DATE: August 3, 2018
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Kristine Tallent, Assistant City Administrator/CFO
SUBJECT:
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Discussion of 2019 General Obligation Bonds
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Purpose
The purpose of this memo is to provide information to Budget and Finance Committee concerning the next steps for preparing and issuing the Series 2019 General Obligation Bonds.
Background
The capital improvement program plans for issuing general obligation bonds every two years for funding, in part, of projects. (Other funding sources include grants, cash funding and revenues restricted to capital projects or designated uses.) Moreover, staff monitors the City’s outstanding debt for opportunities to refinance bonds for lower interest rates. Staff proposes a timeline through which the City may issue bonds to fund near term project cash flow requirements as well as refinance a bond issued in 2009 for interest rate savings.
Financial Impact
Estimated debt service expenses from a new bond issue as well as savings from a bond refinancing are included in this presentation, using rates current as of July 2018.
Recommendation
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Staff requests any feedback from the committee.