Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 25-R21, Authorizing the Issuance of Not to Exceed $35,000,000 in Aggregate Principal Amount of the City of Port St. Lucie’s General Obligation Refunding Bonds, Series 2025 to Achieve Debt Service Savings for the City.
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Submitted By: Stephen Okiye, Finance Director, Finance Department.
Strategic Plan Link: The City’s Mission to utilize fiscal responsibility.
Executive Summary (General Business): Staff recommends the City of Port St. Lucie, Florida issue General Obligation Refunding Bonds, Series 2025, for the principal purpose of refunding the City’s outstanding General Obligation Bonds, Series 2016, to achieve debt service savings for the City. This is estimated to result in $1 million of net present value debt service savings (net of all issuance costs), which equates to annual savings of approximately $120,000 through 2035.
Presentation Information: Staff will be available to answer questions.
Staff Recommendation: Move that the Council adopt Resolution 25-R21, Authorizing the Issuance of Not to Exceed $35,000,000 in Aggregate Principal Amount of the City of Port St. Lucie’s General Obligation Refunding Bonds, Series 2025.
Alternate Recommendations:
1. Move that the Council amend the recommendation and adopt Resolution 25-R21, Authorizing the Issuance of Not to Exceed $35,000,000 in Aggregate Principal Amount of the City of Port St. Lucie’s General Obligation Refunding Bonds, Series 2025.
2. Move that the Council provide staff direction.
Background: The General Obligation Bonds, Series 2016, were issued July 1, 2016. The original par amount was $37,075,000 maturing in 2035. Refunding the City’s outstanding General Obligation Bonds, Series 2016, will result in debt savings to the City and its citizens.
Issues/Analysis: N/A
Financial Information: Refunding the General Obligation Bonds, Series 2016, will result in an estimated net present value debt service savings of $1 million, which equates to annual savings of approximately $120,000 through 2035.
Special Consideration: N/A
Location of Project: N/A
Business Impact Statement: N/A
Attachments: 1. Resolution 25-RXX Draft
2. Exhibit A - Form of Official Notice of Sale
3. Exhibit B - Form of Preliminary Official Statement
4. Exhibit C - Form of Disclosure Certificate
5. Exhibit D - Form of Escrow Deposit Agreement
6. Exhibit E - Financial Plan
NOTE: All of the listed items in the “Attachment” section above are in the custody of the City Clerk. Any item(s) not provided in City Council packets are available upon request from the City Clerk.
Internal Reference Number: Legal Intake #25077-03
Legal Sufficiency Review:
Reviewed/Prepared by Special Bond Counsel. Approved as to Legal form and sufficiency by Richard Berrios, City Attorney.