Description
The City of South Miami, Florida is seeking a Line of Credit (LOC) in the amount of $6,700,000 to provide interim financing for projects authorized under the City's 2024 general obligation bond referendum. The LOC will be used for culvert improvements, bridge repairs, and the purchase of land for a park. The City is looking for a tax-exempt LOC with a variable interest rate and the option to convert to a term loan with an amortization period of 3-5 years. The selected provider will be required to provide a quote for the LOC, including any fees and expenses.
• The City will not provide a debt service reserve fund for the LOC.
• The LOC will be a directly-placed loan to be held by the selected provider.
• The City will not prepare any offering documents or commit to provide any continuing disclosure information specific to the LOC.
• The City reserves the right to reject any and all proposals and to negotiate with any proposer.
• The City will evaluate proposals based on the best interest of the City, considering factors such as the interest rate, fees, and terms of the LOC.