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Resolution 16-24 Stormwater Loan
Attachments:
Attachment NameAttachment SizeAttachment Date
Size: 80K
Last Updated: 2016/9/29
Size: 156K
Last Updated: 2016/9/29
Size: 47K
Last Updated: 2016/9/29
City of DeBary SealCity Council Meeting
City of DeBary
AGENDA ITEM





Subject: Resolution 16-24 and Loan Agreement
  
From: Interim City Manager
             
Meeting/Hearing Date:  October 5, 2016

Attachments:
(   )  Ordinance
( x)  Resolution
( x)  Other
(   )  Supporting Documents/Contracts


 Summary/Highlights

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.

Recommended Motion:

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

Modifications:



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