City of Port St. Lucie - File #: 2023-314

• File #: 2023-314
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 3/16/2023
• In control: City Council
• On agenda: 3/27/2023
• Final action: 3/27/2023
• Title: Resolution 23-R32, Authorizing the Issuance of Not to Exceed $49,000,000 in Aggregate Principal Amount of the City's General Obligation Refunding Bonds, Series 2023 to Achieve Debt Service Savings.

Date	Ver.	Action By	Action	Result
3/27/2023	1	City Council	Approved	Pass

Placement: Resolutions
Action Requested: Motion / Vote
title
Resolution 23-R32, Authorizing the Issuance of Not to Exceed $49,000,000 in Aggregate Principal Amount of the City's General Obligation Refunding Bonds, Series 2023 to Achieve Debt Service Savings.
body
Submitted By: Stephen Okiye, Finance Director, Finance Department.

Strategic Plan Link: The City's Mission to be financially responsible.

Executive Summary (General Business): Staff recommends the City of Port St. Lucie, Florida issue General Obligation Refunding Bonds, Series 2023, for the principal purpose of refunding the City's outstanding General Obligation Bonds, Series 2014 and General Obligation Refunding Bonds, Series 2014, to achieve debt service savings for the City. The debt service savings is estimated to result in $3.2 million of net present value debt service savings (net of all issuance costs) or 6.6% of the Refunded Bonds par amount, which equates to annual savings of approximately $325,000 through 2035.

Presentation Information: Staff will be available to answer questions.

Staff Recommendation: Move that the Council approve resolution 23-RXX, authorizing the issuance of not to exceed $49,000,000 in aggregate principal amount of the City's general obligation refunding bonds, series 2023 to achieve debt service savings.

Alternate Recommendations:
1. Move that the Council amend the recommendation and approve resolution 23-RXX, authorizing the issuance of not to exceed $49,000,000 in aggregate principal amount of the City's general obligation refunding bonds, series 2023 to achieve debt service savings.
2. Move that the Council provide staff direction.

Background: The General Obligation Bonds, Series 2014 and General Obligation Refunding Bonds, Series 2014, were issued on March 18, 2014. The original par amount was $74,740,000 maturing in 2035 and 2029 respectively. Refunding the City's outstanding General Obligation Bonds, Series 2014 and General Obligation Refunding Bon...