Title
RESOLUTION NO. LFC-26R-09-31: CITY OF LAUDERHILL LAUDERHILL FINANCE CORPORATION: A RESOLUTION OF THE LAUDERHILL FINANCE CORPORATION ELECTING THE 2026-27 FISCAL YEAR OFFICERS OF THE LAUDERHILL FINANCE CORPORATION; AND PROVIDING FOR AN EFFECTIVE DATE..
Body
Request Action:
The Lauderhill Finance Corporation bylaws require that that the Officers of the Corporation be elected at its Annual Meeting each September.
Need:
To elect the Officers of the Lauderhill Finance Corporation
Summary Explanation/ Background:
The acquisition of the land and building of the improvements which created this City Hall building we are sitting in were financed through a funding mechanism called Certificates of Participation (COPs). The Certificates for the initial funding were first issued in 2007. The Certificates were refunded in 2017 and the final maturity date shall not be later than the final maturity date of the Refunded Certificates (January 1, 2027). The financing was not to exceed $9 million and we saved approximately 7-8% or approximately $1 million over the course of the refinancing.
The Lauderhill Finance Corporation is the name of the entity that was established to enable this funding method to take place. Each year the Lauderhill Finance Corporation must appoint its Board of Directors and approve its annual budget which is incorporated into and a part of the City of Lauderhill General Operating Budget.
The Bylaws of the Corporation provide that the officers are to be elected at its annual meeting each September.
The officers of the Corporation shall consist of:
President (formerly the Mayor) _________________________
Vice President (formerly the Vice Mayor) _________________________
Secretary/Treasurer (formerly the City Manager) _____________________________
Assistant Secretary (formerly the City Clerk)________________________________
Any two or more officers MAY be held by the SAME person (combined Secretary/Treasurer role)
Attachments:
NONE
Cost Summary/ Fiscal Impact:
NONE