Regular 3.
Regular City Council Meeting
- Meeting Date:
- 06/14/2010
- TITLE
- Public Hearing and Resolution Approving the Issuance of Airport Refunding Bonds
- PRESENTED BY:
- Patrick M Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The City issued airport improvement revenue bonds in 1990 and refunded them in 2000. The Series 2000 Bonds are currently outstanding in the aggregate principal amount of $7,570,000. Based on preliminary analysis, the City’s Financial Services Manager and Springsted Inc., the City’s financial advisor, believe that the City could achieve debt savings by refunding the Series 2000 Bonds. The Council must conduct a public hearing and then may consider adopting the attached resolution that authorizes the refunding bond sale.
ALTERNATIVES ANALYZED
The Council must hold a public hearing and then may:
- Approve the resolution; or
- Not approve the resolution.
FINANCIAL IMPACT
The Refunding Bonds are being issued to reduce future interest costs. The estimated net present value savings is $243,000.
RECOMMENDATION
Staff recommends that the City Council conduct the public hearing and approve the resolution.