TO: Mayor and Commissioners
FROM: Henry M. Dachowitz, Chief Financial Officer
THROUGH: Terrence R. Moore, ICMA-CM
DATE: May 6, 2025
Title
RESOLUTION NO. 89-25: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DELRAY BEACH, FLORIDA DECLARING THE CITY’S OFFICIAL INTENT TO SEEK REIMBURSEMENT FOR CERTAIN PAST AND FUTURE CAPITAL EXPENDITURES INCURRED IN CONNECTION WITH CERTAIN CAPITAL IMPROVEMENTS TO THE CITY’S STORMWATER MANAGEMENT AND CONTROL SYSTEM, WHICH CAPITAL PROJECTS WILL BE FINANCED BY STORMWATER REVENUE BONDS OR NOTES ISSUED FROM TIME TO TIME IN A TOTAL PRINCIPAL AMOUNT OF NOT EXCEEDING $60,000,000,
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Recommended Action:
Recommendation
To approve Resolution No. 89-25 whereby the City Commission of the City Of Delray Beach, Florida, declares its official intent to seek reimbursement for certain past and future capital expenditures incurred in connection with certain capital improvements to the City’s stormwater management and control system, which capital projects will be financed by special assessment bonds or notes secured by the levy and collection of special assessments issued from time to time in a total principal amount of not exceeding $60,000,000.
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Background:
The City of Delray Beach, Florida (the “City”) owns a stormwater management and control system (the “Stormwater System”); and it has been determined by the City that certain additions, extensions and improvements to the Stormwater System are necessary and in the best interest of the users of the Stormwater System and in order to make such additions, extensions and improvements it will be necessary to issue its special assessment bonds/notes secured by a pledge of special assessments levied and collected in accordance with applicable Florida law (herein, collectively, “Special Assessment Bonds”).
The City proposes to issue such Special Assessment Bonds in one or more series no...
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