Ordinance 26-28, Public Hearing, an Ordinance Authorizing the Issuance of not to Exceed $75,000,000 in Aggregate Principal Amount of City of Port St. Lucie, Florida Special Obligation Refunding Revenue Bonds, Series 2026 to Refund a Portion of the City's Outstanding Special Assessment Refunding Bonds, Series 2016 (Southwest Annexation Special Assessment District No. 1) and a Portion of the City's Outstanding Taxable Special Obligation Refunding Revenue Bonds, Series 2017, in Order to Achieve Debt Service Savings and to Provide Funding for the Torino Regional Park Project; Providing for a Covenant to Budget and Appropriate Legally Available Non-Ad Valorem Revenues to Pay the Principal of, Redemption Premium, if Any, and Interest on the Bonds; Providing for Certain Rights of the Holders of Such Bonds; and Providing an Effective Date

This ordinance authorizes the issuance of up to $75,000,000 in Special Obligation Refunding Revenue Bonds, Series 2026, for the City of Port St. Lucie. The primary purposes are:

• Debt Refinancing: To refund portions of the City's outstanding Special Assessment Refunding Bonds, Series 2016, and Taxable Special Obligation Refunding Revenue Bonds, Series 2017. This is projected to achieve approximately $2 million in net present value debt service savings, equating to annual savings of roughly $230,000 through 2035, with the final maturity date remaining unchanged. The Special Assessment District funds will continue to be the repayment source for the refunded bonds.
• Park Funding: To provide funding for the Torino Regional Park Project. An estimated $12 million is allocated for this project, with an estimated annual debt service of approximately $800,000, to be repaid using Park Impact Fees.

The ordinance also includes provisions for a covenant to budget and appropriate legally available non-ad valorem revenues to cover debt service, and outlines certain rights for bondholders. The Finance Director requested this item be moved to the April 13, 2026 agenda for First Reading to allow for readvertising with updated language clarifying these purposes.