Resolution - Sales Tax Revenue Bond Refinancing - Bid Award

CITY OF DANIA BEACH

Agenda Request Item

Type of Request: Adopt Resolution

(Adopt Resolution, Adopt Ordinance (1st Reading) Adopt Ordinance (2nd Reading)

Award Bid /RFP, Presentation, Public Hearing)

Continued from:

Requested Action        (Identify appropriate Action or Motion)

Approve Resolution

Description of Action

The Administration recognizes an opportunity to refinance the City’s existing Sales Tax Revenue Bond to take advantage of current historically low interest rates.  Refunding the existing loan is estimated to provide a present-value savings to City taxpayers of approximately $400,000 over a 10-year period.

Bids for this refinancing were opened on November 5^th and evaluated by the City’s Financial Advisor.  The Administration recommends Commission approval of the Advisor’s recommended bid ranking to move ahead with negotiating a final loan agreement with the top ranked firm.

Purchasing Requests ONLY
Dept:	Acct #:	Amt:
Fund:  (Select from: General, Water, Sewer, Stormwater, Grants, Capital)

Fiscal Impact/Cost Summary

Savings resulting from this loan refunding are estimated to be approximately $400,000.

Exhibits Attached

Memo, Resolution, Rate Lock Agreement, Draft Amortization Schedule, Bank Bid, Financial Advisor Recommendation, Draft Loan Agreement