RFP_25-32_Addendum_1.pdf

This document is Addendum No. 1 for RFP 25-32, issued by the City of Oviedo, Florida, regarding a Utility Revenue Loan Request for Bank Loan Proposals. The addendum primarily addresses a change in the proposal submission deadline, extending it from April 18, 2025, at 3:00 PM Eastern to April 22, 2025, at 12:00 PM Eastern. The request is for tax-exempt, non-bank qualified bank loan proposals to fund utility system improvements, with two potential loan options: a variable rate line of credit not exceeding $10,000,000 and a fixed-rate term loan not exceeding $17,700,000.

The addendum confirms that all other aspects of the original RFP 25-32 remain unchanged. The loan is specifically targeted at funding stormwater utility system capital improvements, with proceeds to be used for projects related to damages from hurricanes. The proposals will be evaluated based on the lowest overall borrowing cost and financial requirements, with the loan to be secured by net revenues from the utility system. The expected loan closing date is May 22, 2025, with Option A featuring a variable tax-exempt interest rate and approximately a 3-year term, and Option B offering a fixed tax-exempt interest rate with a final maturity date of October 1, 2040.