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General Obligation Bond (G.O. Bond) Report
On March 8, 2005, a referendum was held and the voters of the City of Pembroke Pines approved the issuance of up to 100 million dollars in public improvement bonds. The bonds would fund multiple construction and improvement projects throughout the City to include transportation (roadway) improvements, Parks and Recreation facilities, purchase of open space property, and the defeasances of existing municipal bonds.
As a result of the public approval of the issuance of these bonds, on April 6, 2005, the City Commission approved resolution 3034 authorizing the issuance of public improvement bonds not to exceed 100 million dollars.
On April 20, 2005, the City Administration presented a conceptual timeline for the Capital Improvement Program which was approved by City Commission. The projects were divided into two phases of construction. 115 separate projects were selected for completion under this bond program. The majority of the bond funds were targeted for additions and improvements to the City’s Parks and Recreational amenities and major improvements to several strategic roadways throughout the City.
On August 17, 2005, Commission approved resolution 3049 for the issuance of forty-seven (47) million dollars in G.O. Bonds designed to fund the first phase of the varied improvement projects.
Since the initial approval of the original G.O. Bond project list and budget, the cost to complete these projects has escalated due to increases associated with construction to include engineering and design fees, permitting requirements, fuel costs, raw material and finished construction materials. These increases resulted in a total cost of completion that had escalated by $23,736,730 bringing the estimated cost to complete all projects to $123,736,730. On June 27, 2007, Commission approved the elimination of 19 projects and the reduction of 4 projects resulting in a total budget reduction of $33,736,730 bringing the new budget to $90,000,000.
Also on June 27, 2007, Commission approved the issuance of forty three (43) million dollars in G.O. Bonds to fund the second phase of the various improvement projects.
Currently Commission has approved a total of 155 projects. Of these projects, 111 have been completed, 4 projects are in the construction phase, 4 projects are in the planning/design phase, 13 projects have been re-allocated, and 22 projects have been eliminated, and 1 project has not yet begun. As of the last quarter, one project has been completed. For details on these phases, please refer to the corresponding section for each project category. The current budget is $96,636,593 the difference between the current budget and the $90,000,000 borrowed is due to interest earned, bond discounts, and miscellaneous receipts. Of the $96,636,593, 86.64% or $83,726,296 has been spent or allocated.
On June 4, 2015, the City has issued the remaining ten (10) million dollars in G.O. Bonds for the construction of the new Civic Hall/City Center project.
For a detailed description of the funding and status of each project including pictures of projects that have either been completed or are under construction, please refer to the latest Quarterly G.O. Bond Report.
As a result of the public approval of the issuance of these bonds, on April 6, 2005, the City Commission approved resolution 3034 authorizing the issuance of public improvement bonds not to exceed 100 million dollars.
On April 20, 2005, the City Administration presented a conceptual timeline for the Capital Improvement Program which was approved by City Commission. The projects were divided into two phases of construction. 115 separate projects were selected for completion under this bond program. The majority of the bond funds were targeted for additions and improvements to the City’s Parks and Recreational amenities and major improvements to several strategic roadways throughout the City.
On August 17, 2005, Commission approved resolution 3049 for the issuance of forty-seven (47) million dollars in G.O. Bonds designed to fund the first phase of the varied improvement projects.
Since the initial approval of the original G.O. Bond project list and budget, the cost to complete these projects has escalated due to increases associated with construction to include engineering and design fees, permitting requirements, fuel costs, raw material and finished construction materials. These increases resulted in a total cost of completion that had escalated by $23,736,730 bringing the estimated cost to complete all projects to $123,736,730. On June 27, 2007, Commission approved the elimination of 19 projects and the reduction of 4 projects resulting in a total budget reduction of $33,736,730 bringing the new budget to $90,000,000.
Also on June 27, 2007, Commission approved the issuance of forty three (43) million dollars in G.O. Bonds to fund the second phase of the various improvement projects.
Currently Commission has approved a total of 155 projects. Of these projects, 111 have been completed, 4 projects are in the construction phase, 4 projects are in the planning/design phase, 13 projects have been re-allocated, and 22 projects have been eliminated, and 1 project has not yet begun. As of the last quarter, one project has been completed. For details on these phases, please refer to the corresponding section for each project category. The current budget is $96,636,593 the difference between the current budget and the $90,000,000 borrowed is due to interest earned, bond discounts, and miscellaneous receipts. Of the $96,636,593, 86.64% or $83,726,296 has been spent or allocated.
On June 4, 2015, the City has issued the remaining ten (10) million dollars in G.O. Bonds for the construction of the new Civic Hall/City Center project.
For a detailed description of the funding and status of each project including pictures of projects that have either been completed or are under construction, please refer to the latest Quarterly G.O. Bond Report.