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Item 1.I.
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| City Council Regular | |
| Date: | 04/26/2021 |
| Title: | Bond Resolution for General Obligation Refunding Bonds |
| Presented by: | Teri Walker |
| Department: | Finance |
| Presentation: | No |
RECOMMENDATION
Staff recommends the City Council approve the bond resolution for the General Obligation Refunding bonds.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
The Council approved the resolution awarding the bid on April 12th, 2021. Once the bond resolution is passed, the City can prepare for the bond closing on May 11th. The bond proceeds will be held in escrow until July 1 when the Series 2012 Library bonds can be paid off.
ALTERNATIVES
There are no alternatives, as the City Council already accepted the bid from Robert W. Baird and Co., Inc. at the April 12, 2021 meeting.
FISCAL EFFECTS
The true interest cost is .923% which results in a net present value savings of $1,361,025. These savings will reduce the property tax levy in Billings.