Title
Resolution Authorizing General Obligation Limited Tax Refunding Bonds, Series 2015A (Not to exceed $7,100,000.00)
Memorandum
Attached for your review and approval is a resolution authorizing the issuance of refunding bonds. The bonds to be refunded were issued in 2005 to refund several prior bonds that were issued originally to fund the construction and/or renovation of parking structures located at Fourth & Washington, Maynard, and Forest streets.
Since the 2005 refunding, interest rates have continued to decline. At this time, our bonds are near their call date. Our Financial Advisors, Stauder Barch & Associates, Inc. have evaluated the existing market in relation to the terms of the bonds and have determined that significant saving can be achieved by issuing refunding bonds at this time. Our expected net present value savings will be approximately $560,000.00. See attachment for a detailed analysis.
Approval of this resolution is recommended.
Staff
Prepared by: Matthew V. Horning, Treasurer
Reviewed by: Tom Crawford, Financial Services Area Administrator and CFO
Approved by: Steven D. Powers, City Administrator
Body
CITY OF ANN ARBOR
County of Washtenaw, State of Michigan
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RESOLUTION AUTHORIZING GENERAL OBLIGATION
LIMITED TAX REFUNDING BONDS, SERIES 2015A
Minutes of a regular meeting of the City Council of the City of Ann Arbor, County of Washtenaw, State of Michigan held on the 15th day of December, 2014, at 7:00 o'clock p.m. Eastern Time.
PRESENT: Councilmembers Briere, Kailasapathy, Lumm, Westphal, Kunselman, Grand, Eaton, Krapohl, Anglin, Warpehoski and Mayor Taylor, 11;
ABSENT: Councilmembers 0;
The following preamble and resolution were offered by Councilmember Eaton and supported by Councilmember Lumm:
WHEREAS, the Revised Municipal Finance Act, Act 34, Public Acts of Michigan, 2001, as amended ("Act 34"), authorizes the City of Ann Arbor, County of Washtena...
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