City of Port St. Lucie header
File #: 2021-397    Version: Name:
Type: Ordinance Status: Passed
File created: 4/28/2021 In control: City Council
On agenda: 5/24/2021 Final action: 5/24/2021
Title: Ordinance 21-44, Public Hearing, Authorizing the Issuance of Utility Revenue Bonds not to exceed $37,000,000 for Various Infrastructure Improvements and Amending and Supplementing Ordinance 94-29
Attachments: 1. Supplemental Ordinance, 2. EXHIBIT B - Form of Purchase Contract, 3. EXHIBIT C - Form of Preliminary Official Statement, 4. EXHIBIT D - Form Continuing Disclosure Certificate, 5. utility-systems-bonds-presentation

Placement: Second Reading of Ordinances / Public Hearing                     

Action Requested: Motion / Vote                     

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Ordinance 21-44, Public Hearing, Authorizing the Issuance of Utility Revenue Bonds not to exceed $37,000,000 for Various Infrastructure Improvements and Amending and Supplementing Ordinance 94-29 

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Submitted By: Jeff Snyder, CPA, CFO

 

Strategic Plan Link: The City's Goal of high-quality infrastructure and facilities.

 

Executive Summary (General Business): The City’s rapid growth is requiring investment in the Utilities Infrastructure.  The money received from this bond issue will provide funds to acquire, construct, and equip certain capital improvements in order to improve and maintain the health, safety, and welfare of our citizens.

 

Presentation Information: Our Financial Advisor Jay Glover, PFM, will provide a brief presentation.

 

Staff Recommendation: Move that the Council adopt the ordinance to allow staff to move forward and issue bonds for the Utility System improvements.

 

Alternate Recommendations:

1.                     Move that the Council amend the recommendation and adopt the amended ordinance.

2.                     Move that the Council reject the ordinance and provide direction.

 

Background: The improvements proposed will benefit future residents of the City.  The issuing of these bonds will provide intergenerational equity by allowing the citizens benefiting from these improvements to assist in paying for them.

 

Issues/Analysis: N/A

                     

Financial Information: Interest rates are very low which positively impacts the cost of borrowing. Couple this with the explosive growth the City is experiencing, and this is a very favorable time to issue debt.

 

Special Consideration: N/A

 

Location of Project: Various locations within the City.

 

Attachments: 1. Ordinance 21-44, 2. Presentation

 

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: 6421

 

Legal Sufficiency Review: 

Reviewed/Prepared by Special Bond Counsel. Approved as to Legal form and sufficiency by James D. Stokes, City Attorney