Title
Approval of the defeasance of the Series 2002 Bonds and Budget Amendment 8000-12-12-11 and Authorization for the Mayor and/or City Administrator to sign the necessary documents.
Presented by Julia Luke, Director of Finance
Body
Item Summary:
The Series 2002 Bonds have a first call date of February 1, 2012. By depositing $6,665,750 from Debt Service Fund Balance in escrow to defease these bonds, the City will realize a net cashflow benefit of $501,862.50. The Series 2002 Bonds were an advance refund of $9.56 million of the Series 2000 bond issue. The Series 2000 Bonds were approved for a total of $34.04 million to be used for: transportation and drainage improvements ($1.2 million); acquisition, construction, equipping of a combined fire station and police precinct building ($2.47 million); acquisition and development of park land ($30.37 million).
Committee or Staff Recommendation:
On November 15, 2011 the Administration and Finance and Recreation and Parks Committee recommended placing this Item on the Mayor and Council Agenda.
Financial Impact:
Upon Approval of Budget Amendment 8000-12-12-11 $6,575,000 will be available in Cost Center 8000, Account #581100 and $90,750 will be available in Cost Center 8000, Account #584000. Upon approval, the Debt Service Fund will have a remaining Fund Balance of $1,519,250.
Presented by:
Julia Luke, Director of Finance