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 fund (i) the purchase of real estate at 11422 W Chetlain Lane, (ii) build-out costs at 11422 W Chetlain Lane, and (iii) cost of issuance associated with the Loan. The City shall accept and review proposals from qualified banking institutions. Proposals for a bankqualified, 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.
