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Resolution 16-01
Attachment NameAttachment SizeAttachment Date
Size: 67K
Last Updated: 2016/1/6
Size: 145K
Last Updated: 2016/1/6
Size: 63K
Last Updated: 2015/12/28
City of DeBary SealCity Council Meeting
City of DeBary

Subject: Approval of Resolution 16-01 Authorizing Issuance of $575,000 Water Revenue Bond
From: Liz Bauer, Finance Director
Meeting/Hearing Date:  January 6, 2016

(   )  Ordinance
( X)  Resolution
(   )  Other
( X)  Supporting Documents/Contracts


The City Council authorized the establishment of a Special Assessment District to construct and pay for the installation of a potable water line to serve parcels on Ft. Florida Road, Ft. Florida Point Road, 15th Avenue and River Drive.


Residents in the Special Assessment District have worked to obtain potable water service for many years. The Council approved the formation of the district and established the assessment levy for 2015. At the November 4, 2015 Council Meeting the Construction Bid on the project was awarded to McMahan Construction in the amount of $542,838.

The City's Financial Advisor, Public Financial Management solicited the RFP to finance the project. 5 responses were received with the Hancock Bank being the low at 1.67%.

 Recommended Motion  

Approve Resolution 16-01 Authorizing Loan Agreement with Whitney Bank D/B/A Hancock Bank in an Amount Not To Exceed $575,000.

City Council Action:
(   )  Approved As Recommended
(   )  Approved With Modification
(   )  Disapproved
(   )  Continued Date:

(   )  Other


City of DeBary, FL
16 Colomba Rd, DeBary, FL 32713
Phone: (386) 668-2040  Fax: (386) 668-4122