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Staff REPORT
Public Hearing ITEM
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| | | | | | | | SUBJECT:
| General Obligation Line of Credit (staff recommends that Council set aside the rules to make this an Action Item following the Public Hearing)
| DATE OF MEETING:
| September 8, 2020
| | Staff CONTACT(S): | David A. Mekarski, AICP, Town Manager
Elizabeth Krens, Director of Finance |
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SUMMARY and RECOMMENDATIONS:
Davenport presented the results of the 2020 Line of Credit RFP process during the August 25, 2020 Council meeting to include 3 bids. If Council would like to move forward with this short term financing option to support capital projects, the bid from Bank of Charles Town (BCT) is recommended as it provides a high level of flexibility and a competitive interest rate. A public hearing is scheduled for September 8, 2020. It is recommended that Council set aside business rules to take action on this item following the public hearing due to time constraints on some bids.
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