Placement: First Reading of Ordinances / Public Hearing
Action Requested: Motion / Vote
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Ordinance 26-62, Public Hearing, Adopt an Ordinance Authorizing the Issuance of Not to Exceed $85,000,000 in Aggregate Principal Amount of City of Port St. Lucie, Florida Special Obligation Revenue Bonds, Series 2026A to Finance Various Costs Related to the SE Floresta Drive Roadway Improvements, the Public Works Building Project and the Paar Roundabouts Project; Providing for a Covenant to Budget and Appropriate Legally Available Non-Ad Valorem Revenues to Pay the Principal of, Redemption Premium, if any, and Interest on the Bonds; Providing for Certain Rights of the Holders of Such Bonds; and Providing an Effective Date.
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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 Special Obligation Revenue Bonds, Series 2026A for the principal purpose of providing funding for the SE Floresta Drive Roadway Improvements, Public Works Building, and Paar Roundabout projects.
Presentation Information: Staff will be available for questions.
Staff Recommendation: Move that the Council adopt Ordinance 26-62 and providing funding for SE Floresta Drive Roadway Improvements, the Public Works Building Project, and the Paar Roundabout Project.
Alternate Recommendations:
1. Move that the Council amend the recommendation and adopt Ordinance 26-62, Authorizing the Issuance of Not to Exceed $85,000,000 in Aggregate Principal Amount of City of Port St. Lucie, Florida Special Obligation Revenue Bonds, Series 2026A.
2. Move that the Council provide staff direction.
Background: The City is proposing the issuance of approximately $85 million in bonds to fund projects included in the adopted Capital Improvement Program. Bond proceeds will be used for Floresta Drive Roadway Improvements ($38.7 mill...
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