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P.H. 2018-61: (PUBLIC HEARING 2ND READING)
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA PROVIDING FOR THE ISSUANCE, IN ONE OR MORE SERIES, OF THE CITY’S GENERAL OBLIGATION BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING $181,000,000 TO BE APPLIED, TOGETHER WITH OTHER LEGALLY AVAILABLE FUNDS OF THE CITY, IF ANY, TO FINANCE, REIMBURSE AND REFINANCE THE COST OF ACQUIRING, CONSTRUCTING, EQUIPPING, RENOVATING, REPLACING AND IMPROVING CERTAIN PROJECTS APPROVED BY THE QUALIFIED ELECTORS OF THE CITY VOTING IN A BOND REFERENDUM HELD IN THE CITY; PROVIDED, HOWEVER THE AGGREGATE PRINCIPAL AMOUNT OF THE GENERAL OBLIGATION BONDS (EXCLUDING REFUNDING BONDS) TO BE ISSUED IN CONNECTION WITH (1) THE PUBLIC SAFETY PROJECTS SHALL NOT EXCEED $46,000,000, (2) THE PARKS, RECREATION AND LEISURE PROJECTS SHALL NOT EXCEED $56,000,000 AND (3) THE STREETS, SIDEWALKS, BRIDGES AND STREETSCAPING PROJECTS SHALL NOT EXCEED $79,000,000; PROVIDING FOR THE CREATION OF CERTAIN FUNDS AND ACCOUNTS; MAKING CERTAIN COVENANTS IN CONNECTION WITH THE GENERAL OBLIGATION BONDS; AUTHORIZING CITY OFFICIALS TO DO ALL THINGS DEEMED NECESSARY IN CONNECTION WITH THE ISSUANCE, SALE AND DELIVERY OF THE GENERAL OBLIGATION BONDS; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
FIRST READING: APRIL 10, 2018
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(Staff Contact: Andrew Jean-Pierre/Suzette Sibble)
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Summary Explanation/Background:
Consideration of Approval of General Obligation Bonds Master bond Ordinance. Please reference Memo 18-71 for additional information.
Origin of request for this action: Finance Department
Fiscal impact and source of funding: Full Faith and Credit and Taxing Authority of the City
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