title
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, INDICATING THE OFFICIAL INTENT OF THE CITY TO ISSUE ITS TAX-EXEMPT WATER AND WASTEWATER REVENUE BOND, SERIES 2021, IF AUTHORIZED BY SUBSEQUENT PROCEEDINGS OF THE CITY, AND TO USE A PORTION OF THE PROCEEDS OF SUCH BOND TO REIMBURSE EXPENDITURES PAID OR INCURRED PRIOR TO THE DATE OF ISSUANCE THEREOF, SUCH BOND TO BE PAYABLE FROM THE NET REVENUES OF THE CITY’S COMBINED WATER, WASTEWATER AND REUSE UTILITY SYSTEM, AND TO BE USED TO FINANCE (INCLUDING THROUGH REIMBURSEMENT), THE COSTS OF ACQUIRING, CONSTRUCTING, AND EQUIPPING ALL OR A PORTION OF CERTAIN CAPITAL IMPROVEMENTS TO THE UTILITY SYSTEM INCLUDED IN THE CITY’S FIVE-YEAR CAPITAL IMPROVEMENT PLAN, AS MORE FULLY DESCRIBED HEREIN; PROVIDING FOR SEVERABILITY; PROVIDING FOR REPEALING CLAUSES; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
staffcontact
(Staff Contact: Andrew Jean-Pierre)
summary
Summary Explanation/Background:
Funding in the amount of $23 million is needed for the construction of the Lyons Park project. The project includes stormwater, wastewater, and water main relocation. The Lyons Park Neighborhood area suffers from flooding problems as documented in the City Stormwater Master Plan. This project will improve the drainage systems within the project area.
The City has issued a bank bond RFP to finance $12 million for the Water & Wastewater portion of this project. This is a sister item to another item on the agenda to address the Stormwater portion of the project. Based on the current timeline it is estimated that the City would close on the Series 2021 Water & Wastewater Bonds, on June 15, 2021.
This agenda item is requesting the approval of a Reimbursement Resolution and is necessary per Internal Revenue Service (IRS) regulations to allow the City to get reimbursed for project expenditures incurred prior to the proposed issuance Series 2021 Water & Wastewater Bonds. It is currently anticipated that the City would wait until financing is complete in June 2021 to commence this project. This resolution does give the City flexibility to commence it sooner. Staff recommends approval.
Origin of request for this action: Finance Department
Fiscal impact and source of funding: N/A
pagebreak1
strategicplan_emblem_field
pagebr
strategicplan_description_field