 |  | 5919 MAIN STREET . NEW PORT RICHEY, FL 34652 . 727.853.1016 |
| TO: | City of New Port Richey City Council | | FROM: | Crystal M. Dunn, Finance Director | | DATE: | 5/6/2025 | | RE: | Second Reading, Ordinance No. 2025-2325: Authorizing the Issuance of Non-Ad Valorem Revenue Notes |
REQUEST:
The City Council is asked to conduct a second reading of Ordinance No. 2025-2325, which would authorize the issuance of the Non-Ad Valorem Revenue Notes in one or more series, not to exceed $9,000,000 to finance the costs of various capital improvements and the acquisition of real property, and paying the costs related to the issuance of the debt.
DISCUSSION:
Consistent with the strategy laid out in the City’s FY24-25 CRA Budget and present at the April 1, 2025 City Council meeting, action has been taken to move forward with the financing of the design and construction related to Phase 1 of the redevelopment of Railroad Square with the issuance of Tax-Exempt Non-Ad Valorem Revenue Note, Series 2025A, in an amount not to exceed $3,350,000, and the issuance of Taxable Non-Ad Valorem Revenue Note, Series 2025B, in an amount not to exceed $5,650,000 to finance the acquisition of real property located at 7631 US Hwy 19, New Port Richey.
The Tax-Exempt Revenue Note will be financed at an interest rate of 3.745%, and the Taxable Revenue Note will be financed at an interest rate of 4.760%, with payments to begin on October 1, 2025 and a maturity date of October 1, 2029. The CRA would be responsible for repaying Revenue Notes.
Bryan Miller Olive, the City’s Bond Counsel, has drafted the Ordinance before you, which authorizes the issuance of Tax-Exempt Non-Ad Valorem Revenue Note 2025A and Taxable Non-Ad Valorem Revenue Note 2025B.
Representatives from Ford & Associates, Inc., City's Financial Advisors, and Bryant Miller Olive, City's Bond Counsel, are available for questions.
RECOMMENDATION:
It is recommended that the City Council conduct a second reading of and approve Ordinance No. 2025-2325, which would authorize the issuance of Non-Ad Valorem Revenue Notes in one or more series, not to exceed $9,000,000.
BUDGET/FISCAL IMPACT:
Any costs pertaining to this transaction will be paid from the proceeds of the Revenue Notes. A budget amendment will be prepared once proceeds are received. Future debt service payments will be budgeted for, accordingly. | | | |