Title
General Obligation Refunding Bonds
Action
Action:
A. Adopt an Initial Finding Resolution authorizing refunding of existing outstanding General Obligation Bonds series 2016A not to exceed $59,000,000,
B. Introduce a bond order authorizing the issuance of General Obligation Refunding Bonds not to exceed $59,000,000,
C. Adopt the bond order to provide for the issuance of General Obligation Refunding Bonds not to exceed $59,000,000,
D. Adopt a resolution to authorize issuance of General Obligation Refunding Bonds for refunding of General Obligation Bonds, series 2016A,
E. Authorize City Officials to take necessary actions to complete the financing, including making the application to the Local Government Commission, and
F. Adopt a budget ordinance appropriating $59,000,000 to the Municipal Debt Service Fund.
Body
Staff Resource(s):
Matt Hastedt, Finance
Mitali Shah, Finance
Explanation
§ The city continually evaluates outstanding debt for refunding opportunities to achieve savings, reduce risk, and to 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.
- Refund approximately $59,000,000 of the 2016A General Obligation bonds.
Fiscal Note
Funding: Funding: Municipal Debt Service Fund
Attachments
Attachment(s)
Resolutions
Bond Order
Budget Ordinance