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P.H. 2021-73: (PUBLIC HEARING 2ND READING)
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, PROVIDING FOR THE ISSUANCE OF THE CITY OF POMPANO BEACH, FLORIDA STORMWATER UTLITY REVENUE BOND, SERIES 2021 IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT EXCEEDING $11,000,000 UNDER ORDINANCE NO. 2021-64 ENACTED ON JUNE 22, 2021, FOR THE PURPOSE OF FINANCING, TOGETHER WITH OTHER LEGALLY AVAILABLE FUNDS OF THE ISSUER, THE ACQUISITION, CONTRUCTION AND EQUIPPING OF ALL OR A PORTION OF CERTAIN CAPITAL PROJECTS RELATED TO THE ISSUER’S STORMWATER UTILITY SYSTEM AND PAYING COSTS OF ISSUANCE OF THE SERIES 2021 BOND; FIXING CERTAIN TERMS AND DETAILS OF THE SERIES 2021 BOND; AUTHORIZING EXECUTION AND DELIVERY OF THE SERIES 2021 BOND; AUTHORIZING THE NEGOTIATED SALE OF THE SERIES 2021 BOND TO CENTERSTATE BANK, N.A.; DIRECTING THE APPLICATION OF THE PROCEEDS OF THE SERIES 2021 BOND; APPOINTING THE ISSUER AS THE INITIAL PAYING AGENT AND REGISTRAR FOR THE SERIES 2021 BOND; AUTHORIZING OTHER REQUIRED ACTIONS; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: $11,000,000)
FIRST READING: MAY 25, 2021
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(Staff Contact: Andrew Jean-Pierre)
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Summary Explanation/Background:
This is a sister item to the the Master Stormwater Utility Bond Ordinance which provides that before any Bonds shall be issued under the provisions thereof, the City Commission shall adopt a Supplementing Stormwater Utility Bond Ordinance authorizing the issuance of such Bonds.
This item is the Supplementing Stormwater Utility Bond Ordinance which provides for the fixing (or providing for the fixing of) the amount and the details thereof, describing in brief and general terms the portions of the Projects to be constructed or acquired and authorizing other required actions.
Some of key financial terms are as follows:
1) Amount: Principal amount not to exceed $11,000,000
2) Final Maturity: No later than March 1, 2041 for a 20-year maturity.
3) Fixed, tax-exempt interest rate of 2.57%
4) Cost estimate for Stormwater portion of the Lyons Park Neighborhood project (Exhibit A to Ordinance 2021-65).
Origin of request for this action: Finance
Fiscal impact and source of funding: Issuance of not to exceed $11,000,000 in aggregate principal amount of the City’s Stormwater revenue bond, series 2021 for the Lyons Park Neighborhood Project. The Bond is payable solely from and secured by the “Pledged Revenues” of the Stormwater utility system.
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