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Deerfield Beach authorizes staff to negotiate $5.75 million equipment loan; TD Bank 5-year option recommended
Summary
After a staff presentation and vendor bids, the commission on Aug. 5 authorized staff to negotiate a five-year, $5.75 million tax-exempt loan with TD Bank (option B) at a 3.50% indicative rate and to return at second reading with final documents; the loan will reimburse the city for equipment already purchased and lower near-term cash pressure.
The Deerfield Beach City Commission on Aug. 5 authorized city staff and bond counsel to negotiate a five-year, $5.75 million tax-exempt loan agreement with TD Bank — choosing TD Bank’s five-year “option B” proposal — to reimburse the city for previously purchased equipment and to finance other equipment acquisitions.
Background and bids: Finance consultants and staff issued a request for proposals to a panel of lenders. Five banks submitted proposals for four- and five-year terms. Two proposals were competitive and resubmitted updated rates in the days before the meeting. Davenport municipal-finance…
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