Tax-Exempt General Obligation Note
Closed State & local contract opportunity
- Solicitation number
- 27-25-FIN
- State
- Florida
- Responses due
Opportunity facts
- Jurisdiction
- NIGP codes
- 94625 Banking Services
- 94660 Loan Administration
- 94664 Mortgage Banking Services
- 94926 Financial And Accounting Service, Notes And Loans
- 94932 Interest On Other - Notes & Loans
- 94934 Interest On State Notes & Loans
- 94938 Loan Repayment To Other State Agencies
- 94950 Principal On Other-Notes & Loans
- 94952 Principal On State Notes & Loans
- 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
- 64101902 Equipment loan
- 64101910 Unsecured revolving line of credit
- 64151500 Representative money or currency
- 84121603 Currency exchange services
- 84101603 Non governmental aid
Show all 48
- 84121604 Spot exchange transaction services
- 84121601 Funds clearance services
- 93151702 National bank notes
- 64101905 Home equity loan
- 84121500 Banking institutions
- 93151700 Currency
- 64151503 Coins or coinage
- 64151501 National banknotes
- 84101601 Co financing
- 84121607 Operating lease finance service
- 84121606 Remittance processing services
- 93141901 Agricultural commercial banking services
- 64101909 Unsecured loan
- 84121903 Commercial mortgage finance
- 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
- 64101901 Automotive loan
- 64101903 Forfaiting loan
- 64101904 Home equity line of credit
- 64101906 Inventory loan
- 64101907 Mortgage loan
- 64101908 Receivable loan
- 86141504 Tuition reimbursement programs
- 84121900 Mortgage banking
- 84121901 Housing finance
- 84121902 Re financing services
- Point of contact
-
- Janet Vivian jvivian@cityofnsb.com (386) 410-2600
Opportunity details come from procurement.opengov.com. Updated .
About this opportunity
The City of New Smyrna Beach, Florida is seeking proposals for a tax-exempt, general obligation fixed rate loan of up to $5,500,000 to finance the acquisition of lands along the Turnbull Creek Watershed and fund associated issuance costs. The procurement is being managed by the City's Purchasing Agent with assistance from Hilltop Securities Inc. as the Financial Advisor, who will evaluate all submittals and provide a comprehensive analysis of proposals. Proposals are due on October 15, 2025, at 2:00 pm, with an evaluation meeting scheduled for October 17, 2025, and a loan closing expected on or before November 14, 2025. The loan will have a final maturity date of July 1, 2045, with semiannual interest payments and annual principal payments. Evaluation criteria will focus on the lowest overall borrowing cost, with specific attention to the loan's terms, conditions, structure, and covenants. Qualified financial institutions are invited to submit proposals for a Bank Qualified (BQ) tax-exempt fixed interest rate loan that offers prepayment flexibility without penalties.
The procurement does not explicitly outline specific set-aside designations for disadvantaged enterprises, but it does require extensive compliance documentation, including nondiscrimination provisions and equal employment opportunity requirements as outlined in Executive Order 11246. Vendors must complete multiple mandatory forms verifying their eligibility, including E-Verify participation, anti-boycott provisions, and legal attestations regarding organizational standing. The loan will be secured by the full faith, credit, and taxing power of the City, with the ability to levy a direct ad valorem tax to ensure debt service payment. Based on the Preliminary Amortization Schedule, the total principal amount is $5,500,000, with annual principal payments ranging from $259,000 to $398,000 over the 20-year term. The city's financial documents indicate a strong and diverse tax base, with the top 10 taxpayers accounting for only 3.13% of the total assessed taxable value, suggesting financial stability and low concentration risk for the proposed loan.
Opportunity text
The City of New Smyrna Beach, Florida (the "City") is requesting proposals from qualified financial institutions for a tax-exempt, general obligation fixed rate loan (the "Loan") to a) finance and/or reimburse the cost of acquisition of lands along the Turnbull Creek Watershed and b) to fund the issuance costs associated with the Loan.
Hilltop Securities Inc., Orlando, Florida, as Financial Advisor to the City in connection with the Loan, will be assisting the City with respect to the Loan. The City's Purchasing Agent will oversee the solicitation process and work closely with the Financial Advisor.
The Financial Advisor will evaluate all submittals and provide a comprehensive analysis as to the merits and contents of the proposals. The city will make the final determination and recommendation selecting the financing proposal that provides the lowest overall borrowing cost and meets the financing requirements of the city.
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