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File #: 15-15638    Version: 1 Name:
Type: Public Hearing Item Status: Agenda Ready
File created: 4/16/2021 In control: City Council Business Meeting
On agenda: 5/10/2021 Final action: 5/10/2021
Title: Public Hearing on Refunding Outstanding Transit Debt
Attachments: 1. Public Hearing Minutes - 2021 Transit COPs refunding

Title

Public Hearing on Refunding Outstanding Transit Debt

 

Action

Action:

Conduct a public hearing regarding an installment financing contract not to exceed $200,000,000 to refund outstanding transit debt.

 

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.

§                     On May 24, 2021, City Council will be asked to give final approval for this transaction.

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

§                     In compliance with North Carolina General Statute 166A-19.24. Remote meetings during certain declarations of emergency, written comments on the public hearing topic will be accepted by the Clerk’s Office through May 11, 2021, at 11:59 p.m. Any additional comments received will be provided to Council.

 

Fiscal Note

Funding:  Transit Debt Service Fund

 

Attachments

Attachment(s)

Extracts from Minutes of City Council