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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Executive Summary: Refunding a portion of the City's outstanding Special Assessment Refunding Bonds, Series 2016 & a portion of the Taxable Special Obligation Refunding Revenue Bonds, Series 2017 will result in an estimated $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. The final maturity remains unchanged. The repayment source for the bond refundings will be the Special Assessment District funds. The estimated annual debt service payments for the $12 million in funding for the Torino Regional Park project are $800,000,which will be repaid with Park Impact Fees.
Staff Recommendation: Move that the Council approve the request to table this item to the April 13, 2026 Regular City Council Meeting Agenda to allow for time to readvertise with the full Ordinance name as required.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the request to table this item to the April 13, 2026 Regular Cit...
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