Under the Consent Agenda, the "City plans to issue and not to exceed $23 million in General Obligation bonds and is appointing the registrar and paying agent for the bonds-- U.S. Bank National Association, Jacksonville, Florida. The Mayor and the City Clerk are authorized to enter into any agreement which may be necessary to effect the transactions contemplated by this Section 7. Bonds will be issued in denominations of $5,000.
The City Manager is delegated the authority to award the Bonds to the responsive bidder offering to purchase the Bonds at the lowest true interest cost to the City, which in no event shall exceed five percent (5%) true interest cost, calculated as provided in the Official Notice of Bond Sale, and with a final maturity date of no later than July 1, 2047."
I always wonder why there is never discussion on items such as this--how they chose this bank, what the bank will make, this particular amount, where it will be used, etc. Was the FAB board or the newly formed Bond Committee involved even to the point of knowing it was going to be on the Consent Agenda?