Ordinance 2012-384 - Laserfiche WebLink

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BB&T BB&T Governmental Finance 255 S. Orange Ave.. 10th Floor Orlando, FL 3280 I (407) 241-3570 Fax (877) 320-4453 February 29,2012 (Revised March 6, 2012) Ms. MinaI Shah Assistant City Manager - Finance Director City of Sunny Isles Beach 18070 Collins A venue Sunny Isles Beach, FL 33160 Dear Ms. Shah: Branch Banking and Trust Company ("'BB&T") is pleased to offer this proposal for Ihe financing requesled by the City of Sunny Isles Beach, FL ("'City"). (1) Project: Refunding of the City's FMLC Revenue Bonds, Series 2002C (2) Amount To Be Financed: Not to Exceed $10,000,000.00 (3) Interest Rates, Financing Terms and Corresponding Payments: Term 80 Rate 10 years 2.00% 15 years 2.57% Interest payments shall be due semiannually on each May 1 and November I, and principal payments shall be due annually on each November I. Interest will accrue on the principal balance based on a 30/360 day count method. Upon being awarded this transaction BB&T must approve of the final amortization schedule. The interest rates stated above are valid for a closing date not later than April 20, 2012. Closing of the financing is contingent upon completing documentation acceptable to BB&T and its counsel. Remuneration for our legal review expenses and underwriting for this financing transaction shall be $4,000.00. All applicable costs of counsel for Ihe City and any other costs shall be the City's responsibility and separately payable by the City. The financing documents shall allow for the prepayment of the principal balance in whole on a scheduled payment date with a I % prepayment premium. The financing documents shall also include provisions that will outline appropriate changes to be implemented in the event that this transaction is determined to be taxable or non-bank qualified in accordance with Florida State Statutes or the Internal Revenue Service code. These provisions must be acceptable to BB&T. The stated interest rates above assume that the City expects to borrow $10,000,000 or less in the calendar year 2012 and thai the financing shall comply with the applicable IRS Code Sections 141, 148, 149(e) and 265(b)(3). BB&T reserves the right to tenninate its interest in this bid or to negotiate a mutually acceptable rate if the financing is not a qualified tax-exempt financing.