Laserfiche WebLink
CITY OF CENTERVILLE <br />REQUEST FOR <br />COUNCIL ACTION <br />Agenda Item # Department: Requested Council Meeting Date: <br />January 13, 2021 <br />Administration <br />IX.4 <br />TITLE OF ISSUE: <br />Potential Bond Refunding <br />BACKGROUND AND SUPPLEMENTAL INFORMATION: <br />Our Financial Advisor, George Eilertson of Northland Securities, has informed staff of possible interest savings <br />by refunding of our 2013A Bonds. This discussion will determine if the City Council wishes to refund the <br />bonds and the potential structure of that refunding. <br /> <br />The savings would be about $86-$88,000 depending on whether we apply for a bond rating or not. Mr. <br />Eilertson will be available at the meeting to discuss the pros and cons of both a rated or non-rated issuance. <br />COST AND SOURCE(S) OF FUNDING: <br />Estimated Potential Bond Interest Savings of +$86,000; reduction in Bond Levy <br />REQUESTED COUNCIL ACTION: <br />Discussion regarding next steps for potential refunding. Motion to authorize preparation of Bond Sale <br />Documents. <br />SUPPORTED DOCUMENTS ATTACHED <br />Motion By: ____________________________________ <br /> Resolution Ordinance Contract Minutes Plan Map <br />Second By: ____________________________________ <br />Vote Record: Aye Nay <br /> _____ <br />_____ <br />Northland Memo <br />Other (specify) ____________ <br /> _____ _____ <br />_____ <br /> _____ <br />Bond Issuance Scenarios - Rated and Non-Rated <br />_______________________________________________________________ <br /> _____ _____Ki <br /> _____ ____________________________________________________________________ <br />Administration Department Use: <br />Refer to: _________________________________ <br />Consent <br /> Tabled Until: ______________________________ <br /> Regular <br /> Other: ___________________________________ <br /> <br />