Title
Authorization of General Obligation Refunding Bonds and General Obligation Bond Anticipation Note
Action
Action:
A. Adopt a resolution to provide for the issuance of General Obligation Refunding Bonds not to exceed $201,510,000,
B. Adopt a resolution to authorize a bond anticipation note program for up to $200,000,000, and
C. Adopt a Budget Ordinance appropriating $201,510,000 in bond proceeds to the Municipal Debt Service Fund.
Body
Staff Resource(s):
Matthew Hastedt, Finance
Teresa Smith, Finance
Explanation
§ This action continues the process of authorizing the issuance of up to $201,510,000 of General Obligation Refunding Bonds which includes refunding of the Series 2023C General Obligation Bond Anticipation Note (BAN) draw program to convert short-term financing for transportation and neighborhood improvement projects.
§ This action authorizes a BAN program for up to $200,000,000 for projects authorized by the 2020 and 2022 bond referenda.
§ This short-term BAN program will be used as construction period financing and converted to long-term fixed-rate General Obligation Bonds once construction nears completion (up to 36 months). This approach is consistent with financial best practices and results in lower cost to taxpayers.
§ This action authorizes city officials named in the resolution to take the necessary actions to complete the financing and execute related documentation for the life of the debt.
Fiscal Note
Funding: Municipal Debt Service Fund
Attachments
Attachment(s)
Resolutions
Budget Ordinance