Consent 1.K.
Regular City Council Meeting
- Meeting Date:
- 07/26/2010
- TITLE
- Resolution Fixing the Form and Detail of the 2010A Airport Re-funding Bonds
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
On June 14, 2010 the Council authorized the re-funding of the Airport revenue bonds. On July 12, 2010, the Council was asked to delay action until July 26, 2010. The attached resolution prescribes the terms and conditions for the issuance of the Airport Re-funding Bonds Series 2010A .
ALTERNATIVES ANALYZED
The Council may:
- Approve the resolution: or
- Not approve the resolution
FINANCIAL IMPACT
The net present value savings, after consideration of all costs, is $464,341. The term of the bonds are 10 years at an interest rate of 4.29%.
RECOMMENDATION
It is recommended that the City Council approve the attached resolution.