CITY OF ORLANDO
COUNCIL AGENDA ITEM

Items Types:
Other 		For Meeting of:
June 15, 2015
District: ALL From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No
Subject:
Resolution Extending Existing Wells Fargo Bank, N.A. $250,000,000 Line of Credit to the Greater Orlando Aviation Authority
Summary:
On March 15, 2015 GOAA issued an RFP for a $250 million Revolving Line of Credit (LOC).  The LOC will replace an existing LOC provided by Wells Fargo Bank that expires on June 30, 2015. The new LOC will continue to be used to provide short term financing for GOAA's Capital Program for which permanent financing is expected to come from bond proceeds, grants, Passenger Facility Charges, Customer Facility Charges, or GOAA general revenues.  An Ad Hoc Committee met on April 24 and 28, 2015 to review and evaluate the responses to the RFP. As a result of the evaluations, the Ad Hoc Committee voted to recommend to the Finance Committee that Wells Fargo Bank, N.A. be selected to provide a $250 million LOC to GOAA. On May 20, 2015, the Finance Committee accepted the Ad Hoc Committee's recommendation to (1) select Wells Fargo Bank, N.A. to provide the new LOC, (2) authorize the extension of the existing LOC with Wells Fargo Bank, and (3) recommend the selection of Wells Fargo Bank to the GOAA Board for approval. Since the existing LOC expires on June 30, 2015, GOAA has requested that City Council adopt the attached Resolution to extend the existing Wells Fargo Line of Credit for up to two months in order to allow for the completion of documentation for the new Line of Credit.  The GOAA Board will be asked to approve the two month extension and the new LOC at its June 24, 2015 meeting.       
Fiscal & Efficiency Data: Not applicable
Recommended Action:
Subject to approval of the extension by the GOAA Board on June 24, 2015, approve the Resolution extending the existing Wells Fargo Bank, N.A. $250 million line of credit to GOAA through August 31, 2015, and authorize the Mayor and City Clerk to execute the Resolution, subject to review by the City Attorney's Office.   
Agenda Item attachment(s) on file in the City Clerks Office.
Note: All agenda items must be in the City Clerk's office by Noon Friday, six(6) business days prior to the regular Monday City Council meeting.
Contact:
Approved By:

Department Date and Time
Budget Outside Routing Approval 6/3/2015 1:58 PM
City Clerk 6/3/2015 3:10 PM
ATTACHMENTS:
Name: Description: Type:
2015.05.20_Line_of_Credit.Finance_Committee_A.I..pdf LOC_5.20.15 GOAA Finance Committee Agenda Item Backup Material
City_Approving_Resolution_Wells_Fargo_GOAA_Line_of_Credit_Extension.pdf City Resolution Extending GOAA_Wells Fargo LOC Backup Material
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