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Financing for Fire Station
Attachment NameAttachment SizeAttachment Date
Size: 46K
Last Updated: 2016/4/5
Size: 122K
Last Updated: 2016/4/5
City of DeBary SealCity Council Meeting
City of DeBary

Subject: Approval of Resolution 16-05
Authorizing Issuance of Fire Station Bonds
  Not to exceed $2,250,000
From: Finance Director
Meeting/Hearing Date:  April 6, 2016

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


The City Council has approved the construction of a new fire station.  

The City's financial advisor, Public Financial Management, solicited the RFP to finance the project.  
Five responses were received with Whitney Bank D/B/A Hancock Bank having the most favorable terms
with the lowest interest rate of 1.64% on a loan not to exceed $2,250,000 amortized over seven years.

 Recommended Motion  

Approve Resolution 16-05 Authorizing Loan Agreement with Whitney Bank D/B/A Hancock Bank in an
amount not to exceed $2,250,000

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