HomeMy WebLinkAbout08/07/2019 6D AGENDA BILL
CITY OF BREMERTON 6D
CITY COUNCIL
SUBJECT: Ordinance No. 5372 providing Study Session Date: July 24, 2019
for the issuance and sale of Limited Tax COUNCIL MEETING Date: August 7, 2019
General Obligation Refunding Bonds; and Department: Financial Services
delegating authority to approve final Terms Presenter: Michael Riley
of the Bonds Phone: (360) 473-5303
SUMMARY: Periodically the City reviews it outstanding Bonds to determine if feasible any debt
refinancing would be favorable to the City. During the review process, it was determined the 2010
limited tax general obligation (LTGO) Babs series I and II were positioned for a refunding.
The attached ordinance delegates to the Mayor or Director of Financial Services the ability to set the
date and rates for the final sale of the bonds. The ordinance set the parameters under which this can
occur. By doing this, the City can react to changing market conditions quickly without being tied to a
date certain based on Council meeting schedules.
ATTACHMENTS: Ordinance No. 5372
FISCAL IMPACTS (Include Budgeted Amount) Minimum net present value savings of 4.00% of the
Refunded Bonds.
STUDY SESSION AGENDA: ❑ Limited Presentation ❑x Full Presentation
STUDY SESSION ACTION: ❑x Consent Agenda ❑ General Business ❑ Public Hearing
RECOMMENDED MOTION:
Move to approve Ordinance No. 5372 of the City of Bremerton, Washington, providing for the
issuance and sale of not to exceed $7M aggregate principal amount of limited tax general obligation
refunding bonds; and delegating authority to the Mayor or Director of Financial Services to approve
final terms of the bonds.
COUNCIL ACTION: ()Approve [' Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 01/02/18