Minutes 10-22-91MINUTES OF THE SPECIAL CITY COMMISSION MEETING HELD IN
COMMISSION CHAMBERS, CITY HALL, BOYNTON, BEACH, FAORIDA,
ON TUESDAY, OCTOBER 22, 1991, AT 6:00 P. M.
PRESENT
Arline Weiner, Mayor
Edward Harmening, Vice Mayor
Jose Aguila, Commissioner
Lynne Matson, Commissioner
ABSENT
Lillian Artis, Commissioner
J. Scott Miller,
City Manager
Carrie Parker, Asst.
City Manager
James Cherof,
City Attorney
Sue Kruse, City Clerk
CALL TO ORDER
Mayor Weiner called the Special City Commission meeting regarding ~
recreational facilities refunding revenue bonds to order at 6:08
P. M.
Michael Hole of Smith Barney was present and discussed the
results of the bond issuance. He said when the initial issuance
was proposed last May, the City wanted to maximize the present
value savings and to borrow an additional $440,000 at the lowest
possible fixed interest rate to refurbish the greens on the
public golf course. He reported that both these goals have been
accomplished. The interest rates range from the 1992 maturity of
4.55% out to the 2003 maturity of 6.25%. That is an overall
interest cost average of approximately 6.1%. As far as amor-
tizing and locking in a fixed rate, Mr. Hole said these interest
rates are what the City will pay for the additional $440,000. He
believed the 6.1% is the lowest fixed rate bond cost in recent
history of the City. The interest rates today are locking in
$127,000 in savings for the City. Because the interest rates are
slightly below the market, only half the issues were sold. In
order to avoid bumping the interest rates up higher, Smith Barney
had reduced their management fee in order to keep the interest
rates where they are and still present a $10.63 spread.
Mr. Hole announced that there are bonds available for City resi-
dents and City employees to participate in.
Commissioner Aguila questioned the $127,000 savings. He stated
the documents before him indicated the figure to be $123,000.
Mr. Hole said the $123,000 figure was quoted before verification
this afternoon.
1
MINUTES - SPECIAL CITY COMMISSION MEETING
BOYNTON BEACH, FLORIDA
OCTOBER 22, 1991
Mark Raymond, Bond Counselor with the law firm of Moyle,
Flanigan, Katz Fitzgerald & Sheehan, asked the City Commission to
consider the Award Resolution which finalizes the details of the
bond issue. He stated the Award Resolution establishes the
interest rateS, the maturity amounts, and the redemption provi-
sions for the bonds. It also authorizes the Mayor to execute a
bond purchase agreement which will obligate the City to go for-
ward and issue the bonds and sell them to Smith Barney. In addi-
tion, the Award Resolution also authorizes the execution of
numerous other documents that are necessary for the bond issue to
go forward.
Proposed Resolution No. R91-178 Re:
Refunding Revenue Bonds
Recreational Facilities
Attorney Cherof read the title of the Resolution.
"A RESOLUTION OF THE CITY COMMISSION OF BOYNTON BEACH,
FLORIDA AUTHORIZING THE ISSUANCE OF The CITY'S
$4,420,000 AGGREGATE PRINCIPAL AMOUNT RECREATIONAL
FACILITIES REFUNDING REVENUE BONDS, SERIES 1991;
SETTING FORTH INTEREST RATES, A MATURITY SCHEDULE AND
REDEMPTION PROVISIONS FOR SUCH BONDS; AWARDING THE SALE
OF THE BONDS TO SMITH BARNEY, HARRIS UPHAM & CO.
INCORPORATED AND MAKING CERTAIN FINDINGS IN CONNECTION
THEREWITH; APPOINTING FIRST UNION NATIONAL BANK OF
FLORIDA AS PAYING AGENT AND REGISTRAR FOR THE BONDS;
APPROVING THE FORM AND USE OF A PRELIMINARY OFFICIAL
STATEMENT AND AUTHORIZING THE EXECUTION AND DELIVERY OF
A FINAL OFFICIAL STATEMENT; AUTHORIZING THE PURCHASE OF
A FINANCIAL GUARANTY INSURANCE POLICY AND MAKING
CERTAIN COVENANTS IN CONNECTION THEREWITH; APPROVING
THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY
OF AN ESCROW DEPOSIT AGREEMENT, AND APPOINTING FIRST
UNION NATIONAL BANK OF FLORIDA AS ESCROW AGENT
THEREUNDER; SUPPLEMENTING CERTAIN PROVISIONS OF THE
BOND RESOLUTION OF THE CITY ADOPTED OCTOBER 14, 1991;
AUTHORIZING AND DIRECTING CERTAIN OFFICIALS OF THE CITY
TO TAKE ALL ACTION REQUIRED IN CONNECTION WITH THE
ISSUANCE OF THE BONDS; MAKING CERTAIN OTHER COVENANTS
AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF THE
BONDS; AND PROVIDING AN EFFECTIVE DATE."
Vice Mayoring Harmening moved to adopt Resolution No. R91-178.
Commissioner Matson seconded the motion which carried 4-0.
MINUTES - SPECIAL CITY COMMISSION MEETING
BOYNTON BEACH, FLORIDA
OCTOBER 22, 1991
ADJOURNMENT
There being no further business, the meeting properly adjourned
at 6:24 P. M.
CITY OF BOYNTON BEACH
ATTEST:
~Ci~ Clerk
Recording Secret~ry
(One Tape)
Mayor
_ Vice Mayg~
Commissioner