Label
GOBondsRefCIRB2015
Finance
Melanie Campbell x1252/Jamie Takacs x1468
Revised
Title
Providing for the issuance and sale of bonds in the maximum principal amount of $7,490,000 for the purpose of refunding for debt charges savings certain of the City's outstanding Capital Improvement and Refunding Bonds, Series 2015, dated October 15, 2015; 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 2025.
This Ordinance authorizes the issuance and sale of bonds in the maximum principal amount of $7,490,000 to refund for debt charges savings certain prior bonds that had been issued for the purposes 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 2015, 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 No. 402-15, passed on August 4, 2015, and Ordinance Nos. 395-15, 396-15, 397-15, 398-15, 399-15, 400-15, 401-15, 403-15, 404-15 and 405-15, each passed on August 18, 2015, there were issued $26,575,000 Capital Improvement and Refunding Bonds, Series 2015, dated October 15, 2015 (the Series 2015 Bonds), for the purposes stated in Section 2 and other purposes, which Series 2015 Bonds are currently outstanding in the aggregate principal amount of $8,105,000 and will mature on December 1 in the years 2025 through 2031 (collectively, the Outstanding Bonds).
This Council finds and determines that it is necessary and in the best inte...
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