Title
MOTION TO PASS PROPOSED ORDINANCE NO. 2025-11 ON FIRST READING.
PROPOSED ORDINANCE NO. 2025-11 IS AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF PEMBROKE PINES, FLORIDA, AUTHORIZING THE ISSUANCE OF BOND INDEBTEDNESS TO REFUND ALL OR A PORTION OF THE CITY’S OUTSTANDING $76,045,000 GENERAL OBLIGATION BONDS, SERIES 2015; PROVIDING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH; PROVIDING FOR CONFLICT; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE.
SECOND AND FINAL READING IS SCHEDULED FOR AUGUST 20, 2025.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. The City Commission (the “City Commission”) of the City of Pembroke Pines, Florida (the “City”) adopted Resolution No. 3019 on January 13, 2005, that called for a referendum to be held on March 8, 2005 regarding a proposed General Obligation Bond Issue to fund the Programs.
2. On March 8, 2005, the registered voters in the City of Pembroke Pines voted in favor of the referendum for the General Obligation Bond Issue.
3. The City desires to authorize the issuance of bond indebtedness (the “Bonds”), pursuant to Section 3.12(3)(e) of the City's Charter, as provided herein and through the adoption of the appropriate Resolutions, as required in the future.
4. The City previously issued its $76,045,000 General Obligation Bonds, Series 2015 (the “Series 2015 Bonds”) on June 4, 2015.
5. The City now desires to refund all or a portion of the Series 2015 Bonds, in order to achieve interest savings that will be passed on to the residents and businesses through the debt millage.
6. The Series 2015 Bonds mature on September 1, 2036 and currently have an outstanding balance of $64,840,662.50 [$49,605,000 in Principal and $15,235,662.5 in Interest].
7. The estimated interest savings are approximately $3.5 million or $400K per year on an annual cash flow basis. Actual savings may vary upon final closing of the transaction.
8. Request Commission pass Proposed Ordinance No. 2025-11...
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