Fort Pierce — The Fort Pierce Utilities Authority board on Oct. 7 authorized a non‑revolving utilities revenue note (series 2025) in a principal amount not to exceed $15 million to provide interim financing for capital projects and approved a reimbursement resolution permitting the authority to reimburse certain expenditures with future bond proceeds.

Michelle (CFO) presented the staff recommendation and the financing adviser PFM summarized the competitive procurement process for the line of credit. PFM recommended PNC Bank as the original purchaser after a request‑for‑proposals process; PNC offered the most competitive variable rate for the planned drawdown schedule. The non‑revolving credit will fund interim capital expenditures and reimburse grants that are paid on a reimbursement basis until a planned bond issuance in 2026 pays off any draws on the line.

CFO Michelle summarized that staff and advisers estimated the total worst‑case interest cost on projected drawdowns prior to the 2026 bond issuance at roughly $253,000 under the recommended PNC terms; competing proposals were higher. The resolution designates PNC as the original purchaser and authorizes execution of a non‑revolving credit agreement. The board also approved a separate reimbursement (notice of intent) resolution that permits reimbursement for eligible expenditures incurred up to 60 days before the resolution date.

Vote and next steps
The board approved Resolution UA‑2025‑015 authorizing the revenue note (roll call unanimous) and then unanimously adopted Resolution UA‑2025‑016, the reimbursement/notice of intent. Staff and advisers said closing on the line of credit is expected Oct. 10, and the administration will continue working with bond counsel, financial advisers and the rate consultant to prepare for the bond issuance in spring 2026.

Ending: Staff will finalize loan documents with PNC, proceed to closing and continue preparatory work (engineer’s report, rate study) for the 2026 bond offering.