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File #: 2019-R-41    Version: 1 Name: Proposed Resolution 2019-R-41: Capital Improvement Revenue Bonds, Series 2019.
Type: Resolution Status: Passed
File created: 9/5/2019 In control: City Commission
On agenda: 9/12/2019 Final action: 9/12/2019
Title: MOTION TO ADOPT PROPOSED RESOLUTION 2019-R-41. PROPOSED RESOLUTION 2019-R-41 IS A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF PEMBROKE PINES, FLORIDA AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $80,000,000 IN AGGREGATE PRINCIPAL AMOUNT CITY OF PEMBROKE PINES, FLORIDA CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2019, IN ONE OR MORE SERIES, FOR THE PURPOSE OF REFUNDING THE CITY’S CHARTER SCHOOL REVENUE BONDS, SERIES 2008 AND FINANCING AND/OR REIMBURSING THE COST OF ACQUIRING, DESIGNING, CONSTRUCTING, RECONSTRUCTING AND EQUIPPING OF VARIOUS CAPITAL IMPROVEMENTS OF THE CITY, INCLUDING WITHOUT LIMITATION CAPITAL IMPROVEMENTS TO THE CITY’S ENTERPRISE RESOURCE PLANNING (ERP) SYSTEM AND FINANCING THE TERMINATION PAYMENTS WITH RESPECT TO THE INTEREST RATE SWAP AGREEMENTS ENTERED IN CONNECTION WITH THE CITY’S CHARTER SCHOOL REVENUE BONDS, SERIES 2008; COVENANTING TO BUDGET AND APPROPRIATE LEGALLY AVAILABLE NON-AD VALOREM REVENUES TO PROVIDE FOR THE PAYMENT THEREOF; MAKING CERTAIN COVENANTS AN...
Attachments: 1. 1. 2019-R-41 CB A Authorizing Resolution, 2. 2. Agenda Item 19-0425 dated 04-17-19, 3. 3. Agenda Item 2019-R-09 dated 05-15-19, 4. EXHIBIT C Bond Purchase Agreement, 5. EXHIBIT D - FORM OF CDC, 6. EXHIBIT E - FORM OF POS

Title

MOTION TO ADOPT PROPOSED RESOLUTION 2019-R-41.

 

PROPOSED RESOLUTION 2019-R-41 IS A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF PEMBROKE PINES, FLORIDA AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $80,000,000 IN AGGREGATE PRINCIPAL AMOUNT CITY OF PEMBROKE PINES, FLORIDA CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2019, IN ONE OR MORE SERIES, FOR THE PURPOSE OF REFUNDING THE CITY’S CHARTER SCHOOL REVENUE BONDS, SERIES 2008 AND FINANCING AND/OR REIMBURSING THE COST OF ACQUIRING, DESIGNING, CONSTRUCTING, RECONSTRUCTING AND EQUIPPING OF VARIOUS CAPITAL IMPROVEMENTS OF THE CITY, INCLUDING WITHOUT LIMITATION CAPITAL IMPROVEMENTS TO THE CITY’S ENTERPRISE RESOURCE PLANNING (ERP) SYSTEM AND FINANCING THE TERMINATION PAYMENTS WITH RESPECT TO THE INTEREST RATE SWAP AGREEMENTS ENTERED IN CONNECTION WITH THE CITY’S CHARTER SCHOOL REVENUE BONDS, SERIES 2008; COVENANTING TO BUDGET AND APPROPRIATE LEGALLY AVAILABLE NON-AD VALOREM REVENUES TO PROVIDE FOR THE PAYMENT THEREOF; MAKING CERTAIN COVENANTS AND AGREEMENTS FOR THE BENEFIT OF THE HOLDERS OF SUCH BONDS; AUTHORIZING CERTAIN OFFICIALS AND EMPLOYEES OF THE CITY TO TAKE ALL ACTIONS REQUIRED IN CONNECTION WITH THE SALE, ISSUANCE AND DELIVERY OF SUCH BONDS; TAKING CERTAIN OTHER ACTIONS WITH RESPECT TO SUCH  BONDS; AUTHORIZING AND APPROVING THE NEGOTIATED SALE OF SUCH BONDS TO THE UNDERWRITERS NAMED HEREIN SUBJECT TO THE TERMS AND CONDITIONS CONTAINED HEREIN; APPROVING THE FORM AND AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND EXECUTION AND DELIVERY OF A FINAL OFFICIAL STATEMENT; AUTHORIZING CERTAIN OFFICIALS TO DEEM FINAL THE PRELIMINARY OFFICIAL STATEMENT FOR PURPOSES OF SECURITIES AND EXCHANGE COMMISSION RULE 15C2 12; APPROVING THE FORM AND AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT; APPOINTING THE PAYING AGENT AND REGISTRAR; APPROVING THE FORM AND AUTHORIZING THE EXECUTION AND DELIVERY OF A DISCLOSURE DISSEMINATION AGENT AGREEMENT; PROVIDING CERTAIN OTHER MATTERS RELATING TO THE SERIES 2019 BONDS; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.

 

 

Summary Explanation and Background

 

SUMMARY EXPLANATION AND BACKGROUND:

 

1.                     On April 17, 2019, the City Commission authorized the City Administration and its financial advisors to pursue a fixed-rate refinancing of the City’s Charter School Revenue Bonds, Series 2008; and to terminate the two swap agreements.

 

2.                     On May 15, 2019, the City authorized the issuance of the debt by Resolution No 3641.

 

3.                     This Resolution 2019-R-41 authorizes the issuance of a not to exceed amount of $80,000,000 in one or more series for the purpose of Refunding the 2008 Charter School Revenue Bonds; and to authorize the City to take action with respect to the issuance of such bonds; and the termination of the SWAPs.

 

4.                     Recommend adopting Proposed Resolution 2019-R-41.

 

 

 

 

Financial Impact

FINANCIAL IMPACT DETAIL:

 

a)   Initial Cost: The cost of the refinancing and issuance of the bonds will be included as part of the total debt. Closing costs will be finalized closer to closing the transaction.

b)   Amount budgeted for this item in Account No: Upon termination of the SWAPs and issuance of the debt; and termination of the SWAPs, City administration will need to increase the budget in various Funds 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