TO: Mayor and City Commission
FROM: Cale Curtis, City Manager
DATE: February 5, 2024
Title
ORDINANCE - AUTHORIZING THE ISSUANCE OF, IN ONE OR MORE SERIES, A TOTAL PRINCIPAL AMOUNT NOT EXCEEDING $120,000,000 WATER AND WASTEWATER IMPROVEMENT REVENUE BONDS OF THE CITY OF MARGATE, FLORIDA TO FINANCE CAPITAL IMPROVEMENTS TO THE WATER AND WASTEWATER SYSTEM OF THE CITY; PROVIDING FOR DEFINITIONS, FINDINGS, AUTHORIZATION OF THE ISSUANCE OF THE FIRST SERIES OF BONDS IN AN AMOUNT NOT TO EXCEED $60,000,000; PROVIDING FOR THE DESCRIPTION OF BONDS, REDEMPTION PROVISIONS, EXECUTION OF BONDS, NEGOTIABILITY, REGISTRATION AND CANCELLATION OF BONDS; PROVIDING FOR THE FORM OF BONDS; PROVIDING FOR SECURITY FOR THE BONDS FROM NET REVENUES OF THE WATER AND WASTEWATER SYSTEM; PROVIDING FOR THE CREATION OF FUNDS AND ACCOUNTS; PROVIDING FOR THE APPLICATION OF BOND PROCEEDS; PROVIDING FOR THE DISTRIBUTION OF REVENUES; PROVIDING FOR REPEAL OF ORDINANCE NO. 85-27, AS SUPPLEMENTED, AMENDED AND RESTATED BY ORDINANCE NOS. 92-34, 96-16, 99-29, 2004-02, 2006-06, 07-04 AND 2009-06; PROVIDING FOR SEVERABILITY AND PROVIDING FOR AN EFFECTIVE DATE.
Body
BACKGROUND: On December 4, 2024, the City Commission approved a resolution indicating the intent of the City to issue tax-exempt bonds or notes to finance improvements to the City's Water and Wastewater System. This ordinance provides for the City Commission to authorize issuance of the first series of bonds in an amount not to exceed $60,000,000.00 and one or more series for a total principal amount of $120,000,000 in water and wastewater improvement revenue bonds.
RECOMMENDATION: Approve
FISCAL IMPACT: Projects are to be funded by the issuance of tax-exempt bonds or notes. A portion of the cost of the project may be paid from internal funds before the Bonds are issued in anticipation of the reimbursement of such expenditures from the proceeds of the Bonds.
CONTACT PERSON: Cale Curtis, City Manager
Ismael Diaz, Finance Director
...
Click here for full text