SVC-BANK LOAN PROPOSALS/2526 Loan Proposals Requested

The City of Punta Gorda is requesting bank loan proposals for a non-revolving line of credit in an amount up to $21,000,000. The proposed term is approximately 3 years, with an estimated maturity date of April 1, 2030. The city is seeking proposals from banks to provide a line of credit to fund various expenses, including hurricane expenses. The city has an existing line of credit with Bank of America, but is seeking alternative proposals. Some of the key points to consider include: • The city's existing line of credit with Bank of America has approximately $25MM drawn, and the city may anticipate funding the remaining availability. • The proposed bill CS/HB 4077 may impact the revenues and operations of the city's utility service. • The city is seeking clarity on the proposed bill and its potential impact on the city's water supply and ability to meet demand. • The city is also seeking details on the financial impact of other proposed bills, such as CS/CS/HJR 203, in the event they become law.