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P.H. 2021-72: (PUBLIC HEARING 2ND READING)
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, AUTHORIZING, SUBJECT TO THE TERMS AND CONDITIONS HEREIN, THE ISSUANCE OF NOT TO EXCEED $11,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF THE CITY’S STORMWATER UTILITY REVENUE BOND, SERIES 2021 FOR THE PRIMARY PURPOSE OF FINANCING THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF PROJECTS RELATING TO THE CITY’S STORMWATER UTILITY SYSTEM; PROVIDING FOR THE ISSUANCE FROM TIME TO TIME OF STORMWATER UTILITY REVENUE BONDS OR NOTES; PLEDGING CERTAIN NET REVENUES OF THE STORMWATER UTILITY SYSTEM FOR THE PAYMENT THEREOF; PROVIDING FOR THE RIGHTS OF THE HOLDERS THEREOF; PROVIDING FOR THE ISSUANCE OF BOND ANTICIPATION NOTES; MAKING OTHER COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; REPEALING OTHER INSTRUMENTS; 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:
See attached memo
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 Utility 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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