Broward County Commission Regular Meeting

MOTION TO ADOPT Resolution No. 2019-315 of the Board of County Commissioners of Broward County, Florida, authorizing a bond anticipation loan from Wells Fargo Municipal Capital Strategies, LLC to be evidenced by the County's Bond Anticipation Note, Series 2019 (Convention Center Expansion and Headquarters Hotel Project), in the principal amount of not to exceed $40,000,000, to reimburse the county for certain costs of the Convention Center Expansion and Headquarters Hotel Project and related enabling projects and pay costs of the loan; authorizing the issuance of said note; providing that the note shall be a limited obligation of the county payable from proceeds of bonds and non-ad valorem revenues budgeted and appropriated as provided herein; approving and authorizing the execution and delivery of a Note Purchase Agreement; authorizing the issuance of the County’s bonds in the principal amount not to exceed $1,100,000,000 for paying costs of said project, including repaying the note; providing certain covenants, agreements and remedies for the benefit of the owner of the note; authorizing the taking by authorized officers of all additional actions which are necessary or advisable in connection with the herein authorizations; and providing for conflicts, severability, and effective date.

ACTION:  (T-10:51 AM)  Approved.

VOTE: 9-0.  Vice-Mayor Holness voted in the affirmative telephonically.

The Board must authorize the issuance of notes and bonds.

Authorizes the issuance of the Bond Anticipation Note, Series 2019 (Convention Center Expansion and Headquarters Hotel Project) ("Note").

None.

THE FINANCE AND ADMINISTRATIVE SERVICES DEPARTMENT RECOMMENDS APPROVAL OF THE ABOVE MOTION.

The County is undertaking the design, development, construction and equipping of a Convention Center Headquarters Hotel, the Convention Center expansion, and related enabling projects ("Project") and has incurred certain costs, including without limitation, the acquisition of a leasehold interest in certain property owned by the County at Port Everglades. 

The County is seeking to reimburse itself for such costs on an interim basis in anticipation of the issuance of bonds in connection with the Project ("Bonds") and has determined to enter into the loan evidenced by the Note for such purpose. 

The County has received an offer from Wells Fargo Municipal Capital Strategies, LLC ("Lender") to enter into the loan and purchase the Note following a competitive selection process - using a request for proposals from financial institutions. Debt service on the Note will be secured by proceeds of the Bonds and, to the extent provided in Section 9 of the Resolution (Exhibit 1), the County's covenant to budget and appropriate Non-Ad Valorem Revenues.

The County will never be required: to levy ad valorem taxes; use the proceeds of such ad valorem taxes to pay debt service on the Note; to make any other related payments; or to maintain or continue any of the activities of the County of which generate user service charges, regulatory fees or any other Non-Ad Valorem Revenues. The Note shall not constitute a lien on any property owned by or situated within the limits of the County.

George Tablack, Chief Financial Officer, (954) 357-7130