TITLE
Recommendation to adopt resolution of the City Council approving the issuance and/or incurrence, from time to time, by the Board of Harbor Commissioners, on behalf of the City of Long Beach, of Subordinate Harbor Revenue Revolving Obligations secured by Subordinate Harbor Department Revenues, in an aggregate principal amount, outstanding at any one time, not to exceed $200,000,000, to finance any legal purposes of the Harbor Department and certain other matters.
(District 2)
DISCUSSION
The Board of Harbor Commissioners (Board) acting on behalf of the City of Long Beach (City) proposes to issue Subordinate Harbor Revenue Revolving Obligations in an aggregate principal amount, outstanding at any one time, not to exceed $200,000,000 for the purpose of financing and refinancing certain capital improvements. The Subordinate Harbor Revenue Revolving Obligations shall be secured and payable from subordinate Harbor Department revenues.
The Harbor Department currently expects to finance approximately $1.2 billion of the capital projects and improvements to be completed at the Port of Long Beach over the next three years. The capital projects and improvements will include, but not be limited to, the Middle Harbor Development Project, Pier G Modernization, rail projects, replacement of the Gerald Desmond Bridge, Port maintenance building, fire station/fire boat replacements, Pier T/Pier Echo redevelopment, dredging projects, Port security projects, Port mitigation projects, Harbor Department buildings, and various engineering projects (collectively, the Projects).
The Board has determined that it is in the best interest of the City to have the capacity to issue and/or incur short-term Subordinate Harbor Revenue Revolving Obligations in order to provide funds to finance and refinance the acquisition, construction, rehabilitation and equipping of facilities at, and improvements to, the Port. It is anticipated that the short-term Subordinate Harbor Revenue Revo...
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