Title
Approving a resolution with the caption reading: RESOLUTION APPROVING PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZING DISTRIBUTION OF SUCH PRELIMINARY OFFICIAL STATEMENT RELATING TO THE CITY'S COMBINATION TAX AND LIMITED REVENUE CERTIFICATES OF OBLIGATION, SERIES 2015 AND LIMITED TAX AND REFUNDING BONDS, SERIES 2015.
Summary
This resolution is the next step in the process of issuing debt. The City will be issuing up to $26.5 million in certificates of obligation for street, park and utility projects (see list attached), up to $12.2 million in general obligation (limited tax) bonds for street and park projects authorized by citizens in the 2014 bond election, and up to $14.0 million limited tax refunding bonds. This is the first issuance related to the 2014 election, including $10.2 million for street projects (of the $28 million authorized) and $2.0 million for parks projects (of the $25 million authorized). Further, current market conditions appear favorable to pay off certain bonds by refinancing the outstanding principal and obtaining a lower interest rate on the new debt. The decision whether or not to issue refunding bonds will be made at the time of the bond sale and will depend on the net present value calculated on market rates on that day.
City staff, the City’s financial advisor and the City’s bond counsel have been revising the preliminary official statement which is the informational document that is sent to prospective investors. This resolution, prepared by bond counsel, will approve the preliminary official statement and authorize its distribution. A revised copy of the preliminary official statement was emailed to the City Council on Thursday, April 9, 2015. A copy of the final official statement will be given to each City Councilmember when it is complete.
Information contained in the preliminary official statement is often structured on market conditions and therefore subject to change. Any differences reflected between the ...
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