Placement: Consent Agenda
Action Requested: Motion / Vote
title
Approval of Two Contracts Related to Bonds: (1) Bond Counsel with Nabors, Giblin & Nickerson, P.A. and (2) Bond Disclosure with Bryant Miller Olive P.A.
body
Submitted By: Max Previlon, CPPB / Procurement Contracting Officer III.
Strategic Plan Link: The City's Goal of a high-performing city government organization.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Max Previlon, CPPB / PMD.
2. Parties: City of Port St. Lucie and Nabors, Giblin & Nickerson, P.A. (bond counsel); City of Port St. Lucie and Bryant Miller Olive P.A. (bond disclosure).
3. Purpose: The role of Bond Counsel is to provide a legal opinion confirming the city's bond issuance is valid, properly authorized, and compliant with tax and securities laws. In addition, Bond Disclosure ensures that all investor-facing documents in a bond offering are accurate, complete, and legally compliant with securities laws.
4. New/Renewal/Modified: New.
5. Duration: Each Contract is for five (5) years (January 18, 2026-January 17, 2031) with an option to renew for an additional five-year period.
6. Benefits to Port St. Lucie: Ensures the legal validity and tax compliance of a bond issuance by providing a formal opinion that instills confidence in investors. Additionally, bond counsel offers expert legal guidance throughout the financing process and beyond, helping the City navigate complex regulations and maintain long-term compliance.
7. Cost to Port St. Lucie (Annual and Potential): The Bond Counsel Contract is estimated at $125,000 per year or $625,000 over 5 years. Bond Disclosure Contract is estimated at $100,000 per year or $500,000 over 5 years. Future expenditures will be appropriated in each fiscal year budget.
Presentation Information: N/A.
Staff Recommendation: Move that the Council approve, per City Code of Ordinances, Section 35.08(a)(1) (incorporating exemptions provided under section 287.057, Florida Statutes) ...
Click here for full text