|City Council Meeting
City of DeBary
Subject: Resolution 16-24 and Loan Agreement
From: Interim City Manager
Meeting/Hearing Date: October 5, 2016
( ) Ordinance
( x) Resolution
( x) Other
( ) Supporting Documents/Contracts
The Stormwater Utility Assessment Note, Series 2009 has a $4,000,000 balloon payment due on 12-1-16 that needs to be refinanced. Staff requested the the city's financial advisor, PFM, to prepare a Request for Proposal (RFP) to refinance the $4,000,000 balloon payment. Due to restrictions in the current loan agreement, the first date the current note can be refinanced is December 1, 2016.
As a result of the (RFP) Whitney Bank dba Hancock Bank's proposal had the most favorable terms compared to the other proposals with an interest rate of 1.65% for a seven year amortization period.
Approve Resolution 16-24 and the Loan Agreement for the Stormwater Utility Assessment Refunding Revenue Bond, Series 2016 with Hancock Bank in an amount not to exceed $4,000,000 with an interest rate of 1.65% for a 7 year term.
City Council Action:
( ) Approved As Recommended
( ) Approved With Modification
( ) Disapproved
( ) Continued Date:
( ) Other