TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Parks
Loreen Hamilton
425-556-2336
Public Works
Phil Williams
425-556-2733
Finance
Chip Corder
425-556-2189
DEPARTMENT STAFF:
Finance
Kelley Cochran
Deputy Director
Public Works
Eric Dawson
Senior Engineer
TITLE:
title
Approval of the Redmond Senior & Community Center Bond Ordinance
a. Ordinance No. 3077: An Ordinance of the City of Redmond, Washington, Providing for the Issuance and Sale of One or More Series of Limited Tax General Obligation Bonds in the Aggregate Principal Amount of Not to Exceed $16,600,000 to Finance Costs Related to Acquiring, Designing, Constructing, Developing, Improving, Equipping, and Furnishing a City Senior and Community Center, and to Pay Costs of Issuance of the Bonds; Providing for the Disposition of the Proceeds of Sale of the Bonds; and Delegating Authority to Approve the Method of Sale and Final Terms of the Bonds
OVERVIEW STATEMENT:
recommendation
Staff is presenting a bond ordinance to be placed on the Consent Agenda at the Regular Business Meeting on April 5, 2022. This ordinance reflects the following:
* The aggregate principal amount of the bonds shall not exceed $16,600,000 (this provides flexibility in how the bonds are structured to ensure that $16,000,000 in bond proceeds are available for the project).
* The aggregate purchase price of the bonds shall not be less than 98% nor greater than 125% of the aggregate stated principal amount of the bonds (this provides flexibility in how the bonds are structured to ensure that $16,000,000 in bond proceeds are available for the project).
* The final maturity date for each series of bonds shall not be later than December 1, 2042.
* The true interest cost for the bonds (in the aggregate) shall not exceed 4.0% (this is higher than the 3.0% currently assumed in the bond financing projections due to the rising interest rate environment and the high level of economic uncertainty).
Th...
Click here for full text