RFP_25-32_Addendum_2.pdf
PDF 155 KB Posted
- Attached to
- Request for Bank Loan Proposals
- Solicitation number
- 25-32
- Issued by
- Seminole County, Florida
About this file
Addendum No. 2 to RFP 25-32 is an official document from the City of Oviedo, Florida, addressing a Request for Bank Loan Proposals for a tax-exempt, non-bank qualified utility revenue loan. The addendum clarifies key details about the proposed stormwater utility loan, with proposals due on April 22, 2025, at 12:00 PM Eastern. The document specifically focuses on a loan for stormwater projects, not water and sewer utilities, and addresses questions about water sourcing, capital improvements, and loan characteristics.
The addendum reveals that the City is actively managing three stormwater projects related to damages from Hurricane Ian and Hurricane Milton, with an estimated reimbursable cost of approximately $5,143,565. The loan will be on parity with existing senior lien utility debt regarding system net revenues, but will not be secured by system development charges. FEMA has created individual project worksheets for three specific locations: East Magnolia Street, McKinnon Ditch/McKinnon Avenue, and Panther Street/Carissa Street, though none of the projects have been formally obligated by FEMA as of the addendum's date.
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Text version
RFP 25-32: Utility Revenue Loan Addendum No. 2
April 15, 2025
REQUEST FOR BANK LOAN PROPOSALS
TAX EXEMPT, NON-BANK QUALIFIED (UTILITY REVENUE)
DUE APRIL 22, 2025 @ 12:00 PM (EASTERN)
1. It looks like there is a limited as to the source of water from the Upper Floridan Aquifer, and that the City has drawn more than this amount for its usage previously. I believe you can also source water from other sources, but can you comment on the water limitations from this Aquifer and any problems this has caused the City in the past or anticipated going forward?
The request for Bank Loan Proposals is for Stormwater only and not for the Water & Sewer Utility.
2. Are you able to expend on the capital improvements this project entails?
The request for Bank Loan Proposals is for Stormwater only and not for the Water & Sewer Utility.
3. Under Option B, states the loan will not be secured by system development charges because the transaction does not support expansion projects, how is the loan deemed "Parity" to existing facilities which do maintain expansion projects/access to system development charges?
In a bankruptcy scenario, how would the subject facility be treated vs. the loans used to support expansion/with access to system development charges?
The Loan will be on parity with existing senior lien utility debt as it relates to system net revenues. However, water and sewer system development charges can only be used to pay debt service on the portion of debt used toward expansion projects of the water or sewer systems. The proposed Loan is anticipated to be used toward stormwater projects, which are not related to water or sewer system expansion projects.
4. Did the City / Utility incur any material hurricane damages during the past 2 years? If so, what were the associated costs / expected FEMA reimbursements?
The Utility does not currently have any FEMA-reimbursable projects. However, the City is actively managing three Stormwater projects directly related to damages caused by Hurricane
Ian and Hurricane Milton. These projects include:
• East Magnolia Street
• McKinnon Ditch / McKinnon Avenue
• Panther Street / Carissa Street
FEMA has created individual project worksheets for each of these locations, and work is underway in various stages of design and construction. However, as of now, none of the projects have been formally obligated by FEMA. The total estimated reimbursable cost for these stormwater-related recovery efforts is approximately $5,143,565.
All other areas of RFP 25-32 remain unchanged.
END OF ADDENDUM NO. 2
File details come from the government source that posted it. Updated .