HomeMy Public PortalAboutAB 15-92 Sewer Revenue Bond Refunding UpdateMcCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 15-92
Meeting Date May 28, 2015
AGENDA ITEM INFORMATION
SUBJECT:
2004A Refunding Bid and 2008B IBBA Refunding Update
Department Approvals
Initials
Originator
or
Supporter
Mayor / Council
City Manager
Clerk
Treasurer
/
Community Development
Police Department
Public Works
Golf Course
COST IMPACT:
N/A
Parks and Recreation
FUNDING SOURCE:
N/A
Airport
Library
TIMELINE:
N/A
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
The 2008B IBBA refund packet has been submitted to the Idaho Bond Bank Authority. The Bond Bank has also received the check for the application fee. Cameron Arial at Zions Bank states
they have had good conversations with the Bond Bank and that the application will be before the Idaho Bond Bank Authority Board next month, June, for approval. According to Cameron
we are on schedule for an August sale.
The 2004A refunding bid packets were sent out on May 19 and are due back May 29. Zions will provide a summary of the bids the first week in June for the City’s consideration and selecton
of a winning bid. He anticipates locking rates shortly thereafter and closing the financing July 2. After May 20 the following firms have expressed an interest in purchasing the refunding
bonds. They have responded with additonal information to the ones with an *.
Umpqua Bank*
Municipal Capital
GE Capital
Banner Bank*
Chase Bank*
Attached is a brief market update.Note the date range is from when the Council approved to move forward with the refundings The market rate has risen substantially, 20-38 bps depending
on the term, across the yield curve. An increase in rates means a decrease in savings.
RECOMMENDED ACTION: None information only
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION
April 23, 2015
Council directed staff to move forward with refunding the 2004A and 2008B Sewer Revenue bonds and authorized the Mayor to sign all necessary documents.