Baldwin County, Alabama
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File #: 21-0687    Version: 1
Agenda section: Addenda Status: Passed
File created: 3/15/2021 Meeting type: Baldwin County Commission Regular
On agenda: 4/6/2021 Final action: 4/6/2021
Agenda item title: Request for Proposals (RFP) for Additional Line of Credit Associated with Hurricane Sally Repairs
Attachments: 1. RFP Baldwin County Line of Credit 2021 Combined

Meeting Type:   BCC Regular Meeting

Meeting Date:  4/6/2021

Item Status:   Addendum

From: Ronald Cink, Budget Director; Cian Harrison, Clerk Treasurer

Submitted by:  Ronald Cink, Budget Director

______________________________________________________________________

 

ITEM TITLE

Title

Request for Proposals (RFP) for Additional Line of Credit Associated with Hurricane Sally Repairs

Body

 

STAFF RECOMMENDATION

Recommendation

Authorize staff to prepare and issue Request for Proposals (RFP) to financial institutions for additional line of credit associated with Hurricane Sally repairs.

End

 

BACKGROUND INFORMATION

 

Previous Commission action/date:  December 1, 2020

 

Background:  On December 1, 2020, the Commission entered into a line of credit with Community Bank.

 

 

FINANCIAL IMPACT

 

Total cost of recommendation:  $30,000,000.00

 

Budget line item(s) to be used:  Offset by FEMA and State EMA claims

 

If this is not a budgeted expenditure, does the recommendation create a need for funding?  N/A

 

 

LEGAL IMPACT

 

Is legal review necessary for this staff recommendation and related documents? 

Yes, reviewed by bond counsel and financial advisors

 

Reviewed/approved by:  N/A

 

Additional comments:  N/A

 

 

ADVERTISING REQUIREMENTS

 

Is advertising required for this recommendation?  N/A

 

If the proof of publication affidavit is not attached, list the reason: N/A

 

 

FOLLOW UP IMPLEMENTATION

 

For time-sensitive follow up, select deadline date for follow up:  Once a bank is chosen, an item will be brought to the Commission for adoption.

 

Individual(s) responsible for follow up:  Accounting/Finance and Budget Staff

 

Action required (list contact persons/addresses if documents are to be mailed or emailed):  N/A

 

Additional instructions/notes:  N/A