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