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R08-017 RESOLUTION NO. 08- 0 t -, A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA AUTHORIZING AND DIRECTING STAFF TO PREPARE FOR A FINANCING OF VARIOUS CAPITAL PROJECTS FOR THE UTILITY SYSTEM OF THE CITY; SELECTING CITIGROUP GLOBAL MARKETS INC. AS UNDERWRITER OF THE POTENTIAL BONDS; AUTHORIZING STAFF TO PURSUE ALTERNATE FINANCIAL STRUCTURES; EXPRESSING THE INTENT OF mE CITY TO REIMBURSE PRIOR EXPENDITURES FROM BOND PROCEEDS; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA, AS FOLLOWS: Section 1: City staff and consultants are directed to prepare for issuance by the City of revenue bonds (the "Bonds") or another financing alternative to finance various capital projects of the water, wastewater and stormwater utility system of the City. At the appropriate time, staff shall present this matter to the City Commission for further consideration. Section 2: If it is deemed to be in the best interest of the City to accomplish the financing through a public bond issuance, then Citigroup Global Markets Inc. shall serve as underwriter of the proposed bond issue, subject to approval by the City Commission of an acceptable contract between the City and Citigroup prior to the issuance of the Bonds. Section 3: If it is deemed to be in the best interest of the City to obtain the neces sary funds through a financing vehicle other than a public bond issuance, then City staff and consultants may solicit proposals, including commitments, from financial institutions, and shall at a future date present to the City Commission a recommendation of the financial structure and institution deemed to be in the best interests of the City. Section 4: The City reasonably expects to incur capital expenditures with respect to the City's utility systems prior to the issuance of the Bonds or completion of another form of financing referred to herein, and reasonably expects to reimburse such original expenditures with proceeds of the Bonds or other financing in the maximum principal amount of $30,000,000.00. This does not obligate the City to issue any Bonds or complete any form of financing or to reimburse any such expenditures. Section 5: This Resolution shall take effect immediately upon its passage. OPTED in regular session on this, the 5th day of February, 2008. By: City of Boynton Beach, Florida ~COmmiSSi ner ~ ~.L /};n:~ Commissioner