RESOLUTION NO. 2015- 

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 FMLC General Obligation Bond to take advantage of currently historically low interest rates.  Refunding the existing bond is estimated to provide a present-value savings to City tax payers of approximately $675,000 over a 20 year period.

Bids for the refinance were opened on July 2, 2015 and evaluated by the City’s Financial Advisor.  The Administration recommends Commission approval of the Advisor’s recommended bid ranking and move ahead with negotiation 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 $675,000.00

Exhibits Attached

Memo

Resolution

Draft Amortization Schedule

Bank Bid

Financial Advisor Recommendation

Draft Loan Agreement

Draft Escrow Agreement