AGENDA ITEM REPORT
TITLE:
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AN ORDINANCE AUTHORIZING THE ISSUANCE OF A CAPITAL IMPROVEMENT REVENUE NOTE, SERIES 2017A AND 2017B OF THE CITY, AND EXECUTION AND DELIVERY OF THE LOAN AGREEMENT IN AN AMOUNT NOT TO EXCEED $16,766,300 TO REFINANCE THE CITY'S OUTSTANDING CAPITAL IMPROVEMENT REVENUE NOTE, SERIES 2009, AND TO FINANCE VARIOUS CAPITAL IMPROVEMENTS; ACCEPTING THE PROPOSAL OF LENDER; APPROVING THE FORM OF LOAN AGREEMENT AND NOTES EVIDENCING SUCH FINANCING; PROVIDING FOR THE PAYMENT OF SUCH NOTE FROM THE NON-AD VALOREM FUNDS OF THE CITY. (SECOND READING)(PUBLIC HEARING)
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BACKGROUND:
This item was approved on First Reading at the June 22, 2017, City Commission Meeting.
This Ordinance provides for the issuance of Capital Improvement Revenues Notes 2017A and 2017B to fund various capital improvements and to refinance the City's outstanding Capital Improvement Revenue Note, Series 2009.
DISCUSSION:
The City, in conjunction with its Financial Advisors, issued a Request for Proposals (RFP) for a Non-Ad Valorem Bank Note to refinance the City's outstanding Capital Improvement Revenue Note, Series 2009, and to fund various capital improvements in an amount not to exceed $16,766,300. This Ordinance accepts the proposal from Branch Banking & Trust Company and authorizes the issuance of Capital Improvement Revenue Note 2017A in the amount of $10,000,000 at a rate of 2.46% to fund various capital projects and Capital Improvement Revenue Note 2017B in the amount of $6,766,300 at a rate of 2.91% to refinance Capital Improvement Revenue Note, Series 2009.
RECOMMENDATION:
Staff recommends approval of this Ordinance.
FISCAL IMPACT:
REVENUES: $ 16,766,300
EXPENDITURES: $ 6,766,300
BUDGETED? Yes
NOTES: $10,000,000 will be deposited into the 2017 Capital Projects Fund (Fund 32) to fund various capital costs and $6,766,300 will be deposited into the Debt Service/Capital Improvement Revenue Bonds Fund (Fund 21) to pay off the balance on the Capital Improvement Reve...
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