Galena, Illinois 2023 Public Infrastructure Financing RFP

Summary

Bid Documents | City of Galena 815-777-1050 info@cityofgalena.org Government Agendas and Minutes City Council Historic Preservation Commission Zoning Board of Appeals Comprehensive Planning Meetings Planning Commission Mayor and Council Agendas and Minutes City Council Meetings Meet the Mayor and Council Contact Mayor and Council Rules of Procedure Ordinances Resolutions Mission and Vision Statement Elections Ward Map Departments Staff Directory Organizational Chart City Administrator Building City Attorney City Clerk Engineering Facilities Finance Fire Police Public Works Utilities Zoning Code of Ordinances Comprehensive Plan About the Plan Boards, Commissions & Committees Historic Preservation Commission Planning Commission Zoning Board of Appeals Open Government Useful Resources Jo Daviess County State of Illinois State Legislators Federal Legislators Residents Emergency Notifications Code Red Emergency Notification System Email/Text Alerts Parks and Facilities Parks Pool Turner Hall Reservations Garbage and Recycling Garbage Collection Guidelines Garbage Collection Schedule Garbage and Recycling Collection Map Recyclable Items Electronics Recycling Glass Recycling Garbage and Recycling Rates Pay as You Throw Refuse Collection Where Does My Garbage and Recycling Go? Forms and Applications Building Department Forms Business Forms Festivals and Events Human Resource Forms Inquiry Forms Parks and Recreation Forms Utility Forms Zoning Forms News Pay a Bill or Fine Water and Sewer Utilities Establishing or Terminating Service Billing and Payment Forms and Applications Water and Sewer Rates Boil Order FAQs Meter Reading Consumer Confidence Report on Water Quality Lead Service Line Inventory and Replacement Avoiding a High Bill When Away From Home Troubleshooting High Water Usage Protecting Our Water Sources Water Conservation Sustainability Galena Community Garden Galena Farmers Market Green Pledge for Businesses Green Pledge for Residents Plastic Bag Reduction Solar Energy Projects Other Sustainable Initiatives Useful Resources Ambulance Service Archery Deer Hunting Program Cable Television Fee Schedule American Flag Disposal Maps and Plans Transit Service Yard Waste Disposal Businesses Economic Development Assistance Business Financing Programs Project Financing - C-PACE Business Forms and Applications Bid Solicitations Building Services Building Basics: Contractor Handbook Building Codes and Inspection Building Permits Permit Fee Schedule Substandard Property Inspection Tax Rates and Collections Tax Rates Local Tax Registration and Returns Tax Collections/Revenues Streets and Infrastructure Sales Tax Vacation Rentals Visitors Plan Your Visit Location Map Transportation Demographics Getting Around Electric Vehicle Charging Stations Parking Public Restrooms Shuttles Walking Biking Live Cams Live in Galena New Resident Guide Jo Daviess County New Resident's Welcome Kit Galena History Awards and Accolades How Do I ... Español Government Agendas and Minutes City Council Historic Preservation Commission Zoning Board of Appeals Comprehensive Planning Meetings Planning Commission Mayor and Council Agendas and Minutes City Council Meetings Meet the Mayor and Council Contact Mayor and Council Rules of Procedure Ordinances Resolutions Mission and Vision Statement Elections Ward Map Departments Staff Directory Organizational Chart City Administrator Building Backflow Prevention and Inspection Building Basics: Contractor Handbook Building Codes and Inspection Building Department Frequently Asked Questions Building Permit Data Forms and Applications Historic District Structure Database Historic Preservation Other Building Resources Rental Housing Inspection Substandard Property Enforcement City Attorney City Clerk City Code Requesting Records and Information Engineering Bid Documents Capital Improvement Plan Prevailing Wage Rates Spring Street Project Plans Facilities Swimming Pool Turner Hall Finance Budget Monthly Financial Reports Tax Collections Fire Emergency Warning System Outdoor Fireplace and Fire Pit Policy Police Code Red Emergency Notification System Frequently Asked Municipal Ordinance Questions Residence Security Checks Ride Along Program Galena Police Employment Shared Principles of Policing Vacation Rental Complaint Form VOICES Act Public Works Call Before You Dig - JULIE Locate Capital Improvement Plan Curbside Collection of Yard Waste Flood Control Mulch and Bricks Open Burn Pest Management Snow Removal Policy Snow Removal Requirements for Property Owners Street Sweeping Streets and Infrastructure Sales Tax Trees, Branches and Yard Waste Disposal Tree Maintenance and Planting Tips Utilities Consumer Confidence Reports - Water Zoning Maps and Plans Zoning Basics: Signage Resources Code of Ordinances Comprehensive Plan About the Plan Boards, Commissions & Committees Historic Preservation Commission Meetings Agendas and Minutes Meet the Board Members Historic Preservation Ordinance Planning Commission Meetings Agendas and Minutes Meet the Board Members Zoning Board of Appeals Meetings & Rules of Procedure Meet the Board Members Agendas and Minutes Zoning Ordinance Open Government Useful Resources Jo Daviess County State of Illinois State Legislators Federal Legislators Residents Emergency Notifications Code Red Emergency Notification System Emergency Preparedness Email/Text Alerts Parks and Facilities Parks Galena River Trail Galena River Trail Regulations Park Reservations Pickleball Courts Pool Announcements Becoming a Lifeguard Events Policies Pool Parties Pool Staff Public Swim Swim Lessons Turner Hall Reservations Garbage and Recycling Garbage Collection Guidelines Garbage Collection Schedule Garbage and Recycling Collection Map Recyclable Items Electronics Recycling Glass Recycling Garbage and Recycling Rates Pay as You Throw Refuse Collection Where Does My Garbage and Recycling Go? Forms and Applications Building Department Forms Business Forms Liquor License Forms Local Tax Registration and Returns Festivals and Events Human Resource Forms Inquiry Forms Parks and Recreation Forms Utility Forms Zoning Forms News Pay a Bill or Fine Water and Sewer Utilities Establishing or Terminating Service Billing and Payment Forms and Applications Water and Sewer Rates Boil Order FAQs Meter Reading Consumer Confidence Report on Water Quality Lead Service Line Inventory and Replacement Avoiding a High Bill When Away From Home Troubleshooting High Water Usage Protecting Our Water Sources Water Conservation Sustainability Galena Community Garden Galena Farmers Market Green Pledge for Businesses Green Pledge for Residents Plastic Bag Reduction Solar Energy Projects Other Sustainable Initiatives Useful Resources Ambulance Service Archery Deer Hunting Program Cable Television Fee Schedule American Flag Disposal Maps and Plans Transit Service Yard Waste Disposal Businesses Economic Development Assistance Business Financing Programs Project Financing - C-PACE Business Forms and Applications Bid Solicitations Building Services Building Basics: Contractor Handbook Building Codes and Inspection Building Permits Permit Fee Schedule Substandard Property Inspection Tax Rates and Collections Tax Rates Local Tax Registration and Returns Tax Collections/Revenues Amusement Tax Food and Beverage Tax Hotel Tax Sales Tax Video Gaming Tax Streets and Infrastructure Sales Tax Vacation Rentals Visitors Plan Your Visit Location Map Transportation Demographics Getting Around Electric Vehicle Charging Stations Parking Public Restrooms Shuttles Walking Biking Live Cams Live in Galena New Resident Guide Jo Daviess County New Resident's Welcome Kit Galena History Awards and Accolades How Do I ... Español Search Home / Government / Departments / Engineering / Bid Documents / Bid Documents Agendas and Minutes Mayor and Council Departments Staff Directory Organizational Chart City Administrator Building City Attorney City Clerk Engineering Bid Documents Capital Improvement Plan Prevailing Wage Rates Spring Street Project Plans Facilities Finance Fire Police Public Works Utilities Zoning Code of Ordinances Comprehensive Plan Boards, Commissions & Committees Open Government Useful Resources 2026 Projects and Projects Open for Bid Project Advertisement Bidder List Issue Date Due Date Results 2026 Street Repaving Program Bid Documents Drawings Bidder List March 31, 2026 April 16, 2026 Bid Tabulation 2026 Pool Resurfacing and Painting Work at Alice T. Virtue Memorial Pool Request for Quotes Bidder List March 2, 2026 March 18, 2026 Bid Tabulation 2026 Public Infrastructure Financing RFP Request for Proposals Distribution List March 6, 2026 April 6, 2026 Archives This page contains a list that may be difficult to use with assistive technology. Click here to reformat the list if you are using assistive technology. 2025 Projects 2025 Projects 2025 Projects and Projects Open for Bid Project Advertisement Bidder List Issue Date Due Date Results 2025 Public Infrastructure Financing Request for Proposals Addendum #1 Addendum #2 Bidder List October 2, 2025 October 21, 2025 2025 Elm Street Water Main Extension Bid Document Drawings Bidder List June 25, 2025 July 9, 2025 10:30 AM Bid Tabulation 2025 Hill Street Utility and Street Improvements Bid Document Drawings Bidder List June 25, 2025 July 9, 2025 10:00 AM Bid Tabulation 2025 Pickleball & Volleyball Courts Bid Document Drawings Specifications - Chain-link Fence & Gates Specifications - Acrylic Surfacing System Addendum #1 Bidder List February 5, 2025 February 19, 2025 Bid Tabulation 2025 Shade Structure Concrete Work at Alice T. Virtue Memorial Pool Request for Quotes Document Bidder List January 10, 2025 January 29, 2025 Bid Tabulation 2025 Dewey Avenue Bridge Repairs Request for Quotes Document Drawings Addendum #1 Bidder List January 8, 2025 January 23, 2025 Bid Tabulation 2024 Projects 2024 Projects Project Advertisement Bidder List Issue Date Due Date Results Dodge Street Utility Improvement Project Bid Specifications Project Drawings Bidder List August 9, 2024 September 4, 2024 Bid Tabulation Installation of Electric Vehicle Charging Stations Request for Quotes/Bid Specifications EV Charging Station Layout Drawings Bidder List July 29, 2024 August 7, 2024 2024 Access Improvements Project Bid Specifications Drawings Bidder List June 25, 2024 July 2, 2024 Bid Tabulation Installation of Electric Vehicle Charging Stations Bid Specifications Bidder List April 19, 2024 This RFQ has been cancelled but will be reissued at a later date. Galena Welcome Center Renovation Project Announcement Project Drawings Bid Specifications Addendum #1 (Issued April 26, 2024) Addendum #2 (Issued April 30, 2024) Addendum #3 (Issued May 6, 2024) Bidder List April 15, 2024 May 9, 2024 Bid Tabulation 2024 Turner Hall Exterior Stone Repair and Chimney Work Request for Proposals Questions and Answers (Issued April 5, 2024) Bidder List March 14, 2024 April 10, 2024 Auditing Services Request for Proposals Questions and Answers (Issued January 9, 2024) Bidder List January 2, 2024 January 30, 2024 Bid Tabulation 2023 Projects 2023 Projects 2023 Projects and Projects Open for Bid Project Advertisement Bidder List Issue Date Due Date Results 2023 Fire Department Boiler Replacement Request for Quotes Addendum #1 - issued Dec. 15, 2023 Bidder List December 8, 2023 December 20, 2023 Bid Tabulation Comprehensive Plan Services Request for Proposals Questions and Answers Issued Feb. 1, 2024 Bidder List December 4, 2023 February 20, 2024 2023 Hill Street Repairs - Emergency Project Bid Documents Plan Set Bidder List November 16, 2023 November 22, 2023 Bid Tabulation 2023 Turner Hall HVAC Replacement Bid Documents Questions and Answers Issued November 17, 2023 Addendum #1 - issued Nov. 20, 2023 Bidder List November 8, 2023 December 5, 2023 Bid Tabulation 2023 Public Infrastructure Financing Request for Proposals Bidder List August 11, 2023 September 1, 2023 2023 Street Repaving Program Bid Documents Plan Set Addendum #1 - Issued July 28, 2023 Bidder List July 25, 2023 August 8, 2023 Bid Tabulation 2023 Commerce Street Parking Lot Improvements Bid Documents Bidder List June 21, 2023 July 5, 2023 Bid Tabulation Lead Service Line Replacement 2023 Bid Documents Contract Drawings Prevailing Wage Rates Engineer's Estimate: $2,000,000.00 Addendum #1 Addendum #2 Addendum #3 Bidder List Pre-bid Conference Notes March 15, 2023 Extended to June 20, 2023 Bid Tabulation Sidewalk Replacement Program 2023 Bid Documents, Plans & Specifications Addendum #1 Bidder List January 24, 2023 February 7, 2023 Bid Tabulation 2022 Projects 2022 Projects 2022 Projects and Projects Open for Bid Project Advertisement Bidder List Issue Date Due Date Results 2022 Street Repaving Program Bid Document Plan Set Bidder List August 16, 2022 August 30, 2022 Bid Tabulation Utility System Improvements 2022 - West Dodge & High Streets Bid Documents Plans & Specifications Addendum #1: Issued July 27, 2022 Addendum #2: Issued July 29, 2022 Bidder List July 19, 2022 August 2, 2022 Bid Summary Bid Tabulation Storage Buildings Painting Bidder List July 18, 2022 August 17, 2022 Video Surveillance System Bidder List July 15, 2022 August 19, 2022 Meeker Street and Shadow Bluff Drive Lighting Installation Bidder List May 27, 2022 June 17, 2022 Lighting Project Bid Results 2021 Projects 2021 Projects Project Advertisement Bidder List Issue Date Due Date Results Multi-Meter Parking Stations and Enforcement Solutions RFP Document Questions and Answers Issued January 20, 2022 Bidder List December 1, 2021 January 28, 2022 June 2022 Water Tower Demolition Project Bid Document Technical Specifications Bidder List November 9, 2021 December 7, 2021 2021 Turner Hall Curtains (Materials Only; No Installation) Bid Document includes bidder list Questions & Answers Addenda 1 -- Deadline clarification, Acceptance of Email Quotes, and Fabric Clarification Bidder List contained within Bid Document October 20, 2021 10 AM Tuesday, November 17, 2021 UPDATED: 10 AM Wednesday, Nov. 17, 2021 emails accepted 2021 Galena Skate Park Painting Bid Document Bidder List September 21, 2021 2021 Street Repaving Program: Bid Document Plan Set Addendum #1: Issued August 15, 2021 Bidder List August 3, 2021 August 17, 2021 Bid Tabulation West Side Water System Improvements Project: Contract A Bid Document Contract A Plan Set Contract A Addendum #1: Issued August 23, 2021 Contract B Bid Document Contract B Addendum #1: Issued August 23, 2021 Contract A&B Technical Specifications Bidder List - Contract A Bidder List - Contract B July 11, 2021 ***A Pre-Bid Meeting will be held on Thursday, August 5th at 10:00AM at City Hall*** August 26, 2021 Contract A Bid Summary Contract A Bid Tabulation Grant Park Gazebo Repairs Bidder List April 30, 2021 May 14, 2021 Fire Hydrant Replacement Bidder List April 26, 2021 May 12, 2021 Water Valve Replacement Bidder List April 26, 2021 May 12, 2021 FY 2021-2022 Unit Prices Bidder List April 14, 2021 April 28, 2021 Grant Park Landscaping Maintenance Bidder List April 7, 2021 April 19, 2021 Bid Documents RSS THE CITY OF GALENA 101 Green Street Galena, Il 61036 Contact Us Phone: 815-777-1050 Fax: 815-777-3083 Hours: 8:00 a.m.-4:30 p.m. M-F Links Home Government Residents Links Businesses Visitors How Do I... 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Galena, Illinois 2023 Public Infrastructure Financing RFP 
Page 1 
City of Galena, Illinois  
 
 
 
  
REQUEST FOR PROPOSALS 
FOR 
2023 PUBLIC INFRASTRUCTURE FINANCING 
 
RFP Issue Date 
 
08/11/2023  4:00 pm CST
Proposals Due and Opened   09/01/2023 
 
3:00 pm CST
City Council Meeting & 
Recommendation for Loan Approval 
09/11/2023   
 
Closing of Loan 
09/29/2023 
 
 
 
Submit Questions To: 
mmoran@cityofgalena.org  
 
 
Submit Proposals To: 
mmoran@cityofgalena.org  
 
 
 
 
 
 
 
Note: This cover sheet is an integral part of the proposal documents and is, as are all of the following 
documents, part of any contract executed between the City of Galena and any successful Respondent.   
 
 
 
Respondent Financial Institution Name 
(please print) 
 

Galena, Illinois 2023 Public Infrastructure Financing RFP 
Page 2 
City of Galena, Illinois  
 
 
LINKS 
 
A. City Audited Financials: 
 
https://www.cityofgalena.org/documents/filelibrary/top_tabs/your_government/audits/City_of_Gale
na_FY_2022_Audit_59A096958AC43.pdf  
 
B. City Annual Budgets: 
 
https://www.cityofgalena.org/en/city_services/budget/ 
    
C. Monthly Financial Reports: 
 
https://www.cityofgalena.org/en/your_government/agendas_and_minutes/city_council/monthly_fina
ncial_reports/  
 
A. REQUEST FOR LOAN 
 
The City of Galena, Illinois (the “City”) is seeking proposals from qualified financial institutions to 
provide a tax‐exempt fixed rate bank loan (the “Loan” or the “Note”), at the lowest overall borrowing 
cost, pursuant to certain conditions.  The proceeds of the Loan, along with other available funds of the 
City, if any, will be used to (i) fund the 2023 Downtown Sidewalk and Crosswalk Replacement Project, 
(ii) fund the Industrial Park Water Tower Recoating Project, and (iii) fund cost of issuance associated 
with the Loan. 
 
The City shall accept and review proposals from qualified banking institutions.  Proposals for a bank‐
qualified, tax‐exempt fixed rate loan should be submitted based upon the proposed financing structure 
below.  The City will select the bank financing that provides the lowest overall borrowing cost to the 
City and meets the financing requirements of the City.   
 
B. STRUCTURE OF FINANCING 
 
Amount:       $1,328,000.00 
 
Closing Date:       Expected on or about September 29, 2023 
 
Rate:   Bank Qualified (BQ), Tax‐Exempt fixed rate for the entir e term of the 
Loan. 
 
Prepayment:   The City requests the ability to prepay the Loan w ithout penalty in whole 
or in part during the term of the Loan.  Alternative prepayment options 
may be considered.   
 
Galena, Illinois 2023 Public Infrastructure Financing RFP 
Page 3 
City of Galena, Illinois  
 
 
Term:  60 months 
 
Final Maturity:     On or about September 29, 2028   
  
Interest Payment Dates:   Semi‐annually  
 
Interest Compounding:   None 
 
Interest Day Count Method:   Please specify in proposal 
 
Principal Payment Dates:   Semi‐annually 
  
C. SECURITY FOR THE LOAN 
 
The Loan will be secured solely by Pledged Revenues, which include (i) General Fund Revenues, including but 
not limited to Sales Tax, Cannabis Excise Tax, Income Tax, Property Tax, Food and Beverage Tax, and 
Amusement Tax and (ii) Water Fund User Revenues (payable by each user of the public water supply).   
 
D. TAX‐EXEMPT OBLIGATION 
The City will agree to take such actions as may be required by Treasury regulations in order to 
maintain the status of the Note as a tax‐exempt obligation. 
 
E. DOCUMENTATION 
The financial institution (“Lender”) selected by the City to issue the Loan shall prepare the Note, loan 
agreement, and other documents to close the Loan.    
 
At the closing of the Loan, the Lender will be required to make certain certifications, including, but not limited 
to, signing a closing certificate that:   
 
a. It is making the Loan for its own account, does not currently intend to syndicate the Loan, will take 
no action to cause the Loan to be characterized as a security, and will not treat the Loan as a municipal 
security for purposes of the securities law;  
  
b. It is not acting as a broker or other intermediary, and is funding the Loan from its own capital for its 
own account and not with a present view to a resale or other distribution to the public, and currently 
intends to hold the Loan to the earlier of maturity or redemption; 
 
c. The Loan will not be used in the future on a securitized transaction and is not a municipal security;   
 
d. The Lender is a bank organized under the Illinois Banking Act and in good standing; 
 
e. It has in its possession or has had access to all material information concerning the security and 
sources of payment of the Note, and, as a result thereof, is thoroughly familiar with the nature and 
Galena, Illinois 2023 Public Infrastructure Financing RFP 
Page 4 
City of Galena, Illinois  
 
 
risks of making the Loan and purchasing the Note. It has been afforded access to all material 
information and has had sufficient opportunity to discuss the business of the City and the projects 
financed with the proceeds of the Note, with its officers, employees and others, and has been 
permitted to make an investigation of the City and its operations.  It does not require any further 
information or data concerning the City.  In making the Loan and purchasing the Note, it has relied 
solely upon its own investigation, examination, and evaluation of the City and other relevant matters, 
and has not relied upon any statement or materials which have not been supported by its own 
investigation and examination.  It has knowledge and experience in financial and business matters, 
particularly in tax‐exempt obligations, and is capable of evaluating the merits and risks of making the 
Loan and purchasing the Note and has determined that it can bear the economic risk of making the 
Loan and purchasing the Note. 
 
f. It is not funding the Loan for the direct or indirect promotion of any scheme or enterprise with the 
intent of violating or evading any provision of any Illinois statutes;   
 
g. Understands that the Loan is not a municipal security and that, unless otherwise required, no filing 
may be made with respect to the Loan with EMMA, the Municipal Securities Rulemaking Board 
continuing disclosure site; 
 
h. There will be no CUSIPs obtained on the Loan; and 
 
i. There will be no credit rating obtained on the Loan. 
 
F. PROPOSAL FORMAT – SELECTION CRITERIA 
 
Proposals will be evaluated on the basis of cost and the structure that best meets the financing requirements 
of the City.  Further, the City will accept proposals that provide for the ability to prepay the Loan in whole or in 
part at any time without penalty, but alternative prepayment options may be considered. In order to assist the 
City in reviewing the responses, each proposal should include the following information. 
    
(1) The legal name of the Bank and the primary Bank contact person(s) (include address, telephone 
number, and e‐mail address). 
 
(2) A tax‐exempt, bank qualified (BQ) fixed interest rate for the full term of the Loan.  The proposal 
shall give a stated time in which the proposed rate will be held as well as the index in which the rate 
shall be calculated should the stated time elapse.  The proposal should include a preliminary Loan 
amortization schedule, and acknowledge there may be adjustments to the preliminary amortization 
schedule in order to achieve the desired debt service structure based upon the final interest rate and 
Loan size.    
 
(3) Describe in detail all fees and expenses which the City will be responsible to pay to the Bank. The 
amounts stated in the proposal shall represent the maximum amounts payable to the Bank by the City.

[Document text extracted]
Galena, Illinois 2023 Public Infrastructure Financing RFP 

REQUEST FOR PROPOSALS 
FOR 
2023 PUBLIC INFRASTRUCTURE FINANCING 

RFP Issue Date 

08/11/2023 

4:00 pm CST

Proposals Due and Opened  

09/01/2023 

3:00 pm CST

City Council Meeting & 
Recommendation for Loan Approval 

Closing of Loan 

09/11/2023 

09/29/2023 

Submit Questions To: 
mmoran@cityofgalena.org  

Submit Proposals To: 
mmoran@cityofgalena.org  

Note: This cover sheet is an integral part of the proposal documents and is, as are all of the following 
documents, part of any contract executed between the City of Galena and any successful Respondent.   

Respondent Financial Institution Name (please print) 

Page 1 
City of Galena, Illinois  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Galena, Illinois 2023 Public Infrastructure Financing RFP 

LINKS 

A.  City Audited Financials: 

https://www.cityofgalena.org/documents/filelibrary/top_tabs/your_government/audits/City_of_Gale
na_FY_2022_Audit_59A096958AC43.pdf  

B.  City Annual Budgets: 

https://www.cityofgalena.org/en/city_services/budget/ 

C.  Monthly Financial Reports: 

https://www.cityofgalena.org/en/your_government/agendas_and_minutes/city_council/monthly_fina
ncial_reports/  

A.  REQUEST FOR LOAN 

The City of Galena, Illinois (the “City”) is seeking proposals from qualified financial institutions to 
provide a tax‐exempt fixed rate bank loan (the “Loan” or the “Note”), at the lowest overall borrowing 
cost, pursuant to certain conditions.  The proceeds of the Loan, along with other available funds of the 
City, if any, will be used to (i) fund the 2023 Downtown Sidewalk and Crosswalk Replacement Project, 
(ii) fund the Industrial Park Water Tower Recoating Project, and (iii) fund cost of issuance associated 
with the Loan. 

The City shall accept and review proposals from qualified banking institutions.  Proposals for a bank‐
qualified, tax‐exempt fixed rate loan should be submitted based upon the proposed financing structure 
below.  The City will select the bank financing that provides the lowest overall borrowing cost to the 
City and meets the financing requirements of the City.   

B. STRUCTURE OF FINANCING 

Amount:  

$1,328,000.00 

Closing Date:    

Expected on or about September 29, 2023 

Rate:  

Prepayment:  

Page 2 
City of Galena, Illinois  

Bank Qualified (BQ), Tax‐Exempt fixed rate for the entire term of the 
Loan. 

The City requests the ability to prepay the Loan without penalty in whole 
or in part during the term of the Loan.  Alternative prepayment options 
may be considered.   

 
 
 
 
 
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
Galena, Illinois 2023 Public Infrastructure Financing RFP 

Term: 

60 months 

Final Maturity:  

On or about September 29, 2028   

Interest Payment Dates:  

Semi‐annually  

Interest Compounding:  

None 

Interest Day Count Method:   Please specify in proposal 

Principal Payment Dates:  

Semi‐annually 

C. SECURITY FOR THE LOAN 

The Loan will be secured solely by Pledged Revenues, which include (i) General Fund Revenues, including but 
not limited to Sales Tax, Cannabis Excise Tax, Income Tax, Property Tax, Food and Beverage Tax, and 
Amusement Tax and (ii) Water Fund User Revenues (payable by each user of the public water supply).   

D. TAX‐EXEMPT OBLIGATION 
The City will agree to take such actions as may be required by Treasury regulations in order to 
maintain the status of the Note as a tax‐exempt obligation. 

E. DOCUMENTATION 
The financial institution (“Lender”) selected by the City to issue the Loan shall prepare the Note, loan 
agreement, and other documents to close the Loan.    

At the closing of the Loan, the Lender will be required to make certain certifications, including, but not limited 
to, signing a closing certificate that:   

a. It is making the Loan for its own account, does not currently intend to syndicate the Loan, will take 
no action to cause the Loan to be characterized as a security, and will not treat the Loan as a municipal 
security for purposes of the securities law;  

b. It is not acting as a broker or other intermediary, and is funding the Loan from its own capital for its 
own account and not with a present view to a resale or other distribution to the public, and currently 
intends to hold the Loan to the earlier of maturity or redemption; 

c. The Loan will not be used in the future on a securitized transaction and is not a municipal security;   

d. The Lender is a bank organized under the Illinois Banking Act and in good standing; 

e. It has in its possession or has had access to all material information concerning the security and 
sources of payment of the Note, and, as a result thereof, is thoroughly familiar with the nature and 

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risks of making the Loan and purchasing the Note. It has been afforded access to all material 
information and has had sufficient opportunity to discuss the business of the City and the projects 
financed with the proceeds of the Note, with its officers, employees and others, and has been 
permitted to make an investigation of the City and its operations.  It does not require any further 
information or data concerning the City.  In making the Loan and purchasing the Note, it has relied 
solely upon its own investigation, examination, and evaluation of the City and other relevant matters, 
and has not relied upon any statement or materials which have not been supported by its own 
investigation and examination.  It has knowledge and experience in financial and business matters, 
particularly in tax‐exempt obligations, and is capable of evaluating the merits and risks of making the 
Loan and purchasing the Note and has determined that it can bear the economic risk of making the 
Loan and purchasing the Note. 

f. It is not funding the Loan for the direct or indirect promotion of any scheme or enterprise with the 
intent of violating or evading any provision of any Illinois statutes;   

g. Understands that the Loan is not a municipal security and that, unless otherwise required, no filing 
may be made with respect to the Loan with EMMA, the Municipal Securities Rulemaking Board 
continuing disclosure site; 

h. There will be no CUSIPs obtained on the Loan; and 

i. There will be no credit rating obtained on the Loan. 

F. PROPOSAL FORMAT – SELECTION CRITERIA 

Proposals will be evaluated on the basis of cost and the structure that best meets the financing requirements 
of the City.  Further, the City will accept proposals that provide for the ability to prepay the Loan in whole or in 
part at any time without penalty, but alternative prepayment options may be considered. In order to assist the 
City in reviewing the responses, each proposal should include the following information. 

(1) The legal name of the Bank and the primary Bank contact person(s) (include address, telephone 
number, and e‐mail address). 

(2) A tax‐exempt, bank qualified (BQ) fixed interest rate for the full term of the Loan.  The proposal 
shall give a stated time in which the proposed rate will be held as well as the index in which the rate 
shall be calculated should the stated time elapse.  The proposal should include a preliminary Loan 
amortization schedule, and acknowledge there may be adjustments to the preliminary amortization 
schedule in order to achieve the desired debt service structure based upon the final interest rate and 
Loan size.    

(3) Describe in detail all fees and expenses which the City will be responsible to pay to the Bank. The 
amounts stated in the proposal shall represent the maximum amounts payable to the Bank by the City.  

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All fees and expenses in excess of those stated in the proposal shall be the sole responsibility of the 
Bank and will not be paid or reimbursed by the City.   

(4) A listing of all conditions, covenants, terms or restrictions, other than those specified in this RFP, 
which would be included in your commitment to provide the Loan.  

G. MISCELLANEOUS 

(1) The City will not accept proposals with reserve requirements or other restrictions to revenues or 
requirements to maintain minimum balances in any bank account as a condition for the Loan. 

(2) The City reserves the right, in its sole discretion, to accept or reject any and all proposals, to waive 
any irregularities or informalities in any proposal or in the proposal process, and to accept or reject any 
items or combination of items.  If the City determines to move forward with the Loan, the award will 
be to the financial institution whose proposal best complies with the requirements set forth in this RFP 
and whose proposal, in the opinion of the City, is best, taking into consideration all aspects of the 
offeror’s response.    

(3) Changes to this RFP may be made by and at the sole discretion of the City. 

(4) The City will not be liable for any expenses incurred in connection with the preparation of a 
response to this RFP. 

(5) All requests for clarification or additional information should be directed to: 

Mark Moran, City Administrator 
City of Galena, Illinois 
815‐777‐1050 | mmoran@cityofgalena.org       

(6) Federal, State, and local laws, ordinances, rules and regulations that in any manner affect the items 
covered herein apply.  Lack of knowledge by the Bank will in no way be a cause for relief from 
responsibility. 

(7) No successful proposer may assign any portion of the contractual agreement between the parties 
without prior written authorization by the City. 

(8) Warranties – The proposer, in submission of its proposal, warrants to the City that it will comply 
with all applicable federal, state and local laws, regulations and orders in providing the services under 
the proposed documents. 

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Galena, Illinois 2023 Public Infrastructure Financing RFP 

H. TENTATIVE SCHEDULE* 

August 11, 2023: Issue Request for Bank Loan Proposal (RFP) 
September 1, 2023: Bank Proposals Due Prior to 3:00 P.M. CST 
September 11, 2023: City Council Meeting & Recommendation for Loan Approval   
September 29, 2023: Closing of the Loan 
*Preliminary/subject to change. 

I. RFP INSTRUCTIONS 

All responses/bids must be submitted via e‐mail (in PDF format) directly to the City with a copy to Mark 
Moran, City Administrator, at the e‐mail addresses below for receipt no later than 3:00 PM Central Standard 
Time on September 1, 2023: 

City of Galena 
Mark Moran, City Administrator, mmoran@cityofgalena.org  

‐ With a copy to ‐  

City of Galena     
Jennifer Schmidt, Finance Director, jschmidt@cityofgalena.org  

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City of Galena, Illinois

AI Analysis

Validation: Primarily a financing opportunity; some water tower recoating work, but not SCADA/controls focused.

Contract Type

—

Estimated Value

—

Bid Bond

—

Site Visit

—

Local Req

—

License

—

Construction

—

PLC Details

—

HMI/SCADA

—

Comms

—

Subcontractor

—

Pre-selected

—