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Resolution Accepting Proposal of Webster Bank, National Association to Provide Term Loan to Finance Costs of Acquisition of Vehicles and Equipment for County's Fleet Replacement Program; Approving Form of Loan Agreement; and Authorizing Issuance of Non-Ad Valorem Revenue Note, Series 2023
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BRIEF OVERVIEW
Hernando County manages a Fleet Replacement Program to support the department's goal of responding rapidly and effectively to the transportation, equipment maintenance and procurement of the Hernando County Departments and agencies. The County often utilizes debt to allow for the cost of vehicles to various departments to match the period of use more closely. Approval of the Series 2023 Note Resolution will allow the County to obtain a term loan to acquire the funds needed for various vehicle needs.
Per Debt Management Policy 41-01, the County Department, County Administration, Budget Director, the Clerk of Court's Financial Services Department, and the County's Financial Advisor have determined that the best instrument for these borrowings is the 10-year Non-Ad Valorem Revenue Note, Series 2023 which will evidence a term loan from Webster Bank, National Association. In response to an RFP, Webster Bank, National Association provided the County with the best overall proposal to provide the County with a term loan for these vehicles.
FINANCIAL IMPACT
All fees and costs associated with the resulting note transaction will be paid from the proceeds of the note. Debt service will begin in FY2024 and will be included in the FY2024 and future years' budgets using legally available Non-Ad Valorem Revenues.
LEGAL NOTE
The Board is authorized to take this action pursuant to ? 125.013, F.S.
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RECOMMENDATION
It is recommended that the Board approve and authorize the Chairman's signature on the attached Resolution which authorizes the execution and delivery of a Loan Agreement with Webster Bank, National Association and the issurance of...
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