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2021-02-10 CC Packet
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2021-02-10 CC Packet
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Executive Summary <br />The following is a summary of the recommended terms for the issuance of $1,335,000 General <br />Obligation Improvement Refunding Bonds, Series <br />on the proposed finance plan and issuing process can be found after the Executive Summary, in <br />Purpose <br />Proceeds from the Bonds will be used to current refund the <br />outstanding maturities of the Citygation <br />Improvement Bonds, Series 2013A on March 31, 2021, and to <br />pay costs associated with the issuance of the Bonds. <br /> <br />Security <br />The Bonds will be a general obligation of the City. The City will <br />pledge for payment of the Bonds property tax levies. The <br />original issue was payable from both special assessments filed <br />against benefitted properties and property tax levies. The City <br />has since fully collected the special assessments and, therefore, <br />no additional assessments are anticipated to be collected to <br />secure payment of the refunding issue. <br /> <br />Repayment Term <br />The Bonds will mature annually each February 1 in the years <br />2022 - 2029. Interest on the Bonds will be payable on February <br />1, 2022 and semiannually thereafter on each August 1 and <br />February 1. <br /> <br />Refunding Summary <br />Estimated Savings: Gross savings $72,282 <br /> Net Present Value $75,497 <br /> Net PV Percent 5.37% <br />Other Factors: A change in the debt structure is proposed. Refer <br />to the Issue Overview for additional information. <br /> <br />Estimated Interest Rate <br />Average coupon: 0.66% <br />True interest cost (TIC): 0.92% <br /> <br />Prepayment Option <br />The Bonds will not be subject to redemption prior to their stated <br />maturities. <br /> <br />Rating <br />g <br />general obligation debt is currently rated "AA" by S&P. <br /> <br />Tax Status <br />The Bonds will be tax-exempt, bank qualified obligations. <br /> <br />Risk Factors <br />There are certain risks associated with all debt. Risk factors <br />related to the Bonds are discussed in Attachment 5. <br /> <br />Type of Bond Sale <br />Competitive Sale <br /> <br />Proposals Received <br />Wednesday, February 24, 2021 @ 10:30 A.M. <br /> <br />Council Consideration <br />Wednesday, February 24, 2021 @ 6:30 P.M. <br />Northland Securities, Inc. Page 1 <br /> <br />
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