Request for Bank Loan Proposals
Awarded State & local contract opportunity
- Solicitation number
- 25-32
- State
- Florida
- Responses due
Opportunity facts
- Jurisdiction
- UNSPSC codes
- 84101602 Bi lateral or multi lateral aid
- 84121602 Letter of credit services
- 84121605 Currency conversion service
- 93151701 Currencies or coinage
- 93151608 Government or central bank services
- 64151500 Representative money or currency
- 84101603 Non governmental aid
- 84121601 Funds clearance services
- 84121603 Currency exchange services
- 84121604 Spot exchange transaction services
Show all 33
- 93151702 National bank notes
- 64150000 Monetary instruments or currency
- 84120000 Banking and investment
- 84111700 Corporate finance
- 84121600 Funds transfer and clearance and exchange services
- 84122000 Cash vault services
- 64151502 Commercial banknotes
- 64151504 Local currency
- 64151505 Digital currency
- 84101604 Government aid
- 84121501 Privately owned banks
- 84121502 Publicly owned banks
- 84121503 Credit unions
- 84121504 Development finance institutions
- 84122001 Deposit verification services
- 84121500 Banking institutions
- 93151700 Currency
- 64151501 National banknotes
- 64151503 Coins or coinage
- 84101601 Co financing
- 84121606 Remittance processing services
- 84121607 Operating lease finance service
- 93141901 Agricultural commercial banking services
- Points of contact
-
- Jacqueta Scott purchasing@cityofoviedo.net (407) 971-5534
- Jacqueta Scott jscott@cityofoviedo.net (407) 971-5534
Updated .
About this opportunity
The City of Oviedo, Florida, located in Seminole County, is seeking proposals from qualified financial institutions for a non-bank qualified, tax-exempt bank loan through Request for Proposals (RFP) #25-32. The procurement is specifically targeting a bank loan to fund capital improvements to the city's stormwater utility system and cover associated issuance costs. Two loan options are being considered: Option A is an interim variable rate line of credit not exceeding $10,000,000, and Option B is a fixed-rate term loan not exceeding $17,700,000. Both options will be subordinate or on parity with existing senior lien utility revenue bonds. The proposal submission deadline was initially set for April 18, 2025, but was extended to April 22, 2025, at 12:00 PM Eastern Time. Proposals must be delivered via email to Jacqueta Scott, Procurement Manager, with a copy to Joel Tindal at HilltopSecurities. The city will evaluate proposals based on the lowest overall borrowing cost and alignment with financial requirements. Qualified financial institutions must demonstrate the ability to provide flexible loan terms, including potential prepayment without penalty and adaptable repayment structures.
The RFP does not explicitly mention specific set-aside designations or restrictions for disadvantaged enterprises. Five financial institutions have submitted proposals: Bank of America, N.A., Regions Capital Advantage, Inc., TD Public Finance LLC, Truist Commercial Equity, Inc., and Webster Bank, N.A. The loan is specifically tied to 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 secured by net revenues from the utility system but will not be secured by system development charges. The city plans to use the loan proceeds for three specific stormwater projects on East Magnolia Street, McKinnon Ditch/McKinnon Avenue, and Panther Street/Carissa Street, though FEMA project worksheets are not yet formally obligated. 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.
Opportunity text
The City of Oviedo, Florida is seeking proposals from qualified financial institutions for a non-bank qualified, tax-exempt bank loan. The proceeds of the loan will be used, along with other available funds of the City to (a) provide funding for capital improvements to the City's stormwater utility system and (b) fund the cost of issuance associated with the loan. ****All bids must be delivered via email to the City with a copy to the City's Financial Advisor, HilltopSecurities, before 3:00 PM on April 18, 2025, Eastern Standard Time as follows: City of Oviedo Jacqueta Scott, Procurement Manager jscott@cityofoviedo.net with a copy to HilltopSecurities Joel Tindal, Managing Director joel.tindal@hilltopsecurities.com
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