Placement: Resolutions
Action Requested: Motion / Vote
title
Resolution 25-R91, Resolution of the City of Port St. Lucie, Florida, Amending Resolution 24-R43 by Replacing Its Exhibit “B” with an Updated Project List; Providing for Conflict; Providing for Severability; Providing an Effective Date.
body
Submitted By: Charlie Proulx, Deputy Director, Finance Department.
Strategic Plan Link: The City's Goal of a high-performing city government organization.
Executive Summary (General Business): Potential projects eligible for commercial paper funding were originally identified in Exhibit B of Resolution 24-R43. As part of the City’s routine update, the project list of capital improvements has been revised to maintain continued access to commercial paper funding, ensuring flexibility in financing future projects without delay.
Presentation Information: N/A
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 reject the Resolution and provide staff direction.
Background: On August 12, 2024, the City Council approved Resolution 24-R43, which authorized the issuance of commercial paper to finance a specific list of identified projects (“Commercial Paper Resolution”). The Commercial Paper Resolution aimed to provide a flexible, low-cost funding mechanism for capital improvements. As part of the City's ongoing efforts to streamline project funding, the original list of projects has been reviewed and updated to reflect the latest priorities for the new fiscal year, prompting the instant resolution. This update ensures that newly identified projects can be financed promptly through commercial paper issuance, without further delays in securing funding approval. The project list will continue to be reviewed annually, with subsequent updates to the project list to be presented for Council approval, in order to maintain alignment with future funding needs.
Issues/Analysis: N/A
Financial Information: N/A
Special Consideration: N/A
Location of Project: N/A
Business Impact Statement: N/A
Attachments: 1. Resolution 25-R
2. Commercial Paper Resolution
3. Exhibit B.1 Project List
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: 24142-01
Legal Sufficiency Review:
Reviewed by Richard Berrios, City Attorney. Approved as to Legal form and sufficiency by Richard Berrios, City Attorney.