City 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%.
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