Title
Bond Resolution Related to a Proposed City of Gainesville Revenue Note, Series 2011 (B)
This item involves a request for the City Commission to adopt the proposed resolution authorizing the issuance of the City of Gainesville Revenue Note, Series 2011 to fund a portion of the Gainesville Police Department Headquarters renovation/reconstruction and Depot Park arsenic remediation.
Explanation
At the November 17, 2011 City Commission meeting, the Commission directed staff to solicit bids on a $3.7 million loan to fund a portion of the expense associated with the Gainesville Police Department headquarters reconstruction/renovation and the Depot Park arsenic remediation projects. Staff is recommending that the City accept a ten-year fixed rate bid of 2.29% from BBVA Compass Bank to provide the funding for these projects.
Fiscal Note
The average annual debt service on the note is approximately $420,475 over the ten year term. Funding to pay the debt service on the loan is available in the General Fund.
Recommendation
The City Commission 1) adopt the proposed resolution authorizing issuance of the City of Gainesville Revenue Note, Series 2011, 2) authorize the City Manager, Administrative Services Director, and Finance Director to retain the required professional services to execute the proposed bond issue, and 3) authorize the Clerk of the Commission, City Attorney, City Manager, Administrative Services Director, and Finance Director to execute documents required to close the proposed bond issue.