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Home My WebLink AboutVII(A1,2,3) Discussion/ Action Re: Capital Improvement Revenue Bond Issue Series 1999 1.Financing 2.Timetable 3.Designate Mayor With Authority To Deem Preliminary Official Statement Final Agenda 12-01-98 "CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" ItemoypeoA 1 2 3 S.SCOTT VANDERGRIFT 0� Ocoee / COMMISSIONERS CITY OF OCOEE DANNY HOWELL �.rti� • O SCOTT ANDERSON Gi a 150 N.LAxESHORE DRIVESCOTT A.GLASS v o OCOEE,FLORIDA 34761-2258 NANCY J.PARKER Vt V (407)656-2322 �. CITY MANAGER �yj4 N> ELLIS SHAPIRO Op 0000 MEMORANDUM To: The Honorable Mayor and City Commissioners From: Wanda Horton, Finance Director Date: November 20, 1998 Re: Restructuring Debt- Capital Improvement Revenue Bonds, Series 1999 The City currently has a $2,580,000 Capital Improvement Revenue Bond Issue, Series 1991 which was secured to finance the expansion of the City's existing City Hall and Police Station. This is a twenty year issue with average annual debt service payments of $247,887. Interest rates range from 5.40% to 7.50% on the maturities. Currently, the outstanding principal balance is $2,020,000. Additionally, the City secured a $4,840,000 Capital Improvement Revenue Promissory Note, Series 1996 to finance the acquisition of a Multi-purpose Recreation Center ($1,500,000), a Public Works facility ($1,350,000) and two Fire Stations ($1,550,000). This is a fifteen year note with average annual debt service payments of$468,008. Interest rates range from 4.550% to 5.80% with the rate resetting on January 1, 2008. Currently, the outstanding principal balance is $4,610,000. Staff has identified the following capital improvements to meet the demands of the City's continued growth in providing services to the community. Municipal Pool and Bathhouse $1,100,000 Police Station $1,000,000 Fire Station $1,000,000 Public Works Facility-Expansion $1,200,000 Park Land South of Hwy. 50 $ 500,000 These projects total $4,800,000. The financing team has determined that these projects can be obtained by restructuring the above two issues to include these new projects and maintain the current level of debt service payments that we are paying on the above two issues. Staff and members of the financing team are here to describe the projects and the proposed financing. Resolution 98-18 authorizes the reimbursement from the proceeds for lCC Expenditures related to this issue. A proposed timetable for effecting this issue is attached to this staff report. Please note a special meeting to be held on January 28, 1999 is requested. Staff respectfully requests that the Honorable Mayor and City Commissioners: • Approve the proposed Projects • Approve the Proposed Financing Plan and Timetable • Authorize the Financing Team to: 0 Apply for Bond Insurance and Ratings 0 Prepare Necessary Documents for Future commission Approval • Designate Mayor with Authority to Deem Preliminary Official Statement Final • Adopt Resolution 98-18 Capital Improvement Revenue Bonds, Series 1999 Municipal Pool and Bathhouse- $1,100,000 This is the planned second phase of the beech Recreation Center. This will provide an Olympic size swimming pool, pool support facility, bathhouse and changing rooms, and additional parking. The bathhouse and changing rooms will be an addition to the existing multipurpose building. Police Station- $1,000,000 This is to provide funding for the architectural design and purchase of the land for a new police facility. The existing facility will not adequately support the department in the future. The building will include an indoor firing range, work out room, eating area, new dispatch center, car washing facility, roll call room, training rooms and more. Fire Station- $1,000,000 This is to build a new fire station for District 1. Due to ISO recommendations a site at Bluford and Columbus is being considered to relocate closer to the West Oaks Mall. We anticipate a building of approximately 15,000 square feet. The building will consist of five apparatus bays to house : Engine One, Rescue One, marine rescue boat, disaster trailer, mobile communications trailer, EMS transport vehicle and a second response engine. Public Works Facility- Expansion- $1,200,000 This project will provide a state of the art public works facility. This new facility will include new buildings for fleet maintenance, facility maintenance, streets and parks maintenance, sign shop, equipment storage, and public works administration. Also, this project includes the acquisition of the adjoining property (approx. 2 acres) for the administration complex. Park Land South of Hwy. 50- $500,000 This land acquisition is for the city's first public park south of highway 50. This park will provide recreational facilities for the City's rapidly growing neighborhoods in this area. The proposed park will be a joint use facility with the adjoining elementary school. NOV-23-98 10.23 FROM:F.U. CAPITAL MARKETS ID.407S495505 PACE 2/2 FON CITY OF OCOEE,FLORIDA Capital Improvement Revenue Bonds,Series 1999 Estimated Timetable (12/1/98) Date Event Responsibility December 1 City Commission Approves Projects and Financing Plan CC December 2 Draft of Bond Resolution to Working Group BC December 3 Draft of Preliminary Official Statement Due UC December 7 Comments Due on POS and Bond Documents WG December 9 Updated Bond Documents and POS to working Group BC,UC Submit Rating and Insurance Packages FA,UC,BC December 17-18 Rating Presentations CC,CS,FA,U January 6 Comments due on Bond Documents and POS WG January 12 Ratings and Insurance Commitments Due • FA January 16 Finaiin POS and Bond Documents WG January 19 City Commission Adopts Bond Resolution CC January 20 Print and Mail POS UC January 27 Pnicnaa CS,FA,U January 28 City Commission Award Bonds at Special meeting CC February 10 Pre-Closing ALL February 11 Closing ALL A: Auditor BC: Bond Counsel CA: City Attorney CC: City Commission CS: City Staff U: Underwriters UC: Underwriters'Counsel WG: Working Group First Union Capital Markets January 1999 City of Ocoee Sunday Monday Tuesday Wednesday Thursday Friday 2Saturday 1 New Year's Day 1 Holiday 1 1 13 4 75 6 17 8 9 j 7:15 PM City Com- 1 mission Regular 10 11 12 13 14 15 16 7:30 PM Recreation 7:30 PM Planning 12:00 PM Qual- Advisory Board &Zoning ifying for City ' I. Election Begins �I i 17 ...... . ............ .._..... Th 19 20 21 22 23 Martin Luther PM City Com- 12:00 PM Qual King,Jr.Holiday mission Regular ifying for City [7:15 _ J Election Ends 24 25 26 27 28 29 30 7:30 PM Code Eufo 7:30 PM Planning rcement Board —1 &Zoning-(If Needed) ' I Printed by Calendar Creator for Windows on 9/14/98