Title
DISCUSSION AND POSSIBLE ACTION REGARDING THE DRAFT OF A RESOLUTION WHICH WOULD SUBMIT TO REFERENDUM A QUESTION TO THE REGISTERED ELECTORS OF THE CITY OF PEMBROKE PINES AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $155 MILLION DOLLARS OF GENERAL OBLIGATION BONDS.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. The City of Pembroke Pines, Florida (the "City") has determined that a new police and fire public safety complex (the “Project”) is needed for public safety reasons.
2. The City Commission of the City of the City (the “City Commission”) finds that it is necessary and desirable to construct and equip the Project.
3. It is a municipal and public purpose to pay the cost of the Project through the issuance of general obligation bonds of the City, payable from ad valorem taxes, as hereinafter provided, to serve the health, safety, and welfare of all the citizens and residents of Pembroke Pines, Florida.
4. The City Commission hereby determines that it serves a paramount public purpose that the Project be constructed, renovated and replaced and that it is in the best interest of the City to issue general obligation indebtedness to finance the costs of the Project.
5. The City Commission hereby finds and determines that general obligation indebtedness is expected to provide the City with a lower cost of capital than other common financing vehicles, as determined by the City’s municipal advisor.
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.