Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The City of Hollywood, Florida Community Redevelopment Agency, Acting With Regard To Its Beach Redevelopment Area, To Issue Its Redevelopment Revenue And Revenue Refunding Bonds (Beach CRA), Series 2015, In An Aggregate Principal Amount Not To Exceed $55,000,000.00 For The Purposes Of (1) Financing All Or A Portion Of The Costs Of Certain Public Improvements In The City's Beach Redevelopment Area, (2) Refunding, On A Current Basis, All Of The Agency's Outstanding Redevelopment Revenue Bonds (Beach CRA), Series 2004, (3) Refunding, On An Advance Basis, All Of The Agency's Outstanding Redevelopment Revenue Bonds (Beach CRA), Series 2007, (4) Making A Deposit To The Series 2015 Debt Service Reserve Subaccount Or, In Lieu Thereof, Paying The Costs Of A Reserve Account Insurance Policy, (5) Paying Certain Costs Associated With The Issuance Of The Series 2015 Bonds, And (6) Paying The Costs Of The Credit Facility Respecting The Series 2015 Bonds; Approving An Interlocal Agreement Between The City and the City of Hollywood Community Redevelopment Agency With Respect To Such Bonds; Authorizing Execution Of A Continuing Disclosure Certificate; Providing For Severability And Providing An Effective Date.
Body
Staff Recommends: Approval of the Resolution
Explanation:
The proposed Resolution authorizes the issuance of refunding bonds to refinance existing Beach CRA debt in order to provide debt service savings and the issuance of $14,000,000.00 of additional bonds for the Beach CRA district to fund the construction of the Nebraska/Nevada Street parking garage (316 spaces) and the next phase of the undergrounding of overhead utilities and streetscape beautification. The proposed Resolution also authorizes the funding of a debt service reserve account or a reserve account insurance policy, the payment of a credit facility (bond insurance), and the payment of costs of issuan...
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