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2021-02-10 CC Packet
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2021-02-10 CC Packet
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CITY OF CENTERVILLE <br />REQUEST FOR <br />COUNCIL ACTION <br />Agenda Item # Department: Requested Council Meeting Date: <br />February 10, 2021 <br />Finance <br />VIII.1 <br />TITLE OF ISSUE: <br />2013A Bonds Refunding <br />BACKGROUND AND SUPPLEMENTAL INFORMATION: <br />City staff discussed the sale of refunding bonds to refinance the 2022-2029 maturities of our 2013A Bonds with <br />George Eilertson of Northland Securities . In accordance with the information distributed at the meeting of <br />January 13, there are two reasons to undertake such a sale: <br />1.Interest Savings - the bonds are estimated to save $85,000 through lower interest costs. This is after all <br />issuance costs have been taken into account. <br />2.Restructure bond maturities - this will allow for a gradual decrease in debt service payments for each year. <br />The sale will consist of competitive sealed bids. Northland expects multiple bidders on the issue. <br />COST AND SOURCE(S) OF FUNDING: <br />Interest savings (Estimated at >$100,000) will cover the cost of the bond issuance costs ($15,500). <br />REQUESTED COUNCIL ACTION: <br />Motion to Adopt Resolution 21-0XX Providing for the Competitive Negotiated Sale of Bonds and setting the <br />sale date of February 24. <br />SUPPORTED DOCUMENTS ATTACHED <br />Motion By: ____________________________________ <br /> Resolution Ordinance Contract Minutes Plan Map <br />Second By: ____________________________________ <br />X <br />Vote Record: Aye Nay <br /> _____ <br />_____ <br />Appendix A, Muni Advisor's Agreement <br />Other (specify) ____________ <br /> _____ _____ <br />_____ <br /> _____ <br />_______________________________________________________________ <br /> _____ _____Ki <br /> _____ ____________________________________________________________________ <br />Administration Department Use: <br />Refer to: _________________________________ <br />Consent <br /> Tabled Until: ______________________________ <br /> Regular <br /> Other: ___________________________________ <br /> <br />
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