TO: Mayor and Commissioners
FROM: Hugh B. Dunkley, Chief Financial Officer
THROUGH: Terrence R. Moore, ICMA-CM
DATE: March 5, 2024
Title
RESOLUTION NO. 56-24: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DELRAY BEACH, FLORIDA, AUTHORIZING THE ISSUANCE OF A SERIES OF BONDS IN THE INITIAL AGGREGATE PRINCIPAL AMOUNT OF NOT EXCEEDING $20,000,000 AND DESIGNATED CITY OF DELRAY BEACH, FLORIDA, GENERAL OBLIGATION BONDS, SERIES 2024 (PARKS PROJECTS) (THE “BONDS”) TO FINANCE ALL OR A PORTION OF IMPROVEMENTS TO THE CATHERINE STRONG PARK, MILLER PARK AND OTHER CITY OWNED PARKS DESCRIBED IN THIS RESOLUTION; AUTHORIZING THE PUBLIC SALE OF THE BONDS BY COMPETITIVE BID SUBJECT TO CERTAIN PARAMETERS SET FORTH IN THIS RESOLUTION; APPROVING THE FORMS OF AN OFFICIAL NOTICE OF SALE AND AUTHORIZING THE PUBLICATION OF A SUMMARY THEREOF; APPROVING THE FORM AND ELECTRONIC DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT; AUTHORIZING THE EXECUTION AND ELECTRONIC DISTRIBUTION OF AN OFFICIAL STATEMENT; AUTHORIZING THE CHIEF FINANCIAL OFFICER AND/OR OTHER CITY OFFICIALS TO MAKE CERTAIN DETERMINATIONS WITH RESPECT TO THE BONDS SUBJECT TO THE PARAMETERS SET FORTH IN THIS RESOLUTION; APPOINTING A PAYING AGENT AND REGISTRAR; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A REGISTRAR/PAYING AGENT AGREEMENT; AUTHORIZING THE REGISTRATION OF THE BONDS UNDER A BOOK-ENTRY ONLY SYSTEM; PROVIDING FOR THE UNDERTAKING BY THE CITY REQUIRED BY RULE 15c2-12 OF THE SECURITIES AND EXCHANGE COMMISSION; PROVIDING FOR THE TERMS AND PAYMENT OF SUCH BONDS; PROVIDING FOR THE RIGHTS, SECURITY AND REMEDIES OF THE OWNERS THEREOF; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; PROVIDING FOR CERTAIN OTHER MATTERS IN CONNECTION THEREWITH; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.
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Recommended Action:
Recommendation
Motion approving Resolution No. 56-24 authorizing the issuance of a series of general obligation bonds in the initial aggregate principal amount of not exceeding $20,000,000 for parks projects.
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Background:
On March 14, 2023, a referendum to issue not to exceed $20,000,000 of general obligation bonds for the purpose of financing Parks Projects was presented to the qualified voters of the City. A majority of qualified voters voted in favor of the issuance of the bonds. Staff is hereby requesting authorization to issue said bonds which proceeds will be used to fund the projects that were identified in the referendum.
City Attorney Review:
Approved as to form and legal sufficiency.
Funding Source/Financial Impact:
N/A
Time Sensitive:
N/A