Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Execution And Delivery Of The 2017 Amendment To Interlocal Agreement Providing For Duration and Dissolution Of The Commission Which Amendment Amends The Interlocal Agreement, As Amended, Which Provides For The Establishment, Powers And Purposes Of The First Florida Governmental Financing Commission Of Which The City Of Hollywood Is A Member; And Providing An Effective Date.
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The First Florida Governmental Financing Commission (the "FFGFC"), was created in 1985 by Interlocal Agreement among the Cities of St. Petersburg and Sarasota, Florida, and Manatee County, Florida, pursuant to the Florida Interlocal Cooperation Act of 1969 to serve its Members as a cooperative capital financing program.
The City of Hollywood, Florida and City of St. Petersburg, Florida and Broward County, Florida represent the three remaining Members of the FFGFC.
Due to sustained and fundamental changes in the capital markets, including but not limited to the disappearance of triple-A rated monoline municipal bond insurers, the public finance industry, and the financing needs of its Members, the FFGFC has reviewed and evaluated its mission, purpose, and continued viability for the benefit of its remaining Members.
The FFGFC is required by its Interlocal Agreement to remain in existence as long as any Bonds of the FFGFC or obligations of any participating Governmental Unit issued under the Program of the FFGFC remain outstanding. The FFGFC has chosen to dissolve at the earliest possible date after there are no longer any outstanding FFGFC Bonds or obligations of any participating Governmental Unit which a Member has incurred pursuant to the Program of the Commission.
The Interlocal Agreement is a contract. A contract may be modified or terminated by unanimous agreement of the parties to that agreement unless otherwise pr...
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