8.2.B. SR 02-21-2012 - Laserfiche WebLink

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~~ REQUEST FOR ACTION .iffier To Item Number Ma or and Ci Council 8.2 B Agenda Section Meeting Date Prepared by General Business Februa 21, 2012 Tim Simon, Finance Director Item Description Reviewed by Resolution Awarding the Sale of $1,595,000 General Obligation Cal Portner, Ci Administrator Improvement Refunding Bonds, Series 2012B Reviewed by Action Requested The City Council is asked to approve the following: 1. A resolution awarding the sale of $1,595,000 General Obligation Improvement Refunding Bonds, Series 2012B; fixing their form and specifications; directing their execution and delivery; providing for their payment; and providing for the redemption of bonds refunded thereby. 2. Refunding Escrow Agreement. Background/Discussion On June 4, 2007, the city issued $3,090,000 in General Obligation Improvement Bonds, Series 2007C. The bonds were used for the Deerfield and Irving Street improvement project. The bonds are repaid with special assessments and an annual tax levy. On January 17, 2012, the City Council authorized staff to get bids to refund the bonds fox interest cost savings. Mark Ruff of Ehlers and Associates will be at the Council meeting to present the results of the sale of the General Obligation Improvement Refunding Bonds, Series 2012B, for the street improvement project. Bids will be received until noon on February 21, 2012. In addition, staff held a rating call with Standard & Poor's on February 9, 2012, the results of the rating call will be presented at the meeting. At the time of this memo preparation, Standard & Poor's has not released the report. Financial Impact The estimated savings will occur over the remaining five years at a present value of slightly less than $70,000. We will be able to adjust our portion of the tax levy starting in 2012 for taxes payable 2013. The source of repayment will not change from the prior bonds: special assessments and tax levy. Attachments • A resolution awarding the sale of $1,595,000 General Obligation Improvement Refunding Bonds, Series 2012B; fixing their form and specifications; directing their execution and delivery; providing for their payment; and providing for the redemption of bonds refunded thereby. • Refunding Escrow Agreement !'il1E~E~ @C NU