Agenda Item Title:
Approve Resolution No. 2020-033
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
04/29/2020
City Council Hearing Date:
05/04/2020
Staff Contact:
Pauline Sumption, Finance Officer
Agenda Item Summary:
Resolution Authorizing the Issuance of Sales Tax Revenue Refunding Bonds 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
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
| With the current reduced interest rates, refinancing the 2013 Sales Tax Bonds will save the CIP Fund approximately $800k NPV over the life of the bonds. | |
Recommendations:
Origination Recommendation Action:
Approve