Posted: January 18, 2021
Rapid City
Agenda Item Summary

Agenda Item Ref. #: WS012721 20

Agenda Item Title:

Approve Resolution No. 2021-008 A Resolution Authorizing and the Issuance of Gross Receipts Revenue Refunding Bonds, Series 2021, of the City; Pledging the Revenues of the Gross Receipts Tax of the City to the Payment of Said Bonds; Authorizing Officers of the City to Approve, Execute and Deliver Certain Agreements and Documents Relating to the Bonds

Origination Group:
City Council Working Session
Origination Meeting Date:
City Council Hearing Date:
Staff Contact:
Pauline Sumption
Agenda Item Summary:
This will allow for the issuance of Gross Receipts Revenue Refunding Bonds, (i) to refund in advance of maturity and redeem on June 1, 2021 or such other date as is selected by the Finance Director (the “Redemption Date”), the Series 2014 Bonds (the “Refunded Bonds”), aggregating $2,295,000 in principal amount, and (ii) to pay the costs of issuance of the Bonds (including an original issue discount not to exceed 2% of the par amount of the Bonds and any bond insurance premium as may be required). Estimated savings is approximately $102,000.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
775 4132
Is Funding Budgeted?:


Origination Recommendation Action:

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