Fiscal Note
This resolution authorizes the issuance of $24,735,000 in Sewer System Revenue Bonds and refunding bonds and acceptance of the low bid by the Finance Director based on parameters established within the resolution. The resolution would authorize $16 million of new revenue debt to fund projects in the Sewer Utility and up to $7,395,000 of debt to refund previously issued bonds (expected to be the 2014 bonds and possibly the 2016 bonds) to be issued if market conditions at the time of sale would result in an economic savings through reduced principal and interest costs. The remaining authorization would be used to fund a Debt Service Reserve Fund required of these bonds, as well as underwriter costs. The new bonds would have a 15 year maturity; any refunded bonds would not exceed the original maturity date. The maximum true interest cost in the parameters resolution is 5%. Maximum issuance costs would be $108,350. Estimated maximum annual debt service would average $1.4 million.
Title
Authorizing the Issuance and Establishing the Parameters for the Sale of Not to Exceed $24,735,000 Sewer System Revenue and Refunding Bonds, Series 2024-E, and Directing the Final Approval of the Terms Thereof.
Body
Please see Legistar File No. 85490 Body in Attachments.