City Council Work Session & Regular Meeting


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  L.1.       
Meeting Date: 11/09/2020  
Submitted By: Andrew Sibai, Interim Finance Director

SUMMARY:
Please Review the Bond Ordinance Attached, this is to take advantage of low interest rates and refund the City's Utility Fund Debt and Mall Debt at a lower interest rate. 
RECOMMENDED ACTION:
Staff Recommends that City Council approve this ordinance
CITY MANAGER APPROVAL:

Fiscal Impact
Fiscal Year: 2021
BUDGETARY IMPACT:
This Bond Refunding will save the City of Palestine at least $1.2 million over the next ten years in the Utility Fund and at lease $220,000 in the Mall Fund.
Attachments
Series 2020 Bond Refunding Ordinance
Preliminary Official Statement


    

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