TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Kelley Cochran
425-556-2748
DEPARTMENT STAFF:
Finance
Adam O'Sullivan
Treasury Manager
Finance
Blake Ruiz
Senior Financial Analyst - Capital
TITLE:
title
Adoption of a Capital Project Bond Debt Redemption Resolution
a. Resolution No. 1623: A Resolution of the City Council of the City of Redmond, Washington, Calling Certain Outstanding Limited Tax General Obligation Bonds for Redemption Prior to Maturity; and Approving Other Matters Related Thereto
OVERVIEW STATEMENT:
recommendation
Approve redemption resolution as required to redeem Limited Tax General Obligation (LTGO) bond Series 2015 and Series 2016.
body
? Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
? Receive Information ? Provide Direction ? Approve
REQUEST RATIONALE:
* Relevant Plans/Policies:
N/A
* Required:
Bond Ordinances state that the redemption must be carried out "upon adoption of a resolution of the governing body."
* Council Request:
N/A
* Other Key Facts:
N/A
OUTCOMES:
A redemption resolution authorizes the City to redeem (pay off) outstanding bonds Series 2015 and Series 2016 prior to their stated maturity date, in accordance with the terms set forth in the bond documents. Redemption may be undertaken to achieve debt service savings, restructure outstanding obligations, spend down available resources, or respond to favorable market conditions.
Specifically, a redemption resolution:
* Authorizes the early repayment of designated outstanding bonds
* Approves the use of legally available funds for the redemption
* Directs staff and the City's financing team to take the actions necessary to complete the redemption in accordance with the bond indenture and applicable law
Adoption of the resolution allows the City to move forward with the redemption process, including providing any required notice to bondholders within the timeframes sp...
Click here for full text