TO: Honorable Mayor & Members of the North Port Commission
FROM: Peter D. Lear, CPA, CGMA, City Manager
TITLE: An Ordinance of the City of North Port, Florida Supplementing Ordinance No. 92-30, as Previously Amended and Supplemented, which Ordinance No. 92-30, Among Other Things, Authorizes the Issuance From Time to Time of City of North Port, Florida Utility System Revenue Bonds; Authorizing the Issuance by the City of not Exceeding $16,500,000 Principal Amount of a City of North Port, Florida Utility System Revenue Bond, Series 2020 In Order to Refinance All the City's Outstanding Loans with the Florida Department Of Environmental Protection in order to Achieve Debt Service Savings; Providing Parameters for Certain Terms and Details of Such Bond and Authorizing the Negotiated Sales of Said Bond to TD Bank, N.A. Pursuant to its Proposal and in Accordance with Such Parameters; Delegating Certain Authority to the City Manager and Other Officers of the City for the Authorization, Execution, and Delivery of the Series 2020 Bond and Various Other Documents with Respect Thereto; Providing Certain Other Provisions with Respect to such Series 2020 Bond; Providing for Conflicts; Providing for Severability; and Providing an Effective Date.
Recommended Action
Second Reading: Approve Ordinance No. 2020-41 as presented.
Background Information
Earlier this spring, the City expressed an interest in refunding the existing State Revolving Fund (SRF) loans with the Florida Department of Environmental Protection (FDEP), but unfortunately interest rates in March/April had risen from previous historical low levels. However, in late August, the City's financial advisor, PFM Financial Advisors LLC (PFM), recommended the City revisit pursuing a privately placed direct bank loan, which was expected to be an efficient and cost-effective method of financing.
On behalf of the City, PFM solicited proposals for various financial institutions to provide the City with a fixed rate, ter...
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