Title
MOTION TO ADOPT PROPOSED RESOLUTION NO. 2025-R-39.
PROPOSED RESOLUTION NO. 2025-R-39 IS A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF PEMBROKE PINES, FLORIDA PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED $50,000,000 CITY OF PEMBROKE PINES, FLORIDA GENERAL OBLIGATION REFUNDING BONDS, SERIES 2025; AUTHORIZING THE REFUNDING OF ALL OR A PORTION OF THE CITY OF PEMBROKE PINES, FLORIDA GENERAL OBLIGATION BONDS, SERIES 2015; DIRECTING THE APPLICATION OF THE PROCEEDS OF SUCH SERIES 2025 BONDS; AUTHORIZING A COMPETITIVE BID AND APPROVING THE FORM OF THE SUMMARY NOTICE OF SALE AND THE OFFICIAL NOTICE OF SALE PERTAINING TO SUCH SERIES 2025 BONDS; MAKING CERTAIN PROVISIONS AND AUTHORIZING CERTAIN RESPONSIBILITIES WITH RESPECT TO THE NOTICE, BIDDING AND SALE OF THE SERIES 2025 BONDS; DELEGATING THE AWARD OF THE SALE OF THE SERIES 2025 BONDS TO THE CITY MANAGER OR HIS DESIGNEE; MAKING CERTAIN PROVISIONS AND DELEGATING CERTAIN RESPONSIBILITIES WITH RESPECT TO THE SERIES 2025 BONDS; APPROVING THE FORM OF AND AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FINAL OFFICIAL STATEMENT; APPOINTING A BOND REGISTRAR AND PAYING AGENT AND AN ESCROW AGENT; AUTHORIZING THE EXECUTION AND DELIVERY OF AGREEMENTS BETWEEN THE CITY AND THE BOND REGISTRAR AND PAYING AGENT AND BETWEEN THE ISSUER AND THE ESCROW AGENT; AUTHORIZING THE EXECUTION AND DELIVERY OF A CONTINUING DISCLOSURE CERTIFICATE; AUTHORIZING OTHER REQUIRED ACTIONS; SUPPLEMENTING RESOLUTION NO. 3034; PROVIDING FOR SEVERABILITY AND AN EFFECTIVE DATE.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. On August 6, 2025, the City Commission authorized the issuance of bond indebtness to refund all or a portion of the City’s outstanding General Obligation Bonds, Series 2015.
2. This Proposed Resolution No. 2025-R-39 authorizes the issuance of a not to exceed amount of $50,000,000 in one or more series for the purpose of refunding the 2015 General Obligation Bond, and to authorize the City to take action with respect to the issuance of such bonds.
3. The City will achieve an estimated interest savings of approximately $3.5 million or $400K per year on an annual cash flow basis. Actual savings may vary upon final closing of the transaction.
4. Proposed Resolution 2025-R-39 also authorizes the City Manager or his designee the authority to approve the form and distribution of Preliminary Official Statement and Final Official Statement, appoint a bond registrar and paying agent and an escrow agent, execute the agreement between the City and bond registrar and paying agent and between the issuer and the escrow agent, and execute the Bond Purchase Agreement and Continuing Disclosure Certificate.
5. Recommend adopting Proposed Resolution No. 2025-R-39.
Financial Impact
FINANCIAL IMPACT DETAIL:
a) Initial Cost: The cost of the financing and issuance of the bonds will be included as part of the total debt.
b) Amount budgeted for this item in Account No:Upon issuance of the debt, the City administration will need to increase the budget in various Fund and accounts to reflect these transactions.
c) Source of funding for difference, if not fully budgeted: Not Applicable.
d) 5 year projection of the operational cost of the project: Not Applicable
e) Detail of additional staff requirements: Not Applicable
FEASIBILITY REVIEW:
A feasibility review is required for the award, renewal and/or expiration of all function sourcing contracts. This analysis is to determine the financial effectiveness of function sourcing services.
a) Was a Feasibility Review/Cost Analysis of Out-Sourcing vs. In-House Labor Conducted for this service? Not Applicable.
b) If Yes, what is the total cost or total savings of utilizing Out-Sourcing vs. In-House Labor for this service? Not Applicable