Lake Clarke Shores Refunding

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Clark Bennett, Spectrum Municipal Services, Inc., presented a synopsis on his research of the Town refunding the Utility System Revenue and Improvement Bonds, Series 1994 that would result in an approximate annual savings of $34,727.00.This transaction would take the form of a refunding loan by the municipal lending department of a commercial bank. President Pro Tem Lewis made a motion to approve the Agreement for Financial Advisory Services between the Town and Clark Bennett, Spectrum Municipal Services, Inc., in the amount of $7,500.00, and that Mr. Bennett be authorized to proceed with requesting bids from qualified lenders for refunding the Utility System Revenue Bonds, Series 1994, seconded by Council Member Kelley; motion approved (4-0).