Fiscal Note
This resolution authorizes the issuance of up to $16,775,000 of bonds to refund $18.8 million of existing Water Utility Revenue Bonds issued in 2016. The issuance of the bonds would have to meet certain parameters, including generating an economic savings, as determined by the Finance Director. Based on current market conditions, the refunding is expected to save approximately $1 million in debt service on a net present value basis, representing about 5% of the refunded principal. Issuance costs (bond counsel, municipal advisor, etc.) are estimated to be less than $120,000.
Title
A Resolution Authorizing and Providing for the Issuance and Establishing Parameters for the Sale of Not to Exceed $16,775,000 Water Utility Revenue Refunding Bonds, Series 2026, and Certain Related Details.
Body
Please see Legistar File No. 90961 Body in Attachments.