Consent 1.I.
Regular City Council Meeting
- Meeting Date:
- 05/28/2013
- TITLE
- Resolution Fixing the Form and Detail of Special Improvement District 1385 Refunding Bonds
- PRESENTED BY:
- Patrick M weber
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
On April 22, 2013, the council approved the resolution to proceed with the refunding of Special Improvement District (SID) 1385 (Miller Crossing). The City has been working with DA Davidson on the sale of the bonds. A bond purchase agreement was signed on May 15.
The interest rate is 3.6% which represents a net present value savings of $669,042.
The interest rate is 3.6% which represents a net present value savings of $669,042.
ALTERNATIVES ANALYZED
This is the final step of the bond sale. The interest rate and term of the bonds were finalized with the bond purchase agreement. This resolution provides further detail of that agreement. Once Council approves this resolution, the closing will take place.
FINANCIAL IMPACT
The refunding bonds are being issued to reduce future interest costs. These savings will be passed on to the property owners in the district.
RECOMMENDATION
Staff recommends Council approve the resolution fixing the Form and Detail of the Special District 1385 refunding bonds.