Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Accepting And Ratifying Staff's Recommendation For Bid No. IFB-4709-22-SS, A Bid For Fiscal Year 2022 Bank Loan; Accepting The Response Of Webster Bank, N.A. For Loans To Pay The Remaining Balance Of The Amount Stipulated In The Settlement Agreement Between The City And The Board Of Trustees Of The City Of Hollywood Employees' Retirement Fund And To Finance The Acquisition Of Municipal Vehicles; Authorizing The Loans And The Related Issuance Of Electric Franchise Fee Revenue Note, Taxable Series 2022A And Electric Franchise Fee Revenue Note, Series 2022B, In The Aggregate Principal Amount Not To Exceed $10,000,000.00; Awarding The Notes; Approving Execution And Delivery Of A Loan Agreement And The Notes In Connection With Such Loans; Authorizing Proper Officers And Employees To Take All Actions Necessary In Connection With The Issuance Of The Notes.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The City desired to obtain a bank loan for the purposes of: 1) paying the remaining balance of the amount stipulated in the settlement agreement between the City and the City of Hollywood Employees Retirement Fund, and 2) financing the acquisition of municipal vehicles.
Resolution No. R-2022-028, approved by the City Commission on January 19, 2022, authorized the City to seek loan proposals in an amount not to exceed $10,000,000.00. Bid No. IFB-4709-22-SS was issued on January 27, 2022 seeking proposals from qualified financial institutions willing to provide two loans, one in an amount not to exceed $8,500,000.00 for a three year taxable loan to repay the balance of the settlement agreement, and a second loan in an amount not to exceed $1,500,000.00 for a five year period to finance the acquisition of municipal vehicles.
The closing date of the bid was March 10, 2022.
The City received bids fro...
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