Project Information

Bid Title

Tax-Exempt General Obligation Note

Issuing Agency

New Smyrna Beach city

Location

Florida

Published Date

Sep 28, 2025

Closing Date

Oct 15, 2025

Government Level

State & Local

Status

Closed

Ref. #

27-25-FIN

Original Source

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Bid Documents

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Project Description

Project ID: 27-25-FIN

Title: Tax-Exempt General Obligation Note

Addenda: 0

Release Date: 9/26/2025

Due Date: 10/15/2025

Post Information

Posted At:Fri, Sep 26, 2025 9:35 AMSealed Bid Process:Yes (Bids Sealed / Pricing Sealed)Private Bid:No

Overview

Summary

The City of New Smyrna Beach, Florida (the “City”) is requesting proposals from qualified financial institutions for a tax-exempt, general obligation fixed rate loan (the “Loan”) to a) finance and/or reimburse the cost of acquisition of lands along the Turnbull Creek Watershed and b) to fund the issuance costs associated with the Loan.

Hilltop Securities Inc., Orlando, Florida, as Financial Advisor to the City in connection with the Loan, will be assisting the City with respect to the Loan. The City’s Purchasing Agent will oversee the solicitation process and work closely with the Financial Advisor.

The Financial Advisor will evaluate all submittals and provide a comprehensive analysis as to the merits and contents of the proposals. The city will make the final determination and recommendation selecting the financing proposal that provides the lowest overall borrowing cost and meets the financing requirements of the city.

Background

The City serves an area of 41.6 square miles in size and serves a population of approximately 33,402. It is located off of Florida’s East Coast, in the County of Volusia, just north of Cape Canaveral with easy access to both Interstate 95 and Interstate 4. The City’s fiscal year begins on October 1st and ends on September 30th.

On November 6, 2018, voters approved the issuance of general obligation bonds in an aggregate principal amount not exceeding $15,000,000 for the purpose of financing the acquisition of lands along the Turnbull Creek Watershed. On August 29, 2019, the City issued a $9,500,000 General Obligation Note, Series 2019, and has $5,500,000 remaining authorization under the referendum.

The full faith, credit and taxing power of the City shall be pledged for the full and prompt payment of the principal, interest, and redemption premiums, if any on the Note. The City shall, each year, levy and collect a direct ad valorem tax, without limitation as to the rate or amount, on all taxable property within the City sufficient to pay the debt service on the Note for such year. Such tax shall be assessed, levied and collected at the same time and in the same manner as City ad valorem taxes are assessed, levied and collected, and shall be in addition to all other taxes authorized to be levied by the City.

Information on the City’s government and financial information can be found in City of New Smyrna’s Annual Comprehensive Annual Financial Reports (ACFR) and the annual adopted budget. These reports may be viewed from the following links:

FY 2024 ACFR: https://www.cityofnsb.com/DocumentCenter/View/21930/14295ACFR24-Final-City-of-New-Smyrna-Beach

FY 2023 ACFR: https://www.cityofnsb.com/ArchiveCenter/ViewFile/Item/2095

FY 2022 ACFR: https://www.cityofnsb.com/ArchiveCenter/ViewFile/Item/2094

FY 2025 Budget Book: https://www.cityofnsb.com/DocumentCenter/View/21549/FY25_BUDGET-BOOK?bidId=

Timeline

Issue RFP Notice:

September 26, 2025

Deadline for Written Questions:

October 7, 2025, 5:00pm

Proposal Submission Deadline:

October 15, 2025, 2:00pm

Opening of Submittals:

October 15, 2025, 2:30pm

Microsoft Teams Meeting, click link to join meeting:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_YzkzZjk4ZTgtZWFlMC00YWQ0LWE1YTYtN2UyNWZmNDRlY2Mw%40thread.v2/0?context=%7b%22Tid%22%3a%22e8a2d9f9-0bd2-4e4a-ae4c-4a9092138ff8%22%2c%22Oid%22%3a%223580558d-a61c-452f-b761-445deb37149f%22%7d

Meeting ID: 237 799 482 541 0
Passcode: RZ3yY6GS

Or call in (audio only): 786-636-1338 Phone Conference ID: 409 220 821#

Evaluation Meeting:

October 17, 2025

Microsoft Teams Meeting, click link to join meeting:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZjMwNzQ4ZjEtNmI4MC00ZGI4LWJlMDAtM2ExMTUxMjM4Mjhl%40thread.v2/0?context=%7b%22Tid%22%3a%22e8a2d9f9-0bd2-4e4a-ae4c-4a9092138ff8%22%2c%22Oid%22%3a%223580558d-a61c-452f-b761-445deb37149f%22%7d

Meeting ID: 224 586 826 853 3
Passcode: LY2qZ9ub

Or call in (audio only): 786-636-1338 Phone Conference ID: 209 843 155#

Recommendation of award to City Commission:

November 11, 2025

Closing of the Loan:

November 14, 2025

Commodity Codes

• NAICS 541213Tax Preparation Services

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