Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 26-R37, a Resolution of the City of Port St. Lucie, Florida, Regarding Reimbursement of Certain Costs Relating to the Acquisition, Construction and Equipping of Various Capital Improvements Within the City; Providing an Effective Date.
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Submitted By: Stephen Okiye, Finance Director, Finance Department.
Strategic Plan Link: The City's Goal of a high-performing city government organization.
Executive Summary (General Business): This bond reimbursement resolution allows the City to recover project costs that are incurred before the issuance of bonds.
Presentation Information: Staff will be available for questions.
Staff Recommendation: Move that the Council approve the Resolution.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the Resolution.
2. Move that the Council provide staff direction.
Background: This resolution supports several planned city capital projects, including the Public Works Building Project Improvements and the SE Floresta Drive Roadway Improvements.
Issues/Analysis: This reimbursement resolution helps avoid arbitrage issues by allowing the government to begin spending as needed, without issuing bonds prematurely or holding proceeds in low-yield accounts. In summary, a reimbursement resolution provides flexibility to start projects early, maintain regulatory compliance, and align financing with project schedules.
Financial Information: The projects covered by the reimbursement resolution are included in the fiscal year 25/26 budget.
Special Consideration: N/A
Location of Project: N/A
Business Impact Statement: N/A
Attachments: Resolution 26-RXX Draft
NOTE: All of the listed items in the "Attachment" section above are in the custody of the City Clerk. Any item(s) not provided in City Council packets are available upon request from the City Clerk.
Internal Reference Number: Legal Intake #26133-09
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