| Bond Pool Program Overview |
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The Florida Municipal Loan Program is a program sponsored and administered by the Florida League of Cities, Inc. The program was established in response to numerous requests from small and medium size cities. The proceeds from this program can be used for a variety of purposes including; capital improvements, renovations, additions, and refinancing of existing debt. The minimum loan size is only $1,000,000. The financing will be structured as an insured fixed rate issue and will have final terms up to 30 years.
By achieving economies of scale, this program offers many advantages to the borrower. Your City will receive a higher credit rating on their bonds; longer amortization schedules; lower cost of issuance and carrying costs; and your rate will be fixed. The bottom line is your debt service payments will be lower than if you had issued the bonds on your own.
The Florida League of Cities, as Administrator, handles all the administration, hiring of bond professionals, continuing disclosure, investment of proceeds, and arbitrage rebate calculations. |
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The Florida Municipal Loan Council has authorized and validated the issuance of up to $1.25 billion in revenue bonds. The program is simple and convenient. Any local government may apply. There will be a very simple loan application and the documentation will be held to a minimum in an effort to make it as efficient as possible. There is a tax-exempt line of credit available, should you need to get started immediately. Once the bonds are issued, the line of credit would be paid off.
If you are interested in the Program, we can set up a meeting to discuss your individual projects and needs. Please contact Melanie Gillespie at (850) 701-3641 to get details on our next issue. |
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