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RESOLUTION: 2006-14
SUBJECT: Resolution to approve the final terms, including the interest rate and base rentals related to the partial refunding of the Recreation/General Facilities 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 2000 Certificates of Participation relating to the lease/purchase of the Charles Whitlock Recreation Center, Carmody Recreation Center, Homestead Golf Course and the remodel of the Public Safety Center. Market conditions are expected to be appropriate on the afternoon of February 27, 2006 to bring forward this approval of the final terms relating to the refunding, in order to effect savings for the City. The Schedule of Base Rentals portion of the Resolution cannot be filled out until the afternoon of February 27, 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 underwriter, Stifel, Nicholas, Hanifen, Imhoff to commit to a final interest rate prior to the closing of the financial markets on February 27, 2006, which is 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 27, 2006 should the opportunity to refinance still be available.
RESOLUTION ADOPTION DATE: February 27, 2006
ORIGINATED BY: Finance Department
STAFF PERSON RESPONSIBLE: Larry Dorr
Finance Department Director, 303-987-7601
DOCUMENTS ATTACHED: Resolution
2006-14
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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