CITY OF HALLANDALE BEACH

MEMORANDUM

CM07-260

DATE: July 27, 2007

TO:                  Honorable Mayor and City Commission

FROM:            D. Mike Good, City Manager

SUBJECT: An Ordinance of the City of Hallandale Beach, Florida, 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; Approving the Acquisition of Certain Public Space, Improvements and Projects; Approving the Execution and Delivery of One or More Loan Agreements with the Florida Municipal Loan Council; Approving the Execution and Delivery of One or More Bond Purchase Contracts; Authorizing the City Manager to Execute and Deliver One or More Continuing Disclosures Agreements; Providing Certain Other Matters in Connection with the Making of Such Loan; and Providing an Effective Date. (First Reading)

PURPOSE:

Request the City Commission to authorize the City Manager to obtain financing for the acquisition, restoration and improvement of certain real property for park use in the amount of $25,000,000. 

DISCUSSION:

Staff is finalizing with bond counsel and the Florida League of Cities regarding the details of the loan.  The Commission will receive the full staff report as soon as possible. 

_______________________

D. Mike Good, City Manager

DMG/jf