Label
GOBondsRefCIRB2012
Finance
Melanie Campbell (x1252) Bryan Benner (x1194) Jamie Takacs (x1468)
Title
Providing for the issuance and sale of bonds in the maximum principal amount of $10,620,000 for the purpose of refunding for debt charges savings certain of the City's outstanding Capital Improvement and Refunding Bonds, Series 2012, dated October 9, 2012; 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 in November 2022.
This Ordinance authorizes the issuance and sale of bonds in the maximum principal amount of $10,620,000 to refund for debt charges savings certain prior bonds that had been issued for the purposes stated in Section 2 and other purpose. With the issuance of the bonds authorized by this Ordinance and the retirement of the prior bonds issued in 2012, 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. 354-12, 355-12, 356-12, 357-12, 358-12, 359-12, 360-12, 361-12, 362-12, 363-12, 364-12, 365-12 and 366-12, each passed on July 17, 2012, there were issued $38,705,000 Capital Improvement and Refunding Bonds, Series 2012, dated October 9, 2012 (the Series 2012 Bonds), for the purposes stated in Section 2 and other purposes, which Series 2012 Bonds are currently outstanding in the aggregate principal amount of $13,240,000 and will mature on December 1 in the years 2022 through 2028 (collectively, the Outstanding Bonds).
This Council finds and determines that it is necessary and in the best interest of the City to r...
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