Broward County Commission Regular Meeting
Director's Name: Jonathan Daniels
Department: Port Everglades Division: Finance
Information
Requested Action
title
MOTION TO ADOPT Resolution No. 2020-489 of the Board of County Commissioners of Broward County, Florida, supplementing that certain Amended and Restated Master Bond Resolution, Resolution No. 2019-374 concerning Broward County, Florida Port Facilities Revenue Bonds; authorizing the transfer of not-to-exceed $19,000,000 of legally available monies of the Port Everglades Department to the 2021 Senior Lien Sinking Fund Escrow Account to be applied to the payment of debt service on Senior Lien Bonds; authorizing the execution and delivery of a Sinking Fund Escrow Deposit Agreement and the appointment of an Escrow Agent therefore; and certain other matters; and providing an effective date.
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Why Action is Necessary
Board approval is required to authorize the transfer of not-to-exceed $19,000,000 of legally available monies of the Port Everglades Department on deposit pursuant to the Port Everglades Department Master Bond Resolution to the 2021 Senior Lien Sinking Fund Escrow Account, which transfer will effectively create a pre-payment of a portion of the Port Everglades Department's bond debt principal and interest due in FY2021, and to approve the execution of the associated Sinking Fund Escrow Deposit Agreement and to approve the escrow agent thereunder.
What Action Accomplishes
Utilizes a portion of the Port Everglades Department's unrestricted cash available as of September 30, 2020 to fund the Port's 2021 Senior Sinking Fund Escrow Account for the payment of a portion of the Port Everglades Department's bond debt principal and interest due in Fiscal Year 2021.
Is this Action Goal Related
Yes
Previous Action Taken
None.
Summary Explanation/Background
THE PORT EVERGLADES DEPARTMENT AND FINANCE AND ADMINISTRATIVE SERVICES DEPARTMENT RECOMMEND APPROVAL.
This action supports the Broward...
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