Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Accepting And Ratifying Staff's Recommendation For Bid No. IFB-4636-20-GJ, A Bid For Fiscal Year 2020 Bank Loan; Accepting The Response Of Synovus Bank For Loans To Finance Certain Capital Improvement Projects; Authorizing The Loans And The Related Issuance Of Bonds In The Aggregate Principal Amount Not To Exceed $11,700,000.00; Awarding The Bonds; Approving Execution And Delivery Of A Loan Agreement And The Bonds In Connection With Such Loans; Authorizing Proper Officers And Employees To Do All Things Deemed Necessary In Connection With The Issuance Of The Bonds.
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) providing funds to begin and/or complete various capital projects, 2) making various capital equipment purchases, and 3) reimbursing itself for certain capital projects and capital purchases already done using fund balance at the time with the intent to reimburse itself from bank loan proceeds in the future.
Resolution No. R-2020-028, approved by the City Commission on January 15, 2020, authorized the City to seek loan proposals in an amount not to exceed $11,700,000.00. Bid No. IFB-4636-20-GJ was issued on March 3, 2020 seeking proposals from qualified financial institutions willing to provide two loans, one in an amount not to exceed $9,200,000.00 for a ten year loan to finance capital improvements within the City consisting of ERP systems implementation, construction of lifeguard and first aid towers, the design and engineering of the Johnson Street Complete Street project, street resurfacing at various locations throughout the City, and the Hollywood Boulevard Complete Street project, and a second loan in an amount not to exceed $2,500,000.00 for a seven year period to finance the purchase of a local government radio s...
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