HomeMy WebLinkAboutR-2012-149 - Approved T.D. Bank, N.A. as the Most Responsive & Responsible Responder to the City's Request for Refinancing & Refunding of Existing Sales Tax Bonds RESOLUTION NO. 2012-149
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, APPROVING T.D. BANK, N.A., AS THE MOST
RESPONSIVE AND RESPONSIBLE RESPONDER TO THE CITY'S
REQUEST FOR REFINANCING AND REFUNDING OF THE CITY'S
EXISTING SALES TAX BONDS; AUTHORIZING THE CITY MANAGER
AND OTHER OFFICERS TO TAKE ALL NECESSARY STEPS TO PREPARE
AND EXECUTE FINAL BOND AND LOAN DOCUMENTS; PROVIDING
FOR CONFLICTS, FURTHER, PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City Administration identified an opportunity to refinance an existing
General Fund, Sales Tax Revenue Bond issued in 1994; and
WHEREAS, the refinancing proposal will refund the existing Sales Tax Revenue Bonds
outstanding debt by issuing refunding bonds (the"Bonds")to be purchased by the bank indicated
below and allow the City to obtain lower interest payments over a shorter remaining loan term
saving approximately$400,000.00 in present-value interest costs; and
WHEREAS, on November 5, 2012, proposals were received from four firms reflecting
loan financing proposals as follows:
• T.D. Bank,N.A.
• SunTrust Bank
• BB&T Branch Banking and Trust Co.
• SunTrust Equipment Leasing& Finance Corp.; and
WHEREAS, the City's financial consultant and Finance Director recommend
Commission approval for award of the Bonds and the financing proposal bid to the most
responsive and responsible bidder, T D Bank,N.A. (the"Bank");
NOW, THEREFORE,BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH,FLORIDA:
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
bidder is T.D. Bank, N.A. and awards the Bonds and the loan refinancing bid to that
organization.
Section 3. That the proper City Officials, including but not limited to the City
Manager, Mayor, City Clerk, Finance Director and City Attorney, are authorized and directed to
make necessary redemption notifications and execute necessary Bond and loan documents that
are in compliance with the City's bid solicitation and bid response subject to approval by the City
Attorney.
Section 4. That costs incurred to obtain and implement this loan refinancing will be
paid from the City's net loan proceeds.
Section 5. That the City Commission ratifies the actions of the City Manager in
executing a Rate Lock Agreement with the Bank on November 9, 2012 pursuant to which the
City locked in the interest rate on the loan at 1.65%.
Section 6. That based upon the uncertainty of the interest rate environment, if sale of
the Bonds is delayed, the City determines the necessity for a negotiated sale of the Bonds. Prior
to the final delivery of the Bonds to the Bank, the City will require that it be provided all
applicable disclosure information required by Section 218.385, Florida Statutes. The negotiated
sale of the Bonds to the Bank is approved at a purchase price of par.
Section 7. That all resolutions or parts of resolutions in conflict with any of the
provisions of this Resolution are repealed.
Section 8. That this Resolution shall become effective immediately upon its passage
and adoption.
PASSED AND ADOPTED on November 27, 2012.
ATTEST:
LOUISE STILSON, CMC WALTER B. DUKE III
CITY CLERK MAYOR
��ARp'S FIpsT
APPROVED AS T O AND CORRECTNESS:
THOMAS J. S R
CITY ATTORNEY
2 RESOLUTION#2012-149