|
|
|
 |
REQUEST FOR COUNCIL ACTION
ORDINANCE: O-2009-18
SUBJECT: Ordinance to Approve the Refunding of the 1998 Sales and Use Tax Revenue Refunding Bonds
ADDRESS: City Facilities
RECOMMENDATION: Approve Ordinance
FUNDING SOURCE: Refinancing Transactions to Lower Costs to City
SUMMARY AND BACKGROUND OF SUBJECT MATTER: The City has been monitoring the possibility of refunding the 1998 Sales and Use Tax Revenue Refunding Bonds (original financing was in 1992) related to the acquisition, construction and installation of the Westland public parking facility and the Fox Hollow Golf Course. Market conditions are appropriate to bring this Ordinance forward to approve agreements relating to such refunding transactions in order to affect savings for the City. These bonds are not subject to redemption until December 1, 2009; however, JP Morgan-Chase has provided a commitment letter to lock in a rate of 2.53% for the remaining life of the bond issue. Current bonds vary in rate from 3.7% to 5.25%. This is roughly $126,000 of savings to the City after expenses.
DATE OF FIRST READING: April 13, 2009
DATE OF SECOND READING: April 27, 2009
ORIGINATED BY: Finance Department
STAFF PERSON RESPONSIBLE: Larry Dorr, Finance Department Director, 303-987-7601
DOCUMENT(S) ATTACHED: Ordinance O-2009-18
Bond Purchase Agreement
Commitment Letter
SUBMITTED BY:
Larry Dorr, Finance Director
REVIEWED BY:
Joni Inman, Director of Mayor and City Manager’s Office
Mike Rock, City Manager
 |
||
Americans with Disability Act (ADA) Notice |
||
