Title
ORDINANCE NO. 26O-06-119: AN ORDINANCE OF THE CITY OF LAUDERHILL, FLORIDA PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED AGGREGATE PRINCIPAL AMOUNT OF $65,000,000 (WITHOUT REGARD TO ORIGINAL ISSUE DISCOUNT OR PREMIUM) CITY OF LAUDERHILL, FLORIDA GENERAL OBLIGATION BONDS; DIRECTING THE APPLICATION OF THE PROCEEDS OF SUCH BONDS; AUTHORIZING OTHER REQUIRED ACTIONS; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE.
Body
Request Action:
Approve Ordinance No. 26O-06-119, authorizing the issuance and sale of not to exceed $65,000,000 General Obligation Bonds and related actions necessary to finance voter approved Public Safety Projects, Parks Improvements Projects, and Transportation and Roadway Projects. The action is necessary to implement the March 10, 2026 bond referendum approvals and to establish the legal authority, security, funds, covenants, and procedures for issuance of the bonds. The expected outcome is Commission approval on first reading and advancement of the ordinance to second reading and enactment.
Need:
The City needs to finance the acquisition, construction, renovation, replacement, and equipping of voter-approved capital improvements. The ordinance authorizes general obligation bond financing for public safety improvements, parks improvements, and transportation/roadway improvements and provides the repayment pledge of the City's full faith, credit, and ad valorem taxing power.
Summary Explanation/ Background:
On December 8, 2025, the City Commission adopted Resolution No. 25R-12-240 calling a bond referendum for March 10, 2026. Notice of the referendum was published on February 3, 2026 and February 17, 2026 in the Sun Sentinel. The referendum was held on March 10, 2026, and a majority of qualified electors voting approved each bond question.
- Public Safety General Obligation Bonds: not to exceed $9,500,000; 1,628 votes in favor and 630 votes against.
- Parks Improvements General Obligation Bonds: not to exceed $34,000,000; 1,577 votes in favor and 635 votes against.
- Transportation and Roadway General Obligation Bonds: not to exceed $21,500,000; 1,568 votes in favor and 638 votes against.
Ordinance No. 26O-06-119 authorizes the issuance of one or more series of bonds, directs the application of bond proceeds, establishes a Debt Service Fund, Construction Fund, and Rebate Fund, provides security and tax covenants, authorizes validation proceedings, and authorizes City officials, attorneys, and other agents to take actions required to complete the bond financing. Each series of bonds will be further detailed by supplemental ordinance and may have a final maturity not later than 30 years from issuance.
Attachments:
1. Ordinance No. 26O-06-119
Cost Summary/ Fiscal Impact:
The ordinance authorizes a not to exceed aggregate principal amount of $65,000,000 in General Obligation Bonds, consisting of up to $9,500,000 for Public Safety Projects, up to $34,000,000 for Parks Improvements Projects, and up to $21,500,000 for Transportation and Roadway Projects. Project costs are expected to be paid from bond proceeds. Debt service will be payable from ad valorem taxes levied, without limitation as to rate or amount, on taxable property within the City, in amounts sufficient to pay principal, interest, redemption premium, if any, and related expenses. Approved budget amount, specific account numbers, debt service schedules, costs of issuance, and any future funding requirements will be established or refined in connection with each supplemental ordinance and each series of bonds.
Estimated Time for Presentation:
N/A
Master Plan:
Goal 1: Clean, Green Sustainable Environment
[ ] Increase mass transit ridership [ ] Reduce City energy consumption
[ ] Reduce water consumption
Goal 2: Safe and Secure City of Lauderhill
[ ] Crime in lower 50% in Broward [ X ] Residents feel safe in neighborhood
[ ] Reduce emergency fatalities
Goal 3: Open Spaces and Active Lifestyle for all ages
[ X ] Increase participation in youth sports [ X ] Add new park land and amenities
[ ] Increase attendance at cultural programs and classes
Goal 4: Growing Local Economy, Employment and Quality of Commercial Areas
[ ] Increase commercial tax base [ ] Increase employment in Lauderhill businesses
[ ] Decrease noxious and blighted uses in commercial areas
Goal 5: Quality Housing at all Price Ranges and Attractive Communities
[ X ] Neighborhood signs and active HOAs [ X ] Housing & streets improved, litter reduced
[ ] Increase proportion of single family homes and owner occupied housing
Goal 6: Efficient and Effective City Government, Customer Focused & Values Diversity
[ X ] Improves City efficiency [ X ] Increase use of Information Technology
[ X ] Increases residents perception of Lauderhill as an excellent place to live