Title
Consideration of the adoption of a resolution awarding the Series 2012 Bonds (the "Bonds") to the bidder submitting the lowest true interest cost in association with the respective Series A, B, and C
Body
SUMMARY:
Bonds are being issued for the following purposes:
1 - The refinancing of current debt in the water/sewer fund from variable rates to a fixed rate
2 - The refinancing of current debt in the water/sewer fund from fixed rates to a lower fixed rate
3 - The refinancing of two current short-term notes in the general fund to a longer term at a low fixed rate
4 - To finance the purchase of the new City Hall building and replenish the cash reserves
5 - To finance the renovation and furnishing of the new City Hall building.
Bids are being received one hour prior to the meeting. They will be analyzed and a recommendation submitted to Council at the meeting.
BUDGET ACCOUNT:
Recommended Action
NECESSARY COUNCIL ACTION: Approve resolution as recommended.