New Smyrna Beach Opengov #RFP 24-26-FIN

Tax-Exempt Fixed Rate Loan for Capital Improvement Refunding and Land Acquisition

The City of New Smyrna Beach, Florida, is seeking proposals from qualified financial institutions for a tax-exempt, fixed rate loan to support capital improvement refunding and land acquisition financing. - Buyer: City of New Smyrna Beach, Florida - Financial advisor: Hilltop Securities Inc. - Loan Purpose: - Refund the City's outstanding Capital Improvement Revenue Note, Series 2024 - Fund issuance costs associated with the new loan - Finance and reimburse acquisition of lands along the Turnbull Creek Watershed - Loan Details: - Maximum loan amount: up to $11,500,000 - Secured by a covenant to budget and appropriate from Non-Ad Valorem Revenues - Not subject to acceleration upon default - Requirements: - Proposals must comply with all federal, state, and local laws - Selected institution must execute documentation prepared by Bond Counsel - All required forms must be included and signed by an authorized officer - No specific OEMs or product vendors are named; opportunity is open to qualified financial institutions

Description

The City of New Smyrna Beach, Florida, is requesting proposals from qualified financial institutions for a tax-exempt, fixed rate loan to refund the City’s outstanding Capital Improvement Revenue Note, Series 2024, and to fund the issuance costs associated with the loan. The loan will provide a long-term fix-out of the interim financing originally issued as an interim draw down note. The project involves financing lands along the Turnbull Creek Watershed and requires compliance with federal, state, and local laws. Proposals must be submitted via the City’s eProcurement Portal by September 21, 2026.

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