12/16/19871
RECESSED VILLAGE BOARD MEETING
VILLAGE OF DEERFIELD
Minutes of Meeting December 16, 1987
The recessed meeting of the Board of Trustees of the Village of Deerfield was
called to order in the Council Chamber of the Village Hall on Wednesday, December
16, 1987 at 7:00 p.m. Upon motion by Trustee Rosenthal, seconded by Trustee
York and approved unanimously, Trustee Marty was named Mayor Pro Tem. The
Acting Clerk called the roll and announced that the following were:
Present: Cynthia J. Marty, Mayor Pro Tem
Harriet E. Rosenthal
Edwin B. Seidman
Vernon E. Swanson
J. Robert York
Absent: Bernard Forrest, Mayor
James L. Marovitz
and that a quorum was present and in attendance. Also present was Village Manager
Robert D. Franz, who served as Acting Clerk.
It was noted that this meeting was recessed from the December 7, 1987 regular
meeting of the Village Board, and that a public notice of this meeting had been
sent to all local newspapers.
0 -87 -64 Ordinance
$10,000,000 Bond Issue
will utilize these funds
Village debt. Remaining
cost of issuance) not to
$400,000) will be used f
Finance Director George Valentine summarized
the proposal to proceed with a $10,000,000
General Obligation Bond Issue. The Village
to acquire Tax - Exempt Bonds for the defeasance of the
funds will be used to pay back cost (including all
exceed $200,000, and the remainder (not less than
Dr street improvements.
As stated at the December 7, 1987 Board meeting, the bond sale would proceed
provided: 1) the Village maintains its AA parity rating with the Moody's
Investors service; 2) the escrowed securities are insured by one of the following
insurance groups: MBIA, FGIC, AMBAC, or BIG; and have a rating of AAA by both
Moody's and Standard and Poor's Corporation; 3) net proceeds to the Village shall
be not less than $400,000 after all costs associated with issuing the bonds and
acquiring the escrowed securities; 4) the total costs of issuance shall not
exceed $200,000 of the gross proceeds from the bond transactions; 5) any gross
proceeds in excess of the issue costs shall be distributed to the Village;
6) transactions shall be subject to the approval of bond counsel and financial
advisor; 7) the closing date for the bonds and the escrowed securities shall not
be later than December 31, 1987; and 8) if the Village does not proceed with the
issue, the cost to the Village shall not exceed one -half of the rating service
fee.
Financial Consultant Ron Norene advised that a favorable bond rating is expected
from Moody's Investors Service on Monday, December 21, 1987 and that the sale
should proceed immediately thereafter. The Village will bid on Dade County,
Florida Aviation Revenue Bonds which will be insured by the Municipal Bond
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Recessed Village Board Meeting Minutes
December 16, 1987
Page Two
Insurance Association.
It was pointed out that, by passing the Bond Ordinance, the Board was authorizing
staff and the consultants to proceed, but that the transaction would not be
completed unless all the above criteria were met.
Based on the recommendations of Ron Norene and staff, the Village Board agreed
to proceed. Trustee Seidman moved, seconded by Trustee York that the rules be
waived to permit passage of the Ordinance on first reading. Motion carried
unanimously.
Trustee Seidman moved, seconded by Trustee Swanson, that the ordinance authorizing
the issuance of $10,000,000 General Obligation Bonds, Series 1987, of the Village
of Deerfield be passed. Motion carried by the following vote:
AYES: (5) Marty, Rosenthal, Seidman, Swanson, York'
NAYS: (0) None
There being no further business, upon motion by Trustee Rosenthal, seconded by
Trustee Seidman, the meeting adjourned at 7:29 p.m.
r ATTEST:
11d �J W l
Deputy . Village Clerk
APPROVED: