1995.09.26_TC_Minutes_Workshop., .. ~-.
TOWN OF HIGHLAND BEACH
MINUTES OF TOWN COMMISSION MEETING
WORKSHOP MEETING
Tuesday, September 26,1995 1.30 P M
Vice Mayor Bill Paul called the Workshop Meeting to order, in Mayor
Arlin G. Voress' absence, at 1:30 P.M. in Commission Chambers.
Town Clerk Doris Trinley called the roll. The Vice Mayor and
Commissioners David Augenstein, Arthur Eypel and John F. Rand were
present.
Town Manager Mary Ann Mariano and Town Attorney Thomas E. Sliney
were also present, as were members of the general public.
ADDITIONS, DELETIONS OR ACCEPTANCE OF AGENDA
The agenda was accepted as submitted.
95.1 PUBLIC COMMENTS AND REQUESTS
Under Public Comments and Requests, Leonard Bell, 2727 S. Ocean
Boulevard, addressed the Commission. Mr. Bell, recently appointed
• Chairman of the Ad Hoc Start-Up Committee of the Highland Beach
Library Foundation, asked that discussion of the Committee's work
be placed on the October Workshop agenda, as a report will be
forthcoming at that time. He also suggested that the Commission
might consider a way of keeping residents better informed as to
what in going on in Town.
93.8 DISCUSSION RE ADELPHIA CABLE
Attorney Sliney advised there was nothing new to report regarding
Adelphia Cable.
95.1a REVIEW RESOLUTION RE WATER & SEWER JUDGMENT BONDS AND
TENTATIVE SCHEDULE FOR MARKETING SAME.
Lengthy discussion took place regarding the Resolution pertaining
to the upcoming bond issue. Attorneys Mark Raymond and Charles
Schoech, bond counsels, answered questions to the Commission's
satisfaction, as did Kevin McCarty representing the bond issuer,
Stiffel, Nicolaus & Co.
Because the bid for the renovation of the fire station was to be
awarded to the low bidder (RPM) at a Special Meeting set for 2:00
P.M. this date, and further that the low bid was $150,000.00 more
than the estimated project cost, it was the consensus that the
amount of the bond be increased by $150,000.00 to cover this
• difference. It was further agreed that this item would be added to
Special Meeting Agenda for vote.
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Town Commission
Workshop Meeting - Minutes
September 26, 1995 Page 2 of 4
Also noted and discussed was that portion of the Resolution under
Article I, Section 1.01 Definitions (bottom of Page 9; top of Page
10)) reading as follows:
"Renewal and Replacement Fund Requirement" shall mean, as
of any date of calculation, an amount of money equal to
$ or such other greater or lesser sum as shall
be recommended to the Issuer........etc.
Rather than a dollar amount, it was the consensus that using a
percentage figure would be more advantageous to the Town. It was
noted that the water plant facility just recently received an
excellent report from Montgomery-Watson, which should have a
favorable bearing on a percentage of perhaps as low as 1% being
used. Mr. Raymond was agreeable to this thinking; Ms. Mariano will
do the necessary research to supply the correct percentage figure.
[This portion of the proposed resolution is attached to and made
part of these Minutes.]
The revised Bond Resolution will be moved to the October Regular
Meeting Agenda for adoption as per Stifel, Nicolaus' timetable.
[Attached to and made part of these Minutes.]
• At 2:15 P.M., concluding this discussion, Vice Mayor Paul recessed
the Workshop Meeting to accommodate the scheduled 2:00 P.M. Special
Meeting. The Workshop Meeting was reconvened at 2:40 P.M.
95.2 BOARDS AND COMMITTEES
It was noted that no vacancies were available at this time, and
there was no correspondence to address.
95.3 PROPOSED ORDINANCES AND RESOLUTIONS
It was noted that the following ordinance had received first
reading on September 05 and was published on September 19; it will
be given final reading and considered for adoption at the October
Regular Meeting:
AN ORDINANCE OF THE TOWN OF HIGHLAND BEACH, FLORIDA, AMENDING
TOWN CODE, CHAPTER 22 ENTITLED "SEWERS," SECTION 22-2 ENTITLED
"SEWER SERVICE CHARGES" AND CHAPTER 29 ENTITLED "WATER
SYSTEM," SECTION 29-10 ENTITLED "CHARGE FOR WATER SERVICE."
There was no discussion of the ordinance.
94.7 DISCUSSION RE LIBRARY FOUNDATION
• Discussion of the Library Foundation was limited, with Attorney
Sliney advising that copies of the necessary IRS forms for tax
Town Commission
Workshop Meeting - Minutes
September 26, 1995 Paae 3 of 4
exemption status would be made available to the Commission for
their information. It was reiterated that a report of the Ad Hoc
Start-Up Committee would be an agenda item for the October
Workshop.
MISCELLANEOUS - ITEMS LEFT OVER
1) A Status of Building Development in Town was accepted as
information.
2) Four (4) sets Minutes were moved to the October Regular Meeting
Agenda for further consideration and possible approval:
August 29, 1995 - Workshop Meeting
September 05, 1995 - Regular Meeting
September 08, 1995 - Public Hearing
September 19, 1995 - Public Hearing/Special Meeting
REPORTS - TOWN COMMISSION
There were no reports forthcoming from the Commission members.
. REPORTS - TOWN ATTORNEY
Thanking Nina Siebert of the City of Boca Town for her cooperation
in this endeavor, Attorney Sliney advised that all correct survey
information regarding the 70th Street wellfield property had been
received and, therefore, the Town was now in a position to sign an
agreement for sale of a portion of the right of way with the City
of Boca Raton. Noting that Boca had already signed off on the
agreement, Mr. Sliney further advised that once the fence and gate
on said property are installed and accepted, the deed to the right
of way area the Town is quit-claiming will be recorded.
This item will be moved to the October Regular Meeting Consent
Agenda.
REPORTS - TOWN MANAGER
Town Manager Mariano advised that the Building Official position
would be full-time as of the new fiscal year, starting October 1.
She further advised that Building Official Lee Leffingwell had
opted not to accept the position; however, former Building Official
Ed Hardy had agreed to temporarily, and possibly permanently, fill
the position to facilitate a smooth transition in order that the
work of the Building Department could continue in an uninterrupted
manner. Mr. Hardy, it was noted, is fully certified by the State
of Florida .
Town Commission
Workshop Meeting - Minutes
September 26, 1995 Paae 4 of4
There being no further business to come before the Commission at
this time, Vice Mayor Paul adjourned the Workshop Meeting at 2:50
P.M. upon MOTION by COMMISSIONER AUGENSTEIN/COMMISSIONER EYPEL.
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APPROVE : s--,~, ~1~~~--~~- - -
Arlin G. Voress, Mayor
B 1 P ul, Vic Mayor
Arthur E el, C mis Toner
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David Augenstein, ommissioner
ATTEST:
DATE:
Jo . Rand, Commissioner
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investments thereof, in the funds and accounts established
hereunder,. except (i) moneys, including investments thereof, in
apy Rebate Fund and the Impact Fee Fund, and (ii) to the extent
':Moneys on deposit in a subaccount of the Reserve Account and/or an
• =~~::~`account of the Construction Fund are pledged solely for the
~;''~~payment of the Series of Bonds for which such account was
established in accordance with the provisions hereof.
"Pledged Funds" shall mean the Net Revenues, to the extent
allowed in Section 4.06 hereof the Impact Fees, the Pledged
Accounts, and to the extent specified in Section 4.10 hereof the
Guaranteed Entitlement Revenues.
"Principal Account" shall mean the separate account of that
name in the Debt Service Fund established pursuant to Section 4.03
hereof .
"Project" shall mean any undertaking of the Issuer the cost of
which is to be paid, in whole or in part, from amounts in the
Construction Fund.
"Project Certificate" shall mean that. certificate of the
Consultants filed with the Issuer at or prior to delivery of any
Series of Bonds setting forth the estimated total cost of the
Project to be financed with such Bonds, the estimated cost of the
Expansion Facilities portion of the Project, the Expansion
Percentage and the Impact Fee Debt Service Component.
"Promissory Note" means that certain Promissory Note of the
Issuer, in the original principal amount of $3,000,000, dated June
9, 1995.
"Rates" shall mean the charges imposed by the Issuer for the
use of the services of the System, other than any Impact Fees.
"Rebate Fund" shall mean any Rebate Fund established pursuant
to Section 4.07 hereof.
"Redemption Price" shall mean, with respect to any Bond or
portion thereof, the principal amount or portion thereof, plus the
applicable premium, if any, payable upon redemption thereof.
"Registrar" shall mean any registrar for the Bonds appointed
by or pursuant to resolution of the Governing Body and its
successors and assigns, and any other Person which may at any time
be substituted in its place pursuant to resolution of the
Governing Body.
"Renewal and Replacement Fund" shall mean the Renewal a>>d
Replacement Fund established pursuant to Section 4.03 hereof.
"Renewal and Replacement Fund Requirement" shall mean, as of
any date of calculation, an amount of money equal to $ or
-9- 7624M
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~uch other greater or lesser sum as shall be recommended to ttie
Issuer by the Consultants and approved by the Governing Body as a
sum appropriate for the Renewal and Replacement Fund considering
the gurposes therefor as prescribed by this Resolution, the past
performance and existing condition of the System and the probak~le
future requirements of the Issuer, in keeping with sound water and
sewer system management practices.
"Reserve Account" shall mean the separate account of that name
in the Debt Service Fund established pursuant to Section 9.03
hereof .
"Reserve Account Insurance Policy" shall mean an insurance
policy deposited in the Reserve Account in lieu of or in partial
substitution for cash on deposit therein pursuant to Section
4.05(B)(4).
"Reserve Account Letter of Credit" shall mean a Credit
Facility (other than a Reserve Account Insurance Policy) issued by
any bank or national banking association, insurance company or
other financial institution and then on deposit in the Reserve
Account in lieu of or in partial substitution for cash on deposit
therein pursuant to Section 4.05(B)(4) hereof.
"Reserve Account Requirement" shall mean, for a subaccount in
the Reserve Account, unless otherwise provided with respect to a
Series of Bonds by Supplemental Resolution adopted prior to
issuance of such Series, as of any date of calculation, an amount
. of money equal to the lesser of (1) the Maximum Debt Service
Requirement for the Series of Bonds to which such subaccount
relates, (2) 125% of the average annual Debt Service Requirement
for the Series of Bonds to which such subaccount relates
calculated as of the date of issuance of such Series, or (3) 10°~
of the aggregate initial principal amount of the Series of Bonds
to which such subaccount relates. In computing the Reserve
Account Requirement, the interest rate on Variable Rate Bonds
shall be assumed to be the lesser of (a) the 30-year Revenue Bond
Index most recently published by ~,g Bond Buyer but in no event
published more than two weeks prior to the date of issuance of
such Variable Rate Bonds or (b) the Maximum Interest Rate.
"Resolution" and "this Resolution" shall mean this instrument,
as the same may from time to time be amended, modified or
supplemented by any and all Supplemental Resolutions.
"Revenue Fund" shall mean the Revenue Fund established
pursuant to Section 4.03 hereof.
"Serial Bonds" shall mean all of the Bonds other than the Term
Bonds.
"Series" shall mean all the Bonds delivered on original.
issuance in a simultaneous transaction and identified pursuant to
-10- 7629M
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MEMORANDUM SEP 15 1995 ~ ~'
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_...
To: 'Mary Ann Mariano & Financing Group ---- --' " ~____ _-------'
From: Kevin McCarty and Peter Czajkowski
Date: September 14, 1995
Re: Tentative Schedule -Marketing of Water and Sewer
Judgment Bonds
v
This memo and attached timetable seeks to recap our conference call of this morning and
obtain approval and input for the timing of the bond issue from the Town's staff and
Council.
The consensus of those on the call was that due to the current rally in interest rates, the
team should proceed to review and finalize documents and bring the Bond Resolution to
the Council in early October. Marketing and sale of the bonds would occur in the last
week of October and the first week of November with the Bond Purchase Agreement
brought to Council for award at their first meeting in November.
While it is true the Town needs this money to make a payment on December 9, 1995, the
consensus was to proceed with the financing in a deliberate fashion to sell the Town's
bonds quickly, but consistent with your current meeting schedule. As you'll see the period
of time between bond sale and closing is a bit longer than usual. While this will leave the
Town's funds invested for approximately two weeks before paying off the debt, the rate of
interest earned should be close to or equal the bond yield. Additionally, if Council
member are eager to move faster to capture current rates, we could certainly adjust the
schedule.
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TOWN OF HIGHLAND BEACH
Water and Sewer Revenue Bonds
Series 1995
Financing Timetable
09/21 Revised Bond Documents Distributed
09/22 Resolution Distributed for Council Review
10/03 Bond Resolution Adopted by Town Council
10/10 Final Comments on POS Due
10/23 POS's Printed
10/24 POS's Mailed
11/06-11/7 Bonds Priced
11/07 Bond Purchase Agreement Signed at Council Meeting
11/28 Preclosing
11/29 Closing
TOWN OF HIGHLAND BEACH
Distribution List
Town of Highland Beach
3614 South Ocean Blvd
Highland Beach, FL 33487
Mary Ann Mariano,Town Manager
Michael Seaman, Finance Director
Town Attorney
Hodgson, Russ, Andrews, Wood 8t Goodyear
2000 Glades Road, Suite 400
Boca Raton, FL 33431
Tom Sliney
Fax:
Fax:
(407) 278-4548
(407) 265-3582
(407) 394-0500
(305) 427-4303
Town Suecial Counsel
• Caldwell & Pacetti
324 Royal Palm Way
Palm Beach, FL 33480
Charles F. Schoech, Esq. (407) 655-0620
Fax: (407) 655-3775
Bond Counsel
Moyle, Flanigan, Katz, FitzGerald 8c Sheehan, P.A.
625 North Flagler Drive, 9th Floor
West Palm Beach, FL 33401
Mark E. Raymond (407) 822-03 80
Fax: (407) 659-1789
Underwriter
Stifel, Nicolaus & Company, Incorporated
1177 George Bush Bvd, Suite 308
Defray Beach, FL 33483 '
Kevin McCarty
Peter Czajkowski (407) 278-6358
Fax: (407) 278-2511
.~ -
Underwriter's Counsel
Greenberg, Traurig, Hoffman, Lipoff, Rosen & Quentel, P.A.
777 S. Flagler Drive, Suite 310 East
West Palm Beach, FL 33401
Stephen D. Sanford, Esq.
(407) 650-7945
Fax: (407) 655-6222
Bond Insurer
MBIA
113 King Street
Armonk, NY 10504
Chris Bade
(914) 765-3523
Fax: (914) 765-3500
Paving Agent
NationsBank
Corporate Trust Division
400 N. Ashley Drive, 6th Floor
Tampa, FL 33602
rill A. Billings
(813) 224-5708
Fax: (813) 224-5304