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File #: 15-15525    Version: 1 Name:
Type: Business Item Status: Agenda Ready
File created: 3/31/2021 In control: City Council Business Meeting
On agenda: 4/26/2021 Final action:
Title: Set a Public Hearing for Refunding of Outstanding Transit Debt
Attachments: 1. Initial Findings Resolution w_public hearing call - City of Charlotte Transit Refunding COPs, Series 2021

Title

Set a Public Hearing for Refunding of Outstanding Transit Debt

 

Action

Action:

A.                     Adopt an initial findings resolution that makes certain findings for the proposed financing and calls for the execution of various documents necessary to complete the sale of Certificates of Participation, and

 

B.                     Adopt a resolution setting a public hearing for May 10, 2021, for an installment financing contract not to exceed $200,000,000 to refund the outstanding 2008A COPS and the 2015D Transportation Infrastructure Finance and Innovation Act financing.

 

Body

Staff Resource(s):

Kelly Flannery, Finance

John Lewis, CATS

 

Explanation

§                     Authorize the refinancing of up to $200,000,000 in outstanding debt for Transit, which is comprised of approximately $25,000,000 in Series 2008A Certificates of Participation (COPs) and approximately $175,000,000 in Series 2015D Transportation Infrastructure Finance and Innovation Act (TIFIA) financing, for debt service savings.

§                     The refunding of the 2008A COPs and the 2015D TIFIA financing are expected to result in significant current estimated net present value savings over the life of refunding.

§                     These actions adopt an initial findings resolution and set a public hearing for May 10, 2021.

§                     The North Carolina Local Government Commission is expected to review and approve this financing on June 1, 2021.

 

Fiscal Note

Funding:  Transit Debt Service Fund

 

Attachments

Attachment

Resolution