90-RRRESOLUTION NO. 90-~
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, AUTHORIZING
AND DIRECTING THE MAYOR AND CITY CLERK TO
EXECUTE AN AGREEMENT BETWEEN STANLEY CON-
SULTANTS AND THE CITY OF BOYNTON BEACH FOR
ADDITIONAL SERVICES, TASK NO. 1, PHASE II,
FINANCIAL REVIEW; A COPY OF SAID AGREEMENT
EING ATTACHED HERETO AS EXHIBIT "A";
iROVIDtNG AN EFFECTIVE DATE; AND FOR OTHER
PURPOSES.
NOW, THEREFORE, BE AND IT IS HEREBY RESOLVED BY THE CITY
COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA:
Section 1. The Mayor and City Clerk are hereby authorized
and directed to execute an Agreement for Additional Services, Task
No. 1, Phase II, Financial Review, relative to the proposed 1990 Bond
Issue for the West Water Treatment Plant Construction Project, which
is attached hereto as Exhibit "A".
Section 2. This Resolution shall take effect immediately
upon passage.
PASSED AND ADOPTED THIS ~ day of /~~ , 1990.
CITY E~H,
May o r
Vice Mayor ~ V'~
Coma] ss i one r
Cdnimi s~si oner
..... .
Coi~i ssi oner
ATTEST:
(Corporate Seal )
ADDITIONAL SERVICES
TASK NO. 1
PHASE II
FINANCIAL REVIEW
PROFESSIONAL SERVICE AGREEMENT
TO
THE CITY OF BOYNTON BEACH
DATED
SCOPE OF SERVICES
The following services will be provided as part of this
contract:
1. Stanley Consultants of Florida, Inc. (SCI) will review
the annual costs of financing the project with a new debt
issue.
2. SCI will review the combined annual costs of financing
the project with a new debt issue and also engaging in
advanced refunding of the existing 1985 Bonds.
3. SCI will review the impact on annual revenue requirements
of restructuring the bond covenants to lower the debt
coverage requirements.
4. SCI will review the impact on annual revenue requirements
of the call provisions of the existing 1985 Bonds.
5. SCI will review the annual debt service savings
associated with selecting the lowest-cost financing
a
lternative.
6. SCI will review the annual revenue requirements for the
water and sewer system, including the revenue
requirements for the project - both operating and
maintenance costs and debt service requirements.
SCI will review the annual revenues from the water and
sewer system at present rates (and impact fees).
SCI will estimate the revenue deficiency at present
rates, if any, of the water and sewer system, and the
size of the required rate increase, if any.
e
SCI will prepare a letter report on the results of the
above analysis and, if requested, make an oral
presentation of the results to the city after preparing
a draft of the letter report°
CLIENT has readily
Scope of Services assumes that
.e the following information-
Details of cash flows and timing of all cash flows
associated with all alternative financing schemes to be
analyzed, including the transferred proceeds penalty, if
applicable-
Details of annual operating costs of existing water and
sewer system and annual operating costs associated with
the project.
Details of the existing investment in the water and sewer
system.
Details of annual sales and revenues of the water and
sewer system by class of customer, including annual
revenues from impact fees.
Calculations of annual revenue requirements for the water
and sewer system.
Calculations of the annual debt service requirements of
all alternative financing schemes to be analyzed-
COMPENSATION
CLIENT agrees to pay CONSULTANT for the faithful performance
of the Financial Review a lump sum fee of Four Thousand
Dgllars ($4,000.00) for professional services°
E ·
~ ' "- -~1 information from the city by March 26,
B~sed on recelvln9 ~
i990, Our report shall be completed on April 13, 1990.
IN WITNESS WHEREOF, the parties below have executed this
agreement as o~y and year first above written.
B /~~/~ Gan
1~/9/ ZW ~' / ' e Moore, Mayor
Address for giving notices: P. 0. Box 310, Boynton Beach, FL 33425
If CLIENT is public body, attach evidence of authority to sign
and resolution of other documents authorizing execution of
agreement.
CONSULTANT
By
Attest
Address for giving notices:
Florida 33407
(Seal)
2000 Lombard Street, West Palm Beach,