Consent 1.K.
Regular City Council Meeting
- Meeting Date:
- 08/23/2010
- TITLE
- Fixing the Form and Detail of the 2010 Refunding General Obligation Bonds
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
On July 12, 2010 the Council authorized refunding the Series 2000 General Obligation bonds. The bonds were issued in 2000 for the purpose of refurbishing and rehabilitating playgrounds and courts in existing parks and for building bike/pedestrian trails. Refunding the bonds at this time will save substantial interest costs but will not extend the term. The attached resolution prescribes the terms and conditions for the issuance of the 2010 Refunding General Obligation Bonds.
ALTERNATIVES ANALYZED
The Council may:
- Approve the resolution: or
- Not approve the resolution
FINANCIAL IMPACT
The present value debt service savings of $223,487 was achieved by refunding the bonds. This savings will allow the City to reduce the levy assessed to the tax payers for the General Obligation bonds.
RECOMMENDATION
It is recommended that the City Council approve the attached resolution.