Consent 1.L.
Regular City Council Meeting
- Meeting Date:
- 05/24/2010
- TITLE
- Refinancing Series 2000 Airport Revenue Bonds
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
On April 12, 2010, the Council approved refinancing the Series 2000 Airport Revenue Bonds, and authorized the selection of an underwriter. It is in the best interest of the City to pursue the sale of the airport revenue refunding bonds for the purpose of reducing interest costs.
Piper Jaffray & Company was selected through a request for proposal process. The bonds will be sold at a negotiated sale with certain parameters.
The resolution authorizes the Financial Services Manager to approve the parameters relating to the bonds. Upon approval a bond purchase agreement will be executed.
Piper Jaffray & Company was selected through a request for proposal process. The bonds will be sold at a negotiated sale with certain parameters.
The resolution authorizes the Financial Services Manager to approve the parameters relating to the bonds. Upon approval a bond purchase agreement will be executed.
ALTERNATIVES ANALYZED
The Council may:
- Approve the resolution; or
- Not approve the resolution.
FINANCIAL IMPACT
The bonds will be sold to the underwriter on terms and at a purchase price within the limitations outlined in the attached resolution.
RECOMMENDATION
Staff recommends approval of the resolution.