Broward County Commission Regular Meeting
Director's Name: George Tablack
Department: Finance and Administrative Services Division: Administration
Information
Requested Action
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MOTION TO ADOPT Resolution No. 2021-521 of the Board of County Commissioners of Broward County, Florida authorizing issuance of Broward County, Florida Tourist Development Tax Revenue Bonds, Series 2021 (Convention Center Expansion Project), in the aggregate principal amount of not to exceed $575,000,000, for the principal purposes of prepaying the Broward County, Florida Bond Anticipation Note, Series 2020A (Convention Center Expansion Project), and paying the costs of design, development, construction and equipping of the Convention Center Expansion; determining the form and certain details of the Series 2021 Bonds; delegating to the County Administrator the determination of certain matters and details concerning said Bonds, including whether the Series 2021 Bonds shall be secured by the reserve account; authorizing the negotiated sale of the Series 2021 Bonds and the execution and delivery of a purchase contract; authorizing the distribution and use of a Preliminary Official Statement, and authorizing the execution and delivery of an Official Statement; approving uncertificated, book-entry only registration of the Series 2021 Bonds with the Depository Trust Company; delegating to the County Administrator authority to negotiate and obtain a credit facility to insure all or a portion of the Series 2021 Bonds and to execute and deliver any related agreements; delegating to the County Administrator authority to negotiate and obtain a reserve account credit facility and to execute and deliver any related agreements; authorizing the execution and delivery of a Disclosure Dissemination Agent Agreement; providing for the application of bond proceeds; appointing a registrar and paying agent, a dissemination agent and, if necessary, an escrow agent; providing for the appointment of a financial printer for the Preliminary Official Statement and the Official Statement; authorizing proper officials to do all things deemed necessary in connection with the issuance, sale and delivery of the Series 2021 Bonds and the prepayment of the note; providing for the issuance of additional bonds and refunding bonds; providing for credit facilities, reserve account credit facilities and hedge agreements with respect to the Bonds as determined by the County; authorizing all necessary administrative and budgetary actions related to the Bonds; providing for severability and an effective date.
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Why Action is Necessary
The Board must authorize the issuance of notes and Bonds.
What Action Accomplishes
Authorizes the issuance of the Broward County, Florida Tourist Development Tax Revenue Bonds, Series 2021 (Convention Center Expansion Project), in the aggregate principal amount of not to exceed $575,000,000.
Is this Action Goal Related
No
Previous Action Taken
None.
Summary Explanation/Background
THE FINANCE AND ADMINISTRATIVE SERVICES DEPARTMENT RECOMMENDS APPROVAL OF THE ABOVE MOTION.
The County is undertaking the design, development, construction and equipping of the Convention Center Expansion and related enabling Projects (“Project”) and is in need of funds to pay certain costs of the Project and to prepay the Broward County, Florida Bond Anticipation Note, Series 2020A (Convention Center Expansion Project) interim financing, which was issued in anticipation of the issuance of these Bonds.
The Series 2021 Bonds will be issued through a negotiated sales due to the complex structure of the issuance of the Series 2021 Bonds along with the uncertainty in the hotel industry impacting the Pledged Revenues.
The Resolution is attached as Exhibit 1. Exhibits B, C, & D to the Resolution will be distributed as additional material.
Source of Additional Information
George Tablack, Chief Financial Officer, (954) 357-7130
Fiscal Impact
Fiscal Impact/Cost Summary
The actual cost of debt service will be determined at the time of pricing, but average annual debt service for these bonds is currently estimated to be approximately $28.6 million, payable solely from revenue generated by the Tourist Development Tax.