CITY OF HALLANDALE BEACH

MEMORANDUM

DATE:               August 3, 2007 

TO:                   D. Mike Good, City Manager

FROM:             Patricia Ladolcetta, Director of Finance   

SUBJECT:        Consideration of an Ordinance Authorizing the Negotiation of One or More Loans in an Aggregate Principal Amount Not to Exceed $25,000,000 from the Florida Municipal Loan Council for Acquisition of Certain Public Space, Improvements and Projects (Second Reading)  CAD# 016/07

PURPOSE:

The City Commission adopt the ordinance on Second Reading and authorize the City Manager to enter into and execute all related documents for securing one or more loans in an aggregate principal amount not to exceed $25,000,000 from the Florida Municipal Loan Council (FMLC) for acquisition of certain public space, improvements and projects.

BACKGROUND/DISCUSSION:

At the August 1, 2007 Commission meeting, the Ordinance was discussed and adopted on First Reading.  The Commission requested the City Manager research whether it would be in the best interest of the City to consolidate the existing loans with the FMLC to take advantage of lower interest rates.  Staff’s research indicates that it would not be advisable to consider that action, as there would be no interest savings at this time.  Second Reading of the Ordinance was set for August 14, 2007.

RECOMMENDATION:

The City Commission:

1.         Adopt the ordinance on Second Reading; and,

2.         Authorize the City Manager to enter into and execute all related documents for securing

            one or more loans in an aggregate principal amount not to exceed $25,000,000 from the

Florida Municipal Loan Council.

Reviewed:

_______________________________                                                      __________

D. Mike Good, City Manager                                                                         Date

_____Approved                _____Disapproved                _____Hold for Discussion