RFP - Fire Improvement Revenue Note, Series 2024
Summary
- Total Loan Amount
- $27,000,000
- Service Type
- Private Loan
- Bids Due
- 05/14/2024 at 2:00 PM ET
- Sector
- County / City / Town
- State
- Florida
- Listing Date
- 04/22/2024
- Deadline for Questions
- 05/09/2024 at 2:00 PM ET
- Award Date
- 05/16/2024
Project Description
As Financial Advisor to Tallahassee, Florida (the “City”), PFM Financial Advisors LLC (“PFM” or “Financial Advisor”) is seeking bids on behalf of the City to provide a tax-exempt, fixed rate, non-bank qualified loan at the lowest overall borrowing cost (“2024 Note”).
The City’s financing will be issued in an amount not to exceed $27,000,000 and payments will be made from legally available funds, as described under “Security”. Proceeds will be used to finance the cost of Fire Station 17 along with related vehicles and equipment, and to pay the costs of issuance. The City is requesting proposals for the following financing terms, sized with level principal and interest payments:
a) 30-year amortization (10-year put)
b) 30-year amortization (15-year put)
c) 30-year amortization (20-year put)
The Lender will be selected based on the lowest overall borrowing cost and terms most favorable to the City, based on the City’s sole discretion.
Submission Requirements
Please see the attached RFP for a full set of submission requirements.
Each proposal shall include the interest rate, prepayment provisions, all fees and expenses, including bank’s counsel fees, default rate, and other terms/conditions. No later than 2:00 p.m. Eastern Time on May 14, 2024, an electronic copy of each proposal must be emailed to Jeremy Niedfeldt (niedfeldtj@pfm.com), Michael Dennis (dennism@pfm.com) and Lindsay Hodge (hodgel@pfm.com) at PFM with a copy to Jason Buchholz (jason.buchholz@talgov.com) at the City.
Any inquiries, requests for clarification or additional information shall be emailed to the City’s Financial Advisor: Jeremy Niedfeldt (niedfeldtj@pfm.com), Michael Dennis (dennism@pfm.com) and Lindsay Hodge (hodgel@pfm.com) no later than May 9, at 2:00 P.M. ET in order to provide adequate response time.
