProject#).
(b) The estimated maximum amount of redevelopment
revenue bonds or notes to be issued by the Agency for said
purposes iS $3,800,000. ~
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(c) The estimated cost of said Project is
$3,800,000. An aggregate amount of approximately $500,000 for
interest on said obligations, costs of issuing said obligations,
engineering costs and o~her items of incidental expense is
included in the foregoing estimate thereof.
Section 4. That the following additional matters are
hereby deter~ined, declared, recited and stated:
(a) The said purposes described in Section 3of
this resolution are not current expenses. They are proper~ies or
improvements which the Agency maylawfully acquire or make.
(b) The average period of usefulness of .said
Project, according to the reasonable life thereof computed from
the date of said bonds authorized by this Resolution is within the
limitations of the Plorida law.
Section 5. That the revenue bonds and bond anticipation
notes authorized by this Resolution shall be direct and limited
obligation~ o~'theAgency, payable solely from the funds deposited
in the Agency,s redevelopment trust fund in accordance with the
Act or, in the case of bond anticipation notes, from the proceeds
of sale of the revenue bonds in anticipation of which such notes
were issued. The Agency shall not be obligated to pay the
principal of or interest on the revenue bonds or notes except from
the revenues held in its redevelopment trust fund for that
purpose. Pursuant to the Act, the revenue bonds and notes
authorized by this Resolution do not constitute an indebtedness
within the meaning of any constitutional or statutory debt
limitation or restriction and shall not be deemed to be a debt,
indebtedness or obligation of the City, the State of Florida (the
#State#) or any poli~ical subdivision thereof. Neither the faith
and credit, nor the taxing power of the City or the State, or any
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political subdivision thereof, are pledged to ~he palment of the
principal of or interest on the revenue bonds or notes. The
holders of the revenue bonds or notes to be issued bythe Agency
and authorized by this Resolution shall have no right to require
the imposition of any tax or the establishment of any rate of
taxation in order to obtain amounts necessary to pay and retire
such revenue bonds or notes.
Section 6. That the capital budget of the Agencyis ....
hereby amended to conform with the provisions of this resolution
to the extent of any inconsistency herewith. In orde= to assist
the Agency in the financing of the costs of the Project, the City
is hereby authorized and directed to enter into an interlocal
agreement with the Agency for the establishment of a line of
credit in favor of the Agency.
Section 7. That the City Commission hereby consents to
the issuance, of the revenue bonds or notes by the Agency and
securing suc~ revenue bonds or notes on parity with the Agency's '
obligations under an interlocal agreement with the City
e~tablishing a line of credit of up to $2,200,000 for the benefit
of the Agency in connection with the construction of a county
courthouse and related facilities, dated May 12, 1988 (the -Line
of Credit Agreementm~). The City Commission further expressly
waives the requirements of Section ?(c) of the said Line of Credit
Agreement~ provided, however, that such waiver shall be effective
only with respect to (i) the revenue bonds or notes issued in
respect of the Project in the aggregate principal amount of not
exceeding $3,800,000~ and, (ii) the interlocal agreement referred
to in Section 6 hereof, but only with respect to the initial
-borrowing of $3,800,000.
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Section a. That this Resolution shall take effect
immediatsly upon its passaqe.
PASSED AND ADOPTED in special session on this the 16th
day of ... Auqust . , 1988.
ATTI~ST=
CITY~LERK
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