Label
GOBondsRefStreet2010 Series E - Refunding
Department of Finance
M. Campbell (x1252), B. Benner (x1194), J. Takacs (x1468)
(Revised)
Title
Providing for the issuance and sale of bonds in a maximum aggregate principal amount of $4,065,000 for the purpose of refunding for debt service cost savings the City's outstanding Street Improvement Bonds, Series 2010 (Federally Taxable - Recovery Zone Economic Development Bonds - Direct Payment), dated as of July 29, 2010, 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 2020.
This ordinance authorizes the sale of up to $4,065,000 of bonds to refund outstanding bonds issued in 2010 to provide funds to pay costs of improving certain designated streets in the City's street system. With the issuance of the bonds authorized by this ordinance and the retirement of the prior bonds issued in 2010 that are being refunded, 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 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. 288-10 passed by this Council on June 8, 2010, and the related certificate of award dated July 15, 2010, signed by the Director of Finance pursuant thereto (collectively, the Original Bond Legislation), the City issued its $9,800,000 Street Improvement Bonds, Series 2010 (F...
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