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File #: O-389-19    Version: 1 Name:
Type: Ordinance Status: Approved
File created: 8/5/2019 In control: Finance Department
On agenda: 9/3/2019 Final action: 9/3/2019
Title: Providing for the issuance and sale of bonds in a maximum aggregate principal amount of $4,080,000 for the purpose of refunding for debt service cost savings a portion of the City's outstanding Street Improvement Bonds, Series 2009 (Federally Taxable - Recovery Zone Economic Development Bonds - Direct Payment), dated as of October 15, 2009, that are stated to mature on December 1, 2025; authorizing and directing the call for redemption of all of the refunded bonds; authorizing the execution and delivery of a Bond Registrar Agreement and a Bond Purchase Agreement with respect to the refunding bonds and an Escrow Agreement with respect to the refunding of the refunded bonds, and declaring an emergency.
Attachments: 1. Fiscal Officer's Certificate, 2. Audio: Agenda Review 8/13/2019, 3. Audio: Budget Oversight 8/14/2019, 4. Audio: City Council 8/20/2019, 5. Audio: Agenda Review 8/27/2019, 6. Audio: City Council Meeting 9/3/2019
Label
GOBondsRefStreet2009 B
Finance
Bryan Benner x1194/Jamie Takacs x1468
Revised

Title
Providing for the issuance and sale of bonds in a maximum aggregate principal amount of $4,080,000 for the purpose of refunding for debt service cost savings a portion of the City's outstanding Street Improvement Bonds, Series 2009 (Federally Taxable - Recovery Zone Economic Development Bonds - Direct Payment), dated as of October 15, 2009, that are stated to mature on December 1, 2025; authorizing and directing the call for redemption of all of the refunded bonds; authorizing the execution and delivery of a Bond Registrar Agreement and a Bond Purchase Agreement with respect to the refunding bonds and an Escrow Agreement with respect to the refunding of the refunded bonds, and declaring an emergency.

Body
SUMMARY & BACKGROUND:
This is one of a series of ordinances that authorize the issuance of general obligation bonds that the City plans to sell in fall 2019.

This ordinance authorizes the sale of up to $4,080,000 of bonds to refund outstanding bonds issued to pay costs of improving certain designated streets in the City's street system in 2009. With the issuance of the bonds authorized by this ordinance and the retirement of the prior bonds, the City's outstanding debt will not be increased, and the bonds authorized by this ordinance will be sold only if interest rates available on the sale date will provide satisfactory debt service cost savings to the City, over and above all additional expenses of sale of the bonds and the refunding of the prior bonds.

Pursuant to Ordinance No. 417-09 passed by this Council on August 4, 2009, and the related certificate of award dated October 8, 2009, signed by the Director of Finance pursuant thereto (collectively, the Original Bond Legislation), the City issued its $8,000,000 Street Improvement Bonds, Series 2009 (Federally Taxable - Recovery Zone Economic Development Bonds - Direct Payment), dated as of October 15, 2009 (the Or...

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