TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Executive
Malisa Files
425-556-2166
Finance
Chip Corder
425-556-2189
DEPARTMENT STAFF:
Finance
Kelley Cochran
Deputy Finance Director
Finance
Debbie Keranova
Financial Services Manager
TITLE:
title
Adoption of the Ordinances to Approve the Refunding of the Limited Tax General Obligation Refunding Bonds, 2013 and the Utility System Revenue Bonds, 2014
a. Ordinance No. 3043: An Ordinance of the City of Redmond, Washington, Providing for the Issuance and Sale of One or More Series of Limited Tax General Obligation Refunding Bonds in the Aggregate Principal Amount of Not To Exceed $19,500,000 to Refund Certain Outstanding Limited Tax General Obligations of the City, and to Finance Costs of Issuance of the Bonds; Providing for the Disposition of the Proceeds of Sale of the Bonds; and Delegating Authority to Approve the Final Terms of the Bonds
b. Ordinance No. 3044: An Ordinance of the City of Redmond, Washington, Providing for the Issuance and Sale of One or More Series of Utility System Revenue Refunding Bonds in the Aggregate Principal Amount of Not To Exceed $16,500,000 to Refund Certain Outstanding Utility System Revenue Bonds of the City, to Make a Deposit to the Reserve Account (If Required), and to Finance Costs of Issuance of the Bonds; Providing the Form, Terms and Covenants of the Bonds; Providing for the Disposition of the Proceeds of Sale of the Bonds; and Delegating Authority to Approve the Final Terms of the Bonds
OVERVIEW STATEMENT:
recommendation
Interest rates remain at historically low levels, offering opportunities to achieve debt service savings from refunding (i.e., refinancing) outstanding bonds. The City would like to pursue taxable advance refunding of its 2013 Limited Tax General Obligation (LTGO) Bonds and its 2014 Utility Revenue Bonds for an estimated savings of $3.6 million based on current interest rates. Potential refunding opportuniti...
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