TO: Mayor and Commissioners
FROM: Henry M. Dachowitz, Chief Financial Officer
THROUGH: Terrence R. Moore, ICMA-CM
DATE: May 6, 2025
Title
RESOLUTION NO. 90-25: 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 THE RENOVATION AND IMPROVEMENTS TO THE CITY’S MUNICIPAL GOLF COURSE, WHICH CAPITAL PROJECT WILL BE FINANCED BY REVENUE BONDS OR NOTES SECURED BY THE CITY’S COVENANT TO BUDGET AND APPROPRIATE CERTAIN NON-AD VALOREM REVENUES ISSUED FROM TIME TO TIME IN A TOTAL PRINCIPAL AMOUNT OF NOT EXCEEDING $40,000,000
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Recommended Action:
Recommendation
Approve the 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 the renovation and improvements to the City’s municipal golf course, which capital project will be financed by revenue bonds or notes secured by the City’s covenant to budget and appropriate certain non-ad valorem revenues issued from time to time in a total principal amount of not exceeding $40,000,000.
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Background:
The City of Delray Beach, Florida (the “City”) owns an 18-hole municipal golf course and related facilities (collectively, the “Golf Course”); and it has been determined by the City that certain improvements and renovations to the Golf Course are necessary and in the best interest of the users of the Golf Course and in order to make such improvements and renovations it will be necessary to issue its revenue bonds/notes secured by its covenant to budget and appropriate non-ad valorem revenues (herein, collectively, “Revenue Bonds”).
The City proposes to issue such Revenue Bonds in one or more series not exceeding $40,000,000 in principal amount to finance all or a portion of the costs of such capital improvements to the G...
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