Title
Public Hearing on Refunding 2009 Certificates of Participation for the NASCAR Hall of Fame
Action
Action:
A. Conduct a public hearing regarding approval of an installment financing contract, not to exceed $40,000,000, to refund 2009 Certificates of Participation, and
B. Adopt a resolution authorizing and approving an installment financing contract for the proposed financing and calling for the execution and delivery of various documents necessary to complete the sale of Certificates of Participation.
Body
Staff Resource(s):
Robert Campbell, Finance
Explanation
§ This action authorizes the City to enter into an installment financing contract to issue Certificates of Participation (COPs) in an amount not to exceed $40,000,000 to refund outstanding 2009 NASCAR Hall of Fame COPs, which allows the City to realize future debt service savings.
§ Refunding the City’s outstanding 2009 COPs is anticipated to generate $6,900,000 in savings over 20 years.
§ The current action will:
- Conduct a public hearing on the projects to be financed,
- Provide information required for Local Government Commission approval of the financing, and
- Provide approval to the City Manager and the Authorized Officers named in the Resolution to take necessary actions to complete the financing.
Fiscal Note
Funding: NASCAR Hall of Fame Tax Fund
Attachment(s)
Initial Findings Resolution