TO: Mayor and Commissioners
FROM: Hugh B. Dunkley, Finance Director
THROUGH: Terrence R. Moore, ICMA-CM
DATE: September 19, 2022
Title
RESOLUTION NO. 154-22: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DELRAY BEACH, FLORIDA TO AUTHORIZE, SUBJECT TO REFERENDUM APPROVAL, THE ISSUANCE BY THE CITY OF DELRAY BEACH OF ITS GENERAL OBLIGATION BONDS, TO BE ISSUED IN ONE OR MORE SERIES, IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $20,000,000 FOR THE PURPOSE OF FINANCING ALL OR A PORTION OF THE COSTS OF IMPROVING THE ATLANTIC DUNES PARK, THE CATHERINE STRONG PARK, AND THE MILLER PARK CALLING FOR A BOND REFERENDUM OF THE QUALIFIED ELECTORS OF THE CITY OF DELRAY BEACH, FLORIDA TO BE HELD ON MARCH 14, 2023 AS TO WHETHER GENERAL OBLIGATION BONDS FOR SUCH PURPOSE SHOULD BE ISSUED; AND PROVIDING AN EFFECTIVE DATE.
Body
Recommended Action:
Recommendation
Motion to approve Resolution 154-22 authorizing, subject to referendum approval, the issuance of General Obligation Bonds in one or more series in an aggregate principal amount of not to exceed $20,000,000 for parks and recreational improvements.
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Background:
City staff has held several workshops in connection with its capital improvement plan. To this end, staff has identified several facilities which are in need of repair or replacement. Staff is recommending funding these capital improvements from the proceeds of general obligation bonds to be financed over the expected useful lives of the new facilities, not to exceed 30 years. The estimated cost of these facilities are as follows: Public safety (Police and Fire facilities) - $100 million; Parks and Recreational Improvements - $20 million. The millage rate impact for the public safety and parks and recreational improvements will be approximately 0.43 mills and 0.09 mills, respectively.
Staff is hereby recommending the issuance of the aforementioned bonds, which will be backed by the full faith and credit of the City’s ad valorem tax revenues. ...
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