Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Designating Bond Counsel To Provide Services To The City In Connection With The Issuance Of Its Capital Improvement Revenue And Revenue Refunding Bonds; Authorizing The Appropriate City Officials To Execute The Attached Engagement Letter Between Greenberg Traurig, P.A. For Bond Counsel Services In The Amount Of $60,000.00.
Body
Staff Recommends: Approval of the resolution.
Explanation:
The City expects to issue capital improvement revenue and revenue refunding bonds (the “Bonds”), in order to pay for certain costs of capital improvements and refinance certain existing debt financing previously issued by the City. The total estimated amount of the bond issue is $59,000,000.00, of which an estimated amount of $20,000,000.00 will be new financing.
§ 38.40 of the Code of Ordinances exempts from the competitive bid and competitive proposal requirements contracts for professional services. To assist the City in the issuance of the Bonds, the City Commission wishes to avail itself of this exemption by designating bond counsel.
Greenberg Traurig, P.A. has submitted the attached engagement letter to serve as bond counsel with a flat fixed fee of $60,000.00 based primarily on the number and variety of loans to be refinanced. Specifically, of the six outstanding loans that will be refinanced, three are loans from BB&T of which one is callable at a premium, one is callable without a premium, one is not callable at all and must be defeased to its maturity, two are tax-exempt, and one is taxable. The other three are loans from First Florida Government Financing Commission, of which two were issued under an indenture and one was a direct loan from PNC Bank;
Recommended for inclusion on the agenda by:
Jeffrey P. Sheffel, City Attorney
Wazir A. Ishmael, Ph.D., City Manager
George Keller, Assistant City Manager/Finance & Administration