RESOLUTION NO. 47-2020
RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF LAKE WORTH BEACH, FLORIDA, AMENDING AND
SUPPLEMENTING RESOLUTION NO. 45-2020 OF THE
CITY; AUTHORIZING THE ISSUANCE OF NOT
EXCEEDING $123,000,000 IN AGGREGATE PRINCIPAL
AMOUNT OF CITY OF LAKE WORTH BEACH, FLORIDA
CONSOLIDATED UTILITY REVENUE BONDS, SERIES
2020A AND SERIES 2020B (FEDERALLY TAXABLE), TO
PROVIDE FUNDS FOR THE PURPOSE OF FINANCING
THE ACQUISITION, CONSTRUCTION AND EQUIPPING
OF CAPITAL IMPROVEMENTS TO THE CITY'S
CONSOLIDATED UTILITY SYSTEM AND FINANCING
CERTAIN COSTS OF THE CITY; MAKING CERTAIN
OTHER COVENANTS AND AGREEMENTS IN
CONNECTION WITH THE ISSUANCE OF SUCH BONDS;
PROVIDING CERTAIN TERMS AND DETAILS OF SUCH
BONDS, INCLUDING AUTHORIZING A NEGOTIATED
SALE OF SAID BONDS AND THE EXECUTION AND
DELIVERY OF A BOND PURCHASE CONTRACT WITH
RESPECT THERETO UPON COMPLIANCE WITH
CERTAIN PARAMETERS; APPOINTING THE PAYING
AGENT AND REGISTRAR WITH RESPECT TO SAID
BONDS; AUTHORIZING THE EXECUTION AND
DELIVERY OF AN OFFICIAL STATEMENT WITH
RESPECT THERETO; AUTHORIZING THE EXECUTION
AND DELIVERY OF A CONTINUING DISCLOSURE
CERTIFICATE; AUTHORIZING THE PURCHASE OF BOND
INSURANCE AND THE EXECUTION AND DELIVERY OF
AN INSURANCE AGREEMENT WITH RESPECT
THERETO AUTHORIZING THE EXECUTION AND
PROVIDING AN EFFECTIVE DATE
Tuesday, October 20, 2020
Tonight Lake Worth Issues $123 million in Revenue bonds
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4 comments:
The bonds don't mature until December 31, 2051!
It's great to be in debt.
The wonderful thing about Revenue bonds, as far as the City is concerned, is that the city doesn't have to have a vote of the people...just commit our revenue.
“AND FINANCING CERTAIN COSTS”. That is rather vague. What other costs?
@11:10--How much interest will we be paying overall? What is the REAL amount of this debt? And what exactly are they spending this enormous amount of money on beside the utility?
Is there a Public Offering for these bonds. They might be a good investment.
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