Agenda Item # 12.c.
City Commission Regular Meeting
- Meeting Date:
- 07/21/2014
- Re
- Marina Construction Loan
- Submitted For:
- Robert Schwerer
SUBJECT:
Resolution No. 14-R23, authorizing the issuance to Sun Trust Bank of the City's not to exceed $3,920,771 Capital Improvement Revenue Note Series 214A.
SUMMARY:
The attached Resolution, Loan Agreement and Proposal Letter are in connection with the proposed Loan Transaction for financing of the Fort Pierce Marina Improvements. These documents have been coordinated with the City's Bond Counsel and our Financial Advisors. They are approved as to form and correctness, and are submitted to the City Commission for approval.
The preliminary Loan Closing is tentatively scheduled for July 22, 2014 here at City Hall.
The preliminary Loan Closing is tentatively scheduled for July 22, 2014 here at City Hall.
RECOMMENDATION:
Approval of documents.
ALTERNATIVES:
Staff will proceed as directed by the City Commission.
RESPONSIBLE STAFF:
Robert V. Schwerer, City Attorney
COORDINATED WITH:
City's Bond Counsel, Michael D. Williams, Esq.
City's Financial Advisor, Wes Bradish
City's Financial Advisor, Wes Bradish
Fiscal Impact
- Budgeted Y/N:
- N
- Fiscal Year:
- 2014
- Account:
- N/A
- Amount:
- $3,920,771
OTHER INFORMATION:
Funds will be used to complete the reconstruction of the City Marina.