CCP 02-28-2012 - Laserfiche WebLink

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2012A Bonds is estimated to be about 0.75%. The projected savings as a result of refinancing the bonds are approximately $60,400 net of all fees and expenses. The amount of 2004C Bonds outstanding is $465,000,payable from 2013 through 2015. They also have a call date of February 1, 2012, or any day thereafter. The same revenue stream being used to repay the 2004C Bonds will be used to repay the 2012A Bonds. The current interest rates for the 2004C Bonds average 3.55%. The anticipated interest rate for the 2012A Bonds average 0.6%. The refinancing is projected to result in savings of approximately $13,100 net of all fees and expenses. Explanation: The Bonds will be sold on a competitive basis. The Bonds will be general obligations of the City, secured by our full faith and credit and taxing powers. The street reconstruction portion of the 2012A Bonds will be structured to be repaid annually from February, 2014 through February, 2023. There are four years remaining on the existing 2004A Bonds. The same structure for the 2004A Bonds will be continued with the 2012A Bonds. There are also only three years remaining on the existing 2004C Bonds. The same structure for the 2004C Bonds will be continued; the refunding bonds will be repaid from 2013 through February 1, 2015. Attached for your consideration, is the resolution, prepared by Ehlers, our financial advisors, authorizing the sale of the bonds. The resolution establishes Tuesday, March 27, 2012, as the date the City Council will consider awarding the sale of the bonds. Also attached is the Pre-Sale Report for the proposed bond issue prepared by Ehlers. Dan Maiers Director of Finance