Description
The City of Tuscaloosa is seeking a qualified financial institution to privately place a $4 million General‑Obligation Warrant (Series 2023) to fund the design and construction of a new fire station and related project costs. The selected lender will submit interest‑rate proposals for a 24‑month interest‑only draw period followed by a 36‑month amortizing period, may serve as the depository for the construction account (fee‑free), and must have prior approval from the City Council and be located within Tuscaloosa city limits. The procurement process is competitive, with evaluation based on proposed interest costs, any origination fees, and overall terms; the award is expected to be presented to City Council on 14 Nov 2023 with closing around 16 Nov 2023.
• Maximum financing amount: $4 million warrant (may draw less).
• Mandatory eligibility: Financial institutions located within Tuscaloosa city limits and approved by the City Council.
• Key dates: Questions due 16 Oct 2023; proposal deadline 24 Oct 2023 9:00 a.m. CDT; award 14 Nov 2023.
• Required deliverables: Interest‑rate bids, optional construction‑account deposit election, lender‑letter execution, and compliance with city‑appointed bond counsel.