Consent 2.
Regular City Council Meeting
- Meeting Date:
- 08/09/2010
- TITLE
- Awarding the Sale for Refunding Series 2010 General Obligation Bonds
- PRESENTED BY:
- Patrick M Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The City Council has previously authorized the sale of bonds for the refunding of the Series 2000 General Obligation bonds.
The bonds will be sold using a competitive bidding process on August 9, 2010, and staff will make a report and recommendation at the Council meeting.
The bonds will be sold using a competitive bidding process on August 9, 2010, and staff will make a report and recommendation at the Council meeting.
ALTERNATIVES ANALYZED
The Council may:
• Approve the resolution; or
• Not approve the resolution
• 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 $131,712.
RECOMMENDATION
Staff recommends that the City Council approve the resolution.