Label
GOBondsRefCIEB2014
Finance
Melanie Campbell 1252
Jamie Takacs 1468
Title
Providing for the issuance and sale of bonds in the maximum principal amount of $8,520,000 for the purpose of refunding for debt charges savings certain of the City's outstanding Capital Improvement and Equipment Bonds, Series 2014, dated October 2, 2014, and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This is one of a series of ordinances that authorize the issuance of general obligation bonds the City plans to issue prior to November 2024.
This Ordinance authorizes the issuance and sale of bonds in the maximum principal amount of $8,520,000 to refund for debt charges savings certain prior bonds that had been issued for the purpose stated in Section 2 and other purposes. With the issuance of the bonds authorized by this Ordinance and the retirement of the prior bonds issued in 2014, the City's outstanding debt will not be increased. The bonds authorized by this Ordinance will be sold only if interest rates available on the sale date will provide satisfactory debt charges savings to the City, over and above all additional expenses of sale of the bonds and the refunding of the prior bonds. The bonds will be subject to statutory direct debt limits and the statutory and constitutional indirect debt limitation.
Pursuant to Ordinance Nos. 354-14, 355-14, 356-14, 357-14, 358-14, 359-14, 360-14 and 361-14, each passed on August 12, 2014, there were issued $18,090,000 Capital Improvement and Equipment Bonds, Series 2014, dated October 2, 2014 (the Series 2014 Bonds), for the purpose stated in Section 2 and other purposes, which Series 2014 Bonds are currently outstanding in the aggregate principal amount of $9,010,000 and will mature on December 1 in the years 2024 through 2030 (collectively, the Outstanding Bonds).
This Council finds and determines that it is necessary and in the best interest of the City to refund all or a portion of the Outstanding Bonds maturing on D...
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