HomeMy Public PortalAboutAB 04-163 DEQ loan refinance Res 04-15McCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, ID 83638
Number AB 04-163
Meeting Date October 18, 2004
AGENDA ITEM INFORMATION
SUBJECT:
Resolution 04-15
Approvals:
Department/
Committee/Individual
Initials
Remarks
(Originator/Support)
Mayor / Council
City Manager
originator
Community Development
Treasurer
Clerk
Police Department
Public Works
Golf Operations
Parks & Recreation
COST IMPACT: net savings of approx. $1,000/yr
Airport
FUNDING SOURCE:
n/a
Library
City Attorney
TIMELINE: ASAP
Grant Coordinator
Other:
SUMMARY STATEMENT:
The Idaho Bond Bank has approached the City with an offer
to refinance the $2,828,282 from DEQ to the sewer fund. The refinance proposal would save the City approximately $1,000 per year over the life of the loan, would eliminate the need to
hold a $239,819 reserve, and allow DEQ to make additional loans to other communities. The existing loan is at 4.5% with a final payment on 11/1/2021. The new loan would be at an interest
rate of 4.071% with a final payment on 9/1/2022, in the same fiscal year as the existing loan.
The attached information was provided to Mr. Robertson and Mr. Kirkpatrick by Seattle-Northwest
Securities. Mike Moore has reviewed the proposed loan and resolution and approves of both. Mr. Kirkpatrick and Mr. Robertson recommend that the Council pursue the refinance.
RECOMMENDED
ACTION:
Adopt Resolution 04-15 and authorize the Mayor to sign all necessary documents.
RECORD OF COUNCIL ACTION
Meeting Date
ACTION
10/14/04
Tabled until 10/18/04 Special
Council Meeting
10/18/04
Adopted Resolution 04-15 and authorize the Mayor to sign all necessary documents.
McCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, ID 83638
Number AB 04-163
Meeting Date October 14, 2004
AGENDA ITEM INFORMATION
SUBJECT:
Resolution 04-15
Approvals:
Department/
Committee/Individual
Initials
Remarks
(Originator/Support)
Mayor / Council
City Manager
originator
Community Development
Treasurer
Clerk
Police Department
Public Works
Golf Operations
Parks & Recreation
COST IMPACT: net savings of approx. $1,000/yr
Airport
FUNDING SOURCE:
n/a
Library
City Attorney
TIMELINE: ASAP
Grant Coordinator
Other:
SUMMARY STATEMENT:
The Idaho Bond Bank has approached the City with an offer
to refinance the $2,828,282 from DEQ to the sewer fund. The refinance proposal would save the City approximately $1,000 per year over the life of the loan, would eliminate the need to
hold a $239,819 reserve, and allow DEQ to make additional loans to other communities. The existing loan is at 4.5% with a final payment on 11/1/2021. The new loan would be at an interest
rate of 4.071% with a final payment on 9/1/2022, in the same fiscal year as the existing loan.
The attached information was provided to Mr. Robertson and Mr. Kirkpatrick by Seattle-Northwest
Securities. Mike Moore has reviewed the proposed loan and resolution and approves of both. Mr. Kirkpatrick and Mr. Robertson recommend that the Council pursue the refinance.
RECOMMENDED
ACTION:
Adopt Resolution 04-15 and authorize the Mayor to sign all necessary documents.
RECORD OF COUNCIL ACTION
Meeting Date
ACTION
10/14/04
Tabled for 10/18/04 Special
Council Meeting
10/18/04
Adopted Resolution 04-15 and authorize the Mayor to sign all necessary documents.