Summary The City Commission authorized the engagement of Public Financial Management, Inc. (PFM) on January 11, 2016 for the purpose of seeking financing to refund the Series 2006 Bonds and to provide funding for the Public Services Operations/Warehouse facility and Project Legacy Phase I capital projects. Subsequently, additional engagements were executed with Bryant Miller Olive, P.A. (BMO) to provide bond and disclosure counsel services necessary to pursue financing in the bond market. The resolutions being presented to the commission, represent the next step to securing the financing sought.
Resolution 16-06 is the authorizing resolution that gives staff and the financing team the legal authority to issue the Series 2016 Bonds establishing the terms and conditions of the bond issue including the legal ability to issue bonds, the type of bond, the pledge and any other legal covenants necessary and required for the legal issuance of the bond.
Resolution 16-07 authorizes the preparation and publishing for competitive bid sale, the preparation and execution of the preliminary and final official statement, and authorizes the execution of documents necessary for the issuance of the Series 2016 Bonds.
The Series 2016 Bonds not to exceed amount of $18 million, is intended to provide flexibility to absorb all costs of issuance and provide the full desired project funding. The most current estimate puts the total bond issue under $17.7 million. The security for the 2016 Bonds, rather than a specified pledged revenue source, is a covenant to budget and appropriate legally available non ad valorem revenues. |