Item Coversheet

Committee Assignments - C4  C




COMMISSION MEMORANDUM

TO:Honorable Mayor and Members of the City Commission 
FROM:Jimmy L. Morales, City Manager 
DATE:May  16, 2018
 



SUBJECT:REFERRAL TO THE MAY 18, 2018 FINANCE AND CITYWIDE PROJECTS COMMITTEE TO DISCUSS THE RENEWAL OF THE $60 MILLION LINE OF CREDIT.

RECOMMENDATION

Referral to the Finance and Citywide Projects Committee to discuss the renewal of the existing $60 million line of credit. Administration requests that this item be heard at the next available meeting, which is on May 18, 2018, as it is time-sensitive.

ANALYSIS

The City has the legal authority to obtain a line of credit pursuant to the Constitution of the State of Florida, Chapter 166, Part II, Florida Statutes, as amended, Chapter 159, Part VII, Florida Statutes, as amended, and the Charter of the City (collectively, the “Act”), to borrow money to finance capital projects.

 

This line of credit would be secured by a covenant to budget and appropriate non-ad valorem revenues.  The current line of credit has no outstanding balance and expires in July 2018.

 

The City utilizes the line of credit to meet its financial commitment needs and be in compliance with state law while spending its existing bonds proceeds or have the capacity to award new projects in advance of longer term financing.

 

 

 

 

CONCLUSION


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Finance