The Resolution, and accompanying Supplemental Resolution, authorize the issuance of the City of Orlando, Florida State Sales Tax Payments Refunding and Improvement Revenue Bonds, Series 2016 (the “Series 2016 Bonds”) in an aggregate principal amount not to exceed $32,000,000. 

Proceeds of the Series 2016 Bonds will be used to refund all of the City’s outstanding State Sales Tax Payments Revenue Bonds, Series 2008. The Series 2008 Bonds were issued to finance a portion of the construction costs of the Amway Center. The purpose of the refunding is to achieve debt service savings. The savings will be used to pay the debt service on a small issuance of new money bonds that will finance the cost of various capital improvements to the Amway Center. Debt service on the bonds will be paid from state sales tax revenues received from the State of Florida, which are required pursuant to Section 288.1162, Florida Statutes, to be spent on the Amway Center (a facility for a professional sports franchise).

The Series 2016 Bonds will be issued with fixed interest rates. The Resolution provides for the following parameters:

Maximum Bond Issue Size: $32,000,000

Term: Final maturity not later than the final maturity of the latest maturing refunded bonds

Minimum Net Present Value Savings: 3.00% of the principal amount of the refunded bonds

Minimum Net Deposit to the Construction Fund: $1,330,000.

Minimum Purchase Price: 98% of par, subject to original issue discount or premium.

Optional Redemption: To the extent subject to optional redemption, first optional redemption date not earlier than five (5) years from date of issuance.

Due to the characteristics of the Series 2016 Bonds, prevailing and anticipated market conditions, the need for flexibility in timing the sale and issuance of the Series 2016 Bonds and the need to allow for an expeditious sale of the Series 2016 Bonds, staff recommends that the method of sale be through a negotiated sale to Raymond James and Associates, Inc. (the “Underwriters”), upon the satisfaction of the conditions and terms set forth in the Resolution.

Along with the Resolution and Supplemental Resolution, the action will approve the form of and authorize the execution of a Bond Purchase Agreement, a Continuing Disclosure Commitment, Preliminary and Final Official Statements, and an Escrow Deposit Agreement, as well as authorize the Mayor to approve changes thereto and take other action necessary to complete the transaction.

Adopt the Resolution and Supplemental Resolution, and authorize their execution by the Mayor or Mayor Pro Tem and the City Clerk or Deputy City Clerk.