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<br />Page 2 <br /> <br />Of these, several declined our invitation outright: <br />. Colonial Bank <br />. WachoviajWells Fargo <br />. Smith BarneyjCiti <br />. And, the Florida League of Cities did not respond at all <br /> <br />Others, based on market conditions and company policy tried but were unable to come <br />up with a tax exempt fixed rate loan: <br />. UBS <br />. City National Bank <br /> <br />That left just two firm proposals for the loan: <br />. Bank of America <br />. SunTrust Bank <br /> <br />Of these two, Bank of America had the lowest rate, longer term (20 years vs. 15 years) <br />and was able to commit to the entire $20 million. The first payment will not be due <br />until October 1, 2009 so funding will be included in the proposed FY 2009/2010 budget. <br /> <br />\ <br />\ <br />