Subject:
Title
Authorizing the Issuance of Limited General Obligation Bonds for Environmentally Endangered Lands Program 2024 Bond not exceeding $6,251,000
End
Fiscal Impact:
The Brevard County, Florida Limited General Obligation Bond Environmentally Endangered Lands Program, Series 2024 ("Series 2024 Bond") will be issued in a not to exceed $6,251,000 principal amount with an average annual debt service payment of an estimated $486,117. The annual debt service payments will be funded from an Environmentally Endangered Lands Debt Services millage rate not expected to exceed 0.0067.
Dept/Office:
Parks and Recreation Environmentally Endangered Lands Program
Requested Action:
Recommendation
It is requested that the Board of County Commissioners ("The Board"):
1. Authorize a negotiated sale of the Series 2024 Bond and award the Series 2024 Bond pursuant to a competitive proposal received from Webster Bank, National Association; and
2. The Series 2024 Bond will be issued in the not-to-exceed aggregate principal amount of $6,251,000 and will bear interest at an annual fixed interest rate of 4.5%, resulting in a true interest cost of 4.590917%; and
3. Approve the Supplemental Resolution and authorize the Chair to sign the Resolution; and
4. Delegate authority to the Chair to determine the specific principal amount of the Series 2024 Bond (which cannot exceed $6,251,000) and to execute and deliver the Series 2024 Bond and various closing documents; and
5. Authorize the County Manager to make the necessary budget amendments to recognize the bond proceeds from the issuance of the Series 2024 Bond and establish the funds and account required by the Supplement Resolution for the Environmentally Endangered Lands.
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Summary Explanation and Background:
At the February 6, 2024, Board meeting, the Board provided direction to issue bonds for $3.2 million to fund capital improvements to existing facilities and equipment and to fund annual program operations for $3 milli...
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