Staff recommends authorizing the Finance Team to assist with the issuance of debt by the US Highway 441 & 27 Community Redevelopment Agency (CRA).
The City of Leesburg wishes to relocate underground certain overhead electrical distribution lines and make other improvements to the City’s electric transmission system within the area of the City known as the US Highway 441 & 27 CRA. The City has been working with and wishes to designate its Finance Team as D.A. Davidson & Co. as Financial Advisor, Holland & Knight, LLP as Disclosure Counsel and Akerman Senterfit as Bond Counsel. The City Manager is hereby authorized to execute and deliver to the various members of the Finance Team supplemental or amended engagement letters in customary form, as needed. The City Manager is also authorized to work with the Finance Team to retain other professional firms, as needed, to assist in the process of tax exempt financing.
1. Approval of staff recommendations, or
2. Such alternative action as the Commission may deem appropriate
All costs associated with the financing and acquisition, construction, improvement and repair of various capital improvements will be reimbursed to the CRA from the proceeds.
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. ___________JB_____
Deputy C.M. ________EFS________
City Manager ___________________
Account No. _________________
Project No. ___________________
WF No. ______________________
RESOLUTION NO. _________
A RESOLUTION OF THE CITY OF LEESBURG, FLORIDA DESIGNATING THE FINANCE TEAM TO WORK WITH THE CITY IN CONNECTION WITH THE ISSUANCE OF DEBT BY THE US 441 & 27 COMMUNITY REDEVELOPMENT AGENCY FOR THE US HIGHWAY 441 & 27 AREA TO FINANCE IMPROVEMENTS TO THE CITY'S ELECTRIC TRANSMISSION SYSTEM AND RELATED COSTS; AUTHORIZING THE CITY MANAGER TO EXECUTE THE ENGAGEMENT LETTERS; AUTHORIZING THE CITY MANAGER TO RETAIN OTHER PROFESSIONAL FIRMS AS NEEDED; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Leesburg, Florida (the “City”) desires to relocate overhead electrical distribution lines and make other improvements to the City's electric transmission system within the area of the City known as the US Highway 441 & 27 Community Redevelopment District (the “Project”); and
WHEREAS, to finance all or a portion of the Project it has been proposed that the Community Redevelopment Agency for the US Highway 441 & 27 Area a dependent district of the City (the “Agency”) issue revenue bonds, notes or other obligations (the “Tax Exempt Financing”); and
WHEREAS, the City has been working with D.A. Davidson & Co., and Akerman Senterfitt, and Holland & Knight, LLP (collectively, the “Finance Team”) in connection with the proposed issuance of the Tax Exempt Financing; and
WHEREAS, the City Commission now desires, pursuant hereto, to formally designate the Finance Team.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, THAT:
THE CITY OF LEESBURG, FLORIDA
APPROVED AS TO FORM AND CORRECTNESS.