|
Item 2.
|
| City Council Regular | |
| Date: | 04/12/2021 |
| Title: | Resolution Awarding the Sale of Refunding General Obligation Bonds |
| Presented by: | Andy Zoeller, Finance Director |
| Department: | Finance |
| Presentation: | Yes |
RECOMMENDATION
City staff recommends that City Council approve the resolution awarding the bid for the refunding of the Library General Obligation Bonds.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
The City has been working on a bond sale to refund the Library General Obligation Bonds after City Council approved a resolution authorizing the public sale on March 22, 2021. The bond bids were opened and tabulated by the City's financial adviser, Baker Tilly, on April 12, 2021. The winning bid is based upon the purchaser with the lowest true interest cost.
The winning bidder and the true interest rate will be provided to the City Council at their meeting on April 12, 2021.
The winning bidder and the true interest rate will be provided to the City Council at their meeting on April 12, 2021.
ALTERNATIVES
City Council may:
- Approve the resolution awarding the bid to the purchaser with the lowest true interest cost, or,
- Reject all bids and retain the existing debt repayment schedule
FISCAL EFFECTS
The term of the bonds will remain the same as the existing debt repayment schedule, maturing in 2032. The reduced interest rate will result in a lower number of mills levied on taxable property within the city limits.