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 may 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 may receive a higher credit rating on their bonds, longer amortization schedules, lower cost of issuance, and your rate will be fixed.
The Florida League of Cities, as Administrator, handles all the administration, hiring of bond professionals, continuing disclosure, investment of proceeds, and arbitrage rebate calculations.
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.