Title
MOTION TO ADOPT PROPOSED RESOLUTION 2024-R-42.
PROPOSED RESOLUTION NO. 2024-R-42 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF PEMBROKE PINES, FLORIDA, SUBMITTING TO REFERENDUM A QUESTION TO THE REGISTERED ELECTORS OF THE CITY OF PEMBROKE PINES AUTHORIZING THE ISSUANCE OF NOT EXCEEDING TWO HUNDRED FIFTY MILLION DOLLARS ($250,000,000) AGGREGATE PRINCIPAL AMOUNT (WITHOUT REGARD TO ORIGINAL ISSUE DISCOUNT OR PREMIUM) OF GENERAL OBLIGATION BONDS OF THE CITY OF PEMBROKE PINES, FLORIDA, IN ONE OR MORE SERIES, FOR CAPITAL IMPROVEMENTS; PROVIDING FOR NOTICE OF THE BOND REFERENDUM ELECTION TO BE PUBLISHED IN ACCORDANCE WITH THE CHARTER AND CODE OF ORDINANCES OF THE CITY OF PEMBROKE PINES, FLORIDA, AND CHAPTER 100, FLORIDA STATUTES, AS AMENDED; PROVIDING FOR THE PLACE AND PLACES WHERE THE BOND REFERENDUM ELECTION IS TO BE HELD; PROVIDING FOR AUTHORIZATION AND DIRECTION TO THE CITY CLERK TO PERFORM CERTAIN DUTIES AND FUNCTIONS IN ACCORDANCE WITH THIS RESOLUTION; AND PROVIDING FOR AN EFFECTIVE DATE.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. On December 4, 2024, the City Commission adopted the City's Strategic Plan "We Love Pembroke Pines - A Blueprint for a Brighter Future". The plan is organized into three parts. The first part outlines the Vision, Mission, and the Strategic Focus Areas, with specific goals and strategies aligned to each focus area. The second part is the Implementation Plan, which details the Programs, Policies, and Projects that will bring the Strategic plan to life. The third part is the Project List, which identifies major capital investment projects that support the goals of the Strategic Plan.
2. On that same day, December 4, 2024, the City Commission directed the City Attorney to draft a resolution authorizing a general obligation bond referendum to help finance the initiatives outlined in the Strategic Plan.
3. Attached to this agenda is the draft resolution, prepared by the City Attorney and the City’s Bond Counsel. It includes the ballot language for the March 18, 2025, election, during which residents can decide whether to approve the issuance of a $250 million general obligation bond.
4. Also attached is the final Project List from the Strategic Plan, representing total projected costs of $316,444,912.
5. It is important to note that the difference between the project list amount of $316,444,912 and the $250,000,000 potential general obligation bond will be covered by funds the City Manager has reserved for the new police station.
6. The City Administration will continue to seek additional funding to support the Strategic Plan. If voters approve the $250 million general obligation bond, the City will only issue the amount of bonds necessary to complete the identified projects and will schedule each bond issuance so that it aligns with the projects’ timelines.
Financial Impact
FINANCIAL IMPACT DETAIL:
a) Initial Cost: None.
b) Amount budgeted for this item in Account No: Not Applicable.
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