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2020_1109_CCPacket
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2020_1109_CCPacket
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1/13/2022 12:34:55 PM
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Roseville City Council
Document Type
Council Agenda/Packets
Meeting Date
11/9/2020
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REQUEST FOR COUNCIL ACTION <br /> Date:November 9, 2020 <br /> Item No.: 7.e <br />Department Approval City Manager Approval <br /> <br />Item Description:Establish a Date of Sale for the Issuance of the City’s 2020 General Obligation <br />Bonds to finance Water system improvements and to refinance the outstanding <br />2011A Bonds <br /> <br />1 B ACKGROUND <br />2 At the October 19, 2020 City Council meeting, the Council received a presentation on the Utility Rate <br />3 Study prepared by Ehlers. For the Water Fund, issuing bond financing of $2.5 million for the capital <br />4 improvement needs over the next three years was identified as necessary. Staff have been working with <br />5 Ehlers to preparea bond sale. <br />6 <br />7 When a city plans to issue bonds it is best practice to review outstanding debt issues to determine if there <br />8 are any potential cost savings that can be achieved for the City by refinancing. A review of the City’s <br />9 debt issues identified one bond for a current refunding. The 2011A General Obligation Bond currently <br />10 has a balance of $5.1 million outstanding and a refinance of this bond issue would result in a cost savings <br />11 of approximately $312,000. Staff is recommending including a current refunding of these bonds with the <br />12 issuance of the Water fund bonds to achieve savings for the city. <br />13 <br />14 It takes approximately 45 days to fully conduct this process, the Council is advised to take action at its <br />15 November 9thmeeting to set a bond sale date on Monday, December 7, 2020. Results of the sale would <br />16 be presented and the winning bid awarded at the Council’s meeting that evening. The receipt of the bond <br />17 proceeds would take place on December 30, 2020. <br />18 <br />19 The City’s Bond Counsel Briggs & Morgan has drafted the attached resolution setting the date of sale for <br />20 $7,705,000 in General Obligation Bonds. <br />21 P OLICY O BJECTIVE <br />22 Not applicable. <br />23 F INANCIAL I MPACTS <br />24 Not applicable. <br />25 S TAFF R ECOMMENDATION <br />26 The Council is asked to consider the attached resolution setting the date of sale for the issuance of the <br />27 City’s 2020 General Obligation Bonds on December 7, 2020. <br />28 <br />Page 1 of 2 <br /> <br />
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