HomeMy WebLinkAbout10/20/2010 6B DATE SUBMITTED: 10/OS/2010
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
■�����e�s�����o����a�e��e�������������������o�����a�����r����������sr�����������'���������
SUBJECT: Ordinance No.' � 2'q providing Committee Meeting Date: October 13, 2010
for the Issuance and Sale of Unlimited Tax COLTNCIL MEETING Date: October 20 2010
General Obligation Bonds to advance refund Department: Finance
a portion of the City's outstanding UTGO Presenter: Cathy Johnson
Bonds, 2002 and Establishing the Terms and Phone: 473-5296
Covenants of the bonds..
SUMIVIARY: On December, 3, 2002 the City issued $12,979,000 par value Unlimited tax General
Obligation Bonds, 2002 for the purpose of providing the funds with which to acquire equipment and
facilities for police, fire and municipal court. There are currently $9,315,000 of bonds maturing in
2013 through 2027 that can be redeemed on December 1, 2012, prior to their maturity. It has been
determined that the bonds can be refunded by the issuance and sale of unlimited tax general obligation
refunding bonds so that a substantial savings will be recognized over the life of the refunded bonds.
ATTACHMENTS: Ordinance No. J�) 2.�
FISCAL IMPACTS (Include Budgeted Amount): A net present value of approximately $600,000
will be recognized over the life of the bonds. This equates to an annual savings of $45,000 through a
reduction of the property tax levied for repayment of this debt.
APPROVALS:
DEPARTMENT DIRECTOR:
CITY ATTORNEY:
FINANCE DIRECTOR:
MAYOR: •
COMMITTEE CHAIR - ��%" Z--..
COUNCIL PRESIDENT: � CONSENT AGENDA ❑
GENER.AL BUSINESS�
PUBLIC HEARING ❑
RECOMMENDED MOTION: Move to pass Ordinance No.✓riz 4 providing for the issuance and
sale of Unlimited Tax General Obligation Bonds to advance refund a portion of the City's outstanding
UTGO Bonds, 2002 and establishing the terms and covenants of the bonds.
COUNCIL ACTION: �prove ❑ Deny ❑ Table Continue No Action
❑ ❑