Broward County Commission Regular Meeting
Director's Name: Stephen Farmer (Acting Director)
Department: Finance and Administrative Services Division: Administration
Information
Requested Action
title
A. MOTION TO ADOPT Resolution of the Board of County Commissioners of Broward County, Florida, authorizing the issuance of a taxable revolving line of credit note in the principal amount of not to be outstanding in excess of $25,000,000 to finance the costs of certain capital projects at the Broward County Civic Arena, and refunding a portion of certain outstanding obligations; providing that the Note shall be payable from the pledged revenues; authorizing and delegating to the Mayor and County Administrator the sale of the Note to the Bank pursuant to the terms and conditions of a Revolving Credit Agreement with the Bank; authorizing the execution and delivery of a Revolving Credit Agreement; providing for certain other matters in connection therewith; and providing an effective date.
(Per the Tuesday Agenda Memorandum, the Board’s consideration of Motion A for this item is based on the substitute Exhibit 1, which was distributed as Additional Material and now includes the Form Revolving Credit Agreement and the Term Sheet.)
ACTION: (T-12:06 PM) Approved Resolution No. 2025-48 as amended with Regular Meeting Additional Material 16(2), dated March 11, 2025, submitted at the request of Finance and Administrative Service Department. (See Regular Meeting Additional Material 16, dated March 11, 2025, submitted at the request of Finance and Administrative Service Department.
VOTE: 8-0. Commissioner Geller was not present.
B. MOTION TO ADOPT budget Resolution within the Tourist Tax Capital Fund to appropriate revenue in the amount of $10,000,000 to finance the costs of certain capital projects at the Broward County Civic Arena.
ACTION: (T-12:06 PM) Approved Resolution No. 2025-49.
VOTE: 8-0. Commissioner Geller was not present.
C. MOTION TO ADOPT budget Resolution within the Series 2006B and 2016 Civic Arena Refunding Bonds Fund to appropriate revenue in the amount of $5,000,000 to refund a portion of certain outstanding obligations on the Series 2016 Bonds.
ACTION: (T-12:06 PM) Approved Resolution No. 2025-50.
VOTE: 8-0. Commissioner Geller was not present.
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Why Action is Necessary
Motion A: Board approval is required for the adoption of a Resolution authorizing the issuance of a note.
Motion B-C: Board approval is required to appropriate additional revenues not anticipated when the budget was adopted.
What Action Accomplishes
Motion A: Enables the adoption of a Resolution approving the issuance of a taxable revolving line of credit to finance certain capital projects at the Broward County Civic Arena and refund portions of outstanding bonds.
Motion B: Appropriates unanticipated revenue from the issuance of a taxable revolving line of credit to finance certain capital projects at the Broward County Civic Arena and refund a portion of certain outstanding bonds.
Goal Related Icon(s)
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Previous Action Taken
None.
Summary Explanation/Background
THE FINANCE AND ADMINISTRATIVE SERVICES DEPARTMENT RECOMMENDS APPROVAL OF THE ABOVE MOTION.
This item supports the Board's Healthy Community Goal, "Cultivating community culture, arts, recreation and life-long learning."
On February 11, 2025 (Item No. 25), the Board approved amended and restated operating and license agreements for the Broward County Civic Arena, and authorized redemption of all or a portion of the outstanding Broward County, Florida Professional Sports Facilities Tax and Revenue Refunding Bonds, Series 2016; Broward County, Florida Professional Sports Facilities Tax and Revenue Refunding Bonds, Taxable Series 2006B; and the Broward County, Florida Non-Ad Valorem Taxable Refunding Revenue Note.
The proposed Resolution attached as Exhibit 1 authorizes the County to issue a taxable revolving line of credit in a principal amount not to exceed $25,000,000, outstanding at any time, to: (i) refund $5,000,000 of the County’s outstanding Series 2016 Bonds; (ii) pay the costs of financing capital projects for the construction, reconstruction, or renovation of the Arena, and (iii) pay the costs associated with the transaction. The proposed Resolution also approves the Revolving Credit Agreement between Broward County and Truist Bank (“Revolving Credit Agreement”) in substantially the form attached as Exhibit A thereto and authorizes the Mayor and Clerk to execute the Revolving Credit Agreement.
The Revolving Credit Agreement will be distributed as additional material ahead of the Board meeting.
The proposed Resolution was prepared by bond counsel and approved as to legal sufficiency by the Office of the County Attorney.
Source of Additional Information
Stephen Farmer, Deputy Chief Financial Officer, 954-357-7242
Fiscal Impact
Fiscal Impact/Cost Summary
The revolving line of credit is established for a three-year term and secured solely by the County’s Tourist Development Taxes. It is anticipated that yearly draws from the line of credit will be up to $10,000,000 each year and repayments will be made from Tourist Development Taxes together with appropriate interest.