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RESOLUTION: 2006-11
SUBJECT: Resolution to approve the final terms, including the interest rate and base rentals related to the partial refunding of the Civic Center Certificates of Participation
ADDRESS: City Facilities
RECOMMENDATION: Approval of the Resolution
FUNDING SOURCE: Refinancing Transactions to Lower Costs to the City
SUMMARY AND BACKGROUND OF SUBJECT MATTER: The City has been monitoring the possibility of a partial refunding of the 1998 Certificates of Participation relating to the lease/purchase of the Civic Center and the Belmar Library. Market conditions are expected to be appropriate on the afternoon of February 13, 2006 to bring forward this approval of the final terms relating to the refunding, in order to effect savings for the City and the Jefferson County Library. The Schedule of Base Rentals portion of the Resolution cannot be filled out until the afternoon of February 13, 2006. The City Charter requires that the interest rates provided must be fixed at the time of the adoption of this Resolution. It is not possible for the lender, JPMorgan Chase to commit to a final interest rate prior to the closing of the financial markets on February 13, 2006, which his why the section is blank. Final copies of the Resolution, with all information filled in, will be distributed as early as possible on Monday, February 13, 2006 should the opportunity to refinance still be available.
RESOLUTION ADOPTION DATE: February 13, 2006
ORIGINATED BY: Finance Department
STAFF PERSON RESPONSIBLE: Larry Dorr, Finance Department Director
303-987-7061
DOCUMENTS ATTACHED: Resolution
2006-11
Purchase Commitment
SUBMITTED BY:
Larry Dorr, Director Finance Department
REVIEWED BY:
Joni Inman, Director Mayor and City Manager's Office
Michael J. Rock, City Manager
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