AGENDA ITEM REPORT
TITLE:
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AN ORDINANCE AUTHORIZING THE ISSUANCE OF A CAPITAL IMPROVEMENT REVENUE NOTE OF THE CITY, AND EXECUTION AND DELIVERY OF THE LOAN AGREEMENT IN THE AGGREGATE AMOUNT NOT TO EXCEED $10,000,000 TO FINANCE VARIOUS CAPITAL IMPROVEMENTS; ACCEPTING THE PROPOSAL OF LENDER; APPROVING THE FORM OF LOAN AGREEMENT AND NOTE; AND 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 July 12, 2018, City Commission Meeting.
This Ordinance provides for the issuance of a Capital Improvement Revenue Note to fund various capital improvements as provided for in the five-year Capital Improvement Plan, including the second phase of the Comprehensive Roadway Improvement Project and the Government Center Roof Replacement Project.
DISCUSSION:
The City, in conjunction with its Financial Advisors, issued a Request for Proposals (RFP) for a Non-Ad Valorem Bank Note to fund various capital improvements in an amount not to exceed $10,000,000. This Ordinance provides for acceptance of the proposal from Florida Community Bank, N.A. and authorizes the issuance of a ten-year Capital Improvement Revenue Note in the amount of $10,000,000 at a rate of 2.74% to fund various capital projects.
RECOMMENDATION:
Staff recommends approval of this Ordinance and execution of the loan agreement and note.
FISCAL IMPACT:
REVENUES: $ 10,000,000
EXPENDITURES: $
BUDGETED? Yes
NOTES: $10,000,000 will be deposited into the Capital Project Financing Fund (Fund 32) to fund various capital projects.