City of Charlotte Banner
File #: 15-22827    Version: 1 Name:
Type: Business Item Status: Agenda Ready
File created: 5/17/2024 In control: City Council Business Meeting
On agenda: 6/10/2024 Final action:
Title: General Obligation Refunding Bonds
Attachments: 1. Bond Order - Charlotte 2024 Refunding GOs (2014As), 2. Resolution - Charlotte 2024 GOs (Refunding 2014A Bonds)

Title

General Obligation Refunding Bonds

 

Action

Action:

A.                     Introduce a bond order authorizing the issuance of General Obligation Refunding Bonds not to exceed $70,000,000,

 

B.                     Adopt the bond order to provide for the issuance of General Obligation Refunding Bonds not to exceed $70,000,000, and

 

C.                     Adopt a resolution to authorize issuance of General Obligation Refunding Bonds for refunding of General Obligation Bonds, series 2014A.

 

Body

Staff Resource(s):

Teresa Smith, Finance

Matt Hastedt, Finance

 

Explanation

§                     At its May 13, 2024, Business Meeting, City Council authorized the application to the Local Government Commission to refund General Obligation Bonds, series 2014A. 

§                     The city continually evaluates outstanding debt for refunding opportunities to achieve savings, reduce risk, and modernize financing documents.

§                     This action will:

-                     Provide information required for Local Government Commission approval of the financing;

-                     Provide approval to the City Manager and the authorized officers named in the Resolution to take necessary actions to complete the financing and related documentation for the life of the debt; and

-                     Refund approximately $70,000,000 of the 2014A General Obligation bonds.

§                     With Council approval, it is anticipated the Local Government Commission will approve this action at its July meeting.

 

Fiscal Note

Funding: Municipal Debt Service Fund

 

Attachments

Attachment(s)

Bond Order

Resolution