Tax-Exempt Capital Improvement Refunding Revenue Note
City of New Smyrna Beach > Utilities Commission
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Submission Instructions
Description
The City of New Smyrna Beach is soliciting proposals from qualified financial institutions for an up-to-$11,000,000, non-bank-qualified, tax-exempt, fixed-rate loan. The proceeds will refund the City's outstanding Capital Improvement Revenue Note, Series 2024, which was issued as interim drawdown financing, and fund loan issuance costs. Proposers may submit financing structures under Option A, with a final maturity of October 1, 2041, and/or Option B, with a final maturity of October 1, 2046. Interest is payable semiannually beginning April 1, 2027, and principal is payable annually beginning October 1, 2027. The City requests prepayment without penalty, although alternative prepayment terms may be considered. Repayment will be secured by the City's covenant to budget and appropriate legally available non-ad valorem revenues, without a debt service reserve fund. Proposals will be evaluated on cost, terms and conditions, structure, and covenants. The response must include the proposed tax-exempt fixed interest rate, rate-lock period and index, acknowledgment of the preliminary amortization schedule, fees and expenses, and all additional conditions or covenants. The selected institution must fund the note from its own capital for its own account and provide specified closing certifications.
Classification Codes
Smart Codes
Specifications
Timeline
Join TeamsRequirements
Documents
| Title | Date Posted |
|---|---|
| A - Public Records | Aug 14, 2026 12:48 PM |
| C - Appendix B Sample Additional Debt Test (Anti-Dilution Test) | Aug 26, 2026 03:57 PM |
| D - City Required Forms | Aug 24, 2026 01:49 PM |
| Tax-Exempt_Capital_Improvement_Refunding_Revenue_Note.pdf | Sep 02, 2026 08:00 AM |
| B - Appendix A | Aug 24, 2026 01:45 PM |
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