HomeMy WebLinkAboutReg 2011-10-03 Item 7F - Bonds - Early Redemption of 1995 Water and Sewer Revenue BondsCo vNcm AGENDA SYNOPSIS
Initials ITEM NC.
Meeting Date Prepared by I Mayors yeview I CVncll review
09/26/11 PM I 1Z I I YXI,
10/03/11 PM 7. F.
ITEM INFORMATION
ICAS NUMBER: 11-097 1 STAFF SPONSOR: PEGGY MCCARTHY I ORIGINAL AGENDA DATE: 09/26/11
AGENDA ITEM TITLE Water Revenue Bonds 1995 Early Redemption
CATEGORY N Discussion Motion Resolution Ordinance BidAsvard Public Hearing ā¯‘Other
Mtg Date 09126111 Mtg Date 10103111 Mtg Date Mtg Date Mtg Date Mtg Date Mtg Date
SPONSOR Council Mayor HR DCD N Finance Fire IT P&R Police N PW
SPONSOR'S The City issued $4,500,000.00 of revenue bonds in 1995 to finance capital improvements
SUMMARY for the Water Enterprise Fund (401) with the final payment due in 2015. The. current
outstanding balance of these bonds is $1,370,000.00 plus interest. The City has the option
to pay off or redeem these bonds for a savings of over $150,000.00. The Water Fund has
$4 million in cash and investments as of 7/31/11 to support this early pay -off. Council is
being asked to approve the early redemption of Water Revenue Bonds 1995.
REVIEWED BY COW Mtg. CA &P Cmte F &S Cmte Transportation Cmte
N Utilities Cmte Arts Comm. Parks Comm. Planning Comm.
DATE: 09/13/11 COMMITTEE CHAIR: DE'SEAN QUINN
RECOMMENDATIONS:
SPONSOR/ADMIN. Public Works
COMMITTEE Unanimous Approval; Forward to Committee of the Whole
COST IMPACT FUND SOURCE
EXPENDITURE REQUIRED AMOUNT BUDGETED APPROPRIATION REQUIRED
$1,392,690.00 $0.00 $1,392,690.00
Fund Source: WATER FUND 401
Comments: Water Fund has over $4 Million in cash and investments as of 7131111,
MTG. DATE
09/26/11
10/03/11
MTG. DATE
09/26/11
10/03/11
RECORD OF COUNCIL ACTION
Forward to next RPa Meetinn
ATTACHMENTS
Informational Memorandum dated 09/09/11
Revenue Bond 1995 Amortization Schedule
Excerpts from the Revenue Bond 1995 Official Statement
Minutes from the Utilities Committee meeting of 09/13/11
No attachments
63