Placement: First Reading of Ordinances / Public Hearing
Action Requested: Motion / Vote
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Ordinance 26-28, Public Hearing, an Ordinance Authorizing the Issuance of not to Exceed $75,000,000 in Aggregate Principal Amount of City of Port St. Lucie, Florida Special Obligation Refunding Revenue Bonds, Series 2026 to Refund a Portion of the City's Outstanding Special Assessment Refunding Bonds, Series 2016 (Southwest Annexation Special Assessment District No. 1) and a Portion of the City's Outstanding Taxable Special Obligation Refunding Revenue Bonds, Series 2017, in Order to Achieve Debt Service Savings and to Provide Funding for the Torino Regional Park 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 Refunding Revenue Bonds and Torino Regional Park, Series 2026, for the principal purpose of refunding a portion of the City's outstanding Special Assessment Refunding Bonds, Series 2016 (Southwest Annexation Special Assessment District NO.1) and a portion of the Taxable Special Obligation Refunding Revenue Bonds, Series 2017 (City Center Special Assessment District) together (the "Refunded Bonds") to achieve debt service savings for the City and to provide funding for the Torino Regional Park Project. The debt service savings is estimated to result in $2 million of net present value debt service savings (net of all issuance costs), which equates to annual savings of approximately $230,000 through 2035 (no extension of the final maturity). The Torino Regional Park funding is es...
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