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REQUEST FOR COUNCIL ACTION Date:November 30, 2020 Item No.: 7.c Department Approval City Manager Approval Item Description: Consider Adopting an Ordinance to Exercise the Use of the City’s Port Authority for the Purposes of Refinancing the outstanding principal of the 2011A Bonds 1 B ACKGROUND 2 At the November 9, 2020City Council meeting, the Council set the date for sale of general obligation 3 bonds. The bonds include financing for Water system improvements and refinancing of the outstanding 4 principal on the 2011A Bonds. The refinancing will result in a savings of $312,000 in interest costs. 5 6 The 2011A bonds were issued under the City’s Port Authority to finance the construction of a new fire 7 station and park improvements. In order to refinance the bonds, the City is required to adopt an ordinance 8 to exercise the port authority powers. 9 10 The City’s Bond Counsel has drafted the attached ordinance authorizing the City of Roseville to issue 11 General Obligation Refunding Bonds in the exercise of the City’s Port Authority Powers.The ordinance 12 was duly posted on the City’s website as required under State Statutes. 13 P OLICY O BJECTIVE 14 Not Applicable. 15 F INANCIAL I MPACTS 16 Enabling the City’s Port Authority to refinance the 2011A outstanding balance of $5,135,000 will result 17 in savings of $312,000 in interest costs. 18 S TAFF R ECOMMENDATION 19 Staff recommends the Council enact an Ordinance to exercise the use of the City’s Port Authority for the 20 purposes of refinancing the 2011A outstanding principal. 21 R EQUESTED C OUNCIL A CTION 22 Motion to adopt an Ordinance to exercise the use of the City’s Port Authority Powers to issue General 23 Obligation Refunding Bonds. 24 Prepared by: Michelle Pietrick, Finance Director Attachments: A: Ordinance authorizing issuance of General Obligation Refunding Bonds in the Exercise of the City’s Port Authority Powers. Page 1 of 1