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A ""QUEST FOR, COUNCIL ACTION Dt,el: 12/14/92 <br />%J& ai <br />'f I', tim, NO a' 0 V 3 <br />Department Approval: ftnager Reivi owed Agenda Section <br />AP AA1 <br />Reports and Recommeindationg <br />Item Description 4.P1 Re i,on, _dinafori the ftblic Saae of <br />--.Iff- <br />GeneralL Obligation Reftmddmg lrav��Vw <br />R=d3s, 1993 Serien 1,993 c7mmuft-1 ObIigatimi <br />ti I lr fr 8 en 19 <br />LIM MT11"A 1=0 <br />re ftw%+ W <br />The City,, as pan of its paving management program and debt ro V plan, ba bm issue` approxi- <br />mately $2,000,000 of general obligation public improvement bonds annually. The proceeds are used, to <br />nance the pavi construction, progam. Staff iis recommend' the issue amount, for 1,993 be $2, 3(*110W. <br />Ing <br />The Genual Obligation Bonds Seriesi,12, issue ed M*, 1985,1 have a, net interest cost" in excess, of 8%. It is appro- <br />it <br />priate to, do a refund' to, reduce the long term interest cost and save substantial dollars. The bonds being <br />Ing <br />recommended for issuance, along with current, dollars "in the debt service fund, will provide for a full refund- <br />& a 9 <br />in olf all the remaining bonds outstanding on May 1, 1993., Since this is a refund* only, there will be no <br />9 Ing <br />change on the debt outstand* The main reasbu for proceeding is suinply the savings on interest cost and a <br />Ing, <br />resulting savW"gis beg minWi 'in the budget, year of 1914,. <br />Financial Analysis <br />Staff <br />Recommendation <br />On the basis ot continuation of the paving management program and to save, substantW, funds on the out- <br />General Obligation Improvement Series 12 debt, issuc,1 staff 'is recommendmag the approval of the <br />Public Improvm=ts bond issue Series 19 and the General Obligation mvement Re BondS <br />s enes <br />1993. <br />4 <br />