ITN_06-26_Line_of_Credit_Addendum_No_1FINAL.pdf
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- Attached to
- ITN 06-26 Non Revolving Line of Credit
- Solicitation number
- ITN 06-26
- Issued by
- Florida
About this file
This is Addendum No. 1 to ITN 06-26 issued by the Utilities Commission of the City of New Smyrna Beach, Florida on February 2, 2026, regarding a non-revolving line of credit procurement. The addendum provides clarifications on the Commission's financial management and use of funds in response to vendor questions submitted during the solicitation process. The sealed electronic proposal deadline is February 10, 2026 at 2:30 PM ET, with NSBU approval of the recommended award scheduled for March 23, 2026 and closing anticipated on March 31, 2026. All vendors must acknowledge receipt of this addendum by signing and returning the acknowledgment form with their proposal.
The addendum clarifies that NSBU maintains over $31 million in internally designated cash and investments as of fiscal year end 2024, which are reserved for renewal and replacement activities and are legally available for debt service if necessary. Regarding the Commission's approved $130 million in financing authorized on April 28, 2025, NSBU intends to issue Series 2026 Bonds generating $80 million in project funds, with a portion of proceeds used to take out the line of credit draw. The Commission expects Series 2026 Bonds issuance to occur prior to the September 30, 2026 fiscal year end. While formal forecasts regarding Additional Bonds Test compliance are not currently available, the line of credit will be structured as a designated maturity note to ensure adequate debt service coverage and ABT compliance. The vendor acknowledgment of receipt is mandatory and must accompany all proposals submitted.
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Text version
NEW SMYRNA BEACH UTILITIES
200 CANAL STREET
P.O. BOX 100
NEW SMYRNA BEACH, FL 32170-010
LINE OF CREDIT
ITN 06-26
ADDENDUM NO 1
Page 1 ITN 06-26 Line of Credit
DATE: February 2, 2026
RE: ITN 06-26 ADDENDUM NO. 01
To prospective vendors:
The Utilities Commission is issuing the following addendum. As such it becomes an integral part of the proposal and must be acknowledged by the return of this signed form, with your proposal form, acknowledging receipt of the addendum.
1) The way I am interpreting your ACFR is that the Commission has done a great job reserving the liquidity for renewal and replacement with just over $31MM Internally and Designated Cash and Investments as of FYE24.
a. How does leadership forecast the use of those balances going forward?
NSBU Staff leverages the renewal and replacement funds for all operations and maintenance, working capital needs, prioritized asset replacements and improvements, reserve for weather-related events and other emergencies such as hurricanes.
b. If necessary, are those funds legally available for debt service?
Yes
2) Regarding the $130MM of financing approved on April 28, 2025:
a. Can you provide a breakdown of how the Commission anticipates using those funds?
NEW SMYRNA BEACH UTILITIES
200 CANAL STREET
P.O. BOX 100
NEW SMYRNA BEACH, FL 32170-010
LINE OF CREDIT
ITN 06-26
ADDENDUM NO 1
Page 2 ITN 06-26 Line of Credit
The Commission intends to issue Series 2026 Bonds in an amount generating project funds of $80 million, a portion of such proceeds would take out the Line of Credit drawn. Timing is expected to occur prior to the September 30, 2026 fiscal year.
b. Are there any forecasts available regarding compliance with the
Additional Bonds Test and the additional $130MM in bonds?
Not at this time, however the Line will be a designated maturity Note which will allow adequate DS coverage to comply with ABT.
A Copy of This Signed Form Must Accompany Your Proposal
Acknowledgment of Receipt of Addenda No. 1
Company_______________________________________
Title___________________________________________
Signature_______________________________________
| A Copy of This Signed Form Must Accompany Your Proposal |
| Acknowledgment of Receipt of Addenda No. 1 |
File details come from the government source that posted it. Updated .