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