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Minutes 02-16-84MINUTES OF THE SPECIAL CITY COUNCIL MEETING HELD AT CITY HALL, BOYNTON BEACH, FLORIDA, THURSDAY, FEBRUARY 16, 1984 AT 6:30 P.M. PRESENT James R. Warnke, Mayor Carl Zimmerman, Vice Mayor Nick Cassandra, Councilman Joe deLong, Councilman Samuel L. Wright, Councilman Peter L. Cheney, City Manager Betty S. Boroni, City Clerk James W. Vance, City Attorney Mayor Warnke called the special meeting to order at 6:30 P.M. He announced the meeting was called in accordance with Section 56 of the City Charter to consider the following: 1. Receipt of Nominating Petitions 2. Proclamation of General Election 3. Utility Bond Refinancing He requested the agenda be revised to take up the utility bond refinancing first because material for the other two items is being copied for the Councilmer~ers by the City Clerk. Mr. deLong moved to re-adjust the agenda, seconded by Mr. Cassandra. Motion carried 4-0. Councilman wright arrived at this time. Utility Bond Refinancing (See minutes of 2/7/84) Mr. Cheney informed the Council there are two parts to this, one is the agreement for the financial consultant and underwriting, and the other is the agreement for Russell & Axon for professional services in connection with this. The agreement submitted is almost the same as previously with the change of Arch W. Roberts & Company to underwriters, providing a signature page for the three underwriters, and indicating that Arch W. Roberts & Company will serve as the group manager for this group of underwriters. He met with the representatives of these three firms and understands they have come to an agreement for the three of them. They are ready to execute the agreement if the Council authorizes it. Mr. Cheney then advised if this agreement is executed and the proposed professional contract from Russell & Axon is approved, he has asked the two new underwriters to review the bond resolu- tion adopted and requested any comments by Tuesday, so they can be forwarded to the Council by Tuesday evening. Then, a compluaint will be filed in court next Wednesday morning. Russell & Axon can do their work and the underwriters will proceed with the bond prospectus. We hope to have a hearing before the court in about three weeks. Then there is a thirty day waiting period before placing the issue and we hope to have the issue sold at the end of the thirty day period. This means selling the issue somewhere between fifty to sixty days. SPECIAL CITY COUNCIL MEETING BOYNTON BEACH, FLORIDA FEBRUARY 16, 1984 Councilman Cassandra referred to Item 12 and requested clarifi- cation on the extension period and Mr. Cheney replied if they are not sold, there will be no ballgame and this contract is only for refunding. Mr. Vance added that essentially two years is included because normally, the signing of this contract would be further down the road. He also clarified that it is for the refunding issue only. Mr. Cheney added that basically about two years of work has gone on with this. Councilman deLong stated that he would like the different people concerned to state for the public record their opinions. He would like to hear if there are any objections and if they are pleased with the agreement. Mr. George Nickerson, Arch W. Roberts & Co., stated the three firms have gotten together and are anxious to start. They have resolved all issues between them and plan to move forward as quickly as possible. Mr. Tony Soviero, Hough & Co., agreed with Mr. Nickerson's comments and added that they have an office in North Palm Beach and any questions during the financing should be directed to the project manager. They are looking forward to doing this as expedi- tiously as possible. Ms. Melissa McDonald, Prudential-Bache Securities, Inc., stated she is in agreement with what has been said and looks forward to working as a team. Councilman deLong moved to execute the agreement, seconded by Councilman Wright. Under discussion, Mayor Warnke referred to entering the date and Mr. Vance advised it would be as of today. Motion carried 5-0. Councilman Cassandra moved to approve the Russell & Axon contract for professional services for the bond issue. Vice Mayor Zimmerman seconded the motion. Motion carried 5-0. Mayor Warnke added this has to be done in order to get the bond issue through legally and properly. Receipt of Nominating Petitions Mayor Warnke read the memorandum from the City Clerk dated February 15, 1984, listing the following who have filed nominating petitions for election to the City Council: District II Robert P. Ferrell District IV Michael D. Cain Gloria H. Skinner James R. Warnke -2- SPECIAL CITY COUNCIL MEETING BOYNTON BEACH, FLORIDA FEBRUARY 16, 1984 Councilman Cassandra moved to accept the nominating petitions for the City Council of Boynton Beach for the year 1984. Vice Mayor Zimmerman seconded the motion. Motion carried 5-0. Proclamation of General Election Mayor Warnke read the Proclamation proclaiming that a General Election will be held in the City of Boynton Beach on the 13th day of March 1984. Mr. Zimmerman asked if there were any changes in the polling places and Mayor Warnke informed him that Precinct 158 is now voting in Golfview Harbour. ADJOURNMENT Mr. deLong moved to adjourn, seconded by Mr. Cassandra. Motion carried 5-0 and the meeting was properly adjourned at 6:45 P.M. CITY OF BOYNTON BEACH, FLORIDA ATTEST: - ~ ...... Vi6~-Mayor ~ Councilman City Clerk Recording Secretary (One Tape) -3-