HomeMy WebLinkAboutDocumentation_Regular_Tab 10-G_3/5/1998 •
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Memorandum
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To: Village Council
From: Thomas G. Bradford, Village Manager/f;"77
Date: February 26, 1998
Subject: Resolution Authorizing the Issuance of Water Revenue
Bonds; Agenda Item.
The Resolution for Village Council consideration authorizing the
issuance '-of water revenue bonds are those bonds necessary to
finance' the reverse osmosis treatment plant, an additional `
reverse osmosis well, the R.O. discharge line and a new telemetry
system. Previously, the Village Council approved the Bond
Resolution authorizing bonds to be issued in an amount not to
exceed $9 million for the same.
The Resolution for your consideration on March 5, 1998 is
referred to as a Delegated Resolution. By adopting the same, the
Village Council will be delegating the authority jointly and
severably to the Village Manager and/or Mayor to do all things
necessary to award the bond issue and to close on the bond sale.
The Resolution will provide parameters within which the Mayor
and/or Village Manager may act. An example of such parameters
would be interest rates . The Mayor and/or Village Manager would
be authorized to close on the bonds if the interest rate was
within a designated range.
The details of the Delegated Resolution were not available for
distribution at our agenda deadline on Friday. Accordingly, upon
receipt of the same, we will forward this to you for your close
inspection prior to the Village Council Meeting on March 5, 1998 .
We are proceeding in this manner in order to secure all Village
Council approvals on March 5th and to negate the need for a
Special Village Council Meeting in order to award the bond issue.
Mark Raymond, Tequesta' s Bond Counsel will be present at your
meeting to answer any and all questions you may have relative to
this important issue.
TGB/mk
Council.Revenueaond