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Third Amendment to Line of Credit Agreement With Truist Equipment Finance Corp., f/k/a Suntrust Equipment Finance & Leasing Corp., and Associated Resolution
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BRIEF OVERVIEW
The current line of credit for the County expired in March 2024. The Department of Financial Services has been working with the County's Bond Counsel and Financial Advisor to review the terms of an amendment to the line of credit agreement to extend its expiration to no later than March 11, 2026, and to prepare the attached resolution which authorizes the execution of the third amendment to the line of credit. This third amendment will be in substantially the same form as the draft document presented here.
FINANCIAL IMPACT
Draws on this line of credit as well as related debt service will be budgeted as executed.
LEGAL NOTE
The Board is authorized to act on this matter pursuant to Section 125.01, Florida Statutes.
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RECOMMENDATION
It is recommended that the Board approve and authorize the Chairman’s signature on the attached resolution and related documents which will authorize the execution of the third line of credit extension with Truist Equipment Finance Corp. f/k/a Suntrust Equipment Finance & Leasing Corp.