R12-109 I
1 RESOLUTION NO. R12 -109
2
3 A RESOLUTION OF THE CITY COMMISSION OF THE
4 CITY OF BOYNTON BEACH, FLORIDA AUTHORIZING
5 THE COMMUNITY REDEVELOPMENT AGENCY OF
6 THE CITY TO ISSUE ITS TAX INCREMENT REVENUE
7 BONDS, SERIES 2012, IN THE PRINCIPAL AMOUNT OF
8 NOT EXCEEDING $17,000,000; AUTHORIZING THE
9 CITY TO GUARANTY THE OBLIGATIONS OF THE
10 COMMUNITY REDEVELOPMENT AGENCY UNDER
11 THE BONDS; AND PROVIDING AN EFFECTIVE DATE.
12
13 BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF BOYNTON
14 BEACH, FLORIDA, AS FOLLOWS:
15
16 Section 1: The Boynton Beach Community Redevelopment Agency (the
17 "Agency ") is hereby authorized to issue its Tax Increment Revenue Bonds, Series 2012 (the
18 "Bonds ") in the principal amount of not exceeding $17,000,000, and having such other terms
19 and conditions as authorized by the Agency's Bond Resolution No. 04 -04 adopted December
20 6, 2004, as amended and supplemented from time to time.
21
22 Section 2: The City determines that it will further a paramount public purpose for
23 the City to guaranty the payment of the Bonds, and the City shall guaranty the payment of the
24 Bonds. The City Manager is hereby authorized and directed to execute the Guaranty in the
25 form attached hereto as Exhibit "A ".
26
27 Section 3: This Resolution shall take effect immediately upon its passage.
28
29 PASSED AND ADOPTED this 2nd day of October, 2012.
30
31 CITY O� BOYNTON BEACH, FL Ts IDA
32 ��/ ,,
33 G�U'� % F
34 Mayor_ ; se sw,,,.L,. "n "__
35 - 4 fi T7
37 ' ice . or — Mack Mc ray
38
39
40 Commissioner —
41 ATTEST:
42
43 e -- • sio • - Steven zman
44
45 • • 1C3)-cLt;tt-tD .1'
46 Ja .t M. Prainito, MMC Commissioner- Marlene oss
47 ' G ,,, o, .
48
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Guaranty Agreement
The City of Boynton Beach, Florida (the "City ") makes this Guaranty Agreement (this
"Guaranty "), dated October 18, 2012, as follows:
1. Guaranty. The City hereby guarantees the full and prompt payment when due, whether by
acceleration or otherwise, of the principal of and interest on the Boynton Beach Community
Redevelopment Agency Tax Increment Revenue Bond, Series 2012 (the "Bond "), issued of even date
herewith in the principal amount of $ [not exceeding $17,000,000].
2. Governing Law. The City further agrees that this Guaranty shall be governed by and construed
in accordance with the laws of the State of Florida and is performable in the State of Florida.
3. Definitions. Terms used herein and not otherwise defined herein have the meanings ascribed
thereto in Resolution No. 04 -04 (the "Resolution "), adopted December 6, 2004, by the Boynton
Beach Community Redevelopment Agency (the "Agency "), as amended and supplemented,
particularly by Resolution No. 12 -, adopted by the Agency on October 9, 2012.
4. Termination. This Guaranty may not be amended or terminated by the City for so long as the
Bond is Outstanding.
5. Financial and Other Information. The City agrees to furnish the Agency with such
information regarding the City as may be requested by the Agency in order to enable the Agency to
comply with its obligations pursuant to Section 5.13 of the Resolution.
6. Guarantor Duties. For so long as Section 1 hereof is in effect, upon receipt of telephonic
notice, such notice subsequently confirmed in writing by registered or certified mail, or upon receipt
of written notice by registered or certified mail, by the City from the Holder of the Bond that a debt
service payment on the Bond required to have been made by the Agency has not been made, the City
within one Business Day after receipt of notice of such nonpayment will pay to the Holder of the
Bond funds sufficient for the payment of any such guaranteed amounts which are then due.
7. Limited Obligation. Notwithstanding any other provision of this Guaranty, the City is not and
shall not be liable for the payment of any amount hereunder or for the performance of any obligation
or agreement hereunder from any source other than the "Non -Ad Valorem Revenues" appropriated
for such purpose in the manner and to the extent described in this Section 7. The term "Non -Ad
Valorem Revenues" means all revenues of the City derived from any source other than the exercise
of the ad valorem taxing power of the City, but only to the extent the same may lawfully be used to
make payments hereunder. No person or entity shall have any right to resort to legal or equitable
action or revenues to require or compel the City to make any payment hereunder from any source
other than such Non -Ad Valorem Revenues.
The City covenants that should it be required to make any payment hereunder it will appropriate in
its annual budget, by amendment, if required, from Non -Ad Valorem Revenues, amounts sufficient
to make such payment. In the event that the amount previously budgeted for such purpose at any time
is insufficient to make any payment required to be made hereunder, the City covenants to take
immediate action to amend its budget so as to budget and appropriate an amount from Non -Ad
Valorem Revenues sufficient to make such payment. Such covenant to budget and appropriate from
Non -Ad Valorem Revenues shall be cumulative to the extent not paid and shall continue until such
Non -Ad Valorem Revenues sufficient to make all required payments have been budgeted,
appropriated and used to make payments required to be made hereunder.
8. Enforcement. This Guaranty may be enforced by the Holder of the Bond, which is a
beneficiary of the provisions hereof.
IN WITNESS WHEREOF, the undersigned has caused this Guaranty to be executed as of the 18th
day of October, 2012.
CITY OF BOYNTON BEACH, FLORIDA
By:
Its City Manager
2