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