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AI-5649 New Business     I.       
Finance  
Meeting Date: 03/26/2018  
Issuance of City Debt - Notes - $7,900,000 - One Year
Submitted By: Donnie Jones
Department: Economic Development  
Council Committee Review?: Council Work Session
Date(s) of Committee Review: 03/20/2018
Audio-Visual Needs: None
Emergency Legislation?: No
Motion/Ordinance/
Resolution No.:
Passed to 2nd Reading

Agenda Item Description or Legislation Title
An Ordinance Providing For The Issuance And Sale Of Notes In The Maximum Principal Amount Of $7,900,000, In Anticipation Of The Issuance Of Bonds, For The Purpose Of Paying The Costs Of Improving The City's Municipal Recreation Facilities By Constructing, Equipping And Furnishing A Multi-Purpose Facility, Including Among Other Amenities, Concession Facilities, Restrooms, Parking Facilities, Landscaping And Related Driveways and Roads, And Acquiring Real Estate And Interests Therein, Together With All Necessary And Related Appurtenances Thereto.
(first reading)
Purpose and Background
The City issued one-year notes in May, 2017 which are maturing in May, 2018 in the amount of $8 million dollars.  This is part of the financing package for the Rose Music Center.  The City needs to refinance these existing notes into another note issue.  The attached legislation will allow the City to refinance these existing notes into another one-year note.  City Staff are preparing two other substitute pieces of legislation which will allow the City the option to pick this one-year note or select a term of 2 years or a term of 3 years depending on the market conditions.  City Staff would like to make this determination as to length to maturity (one year, two years, three years) based on the market rates existing closer to the time of issue.   A public hearing is scheduled to proceed this renewal at the April 9, 2018 City Council Meeting as a part of this renewal process.  While there are three ordinances with three different maturities (1,2, or 3 years) on this agenda, only one will be selected and acted upon to refinance the existing notes.

Fiscal Impact
Source of Funds: Notes
Cost: $7,900,000
Recurring Cost? (Yes/No): No
Funds Available in Current Budget? (Yes/No): Yes
Financial Implications:
The City will issue new notes to refinance existing notes.  No new money will be added to the notes.  The City will pay all interest and a $100,000 principal reduction payment as a part of the new issue and reducing the principal amount of the existing notes from $8 million to $7.9 million.
Attachments
Ordinance
Fiscal Officer's Certificate
County Auditor Receipts
Note Registrar Agreement
Bond Counsel Instructions


    

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