Laserfiche WebLink
HVINW41 <br />To arkozy <br />,City Manager <br />From Ed, Burrell <br />Finance Director <br />0 <br />Re 41i Defeasance Call, ]Refund' <br />IF =9 <br />Atitiached, are copies of' an escrow agreement and a comb ined reso- <br />lution, which will put i n place the delf easeance, call and refund- <br />101 vi <br />Ing discussedat the Januarywork session* <br />These documents have been prepared, in co-operation wiffith Dave <br />Kennedy,, the City's Biond Counsel, friom, Holmes and Graven. <br />The escrow agreement is th American National Bank and as out- <br />9 <br />lined, by the document,,, the City will be placing SufficJ'Lent In- <br />vestments, in, the account to meet the future debt service and <br />mi <br />cialls, of certain issues. <br />The placement of $61,5761,,040 will remove $7,F 289,,713 from the <br />I <br />City's diebt, service, of' which $6,5316,000 is debt principal. <br />a <br />Attached to the agreement 'is a verification report from an out- <br />I 1 <br />P 1 i <br />side Cert"f`ed ublAc, Accountanto <br />9 <br />in summary, the net, advantages of this financial structuring will <br />be a reductionof 1991 debt service property taxes by $246,250, a <br />I a dolk "^6,000 <br />reduction of outstand-ng General Obligation debt by $blnj <br />0 <br />o re S <br />,and the reallioicatin of $1,900,000 in, sidual savings to infra- <br />structure constructionO <br />Wi 0 <br />As we had d1sclussed earlier, i will, be prepared to discuss this <br />restructure at the February 26, 1990 Council Meeting* <br />