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CITY OF CENTERVILLE REQUEST FOR COUNCIL ACTION Agenda Item # Department: Requested Council Meeting Date: February 10, 2021 Finance VIII.1 TITLE OF ISSUE: 2013A Bonds Refunding BACKGROUND AND SUPPLEMENTAL INFORMATION: City staff discussed the sale of refunding bonds to refinance the 2022-2029 maturities of our 2013A Bonds with George Eilertson of Northland Securities . In accordance with the information distributed at the meeting of January 13, there are two reasons to undertake such a sale: 1.Interest Savings - the bonds are estimated to save $85,000 through lower interest costs. This is after all issuance costs have been taken into account. 2.Restructure bond maturities - this will allow for a gradual decrease in debt service payments for each year. The sale will consist of competitive sealed bids. Northland expects multiple bidders on the issue. COST AND SOURCE(S) OF FUNDING: Interest savings (Estimated at >$100,000) will cover the cost of the bond issuance costs ($15,500). REQUESTED COUNCIL ACTION: Motion to Adopt Resolution 21-0XX Providing for the Competitive Negotiated Sale of Bonds and setting the sale date of February 24. SUPPORTED DOCUMENTS ATTACHED Motion By: ____________________________________ Resolution Ordinance Contract Minutes Plan Map Second By: ____________________________________ X Vote Record: Aye Nay _____ _____ Appendix A, Muni Advisor's Agreement Other (specify) ____________ _____ _____ _____ _____ _______________________________________________________________ _____ _____Ki _____ ____________________________________________________________________ Administration Department Use: Refer to: _________________________________ Consent Tabled Until: ______________________________ Regular Other: ___________________________________