Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 24-R43, Authorizing Participation in Pooled Commercial Paper Loan Program of not to Exceed $50,000,000 to Fund Various Capital Improvements within the City.
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Submitted By: Stephen Okiye, Finance Director, Finance Department
Strategic Plan Link: The City’s Mission to be financially responsible.
Executive Summary (General Business): Staff recommends the City of Port St. Lucie, Florida (City) enter into an agreement between the Florida Local Government Finance Commission (FLGFC) and the City for the participation in a pooled commercial paper loan program to obtain cost-effective, short-term/interim financing for acquiring, constructing, and equipping budgeted capital improvement projects.
Presentation Information: A brief PowerPoint presentation by Charlie Proulx will be available.
Staff Recommendation: Move that the Council approve the resolution.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the resolution.
2. Move that the Council provide staff direction.
Background: In previous years, the City faced timing gaps in project financing. By utilizing Commercial Paper, the City can use the funds to cover the initial project phases, helping to minimize interest costs in the early stages of the project. In addition, the City can borrow in stages aligned with the project’s progress instead of borrowing the entire project amount upfront.
Issues/Analysis: N/A
Financial Information: Maximum aggregate fees not to exceed $60,000.
Special Consideration: N/A
Location of Project: N/A
Attachments: 1. Resolution Draft
2. Loan Agreement
3. PowerPoint
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 #24142-01
Legal Sufficiency Review:
Reviewed by Richard Berrios, City Attorney. Approved as to Legal form and sufficiency by Richard Berrios, City Attorney.