Spectrum Municipal Services – Clark D. Bennett

Spectrum Municipal Services – Clark D. Bennett

Clark D. Bennett is the managing director of Spectrum Municipal Services, Inc.,  an independent municipal advisory firm that provides guidance to county decision-makers on public finance issues based in Palm Beach County Florida.

Spectrum Municipal Services, Inc. specializes in providing advice on bond sales and other financial products used by state and local governments, agencies and obligated persons.

 

Spectrum Municipal Services, Inc.

2501-A Burns Rd, Palm Beach Gardens, FL 33410

(561) 622-4362

cdb@spectmunicipal.com

 

Lake Clarke Shores Refunding

logo

Clark Bennett, Spectrum Municipal Services, Inc., presented a synopsis on his research of the Town refunding the Utility System Revenue and Improvement Bonds, Series 1994 that would result in an approximate annual savings of $34,727.00.This transaction would take the form of a refunding loan by the municipal lending department of a commercial bank. President Pro Tem Lewis made a motion to approve the Agreement for Financial Advisory Services between the Town and Clark Bennett, Spectrum Municipal Services, Inc., in the amount of $7,500.00, and that Mr. Bennett be authorized to proceed with requesting bids from qualified lenders for refunding the Utility System Revenue Bonds, Series 1994, seconded by Council Member Kelley; motion approved (4-0).

Port of Palm Beach Refinances Debt, Saves $615,000

Port of Palm Beach

Port of Palm Beach Refinances Debt, Saves $615,000

 

Posted on July 11, 2016 at 4:21 PM by Tara Monks

refinancing signingOn Wednesday, July 6, 2016, the Port of Palm Beach finalized the refunding of their 2005 Revenue Refunding Bond, holding a special meeting with the Port Commission to approve and sign an agreement with Regions Bank. The refinance of the loan with Regions Bank will result in cash savings of approximately $615,000.

On July 1, 2005, the Port of Palm Beach issued Revenue Refunding Bonds in the amount of $13,090,043.70, at an interest rate slightly over 4%. These bonds were callable at any time, without a premium, on or after September 1, 2015 for maturities on or after September 1, 2016. As of September 1, 2016, the bonds will have an outstanding principal and accrued interest balance of approximately
$9.9 million. Regions Bank offered the most favorable terms to the port, including a fixed interest rate of 1.85% for the term of the loan. The loan will be in the form of a bond with the same maturity as the 2005 Revenue Refunding Bonds (September 1, 2015).

richards signing

“It is with great pleasure that the port accepts these terms,” explains Port of Palm Beach Chairman Wayne M. Richards. “Through the work of our Chief Financial Officer Paul Zielinski and Financial Advisor Clark Bennett, the port was able to reduce debt service payments by more than $600,000 over the term of the loan.”

He continues, “I do not fail to recognize that these bids to refinance were due one week after Fitch Ratings revised the Rating Outlook from Stable to Positive. This timing undoubtedly assisted us in receiving the most favorable proposals possible.”

On May 27, 2016, Fitch Ratings released a report documenting the port’s continued improvement in debt service coverage ratios and robust liquidity position of over 300 days cash in hand since 2010. The report also noted the organization’s restructuring of the operating profile since the recession as a reason behind the upgrade. Present during the special meeting to sign documents finalizing the refinancing agreement were Port of Palm Beach Chairman Wayne M. Richards, Vice-Chair Jean Enright and Secretary George Mastics.