Placement: Second Reading of Ordinances / Public Hearing
Action Requested: Motion / Vote
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Ordinance 22-43, Public Hearing, Authorizing the Issuance of Refunding Revenue Bonds, Series 2022, Not to Exceed $16,000,000 for Refunding the City's Outstanding Utility Systems Refunding Revenue Bonds, Series 2012, in Order to Achieve Debt Service Savings.
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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 Utility System Refunding Bond, Series 2022, for the principal purpose of refunding the City's outstanding Utility System Refunding Revenue Bonds, Series 2012, to achieve debt service savings for the City. The debt service savings is estimated to result in $1.4 million of net present value debt service savings (net of all issuance costs) or 8.85% of the Refunded Bonds par amount, which equates to annual savings of approximately $215,000 annually through 2029.
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 City Council may pose
Staff Recommendation: Move that the Council adopt the ordinance for refunding of the City's outstanding Utility System Refunding Revenue Bonds, Series 2012. The Series 2012 Bonds were used to (i) advance refund a portion of the City's Utility System Revenue Bonds, Series 2003, (ii) advance refund a portion of the City's Utility System Revenue Bonds, Series 2004, and (iii) pay certain expenses related to the issuance and sale of the Series 2012 Bonds.
Alternate Recommendations:
1. Move that the Council amend the recommendation and adopt the ordinance.
2. Move that the Council provide direction to staff.
Background: Utility System Refunding Revenue Bonds, Series 2012, were issued on July 18, 2012. Original Par Amoun...
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