Placement: Second Reading of Ordinances / Public Hearing
Action Requested: Motion / Vote
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Ordinance 23-36, Public Hearing, Amending and Supplementing Ordinance 94-29; Authorizing the Issuance of Not to Exceed $25,000,000 for Refunding the City's Outstanding Utility System Refunding Revenue Bonds, Series 2014, in Order to Achieve Debt Service Savings.
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Submitted By: Stephen Okiye, Finance Director, Finance Department.
Strategic Plan Link: The City's Mission to be financially responsible.
Executive Summary (General Business): To support one of City Council's Strategic Plan goals to reduce debt, staff has determined that the City should issue Utility System Refunding Revenue Bonds, Series 2023, to refund the City's outstanding Utility System Refunding Revenue Bonds, Series 2014 to achieve debt service savings.
Presentation Information: A short PowerPoint presentation will be available upon request.
Staff Recommendation: Move that the Council adopt Ordinance 23-XX, Amending and Supplementing Ordinance 94-29; Authorizing the Issuance of Not to Exceed $25,000,000 for Refunding the City's Outstanding Utility System Refunding Revenue Bonds, Series 2014, in Order to Achieve Debt Service Savings.
Alternate Recommendations:
1. Move that the Council amend the recommendation and adopt Ordinance 23-XX, Amending and Supplementing Ordinance 94-29; Authorizing the Issuance of Not to Exceed $25,000,000 for Refunding the City's Outstanding Utility System Refunding Revenue Bonds, Series 2014, in Order to Achieve Debt Service Savings.
2. Move that the Council provide staff direction.
Background: The City's Utility System Refunding Revenue Bonds, Series 2014 are outstanding in the par amount of $25,005,000 maturing in years 2023-2034 with tax-exempt interest rates of 5.00%. The 2014 Utility Bonds are callable September 1, 2023 at par and are thus eligible to be currently refunded 90 days prior to this initial call date. By currently refunding the 2014 Utility Bond...
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