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
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Commissioner