Request for Financing - Recreation Center Renovation & Outdoor Facilities

Location:	North Carolina
Posted:	Mar 12, 2026
Due:	Mar 26, 2026
Agency:	State Government of North Carolina
Type of Government:	State & Local
Category:	78 - Recreational and Athletic Equipment Y - Construction of Structures and Facilities
Solicitation No:	675RFF FI2026-002
Publication URL:	To access bid details, please log in.

Solicitation Number:	675RFF FI2026-002
Project Title:	Request for Financing - Recreation Center Renovation & Outdoor Facilities
Description:	Morehead City, North Carolina (the “City”), is requesting proposals from financial institutions with respect to a commercial loan to be evidenced by an $8,225,000* Installment Financing Agreement (the “Agreement”). The loan amount is based on contracted pricing. Your response to this request for financing (the “RFF”) would be greatly appreciated. To be considered, a proposal must be received by 10:00 a.m. on Thursday, March 26, 2026 at the office of Sarah Currie, Assistant Finance Director/Procurement of Morehead City, 1100 Bridges St, Morehead City, NC 28557. Email submission of the proposal to the following person is preferred and please include “RFF FI2026-002 Recreation Center Renovation & Outdoor Facilities” in the subject line. Email proposals to sarah.currie@moreheadcitync.gov Questions may be addressed to the City through sarah.currie@moreheadcitync.gov
Opening Date:	3/26/2026 10:00 AM
Posted Date:	3/13/2026
Status:	Open
Department:	TOWN OF MOREHEAD CITY


Solicitation Number * 675RFF FI2026-002	Department TOWN OF MOREHEAD CITY	Status Reason Open
Opening Date 2026-03-26T10:00:00.0000000	Posted Date * 2026-03-12T20:01:30.0000000Z	Primary Commodity Code Securities
Mandatory Conference/Site Visit — —	Special Instructions —	Solicitation Type * Select RFP IFB RFI
Owner Sarah Currie
Description Morehead City, North Carolina (the “City”), is requesting proposals from financial institutions with respect to a commercial loan to be evidenced by an $8,225,000* Installment Financing Agreement (the “Agreement”). The loan amount is based on contracted pricing. Your response to this request for financing (the “RFF”) would be greatly appreciated. To be considered, a proposal must be received by 10:00 a.m. on Thursday, March 26, 2026 at the office of Sarah Currie, Assistant Finance Director/Procurement of Morehead City, 1100 Bridges St, Morehead City, NC 28557. Email submission of the proposal to the following person is preferred and please include “RFF FI2026-002 Recreation Center Renovation & Outdoor Facilities” in the subject line. Email proposals to sarah.currie@moreheadcitync.gov Questions may be addressed to the City through sarah.currie@moreheadcitync.gov

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Request for Financing FI2026-002

Recreation Center Renovation & Outdoor Facilities

$8,225,000* Installment Financing Agreement

Bids due by: Thursday, March 26, 2026 @ 10:00 am

Morehead City, North Carolina (the “City”), is requesting proposals from financial institutions with

respect to a commercial loan to be evidenced by an $8,225,000* Installment Financing Agreement

(the “Agreement”). The loan amount is based on contracted pricing. Your response to this request for

financing (the “RFF”) would be greatly appreciated. The following key assumptions are to be utilized in

preparing your proposal:

Issuer: Morehead City, North Carolina

Use of Proceeds: The proceeds of the Agreement will be used to fund (1) the construction related to

the Recreation Center Renovation to include outdoor facilities & fields and (2) related costs such as

professional fees, land improvements such as parking and landscaping, acquisition of furniture and

equipment, and other costs consistent with the stated use.

Tax Treatment: Tax–Exempt

Bank Qualified: Yes

Audit: The City’s audited financial statements are available from the City’s website at the following link:

https://www.moreheadcitync.gov/233/Annual-Comprehensive-Financial-Reports

Security: As security for its obligations under the Agreement, the City will execute and deliver a deed

of trust granting a first lien of record on the Recreation Center and the property located at 1600 Bridges

St Morehead City, NC 28557. The City’s obligation to make the debt service payments under the

Agreement does not constitute a pledge of the City’s full faith, credit and taxing power but will be

subject to annual appropriation by City Council.

Authorization: The City is entering into the Agreement under the provisions of Section 160A-20 of the

General Statutes of North Carolina, as amended. City Council is expected to approve the winning

bank bid and authorize the execution and delivery of the Agreement to the LGC for their consideration

at its meeting on April 14, 2026. It is anticipated that the Local Government Commission (the “LGC”)

will approve this transaction at its meeting on May 5, 2026. The execution and delivery of the

Agreement is subject to the approvals by City Council and the LGC.

Rating: No rating is expected to be obtained for the Agreement.

Issue Size: Estimated $8,225,000*

Debt Structure: The City anticipates a straight-line amortization over a fifteen-year period, seventeen-

year or twenty-year, period. Please note that bidders are not required to bid on each option. The City

will consider either annual or semi-annual principal payment structures, with payment in arrears and a

single fixed rate for the entire term of the amortization.

Optional Prepayment: The City desires prepayment of principal at any time without penalty or flexibility

with respect to prepayment provisions. The agreement must include the option to make unscheduled

additional payments of principal during the term of the loan, up to and including fully paying off the

entire loan prior to its maturity, all without penalty, additional fees or any other costs. Please specify the

redemption structure(s) that would provide the City with flexibility at the lowest cost of funds. Proposals

with multiple redemption options are permitted.

Morehead City RFF FI2026-002

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Counsel/Documentation: Derek Taylor will serve as counsel to the City in connection with the

Agreement. The lender’s counsel will prepare the necessary legal documentation for the City’s review

and approval. By submitting a proposal, the bank waives any conflict of interest with respect to Derek

Taylor serving as counsel to the City in connection with the Agreement. All loan documents must meet

the requirements of N.C.G.S. Section 160A-20 and other applicable North Carolina statutes.

Closing Costs: None anticipated to be paid to or on behalf of the bank. Please specify any exceptions.

Annual/Ongoing Costs: None anticipated to be paid to or on behalf of the bank. Please specify any

exceptions.

Increased Cost: The City will not consider any proposals that include future interest rate adjustments

relating to the bank’s increased costs, changes in tax rate, capital adequacy, capital requirements,

etc.

Conditions: Please specify any conditions to the closing of the transaction (other than finalizing

acceptable documents) and any rights reserved to withdraw the proposal.

Closing: Closing is anticipated to take place on or about Tuesday, May 19, 2026. The interest rate bid

must be held firmly for 90 days from proposal submission or until close of day Wednesday, June 24,

2026.

Ongoing Disclosure: In accordance with its customary practice, the City will post its annual financial

statements to the City’s website on an annual basis. The City will also provide these documents in

electronic format to the bank upon request.

Award: The City reserves the right to request additional information from the bidders and to waive any

irregularity or informality and to negotiate provisions and covenants directly with any bidder. The City

also reserves the right to reject all proposals for any reason. Although the selection will be based

substantially on the lowest total financing cost (including both interest cost and upfront fees and

expenses), the City reserves the right to select the bidder that best meets the needs of the City. Final

award is subject to the approval of City Council.

Delivery: The Agreement is expected to be delivered on or about Tuesday, May 19, 2026. The loan

proceeds must be paid in federal funds or other immediately available funds. All proceeds from the

issuance of the Agreement will be disbursed to the City at closing.

Representations: The winning bidder will be required to execute a letter to the City acknowledging,

among other things, that (1) no official statement or other offering material has been furnished other

than the Request for Financing; (2) the winning bidder had an opportunity to make inquiries of, and

receive answers from such officials, employees, agents and attorneys of the City; (3) the winning bidder

has knowledge and experience in financial and business matters and that it is capable of evaluating

the merits and risks of making the loan to be evidenced by the Agreement and is financially able to

bear the economic risk of holding the Agreement; (4) the winning bidder is issuing the Agreement as

a vehicle for making a commercial loan and without a present view to the distribution or resale thereof

(subject, nevertheless, to any requirement of law that the disposition of its property shall at all times be

under its control) within the meaning of the Federal securities laws; and (5) the winning bidder is issuing

the Agreement solely for its own account and no other person now has any direct or indirect beneficial

ownership or interest therein.

Loan Treatment: By submitting a bid in response to this RFF, each bidder acknowledges and represents

to the City and its Financial Advisor that (1) no official statement or other offering material will be

furnished other than this RFF; (2) the bidder has knowledge and experience in financial and business

matters and that it is capable of evaluating the merits and risks of making the commercial loan to be

evidenced by the Agreement and is financially able to bear the economic risk of holding the

Agreement; (3) no CUSIP number will be obtained for the Agreement; and (4) the bidder intends to

Morehead City RFF FI2026-002

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enter into the Agreement solely for its own account as a vehicle for making a commercial loan and

with no present intention to distribute or resale the Agreement or any portion thereof.

To be considered, a proposal must be received by 10:00 a.m. on Thursday, March 26, 2026 at the office

of Sarah Currie, Assistant Finance Director/Procurement of Morehead City, 1100 Bridges St, Morehead

City, NC 28557. Email submission of the proposal to the following person is preferred and please include

“RFF FI2026-002 Recreation Center Renovation & Outdoor Facilities” in the subject line.

Email proposals to sarah.currie@moreheadcitync.gov

Questions may be addressed to the City through sarah.currie@moreheadcitync.gov

Morehead City RFF FI2026-002

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This is the opportunity summary page. It provides an overview of this opportunity and a preview of the attached documentation.

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Request for Financing - Recreation Center Renovation & Outdoor Facilities

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