HomeMy WebLinkAboutITEM VIII-A-2
AGENDA BILL APPROVAL FORM
Agenda Subject:Date:
Ordinance No. 5930 July 25, 2005
Department: Attachments: Budget Impact:
Finance Ordinance No. 5930
Administrative Recommendation:
City Council introduce and adopt Ordinance No. 5930.
Background Summary:
Enclosed in this packet is the draft bond ordinance for review. On Monday, 8/1/05, the bonds will be
priced and the remaining information will be provided at Council Monday night with a revised ordinance.
This bond issue refunding is to provide a Net Present Value (NPV) savings of 4% or approximately
$150,000 in interest savings over the remaining life of the bond issue. Should the market move into
position where the 4% savings will not be realized the refunding will be suspended.
The NPV savings is after all the bond refunding costs have been paid and considers the time value of the
interest saved.
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F1.8
Reviewed by Council & Committees: Reviewed by Departments & Divisions:
Arts Commission COUNCIL COMMITTEES: Building M&O
Airport Finance Cemetery Mayor
Hearing Examiner Municipal Serv. Finance Parks
Human Services Planning & CD Fire Planning
Park Board Public Works Legal Police
Planning Comm. Other Public Works Human Resources
Information Services
Action:
Committee Approval: Yes No
Council Approval: Yes No Call for Public Hearing ___/___/____
Referred to _________________________________ Until ____/___/____
Tabled ______________________________________ Until ___/___/____
Councilmember: Staff:
Backus Coleman
Meeting Date: Item Number:
August 1, 2005 VIII.A.2