Title
Water and Sewer General Obligation Bond Refunding
Action
Action:
A. Adopt a resolution that makes certain Statements of Fact concerning the refunding of General Obligation Bonds issued in 2008,
B. Introduction of Bond Order authorizing the issuance of not to exceed $29 million General Obligation refunding bonds of the City,
C. Adopt a Bond Order authorizing the issuance of not to exceed $29 million General Obligation refunding bonds of the City, and
D. Adopt a resolution of the City Council providing for the issuance of the City’s General Obligation refunding bonds.
Body
Staff Resource(s):
Randy Harrington, Management and Financial Services
Robert Campbell, Management and Financial Services
Explanation
§ The City constantly monitors the bond market for savings that can be realized. Most bonds have a call date by which they can be refunded to realize savings.
§ The actions call 2008 General Obligation Bonds, for which the call period was 10 years.
§ The actions will:
- Provide approval for the refunding of outstanding 2008 Water and Sewer General Obligation Bonds, and
- Make certain findings required for the Local Government Commission approval of the financing.
§ Anticipated savings from this refunding are approximately $1 million and will be used to offset future water and sewer financial obligations.
Fiscal Note
Funding: Water and Sewer Debt Service Funds
Attachments
Attachment(s)
Resolution-Statements of Facts
Resolution-Refunding of General Obligation Bonds
Bond Order