R93-126RESOLUTION NO. R93-/J~
A RESOLUTION RELATING TO THE CITY'S PUBLIC
SERVICE TAX REFUNDING REVENUE BONDS, SERIES
1993; AUTHORIZING THE PURCHASE OF A RESERVE
SUBACCOUNT INSURANCE POLICY WITH RESPECT TO THE
BONDS; ~PPROVING ~THE EXECUTION OF A GUARANTY
AGREEMENT IN. CONNECTION THEREWITH; DEFINING THE
EXPENDITURES TO BE MADE WITH CERTAIN PROCEEDS
OF SAID BONDS7 CONTAINING CERTAIN
AUTHORIZATIONS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, pursuant to Res,olution: No. R93-73 adopted by the City
Commission (the "City Commission") of the City of Boynton Beach,
Florida (the "City") on May 6, 1993, as amended and supplemented
(the "Bond Resolution") %he City has heretofore issued its
$20,600,000 aggrega.te principal amount of Public Service Tax
Refunding Revenue Bonds, Series 1993 (the "Bonds"); and
WHEREAS, in connection with the issuance of the Bonds the City
created a 1993 Reserve Subaccount; and
-WHEREAS, the Reserve Subaccount Requirement (as defined in the
Bond Resolution) in connection with the Bonds was satisfied by a
deposit to the 1993 Reserve Subaccount of cash in the amount of
$984,543.75 and by the deposit therein of a Reserve Subaccount
Insurance Policy (as defined in the Bond Resolution) issued by
AMBAC Indemnity Corporation in the amount of ~984,543.75; and
WHEREAS, %he Bond Resolution authorizes the substitution of a
Reserve Subaccount Insurance Policy in substitution for cash on
deposit in the 1993 Reserve Subaccount; and
WHEREAS, the City Commission has determined to substitute a
Reserve Subaccount Insurance Policy issued by AMBAC Indemnity
Corporation in lieu of all remaining cash in the 1993 Reserve
Subaccount and to deposit the cash removed from the 1993 Reserve
Subaccount in the Construction Account (as defined in the Bond
Resolution); and
WHEREAS, the City Commission wishes to identify the
expenditures to be made with proceeds received from the sale of
the Bonds and amounts transferred from the 1993 Reserve Subaccount
to the Construction Account;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE ~
CITY OF BOYNTON BEACH~ FLORIDA:
Section 1. The City shall purchase a Reserve Subaccount
Insurance Policy from AMBAC Indemnity Corporation in the amount of
$984,543.75 for deposit into the 1993 Reserve Subaccount in
substitution for ali cash and investments on deposit in the 1993
Reserve Subaccount. The substitution may be accomplished by the
purchase of a Reserve Subaccount Insurance Policy in addition to
the Reserve Subaccount Insurance ~olicy already held for the
benefit of the~1993 Reserve Subaccount or it-may be accomplished
by the cancellation of the the existing Reserve Subaccount
Insurance Policy and the issuance by AMBAC Indemnity Corporation
of a new Reserve Subaccount Insurance Policy in an amount equal to
the Reserve Subaccount Requirement for the. Bonds. The Finance
Director is hereby authorized and directed to pay the premium for
the issuance of the Reserve Subaccount Insurance Policy from
amounts on deposit in the 1993 Reserve Subaccount.
Section 2. ~Amounts on deposit in the 1993 Reserve Subaccount
· n. excess of tke premium required to be paid for the issuance of
5he Reserve Subaccount Insurance Policy shall be transferred to
the Construction Account establishe~ under the Bond Resolution.
Section 3. Amounts deposited in the Construction Account
pursuant to Resolution No. R93-74, together with the amounts
transferred thereto pursuant to Section 2 hereof, shall be used to
pap the cost of the 1993 Project as described on Exhibit A
atltached hereto.
Section 4. The Mayor is hereby authorized and directed for
and in the name of the City to execute, and the City Clerk is
auithorized to attest and apply the seal of the City to a Guaranty
Ag~reement, between the City and AMBAC Indemnity Corporation, which
shlall be in substantially the form of the Guaranty Agreement
approved in Section 12 of Resolution No. 93-74, with such changes,
alterations and corrections thereto as shall be approved by the
of~ficials executing the same, such execution to be conclusive
ev'idence of such approval.
Section 5. If any provision of this Resolution shall be held
ox deemed to be or shall in fact be illegal, inoperative or
unenforceable in any context, the same shall not effect any other
provision herein or render any other provision (or such provision
inl any other context) invalid, inoperative or unenforceable to any
extent whatsoever.
Section 6. Ail Resolutions or parts thereof of the City ~n
conflict with the provisions herein contained are, to the extent
of any such conflict, hereby superseded and repealed.
-2- 3186Z
Section 7. This Resolution
its adoption.
PASSED AND ADOPTED THIS 17TH
(SEAL)
ATTEST:
Cit~ Clerk
APPROVED AS TO F~ORM
shall take effect immediately upon
DAY OF AUGUST, 1993.
CITY OF BOYNTON BEACH, FLORIDA
/
Mayor ~
VI . [~'~
~ one
~Co~i s s i
-3-
3186Z
EXHIBIT A
PROJECT LISTING
IAQ Clean Up
Poinciana School
Fire Pumper
vehicle Emission Captive system
Theft Detection System - Library
New ROOFS
1,0¢0,000
600,000
175,000
$6,000
15,000
120,000
(Nadsen, Facilities Mgt,
Sanitation/Streets,
Freedom Hall, Wilson Center 89,062
Back-Up Radio System 28,000
Costa Bella Drainage 80,000
Meadows & Boynton Lakes Parks 200,000
$ 2,403,062