Label
GOBondsRefHousing2010CP Series F - 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 $3,320,000 for the purpose of refunding for debt service cost savings all or a portion of the $3,320,000 of the City's outstanding Housing Improvement Refunding Bonds, Series 2010 (Commodore Perry Apartments Project), that are stated to mature on December 1 in each of the years from 2021 through 2023 and 2028 and were issued as a part of a consolidated issue of Various Purpose Improvement Refunding Bonds, Series 2010, dated as of July 1, 2010, for the purpose of refunding certain of the City's then outstanding Housing Improvement Bonds, Series 1998 (Commodore Perry Apartments Project), dated as of March 1, 1998; 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 $3,320,000 of bonds to refund outstanding bonds issued in 2010 to refund at a lower interest cost certain prior bonds that had been issued to provide funds to make a loan to Commodore Perry Limited Partnership to be used to pay costs of remodeling and rehabilitating and providing equipment and furnishings to convert the former Commodore Perry Hotel building to multifamily housing use. 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 autho...
Click here for full text