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; 1,5...
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