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  10.1.       
Meeting Date: 01/23/2020  
Submitted By: Erin Crawford, Chief Financial Officer

SUBJECT:
CONSIDER AND TAKE ACTION WITH RESPECT TO A RESOLUTION OF THE ENID MUNICIPAL AUTHORITY AUTHORIZING STAFF TO PRE-PAY THE OUTSTANDING AMOUNT OF CERTAIN CLEAN WATER SRF AND DRINKING WATER SRF LOANS FROM THE OKLAHOMA WATER RESOURCES BOARD AND/OR TO ACCEPT CERTAIN LOAN PAYMENT SAVINGS AS PROPOSED BY THE OKLAHOMA WATER RESOURCES BOARD; AND CONTAINING OTHER PROVISIONS RELATING THERETO.
BACKGROUND:
The Oklahoma Water Resources Board (OWRB) has refinanced the bonds that the Enid Municipal Authority Loans Series 2012B (ORF-09-0024-DW) and Series 2010 (ORF-09-0019-CW) are pledged against.  The refinancing has resulted in savings that the OWRB plans to share with the Enid Municipal Authority.  For each loan, three options were provided by OWRB and are listed below. 
 
  Series 2010 (ORF-09-0019-CW)
Waste Water Treatment Plant
Series 2012B (ORF-09-0024-DW)
Water Towers
Option 1 Same maturity date, reduction of debt service of $315,461 over the life of the loan Same maturity date, reduction of debt service of $11,208 over the life of the loan
 
Option 2 Same maturity date, reduction of $273,824 up front against the March 2020 debt service payment Same maturity date, reduction of $15,885 up front against the March 2020 debt service payment
Option 3 Pay off the remaining balance of the loan Pay off the remaining balance of the loan of approximately $1.2M in principal plus accrued interest
 
Staff has reviewed the available options and consulted with Municipal Finance Services.  The recommendations are option 1 on the Series 2010 and option 3 for Series 2012B. 
RECOMMENDATION:
Approve resolution.
PRESENTER:
Erin Crawford, Chief Financial Officer.
Attachments
Resolution


    

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