R91-202RESOLUTION NO. R91-~
A RESOLUTION OF THE CITY CDMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING AND DIRECTING THE MAYOR AND
CITY CLERK TO ENTER INTO A COMMITMENT
TO ISSUE A FINANCIAL GUARANTY INSURANCE
POLICY WITH MUNICIPAL BOND INVESTORS
ASSURANCE CORPORATION {MBIA) FOR THE
CITY'S PROPOSED GENERAL OBLIGATION
REFUNDING BOND ISSUE, SERIES 1991, A
COPY OF SAID COMMITMENT BEING ATTACHED
HERETO AS EXHIBIT "A"; AND PROVIDING AN
EFFECTIVE DATE.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY
OF BOYNTON BEACH, FLORIDA THAT:
Section 1. The Mayor and City Clerk are hereby authorized and
directed to enter into a Commitment to issue a Financial Guaranty
Insurance Policy with Municipal Bond Investors Assurance Corporation,
for the City's Proposed General Obligation Refunding Bond Issue,
Series 19§I, said Commitment being attached hereto as Exhibit "A".
Section 2. This Resolution shall take effect immediately upon
passage.
PASSED AND ADOPTED this 3rd Day of December, 1991.
ATT EST:
Ct~ C~erk
(Corporate Seal )
CITY OF BOYNTON BEACH, FLORIDA
- Con,hi ssioner -
SF_YT BY
City of Boynton Beach, Florida
Refunding of Outetanding General Obligation Bonds
AMBAC
FGIC
MBIA
44% of Total Debt Service
.36% of Total Debt Servioe
.30% of 68% TotaJ Debt Service
.385% ot 32% To~I Debt Service
(Approximately .329% of Total Debt Service)
Co.
November 26, 1991
J. Scott Miller
City of BoyntOn Beach
Page Two
The premium payment
.285% of 32% total debt serv~
due at the closing of the issue,
Citibank, N.A.,
Investors AssU
number is
will be bi~
the final par
Service. Standard & Poor's
directly by Standard & Poor's
par and other factors
We would like to request a copy of the final
issue. We would
official statement
transcripts when they are avai~able.
Thank you for your cooperation concerning these matters.
questions, please contact our offices.
the amount of .30' of ~% ~0tal 'debt service and
the nearest thousand,
t6 6ur account with
in an amount based
fees will be b{tled
based on the fin~
's COrporation-
debt service schedule for this
tf you have any
Sincerely,
J~mes P. Kissans
Associate
Documentation and Closing Department
Fax Number: 914 765-3161 or 3162
Direct Dial: 914 765-3941
Enclosures
VIA CC~JBIE~
November 26, 1991
Florlda, General Obligation
j. Scott Miller
City of Boynton Beach
100 EaSt Boynton Beach Blvd.
Boynton Beach, Florida 33425
$9,940,000 (Est.) City of Boynton Beach,
BondS, Series 1991
Dear Mr. Miller=
Enclosed please find the following Munlcipal
Corporation documents for the captioned
Two original executed Co~itments, each
executed and one origlnal returned to
enclosed self-addressed stamped envelope- The
should be retained for your files;
Disclosure language for the Official Statement;
Bond Investors Assurance
of which should be
our offices in the
second Commitment
3.A form of ouz Statement of Insurance for printing on the Bonds;
and
4. A form Of our "pa~entS Under the Policy" for inclusion in youz
authorizing document.
Please note that all of the conditions to the Commitment must be met prior
to the Policy being released by Municipal Bond Investors Assurance
Corporation. All materials and questions regarding the conditions should
be directed to the attention of Debra Smith , whose direct dial telephone
number is (914) 765-3863-
In addition, under no circumstances should any changes be made to Items 2,
3 and 4, nor should any other versions of these materials be used on any
financing unless you have direct confirmation from Municipal Bond Investors
Assurance Corporation as to the acceptability of such changes.
Confirmation regarding items 2 and $ may come only from our Documentation
and Closing Department or our Legal Department and may be written or
verbal. Confirmation regarding item 4 should come from Debra Smith. Since
the responsibility for this information remains with us, please send us
drafts prior to the printing of any of these documents for our approval-
RECEIVED
NOV 27 1991
CITY MANAGER'S OFFICE