Title
ORDINANCE NO. 26O-06-118: AN ORDINANCE OF THE CITY OF LAUDERHILL, FLORIDA PROVIDING FOR THE ISSUANCE OF ITS NOT EXCEEDING $5,000,000 STORMWATER UTILITY REVENUE BOND, SERIES 2026 AS ADDITIONAL BONDS UNDER ORDINANCE NO. 04O-04-124 ENACTED ON MAY 10, 2004; AUTHORIZING THE PROCEEDS OF THE SERIES 2026 BOND TO BE APPLIED, TO PAY THE COSTS OF THE SERIES 2026 PROJECT; PROVIDING FOR CERTAIN OTHER MATTERS IN CONNECTION WITH THE SERIES 2026 BOND; PROVIDING FOR AN EFFECTIVE DATE.
Body
Request Action:
Approval of an Ordinance on first reading authorizing the issuance of a Stormwater Utility Revenue Bond, Series 2026, in a principal amount not to exceed $5,000,000, as Additional Bonds under Ordinance No. 04O-04-124.
This action authorizes the City to finance stormwater system improvements identified in the Utility’s capital improvement plan and to pay related costs of issuance. The expected outcome is the securing of funding necessary to complete priority stormwater infrastructure improvements while maintaining compliance with the Bond Ordinance.
Need:
The City’s Stormwater Utility requires capital funding to complete necessary system improvements and upgrades to ensure continued regulatory compliance, system reliability, and enhanced flood mitigation capacity. Issuance of the Series 2026 Bond provides a dedicated funding source secured by Stormwater Utility Net Revenues without the levy of ad valorem taxes.
Summary Explanation/ Background:
On May 10, 2004, the City adopted Ordinance No. 04O-04-124 (the “Bond Ordinance”), authorizing the issuance of Stormwater Utility Revenue Bonds secured by a pledge of Net Revenues of the Stormwater Utility. The City previously issued Stormwater Utility Revenue Bonds, Series 2014 and Series 2015, which are currently outstanding and secured by a first lien on the Pledged Revenues.The proposed Series 2026 Bond will be issued as “Additional Bonds” under the Bond Ordinance in a principal amount not to exceed $5,000,000. Proceeds wil...
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