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REQUEST FOR COU!r4CIL ACTION Date: 2/26/90 <br />4W 07 <br />Item No.. <br />a <br />Department Approval in. Manager, Rev.301-ewed Agenda SectiLon <br />A Reports and <br />11 <br />Recommendati-ons <br />a a 0 <br />Item DescrIptlon Reso,lution Proviing fo�ri Defeas3mg, <br />i wa ow 1 11 <br />Re Gemeral Oblxgatxon <br />Ilssues, and aut;horj_z="q an Escrow AqjirV <br />At the January work session, staf'f presented a debt management <br />41 <br />restructuring to achieve several ob3ectives. <br />To, reduce General O�bli,i r1V4r_x01F?0 "M <br />To reduce future property taxes for debt service <br />III <br />To reallo�catie residual slinking funds to infrastructure pro- <br />grams <br />01 IN <br />Ni To, clontinue the, Pav3-ng Management Program financing in <br />accordance with the Capital Improvement Plan. <br />T�o provide futurie financial flexibility for Council and <br />Community obJectives <br />The attached, resolution, and escirow agreement along with the <br />a is 0 <br />earlier, resolution, authorizing Series 16 Public improvement <br />V <br />Bonds, wi,ll put tihe restructure in place and ach* <br />leve the above <br />objectives <br />1 0 1, � <br />U. 3 =' 0 T- rr "-L Lai <br />A motion to a,cceipt the Resolution Relating, to General Obligation <br />Improvement Bonds,, Series, 5 through, 11 of the City; Calling <br />,Certain Bionds For Redemption and Prepayment; Transferring Funds; <br />and Auori,zi,ng the Issuance and, Sale of General Obligation <br />Refundi,ng Improvement Bionde (Special Series 1990) and entering <br />0` <br />mi di <br />into an escrow agreement with American National Bank. <br />