The City has determined the need to construct multiple new fire stations (the “Project”).  As discussed at the April 28, 2021 Special City Council meeting, the City desires to finance a portion of the cost of the Project. Staff, in consultation with the City’s Financial Advisor, recommend the issuance, by the City, of Public Improvement Revenue Bonds in an amount not to exceed $25,000,000 (the “Bonds”).  The issuance of the Bonds will be the most expeditious and most economical manner in which to finance the two stations. The $25,000,000 cap will provide funding for Station 88 (Blue Heron Blvd and Congress Avenue) and Station 86 (Singer Island). The Bonds will be payable from, and secured by, such non ad valorem sources of revenues as shall be determined by subsequent resolution of the City Council of the City.

The Resolution before the City Council, Resolution 42-21, is what is known as a reimbursement resolution. Through the adoption of the resolution, it allows the City to be reimbursed from the Bond proceeds for all project costs from resolution adoption date forward. Without this resolution, reimbursement to the City of project costs incurred would be limited to only those costs incurred post Bond issuance.

The City’s Debt Management Policy approved October 2, 2013 (the “Debt Management Policy”), provides guidelines and procedures for the issuance of bonds and other debt obligations by the City. A second resolution providing for the specific financing terms of the Bonds will be brought to the City Council at a later date.