R97-144 RESOLUTION NO. R97-/¢
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, APPROVING
AND ACCEPTING A PROPOSAL BY ERNST & YOUNG
LLP, TO PERFORM PROFESSIONAL SERVICES
RELATED TO THE UTILITY SYSTEM REVENUE
BONDS, SERIES 1992 ISSUE; AUTHORIZING AND
DIRECTING THE MAYOR AND CITY CLERK TO
EXECUTE THE PROPOSAL; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Boynton, upon
recommendation of staff, deems it to be in the best interests of the residents and
citizens of the City of Boynton Beach to engage the services or Ernst & Young, LLP
for professional services regarding the City of Boynton Beach, Florida Utility System
Revenue Bonds, Series 1992 issue;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. Each Whereas clause set forth above is true and correct and
incorporated herein by this reference.
Section 2. The City Commission of the City of Boynton Beach, Florida
does hereby approve and accept the Proposal for professional services regarding
the Utility System Revenue Bonds, Series 1992 issues submitted by Ernst & Young
LLP, and authorizes the Mayor and City Clerk to execute said proposal, which is
attached hereto as Exhibit "A".
Section 3.
That this Resolution shall become effective immediately upon
passage.
PASSED AND ADOPTED this
day of September, 1997.
ATTEST:
CITY OF BOYNTON BEACH, FLORIDA
~ Mayor _ ~_~
/V~o Mayor
Commis~or~r ~
Commissioner
Commissioner
ERNST& YOUNG LLP
· Certified Public Accountants
Suite 1800
[ Independent Drive
Jacksonville. Florida 32202
· Phone: 904 358 2000
July 23, 1997
Ms. Diane Reese
Finance Director
City of Boynton Beach
100 East Boynton Beach Blvd
Post Office Box 310
Boynton Beach, FL 33425-0310
Dear Diane:
The purpose of this letter is to outline the services that we will provide and to confirm the
terms of our engagement for the bond issue(s) shown on the attached Schedule A.
We will prepare the computations to determine the rebate amount as described in Section
148(0(2) of the Internal Revenue Code of 1986, as amended. The rebate amount is equal
to the excess of the amount earned on all nonpurpose investments over the amount which
would have been earned if such nonpurpose investments were invested at the bond yield.
We will provide a report upon the completion of our work which contains detailed
supporting schedules and a signed firm opinion citing compliance with the applicable
sections of the Internal Revenue Code and Regulations.
If a remittance is due, we will also provide a completed Internal Revenue Service Form
8038-T, including filing instructions.
Our fees per bond issue will be in accordance with the attached Schedule A. Expenses,
not to exceed $100 per calculation, will also be charged and will apply to all engagements
completed through July 22, 1997. Our fee assumes appropriate information and assistance
will be provided by you, including sufficient investment records, and that all requested
information will be provided on a timely basis. If unanticipated problems are encountered,
we will discuss them with you before proceeding with the engagement. An invoice will be
issued upon delivery of our report and is payable upon receipt.
Please sign one copy of this letter acknowledging our agreement and return it in the
enclosed envelope.
Ernst & Young LLF' iS a member of Ernst & Young International. Ltd.
~ £~sr& Young ttP
City of Boynton Beach, Florida
page 2
The engagemem will be performed under the supervision of Margaret Purcell, Principal.
We very much appreciate the opportunity to serve you and look forward to helping you
meet your arbitrage rebate requirements. If you have any questions, please do not
hesitate to contact Margaret Purcell at (904) 358-4576.
Accepted:
City of Boynton Beach, Florida
By /
Date
Schedule A
Fee Schedule
Issue
$6O,255,0OO
City of Boynton Beach, Florida
Utility System Revenue Bonds,
Series 1992
Fee
$2,500