7.5. SR 03-15-2010 - Laserfiche WebLink

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Ci Council 7.5t, era. ec~~r~ e~~~ ,~~ r~a,re by ~ldminis~•ation Mach 15, 2010 Tim Simon, Finance DuectOr item sacra ~®n ~v~~~ G.O. Capital Imp~•ovement Bonds, Series 2010A fog the Inte~.•est Cost Savings of Refunding the 2002A and 2002B Bonds, ~v~e~ ~ ct~®~,.,_.~ u A Resolution .A.wa~ding The Sale Gf Appioxinaately x$,000,000 General Gbligation Capital Improvement Plan Bonds, Series 2010A; Fixing Them Foam And Specifications; Directing Theif• Execution And Delivery; Providing For Their Payment; Providing For The Escrowing .~.nd Investment Of The P~•oceeds Thereof; And Providing For The Redemption Gf Bonds Refunded Thezeby. ~clc r®u~dl iscussi~n Can Decembe~• 21, 2009 the City Council held a public hewing on approving a Capital Improvement Plan fo~• refunding the 2002A Public Safety Building} and 2002B City Hall Expansion} bonds, The purpose of these Gene~•al obligation Capital Improvement Pan Bonds, Sexies 2010A will be interest cost savings on the advance ~•efunding of the 2002A and 2002B bonds, As p~•eviously discussed the maximum interest savings would be achieved by having flexibility of when the bonds could be refunded. Historically, bonds are sold on Council days and approved the night of the muting. The City Council is being asl~ed to approve a "parameters" resolution that will allow flexibility of when the bonds can be sold in the competitive market. Currently, Ehle~.•s is looping at March 24, 2010 as the sale date. A pricing comtx~ittee will be established to review and either reject or accept the bonds on the sale date. The pricing committee will consist of the City Administiato~.•, Finance Director, and the Mayor and/or a City Council member designated by the Mayor. The Cou~a.cil will want to consider deciding tonight who they would life on the committee. The Pricing Committee is authorized and dit•ected, with the advice of the City's financial advisor, Ehlers & Associates, Inc,, to ~a} review proposals for• the sale of the Bonds, ~b} award the sale of the Bonds to the prospective purchaser the "Purchaser"} with a proposal conforming to the terms of proposal distributed by the City or reject the sale, Per our Debt Policy "bonds shall not be refunded for savings unless the present value of the savings exceeds 3°/a of the refunded principal and ~Z5°/a of costs of issuance plus underv~riter's discount," A rating call was done on March 11, 2010 at 9;00 a,m, with Standard and Poor's and we expected our bond rating later in the weep. C,~Documcnts and scttings~tallard~~,ncal Settin~s~7'emparary Internet Files~nLKl-{~2()1U11 r~eFimding l~c~nds,dc~c