R16-0841
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RESOLUTION NO. R16 -084
A RESOLUTION OF THE CITY OF BOYNTON BEACH, FLORIDA
AUTHORIZING THE CITY TO ISSUE A REQUEST FOR
PROPOSALS FOR FINANCING TERMS FOR THE CITY'S
UTILITY SYSTEM REVENUE BOND, SERIES 2016;
EXPRESSING OFFICIAL INTENT TO REIMBURSE PRIOR
EXPENDITURES; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
BOYNTON BEACH, FLORIDA, AS FOLLOWS:
Section 1 : City staff, financial advisor and bond counsel are authorized and
directed to cause to be issued on behalf of the City a request for proposals from interested
financial institutions for financing terms for the City's Utility System Revenue Bonds, Series
2016 (the "Bonds "). If issued, the Bonds will be in the approximate amount of up to
$23,000,000 and will be payable from Utility System revenues. Proceeds will be used to pay
for utility system capital expenditures.
Section 2 : This Resolution does not authorize or require the issuance of the
Bonds, and any issuance of the Bonds must be authorized by subsequent action of the City
Commission.
Section 3 : The City reasonably expects to incur capital expenditures with respect
to the City's utility systems prior to the issuance of the Bonds, and reasonably expects to
reimburse such original expenditures with proceeds of the Bonds in the maximum principal
amount of up to $23,000,000.00. This does not obligate the City to issue any Bonds or
complete any form of financing or to reimburse any such expenditures.
Section 4 : This Resolution shall take effect immediately upon its passage.
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PASSED AND ADOPTED this 5 th day of July, 2016.
CITY OF BOYNTON BEACH, FLORIDA
YES NO
Mayor — Stephen B. Grant ✓
Vice Mayor — Mack McCray
Commissioner — Justin Katz
Commissioner — Christina Romelus
Commissioner — Joe Casello V'
VOTE
ATTEST:
- d,
Jud'A Pyle, CMC
Interim City Clerk
(Corporate Seal)