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<br />UBS and MorganStanley SmithBarney tried to put something together but based on <br />market conditions and/or corporate policy were unable to come up with a tax exempt <br />fixed rate loan. <br /> <br />Bank of America submitted a proposal but due to corporate policy restrictions, they were <br />only able to come up with $5 million. <br /> <br />That left just two firm proposals for the loan: <br /> <br />· SunTrust Bank <br />. BB&T <br /> <br />Of these two, SunTrust Bank had the lowest rate of 4.20% as compared to a rate of <br />4.35% - 4.45% for BB & T for a 15 year term. The first payment will not be due until <br />October I, 2010 so funding will be included in the proposed FY 20 10/20 I I budget. <br /> <br />A TT ACHMENTS: <br />. Resolution <br />. Exhibit A - Commitment Letter <br />. Exhibit B - Agreement <br /> <br />Agenda Item No.lOA <br />Date 3/18/20 I 0 <br />