The
Florida Local Government Finance Program provides interim
emergency funds to local governments on very short notice
to pay for many of the extraordinary expenses that can arise
when a storm hits. Over the last two years several local
governments have borrowed from the program to fund clean up
costs, repairs, re-construction, and extraordinary operating
costs that resulted from major storms.
These
loans were secured with a standard covenant to budget and
appropriate legally available non-ad valorem revenue, the
proceeds of FEMA reimbursement monies, and insurance proceeds.
These loans allowed affected communities to immediately
begin cleaning up and rebuilding while lessening the potential
strain on their general and emergency funds.
There
is no formal application process. After FAC has been notified
of your interest, Wachovia prepares an individual credit
underwriting (typically <72 hours), and our counsel,
Nabors, Giblin & Nickerson, PA, prepare the loan documents
and a resolution to be passed by your board. The entire
process can take under 30 days for brand new participants
and even less for current participants. In addition, there
is no penalty for prepayment, which allows you to prepay
your loan or portion thereof with a few weeks notice as
you receive your FEMA reimbursements.
Each
of our program partners is committed to make every effort
to get the funds needed to relieve and rebuild our communities,
where and when they are needed most.
- Debris
removal
- Emergency
protective measures
- Work
to restore an eligible damaged facility to its pre-disaster
design
- Roads,
bridges and associated features
- Water
Control Facilities
-
Buildings
- Utility
Distribution Systems
- Public
Parks, Recreational Facilities and Other Facilities
- All
Counties
- All
Cities
- Special
Districts
- School
Districts
- Port
Authorities
- Airport
Authorities
- Community
Redevelopment Districts
- Hospital
Districts
For
more information, please contact Elizabeth Newberry, Florida
Association of Counties at (850) 922-4231 or enewberry@fl-counties.com,
or Steve Miller, Nabors, Giblin, & Nickerson
at (813) 821-2222.
Back
to the Florida Local Government Finance Program page
