Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 22-R96, Authorizing the Defeasance of the City's Outstanding Public Service Tax Refunding Revenue Bonds, Series 2016, Not to Exceed $17,000,000, in order to Reduce the Debt of the City.
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Submitted By: Stephen Okiye, Finance Director/City Treasurer, Finance Department
Strategic Plan Link: The City's Mission to be financially responsible.
Executive Summary (General Business): In order to reduce the debt of the City, staff recommends the City of Port St. Lucie, Florida, utilize certain legally available monies for the defeasance and redemption of the outstanding City's Public Service Tax Refunding Revenue Bonds, Series 2016. Currently, these bonds have an outstanding balance of $15,900,000. The proceeds of the Public Service Tax Refunding Revenue Bonds, Series 2016 were used to refinance the costs of various governmental buildings and facilities. The City has on hand certain proceeds that legally can be used to defease and redeem all of the outstanding Public Service Tax Refunding Revenue Bonds, Series 2016.
Presentation Information: Our Financial Advisor, Jay Glover, PFM, and Bond Attorney, Steve Miller, Esq., Nabors, Giblin & Nickerson, P.A., will be available to answer any questions.
Staff Recommendation: Move that the Council approve the Resolution authorizing the defeasance and redemption of the City's outstanding Public Service Tax Refunding Revenue Bonds, Series 2016, and authorizing the execution of the Escrow Deposit Agreement, which is included as an Exhibit to the Resolution.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the Resolution authorizing the defeasance and redemption of the City's outstanding Public Service Tax Refunding Revenue Bonds, Series 2016, and authorizing the execution of the Escrow Deposit Agreement, which is included as an Exhibit to the Resolution.
2. Move that the Council provide staff direction.
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