This public hearing request will pertain to the outcome of the budget meeting on February 14.

As part of the 2013 budget discussion, the refinancing of the Muncipal Center Debt has been addressed.  The current rate of interest is at 4.44% with an annual debt payment of approx $1.5M.  The current debt schedule has the earliest call date of December 2014.  Due to the lowest interest rates in recent history, vaious debt schedules have been prepared that show a positive present value benefit to extend the debt to 2031 and reduce the annual debt payment to approximately $1M-$1.17M.   

The City's finance consultant, Paul Donna will be present at the budget worksession on February 14, prior to the regular city council meeting to discuss a possible refinancing and the savings that could be generated. 

The debt schedules attached are reflective of the rates offered on February 7, 2012.  These are presented only as a proposed estimate as interest rates fluctuate daily.

Motion to recommend Council adopt Resolution #12-02-XXX Calling for a Public Hearing on the Intention to Issue General Obligation Capital Improvement Plan Refunding Bonds and the Proposal to Adopt a Capital Improvement Plan Therefore.