Placement: Second Reading of Ordinances
Action Requested: Motion / Vote
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Ordinance 25-20, Authorizing the Issuance of Not to Exceed $35,000,000 in Aggregate Principal Amount of City of Port St. Lucie, Florida General Obligation Refunding Bonds, Series 2025; Authorizing the Levy of Ad Valorem Taxes Without Limit on all Taxable Property Within the City to Secure the Payment of the Principal of and Interest on Such 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 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 Ordinance 25-XX, Authorizing the Issuance of Not to Exceed $35,000,000 in Aggregate Principal Amount of City of Port St. Lucie, Florida General Obligation Refunding Bonds, Series 2025 to refund the City's outstanding General Obligation Bonds, Series 2016. The Series 2016 Bonds were used to (i) refund the City's General Obligation Bonds, Series 2005, (ii) refund the City's General Obligation Bonds, Series 2006, and (iii) to finance costs associated with Crosstown Parkway.
Alternate Recommendations:
1. Move that the Council amend the recommendation and adopt Ordinance 25-XX, Authorizing the Issuance of Not to Exceed $35,000,000 in Aggregate Principal Amount of City of Port St. Lucie, Florida General Obligatio...
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