HomeMy WebLinkAboutR-2010-059 Loan Financing Bid Award RESOLUTION NO. 2010-059
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, APPROVING SUNTRUST BANK AND TD EQUIPMENT
FINANCING, AS THE MOST RESPONSIVE AND RESPONSIBLE
RESPONDERS TO THE CITY'S $3.5 MILLION REQUEST FOR LIBRARY
LOAN FINANCING AND $1.896 MILLION FIRE EQUIPMENT FINANCING,
RESPECTIVELY; AUTHORIZING THE CITY MANAGER TO NEGOTIATE
FINAL LOAN AGREEMENTS WITH EACH COMPANY; PROVIDING FOR
CONFLICTS, FURTHER, PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City Administration identified a need to obtain loan financing for: 1)
City Library & Parking facility General Obligation bonds totaling $3,500,000.00 and 2) loan
financing for the purchase of two (2) Fire rescue ladder trucks totaling $1,895,599.00; and
WHEREAS, a proposal solicitation was prepared and issued by the City requesting
proposals from interested and qualified firms; and
WHEREAS, on March 31, 2010, varying proposals were received from nine firms
reflecting loan financing proposals. The City's financial consultant recommends final award of
the financing proposals to the most responsive and responsible bidders as follows:
SunTrust Bank Library General Obligation Loan $ 3,500,000.00
T D Equipment Financing Fire Equipment Loan $1,895,599.00
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH, FLORIDA, AS FOLLOWS:
Section 1. That the foregoing findings are incorporated by reference and made a part
of this Resolution.
Section 2. That the City Commission finds that the most responsive and responsible
bidders are:
SunTrust Bank Library General Obligation Loan $3,500,000.00
T D Equipment Financing Fire Equipment Loan $1,895,599.00
Section 3. That appropriate City Officials are authorized and directed to execute loan
documents that are in compliance with the City's bid solicitation and bid responses submitted
from each of the two respective firms after review by the City Attorney.
Section 4. That costs incurred by the City for these two loan financing agreements
may be paid from the City's net loan proceeds.
Section 5. That all resolutions or part of resolutions in conflict with any of the
provisions of this Resolution are repealed.
Section 6. That this Resolution shall become effective immediately upon its passage
and adoption.
PASSED AND ADOPTED on April 27, 2010.
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ATTEST: _ G�1 MAYOR-COMMISSIONER
LOUISE STILSON, CMC
CITY CLERK y
ATED ��
APPROVED AS O ORM AND CORRECTNESS:
THO ASJ N
CITY AT RN
2 RESOLUTION #2010-059