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 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.
body
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.
Goal Related Icon(s)
?County Commission
?Go Green
?MAP Broward
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 ...
Click here for full text