R11-088
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1 RESOLUTION NO. Rll- OBS
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3 A RESOLUTION OF THE CITY COMMISSION OF THE
4 CITY OF BOYNTON BEACH, FLORIDA AUTHORIZING
5 AND DIRECTING STAFF TO PREPARE FOR
6 FINANCING OF VARIOUS CAPITAL PROJECTS FOR
7 THE UTILITY SYSTEM OF THE CITY; SELECTING
8 RBC CAPITAL MARKETS, LLC AS UNDERWRITER OF
9 THE POTENTIAL BONDS; EXPRESSING THE INTENT
10 OF THE CITY TO REIMBURSE PRIOR
11 EXPENDITURES FROM BOND PROCEEDS; AND
12 PROVIDING AN EFFECTIVE DATE.
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14 BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
15 BOYNTON BEACH, FLORIDA, AS FOLLOWS:
16 Section 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
17 being true and correct and are hereby made a specific part of this Resolution upon adoption
18 hereof.
19 Section 2: City staff and consultants are directed to prepare for issuance by the
20 City of revenue bonds (the "Bonds") to finance various capital projects of the water,
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21 I wastewater and storm water utility system of the City. At the appropriate time, staff shall
22 present this matter to the City Commission for further consideration.
23 I Section 3: If it is deemed to be in the best interest of the City to accomplish the
24 financing through a public bond issuance, then RBC Capital Markets, LLC shall serve as
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2511 underwriter of the proposed bond issue, subject to approval by the City Commission of an
26 acceptable contract between the City and RBC Capital Markets, LLC prior to the issuance of
27 the Bonds.
281 Section 4: The City reasonably expects to incur capital expenditures with respect
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29 to the City's utility systems prior to the issuance of the Bonds, and reasonably expects to
30 reimburse such original expenditures with proceeds of the Bonds in the maximum principal
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I amount of $20,000,000.00. This does not obligate the City to issue any Bonds or complete
2 any form of financing or to reimburse any such expenditures.
3 Section 5: This Resolution shall take effect immediately upon its passage.
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4 PASSED AND ADOPTED this Ib day of August, 2011.
5 CITY OF BOYNTON BEACH, FLORIDA
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21 Commissioner - Steven Holzman
22 AL/L
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25 ATTEST: Commissioner - Marlene Ross
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30 J t M. Prainito, MMC
31 lty Clerk
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