Summary On October 8, 2018, the City Commission authorized to seek financing to address infrastructure needs related to:
1) Alachua East Wastewater Collection Infrastructure Improvement Area;
2) Alachua West Wastewater Collection Infrastructure Improvement Area; and,
3) Alachua West Water Distribution Infrastructure Improvement Area.
City staff subsequently engaged the services of Public Financial Management, Inc. (PFM) and Bryant Miller Olive (BMO) for the purpose of pursuing and securing financing. A Request for Proposals (RFP) was prepared and five (5) financial institutions provided responses. Upon evaluation of the RFP responses, CenterState Bank, N.A. was determined to be the most responsive bidder due to proposing the best interest rate and prepayment options.
Resolution 19-03 establishes the terms of the issuance of a Not to Exceed $4,500,000 Capital Improvement Revenue Note, Series 2019 (Series 2019) and authorizes the Mayor, City Manager and FAS Director to execute all necessary documents needed to execute the transaction.
|