Subject:
Title
Adopt a Resolution and the Execution of the First Amendment to the Interlocal Agreement between Brevard County, Florida, and the Local Government Finance Commission
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Fiscal Impact:
Adopting the Resolution and the execution of the First Amendment to the Interlocal Agreement between the County and the Local Government Finance Commission will not have a fiscal impact on the County.
Dept/Office:
Central Services
Requested Action:
Recommendation
It is requested that the Board of County Commissioners adopt a Resolution and authorize the Chair to execute the First Amendment to the Interlocal Agreement between Brevard County, Florida, and the Local Government Finance Commission to enable public agencies to (a) finance or refinance capital projects and other government needs permitted by Florida law at the lowest interest cost possible and (b) benefit from the economies of scale associated with large scale financing which may otherwise be unrealized if separate financing is undertaken.
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Summary Explanation and Background:
Due to the lack of short-term financing available to local governments, in 1991, the Florida Association of Counties ("FAC"), together with Brevard County, Collier County, and Sarasota County, created the Florida Local Government Finance Commission (FLGFC) to provide a low-cost financing vehicle for Florida local governments.
Since 1991, the members of the FLGFC have expanded to the current membership of Brevard County, Charlotte County, Collier County, Lee County, Osceola County, and Sarasota County. Since its formation, the FLGFC has provided approximately $2.6 billion in low loans to more than 50 Florida local governments to finance various capital projects.
Although the focus of the FLGFC's efforts has been short-term financing through its commercial paper program, it has from time to time reviewed other types of financing programs for use by Florida local governments. In particular, FLGFC is in the process of reviewing ...
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