Broward County Commission Regular Meeting
Director's Name: Stephen Farmer (Acting Director)
Department: Finance and Administrative Services Division: Administration
Information
Requested Action
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A. MOTION TO OPEN Public Hearing relating to the issuance of Broward County, Florida Port Facilities Revenue Bonds, not to exceed $145,000,000 Series 2025 (the "Series 2025 Bonds") for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended.
B. MOTION TO ADOPT Series Resolution authorizing the issuance by the County of the Series 2025 Bonds in an aggregate principal amount not exceeding $145,000,000 and authorizing certain other matters related to the issuance of the Series 2025 Bonds.
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Why Action is Necessary
Motion A: Section 147(f) of the Internal Revenue Code, known as the Tax Equity and Fiscal Responsibility Act ("TEFRA"), requires a public hearing prior to issuance of the Series 2025 Bonds.
Motion B: The Board must authorize the issuance of the Series 2025 Bonds.
What Action Accomplishes
Motion A: Ensures compliance with TEFRA.
Motion B: Authorizes the issuance of the Series 2025 Bonds for purposes of both Florida law and the Internal Revenue Code.
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Previous Action Taken
None
Summary Explanation/Background
THE FINANCE AND ADMINISTRATIVE SERVICES DEPARTMENT AND THE PORT EVERGLADES DEPARTMENT RECOMMEND APPROVAL OF THE ABOVE MOTIONS.
Motion A provides for a public hearing in accordance with Section 147(f) of the Internal Revenue Code, known as the Tax Equity and Fiscal Responsibility Act (TEFRA), as it relates to the issuance of the Series 2025 Bonds. Notice of this public hearing (the "TEFRA Notice") was properly posted on the County's website at least seven days prior to the public hearing, which shall be evidenced by the TEFRA Certificate of the County Administrator substantially in the form attached hereto as Exhibit 2. Exhibit 3 includes the script for this public hearing (the "TEFRA Script"). The TEFRA Script must be read into the Official Record by the presiding Hearing Officer.
Motion B will authorize the issuance of the Series 2025 Bonds for purposes of both Florida law and the Internal Revenue Code. Approval of this item also authorizes the execution and delivery of various documents, the forms of which are attached as Exhibits to the Series Resolution.
The Series 2025 Bonds are being issued for the purpose of providing funds to (i) finance and refinance, including through reimbursement, all or a portion of the project, (ii) fund a separate subaccount of the Senior Lien Reserve Account for the Series 2025 Bonds, and (iii) pay certain costs of issuance and expenses relating to the Series 2025 Bonds, including payment of any premium for a municipal bond insurance policy, if deemed necessary or desirable by the County.
On August 21, 2025 (Item No. 37), the Board approved an underwriting team for this bond financing, which includes Jefferies LLC as the senior managing underwriter (bookrunner) and Samuel A. Ramirez & Co., Inc and Wells Fargo & Company as the co-managing underwriters. The financial advisor to this transaction is PFM Financial Advisors LLC.
Source of Additional Information
Stephen Farmer, Deputy Chief Financial Officer, (954) 357-7246
Fiscal Impact
Fiscal Impact/Cost Summary
The actual cost of debt service will be determined at the time of pricing and will be payable solely to the revenue generated by Port Everglades.