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Requests for Bids, Proposals, & Qualifications

The following are proposals/ bids for products and or services that are currently being advertised by the City of Lauderhill's Purchasing Division. To obtain a complete copy of all Invitations for Bid (IFBs), Requests for Proposal (RFPs) and Requests for Qualifications (RFQs), contact Purchasing. The Purchasing Division’s hours of operation are Monday-Thursday 7:30 AM to 06:00 PM.

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BANK LOAN/NON-BANK QUALIFIED $8,625,000 (ESTIMATED)

  • Department:Finance
  • RFP Number:RFP # 2017-026
  • Start Date:03/28/2017 12:00 PM
  • Close Date:04/27/2017 2:45 PM

ADVERTISEMENT OF REQUEST FOR PROPOSALS

 

Sealed proposals will be received by the City of Lauderhill, Florida (the “City”) at the office of the Purchasing Department for the purpose of selecting a qualified financial institution to provide financing by way of a fixed rate, non-bank qualified, tax-exempt loan with respect to the proposed issuance of the City’s Refunding Certificates of Participation, Series 2017 in an estimated initial aggregate principal amount of $8,625,000 (the “2017 Certificates”). The City will not accept any offer with capital adequacy, cross default, acceleration provisions other than as set forth in the hereinafter defined Trust Agreement or other interest rate adjustment language with respect to changes to tax law including as a change in the corporate tax rate. The only interest rate adjustment provision the City will consider will be limited to an agreed upon fixed taxable rate in the event the 2017 Certificates are determined to be taxable during the Term of the Lease Agreement solely as a result of actions of the City (which will not be an Event of Default). Capitalized terms not otherwise defined herein have the meanings ascribed thereto in the Trust Agreement.     

 

The City has previously financed the issuance of its municipal complex, including the City Hall serving the City (the “Project”), through the issuance of its Certificates of Participation, Series 2007 (the “2007 Certificates”). The 2007 Certificates were issued under a Trust Agreement (the “Trust Agreement”) dated as of September 1, 2007 among the City, the Lauderhill Finance Corporation, a Florida not-for-profit corporation created by the City (the “Corporation”), and Wells Fargo Bank, N.A., as trustee (the “Trustee”). Pursuant to a Ground Lease dated as of September 1, 2007 between the City, as lessor, and the Corporation, as lessee (the “Ground Lease”), the City has leased the land on which the Project is located to the Corporation, subject to Permitted Encumbrances, as defined in the Ground Lease. The Corporation has leased the Project back to the City pursuant to a Lease-Purchase Agreement dated as of September 1, 2007 (the “Lease-Purchase Agreement”), as supplemented by a lease schedule (the “Lease Schedule” and, together with the Lease-Purchase Agreement, the “Lease Agreement”), between the Corporation, as lessor, and the City, as lessee. Pursuant to an Assignment of Leases dated as of September 1, 2007 (the “Assignment Agreement”) between the Corporation and the Trustee, the Corporation has irrevocably assigned certain of its rights under the Lease Agreement, including the right to receive Basic Rent Payments paid by the City thereunder, to the Trustee. The 2007 Certificates evidence undivided proportionate interests in the Basic Rent Payments made by the City pursuant to the Lease Agreement. Additional information regarding the 2007 Certificates may be obtained from the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access (EMMA) website. Copies of the Trust Agreement, Lease Agreement and Assignment Agreement are provided with the Request for Proposals.

 

The City desires to issue the 2017 Certificates as Refunding Certificates pursuant to the Trust Agreement, as supplemented in connection with the 2017 Certificates. The proceeds of the 2017 Certificates will be applied, together with other legally available funds of the City, to (i) refund, on a current basis, the Outstanding 2007 Certificates, currently outstanding in the aggregate principal amount of $8,745,000; and (ii) pay costs of issuance of the 2017 Certificates. The City does not anticipate that the Reserve Account established under the Trust Agreement will secure the 2017 Certificates. If a proposer will require funding of the Reserve Account for the 2017 Certificates, its proposal must expressly so state and specify the amount to be funded.    

 

The payments due from the City under the Lease Agreement are to be made only from Available Revenues appropriated annually by the City for such purpose. As more fully described in the Request for Proposals, upon the occurrence of an Event of Non-Appropriation, the Lease Term of the Lease Agreement shall, and upon an Event of Default, such Lease Term may, be terminated. No opinion will be expressed by Co-Special Counsel as to the excludability from gross income for federal income tax purposes of any payment made to the Owner of the 2017 Certificates following such termination of the Lease Agreement. In addition, following termination of the Lease Agreement, transfer of the 2017 Certificates may be subject to compliance with the registration provisions of state and federal securities laws.

 

Proposals should assume an issuance date of on or about April 27, 2017.  Proposals will be received by the City until 2:45 p.m., April 27, 2017 and publicly opened at 3:00 p.m. at the office of the Purchasing Department at the address set forth below. Any proposal received after the time and date specified will not be accepted. All proposals shall be submitted separately for each issue on standard forms contained in the Request for Proposals and shall be sealed and plainly marked on the outside for each issue of bonds as applicable:

 

Sealed Proposal for

 

Bank Loan/Non-Bank Qualified

$8,625,000 (estimated)

City of Lauderhill, Florida Tax-Exempt Refunding Certificates of Participation, Series 2017

 

CLICK HERE FOR FULL DOCUMENTS

ADDITIONAL INFORMATION

 LEASE-PURCHASE AGREEMENT

TRUST AGREEMENT

ASSIGNMENT OF LEASES

ADDENDUM 2

ADDENDUM 3

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