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FINANCIAL_SERVICESONGOING

Utilities Secures $60 Million Line of Credit

New Smyrna Beach Utilities entered into a loan agreement with Bank of America, N.A. for a Series 2026 Utilities System Revenue Note with principal not exceeding $60 million. The 1-2-year line of credit funds utility capital improvements until a planned bond issuance, and NSBU has drawn $45 million.

Document date · September 9, 2026

Issuing agencyCity of New Smyrna BeachVendorBank of America N.a.

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Derivita logo
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Scope & details

The full contract record, as filed.

Contract amount
Aggregate principal amount not to exceed $60,000,000
Contract type
FINANCIAL_SERVICES
Contract term
1-2 years
Renewal
The short-term line of credit is intended to support the capital improvement plan until a planned bond issuance, which is expected to refinance and repay the outstanding line-of-credit balance.
Document type
AgendaPacket
Source document
New Smyrna Beach AgendaPacket Special Meeting 2026-09-09

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of New Smyrna Beach?

Bank of America N.a. was awarded this financial services contract by City of New Smyrna Beach, as recorded on September 9, 2026. The contract value is Aggregate principal amount not to exceed $60,000,000.

How much is the Bank of America N.a. contract with City of New Smyrna Beach worth?

The Bank of America N.a. contract with City of New Smyrna Beach is valued at Aggregate principal amount not to exceed $60,000,000, covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agendapacket record, structured as a not-to-exceed (ceiling) agreement.

Where was this contract approved?

This contract appears in New Smyrna Beach AgendaPacket Special Meeting 2026-09-09 (AgendaPacket), dated September 9, 2026 from City of New Smyrna Beach. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Bank of America N.a. hold?

Bank of America N.a. may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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