Posted: April 09, 2021
Rapid City
Agenda Item Summary

Agenda Item Ref. #: WS041421-08

Agenda Item Title:

Approve Resolution No. 2021-029 A Resolution Authorizing he Issuance of Sales Tax Revenue Refunding Bonds, Series 2021, of the City; Pledging a Portion of the Sales Tax Receipts 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:
04/14/2021
City Council Hearing Date:
04/19/2021
Staff Contact:
Pauline Sumption
Agenda Item Summary:
This will allow for the issuance of Sales Tax Revenue Refunding Bonds, (i) to refund in advance of maturity and redeem on December 1, 2021 or such other date as is selected by the Finance Director (the “Redemption Date”), the Series 2018 Bonds (the “Refunded Bonds”), 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 $6 million. The refinancing will also shave 2 years off of the debt service schedule.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
0107 0124
Is Funding Budgeted?:
Budgeted

Recommendations:

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