title
A RESOLUTION OF THE CITY OF POMPANO BEACH, FLORIDA, INDICATING THE OFFICIAL INTENT OF THE CITY TO CAUSE TO BE ISSUED CERTIFICATES OF PARTICIPATION EVIDENCING UNDIVIDED PROPORTIONATE INTERESTS OF THE OWNERS THEREOF IN BASIC RENT PAYMENTS TO BE MADE BY THE CITY, AS LESSEE, PURSUANT TO A LEASE-PURCHASE AGREEMENT WITH THE POMPANO BEACH FINANCE CORPORATION, AS LESSOR, TO FINANCE CERTAIN COSTS OF ACQUISITION, CONSTRUCTION, EQUIPPING AND INSTALLATION OF A PUBLIC PIER AT THE PUBLIC BEACH WITHIN THE CITY AND VARIOUS RELATED PUBLIC IMPROVEMENTS AND TO CAUSE A PORTION OF THE PROCEEDS OF SUCH CERTIFICATES OF PARTICIPATION TO BE APPLIED TO REIMBURSE EXPENDITURES PAID OR INCURRED PRIOR TO THE DATE OF ISSUANCE THEREOF, IN THE EVENT GENERAL OBLIGATION BONDS OF THE CITY ARE NOT ISSUED FOR THAT PURPOSE; PROVIDING FOR CONFLICTS; PROVIDING FOR AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
staffcontact
(Staff Contact: Andrew Jean-Pierre)
summary
Summary Explanation/Background:
The passage of this resolution will provide for flexibility to allow the City to seek reimbursement for project expenditures incurred prior to proposed debt issuance, to finance capital improvement projects, with any proposed debt issuance being subject to City Commission approval at a future City Commission meeting. The City is contemplating two (2) separate possible financing mechanisms in the future, to finance certain capital improvement projects (particularly the pier replacement and Elks Lodge property acquisition projects-collectively, the projects). Staff will be proposing in the fall of 2017, that the City Commission consider approving a General Obligation Bond (GO Bond) Referendum for March 2018 to ask the City's voters to approve GO Bonds to accomplish raising the funds necessary to finance these capital improvements, among other capital project initiatives. Should the proposed GO Bond Referendum not pass, then an alternative financing mechanism to be considered is a lease purchase financing...
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