Title of Item:
PUBLIC UTILITY SPECIAL OBLIGATION BOND ANTICIPATION NOTE SERIES 2019 (RC):
RESOLUTION No. 46-2019; A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF STUART, FLORIDA AUTHORIZING THE ISSUANCE OF A PUBLIC UTILITY SPECIAL OBLIGATION BOND ANTICIPATION NOTE, SERIES 2019 OF THE CITY IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $1,500,000 TO FINANCE EXPANSION OF SEWER IMPROVEMENTS WITHIN THE PUBLIC UTILITY SYSTEM; PROVIDING THAT THE BOND ANTICIPATION NOTE SHALL BE A LIMITED OBLIGATION OF THE CITY PAYABLE FROM PROCEEDS OF A SERIES OF BONDS EXPECTED TO BE ISSUED ON OR PRIOR TO THE MATURITY DATE OF SUCH BOND ANTICIPATION NOTE AND PUBLIC UTILITY NON-AD VALOREM REVENUES BUDGETED, APPROPRIATED, AND DEPOSITED AS PROVIDED HEREIN; PROVIDING FOR THE RIGHTS, SECURITIES AND REMEDIES FOR THE OWNER OF THE BOND ANTICIPATION NOTE; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; AND PROVIDING FOR AN EFFECTIVE DATE.
Summary Explanation/Background Information on Agenda Request:
This short-term loan establishes what is essentially a line of credit, for the City to be able to fund in the most efficient manner, as needed, those expenditures to complete the final expansion of the City's sanitary sewer system to the remaining basins. This loan provides an attractive and beneficial funding mechanism in the short-term, and will be paid off in the near future as part of a larger bond issuance to provide the construction funds for the City's Alternative Water Supply system, which will continue the City's efforts to provide the best water quality possible for its citizens, customers, and the environment.
Funding Source:
Public Utilities Special Obligation Anticipation Note
Recommended Action:
Motion to Adopt Consent Calendar | | |